Envestnet Inc. (ENV) announced a wealth management platform deal on Monday that will bring online aggregated reporting to the affiliated advisors of Symetra Investment Services, a unit of Symetra Financial Corp. (SYA).
Chicago-based Envestnet, which was already providing SIS with a wealth management platform, will now implement a fully integrated platform for the independent broker-dealer that includes a more complete view of client wealth. Terms of the deal were not disclosed.
"Many independent broker-dealers are hindered by outdated technology. Through Envestnet's platform, Symetra is able to give their 300 advisors access to a sophisticated wealth management apparatus," said James Lumberg, Envestnet co-founder and managing director, in a statement. "By adding aggregated reporting to the mix, which provides an overall view of a client's wealth and allows the advisor to create a holistic financial plan, SIS has empowered their advisors to offer advice that conforms to current best practices."
In a phone interview, Lumberg added that his firm will now provide Symetra Investment Services' advisors with a view of their clients' brokerage accounts, 401(k)s, 529s and other data on Envestnet's wealth management platform. The ability to see held-away client assets is a business-building opportunity because it lets advisors know what assets might be moved over to them, he said.
"Now we can collect daily information no matter where it's custodied and provide a single window," Lumberg said. "For the advisor, it's important to have a view of the client's complete wealth picture, and as they build the investment relationship they can see the assets that are held away from them."
