Envestnet Announces Strategic Partnership With Sterne Agee On Hybrid Platform For Advisors

Enhanced Platform Seamlessly Integrates Between Fee-Based and Commission Businesses

Nov 12, 2012, 08:55 ET from Envestnet, Inc.

CHICAGO and BIRMINGHAM, Ala., Nov. 12, 2012 /PRNewswire/ -- Envestnet, Inc. (NYSE: ENV), a leading provider of technology-enabled wealth management solutions for investment advisors, has entered into a strategic partnership with Sterne Agee, one of the oldest and largest privately-owned investment banking and brokerage firms in the nation. This partnership will bring the benefits of technology to the segment of advisors whose practices fit into a hybrid model, where a portion of the business is derived from advisory fees and another segment comes from product commissions.

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The combination of these two leaders in their fields represents the marriage of Sterne Agee's unique abilities with Envestnet's open-architecture access to money managers, reporting and compliance. As a custodian and self-clearing firm, Sterne Agee is able to handle the brokerage needs of independent advisors and simultaneously provide Envestnet's access to proven portfolio solutions. The unification of all aspects of the business on a single integrated platform gives larger independent practices catering to high-net-worth clients a single all-encompassing solution for their most important needs.

"By embedding the Envestnet solutions directly into our custodial platform we can provide our financial advisors with access to portfolio management, reporting and compliance to yield efficiency, scalability and growth while better supporting their existing clients. Sterne Agee offers advisors who have a mix of commission and fee-based business hybrid harmony," said Jay W. Carter, president and CEO of Sterne Agee Financial Services. "We have truly found a way to harmonize those two seemingly disparate parts of the business, making us an ideal landing spot for breakaway brokers who don't quite fit in at the bigger firms. And with the recent expansion of our platform and the addition of new technology solutions we are also in a perfect position to work with just about any advisory firm, regardless of their business model."

One firm that has already reaped the benefits of the Sterne Agee/Envestnet partnership is Meg Green & Associates, one of the leading independent wealth management firms in south Florida. The 28-year-old firm offers a multi-generational approach to wealth management to more than 300 families and small business owners whose combined assets total more than $650 million. Meg and her partner of 10 years, Todd Battaglia, conducted an extensive search for a suitable financial affiliate to satisfy the firm's needs and found Sterne Agee to be the ideal fit.

"Sterne Agee and Envestnet created a customized solution that includes custody, clearing, and comprehensive access to products and investment banking," said Meg Green, CEO. "Our ability to act as both advisor and broker gives us the ultimate flexibility to serve our clients, but to accomplish that, we are reliant on partners like Sterne Agee and Envestnet to deliver the solutions that are most relevant to our needs as a firm."

Prior to choosing Sterne Agee, advisors at Meg Green & Associates used multiple platforms and had to log onto multiple systems to see their clients' accounts. Their portfolio management system came from one provider while performance reporting was handled by another. With Sterne Agee as their custodian, they got everything they would have from larger broker dealers plus the high-touch and personalized service of a 110-year old investment banking and brokerage firm. Meg Green & Associates now has all their clients' assets collected on a single platform with access to a wide range of investment choices combined with seamlessly integrated reporting and accounting functions.

Envestnet, Inc. (NYSE: ENV) is a leading provider of technology-enabled wealth management solutions to investment advisors. Envestnet's Advisor Suite® software empowers advisors to better manage client outcomes and strengthen their practice. Envestnet offers advanced portfolio solutions through its Portfolio Management Consultants Group, Envestnet | PMC®. Envestnet | Tamarac provides leading rebalancing, reporting and practice management software. Envestnet | Prima provides institutional-quality research and due diligence on investment and fund managers. Envestnet | Vantage™ gives advisors an in-depth view of clients' investments, empowering them to give holistic, personalized advice. For more information on of Envestnet, please visit www.envestnet.com.  

ABOUT STERNE AGEE Founded in 1901, Sterne Agee is one of the oldest and largest privately-owned investment banking firms in the country employing 1,300 employees in 49 offices in 22 states. Sterne Agee is the trade name used by certain affiliates of Sterne Agee Group, Inc., including Agee Financial Services, Inc., Member FINRA/SIPC. Sterne Agee Financial Services, Inc. is a registered broker-dealer serving independent representatives, financial institutions and custody services for RIA firms. For more information, visit www.sterneagee.com.

ABOUT MEG GREEN & ASSOCIATES Meg Green & Associates is a highly respected wealth management firm, well known throughout the financial services industry. Founded in South Florida 28 years ago, their team works to serve the needs of their clients in a multitude of ways, above and beyond managing investments. "We take care of the wealthy, not just their wealth." Their investment advisory services are offered through Meg Green & Associates, Inc., a registered investment advisor not affiliated with Sterne Agee Financial Services. For more information visit www.meggreen.com.

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SOURCE Envestnet, Inc.