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Envestnet | Yodlee Forges Strategic Partnership with United Capital

Envestnet | Yodlee Forges Strategic Partnership with United Capital


Envestnet | Yodlee’s data-aggregation technology will power United Capital’s FlexScore solution. And yes, that’s the same Finovate alum—FlexScore—that was acquired by United Capital earlier this year.

“By delivering innovative financial planning solutions and new data-driven insights, our partnership will empower FlexScore users to take control of their financial destiny,” Envestnet | Yodlee VP Julie Solomon said. As United Capital’s primary account data-aggregation partner, Envestnet | Yodlee will securely link users’ financial accounts and seamlessly onboard customers while aggregating the necessary data to generate each user’s individual financial health rating or FlexScore.

The FlexScores eventually will be offered as part of FinLifePartners, United Capital’s white-label advisory platform for independent advisers.

“Our business has helped transform the traditional wealth-management industry,” United Capital Head of Platform Mike Capelle said. “For us to continue innovating and benefiting customers, we needed a proven data-aggregation partner that could provide the tools our customers need to take control of their financial lives.”

United Capital is one of the fasted growing RIAs in the country. The firm has $16 billion in assets under management and more than 80 offices in the U.S. When the acquisition was announced in February, United Capital’s CEO called FlexScore “the missing piece” and anticipated that the technology would be used “to help promote customer engagement with retirement plans.”

In acquiring Yodlee just over a year ago for $680 million, Bill Crager, Envestnet president, said he hoped the addition would make it easier for Envestnet to ink deals with independent and smaller financial advisers unaffiliated with the larger firms such as Merrill Lynch and Morgan Stanley. The company’s new strategic partnership with United Capital is a big step in this direction.

Headquartered in Redwood City, California, and with offices in London and Bangalore, India, Envestnet | Yodlee provides data aggregation and analytics to more than 1,000 companies, including 11 of the top 20 U.S. banks. The company trades on the NYSE under the ticker symbol “ENV” and has a market capitalization of $1.6 billion. Yodlee, which went public a year before being acquired by Envestnet, demonstrated its latest technology at FinovateSpring 2016.