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Envestnet and Vestwell Are Teaming Up

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

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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