Practice Management Experts Join Envestnet to Help Independent Wealth Managers Improve Business Operations

Matthew McGinness and Jay Hummel Will Spearhead the Building of Industry's Premier Consulting Services

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Apr 15, 2015, 08:38 ET

CHICAGO, April 15, 2015 /PRNewswire/ -- Envestnet, Inc. (NYSE: ENV) announces that Matthew McGinness has joined the firm as Managing Director of Strategic Consulting for Enterprises. In this role, he will lead Envestnet's strategic initiative to improve clients' practice management. The program's architect, Jay Hummel, joined the Envestnet family in late 2014 as Senior Vice President in the Advisor Services group.

"We are committed to enhancing our service delivery model so we can continue to meet the needs of every client as we grow," said Bill Crager, President, Envestnet. "Matt and Jay possess the expertise and advisory firm experience to help us strengthen the alignment of our technology and human capital. We look forward to working with them to provide solutions to our clients' toughest business challenges."

Mr. McGinness will build a team of practice management consultants focused on helping enterprise wealth management firms. Mr. Hummel will concentrate on improving the overall business operations of registered investment advisors (RIAs).

Envestnet's practice management initiative brings together the firm's technology and intellectual capital to deliver advice that has a direct positive impact on clients' business outcomes. After meeting with clients to identify challenges inhibiting their growth, Envestnet assembles "swat teams" consisting of relevant subject matter experts from departments throughout the organization. The swat teams develop customized training programs for each participating client's advisors and leadership teams, and work with them to overcome obstacles to achieving scalable growth.

"Matt and Jay see things through the lens of our clients. They have a deep understanding of the difficulties that independent wealth managers face in their daily operations, and this is important for our practice management initiative," said Lori Hardwick, Group President, Advisor Services, Envestnet. "Their knowledge is vital for helping us determine the best solutions and strategies for empowering each client in the face of the advisory universe's ongoing evolution."

"Jay and I will be committing significant time and directing Envestnet's myriad resources to clients that choose to invest in practice management," said Mr. McGinness. "Taking the lead on education and practice management is critical to Envestnet's role as a business partner for its clients, and we are proud to be at the forefront of this new investment that Envestnet is making in its clients' growth."

Mr. McGinness was previously CEO of First Allied Advisory Services, an RIA with more than $3 billion in assets under management, where he was in charge of managed accounts, platform management and development, and advisory operations and sales. Earlier in his career, Mr. McGinness served as Managing Principal of Best Practice Research, led the practice management group at LPL Financial, and served as Associate Director of Cerulli Associates.

Mr. Hummel joined Lenox Wealth Management in 2010, and became President and Chief Operating Officer of the firm in 2011. Prior to Lenox, he worked for Ward Financial Group, consulting with companies to help them become more profitable.

"We are eager to help our clients grow faster than their competitors," said Ms. Hardwick. "This growth-centric mindset has created a multiplier effect, and is a key driver of the success of Envestnet and our clients over the past 16 years."

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 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 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).