Envestnet CEO Bill Crager said he spent a lot of his time in the first quarter of 2022 on the road, traveling to speak with clients and partners about how they view the future of financial services.
The leader of the Chicago-based tech firm and turnkey program said every company he spoke with is accelerating digital transformation. He told those who joined him on a Thursday evening quarterly earnings call that “there is no mistaking the transformation that is coming.”
“And what was so gratifying really is that Envestnet is delivering on it. Our clients are focused first and foremost on meeting their customers’ digital expectations,” Crager said during the call, according to a Motley Fool transcript. “Financial planning remains core, but it’s shifting from a stand-alone offering to a fully integrated experience. This experience leads to answers that are executed to achieve a person’s financial plan. It’s a breakthrough that each and every one of the clients I spoke with this quarter are looking for.”
That’s why Crager, who called Q1 2022 “a case study of when financial advice and access to financial information matters the most,” is so excited about what’s next.
Before getting to the fact that Envestnet saw its revenue increase by 17%; its assets increase by 14.5%; and the number of accounts it serves increase by 29% year over year, the CEO hyped next week’s Envestnet Advisor Summit in Charlotte, North Carolina.
In prepared remarks, he teased that Envestnet will lift the curtain on a number of projects that will have a major impact on advisors and their clients. Among the unveilings on display will be the newly launched Envestnet client portal. Crager described it as a “game-changing” framework that connects all the parts of a consumer’s financial life.
Meanwhile, Envestnet’s data and analytics business will spotlight the upcoming launch of Envestnet’s cloud-based data intelligence solution for wealth advisory firms, and the company will introduce technology that is specifically designed to help advisors build their businesses.
“This is the first of its kind and an indication of how the connected parts of Envestnet are creating transformational progress for our clients,” Crager said. “And finally, on display will be a host of exciting enhancements of our fiduciary offerings.
“Really, I can’t wait to get there. But what’s really great is that our team will showcase the exact implementation strategy we’ve highlighted for you over these last quarters because it will be very evident that we are doing these things. We are going deeper in our existing client base with value-added solutions. We are modernizing the digital marketplace and paving the way for the future.”
To see the key takeaways from the company’s first-quarter results, scroll down our slideshow. For previous coverage of Envestnet’s earnings, click here.