Envestnet Launching Trust Services Exchange

Envestnet has announced the launch of the Envestnet Trust Services Exchange, a new solution for helping Registered Investment Advisers (RIAs) and broker-dealers seamlessly utilize trust accounts to facilitate the efficient transfer of wealth from generation to generation. 

Envestnet has more solutions like this on the horizon. Want the 360-degree view? VIP Messenger is the direct line.

“Without an estate plan and trust account strategy, clients risk losing control of their life savings after death or incapacitation. But while advisors understand that many of their clients will likely be part of one of the largest intergenerational transfers of wealth in history, they have yet to fully embrace estate planning and trusts because they believe that they need the expertise of other service providers,” said John Yackel, Executive Managing Director and Head of Strategic Initiatives at Envestnet.

“In response to demand from advisors, Envestnet has developed the Trust Services Exchange to provide advisors and their clients with a unified experience that drives the definition of wealth transfer goals, advice, trust documentation, and account implementation—with embedded integration of attorneys and trust administrators. Now, advisors can help clients avoid family strife and preserve their clients’ wealth across generations, while maintaining responsibility for managing their clients’ investment portfolios.”

The Envestnet Trust Services Exchange has been created in partnership with Trucendent, a provider of tools for enabling advisors to strengthen their understanding and use of trusts in estate planning. The platform will be fully integrated with Envestnet | MoneyGuide, Envestnet | Tamarac, and other offerings within the Envestnet ecosystem. This will enable advisors to integrate this new capability into the platforms, processes, and patterns that drive their practice today.   

“The control and flexibility associated with the trust account make it the ideal estate planning vehicle for accommodating clients with various types of family structures, while helping to manage and mitigate tax liabilities,” said John Scarpato, Co-founder and President of Trucendent.

“We are proud to work with Envestnet to democratize the advantages of trust accounts in estate planning for all client segments, not just the ultra-high-net-worth segment that has traditionally been the focus of such solutions.” 

Advisors using the Envestnet Trust Services Exchange do not have to foster external relationships with attorneys and trust administrators in order to open, approve, and monitor the trust accounts recommended for their clients. The Exchange’s network of attorneys and trust administrators work with advisors to handle trust account documentation, asset transfers, and regulatory compliance navigation. Once a trust account is opened, the advisor, client, attorney, and administrator can work together on the Exchange’s platform, where the advisor will maintain custody of the client’s assets. 

Strategically, this platform can help advisors extend their client relationships into the next generation, thereby retaining control of assets and associated revenue. Such solutions can also help to capture new assets for clients who currently use other trust providers for both trust administration and asset management solutions. Furthermore, the provision of this service will help advisors continue to distinguish their practices.

“The seamless transfer of wealth to the next generation is a core element of financial planning for clients and their families. Advisors told us they wanted to be able to help clients navigate estate planning by using trust accounts that align with each client’s financial planning approach—and we listened,” said Bill Crager, Co-Founder and CEO of Envestnet.

“The launch of our trust exchange is the latest milestone in the ongoing growth of our ecosystem, broadening the spectrum of tools and data-driven intelligence advisors need to empower an intelligent, connected financial life for their clients.”


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