HR Block advisor unit adds new investment platform

FWR Staff

20 February 2008

Envestnet to provide products to tax preparer's financial-planning division. H&R Block Financial Advisors, the financial-planning unit of the tax-preparation firm H&R Block, has added Envestnet Asset Management as a fee-based investment-product provider.

H&R Block advisors will retain access to SunGard's Advisor Technologies, a rival third-party platform, Russell sub-advisory portfolios and a roster of model portfolios put together in house.

Empowerment

"Our firm is committed to providing our financial advisors with the resources they need to meet the growing demands of our clients and stay competitive in today's rapidly changing marketplace," says Joan Cohen, president of H&R Block Financial Advisors. "The partnership with Envestnet provides our advisors with access to investment expertise that has been traditionally available exclusively to the nation's wealthiest individuals."

Envestnet provides access to best-of-breed investment managers along with portfolio- and practice-management tools and strategies.

"We are excited to work with H&R Block Financial Advisors," says Lori Hardwick, executive v.p. and director of advisory services for Envestnet. "Our mission is to empower financial advisors and help them manage their clients' wealth more efficiently and more effectively."

Kansas City, Mo.-based H&R Block Financial Advisors supports about 1,000 planners; down about 30% from a few years ago as a result of switching to a fee-based approach.

Chicago-based Envestnet administers $45 billion across more than 440,000 accounts. -FWR

Purchase reproduction rights to this article.