05.28.25

Envestnet Drops Plan To Enter Ria Custody

by: Brooke Southall; Oisin Breen

Envestnet has scrapped plans to compete in the RIA custodian arena, according to CEO Chris Todd. "After what has been a pivotal year of transformation for us, we are as committed as we have always been … to lean in and develop the products and solutions advisors need," Todd said in a recent release. Those solutions include helping the Big Three custodians to be more competitive with upstart digital custodians. “Custodian integrations with Fidelity, Schwab and Pershing are also deepened — providing seamless trading, authentication and data flow across systems,” the release stated. “This commitment to ecosystem flexibility gives firms the freedom to build the tech stack that fits their unique model.”

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