Envestnet on Tuesday announced the launch of Envestnet Wealth Trading, a redesigned trading platform that the wealthtech firm said helps advisors manage portfolios more efficiently, execute trades with more confidence, lessen operational friction and streamline complex trading workflows.
The firm said it developed the platform with input from advisors and enterprise clients, that it “replaces legacy trading experiences,” and that the launch followed “extensive testing and phased rollouts.”
The platform provides an end-to-end workflow, according to the firm, with portfolio management, trade creation, order review, execution and auditability. It was designed to onboard firms quickly, with support and training.
Envestnet Wealth Trading is already supporting live trading across firms that range from independent RIAs to a few of the largest wealth management organizations, the firm said.
To underscore the platform’s scalability and ease of adoption, Envestnet pointed to one national wealth management firm that it said deployed Wealth Trading across several thousand advisors in under three months.
“Wealth Trading represents a significant advancement in the advisor trading experience,” according to Andrew Stavaridis, Chief Relationship Officer of Envestnet.
“Built in close partnership with our clients, it delivers the speed, flexibility and transparency firms need to support increasingly sophisticated trading operations while creating a more intuitive experience for advisors,” he said in the release.
Other key features of the new trading platform are workflows that Envestnet said require fewer clicks and navigation, more transparency, and greater visibility and control with user access and entitlements.
Additional features include Portfolio Explorer, a screen that provides an enhanced menu structure with data points, columns and available actions; nine types of trade actions (Rebalance, Trade to Target, Quick Trade, Invest Cash, Liquidate, Raise Cash, Worksheet Trading, Harvest Gains/Losses and Upload), and an Order Review capability that serves as a “dedicated tab for tracking and monitoring actions linked to scenarios, creating a high-level audit trail,” Envestnet said.
“Trading sits at the heart of the advisor-client relationship, yet too often technology introduces unnecessary complexity,” Tyler Davidson, Head of Product Management at Envestnet, said in the news release. “Wealth Trading was designed to remove friction, reduce complexity, and give advisors a faster path from decision to execution.”
He added, “Whether they’re managing a single account or thousands of portfolios, advisors now have a trading experience built for speed, transparency and control.”
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
