The firm has been explaining its offerings and research about what advisors want to spend their time on.

Envestnet, the US platform and tech group that was bought by Bain Capital in 2024, is showcasing new and existing RIA offerings at the Future Proof wealth management festival in California this week. 

And the business has unveiled research showing that 30 per cent of advisors say they cannot spend enough time with clients. Envestnet drew a total of 290 responses across the wealth management sector.

The firm, attending the festival at Huntington Beach, this week, said it is launching new features and capabilities for RIAs on its wealth management platform, including an Order Blotter Tool, which simplifies fixed-income trade management with centralized order oversight, customizable data views, and automated reconciliation; it has updated its trading and reporting tools, and Envestnet RIA Trading is now available as a standalone product. 

In another new offering, Envestnet said that its client portal – available on iOS and Android mobile apps – pulls together client accounts into a single interface.

“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,” Molly Weiss, group president of wealth management platform for Envestnet, said.

Businesses such as Envestnet provide much of the digital infrastructure used by RIAs and other wealth management businesses today. The marketplace for such services is competitive, and Envestnet, no longer a listed company, has been through difficulties, as explained by FWR’s US correspondent, Charles Paikert, here.

Envestnet and similar firms tap into wealth managers’ need to concentrate more on client acquisition/retention and reduce the administrative grind. To that end, Envestnet said in a survey that it found that nearly 40 per cent of advisors devote their time on investment management and administrative activities.

The Envestnet’s 2024 Advisor Perspectives Survey found that 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, which reinforces the importance of integrated practice workflows. 

When asked what were the most underappreciated opportunities that the wealth management industry has yet to capitalize on, the highest result (64 per cent) was for "service expansion/holistic advice/one-stop-shop," followed by 49 per cent, saying "next gen clients/wealth transfer."

So what else is new?
The firm said additional new offerings include the RIA Marketplace, starting from October 1. RIAs can access the fund strategist portfolios, comprising exchange-traded funds and mutual funds managed by asset managers Envestnet | PMC, BlackRock, Fidelity, Franklin Templeton and State Street Global Advisors.  

Envestnet Workplace for RIAs is also a new offering, Envestnet said, referring to how it is making it easier for RIAs to expand their retirement offerings, or enter the space altogether.