The founder, CEO and president of Envestnet, and his wife, have lost their lives in an automobile accident in California.

Envestnet’s founder, chairman and chief executive, Judson Bergman, and his wife, Mary Miller, have died in an automobile accident in San Francisco, California.

Judson Bergman founded the wealth management systems firm, now a high-profile organization in the space and one known to many readers of this publication. 

“On behalf of our board of directors, management team and employees, we extend our deepest sympathies to Jud and Mary’s family. As Envestnet’s founder, Jud was a remarkable leader whose vision, brilliance and drive built the foundation for Envestnet’s success,” the New York-listed firm said in a statement last Friday.

The board of directors has put its emergency succession plan into action, naming Bill Crager, who is president of Envestnet and chief executive of Envestnet Wealth Solutions, as interim CEO. 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.

“We have all experienced a great loss at Envestnet,” stated Chapin. “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.”

The firm said in a note on its corporate website: "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."

(Editor's note: The team at Family Wealth Report have got to know the Envestnet team and we wish to pass on our condolences to Judson Bergman and Mary Miller's family, friends and colleagues at this very sad time.)