Asset Managers to Offer Unified Managed Account-eligible Direct Indexing, Custom HNW Solutions and More on Envestnet Platform; Invest in Enhancements to Envestnet's UMA Ecosystem

BERWYN, Pa., June 5, 2024 /PRNewswire/ -- Envestnet (NYSE: ENV), a leading provider of integrated technology, data intelligence and wealth solutions, is deepening relationships with BlackRock, Fidelity Investments, Franklin Templeton, and State Street Global Advisors. Envestnet is planning on working with these firms, some of the largest asset managers in the world, to build investment strategies that are custom-tailored and can be used by advisors to help meet the specific financial goals, risk tolerance, and personal circumstances of individual investors; and deliver this at scale to the more than 109,000 advisors on its platform.

"We are going to take our vision of transforming the future of advice further by building upon our ecosystem through deepened alliances with BlackRock, Fidelity, Franklin Templeton and State Street Global Advisors to enhance their offerings on the Envestnet platform," said Tom Sipp, Executive Vice President, Envestnet Business Lines. "As wealth management continues to advance, these relationships will fuel our collective growth through investment, collaboration, and focused sales efforts. By bringing these solutions from asset managers into our ecosystem; we believe advisors will be able to capture share and serve more of their clients' unique needs."

The planned offering speaks to an emerging convergence point where personalization, integrated technology and solutions meet as an opportunity to invest in the trends that are shaping the future of the wealth management industry. More specifically, the alliances will focus on the following strategic growth areas of Envestnet's client base:

• Personalization: UMA-eligible personalized direct index solutions from each of the managers integrated with the Envestnet platform enabling solutions customized to advisors for their clients.
• Strategist UMA: One-to-many models that allow advisors to offer HNW & UHNW clients sophisticated solutions from these asset managers. 
• HNW Consulting: One-to-many or one-to-one bespoke models for accounts over $1MM, personally created to client specifications and featuring asset manager solutions, created by the asset manager or Envestnet | PMC, and supported by investment and client-facing portfolio managers. 

"Our advisors and their clients are asking for personalization at scale and affordable platform options that leverage our UMA capabilities. We believe working with a focused opportunity set of like-minded asset managers invested in our mutual success will enable us to provide the choice and functionality our clients want now and the roadmap to an even more enhanced ecosystem down the line," said Dana D'Auria, Group President of Solutions and Co-CIO at Envestnet.

Envestnet sits at the center of this opportunity enabling 109,000 financial advisors to better meet client financial goals with one of the most comprehensive, integrated platforms and scale delivered in a unified, engaging digital experience. As part of these deepening relationships with Envestnet, the partners will commit to senior management planning as well as focused sales efforts. The relationships will guide the Envestnet platform roadmap in continuing to enhance the ability to deliver personalization and enhanced UMA capabilities that can help advisors to deliver value-added solutions to their clients.

"Many financial advisors see the value in technology and customized solutions that can save time and allow for improved client engagement, while also supporting an increasingly more holistic approach to wealth management and financial planning," said Allison Bonds Mazza, Head of Intermediary for State Street Global Advisors. "Through our partnership with Envestnet, State Street Global Advisors can continue to drive our mission forward to create better outcomes for investors and the people they serve, by leveraging our solutions and technologies."

"Envestnet and Franklin Templeton are industry leaders in expanding investment options and enabling positive financial outcomes," said Jeff Masom, Head of US Distribution for Franklin Templeton. "Through this strategic relationship, we're excited to help provide additional customization and sophisticated options for a wider audience of financial advisors."

"As technology reshapes clients' relationships with their advisors and makes it easier for advisors to engage at key life stages, there is an increased desire for additional products to build better, more diverse and more personalized portfolios," said Gary Gallagher, Head of Wealth Advisory & Portfolio Solutions at Fidelity Institutional. "Through this strategic relationship, we aim to bring Fidelity's investment solutions to Envestnet's clients in a modern, highly integrated way." 

