Envestnet expands partnership with Practifi to provide seamless client experience

By Pavithra R

Envestnet, transforming the way financial advice and wellness are delivered has announced expanding its partnership with Practifi, the business management platform powering high-performing financial advice firms through solutions in automated workflows and unified data.

“This increased level of collaboration enables us to now make Practifi’s innovative solutions and tools available to advisors throughout the entire Envestnet ecosystem, which includes Envestnet | MoneyGuide. We first partnered with Practifi in 2019, originally rolling out an integration via the Envestnet | Tamarac platform. After seeing the many efficiencies and related opportunities for scale being offered to advisors on our Envestnet | Tamarac platform as a direct result of this partnership, we were eager to bring it one step forward. This full integration widens our net, offering even more advisors these new opportunities to help clients achieve financial wellness,” said Blake Wood, Senior Vice President and Director of Product Strategy at Envestnet.

Under the strengthened alliance, Practifi and Envestnet’s unified advice platform are fully integrated. The integration will offer advisors:

• Efficiency and Workflow Automation: Advisors can save time adding new Envestnet clients by accessing Practifi’s updated client and member details from Envestnet’s platform.
• Growth Support: Advisors can also launch new Envestnet proposals from within Practifi and manage them as bespoke services for their firms.

MoneyGuide and Practifi integration benefits for advisors:

• Simplicity: Advisors can create and update a client’s key household data in MoneyGuide from Practifi. This can mitigate risk by bringing consistency through integration and save time by reducing workflow steps.
• Centralized Client Data: Advisors can also maintain a comprehensive client view between systems by linking to, and accessing, the MoneyGuide My Plans page showing financial plans directly from the Practifi client record.

“We share a common vision with Envestnet, as our team consistently develops innovations to meet the needs of today’s advisors, family offices, wealth firms, and their clients. One of the many things we agree on is the idea that the future of financial advice relies on data-driven insights, which we are powering today. The intuitive user experiences that we offer were created to empower advisors to grow their practices and deepen their relationships with clients at the same time, making our relationship with Envestnet a perfect fit,” said Adrian Johnstone, Co-Founder and Chief Commercial Officer at Practifi.