As Envestnet reflects on a second quarter that met industry expectations but didn’t blow analysts out of the water, CEO Bill Crager is once again looking at his firm’s latest financials through the lens of a plan put in motion 18 months ago.
The leader of the Berwyn, Pennsylvania-based tech firm and turnkey program said that back in February 2021, the company took a deliberate stance by detailing plans to invest in the potential of a connected wealthtech ecosystem.
It was a decision to take a short-term hit to secure a long-term win, and Crager believes the playbook he and his team drafted then is still putting points on the board.
“Our wealth business is building share in an environment of stubbornly low net industry asset flows, a headwind carried over from 2022,” Crager said in an Aug. 3 earnings call. “We continue to execute, and we’re doing what we said we would do, putting us in a powerful position just as the wealth market accelerates in a more integrated environment than we had predicted.
“There’s real pressure on other participants in the space today as we move ahead into areas of significant impact, like data intelligence, while others are trying to solve problems that are scaled areas of advantage for us.”
To see the key takeaways from the company’s first quarter financial results, scroll down our slideshow. For previous coverage of Envestnet’s earnings, click here.