Good morning, everyone, and welcome to Envestnet's first-ever Investor Day. My name is Brian Shipman, and I recently joined the company as the Head of Investor Relations. I'll begin this morning by highlighting our cautionary statement on the current slide, which explains the risks of forward-looking statements and the use of non-GAAP and pro forma financial measures in the slide presentation and in today's discussions. Please also refer to our most recent Forms 10-K and 10-Q under the heading Risk Factors for a discussion of factors that could cause actual results to differ materially from those in our forward-looking statements. In addition, please refer to our appendix in our slide presentation for a reconciliation of our non-GAAP measures to the most directly comparable GAAP measures, which is posted to the investor relations section of our website, envestnet.com. Today's session will begin with our Chief Executive Officer, Bill Crager. Bill will describe his vision for the intelligent financial life, and he will discuss how Envestnet is building the ecosystem for financial wellness. This ecosystem provides the tools and intelligence to our clients to power an extraordinary value proposition for consumers, an intelligent financial life, connected from the daily cash people spend to the long-term goals they seek to achieve. Finally, he will explain how that vision translates into a compelling business opportunity for Envestnet today, tomorrow, and well into the future. Next, Stuart DePina, Envestnet's President, will describe Envestnet's value proposition in the marketplace, our immediate adjacent market opportunity, and how Envestnet is pivoting its business for the future. Stuart will then introduce several members of our executive leadership team who will dive deep into how we are connecting actionable data, seamless technology, and the deepest set of solutions to enable an intelligent financial life. After you hear from our executive leadership team, Pete D'Arrigo will take you through our strong financial model and will discuss how our strategy creates compelling opportunity to sustainably accelerate growth in both the near and long term. With that, I'd now like to introduce Envestnet's Chief Executive Officer, Bill Crager. Welcome to Envestnet's first Investor Day. I've really been looking forward to this. Here's why. We have been communicating Envestnet's significant market opportunity, the differentiation of our value proposition, the foundational strength of our financial model. As we've transitioned the organization, how we gain more advantage as we uniquely engage the marketplace. These are foundational for us and create a compelling investor case. As you know, we presented an investment strategy to deliver faster growth and long-term higher margins earlier this year. To achieve this growth, it is the work that we do that make the goals we have set possible. Today, we will share that work with you. We will show you the progress we've made, where it is pointing us. You'll meet several of our leaders driving this progress, and we will connect our progress to the ways we believe we can transform the way our industry engages its consumers. I believe you will see how Envestnet is positioning itself to achieve a deeper position in our growing marketplace, and you will recognize the financial impact this work will have. Over the last months, as we have worked to unify our organization, as we've brought new talent into the firm to complement the deep team Envestnet brings to the market every single day, as we have forged a powerful strategy, and we've roadmapped, as we've created the investment case, and as we've gotten to work, we've been asking for feedback every step of the way. We've been talking to consultants, industry participants. We've talked to a ton of our clients and advisors, and to many, many financial consumers who have nudged us in one direction or another. By listening, we are taking the market position we have today and the network of capabilities that we have inside this company, and we are creating a platform for our industry's future. In one of those discussions, having seen our new client environment, someone leaned back in their chair and said in an incredibly definitive voice, "Hey, this isn't technology or software as a service. This is relationships as a service." Maybe today you will connect the work we are doing to your own financial lives and the relationships you have with your own financial providers. Maybe you'll think, "Hey, I could really use that." If that thought crosses your mind, think about how the relationship with your provider would change and how you might see value differently in that relationship if they offered you some of the things we're going to show you today. By connecting the daily financial lives of people with their long-term goals, we create an environment that makes people's money more powerful. This strategy expands the scope of how a person can be guided financially and the impact that financial advice can have in their lives. Our strategy also empowers the financial advice industry to do more, to extend, to integrate the way it engages with consumers, providing the industry a platform to grow from. The ecosystem of capabilities powers the reach of this powerful infrastructure to touch more lives and impact financial equality. This work has societal impact that is essential for every person's future. For Envestnet, the strategy is to grow our market position, drive faster revenue growth, better yield on the assets we serve today, and as we do those things, also modernize the way we scale and operationalize the business to drive profitability. You see, we believe that an intelligent financial life is not only possible, but we believe it is essential. We also believe Envestnet is uniquely positioned to deliver on this impactful, purposeful, financially rewarding opportunity. Look, we're on our way. Envestnet is on its way. We are executing on this vision, today we're going to show you. You will see the growth strategies I have laid out during investor calls come to life, how we will more deeply penetrate the captive addressable market inside our network today with industry-leading investment and wealth management solutions that we already have, connected to an incredibly powerful data engine that will help advisors engage opportunities more effectively. You'll see how the digital consumer engagement tools we are building will drive advisors' clients to pull their financial lives together in this environment, create more and more demand from their client base, and lastly, how we are using our capabilities in new ways to expand our footprint, and the network of providers contributing capabilities to our clients in our open developer and embedded finance strategy. Okay, let me show you. This is a new client environment we have designed and we'll be bringing to market later this year. This is an incredibly modular piece of modern technology that is adaptive to each and every consumer that advisors and advisory firms engage with. In this case, what you're looking at is the financial life of Sandy Brown. Who is she? She is a high-net-worth small business owner who relies on her advisor to provide a broad range of solutions, including financial planning, Tax Overlay, and ESG portfolio solutions, as well as the access that her advisor has given her to technology that gives her a comprehensive and intelligent view of her household wealth. In addition, also recommendations for solutions that will improve her ability to achieve the goals she has set for herself and her family. Look, we're going to spend time in a later session going deep on these capabilities that you see here. Before we do that, I want to put something in motion for you that will explain the incredible possibility a tool like this creates. By taking this one advisor here, Rob Jones, from our example firm, Peachtree Financial, and one client, Sandy, who, as I mentioned, is a small business owner who bootstrapped her advertising agency, we have now opened up a deeper level of engagement and services that Rob can provide to her. In fact, our advisors serve tens of thousands of small business owners in their client base today. What we're going to do, and what you're going to see next, is how we're adapting our client portal to these small business owners. We guide Rob to this opportunity by providing a dashboard of things for him each and every day, our Recommendations Engine, generating 10 million recommendations a day later this year, which will grow to 1 billion recommendations a day by 2025. We help advisors prioritize these suggestions, and what we're trying to do is enable them to click, connect, and unlock opportunity. Notice here that now I've enhanced Sandy's portal to include her financial life, but now it also incorporates information about her company, her advertising agency. Rob engages Sandy with a tool that utilizes Envestnet's data engine, the connectivity to our complete solution set, as well as our emerging third-party environment, connecting through a series of APIs with outside expert providers to deliver a first of its kind small business portal. In this business portal, the advisor expands their role, their support, and ability to advise far, far deeper into this client relationship. Sandy now has technology that enables her to engage her team more deeply, understanding not only the composite of her team's skill sets, but how they relate to each other, how they are compensated, and how to optimize the benefits that they receive. She can network to understand the value of her business that she's worked so hard on, and the drivers to optimize that valuation into the future. She can connect with consultants and commercial and investment bankers to execute capital and to execute on strategy needs. But get this is really cool. Sandy can now extend the benefits she gets from Peachtree Financial to all of her employees, greatly enhancing their employment experience. This is embedded finance in action. How we take the parts of Envestnet, empower our clients, and connect to an entire new audience with an employee portal where people get to incorporate the goals that have been set for them in their jobs and the compensation they can receive as they hit the company's goals, a holistic view of their benefit packages, but also the ability to begin to incorporate their personal financial lives, receiving access and discounts to services based on small business relationships. What are those? Like borrowing a non-liquid stock, preferred banking services, could be buying a new car, and of course, advisory services from Peachtree Financial. What are you seeing here? What is this? This is a network that has been created by Yodlee, by MoneyGuide, Tamarac, Folio, Wheelhouse, Abe AI, Apprise Labs, Insurance Exchange, Credit Exchange, our Health Exchange. Far more easily integrated third parties. For instance, business valuation and optimization services. Chalice, a multi-network 401 solution, benefit providers, banks that will empower borrowing on captured equity inside the small business. This is Envestnet and a glimpse of what we are doing. This explodes the capabilities network to our client base and to our opportunity. From one advisor, one client, a network grows. This one adds exponential value to the client and to the advisor, and a community of people who gain power over their money. This is financial wellness for everyone. You're going to see this network effect throughout our discussions today. Think how these building blocks can be utilized in a myriad of opportunities, from speeding innovation and investing in innovation to support underserved markets, where the priority might be to help build financial confidence, to networking with medical practitioners or city workers or enabling strategies for everyone. This is highly adaptable framework that is powered by our data engine and open to third parties that will accelerate our ability to serve areas of opportunity for our industry, including advisors themselves. Let's go back to Rob and our friends at Peachtree Financial. The business portal we have built, of course, becomes a powerful piece of technology for the firms we serve. This is now growth of the technology we developed for our Advisor Services Exchange, how we're helping advisory firms grow, how they scale, how they can increase the value of their practice, how they can network, how they can network to leverage outsourced solutions such as access to capital, access to finance resources or compliance resources, marketing capabilities, while they also become a leading center of talent that is fully aligned with the firm's purpose and financial objectives. Again, using our data platform, we connect the advisor's business data with their client data, driving recommendations for the business they operate every day, as well as the advice that they're offering their clients every day. In this very scenario, once again, we will adapt our developer environment, a similar network of solution providers, capital, commercial, and strategy resources that can help advisories fulfill their fullest potential. Okay, one use case, one advisory firm, a deep dive on one client, what did I show you? I showed you a network of incredible opportunity. The opportunity for Envestnet ahead is significant, and it is growing. We are investing to achieve it, and we are accelerating our timeline to do it. Today, we serve nearly $5 trillion in assets. Over 100,000 financial advisors have investment accounts with our company, and we serve tens of thousands more with our software and data solutions. Envestnet serves a significant share of the RIA and broker-dealer channel, but we also serve the largest wirehouses and banks with our solutions. As you can see, our strategy, connecting the data and software to manage these environments, well, that's in our wheelhouse. This is the ecosystem we have been