Envestnet’s RIA and financial planner clients now have access to more investment manager due diligence, research applications, asset allocation modeling and multi-manager portfolios, thanks to the firm’s acquisition of Prima Capital Holding.
Prima Capital, based in Denver, made a name for itself as a provider of due diligence and other research services to top banks, regional broker-dealers, trust companies and accounting firms. Envestnet did not disclose the terms of the deal.
Now, Prima Capital’s services will reach RIAs and financial planners via the Envestnet wealth management platform. Chicago-based Envestnet hopes to complete the integration by mid-year, says Bill Crager, president of Envestnet.
“Investors are looking for income protection,” Crager says. “They are requiring access to new asset classes. Advisors are looking for support there. Prima does in-depth research into where the investor portfolio is going.”
Donna Mitchell writes for Financial Planning.