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March 18, 2021

Envestnet buys financial planning technology solutions from Apprise Labs

By Johney Amala

Wealth tech provider Envestnet has acquired financial planning technology solutions from Apprise Labs to bolster client portal experience.

The deal also covers the purchase of cash flow planning and advanced estate planning solutions that will augment the financial planning ecosystem of the Envestnet | MoneyGuide.

Financial and other terms of the deal have not been disclosed.

MoneyGuide will offer the financial planning technology solutions acquired from Apprise Labs as Wealth Studios.

This solution consists of a detailed cash flow report that enables advisors to engage their wealthy clients using a goals-based approach.

In addition, it includes advanced estate and legacy planning that addresses requirements of UHNW client, such as trust modelling and inheritance fairness planning.

Envestnet | MoneyGuide president Tony Leal said that the acquisition will help advisors expand their ability to better address the needs of all clients, regardless of level of wealth, stage in life, and complexity of finances.

Leal added: “By adding this product, developed by an industry leader in financial planning, advisors and institutions can now provide more tailored solutions, ranging from debt management strategies to multi-generational planning with one vendor relationship.”

The new enhancement will enable Envestnet to deliver an intelligently connected financial life for investors.

The company is rolling out the new environment to a beta group of clients in June, with plans for wider launch by the end of the year.

Envestnet CEO and co-founder Bill Crager said: “Apprise Labs has developed a groundbreaking digital experience for advisors to engage and collaborate with their clients.

“This access and engagement completely transform the way clients view and interact with their finances. It becomes a true superpower for the advisor—helping their clients intelligently connect their financial lives.”

Apprise Labs founder and CEO Edmond Walters said: “Envestnet truly understands the value of financial advice, and the advisor-client relationship. I’m excited that they continue to take client engagement to the next level—now with more interactive experiences as well as deeper income and legacy planning capabilities.”

Last May, Envestnet collaborated with AdvisorStream and Apprise Labs to launch an artificial intelligence (AI)-driven app to create deeper adviser-client relationships.

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