describing and the industry source that we believe we are uniquely positioned to power. Over the past year, as I've been highlighting, we've been positioning the organization to click, to connect, to drive the opportunity that we see. We've brought in new talent with experience to take the company to a $10 billion valuation and beyond, leaders that complement the deepest bench of domain experts in the industry. As the team has come together, so has the energy we have behind our strategy. We know what needs to get done and who we are investing in to get that done. The drive on talent is full speed, and it's an important thing to understand how we compete in that market for talent. You see, Envestnet is a deeply purpose-driven company with an entrepreneurial culture. We're growing. We have a very strong, compelling growth case. We have the assets, the toolset, and the leadership that wins. People want to be part of that, and I believe you're going to see that today. We are confident in the investment plan that we introduced earlier this year, and in that investment plan, how it will benefit millions and millions of consumers and an extraordinary amount of hard-earned dollars that they trust with their financial advisors. This strategy will change the scope of advice for an industry that we have invested in since we founded the company. It will grow our marketplace. It will create more and more opportunity for our employees, and we will create substantial, sustainable value for our investors. You see, this is a partnership between you and us. You have invested in us, and a lot of work and trust goes into that investment, and we absolutely understand that. As I've said, our focus is on execution, achieving the growth goals that we've presented to you. We have a 3-stage path to achieving these goals. First, we will more deeply penetrate a captive addressable market by focusing on advisors and accounts already here on the platform and optimally matching them together with the solutions we already offer. Second, we are building the leading consumer digital engagement model for the industry. You saw a glimpse of that, and you're going to see more. Lastly, we are opening Envestnet in exciting ways. I showed you an example of how partners will explode the capabilities we offer within our distribution by utilizing our developers environment. Also by creating these capabilities, we will take Envestnet to new markets, such as something I showed you, employee environments, embedded finance to fintechs, and other opportunities that we see on the horizon over the next few years. As we execute on these growth strategies, we are focused on leveraging our scale towards greater profitability. The modernization effort, the use of data and AI, automation, our software, which engages more deeply with consumers, hands us powerful leverage over costs as we transition the company to this strategy that we've presented to you. We will drive sustainable revenue growth and ultimately be a more profitable organization. Now let's get on with it. Let me introduce you to more of our team. I hope you get a lot out of these sessions, and I'm looking forward to your questions as we do our Q&A session on June 30 at 5:00 P.M. Eastern Time. Thank you for joining us today, and thank you so much for your support of Envestnet. Hello, everyone. My name is Stuart DePina, and as the President of Envestnet, I'm honored to welcome you to our inaugural Investor Day presentation. I just want to remind everyone before we move forward, why Envestnet? Let's keep in mind we have a strong and growing market opportunity, a very compelling value proposition, an extremely robust financial model, and our go-to-market strategy is second to none. Today, you're going to hear from several of our team members with the objective of sharing how we at Envestnet plan to accelerate our growth, primarily by leveraging our existing network of advisors, and in doing so, deliver on the vision of the intelligent financial life that Bill just presented. Before we go there, let me share with you how we got to where we are today. This business has been around for 20 years, and over that time, starting from a single point solution as a cloud-based TAMP provider to financial advisors, making several acquisitions since we've gone public a decade ago, building out the most comprehensive financial wellness technology platform in the market today. We have capabilities beyond anyone else in the industry, leveraging data to help us build and deliver new solutions that add value to the advisors that we serve, that also add value to the investors that they serve. We believe that there is no firm that's better positioned to take advantage of wealth management technology than Envestnet is. Now, let's focus on the three pillars of our growth strategy and why we believe we're in a great position to drive greater growth for our business than we have in the past. First, we have the most comprehensive network of advisors that we support on our platform today, but a large% of those advisors are only using a fraction of the solutions that we deliver and deploy in the marketplace today. The question should be, why do we think that we can get greater conversion of some of those advisors onto our platform? It's pretty simple. We've been leveraging data in ways that we've never used in the past. Our insights from data give us great upside to identify use cases for advisors to help them grow their practice and to help their investors have a better financial outcome as they try to achieve their goals from a planning perspective. Our second pillar is focusing on modernizing our technology platform. We're enhancing our technology solutions so that end consumers can have a more meaningful real-time relationship with advisors, leveraging data that will give those end investors insights into their spending habits, what their savings trend should be, what their investment trend should be, and helping them really budget and plan their outcomes from a financial perspective more effectively. Then third, we're making great enhancements to our ecosystem by opening up our technology stack. By doing so, we'll enable our existing clients to participate at a level that they haven't been able to in the past, as well as other strategic partners to come and join in that ecosystem to deliver new solutions. All of these three components will enable us to move our business forward, grow the business for the advisor, bring more solution sets to the investors, and as a result, grow our revenue stream as well. We believe that these three pillars will help us transform where we are today. What's most important to understand in all of this is we believe that we can do all of this inside of the existing universe of advisors that we service today. We are committed to making sure that that is an outcome that we can achieve. As we talk about these three legs of the stool, let me introduce to you three individuals that will cover the value proposition, first related to capturing more market share. First, you're going to hear from Farouk Ferchichi, our Chief Data and Analytics Officer. Second, you're going to hear from Dana D'Auria, our Co-CIO. Third, you're going to hear from Tom Sipp, who's the Head of Solutions. These three individuals are working on solutions, capabilities, and technology that we can bring to the advisors that we serve and support to help them be in a better position to manage their end investor relationships. All three working together, leveraging data as the underlying component, are coming up with new products and capabilities that we're going to put in the hands of advisors to drive revenue for those advisors, drive more insights for the end investors, and ultimately drive more revenue for us here at Envestnet. Next, you're going to hear from our Chief Product Officer, Brandon Rembe. Brandon will speak to you about some of the enhancements that we're making to enable digital adoption of our capabilities in a more seamless way across the ecosystem that we support. Brandon will also spend time with you giving you some insight into the things we're doing to modernize the underlying ecosystem so that we can enable partners to work on our platform as well, alongside of us and alongside of the other financial institutions and RIAs that we support. Following Brandon, you're going to hear from Dani Fava. Dani is the Head of Strategic Development. Dani will share with you some of the enhancements that we're making to our solutions and products that we're bringing to the marketplace that we believe will add to our value proposition in the intermediate term. This is an area called embedded finance. It's the way that we digitize a lot of the solutions that we have to put these capabilities into new market segments that we've never supported before. As a result, we believe it will gain more market share in areas such as fintech, financial institutions, and other advisors. By doing so, frankly, we also believe it will identify new opportunities for advisors to work in some of these new markets ourselves. Following Dani, you will hear from Mary Ellen Dugan. Mary Ellen is our Chief Marketing Officer. Mary Ellen will share with you new go-to-market strategies that we're implementing in the organization, leveraging technology and data so that we can drive more adoption of our solutions into the advisors that we support today. Following Mary Ellen, you will hear from Pete D'Arrigo. Pete is our Chief Financial Officer. Pete will share with you changes we're making to track new metrics as we deploy these new solutions in the marketplace. Metrics around advisor and advisor growth, account and account growth, as well as the assets that our advisors are managing. This is a new dynamic for us as an organization as we bring some of these new solutions to the marketplace. We believe we have a very compelling business model that Pete will share with you. When Pete is done, I'll come back with the closing. For now, I want to turn it over to Farouk Ferchichi, our Chief Data and Analytics Officer. Thank you. Thank you, Stuart, and hello, everyone. I am Farouk Ferchichi, Envestnet Chief Data and Analytics Officer, and I'm here today to tell you more about Envestnet Data Intelligence plays a critical role in making of the intelligence financial life and in all aspects of accelerating Envestnet's growth. I will take you through Envestnet Data Intelligence goal, strategy, platform, and products, then go a little deeper into one of our core data intelligence product offerings, the Recommendations Engine, and discuss roadmap, followed by showing you in action how Recommendations Engine is actively being used and benefiting one of our large U.S. bank customers. You all heard Bill tell you about Envestnet proven record of innovation and growth, which has led to our current state of orchestration of the financial wellness ecosystem and featured achievements and advancements in the areas of exchanges like credit, trust, and advisor services, all coupled with client-facing mobile apps, all powered by an AI-driven Recommendations Engine. You also heard Bill tell you about our market and industry-leading footprint in general and specific to data generated from over 17,000 data sources to include, but not limited to, our $4.8 trillion of platform-managed assets, representing about 14 million investors accounts, serving over 100,000 advisors, all coupled with Yodlee's 35 million users, representing over 500 million linked accounts and serving 17 out of the 20 largest U.S. banks and over 600 fintech companies. Wow. This rich data experience and foundation brings together, at minimum, a unique data set of spending, saving, and investing that is key differentiator of Envestnet, which is allowing us to continue building the industry-leading AI-driven data intelligence product, like a Recommendations Engine for the financial wellness ecosystem. We are constantly innovating our data approach, prioritizing it as one of our key strategic assets, and have augmented our strategy to match Envestnet's vision, status, and market opportunity. I want to tell you about our data intelligence strategy. Simply put, our Envestnet data goal is to be the market data intelligence platform leader for the financial wellness ecosystem. We believe that we can accelerate the planned Envestnet revenue growth by 2023. We will achieve this goal by, one, capturing more of the addressable market, two, opening the platform to the ecosystem, and three, modernizing the digital engagement marketplace. I will explain how this is possible through our market analysis, current data intelligence strategy, platform, and products, and by showing you in action how value is being actively generated. Various market research companies have conservatively predicted that by 2025, the global average recurring revenue from direct sales of data analytics products and services will exceed $500 billion. This revenue comes from the sale of data analytics technologies, domain-specific analytics solutions, and/or general professional services. While the majority of sales have been technology-related since 2016, analysis shows that while that will continue, a significant shift will emerge as buyers are expecting return from the technology spending in the form of actionable insights and intelligence made available seamlessly through their digital distribution channels to power their clients' experiences, product sales, cross-sales, and retention overall. As such, our Envestnet Data Intelligence strategy is to be the leading market data intelligence platform enabler for the financial wellness ecosystem by, one, developing data intelligence products that meet the demand of our ecosystem customers. Two, embedding these products seamlessly within each customer experience, leveraging the Envestnet ecosystem to include Wealth and Yodlee solution and distribution channels. Three, by accelerating access, engagement, and