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Axos Clearing, a subsidiary of Axos Financial Inc (NYSE: AX) has announced a strategic partnership with Envestnet, a provider of integrated technology, data intelligence and wealth solutions.

Under the partnership, Envestnet’s managed account solutions will be integrated into Axos Clearing’s Axos Complete portal, which will enable hybrid broker-dealers and registered investment advisers to enhance customer service.

Envestnet’s managed account technology will allow Axos Clearing clientele to streamline portfolio management, automate routine tasks such as rebalancing and reporting, and also offer a broader range of investment options.

”Partnering with Envestnet to integrate their managed account technology into our professional workstation allows us to provide our clients with the tools and technology they need to thrive in a fee-based advisory model,” David Crow, EVP, Head of Axos Clearing, said in a press release.

”This is a key step as we continue developing Axos Complete, our comprehensive platform for advisory and operational solutions.”

Stock Performance

The shares of Axos Financial Inc (AX) closed 2.76% ($1.87) lower at $65.85 in New York on Friday, as they snapped a two-day streak of gains.

The company’s total market cap now stands at $3.76 billion.

The shares of Axos Financial Inc (AX) went up 42.86% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).

The company’s shares have risen 20.60% so far this year.

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