Setting the pace

Setting the pace
The turnkey asset management provider made a handful of changes to its tech stack over the course of the year that have kept it one step ahead of its competitors
OCT 09, 2020

As the powerhouse of the TAMP market, Envestnet is setting the pace for innovation in the industry as it continues to absorb market share.  

The turnkey asset management provider made a handful of changes to its tech stack over the course of the year that have kept it one step ahead of its competitors, garnering comparisons to some of the top tech giants — like Apple and Google — but in the TAMP space. 

In recent weeks, Envestnet has inked a data-sharing deal with Wells Fargo to exchange customer data with more than 1,400 third-party fintechs, added annuities on its MoneyGuide platform and provided tools that let RIAs set up cash management accounts for clients so they can meet budgeting goals.  

“Envestnet has not lost market share, because despite having a tremendous amount of size, their ability to innovate never stops,” said Alois Pirker of the Aite Group. “They are well aware of their position, but they're not resting on their laurels.” 

no letup

As the largest TAMP by assets, Envestnet has no intention of slowing down as the company shifts its focus to financial wellness rather than investments, said Andrew Stavaridis, its executive managing director. 

“The competition out there that’s coming to market is driving some of that consolidation factor,” Stavaridis said. “What some TAMPs are doing today is coming to market with single point-of-call technology solutions, but what’s happening is advisers don’t want to have to piece all that together themselves.”  

For Envestnet, that means evolving beyond being just a TAMP, Stavaridis said. In that light, Envestnet has tapped into areas like insurance via Envestnet Insurance Exchange and is eyeing fractional shares and other offerings that broaden its scope to accompany a holistic financial wellness offering.

“We have to expand beyond being a gateway to more technology platforms that allow clients and advisers to engage with investments, because today they're engaging in overall financial wellness,” he said.

Latest News

LPL building out alts, banking services to chase wirehouse advisors, new CEO says
LPL building out alts, banking services to chase wirehouse advisors, new CEO says

New chief executive Rich Steinmeier replaced Dan Arnold on October 1.

Franklin Templeton CEO vows to "do what's right" amid record outflows
Franklin Templeton CEO vows to "do what's right" amid record outflows

The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.

For asset managers, easy experience is key to winning advisors' businesses
For asset managers, easy experience is key to winning advisors' businesses

Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.

Why retaining HNW clients ultimately comes down to one basic thing
Why retaining HNW clients ultimately comes down to one basic thing

New survey finds varied levels of loyalty to advisors by generation.

Stocks drop as investors digest Microsoft, Meta earnings
Stocks drop as investors digest Microsoft, Meta earnings

Busy day for results, key data give markets concerns.

SPONSORED Out with the old and in with the new: a 50% private markets portfolio

A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.