Tributes Continue to Roll In for Envestnet CEO Killed in Car Crash

The tributes continue to pour in on social media ever since it was announced that Envestnet CEO Judson Bergman and his wife were killed in a San Francisco multi-car crash caused by an intoxicated wrong-way driver shortly after midnight on Oct. 3.

The California Highway Patrol said the collision occurred when 34-year-old Emilie Ross of Hillborough, Calif., drove a Volkswagen Cabrio southbound in the northbound lanes of Highway 101 and hit a taxi driven by Berkant Ramadan Ahmed, 42, who was driving Bergman, 62, and his wife, Mary Miller-Bergman, 57.

All four people involved in the crash died at the scene, which the CHP said was the 25th wrong-way driver collision in the Bay Area this year with 10 of those resulting in 19 deaths.

Bergman revolutionized the financial services technology sector when he founded Chicago-based Envestnet in 1999, creating software tools to help financial advisors launch their own shops, apart from large institutions, that fueled a wave of independent financial advisers, according to Crain’s Chicago Business. Bergman, who also served as Envestnet’s chairman, previously served as the head of mutual funds at Nuveen Investments.

Funeral services have been set for Saturday, Oct. 12, in Chicago. In lieu of flowers, memorials to Juvenile Protective Association, 1707 North Halsted St., Chicago, IL 60614; www.jpachicago.org.

Statement from Envestnet

It is with immeasurable sadness that we share the news that Jud Bergman, our Chairman and Chief Executive Officer, passed away as the result of a terrible car accident on Thursday, Oct. 3.

His wife, Mary Miller, also sadly perished in this tragedy. As Envestnet’s founder, Jud was a remarkable leader whose vision, brilliance and drive built the foundation for Envestnet’s success.

Jud founded Envestnet in 1999 on the premise that technology would change the financial advisor industry. However, he always understood there was an important role for the human advisor—it was the combination of technology and the human advisor that provided the best result for the investor. As the industry evolved, Jud’s vision grew, but he was always focused on the end result for the investor, which was enhancing financial wellness and helping advisors drive better financial outcomes and improve lives.

We extend our most heartfelt condolences to Jud and Mary’s family. Our thoughts are with them at this most difficult time. Jud’s spirit will forever be the foundation of Envestnet.

Bill Crager appointed Interim CEO

The Board of Directors implemented the company’s emergency succession plan and has appointed Bill Crager, President of Envestnet and Chief Executive of Envestnet Wealth Solutions, as Interim Chief Executive Officer.

Crager has served as President of Envestnet since 2002. The Board of Directors also appointed Ross Chapin, the Lead Independent Director of Envestnet’s Board of Directors as Interim Chairman of Envestnet’s Board of Directors.

“We have all experienced a great loss at Envestnet,” Chapin said. “While it is difficult to imagine anyone replacing Jud’s vision and presence, we have the utmost confidence in the ability of his colleague, co-founder and dear friend Bill Crager, to carry on in Jud’s place. Bill and Jud worked closely over the last 20 years and have built a resilient team that will see us through these dark days. Jud was a giant as a businessman and human being. We will miss him immensely.”

Tributes from the industry

Joe Duran, Founder and CEO of United Capital

I learned about Jud and Mary’s passing last night after dinner with my wife. We were both heart broken. Jud was the ultimate renaissance man. Always human, humble to a fault. A visionary and deeply caring about every person he interacted with. Our industry will forever be shaped by his vision of empowering human advisors to adapt to a tech heavy world.

But most importantly for me he was the kind of leader I aspire to become. Balanced, appreciative, generous and kind. He adored his wife and cherished his talented children. He never stopped growing. I will miss our long dinners that were always insightful, funny and helped me challenge myself and grow as a person. Thank you to both of you for doing so much in making our world a better place. You will be missed deeply.

Ric Edelman, Founder of Edelman Financial Engines, LLC

Jud Bergman was a titan in the financial planning community, and I am mourning the loss of both him and his wife Mary.

Aaron Klein, Co-Founder and CEO of Riskalyze

From his Oct. 4 speech from the main stage of the Riskalyze Fearless Investing Summit in Boston: “Today our industry mourns this devastating loss. Jud’s vision and innovation forever changed the face of the financial services industry and will continue to do so for years to come. Our community will always remember him as a warm and caring individual whose genius lives on in the company he founded, and the lives that he influenced… Looking back I’m not sure that there’s anybody who has made quite as many chess moves in the financial technology space as Jud has. And each move has driven the industry forward and elevated the profession of financial advice.”

Ron Carson, Founder and CEO of Carson Group LLC

I knew Jud when he first started Envestnet in 1999, and I thought he was crazy. It turns out he was just a visionary well ahead of his time. Our profession had a major loss—my thoughts go out to his family, his partners, and his investors.

Gavin Spitzner, President of Wealth Consulting Partners, LLC

Shocked and terribly saddened by the death of @ENVintel CEO Jud Bergman. Deepest condolences to his family and everyone at Envestnet. A true mensch. Heartbreaking… Visionary, Courageous, Unifier… he was too humble to be talking about himself, but those qualities summed him up, as do Curious, Generous, Inspiring. What a loss.

Neesha Hathi, Chief Digital Officer, Charles Schwab

Today, we hold the friends and family of Jud Bergman and the @ENVintel group close to our hearts. Jud was not only a visionary in our industry, but a compassionate and generous soul.

Chip Roame, Managing Partner, Tiburon Strategic Advisors

Jud Bergman will be remembered by thousands of people in and around the wealth management business for many good reasons. As a CEO, Jud was able to keep a rapidly growing firm focused on a goal of democratizing advice and bringing financial wellness to tens of thousands of financial advisors and millions of American households.

As a man, he was a multifaceted thoughtful discussion partner on topics ranging from literature to politics to child rearing to rye whiskeys. And as a husband and father, he was a role model for many of us who seek to balance business while raising close knit families and thriving children. Jud’s kids should be proud to know that their dad had a substantial impact on thousands of ENV employees, financial advisors, clients, and friends. And that influence will be passed to future generations by many of us.

Mary should not be forgotten either. She was a gem! How lucky was this man? One of my favorite memories… Due to an odd set of circumstances, I ended up having dinner in Tiburon, CA with Jud & Mary on the night they got engaged. Jud wanted to debate some potential ENV acquisition (a common activity for he & I). Mary was right there supporting him, and throwing in her two cents on the firm’s CEO, who Jud had set her up to meet to get an outside opinion. About an hour later, they told me they had gotten engaged! Jud & Mary. A great couple. A huge loss. But their spirit will carry on through many of us for many years!”