I'm Bill Crager, the Chief Executive Officer here at Envestnet. I want to thank everybody for joining our Investor Day Q&A session. I really hope you all had the opportunity to visit the presentations that we posted yesterday, that you can recognize really the impact of the work that we are doing. The impact not only for our marketplace of financial institutions and financial advisors that we serve today, but also for 10's of millions of financial consumers that our clients serve, and importantly, the financial value that we are creating for the company and for our investors. As I said in my presentation that we posted yesterday, the work that we do unlocks the opportunities that we see ahead. You've now had this glimpse of the work that we're doing and the leverage we are creating to create faster growth. We're looking forward to your questions today. Before we start, I'm going to ask Brian Shipman to provide some housekeeping items so that we can get going. Okay, Brian? Thank you, Bill. I'm Brian Shipman, the new Head of Investor Relations at Envestnet, and I'm excited to host my first live event in that capacity. Before we get into it, I'd like to introduce a few other leaders from the Envestnet executive team who will also participate in today's Q&A session. Stuart DePina is Envestnet's President, and Pete D'Arrigo is Envestnet's Chief Financial Officer. Bill, Stuart, and Pete will take your questions this evening. Now, I'd like to ask all investors and analysts to submit your questions through the questions window below. As you submit your questions, please indicate your name and firm affiliation. Keep in mind you cannot see the questions box when you are in full screen mode. I'll be doing my best to get to all of your questions within the h our we have together tonight. Before we proceed, please do take note of the two disclosure slides at the end of this session for the customary regulatory disclosures. With that, we'll get going. All right. Bill, I already have a question in here, although it is without attribution, I apologize t here are a lot of use cases to sell your installed base that could provide incremental revenue growth for Envestnet. In that vein, your team mentioned tax several times during the presentation and said it's a $100+ million revenue opportunity. Is tax the biggest opportunity for Envestnet going forward, and is that the easiest to go after? Thanks, Brian t hat's perfect. Appreciate very much that question. I just put an underline under the answer here and just note that it's a key takeaway. I think this one's a key takeaway. We are focused, the company is focused on further penetrating the significant captive market that Envestnet has built so f irst, and really importantly, we have roughly $5 trillion asset pool to focus on. That's a pretty substantial pool of assets. Secondly, we have the solutions we are prioritizing to drive deeper to benefit our marketplace. All of these solutions really have these important secular tailwinds. So we're not selling uphill. We're selling with the force of the market behind us w hat are those use cases? The question was about taxes, so tax is number one. Clearly, over the last couple of years, portfolios have generated significant embedded gains. Then you have the outlook or the policy outlook in which capital gains taxes may be affected and raised. There's an implication to investors, s econdly, ESG, socially responsible investing, impact investing. Clearly, an important theme that we are focused on and l astly, one of the areas is customized portfolios b uilding a portfolio for you, the individual, around your needs, around your objectives. Lastly, you know connecting financially planning back solutions, integrated solutions across insurance, investing, credit, et cetera. Those are the types of solutions that we plan to penetrate the market with. I apologize. Third, we have a data element that is identifying and pinpointing the opportunities that we see in our book of business, using data to identify the exact accounts and the benefit that can be derived by the end investor so l et's talk about taxes and why we're focused locked in on taxes. Today, out of the gate, we have about a $300 billion opportunity to serve advisors, to help advisors create a tax benefit to their investor clients, w e've identified $300 billion in opportunity. With enhancements that we're accelerating with the investments that we noted earlier in the year, we will expand that addressable market inside the $5 trillion - $1.2 trillion in assets. How do we do that? We're adding capabilities that will serve mutual fund strategist portfolios as well as portfolios that advisors manage on behalf of their clients themselves, adding a tax overlay there. It's a pretty rich target market w e'll grow from $300 billion to a $ 2 trillion, and if you take a penetration rate, let's just estimate a penetration rate of something around 8%-11%, and the solution is a 10 basis point solution. Pete, I know, noted about $100 million incremental revenue opportunity that we believe we can achieve over the next couple of years, next few years. Again, we have a platform, an integrated solution set, the solution targeting the account, a marketing go-to-market strategy with digital marketing tools, with a solution team, with a service organization that's going to help administrate those accounts. You bring those pieces together, and we're very confident that we can hit that 7%-10%, 11% of penetration rate, again, deriving the $100 million plus in incremental revenue that we can drive with taxes. There are more use cases, and those use cases range in size. Tax is a big one, but it's not the biggest one. When I look at the addressable market inside the $5 trillion, we see things like moving brokerage accounts to managed accounts as a very significant opportunity, larger than $100 million. We also see the ability to create custom portfolios, direct index portfolios, for a substantial addressable market, which could also generate north of $100 million in revenue. As you bring those pieces together and we begin to execute here, you're looking at a target market that exists on the Envestnet platform today, that has a solution, that is backed by a secular tailwind, fully integrated on the desktops of advisors, supported