CHICAGO- Envestnet announced today that Hancock Whitney Bank has selected Envestnet’s platform to power both its broker-dealer and trust business lines, allowing investment professionals across the bank to leverage integrated One Wealth technology without disrupting their current back office infrastructure.
As part of the new integration, Hancock Whitney Bank plans to leverage Envestnet’s automated compliance workflow for investment reviews, as well as enhanced fixed income portfolio management within a unified managed account structure. Hancock Whitney’s investment professionals also have access to the integrated client portal that seamlessly integrates goals-based planning, Yodlee-powered data aggregation, and financial wellness solutions.
“Having a more unified platform across business lines improves the client experience, advisor productivity, and allows us to efficiently deploy common portfolio management solutions across all client segments from mass affluent to ultra-high-net-worth and institutional,” said Hancock Whitney’s Chief Wealth Management Officer Miles Milton. “With Envestnet as a strategic partner, we can devote more time to promoting a more consistent and goal-based client experience across our business segments and support enhanced advice-based client engagement. This move further advances our progress towards becoming more of an Essential Advisor—fostering a deeper relationship with clients to better understand and anticipate their evolving needs and offering guidance and solutions to life transitions that can be impactful.”
Hancock Whitney Bank began making Envestnet’s services available to its advisors in late August 2017 and has since completed the initial implementation of the platform to both the bank’s brokerage and trust divisions.
“We’re thrilled that Hancock Whitney is utilizing our platform to create a One Wealth experience—a unique custody agnostic wealth management offering. This will facilitate significant efficiencies and create excess capacity needed to power growth across business lines and client segments,” said John Yackel, Executive Managing Director at Envestnet. “There are increasingly complex demands to advise and serve clients in the bank wealth space, as well as to grow businesses and effectively manage risk. Not only can advisors gain greater transparency into client’s financial wellness, but our services can also enhance productivity and streamline the daily workload for wealth advisors, trust officers, and portfolio managers, freeing up time devoted to client–centric activities.”
Thirty-four of the 50 leading banks use Envestnet to help design, develop, and deploy a more profitable operating model for managing their client’s retail, high-net-worth, and institutional businesses. Hancock Whitney Bank is one of the pioneering banks behind the One Wealth approach. The Bank will leverage Envestnet’s integrated One Wealth offering, which allows institutions to unify their platform across multiple business lines into one intelligent system.