CHICAGO, Dec. 17, 2014 /PRNewswire/ -- Envestnet, Inc. (NYSE: ENV) announces that Lori Hardwick has been promoted to Group President, Advisor Services. In this newly created position, Ms. Hardwick, who has been with Envestnet since its inception 15 years ago, will have expanded responsibility for all relationship management and sales operations across the firm. This change in organizational structure will enable Envestnet to align more closely with the needs of its advisor clients as the firm continues to grow.

"We believe we will continue to grow organically through ongoing adoption of our solutions by advisors and disciplined strategic activity," said Jud Bergman, Chairman and Chief Executive Officer, Envestnet. "Streamlining our sales and relationship management teams will help us continue to effectively meet all client needs during our ongoing expansion. Lori deeply understands the importance of maintaining client-service excellence as we grow, having played an integral role in our development since our founding."

Envestnet experienced strong year-over-year increases in advisors, accounts, and assets between the third quarters of 2013 and 2014. More than $80 billion in new assets was converted onto the Envestnet platform during that period, and the number of advisors with at least $5 million on the platform rose by 17 percent. This growth was facilitated in part by Envestnet's acquisitions of Placemark Holdings, Inc. and Prudential Investments' Wealth Management Solutions business, now known as Envestnet Wealth Management Solutions.

Under the new structure, all of Envestnet's sales and relationship management teams, which collectively include more than 100 client service professionals, will be part of Envestnet's Advisor Services division. This allows the various teams to seamlessly share their expertise and resources as Envestnet's client base becomes more diverse. Envestnet is also increasing its wholesaler-to-advisor ratio by creating more regional teams—the organization's sales and relationship management professionals are from  8 current fully staffed regional sales teams to 14 fully staffed regional sales teams in 2015 to support advisors in the field.

"Lori embodies our advisor-centric mindset, and has been instrumental in leading our sales growth, fostering strong client relationships, and building our brand in the marketplace," said Bill Crager, President, Envestnet. "As the leader of our Advisor Services organization, Lori will make sure we continue to adapt so that our advisors remain at the heart of what we do."

Ms. Hardwick will continue to report to Mr. Crager in her new role. She most recently served as Executive Vice President, Advisory Services, and since Envestnet's founding has focused on delivering its innovative wealth management technology solutions to a wide spectrum of registered investment advisor (RIA) and enterprise clients.

"Envestnet has over 100 talented people dedicated to delivering best-in-class technology and investment solutions as well as practice management services to our clients across North America," said Ms. Hardwick. "I look forward to working with my colleagues to ensure our teams can continue to meet the needs of every client."

Envestnet's successful integration of strategic acquisitions has been built upon a foundation of expertise from the management teams within the acquired firms. In keeping with this commitment to growth, the leaders of the major business lines within the Advisor Services organization, who report to Ms. Hardwick, have been promoted after working with companies acquired by Envestnet:

• Richard Dion, Executive Vice President, Head of Strategic Partnerships (previously with Placemark)
• John Harris, Managing Director, Global Sales Manager (previously with Oberon Financial Technology)
• John Phoenix, Managing Director, Independent Advisor Network Sales (previously with Metamorphosis Money Management)
• Andrew Stavaridis, Head of Enterprise Consulting (previously with FundQuest, Inc.)
• John Yackel, Managing Director, Institutional Business Development (previously with Prudential WMS)

Today, Envestnet has contracts with more than 1,500 client firms, representing over 39,000 advisors. Envestnet's clients include 44 of the top 50 independent broker-dealers in the U.S. In addition, Envestnet is the No. 1 third-party platform provider as measured by overall platform assets (52 percent market share, according to the Money Management Institute), assets under management (28 percent market share, as determined by Cerulli Associates), and assets under management and administration (35 percent market share, according to Cerulli).

About Envestnet
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective, and fully-aligned standard of care, and empower advisors to deliver better outcomes.

Envestnet's Advisor Suite^® software empowers financial advisors to better manage client outcomes and strengthen their practices. Envestnet provides institutional-quality research and advanced portfolio solutions through our Portfolio Management Consultants group, Envestnet | PMC^®. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software.

For more information on Envestnet, please visit www.envestnet.com and follow @ENVintel (https://twitter.com/envintel).

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SOURCE Envestnet, Inc.