The 2022 Envestnet Advisor Summit wrapped up Thursday afternoon in Charlotte, N.C., with a closing speech by Envestnet President Stuart DePina and a visit to the NASCAR Hall of Fame (a highlight of the conference was a keynote by retired NASCAR driver Danica Patrick).
Leading Envestnet’s list of announcements at the conference was its acquisition of Truelytics, a platform for analyzing the business and recruiting side of advisory and insurance firms.
The self-described “advisor transition management platform” was launched in 2016 after being spun out of Gladstone Analytics by a group of private investors and has since raised $4 million in funding prior to its acquisition, according to Crunchbase.com.
Terms of the Truelytics acquisition deal were not disclosed. A starter license for a single registered investment advisory firm is currently $2,500 annually; post-acquisition pricing was unavailable at press time. A professional version currently starts at $10,000 annually per tool for RIA firms, small independent broker/dealers or offices of supervisory jurisdiction. There are four modules, including a recruiting program, match module, as well as a business performance and a business continuity application.
In addition to the acquisition, Envestnet announced the launch of its cloud-based Wealth Data Platform, a business and client data intelligence suite for wealth advisory firms as well as a revamped trading platform. The trading systems now combine popular features from the multiple related systems and portfolio management applications, including FolioDynamix and Envestnet | Tamarac. Among the specific new features is a personalized and configurable dashboard for advisors to initiate actions, as well as a portfolio explorer, trade generation, order review and order management features.
The firm also announced two new portals: one for clients and another for developers.
With what the firm describes as its next-generation client portal, Envestnet introduced a redesigned interface that is highly configurable for advisors and provides clients with real-time access to all their account data and is available on any device.
The new Envestnet developer portal provides access to application programming interfaces across the provider’s entire ecosystem. Developers can now go through a single portal to gain access to both public and restricted developer content tools, training materials and testing areas.
On the financial planning front are improvements and additions to Envestnet | MoneyGuide's MyBlocks that include an Impact Assessment and Next Best Dollar MyBlocks. With the Impact Assessment tool, clients can determine for themselves whether their portfolio aligns with their sustainability values. Next Best Dollar is meant to help advisors in working with both clients and their children in assessing how to best allocate their income and financial resources.