Chicago-based Envestnet, a technology and wealth management solutions provider for independent broker/dealers and RIAs, has acquired B-Ready Outsourcing of Landis, N.C., Envestnet announced Monday, June 7.
In a deal designed to provide back-office data management and reporting services for users of Schwab Performance Technologies' Portfolio Center, the April acquisition of B-Ready's assets will allow Envestnet to provide more reporting tools and support to advisors using the Schwab software application.
"Today, transparency is especially important," said James Lumberg, Envestnet co-founder and executive vice president of business development, in a release. "Clients are expecting their advisors to provide them with complete financial information on all their assets that is accurate and dependable. With a comprehensive picture of each client's wealth position, advisors can evaluate each situation and craft an appropriate investment plan."
The Envestnet platform allows advisors to keep clients informed in several ways:
? It provides than 300 sources of financial data that include a wide range of custodians and several interfaces for directly placed mutual funds and annuities
? It provides access to daily, fully reconciled data
? Advisors can track metrics on multiple levels and access a library of more than 25 performance reports
? The reporting system offers the flexibility to create and assign customized benchmark blends or develop derived benchmarks at either the aggregated level or under advisor directed programs
"We are excited to be working with Envestnet," said Linda Bready, senior vice president of Envestnet and former president of B-Ready, in the release. "B-Ready has a 10-year history of working with RIAs and their reporting needs. With Envestnet, our outsourced reporting clients now have a gateway to fully integrated technology to perform wealth management, planning, reporting and billing activities on a single platform."
B-Ready's team and operations are expected to remain intact after the acquisition is complete.
Read a story about an Envestnet IPO filing from the archives of InvestmentAdvisor.com.