10.24.23
Envestnet Sets Up RIA for New Embedded Investment Solution for Financial Institutions
by: Steve Randall
Envestnet has launched an embedded investment platform to allow banks and other financial institutions to offer a more holistic service to clients. The firm has established a registered investment advisor called Envestnet Embedded Advisor to be the asset manager for the embedded financial solutions while investment accounts will be held at independent broker-dealer and custodian DriveWealth, LLC. The new platform will power a digitized process for banks, credit unions and financial advisors to offer investing solutions within their own apps and websites to customers within their existing banking experience. “Our data and analytics indicate that banks and credit unions are losing billions of dollars to digital investment platforms, as customers leave their banks to seek out these investing solutions,” said Group Head of Product Innovation Dani Fava. “Envestnet is giving these entities a turnkey solution to help retain customers, by offering a seamless investing integration—so they can experience a more holistic financial experience with their current institution.”
Read the full article on InvestmentNews