Envestnet, Inc. (NYSE: ENV) announced today that it has expanded its partnership with Practifi, the business management platform that powers high-performing financial advisory firms around the world with automated workflow and unified data solutions. As part of the strengthened relationship, the uniform consulting platform from Practifi and Envestnet are now fully integrated.
“This increased collaboration enables us to now bring Practifi’s innovative solutions and tools to consultants across the Envestnet ecosystem, including Envestnet | MoneyGuide,” said MoneyGuide Blake Wood, Senior Vice President and Director of Product Strategy at Envestnet. “In 2019, we entered into a partnership with Practifi for the first time and originally an integration via Envestnet | introduced Tamarac platform. After seeing the many efficiency and associated scaling options, the consultants on our Envestnet | Tamarac Platform As a direct result of this partnership, we have sought to take it a step forward. This full integration expands our network and gives even more advisors these new opportunities to help clients achieve financial wellbeing. “
This next level of product integration between the industry leaders in wealth tech and unified advice provides advisors:
Advantages of the Envestnet / Practifi integration for consultants:
- Efficiency and Workflow Automation: Consultants can save time by adding new Envestnet clients by accessing the latest Practifi client and member details directly from the Envestnet platform.
- Growth support: Consultants can also start new Envestnet proposals from within Practifi and manage them as tailor-made services for their companies. You can also view a list of all Envestnet proposals in progress and open proposals in Envestnet in Practifi.
Advantages of the MoneyGuide / Practifi integration for consultants:
- Simplicity: With a simple click of a button, advisors can quickly and easily create and update a client’s key household data in Practifi’s MoneyGuide. This can reduce risk by achieving consistency through integration – and save time by reducing workflow steps.
- Centralized Client Data: Advisors can also maintain a comprehensive view of clients between systems by linking to and easily accessing the MoneyGuide My Plans page, which shows financial plans directly from the Practifi client record.
“We share a common vision with Envestnet as our team consistently innovates to meet the needs of today’s advisors, family offices, wealth firms and their clients,” he said Adrian Johnstone, Co-Founder and Chief Commercial Officer at Practifi. “One of the many things we all agree on is the idea that the future of financial advice is based on the data-driven insights that we are driving today. The intuitive user experiences we offer are designed to enable consultants to expand their practices while deepening their relationships with clients. As a result, our relationship with Envestnet fits together perfectly. “
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