Envestnet CEO and chairman Judson Bergman died in an automobile crash in San Francisco early Thursday morning.
Bergman, 62, his wife Mary Miller and their cab driver were all killed when their car was struck by a driver going the wrong way on Highway 101. The driver of the other car was also killed and was believed to be impaired.
Bergman founded Envestnet, the nation's largest third-party asset management platform (TAMP), in 1999. The company went public in 2009.
Envestnet's board of directors implemented the company's emergency succession plan and named Bill Crager, its co-founder and president, as interim CEO. Crager had been CEO of Envestnet Wealth Solutions.
Ross Chapin, who had been a lead independent director of Envestnet, was appointed interim chairman.
“We have all experienced a great loss at Envestnet,” stated Chapin. “While it is difficult to imagine anyone replacing Jud’s vision and presence, we have the utmost confidence in the ability of his colleague, co-founder and dear friend, Bill Crager, to carry on in Jud’s place. Bill and Jud worked closely over the last 20 years and have built a resilient team that will see us through these dark days. Jud was a giant as a businessman and human being. We will miss him immensely.”
After going public in 2009, Envestnet used its financial strength to acquire several fintech companies in adjacent markets. Most of the acquisitions were relatively small.
However, earlier this year it opened up its checkbook and paid $500 million to acquire Pietech, which produces MoneyGuidePro, the leading provider of financial planning software.
Bergman was remembered not simply for his accomplishments in the fintech world, but also for his generosity. "Few people had a greater impact on the Wealthtech space," said fintech expert Joel Bruckenstein. "The breadth of his knowledge was truly impressive, but I will remember him most for his kindness and his humility."
Others were equally effusive. "I was continually impressed with his vision and the growth of EnvestNet," said Evensky & Katz/Foldes Financial chairman Harold Evensky. "I was even more impressed with how modest, gracious and nice he was as a person. He was one of the bright stars of our profession and will be greatly missed."