Envestnet CEO Chris Todd said the firm is on track to meet a 25% increase in hiring by the end of this year as he continues work to reposition the 25-year-old wealth technology provider in a rapidly changing sector.<\/p>\n
Todd, who took over the role in January 2025<\/a>, said the firm decided to significantly boost headcount to staff client asset onboarding and to meet the needs Envestnet saw for product development in the \u201ccoming technological wave.\u201d So far, the firm has reached about 40% of its new-hire goal, with three or four individuals in the pipeline, he said.\u00a0<\/p>\n \u201cWe knew we needed more than we had, and 25%, as we evaluated it last year, seemed like the right number,\u201d he said. \u201cWe budgeted that knowing that, if we got to the middle this year and we felt like we needed more, we would just go \u2018x\u2019 budget and sort of accelerate that.\u201d<\/p>\n Some of that hiring has gone to Envestnet\u2019s Tamarac wealth platform, a division often known in the industry for investment trading and rebalancing, but also has performance reporting<\/a>, a client portal, customer relationship management and billing. Todd said the unit became a focus area in his initial evaluations after he was hired by the majority owner, Bain Capital.<\/p>\n