Envestnet has acquired technology from fintech firm Apprise Labs in a move Envestnet said was designed to advance its "roadmap to deliver a reimagined client portal experience that will focus on helping clients achieve financial wellness through deeper connections with their advisors."
The deal also includes the purchase of cash flow planning and advanced estate planning solutions that will enhance Envestnet | MoneyGuide's financial planning ecosystem, Envestnet said Tuesday. Financial terms were not disclosed.
"Apprise Labs has developed a groundbreaking digital experience for advisors to engage and collaborate with their clients," according to Bill Crager, CEO and co-founder of Envestnet.
"This access and engagement completely transform the way clients view and interact with their finances," he said in a statement. "It becomes a true superpower for the advisor — helping their clients intelligently connect their financial lives."
The financial planning technology solutions acquired from Apprise Labs will be offered by MoneyGuide as Wealth Studios. It includes a detailed cash flow report that enables advisors to engage their wealthy clients using a goals-based approach, according to Envestnet.
The offering also includes advanced estate and legacy planning that addresses ultra-high net worth client needs, including trust modeling and inheritance fairness planning.
The new environment will roll out to a beta group of Envestnet clients in June and will be rolled out more broadly by the end of 2021, it said.
Envestnet Expands Variable Annuity Program
Envestnet said its Variable Annuity Program has been expanded to become the Envestnet Insurance Exchange, powered by Fiduciary Exchange (FIDx).
The Exchange "provides access to all types of annuities, enabling advisors to deliver fully integrated advice within Envestnet's financial wellness ecosystem," Envestnet said. It offers end-to-end management of annuity solutions within the Envestnet platform.
Full integration will be completed by Dec. 31, Envestnet said. Upon completion of the onboarding process to the Envestnet Insurance Exchange, advisors will be able to "seamlessly plan, research, propose, open, and actively manage annuities from leading carriers," the company said.
For enterprises, the upgrade offers enhanced analytics, suitability and compliance tools for "greater efficiency and more transparent oversight across all annuity products — all within a unified platform," according to the firm.
