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Envestnet and Vestwell Are Teaming UpEnvestnet and Vestwell Are Teaming Up

Envestnet and Vestwell are partnering to provide support, record-keeping and administrative services to advisors working with retirement plans.

Samuel Steinberger, Senior Technology Editor

December 11, 2020

1 Min Read
Envestnet

Envestnet and Vestwell are working together to match the former’s plan-level fiduciary services with the latter’s record-keeping and administrative services, according to a joint announcement. Advisors using Vestwell will be able to access Envestnet’s 3(38) investment management services. 

Envestnet predicts the joint effort will develop into a more robust partnership, with the wealthtech firm providing “other Envestnet offerings” to Vestwell’s clients, according to the announcement. 

“We are continually assessing and identifying ways to enhance these processes,” said Khash Sarrafi, SVP of Envestnet Retirement Solutions, referencing the firm’s wealth and retirement businesses. While Envestnet offers advisors anything from financial planning and account aggregation tools to turnkey asset management capabilities, Sarrafi did not indicate which of Envestnet’s products or features advisors could expect to see in the future. 

“Our efforts are hyper-focused on how we can help financial advisors more efficiently serve their clients,” said Aaron Schumm, CEO of Vestwell in a statement. “We look forward to continuing to broaden our partnership with Envestnet to offer advisors an expanded suite of retirement services.”

 

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About the Author

Samuel Steinberger

Senior Technology Editor, WealthManagement.com

Samuel Steinberger is Senior Technology Editor for Informa Connect’s WealthManagement.com. In his role, Mr. Steinberger provides the publication’s wealth and financial technology coverage. 

Mr. Steinberger’s editorial insight and familiarity with technology accelerates Informa’s growth within the financial advisor and wealth management communities, providing in-depth news for advisors and financial professionals. 

Before joining Informa Connect, Mr. Steinberger produced documentaries with former CNN anchor Soledad O’Brien at Soledad O’Brien Productions (formerly Starfish Media Group). He specialized in research, shooting and editing, as well as finding distinct voices to explain topics like mental health, poverty and racial divide. 

Prior to joining Soledad O’Brien Productions, Mr. Steinberger managed multi-departmental technology projects for global legal technology leader Transperfect Legal Solutions. After obtaining his graduate degree in journalism from Columbia University, he completed his transition from technology management to media. 

Mr. Steinberger is an award-winning journalist, author and researcher who has written, edited and reported for a number of publications, including The New York Times, Financial PlanningAmerican Banker and PBS. He is founder of beverages publication Give Me Weird Drinks

Mr. Steinberger’s technology analysis and insight has been featured in several books on virtual and augmented reality. Mr. Steinberger has received awards and recognition for his reporting and research, including the American Business Media's prestigious Jesse H. Neal Award for editorial excellence.

Follow on Twitter: @slsteinberger

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