by a data recommendation engine, supported by our go-to-market strategy. As we've made progress, as this has become more and more visible to us, our confidence has grown, and we have a lot of visibility w e know, the progress that we've made, and we know with a great deal of confidence what it will lead to. Thanks, Bill. We've got a next question ready to go here from Crispin Love at Piper Sandler asking about the $500 million revenue opportunity that we mentioned in the presentation. What would you expect the timeframe for that incremental revenue to be recognized? and relatedly, what do you expect to be the greatest drivers? I think that ties in well with what you just talked about. Great, Crispin y eah h opefully, I answered a bit of the second part of that l et's prioritize them as we're going to roll out these use cases, n umber one, taxes, n umber two, brokerage to fee-based, n umber three, direct index, n umber four, ESG type portfolios. Those use cases will grow to be above a dozen type of use cases. We're going to sequence them out. Why would we sequence them out? We're going to sequence them out so that we can build this integrated, connected environment solution to data to go to market directly pinpointing the exact accounts, and do that in a way that we are able to successfully launch and dig into the addressable market, begin to make progress along that estimated penetration rate, show evidence of our progress there, and then, next quarter, launch another use case in which our focus will turn to the next opportunity. We'll continue to roll those out between now and the next several quarters. We believe this is achievable over the next five years a s we set out our growth case environment, we believe that we are absolutely going to achieve that $500 million incremental revenue growth over the next five years. That's in addition to the organic growth that the business will experience over that period of time, Crispin so- As we look at, again, our overall growth rate over these next five years, you just do kind of simple math, and you look at a mid-double-digit growth rate, and you kind of roll that out from where we started the year at, say, $1 billion in top-line revenue. You can understand within five years that that number is $2 billion. Thanks, Bill. Our next question is from Ryan Bailey at Goldman Sachs, and the topic here is direct indexing tax, again, ESG overlays. Assuming you're successful in converting more of the assets on the platform towards AUM, what do you think might be the response from the rest of the ecosystem? that is part of Envestnet, primarily other asset managers or model providers? Yeah. No, it's a very complimentary environment that we're creating because we have tremendous partnerships in a lot of these capabilities today. Whether it's an asset manager that has a tax overlay, they have their own direct indexing business, they have ESG specialties w e're promoting the category- Then we're going to deliver on the need to advisors a s always, we're presenting choice to our advisors w e believe that given the integration on the Envestnet platform, the streamlined access, the streamlined connectivity to our solution, we're going to win our share, again, a penetration rate somewhere between 7% and 11% or 10% in these addressable markets. But the whole category is going to grow and create more opportunity for the asset managers and other partners that are part of our platform. Great. We've got another unattributed question that kind of is related here, Bill, maybe. You focused on this digital engagement of the marketplace. How does that drive revenue for Envestnet? Yeah. Hopefully you all got a chance to see the roadmap that we're beginning to deliver to the market this year, the technology, the digital engagement tool t he portal that I showed, the client portal that Brandon spent time on, that whole journey that we're going to be delivering, that creates really a digital engagement model for the industry. It's transforming, i think you'll agree. It is very impressive, engaging technology, which changes the way that people have relationships with their money. While we're looking to expand in the current $5 trillion in assets that sit on the platform today, we absolutely will continue to land more advisors, more users with the portals and the technologies that we're launching to the market t hey are differentiated, they're more integrated, they're more user-friendly, they're more comprehensive, they're more cohesive than anything that's available today. As we launch that, we're going to get more seats, we're going to get more eyeballs, advisors who will turn that on to their consumer clients, and all of that will create a larger land for Envestnet to ultimately expand. All that will do, as we get those seats, is we'll create a larger denominator, $5 trillion today, what is it in a couple of years, continue to grow for us to penetrate and expand with the solutions that we offer. Equally important, I believe, and what we have experienced in the first half of the year is extraordinary account growth. Advisors are opening more and more accounts on the Envestnet platform. We experienced record level account openings in the Q1, continue to see a high level of activity as we get through the quarter here. The productivity of advisors are increasing. This is pre the technology that you saw. In the technology that you see, we've created a much higher, much more efficient, much frictionless environment for advisors to open accounts, to administrate accounts, to serve accounts, to access the capabilities and solutions that we're talking about. We believe that that friction, as it comes out, actually is really an accelerant in our ability to expand and go deeper in the existing addressable market. Thanks, Bill. Next question is from Alex Kramm at UBS. He's asking us to talk about channel conflict. Part of the upside seems to come from steering more clients to PMC products c an you discuss where you compete and where you enable third-party providers? What are the risks of the channel conflict you're creating? Yeah. Thanks, Alex. Again, the basis and the foundation of our offering are the asset managers that are part of our platform, t here's over 1,000 asset managers w e've created, again, an enormous