Envestnet has acquired a variety of "wealth visualization" tools from onetime venture partner Apprise Labs in order to enhance its client portal and financial planning systems.
The move is the latest development in the unusual saga of Apprise Labs. Walters launched the company in 2019 and soon brought rivals Envestnet and PIETech, owner of MoneyGuidePro, into the joint venture. Envestnet acquired PIETech later that same year.
The financial planning tech from Apprise Labs will be branded as Wealth Studios and reside within the Envestnet | MoneyGuide ecosystem.
The enhanced client portal features a detailed cash flow report and advanced estate and legacy planning that can provide ultra-high-net-worth (UHNW) clients with trust modeling and inheritance fairness planning.
The acquisition fills a major hole in Envestnet’s offering. The Chicago-based company had long been seen as lacking sophisticated, advanced estate-planning tools, according to Tony Leal, president of MoneyGuide.
Bill Crager, CEO and Co-Founder of Envestnet, described the portal technology as “groundbreaking.” "This access and engagement completely transform the way clients view and interact with their finances. It becomes a true superpower for the advisor—helping their clients intelligently connect their financial lives," he said in a press release.
A beta group of clients will be the first to experience the new technologies starting in June. A wider rollout is expected by the end of the year.
The acquisition also formally unwinds the joint venture around AppriseTerms, leaving Edmond Walters as the sole shareholder. Terms of the deal were not disclosed.
