Envestnet is preparing to launch a new artificial-intelligence-driven platform to help speed client preparation and presentation for advisors, the wealth technology firm announced at the start of its annual conference in Phoenix on Tuesday.
The Berwyn, Pa.-based firm has been beta-testing an advancement to Report Studio on its Tamarac platform that leverages AI to help an advisor cut down on client meeting preparation time, while also providing a ready-made “story” to discuss.
“Report Studio is the new age of reporting at Envestnet,” Ryan Bamert, principal director, product management for Tamarac, said during the opening session of the conference. “You have full drag and drop control over every element in your report—tables, charts, KPI modules … it’s one code path to build a report once and decide at the end how you want to deliver it—interactive HTML or professional PDF.”
The tool is one element of the firm’s planned $1 billion in spending over the next five years, announced last year under CEO Chris Todd, who took over at the start of 2025. Todd hinted in his opening remarks that the firm may exceed that spending plan, while also highlighting the revamped leadership team that has led the firm to a record $7.8 trillion in platform assets as of the most recent check.
While Envestnet is a legacy player in the wealth technology space, it is competing against rival Orion, which has also been focused on AI integration, more budget-friendly Advyzon, and RIAs choosing to build their own wealth technology platforms via à la carte options.
On stage at the conference, various Envestnet department heads highlighted product enhancements and offerings that streamlined workflows and expanded advisor choice across investments and services, such as tax strategies and financial planning.
Bamert said the goal of Report Studio was to address the “broken” system advisors have in preparing for client meetings, which includes “bouncing between reports” and “manually stitching together to create a personalized story.” He estimated that the new tool could cut meeting preparation time from 30 to 60 minutes to about five.
Bamert also said the platform was designed for home-office support staff to speed up processes such as client onboarding.
Todd said AI was speeding up one crucial area for the firm: helping integrate its various platforms so advisors have fewer “swivel-chair” actions in their workflows, a long-running issue for Envestnet and other wealth technology providers.
“This is an area where artificial intelligence is making this work faster and wildly more effective than it ever would have been in the past,” he said. “This issue of integration, had we addressed it five years ago, eight years ago, 10 years ago, would have been more difficult and complicated than it’s going to be today, and we’re excited by what we’re going to be able to do to provide a more integrated solution to you in the months and quarters and years ahead.”
Dave Lieberman, principal director of product management, told the audience about another new AI Insights prompt. The platform uses a single screen for advisors to ask questions about their business or a client using conversational language.
Lieberman showed the prompt page with a single question: “How can I help you today?” Below were some sample responses, such as “Show me insights regarding my book of business,” or “How many open proposals do I have?”
“The system pulls together live data across the entire practice,” Lieberman said. “This isn’t a canned report … the system is synthesizing information from multiple data sources— everything we effectively have at our disposal.”
The AI tool will also dig into specific client account questions, with a final core feature being the completion of service tasks for the advisor. He gave the example of an advisor withdrawing $50,000 for a client.
“From identifying the opportunity to submitting the request and logging the service request in under three minutes,” he said.
Executives also spoke to advancements in investment options for advisors, with Todd noting that it was putting particular emphasis on advancing its alternative investment options for advisors.
Earlier this year, the firm introduced the ability to manage interval funds within its Unified Managed Account platform.
“There is a lot more to come in the months and years ahead on this alternatives story for Envestnet,” Todd said. “We are sensitive to the educational journey we all need to go on as well … these are instruments that we need to make sure that we understand, that your clients understand, and that we are putting people in the right things at the right time.”
Envestnet was taken private in 2024 by majority owner Bain Capital, along with other investors including Reverence Capital, BlackRock, Fidelity Investments, Franklin Templeton and State Street Global.
