The Berwyn, PA-based firm announced Jan. 8 that, after more than two decades with the company, founder and CEO Bill Crager has made the decision to resign from his role as CEO and transition into a senior leadership position.
According to the announcement, Crager’s transition will begin April 2024, where he will continue with Envestnet as a Senior Advisor, focusing on client and partner relationships, leaning in on key strategic initiatives, and continuing to be a visionary voice for the financial services industry.
“For more than 24 years, it has been my privilege and honor to work with Envestnet, creating an industry leader. We now serve more assets, more financial advisors, and more accounts than anyone in the marketplace,” Crager said in a statement. “Together, we have built a more integrated, cohesive organization with a connected operating platform that provides a gateway to the future for the industry.”
Crager added that this change will give him the time and opportunity to focus on growing Envestnet's relationships and empowering the firm’s clients to provide holistic financial advice and solutions. “This transition gives me a front-row seat for our next chapter and I look forward to continuing our journey,” he stated.
Meanwhile, Tom Sipp, who serves as Executive Vice President, will continue to lead Envestnet's business lines partnering closely with Crager and Board Chair James L. Fox, who will serve as interim CEO as of April 1, 2024, until a successor is in place.
The Board of Directors will initiate a search for a successor, considering internal and external candidates, with assistance from an independent executive search firm, the announcement further advised.
Under Crager's leadership, Envestnet has grown into a leading managed solutions service provider with $5.4 trillion in client assets and over 107,000 advisors served (as of Q3 2023). Crager and the late Jud Bergman[1] were among the first in the managed solutions industry to streamline independent advisors' practices by offering a broad range of fee-based products side-by-side within an easily accessible, open-architecture portal.
“Bill has been a driving force of Envestnet since he co-founded the company with Jud Bergman in 1999. They established the vision for our company and Bill has led the charge in the ongoing expansion of the firm's innovative financial wellness network,” stated Board Chair Fox.
“He is an inspirational leader who set the bar for our quality client solutions and services. Bill also built a strong and experienced management team and we're confident in their ability to continue to execute our strategy," added Fox.
Envestnet announced in November that it was teaming up with Empower to provide financial advisors with the ability to offer retirement plan sponsors access to a cost-effective, streamlined plan solution with fiduciary and investment support. The solution—Envestnet Retire Complete—combines Envestnet’s fiduciary guidance and investment due diligence with Empower’s personalized communications and investments to help more employers provide competitive 401(k) plans.