conversion of these products by the customers into value. I want to tell you more about Envestnet Data Intelligence platform and products. Our platform has three core products. One, the Recommendations Engine, two, the data insights, and three, the data marketplace. First, the Recommendations Engine product, which provides an AI-driven real-time set of actionable predictions to an advisor to drive him or her forward as they go about conducting their daily business. The objective here is to make their daily experience powered by AI more efficient and effective. We will go even deeper into Recommendations Engine next. It is really important to understand that the distribution of these recommendations will be seamless and embedded within the various Envestnet existing wealth and Yodlee solutions and distribution channels. For example, you will later hear Dana speak about the Tax Overlay solution. The Tax Overlay related recommendations are designed to help advisor access an ever-ending actionable list of their clients that could benefit from leveraging the Envestnet solution of Tax Overlays on a daily basis and in real-time. Help them understand the end value to the client. Second, the data insight product, which provides a range of AI-driven authoritative datasets and dashboards to help firms, advisors, and/or third parties run their business with better, higher quality, and differentiating information, including powerful benchmarks made possible from Envestnet vast dataset. Examples of the data insight product features include financial wellness ecosystem-specific standard householding, advisor or client 360 data views, firms, asset managers, and/or advisors business performance dashboards, benchmarking analysis, and/or even market spending analysis. Third, the data marketplace product, which provides an orchestrated experience for every data producer and/or consumer or even data developer at large with a controlled and compliant environment and within the financial wellness ecosystem to explore, create, publish, and/or access data insights at a click of few buttons. This allows us to truly democratize data with the right consent and access controls and multiply value from data for good to all participants of the financial wellness ecosystem. More to come on this product roadmap and release dates over the next few quarters. As promised, I want to dig a little deeper and tell you more about one of our core three products, the Recommendations Engine. I'll describe our product roadmap in terms of capabilities and their purpose of use. I'll go into more details of how we operationalize our Data Intelligence product features in general and specific as it relates to the Recommendations Engine product. Our Envestnet Recommendations Engine plan is to produce high quality and quantity actionable predictions for advisors and other financial professionals. We plan on producing more than 10 million daily predictions by the end of this calendar year, which we feel strongly about achieving, given that we are just halfway through the year, and we are already producing more than 7 million predictions for advisors a day. However, I am super excited to share that our plan is to produce more than 1 billion predictions a day by 2025. We are achieving this goal by continuously bringing and integrating data from across the ecosystem and applying the latest machine learning and artificial intelligence algorithms and techniques. In general and specific for the advisor, these recommendations are broken into three types. The first type is actionable predictions that serve the advisor by improving his or her productivity by way of better communicating with and serving their clients. For example, using complex life events model, we can predict the next life event for a client, which helps advisor prioritize their contact strategy and accordingly personalize the client communication. The second type is actionable predictions that serve the advisor by improving his or her client's asset conversions. For example, advisors can personalize solution offering to current clients, like adopting the Tax Overlay to help them maximize the return on their assets. The third type is actionable predictions that serve the advisor by improving his or her optimization of the client's holistic set of assets. An example of this would be providing the clients their next best action with respect to consolidating their other owned assets and needs within the advisor portfolio that has proven its ability to maximize the value and return on existing assets. I want to tell you more about how we operationalize recommendations, which really starts with the firm and/or advisor consultative approach in partnership with our sales and marketing teams in ways of data-driven sales enablement plan and a data-driven marketing campaign, as well as, depending on the use case, a deeper analytical consultation with the firm to prove the concept of the value of the Envestnet Data Intelligence products. Once the firm and advisors appreciate the value and agree to leverage the Envestnet Data Intelligence products, we then turn on the Recommendations Engines in the form of daily, real-time, actionable predictions to the advisor, embedded in their existing workflows, like their CRM system. With the click of a button, they can access what they need. Now, as the advisors are accessing these Recommendations Engine produced daily in real time, in the back end, we measure, in partnership with our own finance team, the engagement of advisors with those recommendations and the corresponding conversion rate. For example, as we'll show next, measuring the conversion from brokers to managed accounts per client, per advisor, per firm, driven by these recommendations. As mentioned earlier, I now want to tell you more about how our Recommendations Engine product is used in action today by our customers to drive value to their clients, advisors, and firms. We recently launched our Recommendations Engine product to a large bank enterprise to help their advisor transition clients from brokers to managed accounts. Through our consultative approach, we helped the firm recognize that too many brokerage clients are not invested in a manner consistent with their stated intention. We found that more than $25 billion of brokerage assets, of which more than 60% are a fit for target demographic for accumulation needs, to include more than $10 billion of high-priority target assets, representing about 100,000 accounts were potentially misaligned with the client's profile. After sizing the opportunity, we worked with the firm to help engage management and advisor through a targeted value-driving campaign, which led to the piloting of the Recommendations Engine feature for the past six months. As a result of these quality recommendations and engaged firm management and their advisors, the average brokerage to managed asset conversion doubled compared to the prior six months. The success has led the case for the firm to go beyond pilot to an enterprise-wide rollout and for Envestnet to prioritize this Recommendations Engine feature to all of its customer base. With that, I wanted to now transition to show the actual live demo of the Recommendations Engine through the lens of both the firm management and advisor's experiences. Starting with the firm's experience, as we previously explained, it begins with a consultative approach that delivers firm-specific business objectives leveraging Envestnet data intelligence products. In this demo, we are featuring our Recommendations Engine products, which starts by highlighting the business opportunity at the firm to convert brokerage to managed assets. As you see here at the top of the screen, the firm's views at different levels of management hierarchies, the current $1.88 billion in existing brokerage assets opportunity, of which $17.8 million have been already converted to managed assets by advisors. The other visuals here provide the firm views of additional breakdown of the opportunity by grouping the brokerage assets into priority buckets, largest advisors, and size of accounts. Now that we've reviewed the firm's ongoing experience with our firm-based consultative analytics solution, let's transition to the advisor's experience within the Recommendations Engine by clicking on the top blue bar eye-looking icon. Here, the advisor views his or her recommendations, which are built and presented specifically for their personal needs and used to grow and manage their clients across relationship management, planning, and/or account management. As such, these recommendations are categorized based on type of opportunity or by focusing on a single client or product. In this demo, the advisor wants to find the best opportunities to convert brokerage assets to managed assets, he or she can dive into the non-managed wealth section by clicking on the corresponding link to expand the section. As you see, upon one expansion, the advisor views these three distinct recommendation types related to converting brokerage to managed assets. The Recommendations Engine has analyzed in the background all the brokerage account holdings and weightings to calculate the recommendations at the client and account level. The recommendations are created to help the advisor facilitate client discussions by showing which client's profiles are misaligned to their current investments approach. As an example of one opportunity type, let's talk through the non-managed high yield concentration category by clicking on that link. As you see, and upon one click, the advisor can access a comprehensive list of clients who are taking lots of extra risk according to high yield allocation within their brokerage accounts. It is probable that these clients in this list are chasing yield given current interest rates, but they may not be realizing the amount of risk building up in their portfolio. The advisor has a foundation of important information here, such as client name, account,% allocation to high yield, the high yield ticker, the high yield amount, and how old is the recommendation. For additional client information available, let's take a closer look at the advisor's client number 967755 at the top of this list. As you see, upon clicking on the client's link, the advisor is presented with a 360 data insights view of their client. These essential 360 views are derived from client relationship planning and/or account management data, which were combined to give the advisor additional client context to support acting on these recommendations. These data insights include asset allocation, recent flows, last plan update, last phone call, and all client-specific recommendations. This client 360 provides additional data insights such as product holdings and plan summary data. The advisor can either leverage this client view via the browser or their mobile, or they can print it and save it into PDF that can be used offline or via email sent to their clients ahead or after the client interaction. We believe this type of core additional client data insights integrated with recommendation is a powerful tool for advisors to drive higher engagement and value from these recommendations to their clients. Before I hand the presentation over to Tom and Dana, I'd like to summarize and leave you with three key takeaways. One, our Envestnet data has been and continue to be a key business differentiator and driver to the making of Envestnet intelligent financial life vision and in accelerating our growth strategy. Two, our Envestnet Data Intelligence strategy is to be the market-leading data intelligence platform enabler for the financial wellness ecosystem. Three, our Envestnet Data Intelligence platform and products like Recommendations Engine are actively in use and creating measurable value to our users and clients and shareholders. Hello, my name is Dana D'Auria. I am the Co-Chief Investment Officer at Envestnet, and it is a pleasure to be presenting to you today. As shareholders in Envestnet stock, many of you are already very familiar with our vision of holistic financial wellness. You have witnessed our firm engaged in several acquisitions and partnerships over the years in order to assemble the pieces necessary to drive that vision. A key component of that vision is our Wealth Solutions marketplace. Hello, I'm Tom Sipp, Senior Group Head of Envestnet Solutions. In the next half hour, Dana and I will discuss how the asset management and Wealth Solutions functions of our organization fit into the overall picture at Envestnet, and how they will drive revenue over the coming months and years by dramatically increasing our total addressable market. Over the last 15 years, Envestnet has built a scaled managed account program that supports $billions in managed equity, fixed income, and packaged fund portfolios. In the last 3 to 5 years, we have made significant investments to expand those solutions and take us from a turnkey asset management program to a truly integrated solutions platform. With this platform, we will unlock the value of our robust suite of solutions to power advisors and their clients to live the intelligent financial life. Individuals have diverse needs, concerns, desires, and goals. That's been matched up to an enormous universe of confusing investment products. Our solutions approach is to optimally combine and curate these many products to best meet individual needs and get our clients to their goals. This has become more possible with data and technology capabilities, combined with the human experience of the best advisors in the world. We can help those advisors better understand and seek solutions to benefit their clients, alerting them to opportunities and helping them to engage. This will be done across the fullest array of solutions in the industry. Through PMC, our investment management arm, and our Wealth Solutions exchanges, we provide access to a multitude of investment products