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Envestnet CEO Bill Crager Photo by Samuel Steinberger
Envestnet CEO Bill Crager

The WealthTech Meld Accelerates

Envestnet is bringing together portfolio management, financial planning and data aggregation in its latest move.

On the sidelines of the Schwab IMPACT conference, Envestnet is plowing ahead with its plan to bring data aggregation, financial planning and portfolio management together, according to an announcement. The firm is making five of its financial planning modules, called MyBlocks, from its MoneyGuide division available to advisors who have both a MyBlocks subscription and a Yodlee data license. 

The modules are designed to bring account data from Yodlee into a MoneyGuide-based financial plan. The wealthtech firm will add a portfolio management component via Tamarac in 2020, when MyBlocks and accompanying Yodlee-powered apps are expected to be available to RIAs using the Envestnet | Tamarac platform.

The five modules introduced on Monday will measure the financial health of clients, analyze cash flow, aggregate investment holdings and provide a net worth snapshot, as well as provide feedback on sustainability of cash flow, using Yodlee FinApps. “This is another step in our journey to create a unified advice network that allows advisors and their clients to build better financial futures," said Bill Crager, interim CEO at Envestnet, in a statement. 

The melding of services is ultimately intended to get clients engaged with Envestnet tools faster—and keep them engaged, added Tony Leal, president of Envestnet | MoneyGuide. “Combining the power of Yodlee financial data aggregation with these new blocks further accelerates [engagement and retention]. Plus, integrating with Tamarac will bring the same capabilities into a platform that RIAs know and trust for a seamless experience.”

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