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Cetera Renews Pact With Envestnet

By Jeff Berman

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Envestnet has renewed and deepened its agreement with Cetera Financial Group in which the fintech firm provides the broker-dealer’s network of more than 8,000 independent financial professionals with the full range of data, solutions and technology available on Envestnet’s unified advice platform.

Cetera member First Allied launched with Envestnet in 2011. Cetera and Envestnet announced a strategic partnership in February 2015 under which Cetera started offering Envestnet’s practice management platform to advisors across the BD’s network who provide retirement plan advice.

The Envestnet financial wellness network includes financial planning and budgeting, investing, managing credit and protecting capital, powered by data intelligence and its wealth management platform to facilitate the selection, delivery and management of advisory investment solutions.

The Cetera and Envestnet pact empowers financial professionals with tools and digital solutions “aimed to drive efficiency, while offering holistic financial planning tools to help more Americans reach their long-term financial goals,” the companies said in a joint announcement Friday.

Cetera advisors and institutions will continue to have access to the entire suite of Envestnet | MoneyGuide integrated financial planning tools. Cetera has also integrated individual blocks from MoneyGuide’s MyBlocks that enable clients and prospects to engage on demand via AdviceWorks, Cetera’s financial professional and client portal, and MoneyGuideElite, including distribution planning to help clients navigate distribution options during retirement.

Cetera “will continue to leverage and build upon technology in Envestnet’s wealth management chassis as the underlying technology” for Cetera’s My Advice Architect advisory platform, the firms said.

“Our growing financial wellness network brings together the elements required for financial professionals and enterprises to expand the definition of advice they can provide,” according to Bill Crager, Envestnet co-founder and CEO.

Noting that advice is the “central component of the financial professional/client relationship, Adam Antoniades, Cetera CEO, said in a statement: “Envestnet’s financial wellness network expands the depth and breadth of the advice our independent financial professionals can offer.”

Cetera said Monday it was acquiring the independent financial planning channel of insurer Voya Financial in a deal that should bring about 900 financial professionals with $40 billion in client assets to the firm, which currently has about $260 billion in assets under management.

Jeff Berman

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