and solutions. Turnkey strategies, direct index portfolios managed for taxes or impact, insurance, credit, trust, Medicare support, alternatives, and more. Today, we will focus on six of those strategies and solutions that we believe have considerable near-term revenue potential. Each of these six are key components to the types of curated portfolios that asset managers and advisors of the future will deliver to their clients. For example, a decumulation portfolio might leverage our equity and fixed income solutions alongside a deferred annuity and healthcare insurance. A completion portfolio for clients with captive stock positions will likely feature a direct indexing component with tax overlay and a securities-backed loan so the client can manage cash flows. A legacy portfolio could have impact investments that incorporate a client's social preferences wrapped in a trust that provides control and privacy to pass those assets to the next generation. Envestnet's Tax Overlay is one of our key asset management solutions. It is a basis point price service that advisors can apply to taxable accounts holding equity SMAs in our unified managed account program. It is designed to provide strategic tax management to any equity investment by combining tax mitigation techniques with an optimization algorithm that minimizes tracking error to the manager's target portfolio, thus turning any equity investment into a tax-managed investment. Most client accounts are subject to inevitable portfolio changes, whether it be changes to the client's risk tolerance, capital market assumption changes, cash flows, or portfolio rebalancing. Our program features continuous tax management at the account level and tight adherence to manager and portfolio models. It enables client-driven tax budgets, eliminates or minimizes short-term capital gains, and includes wash sale prevention across multiple sleeves. Our service recognizes that tax is a client level, not an account level consideration. Therefore, our holistic approach allows for consideration of outside taxable events, such as gains in a cryptocurrency holding. Use of our overlay service also helps enterprises, particularly in advisor migration, by eliminating the need for an enterprise to add managers simply to satisfy a large recruit. The service is both efficient and scalable, and therefore represents a high margin opportunity for us. With the backdrop of a proposal that will substantially increase taxes for many Americans, our Tax Overlay service has added more than $1 billion in assets year to date. We believe that growth is poised to accelerate, and we are investing to improve the service and strategically market it to our client base. Approximately 1,000 advisors have already adopted our Tax Overlay solution, and 6,000 are activated, meaning that their firms have enabled the service and the advisor is able to apply it to client accounts. We estimate that the overall eligible universe of advisors is about 11,000, and we expect that number to grow as well as we enable enhancements to broaden the set of investments we are able to overlay. We will continue to provide these penetration metrics as we move forward. Our core product is available to equity SMA holders in our UMA program. Unlike many competing solutions, our overlay service is agnostic to asset manager, allowing us to add the service on top of not just our own direct indexing solution, but unaffiliated equity SMA managers. The initial catalyst for advisors to use tax overlay is often a new client relationship that requires substantial changes to their portfolio. In January, we added a new feature called Diversification Service, which allows us to stretch out the transition of low-cost-basis shares over the course of 7 years. In the second half of this year, we will be launching several enhancements to our overlay solution. First, we are leveraging our Envestnet Data Intelligence platform to make intelligent overlay recommendations as part of our larger effort to size and accelerate the adoption of PMC solutions. Sales enablement and a targeted marketing campaign will quantify the opportunity, and the Recommendations Engine capability will drive personalized experiences, as referenced earlier by Farouk Ferchichi. We will also be launching a new Tax Overlay service that allows us to overlay our FSP or model management programs. This service will let us provide tax management to our clients invested in mutual fund and ETF models. We often encounter advisors personally managing accounts who would like to increase their scale and efficiency by moving them to a simple managed account framework. That may be prevented by the existence of low-cost-basis shares. The FSP tax management program will allow advisors to invest those assets in a managed account program while holding the legacy shares that are not in the model so they can be transitioned. Finally, we will be launching a critical new after-tax performance reporting feature that will show clients the bottom-line impact that tax management is having on their performance. We estimate that this after-tax return benefit could be multiples of the cost of our service. A really powerful tool for bringing the ecosystem together to help us achieve deeper penetration and earn more basis points out of advisor accounts in a way that directly helps the client's returns. As advisors looking to respond to client tax concerns are able to demonstrate this benefit, we anticipate they will open it up to more of their book of business over time. You'll also hear soon from Brandon Rembe on how this type of reporting will be leveraged in a digitized way in our new portal. This slide illustrates a case study on tax costs, as well as the resulting expected tracking error of transitioning a sample account to a new portfolio allocation under different tax budgets. We run reports like these for advisors interested in the service to show them the trade-offs between the capital gains they are willing to realize and the tracking error they are comfortable with. The key point to focus on is the difference between the cost to the client and the potential tax savings. In this case, it would be about a half a million in gains on an $11 million account to transition without Tax Overlay. The advisor can use the analysis to make thoughtful tax mitigation a key piece of their own value proposition to their client. Another PMC investment solution set we would like to highlight for you today is our high net worth custom solutions program. This suite is designed for clients with 500,000 or more in investable assets and features an array of options. Practice level solutions are designed to help advisors provide high net worth portfolios for their clients in a scalable and efficient way. White Label UMA offers advisors PMC's best thinking for UMA model construction across a series of investment styles and model sizes that can be branded based on advisor preferences. Ongoing portfolio management responsibilities are at the discretion of the advisor. Strategist UMAs allow advisors to offer their clients high net worth total portfolio solutions from the industry's leading asset managers. Similar to a fund strategist portfolio, these models allow advisors to outsource the ongoing asset allocation and investment product selection responsibilities to third-party asset managers, but take it a step further to offer separate account equity and fixed income sleeves. ETFs, mutual funds, and fund strategist portfolio sleeves are also eligible. Client-specific solutions are individual high-net-worth solutions focused on the unique needs and circumstances of clients through broad customization and investment consultant support. Custom case consulting is PMC's high-net-worth portfolio design service available to help advisors create and present proposal recommendations to their clients through a personalized consultation service. The recommendations can be customized to advisor preferences and client needs with the assistance of an investment specialist. Ongoing portfolio management responsibilities are at the discretion of the advisor. Private Wealth Consulting is Envestnet|PMC's new white-glove, fully outsourced high-net-worth offering. The service model enables advisors to provide customized portfolio recommendations based on initial and ongoing asset allocation and manager research from PMC. Client portfolios can be customized to accommodate for tax situations, to align assets with clients' personal values, and any other unique circumstances. PMC will assist the advisor in positioning the initial portfolio recommendations and will provide ongoing support for the advisor. All of the solutions discussed have a variety of customization capabilities such as industry, security, wash sale, and credit quality. These high-net-worth solutions have been adopted by more than 450 of our advisors, but we estimate 24,000 are eligible for the programs. In addition to the high-net-worth programs live today, we expect to add several additional solutions that will enhance our capability set in this arena. In the latter half of 2021, we expect to launch an outsourced consulting platform that will allow select third-party managers to utilize the same technology we are using in the Private Wealth Consulting program to maintain discretion on accounts themselves. This will considerably increase the distribution potential of this technology and provide us with an overlay fee associated with the use of the tech. An important part of the revenue we earn from our high-net-worth consulting comes from investment in our own direct indexing options or Quantitative Portfolios, as well as other PMC solutions, such as overlay. Currently, we only offer equity direct indexing, but we are set to launch a fixed income solution this year, which will enable us to capture significantly more of the assets in client portfolios. In the coming years, we will also be dramatically enhancing our ability to personalize our direct indexing solutions, fully digitizing the advisor and investor experience. Let's take a look at an example of Custom Case Design. The investor has a desire to express certain personal convictions in the portfolio. These include a concern for the environment, a preference for avoiding nuclear power, and a strong focus on companies emphasizing both stakeholders and shareholders. The proposed solution seeks to address the client's personal convictions by enabling the impact overlay with specific screens. At the same time, the solution provides an active-passive investment approach, which seeks to intelligently allocate active investment mandates. The low-cost passive market exposure found in this portfolio in U.S. large cap core and developed international equity is implemented through the Quantitative Portfolios. Several of the strategies incorporate positive ESG goals. Combination with the impact overlay screens results in an enhanced ESG solution. The Quantitative Portfolio ESG strategies have comprehensive yet user-friendly impact reports that quantify the portfolio's environmental, social, and governance attributes. Again, you'll hear from Brandon Rembe soon about the type of client portal reporting that we will be bringing to the market to provide state-of-the-art reporting of this kind. Tom? Thanks, Dana. The Envestnet Insurance Exchange enables advisors to offer protection solutions alongside managed investments fully integrated to a client's overall financial plan. Today, the current annuity environment is very fragmented, and it's a product-only sale. The technology is custom. Individual carriers integrate directly with broker-dealers all in different ways. There's no standard product store. There's no marketplace. As a result, products are sold out of context of somebody's overall financial plan. They're sold out of context of somebody's risk assessment. Error rates are very high. Applications are very difficult to complete, and they take numerous efforts to get through them. Envestnet Insurance Exchange has developed the marketplace. It all starts with your financial plan, where we assess a client's needs for protected income. Once we assess that need, we launch the exchange, and we have a fully developed research engine and illustration capability, where ultimately the advisor and the client select the product. From there, you launch into the order entry platform, do your suitability, your e-signatures, in-force management and compliance, and then ultimately reporting. The reporting all hunts back to your monthly reporting in context of the rest of your portfolio, your risk assessment, and your normal updates with your financial plan. From a roadmap perspective, we have launched annuities. We have about 100 advisors that have adopted the platform at firms that have 28,000 advisors where we're delivering further implementations. We have adoption efforts. We're leveraging analytics at those firms that we're launching later this year to help drive those adoptions. Our roadmap includes structured notes, life insurance, and private placement product. Next up is the Envestnet Credit Exchange, where we empower advisors to deliver advice-driven financing that helps clients manage both sides of the balance sheet to better build net worth and achieve financial wellness by offering a broad range of easily accessed, pre-qualified credit options from high-caliber lenders. Again, all delivered through the Envestnet platform and the advisor's desktop. We started with security-backed lending, where we have 100 advisors that have adopted the platform at firms with 8,000 advisors and a strong pipeline. It's a marketplace where we get clients' holdings, send them to four banks every night, we receive pre-approved term sheets with competitive rates and terms, and then the advisor decides when and if to present that lending solution to the client based on the advisor's assessment of the client's needs. We are then rolling out unsecured lending and