Envestnet has announced a series of organizational changes to accelerate the growth of its financial wellness “ecosystem.” The Berwyn, Pa.-based firm is streamlining its business into three lines: Envestnet Solutions, Envestnet Data and Analytics and Envestnet WealthTech. According to the announcement, the move is designed to enable the financial wellness-technology company to better deliver solutions for its clients.
“This new structure marks a pivotal moment for Envestnet and sets the direction and pace of our company for the next decade of growth,” said Bill Crager, Co-Founder and CEO, Envestnet.
The new structure brings a realignment of Envestnet’s business priorities:
- Envestnet Solutions will provide wealth and asset management solutions across the company including research, overlay, portfolio management, direct indexing, sustainable investing and retirement services. The division will also partner with Envestnet exchanges and other wealth solutions providers.
- Envestnet Data and Analytics combines the elements of Yodlee, Envestnet Analytics, Envestnet Abe.ai and will serve as a foundation for deploying insights and intelligence for its business lines and segments.
- Envestnet WealthTech will be the backbone to the wealth technology solutions and platforms that service Envestnet’s advisory segments.
Further leadership changes were also announced:
- Dana D’Auria has been named Group President and Co-Chief Investment Officer, Envestnet Solutions.
- Farouk Ferchichi has been named Group President, Envestnet Data and Analytics.
- Tony Leal has been named Group President, Envestnet WealthTech.
Additionally, Tom Sipp will serve as Envestnet’s Executive Vice President, Business Lines to provide additional leadership and structure to “meet the evolving needs of advisors, banks, FinTechs, and their clients through data and wealth solutions.”
The reorganization also includes the departure of the company’s president, Stuart DePina, who had been with the company since 2012 when his former firm was acquired by Envestnet. DePina will remain an advisor after his departure at the end of June.
“Aligning our business lines in this way allows us to better innovate and integrate our data intelligence, technology, and solutions for customers,” added Crager. Over 107,000 advisors and more than 6,500 companies—including 18 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs, and hundreds of FinTech companies—utilize Envestnet technology and services.