opportunity for them. They will continue to manage the portfolios and solutions and separate accounts and UMAs and other services that they provide as asset management tools to our advisors. What we intend to do is be a choice in some of those categories, as well as be a service within those portfolios themselves from a tax overlay standpoint, from an ESG overlay standpoint, from the ability to integrate the portfolio with insurance and other things. I think it's very complimentary a gain, I believe where we're headed here is an expanded land. The eyeballs, the denominator, the $5 trillion grows, bigger and bigger opportunity w e're stretching the categories for all of our partners. Those are asset managers, those are insurance carriers, those are banks, those are other providers that we see will see tremendous opportunity on the Envestnet platform. Again, it is a choice platform i t will always be a choice platform, and our partners have been very successful inside our environment. All right. We've got some more questions coming in fast and furious here, Bill. Matthew Roswell from RBC. How should investors disaggregate revenue growth between wealth and data, asset-backed subscription revenue, existing clients, new traditional clients, greater adoption of existing solutions by existing advisors versus new solutions? A lot there to unpack. I'll get started, Pete, and if you want to follow along, that would be great. I think what you're seeing is an integrated environment that is just the Yodlee piece is creating such power inside our software, planning software to the execution software connected to the growing and broadening solution set that we're providing. Delineating the value that's being created by the data agent versus the data analytic versus the solution, it all powers, it all wraps around the revenue that we're generating, and we're going to continue to grow t hat said, we have two business lines, one's D&A, one is the wealth line, t he expectation for growth, the incremental growth rate, that $500 million that we're going to generate, the accelerated growth is going to come from the expand strategy that I just described, is going deeper in the current asset base. There will be growth and increasing growth within the D&A business. There'll be continued consistent growth in the wealth business. What we're doing is we're leaned into the expand category, and that incremental growth is going to be driven in the wealth business. Pete, what would you add? I think, again, the focus on integrating the business is important to how we're thinking about it. That will come through. For the time being, we're still reporting in those two segments. We do expect that there will be some acceleration in the growth in the data and analytics side. It's coming off a low growth rate current environment. There is certainly more growth coming from the wealth side w e do expect that the data and analytics side will be picking up, though, over the coming several quarters. Thanks, Pete w e've got a question now from Alex Kramm. "Can a subscription Tamarac customer adopt tax overlay or one of your other value-added solutions without upgrading to AUM or AUA? If so, how does that work? Thank you, Alex. Appreciate the question. There's no need to upgrade the technology that's serving the books of business for RIAs, and that's a trillion-plus, pretty significant asset base that we serve today. When we provide a fiduciary service and we're taking responsibility to help manage a portfolio, in this case, taxes or it's ESG or it's another type of solution, that is a basis point offering so t hose will be basis point price on top of or integrated with the technology fee that a firm pays. Thanks, Bill. We've got Michael Young from Truist asking the next question. "Thanks for the Investor Day, Bill w ho do you feel are your primary competitors moving toward a comprehensive embedded finance platform, and where are you relative to them in your progress? Yeah. Well, thank you for the question, i mean, i believe that what Envestnet is doing and how we're bringing these pieces together, and again, just to take a category, data, not just data access, not just data aggregation, but data intelligence that's powering a very broad set of software. Software is planning in the administration platform, the access to product, biggest product platform in the industry. As you bring those pieces together, you create more and more intelligence, more and more insight. Envestnet has a market lead from a data standpoint. It has a market lead from a data insight standpoint. It is the leading financial planning platform in the industry i t has the most accounts, serves the most assets as a wealth platform in the industry. It is connected to the most solutions in the industry. The work that we're doing of bringing those pieces together in a very powerful, differentiated way. That is a competitive differentiation that Envestnet is carrying to market and will differentiate itself, significantly from any other offering that's in the marketplace. Now, some firms aren't going to want all that. Some firms want just pieces of that. That really ties into the way that we're disaggregating the platform while we're also integrating the platform with our developer environment, with the APIs that can be exported into unique experiences. Those experiences could be an employee, I noted that in the presentation. It could be a FinTech, it could be a bank, it could be an institution. The idea that now we have the exportability of the entire ecosystem is also very powerful. That, again, I believe puts Envestnet in a differentiated position. There are point solutions, there are emerging platform solutions that are in the market. I believe they're dated. I believe that the idea of what Envestnet and where Envestnet is driving the industry is the future of advice, and we're excited about it. Thanks, Bill. Alex Kramm at UBS had a follow-up question. "Can you give us more detailed numbers on your long-term targets? Would be great to see an expected cadence or milestones to get mid-teens growth and +25% EBITDA by 2025. Specific numbers, growth rates in the out years, growth algorithm by source type, et cetera." Yep m aybe this one's for Pete, I'm not sure. Yeah. Pete, why don't you tee off? Do