Modern Slavery Statement

This Modern Slavery Statement is made on behalf of Envestnet, Inc. and its subsidiaries to address the requirements of the Modern Slavery Act 2015 (UK), the Modern Slavery Act 2018 (Australia), and the Fighting Against Forced Labour and Child Labour in Supply Chains Act (Canada), and covers the reporting period of January 1, 2023, to December 31, 2023.

Our Structure, Operations and Supply Chain

Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV).

Envestnet, through its subsidiaries, is transforming the way financial advice and insight are delivered. Our mission is to empower financial advisors and service providers with innovative technology, solutions and intelligence. Envestnet is a leader in helping transform wealth management, working towards its goal of expanding a holistic financial wellness ecosystem so that our clients can better serve their clients.

As of December 31, 2023, Envestnet’s clients include more than 108,000 advisors, 16 of the 20 largest U.S. banks, 48 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of FinTech companies, all of which leverage Envestnet technology and services that help drive better outcomes for enterprises, advisors and their clients.

Through a combination of platform enhancements, partnerships and acquisitions, Envestnet uniquely provides a financial network connecting technology, solutions and data, delivering better intelligence and enabling its customers to drive better outcomes.

Envestnet, a Delaware corporation originally founded in 1999, serves clients from its headquarters in Berwyn, Pennsylvania, as well as other locations throughout the United States, India and other international locations.

As of December 31, 2023, Envestnet had a total global workforce of approximately 3,100 employees, of which 99% are full-time employees, with 54% located in the United States and 46% located outside of the United States, primarily in India.

Envestnet is organized around two business segments based on clients served and products provided to meet those needs.

• Envestnet Wealth Solutions - a leading provider of comprehensive and unified wealth management software, services and solutions to empower financial advisors and institutions to enable them to deliver holistic advice to their clients.
• Envestnet Data & Analytics - a leading provider of financial data aggregation, analytics and digital experiences to meet the needs of financial institutions, enterprise FinTech firms and market investment research firms worldwide.

Envestnet’s supply chain is concentrated in the markets where we have our largest operational footprints, the United States and India, with correspondingly smaller supply chain activity supporting our businesses in Canada, Australia and the United Kingdom.

Envestnet’s Strategic Sourcing and Procurement team sits centrally in the corporate finance function and works to centralize the supplier relationships and standardize purchasing methodology.

Risks of Modern Slavery in our Operations and Supply Chain

Envestnet’s businesses provide technology, solutions and intelligence to our clients. As a corporation, we believe that the risk of Envestnet to cause, contribute to, or be directly linked to modern slavery through our own hiring decisions, operations, and that of our immediate suppliers is low. However, those risks could increase the further we go into our supply chains, our ecosystem partners, and their supply chains. Envestnet’s businesses include acting as an asset manager, offering investment strategies and sub-advisory services to other financial advisors and institutions, and there is the potential for the companies we invest in to themselves be linked to modern slavery, and therefore connect Envestnet to modern slavery through those portfolio holdings.

Our Policies Related to Modern Slavery and Human Trafficking

Due Diligence

The latest revision to Envestnet’s employee handbook in 2023 added sections addressing human rights and human trafficking. The Prohibition of Human Trafficking section states Envestnet expects all employees to report any circumstances that may involve human trafficking to Envestnet’s Legal or Human Resources departments.

During 2023, Envestnet adopted and published a Human Rights Policy Statement, available on our website at https:// envestnetonestg.prod.acquia-sites.com/sites/default/files/2023-07/envestnet-human-rights-policy-2023.pdf that states “Envestnet firmly opposes human trafficking in all its forms, including child labor and forced labor, and is committed to preventing human trafficking in its corporate activities.”

Also during 2023, Envestnet created and published a Supplier Code of Conduct, available on our website at https://www. envestnet.com/sites/default/files/2023-09/Envestnet_Supplier_Code_of_Conduct.pdf that lays out our expectations for suppliers, including specifically addressing human trafficking and many of the aspects of modern slavery. The Supplier Code of Conduct indicates Envestnet may seek specific reassurances or seek to carry out due diligence or audits of suppliers to satisfy itself that modern slavery and human trafficking violations are not occurring. Envestnet does not yet have a process that audits or verifies compliance by our suppliers with the Envestnet Supplier Code of Conduct but relies primarily on self- reporting by suppliers or the public disclosure of issues.

Training 

All employees are required to acknowledge annually they have read, understood and will comply with the policies and procedures in the employee handbook, which now includes the sections on human rights and human trafficking noted above. Envestnet does not currently provide employee training that specifically addresses modern slavery or human trafficking.

Remediation

During the 2023 reporting period, Envestnet was not involved in any remediation efforts for forced labor, child labor, or the loss of income to the most vulnerable families resulting from any measures we have taken to eliminate the use of forced labor or child labor in our supply chains. Envestnet was not aware of any modern slavery issues in our operations or supply chains during the reporting period.

Assessing the Effectiveness of our Actions

As most of the polices highlighted in this statement were adopted or updated during 2023, there is limited information to assess their effectiveness to date, but Envestnet will continue to monitor and review in the future.

There were no reports by Envestnet’s employees or suppliers of modern slavery incidents in our operations or supply chains during the 2023 reporting period.

Review and Attestation

This statement was reviewed and approved by Envestnet’s Board of Directors in their capacity as principal governing body of Envestnet, Inc. on April 17, 2024, and has been signed on this date on its behalf by James L. Fox, Chair and Interim Chief Executive Officer of Envestnet.

In accordance with the requirements of the Fighting Against Forced Labour and Child Labour in Supply Chains Act, and in particular section 11 thereof, I attest that I have reviewed the information contained in the report for the entity or entities listed above. Based on my knowledge, and having exercised reasonable diligence, I attest that the information in the report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.

 

 

 

 

 

James L. Fox

Chair and Interim Chief Executive Officer

April 17, 2024

 

Download our 2023 Modern Slavery Statment