Envestnet is launching new features and capabilities for registered investment advisors (RIAs) on its wealth management platform, to help streamline business workflows and free up advisor time to serve clients.
“Supporting the growth and productivity of RIAs with our Envestnet | Tamarac and wealth technology solutions remains a strategic area of focus for our business, and these new features address the critical needs expressed by our clients,” said Molly Weiss, group president of Wealth Management Platform for Envestnet. “Our goal is to help streamline and optimize advisor workflows through advanced technology and insights, to enable them to focus more on client relationships and less on the administrative tasks that take up their valuable time.”
According to Envestnet’s 2024 Advisor Perspectives Survey, nearly 40% of advisors are spending their time on investment management and administrative activities, with 30% saying they are not able to spend enough of their time with clients.
This survey also shows nearly two-thirds of advisors assemble their tech stack with several point solutions, yet almost half would prefer to use an all-in-one platform, Envestnet experts say. When asked what would cause an RIA to switch technology partners, advisors’ top answer is to find a more seamless workflow among their tech stack components.
Among the latest advancements for RIAs on Envestnet’s wealth management platform include:
- Client Portal: Available on both iOS and Android devices, its mobile application allows advisors to monitor and manage assets, track goals, and provide personalized advice.
- Order Blotter Tool: This feature for the Envestnet RIA platform simplifies fixed-income trade management with centralized order oversight, customizable data views, and automated reconciliation. It helps advisors manage complex portfolios and custodial relationships. “Advisors reported that managing fixed-income trades outside the platform was a major pain point. This tool eliminates that issue and significantly enhances trading operations with improved control, accuracy, and efficiency,” added Weiss.
- Trading and Reporting: Envestnet RIA Trading does not require firms to switch their reporting tool and integrates with Envestnet Managed Accounts. This integration allows advisors to manage UMA sleeve allocations and streamline recommendations and performance reporting without switching platforms.
- RIA Marketplace: Beginning on Oct. 1, Envestnet RIA clients can access fund strategist portfolios, comprised of ETFs and mutual funds managed by asset managers Envestnet | PMC, BlackRock, Fidelity, Franklin Templeton and State Street Global Advisers.
- Envestnet Workplace for RIAs: Envestnet’s Retirement Marketplace combines recordkeeping with a fiduciary proposal offering. Envestnet Retire Complete, built in partnership with Empower, is a retirement solution for wealth advisors looking to enter the retirement space or work with small-medium sized businesses (SMBs) without access to a retirement plan. And as part of Envestnet’s Data Solutions business, advisors have access to data aggregation tools that can provide RIAs with lead and prospect management, client- and plan-level aggregate views, a workplace management dashboard, and more.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.