that. Right. Again, as we look to kind of consolidate the business, a lot of the solutions that we've talked about and the opportunities we're unlocking, will come through the asset-based side of the business that we've already talked about. There will be opportunities for more subscriptions, though w e've talked about market opportunities to add revenue for incremental data intelligence y ou heard Farouk talk about it, Dani Fava talk about embedded finance. Those are more likely to come in terms of a revenue share or some kind of subscription. Additionally, we have the exchanges, which we expect to be contributing more over the next five years. Those will come again, based on different pricing structures, could be basis points. Could be subscriptions or referral fees, depending on how that goes, which for us would likely show up in the subscription line. I think when we look out five years, we do expect growth in both areas. I wouldn't expect one to necessarily outweigh the other over time. As we think about five years out, and Bill went through kind of the longer-term math, if you compound mid-teens growth for five years, that's a double of the revenue base from where we started in 2020. It's going to be hard to say what's going to happen over that five year period, i wouldn't want to say this as guidance for how we're doing it, but that's sort of the target that we've laid out. Yeah. Again, I would just add to what Pete said w e believe that there's a build that will occur, beginning to make progress, very encouraging signs inside the business. The incremental growth will begin to be felt as we get into the next couple of quarters. As we get into those out years, we'll be full speed on the expand strategy and have established category product and the execution inside advisory shops who'll be introducing to more and more accounts in their book of business, because they'll be very helpful to them and to their clients. We see kind of a growth trajectory here between where we are today, where we started the year in 2020 to 2025. Again, roughly around $2 billion in top-line revenue with restoring the EBITDA that we experienced in 2020 and a little bit more, which gets us to about $500 million or so in EBITDA that we'd be generating. Thanks, Bill and Pete. The next question is from Robbie Prakria. Can you review the different sales layers to rolling out your recommendation engine more broadly? Do you have to sell to the enterprise first, then sell to the advisors as well? There are a couple of ways that we're deploying the engine. It's a great question i appreciate it very much. Across the entire $5 trillion in assets, we're taking our data engine and looking and saying, we're asking the question, which accounts are most likely to benefit from this service? Let's just call it taxes again. Inside there, we come back with a captive addressable market. Inside that addressable market, we have activated and non-activated firms. In the activated firms, great, let's get to work, l et's go start to work with those advisors l et's pick up the pace, l et's grow faster t hey're already fast-growing solutions on our platform. Let's accelerate that growth. Here is really where I think the magic begins to come together, is identifying the size of opportunity and revenue opportunity for broker-dealers and for advisors that are sitting in their books of business with accounts that are already on the platform, p lus the benefit, the tax alpha that can be generated for their accounts, presented in an automated way through our data engine to those firms to say, "Okay, you've got a billion-dollar tax opportunity inside your firm. Here's how the solution works. Here's how we help you. Here's the projected penetration rate that we can help you achieve. Here's revenue you're going to generate, and here's the benefit that your client is going to derive from a tax alpha standpoint." That's the next layer. Then the last layer is at the account level, helping the advisor on a daily basis to see the recommendations and the accounts to click into, to go serve, to go connect to go offer this solution that will benefit the client and help them grow faster. Now, advisors may not want that, a dvisors may not want to be locked in on their screen, looking at recommendations every day. We're building out a solutions team that is every day lighting up their computer, and they're working off that prioritized recommendation list, tapping that advisor on the shoulder, reminding them that that account has a real opportunity. Here are the tools to engage them with. How can I help you open the account? If you look at those tiers from the identification of the global opportunity for the use case, all the way down to the account level with the material that talks to the client with their account data and the benefit that they could derive or an estimate of the benefit that they could derive, it's a very powerful front-to-back go-to-market engagement strategy. Thanks, Bill. Ryan Bailey at Goldman had a follow-up, and this one's on Yodlee. Much of the presentation showed the power of data and analytics when it is integrated with financial wellness. That said, Bill, you recently mentioned that you're conscious of the valuation of Yodlee's competitors. Can you please help us think through how integral Yodlee is to your $500 million revenue target? and what your intentions are for data and analytics longer term? Great. I'm going to ask Stuart to lead off here, and then I'll fill in, Stuart, if you're okay. Yeah, absolutely l ook, we've been obviously focused on Yodlee over the course of the last couple of years in our conversations internally. As you listened to the presentation, you would have heard in various parts, whether Farouk Ferchichi in his presentation or Brandon Rembe in his presentation or even Jenny Faber in her presentation, talk about different elements of Yodlee and how it really was powering a lot of the ecosystem that we're building in the organization. All for the purpose of really driving better intelligence and insights for the benefit of the advisor as they're managing the relationships with their own consumer. Yodlee is a very strategically valuable asset for our business. It is a critical component of the ecosystem that we're building. It brings to us not only the