Envestnet's Mission and Client Reach
Envestnet, Inc. and its subsidiaries are dedicated to transforming the delivery of financial advice and insights by empowering financial advisors and service providers through innovative technology, solutions, and intelligence. As of December 31, 2023, Envestnet's client base boasts over 108,000 advisors, major U.S. banks, wealth management firms, RIAs, and FinTech companies. These clients leverage Envestnet's technology and services to drive superior outcomes for their enterprises, advisors, and clients. Envestnet's goal is to expand a holistic financial wellness ecosystem that enhances client services.
Envestnet's Business Segments and Supply Chain Operations
Envestnet is structured around two primary business segments - Envestnet Wealth Solutions and Envestnet Data & Analytics. The former provides comprehensive wealth management software, services, and solutions to enable holistic advice delivery, while the latter offers financial data aggregation and analytics tailored to the needs of financial institutions globally. Envestnet's supply chain is mainly concentrated in the U.S. and India, with smaller activity in Canada, Australia, and the UK. The company's Strategic Sourcing and Procurement team works to standardize purchasing and supplier relationships.
Envestnet's Approach to Modern Slavery Risks and Policies
Envestnet acknowledges the potential risks of modern slavery within its operations and supply chain, particularly in its investments in companies that may have links to modern slavery. The company has taken steps to address these risks through policy implementations. Envestnet's 2023 employee handbook revisions include sections on human rights and human trafficking, emphasizing the reporting of any human trafficking suspicions. The company released a Human Rights Policy Statement opposing human trafficking and a Supplier Code of Conduct outlining expectations for suppliers. While Envestnet does not yet audit supplier compliance, it relies on self-reporting and public issue disclosure. Employee acknowledgment of these policies is required annually, although there is no specific modern slavery or human trafficking training.
Envestnet's Continued Monitoring and Improvement Efforts
During the 2023 reporting period, Envestnet did not engage in any remedial actions related to forced labor or child labor and had no knowledge of modern slavery issues in its operations or supply chains. The effectiveness of the newly implemented policies is still under review, and the company plans to monitor and assess them in the future. Envestnet's Board of Directors approved this Modern Slavery Statement, confirming its commitment to fighting forced labor and child labor in its supply chains.