Envestnet, Inc. (NYSE: ENV) announced that it is accelerating the growth of its Data and Analytics business by “launching the Wealth Data platform, a cloud-based data intelligence solution for wealth advisory firms, to allow home offices and financial advisors to connect and enrich all the data sources across their practice and provide their clients with actionable insights at scale – all on one platform.”
This expansion of the Wealth Data Platform is “possible through Envestnet‘s partnership with Snowflake, the Data Cloud company, and the Powered by Snowflake program.”
By leveraging the scalable Snowflake platform and its data collaboration capabilities, Envestnet’s customers will be “able to effortlessly bring outside data sets into the Wealth Data Platform; combine, normalize, and enrich those data sets with others on the Envestnet platform; and deliver better insights to advisors and their clients.”
This enhanced platform “improves data access, time, and efficiency, giving research and analytics teams the tools they need to work more seamlessly on their platforms by knitting together separate capabilities such as valuation, client aggregations, advisor analytics and more.”
The partnership will “enhance Envestnet’s ability to empower advisors to bring the best advice to clients, ultimately helping people live an Intelligent Financial Life™.”
Farouk Ferchichi, Group President, Envestnet Data and Analytics, said:
“Our Wealth Data Platform solves the very real challenge wealth advisors face in connecting, analyzing, and deriving insights from their clients’ various data sources. 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 goals1. By partnering with Snowflake, our Wealth Data Platform will become more holistic and allow advisors to better serve their clients. Snowflake is a well respected platform utilized by many of our partners, which will allow clients to extend the value they are already getting from Envestnet Data and Analytics.”
Combining Envestnet’s existing data assets with Snowflake’s Data Cloud strength will streamline users’ ability “to see the big picture for their clients and prospects.”
Bringing Snowflake’s speed, reliability, and capacity to share and manage a broad range of complex data will “stretch Envestnet’s capabilities beyond what is available in the industry today.”
Rinesh Patel, Global Head of Financial Services at Snowflake, remarked:
“Our partnership with Envestnet brings a comprehensive technology solution to the market, improving the way wealth advisory firms are using data and intelligence to drive business actions. The Envestnet Wealth Data Platform, Powered by Snowflake, allows customers to manage the numerous data sources, reduce data management complexities, and ultimately leverage cloud technology to connect, normalize, and seamlessly share actionable intelligence to drive timely customer centric outcomes. This partnership will help transform the way wealth professionals advise and interact with their customers.”
Envestnet Data and Analytics “offers data, digital solutions and differentiated experiences delivered and embedded through APIs and standalone portals that empower customers – including financial advisors, small and medium-sized businesses, and their end consumers – to intelligently connect, grow, protect, and manage the financial wellness of their business all in one place.”