residential real estate. That's coming soon, in the next few months, all integrated on the platform. Longer term, the roadmap includes student loans, luxury loans, and other consumer lending solutions. All these products empower, again, the advisor to manage the full balance sheet for the client. The process starts, again, with your financial plan and your lending needs assessment as part of the MoneyGuide solution. We have a spend versus borrow block. Here's an example. When you go to the security-backed lending screens, again, fully integrated. It's very easy and intuitive for the advisor to use, identify opportunities, and then shop the marketplace to achieve the best rate for the client. Residential real estate, again, very easy to access, fully integrated to the platform. It's a marketplace of four lenders, so you have competitive pricing, you have product choice, a deep, healthy marketplace to choose from, all on platform. Again, everything feeds back to the Envestnet platform, financial plan, deep reporting, and the advisor becomes a full lending qualified advisor for the client. Next up is the Envestnet Trust Services Exchange, where we help advisors cultivate and grow relationships with the next generation of clients by digitally providing wealth transfer and trust services as part of a holistic financial plan. Today, trust services are very manual, paper-based, are not integrated to a financial plan, they're difficult to update, and it's very difficult to remember what's in there. Individuals will meet with an advisor, will meet with a trust expert, will meet with an accountant, create a plan kind of on a one-off basis, and it'll be a pile of paper sitting around that you don't update or look at on a frequent basis. We have created a digital experience where we will assess the client's needs, we will obtain the family tree, we will look at all the different trust options in the marketplace with recommendations based on those needs, again, in context of somebody's overall asset portfolio, liabilities, and goals from an estate planning perspective. It's integrated throughout financial planning. If you look at the roadmap, we're bringing together the ecosystem, where we're hooking trust transfer capabilities, administrators, attorney networks, advice networks, and document management all onto one digital platform, and again, updated in context with your advisor as part of your financial plan. Last up is the Medicare decision support engine, where we will deliver Medicare recommendations based on a client's unique profile, delivered as part of holistic financial wellness. The way Medicare decision support works today, it is old school advertising. It's television ads, typically scare ads. You're missing out on savings. You're missing out on coverage. Call this 800 number. The 800 number or the person on the other side is a one size fits all. They don't know your issues, your unique situation, and they're funneling you into standard recommendations. We've built an engine where it's a unique profile for every individual person, where we have all the different major Medicare programs and providers, and you input your information. Think medications, prescriptions, pharmacies, doctors, networks, and then based on all that information and run through our engine, we'll compare the plans and the options, and we'll compare them based on savings. We'll compare them based on coverage, which doctors are in-network versus out-of-network, which pharmacies are easier to access by the different plans. We will deliver this with a very good user experience linked to your financial plan, and it'll be updated through your financial advisor. This gives your financial advisor a very unique offering that's part of delivering financial and health wellness to your client, and it's a very custom solution, unique recommendation, so clients are getting into the best plan for their unique needs. In conclusion, we are very excited about all of our solutions and how they will drive revenue over the coming years by dramatically increasing our total addressable market. Hi, I'm Brandon Rembe, Envestnet's Chief Product Officer. Today, I'll be talking to you about, as well as showing you, Envestnet's next-generation digital platform. These technologies are specifically designed to create greater engagement, drive efficiencies, and improve scalability, which drives more revenue and assets through the Envestnet ecosystem. Today, many advisors still struggle using disparate technologies and continue to hold onto legacy systems. Unfortunately for advisors, technology is not like fashion. The 90s aren't coming back. To help firms leapfrog ahead of where they are today, Envestnet clients will soon be able to take advantage of the best-of-breed technologies from Envestnet, Yodlee, FolioDynamix, Tamarac, and MoneyGuide in one seamless user experience with a fully redesigned user interface that makes even the most complex workflows simple and intuitive. By fully integrating internal technologies and applications across Envestnet, we've been able to streamline development, allowing us to become more innovative, while at the same time allowing us to get new products and solutions to market faster. With these innovations, Envestnet will be by far the most comprehensive platform in the industry, but it also allows for each underlying component, from client onboarding to trading to reporting, to be best-in-class standalone applications. These applications, workflows, and data will also be available to embed in any third-party technology using our Envestnet Developer Portal, which will provide robust API documentation, sample code, and self-service onboarding tools. Dani Fava will talk to the massive market opportunity in this type of embedded finance. By opening up Envestnet's architecture, it not only allows us to embed our functionality seamlessly into outside platforms, but it also allows our exchange partners, who Tom spoke about earlier, to easily embed within the Envestnet platform so that advisors have seamless access to credit, insurance, trust, and healthcare services. While designing the future of our applications, we worked closely with our large financial institutions, as well as our fintech disruptor clients, to make sure we understood not only where the market is today, but where it'll be going in the future. Interestingly enough, they both have the same problem. First off, there's intense competition to become the go-to financial portal for clients. Most people today have to log in to at least six different sites to get a complete picture of their finances, and financial institutions often force their clients to log in to multiple portals to see the different accounts within their own firm. The winners in this space will be those that can provide the most holistic financial view powered by the most accurate and real-time data within a single portal. As we know, it's not enough just to have the data all in one place. Clients need to be able to engage with this data in meaningful ways that support their unique profiles. Whether they have $50 in their checking account or over $50 million in net worth, these portals need engaging experiences that provide immediate answers to financial questions and provide proactive insights that promote short and long-term financial wellness, all while streamlining day-to-day financial tasks. In delivering these capabilities, winning firms will be able to meet their client and advisor wherever and however they want to engage with their finances. An omni-channel approach is a must-have in the future of financial wellness, with a specific focus on mobile deployment and conversational UI. Tomorrow's clients want to ask Alexa or Google Home if their paycheck has been deposited, how much their kids are spending on in-app purchases, how much their spouse spent at Amazon last month. All of which should lead to a very interesting dinner conversation. With constant changes in a person's unique financial life, it can be hard for an individual or even an experienced advisor to know everything they should be doing with their finances. The ability to analyze vast amounts of data and provide real-time recommendations that can be easily acted on, which Farouk talked about in depth, will become a must-have to provide proper financial guidance. For every dollar that comes into or leaves an account, there should be a recommendation that goes along with it. From telling someone they're spending too much at Starbucks this week to alerting an advisor of a tax opportunity that could save their clients thousands. Finally, each client also has their own unique financial life, and these tools and solutions must be able to provide hyper-personalized experiences and products that can dynamically update as their particular circumstances change and new data is received. This type of personalization usually comes at a very high cost. Firms need the right technology delivered at the right time to provide this type of dynamic personalization at immense scale. The good news is that Envestnet's next-generation platform was specifically designed to solve these difficult problems. By directly addressing these market trends, Envestnet will become the platform of choice for established financial institutions as well as fintech disruptors going forward. Let's walk through our next-generation platform through the lens of a day in the life of a client, an advisor, and a third-party developer as we show you what the future of financial wellness really looks like. Let's begin by looking at an end client, we'll call her Megan, getting onboarded through a new digital portal being hosted by Envestnet. Here we're looking at the fictional Glenwood Advisors. As Megan comes to their homepage, she is presented with several digital tools to help her learn more about basic retirement planning, long-term care analysis, and estimated Social Security benefits. All of these tools are powered by MoneyGuidePro Blocks and are meant to provide immediate benefit to the user in short 2-4-minute walkthroughs that are essentially deconstructed financial planning that both educate and help gather key profile information to help the firm increase their conversion rates of online prospects. In this case, Megan wants to learn more about her retirement, we'll click on Basic Retirement Forecast. Megan's going to fill out basic profile information about herself, such as employment status, annual income, current savings, et cetera. Once this is complete, Megan clicks Next and immediately is presented with the probability of hitting her retirement goals based on the information we have. In the play zone area, Megan can adjust any of the assumptions around her retirement to fine-tune the results. In this case, Megan gets an, "Uh-oh, I'm not looking great for retirement," and is presented with a sign-up button to help her get more control over her finances. Megan clicks Sign Up and is taken to the create login page where she can create her username and password, and then she is presented with additional profile information for her to fill out. All of this data can be set as required or not by the firm and is also integrated with the firm's CRM system through our open APIs or through our supported CRM integrations for industry-leading CRMs such as Salesforce. Once the profile information is added, we can ask Megan more about her overall financial goals. As part of starting her financial plan, all powered by MoneyGuidePro, Megan can just drag and drop each of her goals into the needs, wants, or wishes buckets. Megan is interested in travel, healthcare, and an upcoming wedding. Once she fills out all of her goals and clicks Next, the advisor can present Megan with a screen to help discover if she has any ESG preferences. All of this is powered by Envestnet's new impact offering that Dana discussed earlier, and can help advisors truly personalize their client's portfolio, as tomorrow's clients care as much or more about the impact of their investments as they do the financial outcome. Maybe Megan works in the energy sector and cares a lot about clean energy and resource protection, so she clicks on those. We then ask Megan a few basic questions to help assess the risk she is willing to take while achieving her goals. These questionnaires can be completely custom to the firm, sourced from a third party, or they can even use Envestnet's embedded risk tolerance questionnaire. In the last step here, we ask Megan to link any of her outside accounts using Yodlee's advanced data aggregation, which supports the latest in open banking standards for improved quality and consistency of data. Megan goes ahead and links her Bank of America and Merrill Lynch accounts, selects the account she wants to view, and clicks Finish. Immediately, Megan is taken to her new financial dashboard. With just a few steps, Megan now has access to a vast amount of information about her financial life that has already been cleansed, enriched, and analyzed to highlight the key areas she needs to focus on. First, Megan can get a sense of her overall net worth, a view of her monthly budgets and how much she is typically spending in core categories, some news articles that are personalized based on the profile we have started to gather, and she can even compare her spending at top merchants such as Amazon and Starbucks to her peer group. She can also see all of her financial transactions in one spot and get a sense of how much she is spending versus saving on a monthly basis. Because Megan linked her outside accounts, we are able to analyze her held away accounts, and one of the immediate things we're able to determine is that a risk score of 82 was much higher than what she told us when we asked her to fill out her risk tolerance questionnaire. The system is calling out that she should probably talk to an advisor to help reduce her overall risk while still achieving her goals. Megan clicks on the prompt and asks