Envestnet, a provider of technology-based investment and practice management solutions, and ByAllAccounts, the data aggregation firm, are forming a strategic partnership that will offer advisors a performance reporting solution that encompasses a variety of assets, including 401(k)s, 529 plans and annuities, according to the companies.
Company officials say the strategic partnership will provide Envestnet/Vantage, a comprehensive view of clients accounts and performance reports, on a single Web-based platform.
Envestnet/Vantage's performance reporting solutions make it possible for advisors to eliminate manual data entry and to bill on held-away assets, according to the firm. By incorporating client portfolio data with wealth management and performance reporting tools, the solution reduces time spent on administrative tasks and improves efficiency, transparency and the ability for advisors to present holistic views of their client's wealth, including assets by other parties, company officials said.
"Advisors today are given a plethora of tools that enable them to deliver better customer service, increase productivity and focus on critical business needs. But without the flexibility to incorporate these tools into their systems, advisors face unnecessary complications," said James Carney, ByAllAccounts president and CEO. "Our strategic partnership with Envestnet gives financial advisors the freedom to use our service within a familiar workflow that they already know, trust and use. They stay in control and don't have to change a thing."
"Our goal is to make it easier for advisors to provide holistic views of their client's wealth and enhance the value of their advice while increasing assets under management," said James Lumberg, Envestnet's managing director for reporting solutions. "The level of access and insight that Envestnet/Vantage delivers gives advisors a competitive edge in an increasingly crowded field. "