CHICAGO, March 18, 2014 /PRNewswire/ -- Envestnet, Inc.
(NYSE: ENV), a leading provider of integrated wealth management
technology and services to investment advisors and wealth managers,
has released a white paper discussing the obstacles that single and
multi-family offices face when attempting to collect and report
comprehensive financial information for their clients.
The publication, "New Paradigm for Family Offices: Turning Data
Into Intelligence," is the second in a series of white papers
focusing on how the integration and aggregation of investment data
can greatly enhance the level of advice and service offered by
non-registered investment advisors. Single and multi-family
offices, as well as 501(c)3 investment advisory organizations and
community foundations, are exempt from regulations associated with
the Investment Adviser Act of 1940, but they have many of the same
needs as RIAs and broker-dealers.
"Family offices and other non-registered investment advisors
have not leveraged the full suite of available technology that
their registered counterparts use in the normal course of their
businesses," said James Lumberg,
Co-Founder and Executive Vice President, Envestnet. "Our white
paper shows that by partnering with providers of integrated,
cloud-based platforms, family offices can become empowered to
develop more cohesive and thoughtful wealth management strategies
for the families who depend on them."
Despite the growth in family offices as a result of the increase
in global wealth over the past 20 years, these organizations often
have limited capabilities for investment data collection and
reporting. Many affluent families have holdings spread across a
wide variety of asset classes, which makes it challenging for
family offices to put together reliable, consistent and up-to-date
snapshots of their clients' financial holdings.
Family offices need to integrate data regarding public and
private family holdings into a single report that can be presented
in ways that serve all family members and the financial
professionals who work with them. However, family offices and
advisors have historically found it difficult to source this
service because technology solutions are not an essential part of
their business, and technology upgrades can be expensive. Family
offices have made due with cobbled-together solutions, utilizing a
smattering of portfolio management platforms, back-office
functionalities and performance reporting software, and using
little more than an Excel spreadsheet for recordkeeping.
The white paper demonstrates how family offices can achieve
scale, efficiency and more meaningful client relationships with the
help of outsourced technology solutions. Integrated cloud-based
platform providers can partner with family offices to gather and
compile data, build customizable reports, train professionals and
make families' information accessible from any location.
"We believe that outsourced technology providers are the most
cost-effective and sustainable option for family offices to obtain
the integrated reporting capabilities they need to present families
with comprehensive views of their wealth," said Pamela Fennell Jacobs, Principal, PFJ Consulting
LLC, who serves as a consultant to Envestnet and co-wrote the white
paper with Mr. Lumberg. "Delivering timely data to families within
customized reports they can easily share with all of their
financial professionals will enable family offices to join RIAs and
broker-dealers in benefiting from the new paradigm of wealth
management."
To access this white paper, please visit
www.envestnet.com/library/whitepapers.
ABOUT ENVESTNET (NYSE: ENV)
Envestnet, Inc. (NYSE:
ENV) is a leading provider of unified wealth management technology
and services to investment advisors. Our open-architecture
platforms unify and fortify the wealth management process,
delivering unparalleled flexibility, accuracy, performance and
value. Envestnet solutions enable the transformation of wealth
management into a transparent, independent, objective and
fully-aligned standard of care, and empower advisors to deliver
better results.
Envestnet's Advisor Suite® software empowers
financial advisors to better manage client outcomes and strengthen
their practice. Envestnet provides institutional-quality research
and advanced portfolio solutions through our Portfolio Management
Consultants group, Envestnet | PMC®. Envestnet | Tamarac
provides leading rebalancing, reporting and practice management
software.
For more information on Envestnet, please visit
www.envestnet.com.
Media
CONTACT: Laura Simpson
Jennifer Connelly Public Relations
973-850-7319
lsimpson@jcprinc.com
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SOURCE Envestnet, Inc.