Envestnet today announced that Bill Crager has made the decision to transition from the role of CEO effective March 31, 2024. Beginning April 2024, Crager will continue with Envestnet as a Senior Advisor, focusing on client and partner relationships, leaning in on key strategic initiatives, and continuing to be a visionary voice for the financial services industry.
"For more than 24 years, it has been my privilege and honor to work with Envestnet, creating an industry leader. We now serve more assets, more financial advisors, and more accounts than anyone in the marketplace. Together, we have built a more integrated, cohesive organization with a connected operating platform that provides a gateway to the future for the industry," said Crager. "Starting in April, I will have the time and opportunity to focus on what I have always loved doing – growing Envestnet's relationships and empowering our clients to provide holistic financial advice and solutions. This transition gives me a front-row seat for our next chapter and I look forward to continuing our journey."
Envestnet's focus on client excellence and service is unwavering. Tom Sipp, Executive Vice President, will continue to lead Envestnet's business lines partnering closely with Crager and Board Chair James L. Fox, who will serve as interim CEO as of April 1, 2024, until a successor is in place. The Board of Directors will initiate a search for a successor, considering internal and external candidates, with assistance from an independent executive search firm.
Under Crager's leadership, Envestnet has grown into a leading managed solutions service provider with $5.4 trillion in client assets and over 107,000 advisors served*. Crager was recognized on Investment News' 2023 Hot List and in 2015, the Money Management Institute named him that year's Industry Pioneer. He was voted one of the IA25 by readers of Think Advisor and Investment Advisor magazines in 2020. Crager and the late Jud Bergman were among the first in the managed solutions industry to streamline independent advisors' practices by offering a broad range of fee-based products side-by-side within an easily accessible, open-architecture portal.
"Bill has been a driving force of Envestnet since he co-founded the company with Jud Bergman in 1999. They established the vision for our company and Bill has led the charge in the ongoing expansion of the firm's innovative financial wellness network. He is an inspirational leader who set the bar for our quality client solutions and services. Bill also built a strong and experienced management team and we're confident in their ability to continue to execute our strategy," said Fox. "On behalf of the Board and the entire company, we want to thank Bill for all he has done for Envestnet as CEO and his continuing partnership."
