Delivering The Intelligent Financial Life via Envestnet's Ecosystem

 

Recorded at the Envestnet Advisors Summit 2022.  Presented by:

Advisorpedia interviewed Bill Crager, CEO of Envestnet, at the Envestnet Advisor Summit in May, 2022.

Transcript:

Shannon Rosic  00:05

Envestnet is on a mission to deliver a connected ecosystem. I'm joined by their CEO Bill Krieger to learn more bill. Welcome.

Bill Crager  00:13

Hey, Shannon, great to be here. Good to see you. I'm so glad you're here.

Shannon Rosic  00:17

Appreciate it. And obviously very happy to be back in person who's here in your keynote was incredible, really set the stage for these next few days. . .

So talk to me about this intelligent life vision that you have for Envestnet.

Bill Crager  00:30

You know, people's financial lives are really complicated things. And you know, you have your daily financial life, lots of things happening ins and outs, maybe more outside keeping track of it is really hard. But then you've got this other financial life, you're living about long term, what you're going to do, these things don't talk to each other. So as you connect the parts, you can connect the daily financial life with your long term goals, you can build the strategies that meet your needs to create a more intelligent financial life. And what I'm hearing is people want that they want that connectivity.

Shannon Rosic  01:01

Absolutely. So how was Envestnet ultimately delivering on that? And what does that roadmap look like?

Bill Crager  01:07

Yeah, it is, first and foremost data. So we have the most substantial data trove in the industry, we're making it smarter, that data is powering technology, that technology is creating connection. And that's networks back to solutions, investments, insurance, lending, but also network backup to the largest set of advisors in America. So as you do that, what we're really building here is the ability to deliver an intelligent financial life.

Shannon Rosic  01:36

And you talk about data, obviously, that's oil, like gold. But the interesting thing about data is ultimately harnessing it and making it actionable. Because at the end of the day, it's an asset, but can quickly become a liability.

Bill Crager  01:49

People and firms have data everywhere. And it is sitting there almost like an oil field where it's not untapped. Right. So our job is to bring that together for them. Make it clean, make enrich it so that it's pure. And then we pump that into our experiences that can be a client portal, that can be advisor, advice engine, it can be their business portal, can be the whole entire ecosystem of investment. It starts with data.

Shannon Rosic  02:16

And how should advisors ultimately be approaching that if they obviously have to wear several hats right now and now being data experts? How is Envestnet helping with that?

Bill Crager  02:24

Today, we're announcing our wealth data platform and our data platform brings together and advisors are a firm's data across the board, business data, account data, compliance data, brings it together enriches it and then we'll publish it to the right spot. What we're also doing is making creating insights, today, we will create 11 million insights for our ecosystem by 2025 will create a billion, that's a lot. That's, that's a real number. So what that does is it just helps an advisor navigate priorities, needs that their clients have and do it in a much more scaled, enabled way.

Shannon Rosic  03:01

So you talk 2025 already, but what else can the industry expect from Envestnet moving forward the next three to five years?

Bill Crager  03:08

The business model is absolutely human driven. Advisors matter. Connection matters, he knew is so great, right? Empathy, and just the way you connect with people. But if we're powered by technology, if we're powered by data, we have so much more scale. And we can do so much more for so many more people. So it'll be more and more this hybrid model for human advisor that is powered by a set of technology, engaging in more precise ways for each and every person that they serve. And you can do that at scale.

Shannon Rosic  03:37

So in your opinion, what does the advisory practice of the future? What does that going to look like?

Bill Crager  03:42

I think first and foremost, just trying to aggregate someone's financial life so they can see their daily financial lives and understand their long term goals is a great place to start because the industry is not doing that very well today. And that's incredibly valuable. Then, what do you do about it? How do you build the strategies and solutions? They can't be narrow, they've got to be holistic. They've got to look at your entire financial life. And that's, that's what, that's what's coming.

Shannon Rosic  04:06

Well, Bill is always a pleasure to talk to you always appreciate your insights. And thank you so much for your time,

Bill Crager  04:11

Shannon, thanks for being here. It's awesome. You guys are doing a great job. Thank you so much.

Shannon Rosic  04:14

Absolutely appreciate it. For Advisorpedia. I'm Shannon Rosic.