Wealth tech provider Envestnet has agreed to buy a minority holding in adviser network Dynasty Financial Partners.
The deal is part of the companies’ broader plans to introduce the Advisor Services Exchange (ASx) later in 2020. Financial terms of the deal were not disclosed.
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Through ASx, Envestnet customers can gain access to the services Dynasty offers its members. These services include business management tools, growth capital, outsourced CFO services, as well as marketing services.
Dynasty CEO Shirl Penney said: “When we founded Dynasty over nine years ago, Bill Crager and Envestnet were there for us in the early days and have been with us every step of the way as we have grown the business.
“I am looking forward to partnering with Envestnet, a firm that stands alone as a pioneer in wealth management technology and investor intelligence.”
Envestnet head of Wealth Strategy Aaron Bauer said: “We’re doubling down on our commitment to — and investment in — financial advisers, and we’re proud to partner with Dynasty to fulfill it.
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By GlobalData“Through the Advisor Services Exchange, we believe Envestnet’s clients will be able to save time on day-to-day business management activity, and bolster their services to deliver comprehensive, unified advice.”
Notably, last year, Envestnet struck a $500m deal to acquire PIEtech, the creator of the MoneyGuide financial planning application.