"Expanding our relationship with Envestnet furthers our goal of serving as an integral partner to advisors, helping them access solutions to meet the unique needs of high-net-worth investors in both public and private markets, and offering them customizable options to reflect client preferences across taxes and values," said Jaime Magyera, Co-Head of US Wealth Advisory Business at BlackRock.

Envestnet has had great success enhancing the advisor and investor experience, and currently supports over 800 asset managers on its Wealth Management Platform.

To learn more, please visit https://www.envestnet.com/wealth-management/solutions.

This press release contains information regarding potential strategic partnerships with third-party asset managers for future program offerings. In connection with their participation in the program and Envestnet's related promotional activity, Envestnet will be compensated, which creates conflicts of interest. In particular, it generates an incentive for Envestnet to treat participating asset managers more favorably in research evaluations provided to financial advisors, in Envestnet's investment selections in proprietary portfolios, and when creating custom solutions in consultation with advisors. Additional information concerning the potential partnerships shall be made available upon program launch.

BlackRock, Inc. (¨BlackRock¨) owns a non-controlling interest in Envestnet´s parent company, Envestnet, Inc. (NYSE: ENV).

About Envestnet

Envestnet is helping to lead the growth of wealth managers and transforming the way financial advice is delivered through its ecosystem of connected technology, advanced insights, and comprehensive solutions – backed by industry-leading service and support. Serving the wealth management industry for 25 years with more than $6 trillion in platform assets—more than 109,000 advisors, 17 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs -- thousands of companies, depend on Envestnet technology and services to help drive business growth and productivity, and better outcomes for their clients.  Data as of 3/31/24.

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). For a deeper dive into how Envestnet is shaping the future of financial advice, visit www.envestnet.com. Stay connected with us for the latest updates and insights on LinkedIn and X (@ENVintel).

About BlackRock

BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate.

About Fidelity Investments

Fidelity's mission is to strengthen the financial well-being of our customers and deliver better outcomes for the clients and businesses we serve. Fidelity's strength comes from the scale of our diversified, market-leading financial services businesses that serve individuals, families, employers, wealth management firms, and institutions. With assets under administration of $13.7 trillion, including discretionary assets of $5.3 trillion as of March 31, 2024, we focus on meeting the unique needs of a broad and growing customer base. Privately held for 78 years, Fidelity employs more than 75,000 associates across the United States, Ireland, and India. For more information about Fidelity Investments, visit https://www.fidelity.com/about-fidelity/our-company

Fidelity Investments is an independent company, unaffiliated with Envestnet. Fidelity Investments is a service provider to Envestnet. There is no form of legal partnership, agency affiliation, or similar relationship between Envestnet and Fidelity Investments, nor is such a relationship created or implied by the information herein. Fidelity Investments has not been involved with the preparation of the content supplied by Envestnet and does not guarantee, or assume any responsibility for its content. Fidelity Investments is a registered service mark of FMR LLC. Fidelity Investments® provides clearing, custody, or other brokerage services through National Financial Services LLC or Fidelity Brokerage Services LLC, Members NYSE, SIPC.

About Franklin Templeton

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.6 trillion in assets under management as of April 30, 2024. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

About State Street Global Advisors

For four decades, State Street Global Advisors has served the world's governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of index and active strategies to create cost-effective solutions. As pioneers in index and ETF investing, we are always inventing new ways to invest. As a result, we have become the world's fourth-largest asset manager* with US $4.34 trillion^† under our care.

*Pensions & Investments Research Center, as of 12/31/22.

^†This figure is presented as of March 31, 2024 and includes ETF AUM of $1,360.89 billion USD of which approximately $65.87 billion USD is in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated. Please note all AUM is unaudited.

MEDIA CONTACTS:

Eric Jones

Envestnet

Eric.Jones@envestnet.com

Amy Norcini

Envestnet

amy.norcini@envestnet.com

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SOURCE Envestnet, Inc.