Exhibit 99.1

Envestnet Reports Unaudited Fourth Quarter and Full Year 2012 Financial Results;

Announces Engagement of New Audit Firm

Chicago, IL – February 14, 2013 – Envestnet (NYSE: ENV), a leading provider of unified wealth management technology and services to investment advisors, today reported financial results for its fourth quarter and full year ended December 31, 2012.

Financial Results for the Fourth Quarter of 2012 Compared to the Fourth Quarter of 2011:

Financial Results for Full Year 2012 Compared to Full Year 2011:

“During 2012, we successfully delivered on our organic growth and acquisition plans, growing adjusted revenue by 29 percent year over year,” said Jud Bergman, Chairman and CEO of Envestnet. “Our advisor base grew by 16 percent and accounts grew by 32 percent, demonstrating our ability to both add advisors to our platform, and more importantly deepen our relationship with them. This is strong evidence of Envestnet’s leadership role in empowering advisors to transform wealth management to a transparent, conflict-free and fully-aligned standard of care for investors.”

“We unify and simplify the wealth management process for advisors, empowering them to achieve higher standards in portfolio and practice management. As we empower advisors to deliver better results for their clients, we believe Envestnet is well-positioned to deliver substantial revenue growth and margin expansion in 2013,” concluded Mr. Bergman.

Key Operating Metrics as of and for the Quarter Ended December 31, 2012:

The following tables summarize the changes in AUM and AUA for the quarter and year ended December 31, 2012:

During the fourth quarter, the Company added $1.5 billion of conversions included in the above AUM/A gross sales figures, and an additional $7.9 billion of conversions in Licensing.

During 2012, the Company added $10.4 billion of conversions included in the above AUM/A gross sales figures, and an additional $13.2 billion of conversions in Licensing.

Review of Fourth Quarter Financial Results

Adjusted revenues increased 46% to $44.6 million for the fourth quarter of 2012 from $30.5 million for the fourth quarter of 2011. The increase was primarily due to a 41% increase in revenues from AUM or AUA to $34.7 million from $24.6 million in the prior year period, as well as higher licensing and professional services revenues related to the acquisitions of Tamarac Inc. and Prima Capital Holding, Inc., both of which closed during the second quarter of 2012.

Total operating expenses in the fourth quarter of 2012 increased 52% to $42.7 million from $28.1 million in the prior year period. Cost of revenues increased 54% to $16.0 million in the fourth quarter of 2012 from $10.4 million in the fourth quarter of 2011 due to the increase in revenue from AUM or AUA and additional cost from acquired businesses. Compensation and benefits increased 59% to $15.2 million in the fourth quarter of 2012 from $9.6 million in the prior year period due to higher personnel cost from completed acquisitions, as well as higher stock-based compensation expense. General and administration expenses increased 34% to $8.1 million in the fourth quarter of 2012 from $6.0 million in the prior year period, primarily due to transaction costs related to the completed acquisitions, and ongoing expense from the acquired companies.

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Income from operations was $1.7 million for the fourth quarter of 2012 compared to $2.4 million for the fourth quarter of 2011. Net income was $0.8 million, or $0.02 per diluted share, for the fourth quarter of 2012 compared to $1.8 million, or $0.06 per diluted share, for the fourth quarter of 2011. Adjusted EBITDA⁽¹⁾ in the fourth quarter of 2012 was $7.2 million, compared to $6.5 million in the prior year period. Adjusted Net Income⁽¹⁾ was $3.3 million, compared to $3.5 million in the fourth quarter of 2011. Adjusted Net Income Per Share⁽¹⁾ was $0.10 per diluted share, compared to $0.11 per diluted share in the fourth quarter of 2011.

Change in Independent Registered Public Accounting Firm

In a Form 8-K filed today with the Securities and Exchange Commission (“Commission”), the Company reported that its Audit Committee terminated McGladrey LLP (“McGladrey”) and appointed KPMG (“KPMG”) as its independent registered public accounting firm. The Audit Committee reached this decision after it was determined that certain non-audit tax services provided by McGladrey to Envestnet may be inconsistent with the Commission’s rules on auditor independence. As a result, KPMG will perform the Company’s 2012 audit, as well as a re-audit of the company’s 2011 financial statements, to ensure independent audit opinions are provided on the Company’s financial statements.

Envestnet’s Audit Committee and management believe that the financial statements contained in this press release and Envestnet’s previous SEC filings fairly present, in all material respects, the financial condition and results of operations of Envestnet as of and for the periods presented and may continue to be relied upon. Nevertheless, in light of the requirements of federal securities laws and regulations and because the purpose of the auditor independence rules is to provide investors with confidence that audits of public companies are carried out objectively and impartially by the independent accounting firms, it has been determined that Envestnet’s investors will receive a meaningful benefit from the reassurance that will be provided by having Envestnet’s financial statements for the year ended December 31, 2011 re-audited by a new independent accountant. Consequently, Envestnet’s Audit Committee has engaged KPMG, as Envestnet’s new independent registered public accountants, to re-audit Envestnet’s financial statements for the year ended December 31, 2011 and to re-review Envestnet’s quarterly financial information that will be contained in Envestnet’s Annual Report on Form 10-K for the year ended December 31, 2012 (the “2012 Form 10-K”). Envestnet is working with KPMG to complete the necessary audit work as quickly as reasonably practicable. It is unlikely, however, that the audit for the year ended December 31, 2012 and the re-audit for the year ended December 31, 2011 will be completed on or before March 18, 2013, the date by which the 2012 Form 10-K must be filed with the SEC.