for a proposal of how she can improve her portfolio. In just a few minutes, we have onboarded Megan as a prospect, collecting her profile information, her goals for retirement, risk tolerance, current income and savings, and a view of her current holdings and risk score. Now let's pivot and see what an advisor can do with this information. Now we are looking at the book of business view for an advisor on the Envestnet ecosystem. Here, they can slice and dice information to customize a view that lets them quickly and accurately take action on any client requests, market changes, or move to help to onboard a new client. At the top here, they have created a number of saved searches, which allows advisors to filter on any data in the system to find accounts that meet that criteria. Here, advisors are keeping track of new accounts added, accounts with large inflows, accounts with unrealized losses over 5% where they can take advantage of tax loss harvesting opportunities, and much more. They can keep track of how their book of business is growing over time and where the AUM is located today by program. They're able to see any outstanding trade instructions or order status for their clients, or if they're part of a centralized trading team, they can see the status for the entire firm. This advisor is also working with Envestnet's exchange partners to get real-time alerts on top lending opportunities for asset-backed loans or real estate lending. We also call out overlay opportunities that Dana spoke about earlier, where we can highlight clients that would benefit from tax overlay services and even call out the estimated after-tax return that they would benefit from. Through our partnership with Ascendant, we can call out trust services stats and help advisors with their clients' estate planning needs. Through our insurance exchange, we can show advisors where they have out-of-the-money or high-fee annuities that they can immediately take action on. The advisor can also drill down into a single client view to get a deeper look at an individual household. Here, the advisor is choosing to look at their overall allocation, the impact score and ESG rating of a recently implemented portfolio, and the incremental after-tax return they've been able to generate for this client. Back on the book of business dashboard, the advisor sees that a new prospect has been added for them to take a look at. The power behind all of this data is that we want to make it easy to act on. The advisor just needs to click on the data point, and they are taken to a view of the current prospect list with Megan showing at the top. The advisor can click Generate Proposal and is taken to the newest proposal generation tool to create Megan's proposal. Because we have already gathered a lot of information about Megan, the advisor simply needs to review their risk and investment objectives and click Next. Here, they will review the proposal amount and recommended portfolio that was based on her financial planning objectives, risk, and ESG preferences. After they review that, the advisor can check the fee structure and make sure that the correct documents will be in place. Lastly, they can get one final overview before sending the proposal over to Megan, along with their account opening paperwork. Everything here looks good, so the advisor clicks Get Started. Now we're back as Megan. This time she's sitting on her couch and got an alert on her mobile phone because she had downloaded the Glenwood Advisor mobile app, all powered by Envestnet. She clicks on the alert for proposal and signs into the Glenwood app. Here she just clicks View Proposal, and she can review her current portfolio and compare it to the one that was just proposed by her advisor. First, we can see the advisor was able to reduce her risk score from an 82 to a 63 by diversifying with some fixed income. Her ESG score has improved from a 61 to a 63, and she can drill into more detail on each of the ESG components, even looking at items like affordable housing and education. Lastly, it shows that her new portfolio will drop her carbon footprint by a meaningful 11%. At this point, Megan accepts the proposal and is ready to start her new paperwork. With our recent acquisition of Harvest, Envestnet is now able to fully offer digital account opening where Megan can fill out her information, most of which has already been filled out for her, and once everything is completed, she can e-sign and get the account open without having to send a lot of paperwork back and forth to the advisor. This process of information collection and onboarding usually takes advisors weeks or months of back and forth with the client and back office. Here, we can accomplish these same tasks in just a few hours. Once Megan sends off the paperwork, she still has access to the full portal as everything we are building is built on a mobile-first point of view. Now that the account has been opened, we are back to the advisor looking at the new accounts added today. Let's walk through actually implementing those accounts against their newly assigned strategies. When we click on those four accounts, we can get a drill-down of each account and their program. As part of our more efficient and innovative ENV strategy, we have combined the best of FolioDynamix, Tamarac, and Envestnet trading tools to allow advisors the greatest flexibility in trading managed accounts or APM strategies. The advisor just clicks Generate Orders, which gives them a number of options to rebalance, manage cash, quickly swap positions, and many other strategies. In this case, they're just new accounts, we're going to rebalance them directly to the model. The advisor can choose from a number of Tax Overlay or dollar-cost averaging strategies and can even restrict specific securities or sleeves. They click Continue and are immediately presented with the proposed trades that they can review and modify before submitting. In this case, they're just going to hit Submit and watch the status of the trades go to Complete. The advisor was able to identify new accounts and implement them to their individual strategies in just a few clicks. We can see Megan's overall allocation compared to her target. As she was just implemented, it should match spot on, which it does. She can see her top holdings and market movers, and she can also see her portfolio performance. On the left, Megan can drill into her personalized news feed showing articles relevant to her financial goals. If she wants to get a more detailed view of her investments, she can drill into reports like Holdings, Performance Over Time, Activity, and Realized Gain/Loss information, which she can share with her accountant through the portal. Under Budgets, Megan can use Envestnet's over 60 high-level categories and 600 subcategories to create automated budgets and alerts so she can see how much she's spending on things like dining and drinks, pet care, or even how much her kids are spending on in-app purchases. She can also drill down to get the underlying detail for each of these budgets and see trends over time and peer benchmarking statistics. As part of our recent Apprise acquisition, we can also offer tools to help ultra-high-net-worth and family offices with items like detailed short and long-term cash flow, as well as detailed estate planning and trust services. Here, Megan can view her short-term cash, and as part of our predictive cash flow, we can even alert Megan if she will not have enough cash in a particular account to pay large bills or property taxes. Megan can even play around with different strategies if the advisor wants her to be able to do that. As part of estate planning, Megan can build out her own family tree, even calling out things like gifts to children or those family members that might need special care. Megan can even drill down into her detailed estate plan and see where her money is going on first and second death. She can also work with her advisor to create fairness strategies to make sure children or grandchildren are receiving equal amounts. Under Protections, we can see Megan's current insurance coverage. With the data from our exchange partners, we can let her know where she may need additional coverage. Lastly, one of the most common uses of the portal is our document vault, where Megan can securely store and share documents with her advisor and other trusted third parties. All of these views and the data being shown can be configured, customized, and white-labeled by the firm, down to the colors being shown to the performance date periods, while also allowing clients to build experiences that they feel are meaningful and engaging to them. The power of this is also in the flexibility of the deployment. Each of these individual widgets and reports can easily be embedded in a third-party application. Firms that want this experience to live outside of Envestnet can easily deploy this type of functionality into any other portal. Now, let's take a look at this through the lens of a fictional digital bank, Reality Finance, who wants to provide this type of holistic wellness into their own portal. Once we log in, we see the typical dashboard view of a digital bank showing me my current balance as well as my credit card status. As I scroll down, the items like spending and income, the ability to save for an emergency fund, alerting to upcoming bills, peer comparisons, all of these are powered by Envestnet, but embedded directly into the bank's own app. This type of easily embedded financial wellness will greatly expand Envestnet's market penetration into both financial institutions and fintech startups. Lastly, if a client wants complete flexibility in how these experiences are handled in their own portals, they can use Envestnet's robust APIs, which will now be available in our new Open ENV Developer Portal. Here, developers can easily access API documentation, sample code, Postman collections, and tutorials for simple workflows like SSO or more complex tasks like embedding client management or service requests directly into their CRMs. These self-service tools will make it extremely easy for third parties to embed Envestnet functionality directly within their current systems. The new open ENV developer portal will also make it very easy for developers to leverage Envestnet's APIs to build their own applications, which in turn can be embedded back into the Envestnet ecosystem, driving greater integration and efficiencies for both Envestnet and for our clients. As you've just seen, Envestnet's next-generation digital engagement platform has truly changed the way advisors and clients interact with their data to create an intelligent financial life. We are extremely excited to be bringing the next-generation platform to the market over the next 12 months, as it will allow Envestnet to meaningfully increase overall market share, advisor adoption, and revenue. Thank you so much for your time. You saw Envestnet today, how we're driving deeper adoption to capture more of our existing addressable market. You heard Brandon talk about modernizing our technology and creating the digital engagement marketplace. Let me tell you about how that modernized technology brings Envestnet into the future and opens the platform. Part of that new future is a brand new economy, embedded finance. Hi, everyone. Dani Fava here, Head of Strategic Development. Sit back and let me take you on a journey about how our ecosystem strategy enables embedded finance and what that future looks like. What is embedded finance? Embedded finance is the complete expansion and distribution of financial services to the masses. In other words, it's bringing access to all facets of financial services through any and every consumer app. Consumers will be interacting with and growing their net worth in ways they've never done before. Let's take a look at the embedded finance TAM. As you can see on the screen, we think the total addressable market inside of embedded finance is quite large. We've identified several verticals where we think embedded finance makes a ton of sense, and I'm going to take you through how Envestnet's existing tools are very well-positioned to bring us into these markets. Think of the examples in your life today. You've got all of these apps that you traverse. It could be anything from Amazon to Dunkin' Donuts, where you have $20 sitting on your card, or you're getting a refund for a returned purchase. All of these places that you've never really thought of as being financial destinations before, they're starting to become places for doing more with your money than just having it pass through. This will change the future of our business. What's the next category of embedded finance? Embedded investing. Soon, customers will be able to invest wherever they are. If this makes so much sense, why is it only happening now? Well, it's the massive creation and distribution of APIs that has made this possible. It's that modernization of technology and the availability of any of these components as a service that has brought us to this precipice. Today, I'd like to share with you that Envestnet has the tech, the data, and the solutions to become a major enabler of embedded finance. Saying that the whole industry is about to change is a pretty bold statement, so let's talk about what problems embedded finance is solving so we can see how important and imminent this change really is. First, let's talk about the embedders and the problems they're trying to solve for themselves and their customers. The first problem, many companies have reached full market penetration. How can they increase their value proposition? Embedded finance substantially increases their value beyond what it is today. Second, for apps who've already got clients' money passing through, like gig apps, think Uber, Instacart, Twitch, they're trying to figure out, how do I get my customers to be stickier and more engaged? Embedded