data components, over 17,000 different data sources w hich is an extremely rich characteristic for us as we work with our clients. It also brings to us some strong relationships with large financial institutions and FinTech, which is also a meaningful opportunity for us as we continue to think about whether it's embedded finance or really just driving our wealth solutions into the marketplace. To specifically answer the question on the data side of the business and how the solution is really enabling and driving towards the growth, Yodlee is very critical for us n ow, I'll repeat what Bill has said in prior earnings calls i mean, Yodlee v ery strategic, very important, but we do not believe that Yodlee is an asset that we need to own. It's certainly a capability that is driving our value proposition forward and one that we'll continue to leverage as we build out our ecosystem. Yeah. Thank you, Stuart t he way I look at it too, is that the absolute necessity is continued access to the data so w hat type of partner will engage and offer the ability for that asset to continue to grow in other verticals? We've proven a point, I believe. I believe this very clearly, that we're proving the point of the power of the data in the wealth market. There are other verticals in which we could utilize Yodlee. So we have flexibility, w e have strategic flexibility, w e continue to evaluate. The really important thing is for us, though, has been to get the work done so that we can go execute on the vision that Brandon and Farouk and others presented in the taped sessions that you got a chance to look at yesterday and today. Thanks, Bill and Stuart. Wesley Lim is in with a question on the credit exchange. Why does Envestnet think credit exchange and insurance exchange are high priorities? Are there not good point solutions for these areas? Aren't banks and insurance companies already selling their loans and insurance products in a saturated market? I think it's the integrated elements that is so essential because a financial plan does not suggest a 60/40 portfolio. That's one of the outcomes that are presented to the household, is how to invest the assets. There's also strategies around your borrowing and you're using your credit to create opportunities that you can borrow against, i t also is thoughtful around the income that you're going to need into the future or how to protect your assets as you get closer to achieving your goal. The integration of those pieces is something that is uniquely Envestnet. We are solving the administrative burden of these one-off platforms, the swivel chair of insurance or even credit. We're bringing them together, we 're powering those businesses with our data engine, w e're creating intelligence in those exchanges, w e're surfacing that back up to advisors, w e're making it easier for them to execute, and we're making it so much easier for them to present the power of these solutions underneath their financial plan, the jobs that they do to the consumer. That's advice. That is the power of advice. And so to me, in the future, a product is a product. It is going to be hard to feature differentiate yourself in a lot of ways that begin to turn and grow real market share. Where share will be created as you bring those pieces together, they talk to each other, and guess what? In Envestnet, they begin to affect and make progress against your personal financial plan. To me, and you're reporting on that, you're getting the information in a holistic one way versus several ways where you got to try to put the pieces together. That's powerful advice. We believe in that. Great. The next question is from Dan Downs. You provided long-term guidance of mid-teens revenue growth. Can you provide some of the components that go into that? In other words, acquired versus organic growth. How much AUM growth from markets assumed, new customers versus upsell, new products or other? Pete, you want me to start? No, I can start. We don't have any acquisitions factored into that. Those would be accelerators, consistent with how we've always talked about it. We don't build market into that either. We know market can be a boost, but market can also be a detractor in times of pullbacks in the capital markets. We just assume zero for the markets. Our expectation is that, again, it's a longer-term goal t here are going to be a lot of components, and it's not going to be a straight line. It's how we've experienced the first almost 11 years since we've been public and certainly the whole 20 years of our existence. There's no straight line, and there's no direct assumption about anything inorganic that would be driving the assumption we're making. Yeah. Dan, thanks for the question i would just add, this doesn't account for new clients w hat we're really looking at is the current advisor base with the current asset base and account base that's on the platform today, and using that to better serve, go deeper, expand within that account base. What I noted earlier, and what you saw in the technology in those presentations, is that the technology is going to be broadly and more broadly adopted than it is today. We will win new logos, w e will have more advisors, w e will have more end consumers that are using our technology. What does that do? It grows the denominator. It grows the $5 trillion to a larger number for us to go and sell more solutions to that will benefit the client, will help the advisor grow, and drive our accelerated growth rate. That's why we talk about a sustainable long-term mid-teens growth. That's part of the strategy t hat is the strategy. Thanks, Bill. Chris Strom from Mairs & Power. You reference using data for recommendations and had large numbers around what you can achieve. Can you go through an example of how this will drive incremental revenues for Envestnet? I'm sorry, Brian, but did you say data or you wobbled a little on my end? Referenced using data and analytics for recommendations, yes. Yep. Farouk's presentation, I think is fascinating because what he talked about remarkably is that we went from 200 recommendations that we were doing in 2020. By the end of this year, we have our eyesight on 10 million recommendations a day. Those recommendations go in all directions, right? they go to the, what should I do