CHICAGO, Dec. 17, 2014 /PRNewswire/ -- Envestnet,
Inc. (NYSE: ENV) announces that Lori
Hardwick has been promoted to Group President, Advisor
Services. In this newly created position, Ms. Hardwick, who has
been with Envestnet since its inception 15 years ago, will have
expanded responsibility for all relationship management and sales
operations across the firm. This change in organizational structure
will enable Envestnet to align more closely with the needs of its
advisor clients as the firm continues to grow.
"We believe we will continue to grow organically through ongoing
adoption of our solutions by advisors and disciplined strategic
activity," said Jud Bergman,
Chairman and Chief Executive Officer, Envestnet. "Streamlining
our sales and relationship management teams will help us continue
to effectively meet all client needs during our ongoing expansion.
Lori deeply understands the importance of maintaining
client-service excellence as we grow, having played an integral
role in our development since our founding."
Envestnet experienced strong year-over-year increases in
advisors, accounts, and assets between the third quarters of 2013
and 2014. More than $80 billion in
new assets was converted onto the Envestnet platform during that
period, and the number of advisors with at least $5 million on the platform rose by 17 percent.
This growth was facilitated in part by Envestnet's acquisitions of
Placemark Holdings, Inc. and Prudential Investments' Wealth
Management Solutions business, now known as Envestnet Wealth
Management Solutions.
Under the new structure, all of Envestnet's sales and
relationship management teams, which collectively include more than
100 client service professionals, will be part of Envestnet's
Advisor Services division. This allows the various teams to
seamlessly share their expertise and resources as Envestnet's
client base becomes more diverse. Envestnet is also increasing its
wholesaler-to-advisor ratio by creating more regional teams—the
organization's sales and relationship management professionals are
from 8 current fully staffed regional sales teams to 14 fully
staffed regional sales teams in 2015 to support advisors in the
field.
"Lori embodies our advisor-centric mindset, and has been
instrumental in leading our sales growth, fostering strong client
relationships, and building our brand in the marketplace," said
Bill Crager, President,
Envestnet. "As the leader of our Advisor Services organization,
Lori will make sure we continue to adapt so that our advisors
remain at the heart of what we do."
Ms. Hardwick will continue to report to Mr. Crager in her new
role. She most recently served as Executive Vice President,
Advisory Services, and since Envestnet's founding has focused on
delivering its innovative wealth management technology solutions to
a wide spectrum of registered investment advisor (RIA) and
enterprise clients.
"Envestnet has over 100 talented people dedicated to delivering
best-in-class technology and investment solutions as well as
practice management services to our clients across North America," said Ms. Hardwick. "I
look forward to working with my colleagues to ensure our teams can
continue to meet the needs of every client."
Envestnet's successful integration of strategic acquisitions has
been built upon a foundation of expertise from the management teams
within the acquired firms. In keeping with this commitment to
growth, the leaders of the major business lines within the Advisor
Services organization, who report to Ms. Hardwick, have been
promoted after working with companies acquired by Envestnet:
- Richard Dion, Executive Vice
President, Head of Strategic Partnerships (previously with
Placemark)
- John Harris, Managing Director,
Global Sales Manager (previously with Oberon Financial
Technology)
- John Phoenix, Managing Director,
Independent Advisor Network Sales (previously with Metamorphosis
Money Management)
- Andrew Stavaridis, Head of
Enterprise Consulting (previously with FundQuest, Inc.)
- John Yackel, Managing Director,
Institutional Business Development (previously with Prudential
WMS)
Today, Envestnet has contracts with more than 1,500 client
firms, representing over 39,000 advisors. Envestnet's clients
include 44 of the top 50 independent broker-dealers in the U.S. In
addition, Envestnet is the No. 1 third-party platform provider as
measured by overall platform assets (52 percent market share,
according to the Money Management Institute), assets under
management (28 percent market share, as determined by Cerulli
Associates), and assets under management and administration (35
percent market share, according to Cerulli).
About Envestnet
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
outcomes.
Envestnet's Advisor Suite® software empowers
financial advisors to better manage client outcomes and strengthen
their practices. 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 and follow @ENVintel
(https://twitter.com/envintel).
Media
Contact:
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Laura
Simpson
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JCPR
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(973)
850-7319
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lsimpson@jcprinc.com
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SOURCE Envestnet, Inc.