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Edelman Financial Signs Up for Envestnet’s Platform

By Alex Padalka January 31, 2018

Edelman Financial Services has selected Envestnet’s suite of digital wealth management tools, Edelman says in a press release.

Edelman is rolling out the Envestnet platform to its 160 financial planners in support of its Edelman Managed Asset Program, which had $21 billion dollars as of the end of 2017, according to the press release. The company claims the Envestnet suite of tools will lets its planners work more efficiently, thereby boosting client service.

“The platform will allow us to create a more integrated, seamless client experience, building upon our 30-year commitment to putting our clients first,” Ryan Parker, chief executive officer of Edelman, says in the press release.

John Phoenix, managing director of advisory services at Envestnet, says his firm’s technology will help Edelman’s planners deliver “truly client-focused wealth management."

Envestnet offers tools for portfolio management, data aggregation and analytics, research and portfolio construction, relabalancing, reporting and practice management. Its technology and services are currently used by 59,000 advisors and 2,900 companies, including some of the largest U.S. banks and wealth management firms, according to the press release.

Ryan Parker

The firm has been on somewhat of a buying spree in recent years. Last September, Envestnet expanded its trading capabilities and commission and brokerage support, with the $195 million acquisition of former rival FolioDynamix.

At the time, it was Envestnet’s sixth major acquisition since 2010.