Envestnet launches new ESG office under former business development exec: Wealthtech Weekly

July 21, 2022 5:12 PM

In the wake of its recent restructuring and former president Stuart DePina relinquishing his role at the end of last month, Envestnet is making another change to its leadership team.

The Chicago-based tech firm and turnkey program has announced that Ron Ransom will head up Envestnet’s newly established Environmental, Social and Governance Office.

Ron Ransom has been named head of Envestnet's ESG office

Envestnet

Officials said Ransom’s role will bring “centralized focus to ESG activities” across the firm. As group head of ESG, Ransom will take the lead on Envestnet’s efforts to develop programs and policies around the continuously expanding, yet sometimes controversial, area of investment data.

"There has never been a more important time to strengthen our focus on ESG throughout our organization and make this area a central part of our financial wellness ecosystem.,” Envestnet CEO Bill Crager said in a statement.

Ransom will partner closely with the Envestnet PMC sustainable investing group, which helps advisors integrate ESG investing into their practices and aids clients looking for ways to generate greater social or environmental impact through their investments.

" An ESG framework at the corporate level will enable us to provide even better outcomes for our customers, investors and communities across the country," Ransom said. "As demand for ESG investments continues to grow, Envestnet is uniquely positioned to empower advisors to deliver sustainable investment solutions for their clients."

Ransom brings to the role nearly three decades of financial services experience. He most recently served as chief business development officer at Envestnet, where he was responsible for managing Envestnet's go-to-market strategy. Before Envestnet, Ransom held executive positions at Nationwide Financial, UBS and Bank of America.

Scroll down to get caught up on more recent fintech news you might have missed in our Wealthtech Weekly recap. And check out last week’s recap here.

True North Networks and RightSize Solutions combine to form Visory

A pair of technology management and cybersecurity support firms are going from competitors to cohorts in an effort to better serve independent RIAs.

True North Networks and RightSize Solutions have merged to become Visory. Both firms were founded in 2002 and specialize in providing SEC-compliant technology solutions, network security, IT management and cybersecurity services to RIAs.

Before this week’s merger, True North Networks and RightSize Solutions shared a link in common as separate portfolio companies owned by Bluff Point Associates, a Westport, Connecticut-based private equity firm.

The companies are also among the leading cloud hosting solutions providers for RIAs, according to the 2022 T3/Inside Information Survey which ranks the top software solutions in advisory firm tech stacks by market-share in 35 different categories.

“Visory is here to be your firm’s hands-on partner in digital transformation, because world-class technology and cybersecurity should be accessible to every organization,” Bob Hollander, CEO of Visory, said in a statement. “As we bring together complementary IT capabilities and expertise with a deep bench of resources, we’ll continue to raise the bar on service and help clients use technology to do business better.”

With headquarters in Chesterfield, Missouri, Visory will continue operating with its remote workforce while maintaining existing offices in Lenexa, Kansas, Swanzey, New Hampshire, and Scarborough, Maine.

As a result of the deal, Visory leaders say they are actively recruiting for talent across the entire organization.

“Our commitment to delivering robust IT solutions and support to RIAs is as strong as when we opened for business 20 years ago,” said Steven Ryder, founder of True North Networks and chief strategy officer of Visory. “The combination with RightSize was the natural next step for our business.”

Edelman Financial Engines launches new financial wellness platform for the workplace

Edelman Financial Engines unveiled a new tool that will provide employees with financial support during major life events and milestones.

Called “Momentum” and billed as a holistic financial wellness platform, Edelman executives say the platform builds on the firm’s 401(k) advice and management services with a set of expanded financial wellness, counseling and planning resources.

The company’s flagship retirement advice and management offering, Retirement Readiness, will continue to remain available as a standalone solution. The firm works with more than 10 million retirement plan participants.

“With more than three decades of experience helping employees maximize their workplace retirement plan investments, we know individuals want greater support across their broader financial lives, and they’re looking to their employers for help,” Edelman’s head of workplace, Kelly O’Donnell, said in a statement.

At least 73% of employees expect their employers to provide access to a financial professional when they experience a significant life event, according to research conducted by Edelman. The firm’s survey also found a substantial need, as 89% of employees said they experienced at least one major personal or professional event during the last five years.

Meanwhile, 79% said that they did not speak to a financial professional during those moments. And 96% of those who did said they found the interaction to be highly valuable.

Edelman leaders say Momentum will meets these needs in the future by giving employees information and support. Significant family or health changes, transitions at work and decisions around saving for college or retirement were highlighted as events where employees may need the most assistance.

Momentum features a library of digital content, webinars and educational tools and assessments. Employees also have unlimited access to live, one-on-one counseling and planning sessions with CFP and CRPC credentialed advisors.

“Financial wellness offerings at the workplace aren’t new, however, there’s a significant opportunity to provide these benefits in a more integrated and effective way,” said Edelman Head of Wealth Planning and Marketing Jason Van de Loo said in a statement.

Carefull rolls out new platform features for advisors, banks and caregivers

A fintech company dedicated to the support of financial caregivers and aging adults has announced two new additions to its services.

Carefull has integrated “Vault” and “Trusted Contacts” into its platform. Company leaders say these new features directly serve the advisors, banks and financial caregivers aiding aging loved ones.

Both tools are designed specifically to help seniors keep sensitive financial information secure, support cross-generational relationships and provide a simple platform to manage their financial health as they age.

Vault leverages protection technology to create a digital safety deposit box for users to store private passwords, sensitive documents and emergency contacts in one location. For emergencies, Vault stores important contacts with detailed information so family members can have reliable information during crucial moments. The separate Trusted Contacts tool also controls what is shared and with whom.

“We found that methods for storing passwords and contacts were typically both insecure and unreliable,” Carefull co-founder Max Goldman said “When they're on a notepad or in a file folder, they're not easy to find, easy to use or easy to change and they’re usually out-of-date.”