next? It's around account servicing. Those recommendations will go into the advisor's book of business, how they can optimize the way they're managing their practice, go to asset managers, go to insurers, et cetera. The power of that recommendation engine, I think is instrumental to our success. By the year-end, we'll be making 10 million recommendations a day. Again, that's to help us harvest or to help advisors grow faster and help us expand our opportunity in the $5 trillion. By 2025, when we've said that we've got our sights set on double revenue and about $500 million in EBITDA, we'll be creating a billion recommendations a day. That will become more and more the action steps in which an advisor is engaging in growing their practice with. We can help advisors become the central point for a household's financial life. We do that through technology, we can also do that through intelligence. More and more, some of those steps will be automated so that advisor can say, "Hey, the intelligence of this platform is pretty bright. Let it help me rebalance, find opportunities, do other things for me on an automated way." Again, the activity that will be generated from the data model is very significant and core to our strategy. Thanks, Bill. Adam Gitt has a question about Yodlee. What are the benefits of Yodlee remaining an internal business line rather than standing on its own, either from a product or sales perspective? so a little bit of a follow-up to what you talked about, Stuart. Yeah, the benefits, just repeat myself a little bit, the benefits are really in enabling us to continue to expand our reach from a data perspective, leveraging some of the, we've got close to 100 data scientists that work in Yodlee, and we leverage a lot of the work inside of the insights that we're delivering, and Farouk spoke a lot about that yesterday. That's certainly a key element t he financial institutions, 15 of the top 20 banks are supported by Yodlee, and that gives us an opportunity to take several of our wealth solutions and bring them to those clients. Yodlee also, I should say, works with a lot of FinTech, over several 100. There's an opportunity for us to leverage the FinTech ecosystem. There are those benefits to continue to grow our business. To answer your question on a standalone basis, if Yodlee were a standalone business, it's clear to us as a management team in a public company that we're in, and Bill alluded to it in his earlier comments, that there are segments, market segments and use cases that are outside of wealth that Yodlee could take advantage of if we were to invest more in those opportunities. Examples would be payments, credits, insurance, account identity or KYC capabilities. There are a number of other use cases that require a meaningful amount of investment, and that's what a lot of the competitors are investing in, and that's why the valuations are what they are. Yodlee could be a standalone business and pursue some of those opportunities in a way that likely we wouldn't be able to do as long as we own the asset. I would just add to that, because again, Yodlee is a unique property in this data environment, and the uniqueness is not simply just the degree of a number of data feeds that we have or the accounts that we aggregate on a daily basis, the scale that we're able to provide to our customers, serving the largest financial institutions in the world with our data platform. That scale is differentiated and it matters, and it will matter more, especially for the mega FinTech as they grow larger and find themselves with some regulatory scrutiny. Regulation, I think, is a big deal. Our sense is that we'll see more and more regulation around the data aggregators. What does that mean? that means that there'll be more consumer empowerment. There'll be oversight. The only aggregator that we know of today in the U.S. that has oversight or supervision from a regulator is the OCC supervises Yodlee. Why? because we're critically important to the banking network, and we are a trusted partner to the banking network. That means we've got a regulatory footprint that is substantially differentiated than any other data aggregator in the space t hat is materially valuable and I think unique. All right. Thank you. Surinder Thind from Jefferies asking the next question, what are the risks in your roadmap to $500 million in incremental revenues, and how are you mitigating those risks? Can you quantify your level of confidence, i.e., 70%, 90%, et cetera, to achieving your revenue targets within the target timeframe? Yeah. Surinder, thank you for the question i hope you're doing well. Good to speak to you over the video here. A couple of things that we think about. Number one, all right, are we selling uphill? Are the solution set that we're planning and prioritizing, is that a hard sell? No. The answer to that is we've got these secular tailwinds around tax, around impact, around customization, planning-based solutions. Those are the use cases where we're going to drive the revenue growth. Are we trying to have too many of these offerings being introduced to an advisor in too short period of time? Well, that's where the data engine becomes really smart and how we cipher between one advisor and another advisor, the needs of that account base versus the other one. An d then sequence the way that we're engaging and the way that we're presenting these opportunities to the advisor, so it is not all things all the time and flooded with recommendations to do this, do that, do this l et's prioritize. Help the advisor make the decision and execute. There's a bit of dependence on our technology enablement and integration strategy. Therein lies the accelerated investment case. We're investing to get there faster. If we looked at this roadmap in mid last year, hey, those timeframes were two or three years out. We're pulling them up to get to this opportunity sooner, and that's why we reset the investments that we're making at the beginning of this year. The last one I would say is just, again, it's around data and the way that these recommendations are presented to advisors. How intelligent can we get? The more intelligent we get, the more effective that advisor's going to be, w e're very satisfied, greatly satisfied, highly satisfied with the