The Company’s financial results presented in this press release have not yet been reviewed or audited by KPMG. Consequently, the financial results contained in this press release are subject to any adjustments that may result from the completion of the audit process which may be material. Furthermore, there can be no assurance that KPMG will not reach conclusions regarding the application of accounting standards, management estimates or other factors affecting our financial statements that are different from the Company’s management in connection with their audit process, or that these conclusions will not require adjustments to our prior financial results.

Conference Call

The Company will host a conference call to discuss fourth quarter 2012 financial results today at 5:00 p.m. ET. The live webcast can be accessed from the Company’s investor relations website at http://ir.envestnet.com/. The conference call can also be accessed live over the phone by dialing (877) 681-3374, or (719) 325-4910 for international callers. A replay will be available beginning one hour after the call and can be accessed from the Company’s investor relations website, or by dialing (877) 870-5176, or (858) 384-5517 for international callers; the conference ID is 3797447. The dial-in replay will be available for one week and the webcast replay will be available for one month following the date of the conference call.

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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 simplify the wealth management process, delivering unparalleled flexibility, accuracy, performance and value. Envestnet solutions enable the transformation of wealth management into a transparent, conflict-free and fully-aligned standard of care, and empower advisors to deliver better results.

Envestnet’s Advisor Suite^® software empowers financial advisors to better manage client outcomes and strengthen their practice. 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.

(1) Non-GAAP Financial Measures

“Adjusted revenues” exclude the effect of purchase accounting on the fair value of acquired deferred revenue. Under U.S. GAAP, we record at fair value the acquired deferred revenue for contracts in effect at the time the entities were acquired. Consequently, revenue related to acquired entities for periods subsequent to the acquisition does not reflect the full amount of revenue that would have been recorded by these entities had they remained stand-alone entities.

“Adjusted EBITDA” represents net income before deferred revenue fair value adjustment, interest income, interest expense, income tax provision, depreciation and amortization, non-cash stock-based compensation expense, gain on investments, other income, restructuring charges and transaction costs, severance, customer inducement costs, and litigation related expense.

“Adjusted net income” represents net income before deferred revenue fair value adjustment, non-cash stock-based compensation expense, restructuring expense and transaction costs, severance, amortization of acquired intangibles, customer inducement costs, imputed interest expense and litigation related expense. Reconciling items are tax effected using the income tax rates in effect on the applicable date.

“Adjusted net income per share” represents adjusted net income divided by the diluted number of weighted-average shares outstanding.

See reconciliation of Non-GAAP Financial Measures at the end of this press release. These measures should not be viewed as a substitute for revenues or net income determined in accordance with United States generally accepted accounting principles (GAAP).

Cautionary Statement Regarding Forward-Looking Statements

The forward-looking statements made in this press release and its attachments concerning, among other things, Envestnet, Inc.’s (the “Company”) expected financial performance and outlook, its strategic operational plans and growth strategy are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties and the Company’s actual results could differ materially from the results expressed or implied by such forward-looking statements. Furthermore, reported results should not be considered as an indication of future performance. The potential risks, uncertainties and other factors that could cause actual results to differ from those expressed by the forward-looking statements in this press release include, but are not limited to, difficulty in sustaining rapid revenue growth, which may place significant demands on the Company’s administrative, operational and financial resources, fluctuations in the Company’s revenue, the concentration of nearly all of the Company’s revenues from the delivery of investment solutions and services to clients in the financial advisory industry, the Company’s reliance on a limited number of

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clients for a material portion of its revenue, the renegotiation of fee percentages or termination of the Company’s services by its clients, the Company’s ability to identify potential acquisition candidates, complete acquisitions and successfully integrate acquired companies, the impact of market and economic conditions on the Company’s revenues, compliance failures, regulatory actions against the Company, the failure to protect the Company’s intellectual property rights, the Company’s inability to successfully execute the conversion of its clients’ assets from their technology platform to the Company’s technology platform in a timely and accurate manner, general economic conditions, changes to the Company’s previously reported financial information as a result of audit or re-audit, political and regulatory conditions, as well as management’s response to these factors. More information regarding these and other risks, uncertainties and factors is contained in the Company’s filings with the Securities and Exchange Commission (“SEC”) which are available on the SEC’s website at www.sec.gov or the Company’s Investor Relations website at http://ir.envestnet.com/. You are cautioned not to unduly rely on these forward-looking statements, which speak only as of the date of this press release. All information in this press release and its attachments is as of February 14, 2013 and, unless required by law, the Company undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events.

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Envestnet, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share information)

(Unaudited)

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Envestnet, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share information)

(Unaudited)

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Envestnet, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands, unaudited)

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Envestnet, Inc.

Reconciliation of Non-GAAP Financial Measures

(in thousands, except share and per share information, unaudited)

Note: Adjustments to net income, excluding $459 of non-deductible transaction costs in 2012, are tax-effected using an income tax rate of 40.2% for 2012 and 2011, respectively.

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Envestnet, Inc.

Historical Assets, Accounts and Advisors

(in millions, except account and advisor data; unaudited)

Note: Licensing metrics include Envestnet | Tamarac, which added approximately $149 billion in assets, 550,000 accounts and 1,700 advisors as of May 1, 2012.

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