Envestnet CEO Bill Crager to depart after 24 years on the job

Rick Steves

“Starting in April, I will have the time and opportunity to focus on what I have always loved doing – growing Envestnet’s relationships and empowering our 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.”

Envestnet, Inc. has announced a significant leadership transition as chief executive Bill Crager plans to step down effective March 31, 2024.

Following his tenure, Crager will continue with Envestnet as a Senior Advisor, dedicating his focus to client and partner relationships, strategic initiatives, and contributing to the financial services industry’s vision.

Board Chair James L. Fox to assume role of interim CEO

Crager expressed gratitude for over two decades with Envestnet. “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. Together, we have built a more integrated, cohesive organization with a connected operating platform that provides a gateway to the future for the industry,” said Crager.

“Starting in April, I will have the time and opportunity to focus on what I have always loved doing – growing Envestnet’s relationships and empowering our 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.”

Board Chair James L. Fox will assume the role of interim CEO from April 1, 2024, until a successor is appointed. The Board of Directors will conduct a search, considering internal and external candidates with the aid of an independent executive search firm.

“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. 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,” said Fox. “On behalf of the Board and the entire company, we want to thank Bill for all he has done for Envestnet as CEO and his continuing partnership.”

Envestnet boasts over $5.4 trillion in platform assets

Under Crager’s guidance, Envestnet achieved notable success, becoming a premier managed solutions service provider with $5.4 trillion in client assets and over 107,000 advisors served.

The company reaffirmed its fourth quarter and full-year 2023 guidance, anticipating revenue between $309 – $314 million for Q4 2023 and between $1,237-$1,242 million for the full year 2023, with adjusted EBITDA in the range of $64.5 – $68.5 million for Q4 and $245-$249 million for the full year.

Envestnet, with its transformative ecosystem, aims to revolutionize financial advice delivery, connecting daily financial decisions to long-term goals. Boasting over $5.4 trillion in platform assets and catering to a wide array of financial institutions and advisors, Envestnet remains a cornerstone in the financial services sector.

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