Unified wealth management technology and services provider Envestnet, Inc. has acquired Upside, a technology company providing digital advice solutions to financial advisors. Terms of the acquisition were not released.
Upside leverages technology and algorithms to provide advice, management and service to clients who want personalized investment services on demand, without the need to call an advisor or see one in person. As a result, the company says, use of Upside gives financial advisors a boost in the growing competition against other digital advisors, or "robo advisors."
Clients are provided with an intuitive investment management experience that includes paperless onboarding while providing required trading and rebalancing — all under the brand of the advisor.
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"Advisors leverage our technology today to automate operations and effectively deploy many elements of a robo or digital advisor offering," Stuart DePina, group president Envestnet|Tamarac, said in a statement.
He continued, "Adding Upside to our platform will allow advisors to compete more aggressively to engage current clients online and reach a new class of investors. While many see robo offerings as serving the mass affluent, advisors know a growing percentage of their High Net Worth clients are demanding to access their financial portfolios and interact with their advisor online."
Juney Ham, president and cofounder of Upside, and Tom Kimberly, Upside's CEO and cofounder, will join Envestnet as senior vice presidents.
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