The partnership will offer the benefits of technology to the segment of advisors whose practices fit into a hybrid model, where a portion of the business is derived from advisory fees and another segment comes from product commissions.
Additionally, the combination of the two companies will combine Sterne Agee’s abilities with Envestnet’s open-architecture access to money managers, reporting and compliance.
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Sterne Agee handles the brokerage needs of independent advisors and simultaneously provides Envestnet’s access to proven portfolio solutions and the unification of all aspects of the business on a single integrated platform gives larger independent practices catering to HNW clients a single all-encompassing solution for their most important needs.
Jay Carter, president and CEO of Sterne Agee Financial Services, said: "By embedding the Envestnet solutions directly into our custodial platform we can provide our financial advisors with access to portfolio management, reporting and compliance to yield efficiency, scalability and growth while better supporting their existing clients. Sterne Agee offers advisors who have a mix of commission and fee-based business hybrid harmony."
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