CHICAGO, Feb. 5, 2013 /PRNewswire/ -- Envestnet, Inc. (NYSE: ENV), a leading provider of integrated, web-based portfolio and client management software for independent advisors and wealth managers, has been chosen by the Money Management Institute (MMI), the national association representing the $3.2 trillion managed investment solutions and wealth management industry, to carry out the next phase of its initiative to establish uniform data communications standards by providing a industry communications hub using the MMI messages for managed accounts.
MMI's industry-supported project is part of a larger initiative underway for nearly a decade to improve data communications processes among the sponsors, broker-dealers, investment managers and custodians serving the managed solutions sector. Envestnet was selected to work with the MMI Standards Committee to refine and finalize the communications protocols and to develop and operate a central facility for receiving and transmitting these messages. This facility will initially support model portfolios, but will expand to meet additional messaging opportunities as the industry evolves. Utilization of the hub will be completely voluntary. It will serve the entire managed solutions field and is expected to begin operating in the second half of 2014.
"It is an honor to play a vital role in the Money Management Institute's important effort to bring a single set of uniform and transparent data communications standards to the managed solutions industry," said Bill Crager, President, Envestnet. "The central communications facility we are building will provide significant operational efficiencies and cost and risk reductions for wealth managers and the advisory services firms that support them."
Envestnet was chosen by MMI in a proposal selection process initiated in September 2012 and overseen by an MMI board-level Communications Task Force. The Communications Task Force decided upon a single-hub format because multiple hubs would be too complex to maintain.
"Envestnet was selected as a partner in our venture to help drive adoption of the common data communications standards based on its industry expertise and experience building wealth management platforms for MMI member firms," said John K. Moninger, Chairman, MMI Board of Governors and Managing Director of Retail Sales, Eaton Vance. "The lack of such standards has served as an inhibitor to industry growth, and we urge all members of this sector to contribute in their own way to the implementation of uniform open-source XML messaging protocols."
ABOUT ENVESTNET (NYSE: ENV)
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective and fully-aligned standard of care, and empower advisors to deliver better results.
Envestnet's Advisor Suite® software empowers financial advisors to better manage client outcomes and strengthen their practice. Envestnet provides institutional-quality research and advanced portfolio solutions through our Portfolio Management Consultants group, Envestnet | PMC®. Envestnet | Tamarac provides leading rebalancing, reporting and practice management software.
For more information on Envestnet, please visit www.envestnet.com.
ABOUT THE MONEY MANAGEMENT INSTITUTE (MMI)
Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of advisory solutions.
MMI members' advice-driven investment solutions serve an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct.
For more information, visit www.mminst.org.
SOURCE Envestnet, Inc.