predictability of the engine today, w e think it's very effective. And does a great job w e need to continue to improve that so the advisor knows that a recommendation is going to lead to an outcome for them. So that'll be something that we need to continue to turn the dial on. We are highly confident that we're going to achieve the $500 million in incremental revenue. Again, $5 trillion in assets, the solution set we have, the ability to identify accounts and penetrate deeper in this book of business, the go-to-market strategy is integrated from the top all the way down to the administration and service of that account. Thanks, Bill. Chris Walsh has a couple of questions here, and they're interrelated, clearly w hat gaps, if any, on your platform might be better addressed via inorganic growth versus building the capabilities in-house, which could take longer and potentially be more expensive? Therefore, should we expect several additional tuck-in acquisitions in the coming years? I think we look at the capabilities we have today and think about the future of the industry and where advice is going to head and believe that the great value proposition that will be offered is how the financial advisory space will become the re-centering, the center of people's financial lives. How do you become more and more a marketplace for all the financial needs of a household? How do you bring those pieces together? We don't have to acquire those. We can invest in those, a la our exchanges. We can partner with those. We're not going to invest in every type of exchange that's out there. Think of the next ones, alternatives, crypto, other real estate, other capabilities that bring themselves together into this ecosystem. Those are partnerships t hey don't have to be investments. Where I believe that the Achilles' heel, and I've said this on a couple of earnings calls, the Achilles' heel of our industry today is that the rest of the world is getting digital very quickly t he digital expectations of the consumer is growing dramatically. We need to become a highly digital, highly intelligent industry that is helping people engage differently with their financial advisor. That means from the Google search bar, how do I save for retirement, all the way back to the budgeting and the MoneyGuide MyBlocks that we offer to help answer those questions. And so, to me, that digital journey from the search bar back to execution to drive consumers to advisors who can help them achieve their goal, that's an opportunity for Envestnet to connect the marketplace. Again, that's not an acquisition we need to do t hose are partnerships and firms that we can invest in and partner in to help bring that front to back experience. Thanks, Bill. Devin Luster has a question. Can you frame the brokerage to manage account opportunity in terms of who you are selling to? home office versus advisors versus banks and others that are not existing clients? How many clients is this relevant for? and how rapidly can this be adopted? Yeah. Devin, hope you're well t hank you for the question. This one is more a home office sale, because inside these brokerage accounts, these are a collection of securities. At the same time, you're collecting data about the consumer, so you know what the consumer's risk profile is. The adherence or the fiduciary responsibility for suitability, et cetera, becomes kind of onerous in how you keep that consistent in line with the suitability, the right suitability and the right strategies on behalf of that consumer. The home office has a regulatory concern, an opportunity to address it with our infrastructure, right? we can do that, t hat's in our wheelhouse, connecting those parts. Again, the home office would drive that. They would say, "Okay, we've got $20 billion in brokerage accounts h ere's the data. We want to convert 20% to fee-based." Okay. We can identify that with our data engine. We can prioritize the accounts. Guess what happens? The client is better served. They're more in line with their goal and their suitability. The firm is driving higher revenue on a managed account. The account is more professionally managed, so it's going to be a better investment experience for the end consumer that drives additional incremental revenue growth for Envestnet. Inside the platform today, Devin, is a very significant reporting business that includes a massive number of brokerage accounts. As we go out and engage the marketplace, that's the existing captive addressable market. What we'll be doing is getting more of those brokerage accounts brought onto the platform, so the denominator gets larger for us to go help those firms transition them to managed. Great. Lots of good questions here. They're still coming, Bill. Great. Make sure you get a drink of water t here you go. Devin Ryan from JMP. A follow-up on the sales process. The presentation provided some detail on the opportunity related to digital marketing. What are the implications on growth or expenses? from that as you lean in more? Is this incremental, or does it replace channels? Yeah. Well, it doesn't replace channels. You have to speak and connect to each of our marketplaces w hen I talk about a marketplace, the RIA market, the broker-dealer marketplace, banks, et cetera. I'm assuming that's what you're saying, although they could be marketing channels as well i 'll hit that. Mary Ellen Dugan, I thought she did an awesome job just kind of teasing where we're headed, and kind of spent some time on the tax opportunity. With our emerging digital marketing capabilities, what we want to do is we want to follow the journey of the advisor, remind them that, "Hey, there's a tax service here that can add value to your clients. It'll help them, it'll help you grow i t's an additional service, h ere's what Envestnet can do for you. We also can help identify those opportunities with the presentation you saw with Farouk and connect marketing messages, presentation templates that has the account data pre-populated, delivered on the advisor's desktop to go and engage that consumer. We're connecting the data into another environment, that's the marketing environment, to help make those connectivities much more positive. We're softening the beach with a message, but then we're actually applying marketing to help engage the consumer so the consumer takes action. This will be an expense for us. As we looked at our investment case, you've got about 2/3 of it would be in what I'd call a technical or product environment. 