TD Bank and Nationwide Join Envestnet Credit Exchange

In announcing Envestnet Credit Exchange last year, Envestnet said it collaborated with Advisor Credit Exchange (ACE), which is powering the platform.

The Envestnet Credit Exchange is available via the sponsor and advisor portals on the Envestnet platform, and is "actively taking loan referrals and onboarding advisor firms," Envestnet said Monday.

The Credit Exchange's "unique, sustainable value is that we offer multiple integrated lending solutions into the wealth management process on the Envestnet platform, curated with lending partners that offer choice and transparency for the advisor," according to Yackel. "The Credit Exchange breakthrough provides data-driven, prequalified credit offers, which position advisors to recommend loans to their clients with exceptional ease and confidence," he said in a statement.

"We believe advisors who offer unified advice — a component of which includes managing credit — can help their clients achieve financial wellness," Bill Crager, interim CEO of Envestnet, said in a statement. "We are committed to bringing more choice to the enterprises we work with, as well as their advisors."

The "key innovation" of the new platform is that the advisor using it "will know — in advance of speaking with a client — what pre-qualified loan options are available, along with clearly presented loan pricing and terms," according to Peter Stanton, CEO of Advisor Credit Exchange. "This market intelligence significantly minimizes the risk of credit decline and concerns about competitive pricing," he said in a statement, adding that the platform, "quite literally, takes the mystery out of lending for advisors and their clients."

— Related on ThinkAdvisor:

• Envestnet's Bill Crager Urges Advisors to Be Prepared for the Worst
• How Breakaway Advisors Can Avoid Major Tech Mistakes