Envestnet, Inc. (ENV - Free Report) yesterday announced that it is collaborating with Dynasty Financial Partners to launch a new product called Advisor Services Exchange. The company will make a minority investment in Dynasty as part of the partnership.
Dynasty Financial Partners is a registered investment adviser network, having more than 45 independent network advisory firms on its platform, and managing around $40 billion in client assets.
Expected to launch later this year, the Advisor Services Exchange will provide Envestnet clients with access to some of the business development supports currently available to Dynasty network firms. These include growth capital, business management tools, marketing services and outsourced CFO services.
Aaron Bauer, head of Wealth Strategy at Envestnet stated, “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.”
The move seems to be part of Envestnet’s continuous efforts to acquire and retain clients, and add capabilities and solutions. We observe that the company’s shares have gained 42% over the past year, outperforming the 40.1% growth of the industry it belongs to.
Zacks Rank & Other Stocks to Consider
Currently, Envestnet carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader Zacks Business Services sector are S&P Global (SPGI - Free Report) , Accenture (ACN - Free Report) and Booz Allen Hamilton (BAH - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term expected EPS (three to five years) growth rate for S&P Global, Accenture and Booz Allen Hamilton is 10%, 10.3% and 13%, respectively.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through Q3 2019, while the S&P 500 gained +39.6%, five of our strategies returned +51.8%, +57.5%, +96.9%, +119.0%, and even +158.9%.
This outperformance has not just been a recent phenomenon. From 2000 – Q3 2019, while the S&P averaged +5.6% per year, our top strategies averaged up to +54.1% per year.
See their latest picks free >>