1/3 of it would be in go-to-market, including marketing, and that's really where Mary Ellen is beginning to hit the ground and build out a capability which we're going to invest behind. We're definitely going to lean in and invest behind not only those digital capabilities, but in the brand of Envestnet itself and how we're powering the intelligent financial life. Great. Michael Young from Truist had a follow-up. Can you talk about opening the platform to outside developers? Will the economics be based on a percent of revenue generated by outside provider or based on basis points like tax overlay, et cetera? Yeah, Michael. I'm excited about this because at the end of the day, we are a platform of choice. We want to always offer optionality to our advisors, and we want to be an infrastructure which makes that easy to do. We want to invite more asset managers, more insurers, more banks into our environment. Also third-party technology developers that can use our APIs and enter into our ecosystem to serve advisors who we're serving today. Be part of the story, be part of the solution set. And we believe that is incredibly powerful, because at the end of the day, we don't want to build everything, and we certainly don't want to acquire everything. We need to partner to get to the full capacity of what a financial wellness ecosystem looks like. That's an exciting opportunity for us. Our strategy will be revenue share. And so to open our door, we're creating access to 100,000 advisors, $5 trillion in assets, et cetera. There'll be a revenue share that those parties will pay to Envestnet for every user, for every dollar that comes through and uses that capability. Thanks, Bill. Matthew Humbaugh has a question here d o you plan to de-emphasize the data sales to asset managers piece of the Yodlee business over time, given potential consumer and/or regulatory risks? Yeah t hank you M atthew. It's a great question. We were the kind of pioneers in this space, have a very good business there. We provide excellent insights that the investment community values quite a bit. There's been more competition so w e've talked quite a bit about how the competition has driven down the contract rate for our clients in the asset manager community. I think the future of analytics is less there, but more in the consumer's hands. In the things that you saw Brandon talk a bit about, analytics like those peer group analysis or nudging spending habits or really reinforcing progress to plan. All those analytics are things that can be peer group related, zip code related. What are people like me doing with their discretionary spending? Well, that could be interesting you know so l et me drill into that t hose analytics and that analytics package will be, again, a license type capability that's feeding back virtuously back into our network. Will we continue to provide analytics to our ecosystem, asset managers, et cetera? we will but i think the real growth and the real possibility for our analytics business lies inside that financial wellness ecosystem. Thanks, Bill. David Grossman from Stifel has a question as well here. Can you share any prior efforts in the company's evolution? such as integrating strategic acquisitions that may provide some insight into your efforts and effectiveness in driving higher revenue per client? Yep, absolutely D avid, thanks for the question so much h ope you're doing well. As we acquired those TAMPs over the years, those were fully integrated into the Envestnet platform, so they were existing into a unified piece of technology. Those clients saw a broader set of products and solutions. And, what has happened in each of those cases, you've seen that those clients that were the legacy ones from those acquisitions have flourished in the number of advisors that are using the Envestnet platform, the number of services that they're offering to their advisors through the Envestnet platform, the number of accounts that those advisors are serving their clients with. It is a playbook that we have executed on in the past. We're doing this with better tools. We're doing this without the solutions or the products that we offer. You know, put a blindfold on and offer them to the marketplace t hat's how the business has been done. Not quite, but now pinpoint the exact account that would benefit from that solution, help that advisor open the account. It's a profound shift in the way that we're able to do this so, w hile it's the same playbook, it's a different tool set to go get it done. Yeah. Bill, we're out of time here. I'm going to turn the call back to you to wrap things up and thank everybody. Great. Well, we just appreciate so much your time i hope, again, you got a chance to watch our presentations. We wanted to be very thoughtful, and I've talked about this on the past investor calls. I talk about, with excitement, the capabilities that we're beginning to bring to market. You got a glimpse of them. You got a sense of what we're doing, how our technology unlocks enormous opportunities for advisors, but also unlocks enormous opportunities for Envestnet. We believe that each and every account on our platform creates a network effect, and every account has a network of capabilities that an advisor can serve in a more profound, more integrated, holistic way that benefits the end consumer. That is the future of advice. We're powering that. You got a glimpse at the progress that we're making. We're excited about it. You also got to meet some of the people who are driving it. I think the talent that we have here, again, from data, from the solutions team, from our product roadmap, from the technology group, from the way that we're going to market, is exceptional. We have leadership in the industry in these areas, and we're super excited about going out there and executing. We appreciate your time. We appreciate your interest in Envestnet. I look forward to talking to you in a few weeks as we post earnings for the Q2 of this year. Thank you very much. Hope everybody's safe. Again, looking forward to seeing everybody in person. Thank you.