Waddell & Reed Partners with Industry Leaders to Build Integrated Advisor Platform

Waddell & Reed Partners with Industry Leaders to Build Integrated Advisor Platform

Envestnet, Docupace align tech solutions to help advisors seamlessly open accounts, conduct straight-through processing

OVERLAND PARK, Kan.–(BUSINESS WIRE)–Recognizing an opportunity to bring increased efficiency and functionality to its advisors and their clients, Waddell & Reed, Inc. has taken a substantial step toward building the firm’s next-generation technology platform.

As the initial step in a multi-phased plan, the firm is working to enhance its advisors’ portfolio management capabilities while streamlining the account-opening and maintenance processes. Waddell & Reed this week announced a strategic partnership bringing Envestnet, Inc. (NYSE: ENV) and Docupace Technologies together to create a custom platform that will help Waddell & Reed financial advisors open and manage client accounts. The integrated solution will facilitate efficient portfolio creation through the Envestnet platform and enable advisors to transition seamlessly to the account-opening process by leveraging the Docupace ePACS® Straight-Through Processing solution.

“It’s imperative that we continue aligning our technology and support with how advisors and clients want to work together today, quickly and efficiently,” said Derek Burke, President of Waddell & Reed, Inc. “This unique partnership brings together the best aspects of three entities: Envestnet’s technologically advanced portfolio creation and management tools, Docupace’s solution for secure and electronic straight-through processing, and Waddell & Reed’s client-centric focus across a national network of advisors.”

While both Envestnet and Docupace have separately offered wealth management technology solutions for many years, for Waddell & Reed they will together deliver an integrated straight-through processing solution.

All account paperwork and portfolio proposal documents will be bundled and prepared for client signature, including electronic signature capability. Digital paperwork will then be routed through an automated review and approval process. Smart-form technology and electronic validations will allow the new Waddell & Reed platform to automatically detect if an application is incomplete, immediately alerting the advisor.

“Straight-through processing brings unprecedented benefits to advisors, clients and broker/dealers, dramatically cutting processing time and freeing advisors to focus on the client’s needs and goals,” said Tom Embrogno, co-founder and Chief Growth Officer of Docupace.

“As the leading wealth management platform offering the necessary scale, efficiency, integration and support to empower Waddell & Reed to deliver improved outcomes, we will continue to help the firm grow by unifying its technology applications and systems,” said John Yackel, Managing Director and Head of Global Institutional Business Development at Envestnet. “We find that a fully unified and integrated approach to wealth management enables faster growth for advisory practices, and we are glad to support Waddell & Reed as it embarks on this new path.”

“We’re extremely pleased to announce these partnerships and the progress we’re making toward launching our next generation technology platform,” said Burke.

About Waddell & Reed

Founded in 1937, Waddell & Reed, Inc. is one of the oldest financial planning firms in the U.S., providing total planning services to clients throughout the United States through its network of nearly 1,800 financial advisors. It is a subsidiary of Waddell & Reed Financial, Inc. (NYSE: WDR), which had firmwide assets under management of approximately $104 billion at Dec. 31, 2015.

About Envestnet

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 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 outcomes.

Envestnet’s Advisor Suite® software empowers financial advisors to better manage client outcomes and strengthen their practices. 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 and follow @ENVintel (https://twitter.com/envintel).

About Docupace

Docupace Technologies, founded in 2002, provides secure and compliant electronic processing solutions for financial services firms and their advisors. The company created and implemented the industry’s first Web-based, SEC/FINRA compliant Straight-Through-Processing (STP) platform.

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Securities and Investment Advisory Services offered through Waddell & Reed, Inc., a Broker/Dealer, Member FINRA/SIPC and a Federally Registered Investment Advisor.

Waddell and Reed is not affiliated with Envestnet or Docupage Technologies.

Contacts
Waddell & Reed
Roger Hoadley, 913-236-1993
VP, Director of Communications

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