CHICAGO (AP) — Prudential Financial Inc. is selling off a small part of its business, a wealth management services unit, to financial services firm Envestnet Inc. for up to $33 million.

Envestnet sells technology and services to investment advisers. It said Friday that it's buying the division, Wealth Management Solutions, to help it expand its business with banks.

Wealth Management Solutions makes up a small part of Prudential's overall business, so the best way for it to grow was to find a buyer, said Prudential spokeswoman Theresa Miller.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Advisor Sales Strategies