Under the partnership, the two entities will integrate their platforms to offer end-to-end digital wealth management experience.
The integration will enable account opening and funding in real time. The solution will also support the full lifecycle of client account with automated servicing and maintenance.
Further, the deal will let FNZ’s platform leverage vital insights generated by Envestnet Data & Analytics’ Wealth Data Platform (WDP) to cater to its customer base across countries.
On the other hand, Envestnet’s WDP equipped with FNZ’s data sets will deliver latest predictive models to enterprises, advisors as well as asset managers.
Envestnet’s WDP will be distributed globally via FNZ’s platform from the first quarter of next year.
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The integrated wealth management solution is expected to be introduced in the US market in the second half of 2023.
Envestnet co-founder and CEO Bill Crager said: “At Envestnet, we are focused on enabling financial institutions, enterprises, advisors and their clients to make well informed financial decisions.
“This exciting partnership will advance that mission and enhances our ability to empower advisors to deliver deeper insights to clients.
“We look forward to working closely with FNZ to provide scaled, streamlined, deeply connected experiences that will deliver greater intelligence and value for all our clients.”
FNZ CEO Adrian Durham said: “We are very excited about our partnership with Envestnet. Both of our companies have a shared vision to open up wealth, helping everyone invest in their future on their terms. “The integrated solution will help our partners accelerate innovation and create outstanding client experiences.”