finance is that answer. Three, how do I engage users in the off-season? Let's stick with Instacart. Some gig workers come to the app only when they want to work, let's say every other weekend, or even less often. How can I keep them engaged and coming back every day? By helping them save toward their goals, or by helping them invest. Lastly, consumer companies, or the embedders, they want to change the world, and they can leverage their users to do it, either through creating more financial wellness for more people, or by offering socially responsible investing options, or both. Let's talk about the consumer or the investor. The first problem there, finance is disconnected. We shouldn't have to put our money in one place to save it, and then another place to invest it, and yet another to get a loan, and then a completely disconnected place to make a purchase. It's beyond inefficient, and there are billions of dollars doing nothing. One example, 34% of the working American population are participating in the gig economy. These people are getting paid in-app or via some digitally connected service like PayPal. Today, there's no easy way to put that money to work. The future is investing where the consumer is. A consumer will be able to enter the financial services ecosystem from any app because the ultimate experience is setting goals, budgeting, and investing where the consumer is already spending their time. Embedded finance gets this right. Investors are faced with, generally speaking, two investment options. The portfolio of safer market indexes delivered through ETFs, which is diversified and conservative, but totally uncool, and it's not connected to what people care about. There's the dangerous route of 100% equity on margin with confetti falling down my screen. Neither one of these meets the mark for the next generation. Someone has got to bridge the gap and bring professionally managed products to the masses. It's important to note these investors, they are tomorrow's advisor clients. Envestnet's API-enabled ecosystem will bring embedded tools to this market, solving problems for both embedders and investors. We're building the ecosystem for financial wellness. We're making good on our mission of enabling financial wellness for everyone. We are cultivating and serving tomorrow's advisor clients. This is crucial for our sustained growth. Let's take a look at the building blocks for this future value proposition. You heard from Brandon that we're creating the Envestnet Developer Portal and making our existing services accessible via API. Thinking in this way, let's go through the many different ways Envestnet will power embedded finance, and then I'll take you through a demo to help you visualize some of it. Through a series of smart investments, we've created a fluid transition into this future economy. First off, we have bite-sized financial planning modules called Blocks from MoneyGuidePro. This is a way to make goals-based decisions independent of a holistic financial plan. This can be surfaced in many different ways. Next, data. As embedded finance and embedded investing get rolling and people have money sprinkled in more places than ever before, data aggregation becomes even more important. Automated savings. The Harvest capabilities are crucial inside of saving. I'm going to show you an experience where embedded finance can help anyone save for a big purchase, right where they will ultimately make the purchase. Thematic investing is relevant not only in our own embedded investing platform but in anyone's. With that, we're changing the way the next generation views reporting. It's not only financial, it's meaningful. You'll see an example of that in a moment. A crucial part of embedded investing or embedded finance as a whole is customer support. How do you support this new client who is completely digital and has high expectations for instant feedback? Conversational AI and mobile chat-based support. Abe.ai, another important Envestnet property, will power this. The reason why Envestnet will power embedded finance in the first place, the advisor network. We will incubate advisors' future clients. We are going ahead of the puck. We're future-proofing our core business. Finally, it's worth mentioning that we've been going down the path of easy access already. Our exchanges, Trust, Credit, Insurance, Health, are all modular solutions that can be consumed and embedded anywhere. Now I'd like to give you a look at how embedded finance comes to life. There are two things I want you to focus on during this demo. One, focus on the general user experience of embedded finance, how much easier it is to get invested or start saving when the feature is embedded where a person is already spending their time, and second, how all of these components are existing Envestnet capabilities. We're really taking our entire suite of existing services, enabling them via an API, and packaging them differently for a new market. The first app I'm going to show you is a peer-to-peer payments app. Let's consider I just received $500 for winning my March Madness pool, and I want to invest it. I will first self-identify what I want to be invested in. Our PMC team has created these relevant thematic portfolios, so a user can invest in things they care about, like changing the world, which would lead to our climate change or diversity portfolios, or they can invest in things that people love to do, like exercise, relax, or travel. I'm going to pick exercise. Next, we're going to identify the client's risk tolerance using our existing proposal capabilities, but translated into a language that makes the user feel comfortable. We'll launch into our digital account opening. Our recent acquisition of Harvest allows us to seamlessly and digitally open accounts at a number of partner custodians. Before the client invests, we're giving them education about their overall financial wellness. This will leverage both our MoneyGuide Blocks APIs and Harvest's automated savings features. When the user comes back later to see how their investments are doing. We're going to provide interesting, socially shareable statistics about the model they're invested in. Like this one here, you're invested in five of the companies who sponsored the NCAA March Madness Tournament. This boosts engagement for the embedder and makes investing more relevant. This whole experience is open architecture. We will partner with existing banks and other financial institutions to create this seamless experience everywhere from asset allocation to custody services. Now that you've seen the embedded investing experience, let's look at the embedded savings experience. I'm on an app where I'm about to shop for a car. Many of these apps have affordability calculators. If an app doesn't have an affordability calculator, we can embed one of ours. When you're done with this calculator, most apps simply drop you off at the shopping experience. Imagine if they had the ability to let you start saving right within the app. Our recent Harvest acquisition gave us the ability to embed this experience easily. What this does for the customer is it gives them a very targeted, goals-based, and automated way to save for a specific purchase. What it does for the embedder is it almost guarantees that a customer will continue to return to their app and will almost certainly execute their big purchase at the same place where their savings is. Of course, any of these savings accounts can be easily transitioned into an investing account right from the same app. What happens next? In summary, being ever the futurist, I'd like to make some predictions on what happens next and why. One, wealth inequality and financial education are center stage. We've seen well-known consumer companies like Nike and Walmart make it their mission to drive change. We should expect this to continue, and we'll see more embedded finance inside of more consumer companies and apps. Investments will make a difference in the world, as 90% of millennial investors want investments aligned to their values. Any platform without this as a focus will become obsolete. As these options expand, savers and investors will have money sprinkled in more places. User-controlled data aggregation and a connected client portal become more important than ever. Tomorrow's advisor clients will be found in different places. As more people build wealth inside of native consumer experiences, clients' needs change, and advisor prospecting opportunities will also change. We will be able to connect these two worlds. Lastly, embedded finance is not a feature, it's a category. People will be faced with more choice than they've ever had. Every app will become a deposit destination and an investing enabler. Access and ease of use will win. This ecosystem provides the tools and intelligence to our customers to power an extraordinary value proposition for consumers. An intelligent financial life connected from the daily cash people spend to the long-term goals they seek to achieve. Thank you very much. I'd like to pass it on to Mary Ellen for our go-to-market strategy. Thanks, Dani. Hi, I'm Mary Ellen Dugan, the Chief Marketing Officer. I'm excited to outline how we're thinking about the go-to-market motion across our three growth areas, really to show you how marketing, sales, product, and data come together to create a network effect. As a CMO, I'm always looking for ways where we can use growth mindset to actually drive an innovative experience. Honestly, the battle to deliver a new customer experience in financial services is well underway. According to a new Inc. survey, 61% of consumers are willing to give more personal information to get more personalized advice or help about their finances. If we use that as a cue to our own ability, it means we need to better arm our clients, advisors, RIAs, banks, financial institutions, fintechs, so that they can fulfill that need for their clients. Envestnet may be behind the scenes, but we are focused on making our clients the hero. Let's get started. What does go-to-market mean in these three growth areas. When we talk about capturing more from the existing addressable market, it's really about deploying targeted organic growth efforts, making sure our existing base understands the depth and breadth of our solutions and how they add value for them and for their clients. Digital performance marketing is really the companion piece to Brandon's presentation and is key to modernizing our digital engagement marketplace. We recently heard from our advisor base. 50% of our advisors plan to engage with their clients mostly virtual, and 17% said entirely virtual. We've got to get in the digital game. In regard to opening up the platform and ecosystem, we'll use partner marketing. At its core, partner marketing is the intentional go-to-market where both sides win. Today, over 25% of our marketing efforts involve a partner, and you'll see that continue to evolve. Let's unpack each of these in a little bit more detail. The goal of organic sales and marketing is to reach and enable our existing base to do more. For our go-to-market teams, it's all about increasing N. We'll measure the N, or the number of advisors using our solutions, how many accounts from there, and ultimately, how many of our total solutions is this account-based using. These are just leading indicators that we can track in order to build to that $500 million revenue opportunity, and frankly, to make sure our demand gen and our sales enablement is working and optimized. What's required with demand gen and sales enablement? One, drive deeper awareness and understanding. You heard from Dana. We have a lot of details, and our solutions can be complex. We want to make information easy and digestible, and we need to deliver it with the use of multi-channel communication. Far too long, email has dominated our industry and frankly, B2B. Look to us to use short-form, long-form content, video, and probably most importantly, we're going to deploy these touchpoints with measurable approaches. For example, we'll use ABM or account-based marketing, which allows us to pinpoint conversion and the efficacy of our go-to-market. Second, we'll be providing more resources for practice management. Practice management is a set of optimized services or solutions that enable advisors to achieve their most important business objectives. Today, our practice management content accounts for about 20% of our total, and we'll look to increase that. Why is that even important? From our own research, good news is we learned that only 10% of consumers planned to change their advisors next year, but 42% want more information from their advisors. Working in tandem with those materials that we provide for awareness and understanding, they can then take those onto their clients. Third, dedicated sales account managers and enablement is going to be key to organic growth. Finance is still a really personal component of our lives, and that human connection is key for advisors when they're evaluating any solution. Our dedicated sales relationships span financial institutions, RIAs. They cover segments servicing ultra high net worth, high net worth, and emerging affluent clients. Working in lockstep, marketing and sales are executing detailed playbooks with each solution campaign and go-to-market. Finally, organic growth requires an increased focus on martech and sales tech. Currently, we're in the evaluation stage with legacy systems and will look to utilize new demand gen tech. Success in organic growth marketing really demands respecting our customers. They already know us. This is all about what is the right message at the right time to the right person, and that is ultimately processed through the martech and the sales tech. Let me give you a specific example with Tax Overlay. On this slide, you can see, and let me tell you that data is fueling our organic growth. I love that Farouk