Franklin Templeton has acquired AdvisorEngine, a digital wealth platform and provider of technology and consulting services to more than 1,200 financial advisory firms in the U.S. that manage over $600 billion in assets, according to a news release.

AdvisorEngine’s leadership team will remain in place and continue to operate the business as an independent subsidiary of Franklin Templeton, the release said.

Both companies will work closely to co-create proprietary solutions, including goals-based financial planning tools, digital portfolio construction analytics and research-enabled practice management services to help financial advisors enhance their wealth management offerings, the release said.

AdvisorEngine will continue to build out its financial experience platform, which brings together advisor experience, business operations experience and client experience in one place, the release said. It added that the platform powers client relationship management, portfolio management, reporting, marketing and digital wealth solutions for financial advisory firms.

In addition to having access to Franklin Templeton’s investment capabilities, AdvisorEngine will establish new relationships with custodians, financial technology providers and asset managers, the release said. 

“We’re in the midst of the fourth industrial revolution, and technological advances are reshaping how financial solutions are delivered. As a result, we continue to invest in technology and teams to enhance our offerings and enable us to innovate at the nexus of asset management, wealth management and technology,” Jenny Johnson, president and CEO of Franklin Templeton, said in a statement.

Rich Cancro, AdvisorEngine founder and CEO, said in a statement the company is now better positioned to help advisors transform how they do business, connect more deeply with clients, grow assets and scale their operations.

Founded in 1947, San Mateo, Calif.- and New York-based Franklin Resources Inc. is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. It has employees in more than 30 countries and more than $580 billion in assets under management as of March 31.

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