CHICAGO, Feb. 24, 2021 /PRNewswire/ -- Envestnet,
Inc. (NYSE: ENV) announces the launch of the Envestnet Trust
Services Exchange, a new solution for helping Registered Investment
Advisers (RIAs) and broker- dealers seamlessly utilize trust
accounts to facilitate the efficient transfer of wealth from
generation to generation.
"Without an estate plan and trust account strategy, clients risk
losing control of their life savings after death or incapacitation.
But while advisors understand that many of their clients will
likely be part of one of the largest intergenerational transfers of
wealth in history, they have yet to fully embrace estate planning
and trusts because they believe that they need the expertise of
other service providers," said John
Yackel, Executive Managing Director and Head of Strategic
Initiatives at Envestnet. "In response to demand from advisors,
Envestnet has developed the Trust Services Exchange to provide
advisors and their clients with a unified experience that drives
the definition of wealth transfer goals, advice, trust
documentation, and account implementation—with embedded integration
of attorneys and trust administrators. Now, advisors can help
clients avoid family strife and preserve their clients' wealth
across generations, while maintaining responsibility for managing
their clients' investment portfolios."
The Envestnet Trust Services Exchange has been created in
partnership with Trucendent, a provider of tools for
enabling advisors to strengthen their understanding and use of
trusts in estate planning. The platform will be fully integrated
with Envestnet | MoneyGuide, Envestnet | Tamarac, and other
offerings within the Envestnet ecosystem. This will enable advisors
to integrate this new capability into the platforms, processes, and
patterns that drive their practice today.
"The control and flexibility associated with the trust account
make it the ideal estate planning vehicle for accommodating clients
with various types of family structures, while helping to manage
and mitigate tax liabilities," said John
Scarpato, Co-founder and President of Trucendent. "We
are proud to work with Envestnet to democratize the advantages of
trust accounts in estate planning for all client segments, not just
the ultra-high-net-worth segment that has traditionally been the
focus of such solutions."
Advisors using the Envestnet Trust Services Exchange do not have
to foster external relationships with attorneys and trust
administrators in order to open, approve, and monitor the trust
accounts recommended for their clients. The Exchange's network of
attorneys and trust administrators work with advisors to handle
trust account documentation, asset transfers, and regulatory
compliance navigation. Once a trust account is opened, the advisor,
client, attorney, and administrator can work together on the
Exchange's platform, where the advisor will maintain custody of the
client's assets.
Strategically, this platform can help advisors extend their
client relationships into the next generation, thereby retaining
control of assets and associated revenue. Such solutions can also
help to capture new assets for clients who currently use other
trust providers for both trust administration and asset management
solutions. Furthermore, the provision of this service will help
advisors continue to distinguish their practices.
"The seamless transfer of wealth to the next generation is a
core element of financial planning for clients and their families.
Advisors told us they wanted to be able to help clients navigate
estate planning by using trust accounts that align with each
client's financial planning approach—and we listened," said
Bill Crager, Co-Founder and CEO
of Envestnet. "The launch of our trust exchange is the latest
milestone in the ongoing growth of our ecosystem, broadening the
spectrum of tools and data-driven intelligence advisors need to
empower an intelligent, connected financial life for their
clients."
About Envestnet
Envestnet, Inc. (NYSE: ENV) is
transforming the way financial advice and wellness are delivered.
Our mission is to empower advisors and financial service providers
with innovative technology, solutions, and intelligence to make
financial wellness a reality for everyone. Over 105,000 advisors
across more than 5,100 companies—including 17 of the 20 largest
U.S. banks, 47 of the 50 largest wealth management and brokerage
firms, over 500 of the largest RIAs, and hundreds of Fintech
companies—leverage the Envestnet platform to grow their businesses
and client relationships.
For more information on Envestnet, please visit
www.envestnet.com, subscribe to our blog, and follow us on Twitter
(@ENVintel) and LinkedIn.
For more information on Trucendent, please visit
www.trucendent.com
This release refers to information products or services that may
be in development and not yet available. Accordingly, nothing
in this release should be construed as a representation or legal
agreement by Envestnet to make available specific products or
services (including, without limitation, concepts, systems or
techniques.)
Media Contact:
Dana Taormina
JConnelly for Envestnet
973.647.4626
envestnetpr@jconnelly.com
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SOURCE Envestnet, Inc.