mentioned our goal is being the market leading Data Intelligence platform. As a CMO, I actually want to use that data internally and almost be a great product demo. This slide depicts the Tax Overlay go-to-market. The data outline the exact target market associated with the $100 million revenue opportunity. We know the who and the what, and what does that mean? That means advisors that are already using the platform, advisors that haven't but have activated it, and those that actually aren't even aware of it. In those three scenarios, we look to have dedicated account-based marketing, which allows if you don't know anything about this, we probably need seven different touch points to take you from awareness to purchase to usage. If you have it, but not activated, maybe just three touch points. If you're already using it, we want to thank you, but we actually don't want to bog you down with this other information. Using data and surgically targeted go-to-market across marketing and sales, we can see direct impact. It's all about shrinking the time to market with our solutions and increasing our lead conversion. Consider the example Farouk used, where a similar targeted approach with Recommendations Engine, we doubled the conversion of broker to managed accounts by knowing who we were talking to and making sure they had the right information. We're poised to bring focused organic growth marketing campaigns to market. Digital is the next area of go-to-market at Envestnet. Our opportunity is to provide a personalized and predictive experience across the entire channel, from awareness to ongoing usage. This applies to prospects and existing customers. Brandon demoed the amazing portal and the seamless journey. Really, truly an omni-channel distribution from advisor to client. Think of that as the in-portal. Once you're a customer, we need to add before you are a customer to that digital experience. Connecting those two sides is going to be the accelerator for customer experience. What do we need to do then? Digital marketing is the area that's actually the most new to Envestnet but provides the quickest path to optimization and the ability to lower cost of acquisition. Key steps. We need to change our websites into truly digital experiences. Our external properties need to be more intuitive and responsive. Can you find information easily? Can you quickly access resources? Is it mobile? Does it provide more personalization? Secondly, we need to accelerate our use of digital paid media. This is not about a huge ad campaign. It's about data-driven, insightful placements. Being where our clients find information during their workday and when they go home at night. Think key search terms, publications, native publishing opportunities, virtual events. We've actually mapped the media consumption of our various personas. On the image on the screen is Rob, the fictitious advisor from Bill's presentation. We know actually where Rob is looking at media. From here, we can select what digital media makes the most sense for us and is frankly the most cost-effective for impact. Content and SEO is the third pillar of digital marketing. Content is set to increase 49% year over year according to ON24. I used to say that content was king, but frankly, content is oxygen to success. We'll be looking to increase our organic traffic by over 25%, and that will require optimizing the technical SEO aspects so users can not only find it, see it, but use it. Frankly, at the end of the day, it's all about digital performance. No one argues that digital is a necessity and the most trackable channel these days, but it requires an agile process, and the metrics are key. We've set up cross-functional teams to evaluate our media mix that's paid, earned, and owned to optimize our digital personalization of all sites to A/B test content and creative. Is it working? What could be better? Rigorous acquisition and conversion efforts. Two critical metric streams are how effective are we at reaching our targets, and frankly, how efficient. That is about are we effectively reaching the 106,000 advisors that we have in our base or the FinTechs and the banks? How efficient are we? A recent digital campaign with Yodlee yielded a 25% increase in traffic. We moved to the number one key search word, and we decreased conversion cost by 25%. That's the kind of digital marketing performance metrics we'll be holding ourselves accountable and we'll be looking at each and every day. The last growth area is how we're going to support the open ecosystem. This begins with partner marketing. Partner marketing today is vital to success in any marketplace or ecosystem, but programs only work when both sides win and deliver an ROI on the time and the budget and the efforts they're making. Today, we actually do a lot, an extensive amount of partner marketing. The slide just depicts some of this. For example, 50% of our advisor summit presentations are from partners. 32% of our press releases last year included a partner. 90% of Envestnet Institute, where we talk about financial literacy, actually is from our partners, and 25% of our webinars. We'll continue to do this, but tomorrow you'll see an increased use of partner marketing across our client partners, distribution partners, and integration partners. It's a fantastic opportunity to actually reach their segments as well as ours, and we are ready to begin ideating on an embedded finance partner effort. Can't wait. I'm excited about what the innovation might look like with that. I'd like to close on a connection point for all of our solutions in our ecosystem, both today and tomorrow. That connection point is the intelligent financial life that you heard Bill talk about in his opening comments. It will be the bedrock of our messaging and our go-to-market creative. Look to us to bring intelligent financial life to life and how it enables our clients and partners to be the hero for their clients. I'm really excited about the go-to-market and how it plays a role in our growth strategy. With that, I'd like to bring Pete D'Arrigo, our CFO, up to the microphone. Thank you, Mary Ellen. Hello, everyone, and thank you for joining our Investor Day. I'm Pete D'Arrigo, the Chief Financial Officer of Envestnet, and I hope today's deep dive into our technology and solutions clarifies how well-positioned we are to capture the significant opportunity in front of us. Now I'll share with you how this opportunity creates enormous growth potential for Envestnet. Before we look to the future, though, we'll look back at our stellar history of growth since our IPO a little more than 10 years ago. I'll also review some of the central features of our financial model for those of you that are newer to the Envestnet story and review the areas of benefit we expect to gain in the upcoming 3-5 years. Our revenue has grown a compounded 26% over the last 10 years, which includes a number of acquisitions along the way. Organic growth is still over 20% over that time period. You'll also see how our revenues have grown less tied to asset values, reducing the market sensitivity. While that diversification is a nice benefit to growing our subscription business, particularly since 2016, this is not necessarily intentional. Our asset-based business benefits from favorable capital markets, and part of the strategy long term will involve increasing the flows of asset-based solutions. As for EBITDA, we've grown 30% compounded over the 10-year period from 2010 to 2020. Over this time, we've balanced increasing profitability with reinvesting in the business to support growth. Margins have grown over time with an outsized increase last year due to lower expenses during our transition to remote working following the beginning of the pandemic. Our guidance for 2021 assumes a restoration of some of those expenses as we return to the office and resume new normal activities, as well as accelerated investment in the business. EBITDA margin in 2021, we expect will be around 20%, with a similar level in 2022, fully expecting margin expansion to return in 2023 and beyond. We are confident in the benefits we'll generate from these investments due to our compelling financial model characterized by top-line and bottom-line growth, enhancing current relationships in a growing market, as well as expanding access to additional markets. The income statement is highly predictable due to the recurring nature of our revenue model, we have demonstrated our ability to increase profitability as the business scales over time. We report revenue in two business reporting segments, Wealth Solutions and Data and Analytics. Each have highly predictable revenue models. 98% of our consolidated adjusted revenue is recurring, meaning client agreements are ongoing, and we don't require new bookings to generate revenue for this business. 58% of the total is asset-based, meaning we calculate revenue as a percentage of the asset levels in the accounts on the platform. A substantial majority of this revenue is based on asset levels at the beginning of the quarter, which provides the visibility I mentioned earlier. Asset-based revenue is exclusively in the wealth segment. Subscription revenue is 40% of revenue, also highly predictable in that customer agreements prescribe revenue for the services we provide. In the wealth segment, subscriptions are primarily for technology clients, which are financial services firms or RIAs, for example, that use our products for financial planning, trading, and rebalancing, or performance reporting. Each might have an element of utilization that drives revenue, but they don't typically vary much from quarter to quarter. The Data and Analytics segment earns revenue based on the number of users or sometimes straight subscriptions. The client base is primarily large banks, fintech firms, and money managers. These are the areas we expect to see growth in the future, more customer adoption of solutions, and ultimately unlocking more access to fintech developers and non-traditional financial services providers. While we expect to continue to grow the business the way we have over the years, adding new firms which add advisors and those advisors adding accounts, adding use cases for new company relationships, and adding more users, we expect to accelerate growth utilizing the data in the ecosystem and removing friction from the tasks required for advisors to use our solutions. The first step is to capture more of our captive addressable market, and next, to increase engagement between advisors and their end clients. Both of these, we expect, will drive deeper adoption and increase platform activity. The third step is to open the ecosystem for additional relationships, increasing usage, subscriptions, and so on. We have a number of additional solutions available to advisors. Our Recommendations Engine supports increased adoption, and increased adoption and increased use of solutions provides more data to improve the Recommendations Engine. Improving the connectedness between solutions and technology is what removes friction from the system. We will also be enhancing our internal support teams to drive and support more engagement. We estimate of the roughly $4.8 trillion and growing assets we serve today, we can increase our revenue by 10 basis points on average on 10%-15% of this business. This will translate to an incremental $500 million of revenue. You'll note one of the use cases in here is Tax Overlay. Given the significant percentage of the $4.8 trillion is in taxable accounts, which could all benefit from employing these tax strategies, the revenue opportunity for this one solution alone could be more than $100 million. We've done a great job to date in the landing part of the land and expand strategy. Frankly, the landing part is usually the most difficult for companies. As I mentioned, we will continue with the landing, but we are pivoting a bit now to add more emphasis to the expand part of the strategy, and this will be reflected in increased cross-selling in the next several years. Opening the ecosystem also increases the revenue opportunity, making elements of the ecosystem available to more and more developers and enterprises as components or in a fully integrated solution. You heard in Dani Fava's presentation on embedded finance solutions, an additional $1 billion-plus revenue opportunity, which will expand our already large addressable market. Revenue growth was 11% in 2020, and we expect that to be close to 15% in 2021. The investment initiatives are designed to sustain this level of growth for the longer term. The revenue opportunity is significant and will be driven in largely the same categories of revenue we've seen, like advisors and growth in AUMA, driving asset-based business. Additionally, measuring the number of contributors to the ecosystem, like users or tech installs, will be things we focus on going forward to measure our progress as it drives subscription revenue. Longer-term outlook is to grow revenue annually in the mid-teens and to expand our EBITDA margin to the mid-20s. EPS growth should also follow with that incremental profitability. To sum up, we have a very compelling investment proposition. You've heard today a lot about the vast market opportunity sitting right in front of us, and you've heard how we're going to target that opportunity. We have a very strong value proposition that our customers have grown to appreciate. We have a compelling financial model to monetize the growth we intend to deliver. Finally, you heard about our winning go-to-market strategy. I'll turn the presentation back to Stuart, who will conclude the day for us. We want to thank you today for spending your time to listen to our story. We hope that you see what we're doing and understand the value proposition that we're bringing to our advisor clients. We hope that you have as much enthusiasm about our business model and opportunity as we do. Thank you.