Envestnet Goes Live with its Wealth Data Platform Powered by Snowflake

  • Envestnet launched its Wealth Data Platform this week.
  • Powered by Snowflake, Envestnet’s enhanced platform gives financial advisors a more comprehensive view of clients’ finances
  • Envestnet made its Finovate debut in 2016 at FinovateEurope, one year after acquiring Yodlee for $660 million.

With the launch of its Wealth Data Platform this week, Envestnet has enhanced its data and analytics business by providing financial advisors with the ability to connect and enrich data – as well as give clients actionable data at scale – via a single platform. The new offering is powered by data cloud company Snowflake, and will enable Envestnet customers to benefit from a more holistic, comprehensive view of their clients’ financial information.

“Our Wealth Data Platform solves the very real challenge wealth advisors face in connecting, analyzing, and deriving insights from their clients’ various data sources,” Envestnet Data and Analytics Group President Farouk Ferchichi said. “And we know this is important for clients; our research shows that for a majority of Americans, financial technology and apps are key to achieving their financial goals.”

“By partnering with Snowflake, our Wealth Data Platform will become more holistic and allow advisors to better serve their clients,” Ferchichi said.

Envestnet’s enhanced solution improves data access and efficiency, enabling research and analytics teams to access multiple capabilities such as valuation, client aggregations, advisor analytics, and more on one platform. Customers will be able to leverage outside data, as well, combining, normalizing, and enriching that data along with other data sets available on the Envestnet platform. By partnering with Snowflake, the platform “will help transform the way wealth professionals advise and interact with their customers,” according to Snowflake Global Head of Financial Services Rinesh Patel.

Envestnet’s Wealth Data Platform adds to the company’s suite of data, digital solutions, and differentiated experiences known as Envestnet Data and Analytics. Through both APIs and standalone portals, Envestnet’s solutions help its clients – which include financial advisors as well as small and medium-sized businesses and their customers – better grow and manage the financial wellness of their businesses.

Founded in 1999 and headquartered in Chicago, Illinois, Envestnet made its Finovate debut eight years ago at FinovateEurope in London – just one year after the company acquired Finovate alum Yodlee for $660 million. In the years since, Envestnet has provided technology and services to more than 105,000 advisors and more than 6,500 companies. This figure includes 16 of the 20 largest banks in the U.S., 47 of the 50 largest wealth management and brokerage firms, more than 500 of the largest registered investment advisors (RIAs) – as well as hundreds of fintechs.

In addition to the launch of its Wealth Data Platform, Envestnet also recently announced a partnership between Tata Consultancy Services (TCS) and its Data and Analytics business. The agreement calls for TCS to help Envestnet Data and Analytics scale internationally. Earlier this month, Envestnet unveiled its Intelligent Financial Life Advisor Practice Score, which helps financial advisors learn how effectively they are helping clients “achieve peace of mind and financial security” while on the journey to reach their financial goals.

“Our mission has always been to help advisors make sense of their clients’ overall financial picture and empower them to take the advice they give – and their practice – to the next level,” Envestnet Chief Marketing Officer Mary Ellen Dugan said. “This assessment provides advisors with a way to understand how well they’re positioned to help clients navigate their complex financial lives – through their day-to-day and more long-term financial decisions.”

Photo by Jill Wellington