Envestnet is preparing to launch a new artificial-intelligence-powered platform to help speed up client preparation and presentation to advisors, the wealth technology firm announced at the start of its annual conference in Phoenix on Tuesday.
The Berwyn, Pa.-based firm is beta-testing an advancement of Report Studio on its Tamarack platform, which leverages AI to help advisors cut down on client meeting preparation time, while also providing a ready-made “story” for discussion.
“Report Studio is the new era of reporting at Envestnet,” Ryan Bammert, Tamarack’s principal director of product management, said during the conference’s opening session. “You have full drag and drop control over every element in your report – tables, charts, KPI modules… It’s all a code path to creating the report once and finally deciding how you want to deliver it – interactive HTML or professional PDF.”
Equipment is an element of the firm’s planning spend 1 billion dollars over the next five years, announced last year under CEO Chris Todd, who took over early 2025. Todd hinted in his opening comments that the company could exceed that spending plan, while also highlighting the revamped leadership team that has led the firm to a record $7.8 trillion in platform assets as of the latest investigation.
While Envestnet is a legacy player in the wealth technology sector, it is competing against rival Orion, which also The focus is on AI integrationThe more budget-friendly Advizzan, and RIAs are choosing to build their own wealth technology platforms through a la carte options.
On stage at the conference, various Envestnet department heads highlighted product enhancements and offerings that streamlined workflows and expanded advisor choice across investments and services such as tax strategies and financial planning.
Bammert said the goal of Report Studio was to address the “broken” system of consultants preparing for client meetings, which involves “bouncing between reports” and “manually stitching them together to create a personalized story.” He estimated that the new tool could reduce meeting preparation time from 30 to 60 minutes to about five minutes.
Bammert also said the platform was designed for home-office support staff to speed up processes like client onboarding.
Todd said AI is accelerating an important area for the firm: helping integrate its different platforms so advisors have fewer “swivel-chair” actions in their workflow, which has been a long-standing issue for Envestnet and other wealth technology providers.
“This is an area where artificial intelligence is making this work faster and more effective than ever before,” he said. “This issue of integration, if we had addressed it five years ago, eight years ago, 10 years ago, it would have been more difficult and complex than it is today, and we’re excited by what we’re going to be able to do to provide you with a more integrated solution in the coming months and quarters and years.”
Dave Lieberman, principal director of product management, introduced the audience to another new AI Insights prompt. The platform uses a single screen for advisors to ask questions about their business or client using conversational language.
Lieberman prompts the page with a question: “How can I help you today?” Below were some sample responses, such as “Show me information about my book of business,” or “How many open offers do I have?”
“The system pulls together live data from across the practice,” Lieberman said. “It’s not a canned report…the system is synthesizing information from multiple data sources – whatever we have available to us effectively.”
The AI tool will also investigate specific client account queries, with the last key feature being to carry out service tasks for the advisor. He gave the example of an advisor withdrawing $50,000 for a client.
“From identifying the opportunity to submitting the request and logging the service request in under three minutes,” he said.
Executives also talked about advancements in investment options for advisors, with Todd saying he is placing a particular emphasis on expanding its alternative investment options for advisors.
Earlier this year, the firm Introduced the ability to manage interval funds within its integrated managed account platform.
“There is much more to come on this alternative story for Envestnet in the coming months and years,” Todd said. “We’re sensitive to the educational journey that we all have to go on…these are the tools we need to make sure that we understand, that your customers understand, and that we’re putting people in the right things at the right time.”
Envestnet was taken private 2024 majority owner by Bain CapitalWith other investors including Reverence Capital, BlackRock, Fidelity Investments, Franklin Templeton and State Street Global.