Wealth management technology firm Envestnet has teamed up with risk management platform Door to streamline and optimize its research on asset managers and their strategies, the companies said in a press release Wednesday (April 20).
“Historically, research analysts have used the same common information from investment managers during the due diligence process, with information typically gathered using Microsoft Word and Excel documents exchanged over email,” the release said.
“The lack of a centralized source of information and notifications has made it cumbersome to manage due diligence questionnaires in many varied formats, and identify and monitor critical metrics. The partnership between Envestnet and Door will help solve these inefficiencies by digitizing the due diligence experience.”
The companies said research teams will benefit from due diligence questionnaires that are customized to meet Envestnet’s process. The collaboration will also offer real-time updates on criteria like investment risk, governance and sustainability, as well as diversity, equity and inclusion.
In addition, researchers gain access to Door’s content database, which integrates with other research tools.
“We consistently seek innovative technology partners that streamline more aspects of wealth management and financial planning,” said Dana D’Auria, co-chief investment officer of Envestnet. “By standardizing the majority of the information that asset managers and research analysts need to exchange during due diligence, Door can help us and our industry peers enable advisors and their end clients to make well-informed investment decisions — and facilitate stronger engagement between asset managers and the analysts, advisors, and investors who evaluate their strategies.”
According to the release, Door’s platform includes more than 400 manager research firms and asset managers from upwards of 39 countries.
Last year, Envestnet acquired FinTech startup Harvest Savings & Wealth Technologies for an undisclosed amount. At the time, Envestnet President Stuart DiPina said the deal solidified Envestnet’s place in enabling embedded finance, something the company viewed as “a key driver of the future of financial services.”