Envestnet Inc Stock Price, News & Analysis

Envestnet has appointed Ron Ransom as the Group Head of its new Environmental, Social and Governance (ESG) office, a move aimed at enhancing the company's focus on ESG initiatives. Ransom will lead the development of programs and policies that support Envestnet's ESG goals and report to Dawn Newsome, the Chief Business Operations Officer. This initiative underscores Envestnet's commitment to making a positive impact in the community while empowering advisors to integrate sustainable investing into their practices.

Envestnet has acquired Redi2 Technologies, a leader in revenue management and billing solutions for the financial services sector. The acquisition aims to enhance Envestnet's financial wellness ecosystem and client engagement capabilities. Key products like Revenue Manager and BillFin™ will provide asset managers, wealth managers, and RIAs with advanced billing and accounting services. While the deal's financial terms remain undisclosed, it is expected to strengthen Envestnet's operational leverage and ecosystem integration over the next two years.

Envestnet has announced a major organizational restructuring aimed at enhancing its financial wellness ecosystem by consolidating its operations into three divisions: Envestnet Solutions, Envestnet Data and Analytics, and Envestnet WealthTech. This strategic move is expected to foster innovation and better integration of technology and solutions. The company also named new Group Presidents for each division and reported that Stuart DePina will step down from his role as President. CEO Bill Crager emphasized this change as a pivotal step towards future growth.

Envestnet has acquired 401kplans.com, enhancing its retirement plan solutions amidst a growing digital marketplace. This acquisition enables financial advisors to seamlessly manage retirement plans, allowing for improved efficiency in due diligence and investment selection. The platform supports nearly 28,000 advisors and integrates with over 36 plan recordkeepers, providing instant pricing and streamlined comparisons. With this move, Envestnet aims to solidify its position in the retirement plan sector, serving both advisors and clients by improving access to prudent investment options.

Envestnet, Inc. (NYSE: ENV) will participate in a fireside chat at the 2022 RBC Capital Markets Financial Technology Conference on June 14, 2022, in New York, NY. The discussion is set to begin at 10:10 AM ET. Interested investors can access the presentation through the company's investor relations website.

Envestnet is dedicated to empowering financial advisors with innovative technology, supporting over 107,000 advisors and more than 6,500 companies.

Lincoln Financial Group (NYSE: LNC) has expanded its partnership with the Envestnet Insurance Exchange by adding over 25 annuity products. This move aims to enhance financial professionals' ability to distribute these products efficiently. Since joining the Exchange in 2021, Lincoln has recognized its platform's growing importance. The partnership underscores Envestnet's commitment to providing advisors with essential tools for client financial wellness. Technological innovation remains central to Lincoln's strategy in the annuity market, fostering improved management and client engagement.

Envestnet's 2022 Advisor Summit, held in Charlotte, NC, gathered over 2,000 attendees to showcase new innovations and investments enhancing its financial ecosystem. Key announcements included the acquisition of Truelytics, a platform for Advisor Transition Management, designed to support wealth management firms. The summit also introduced the Envestnet Wealth Data Platform, a next-generation client portal, and updates to the developer portal. Envestnet emphasizes a hyper-personalized financial experience, aiming to drive client engagement and support advisors in adapting to evolving market needs.

Kestra Financial has launched the Retirement Plan Enterprise (RPE) in collaboration with Envestnet Retirement Solutions. This innovative platform aims to enhance retirement plan engagements for financial professionals at no extra cost. Key features include a Plan Management Dashboard for business goals, Investment Analytics for fund comparisons, and RFP and Vendor Search Tools for proposal management. The platform supports evolving regulatory requirements and is tailored to the needs of financial professionals and plan sponsors. Kestra Financial serves over 1,800 independent advisors.

Envestnet reported Q1 2022 financial results, showing total revenues of $321.4 million, up 17% from $275.1 million in Q1 2021. However, the company experienced a net loss of $14.7 million compared to a net income of $14.9 million the previous year. Key metrics include adjusted EBITDA decreasing 18% to $55.7 million and adjusted net income down 26% to $31.0 million. Asset-based recurring revenues grew 27%, while total operating expenses surged 27% to $328.1 million. As of March 31, 2022, Envestnet had $359.6 million in cash and $862.5 million in outstanding debt.