--- title: "Milemarker vs Envestnet: Which Is Better for Broker-Dealers and TAMPs?" description: "Milemarker vs Envestnet compared for broker-dealers and TAMPs, including when Envestnet is the better fit and how Milemarker runs on top of Envestnet." url: https://www.milemarker.co/resources/guides/milemarker-vs-envestnet --- [Guides](https://www.milemarker.co/resources/guides) Guides # Milemarker vs Envestnet: Which Is Better for Broker-Dealers and TAMPs? A fair comparison of Milemarker and Envestnet for broker-dealers and TAMPs, covering what each platform does, when Envestnet is the better fit, and how Milemarker can run on top of an Envestnet stack. **Milemarker** Milemarker and Envestnet solve different problems, so the better choice depends on what you are buying. Envestnet is a large integrated wealth platform (managed accounts and UMA, Tamarac, MoneyGuide, research and portfolio consulting) and is the better fit when a broker-dealer or TAMP wants one vendor to run investments, trading and reporting. Milemarker is a connect-don’t-replace data and experience layer: it unifies data from Envestnet products, custodians, clearing firms, CRMs and planning tools into a Snowflake database the firm owns, then delivers advisor experiences, workflows and AI on top, so many firms run it alongside Envestnet rather than instead of it. ## What is Envestnet? Envestnet describes itself as an adaptive wealthtech company. It has been in the industry for about 25 years and reports approximately $8.0 trillion in platform assets, with its technology used by over a third of all financial advisors across banks, wealth managers, brokerages and RIAs. Bain Capital took Envestnet private in a transaction completed in late 2024, and in 2025 Envestnet sold Yodlee, its open finance and data analytics subsidiary, to STG to focus on wealth management. Its main offerings include: - **Envestnet Wealth Management Platform**: proposals, managed accounts, trading and reporting for advisors at broker-dealers, banks and RIAs. - **Unified managed accounts**: a UMA platform with access to over 1,700 third-party SMAs, plus tax overlay and direct indexing options. - **Envestnet PMC**: research, consulting and portfolio management services, the TAMP side of the business. - **Tamarac**: portfolio management, rebalancing, reporting and client portal software for RIAs. - **MoneyGuide**: financial planning software. - **Wealth Data Platform**: Envestnet’s data and analytics offering. Envestnet has announced a five-year, $1 billion R&D commitment and is adding AI features such as Report Studio and decision intelligence across Tamarac and its platform. ## What is Milemarker? Milemarker is a data and experience platform for RIAs, broker-dealers, TAMPs, aggregators, insurance firms and fund managers. It connects custodians, CRMs, portfolio accounting, planning and billing into one normalized data layer built on Snowflake, in a dedicated database the firm owns. The approach is connect, don’t replace: firms keep the systems they run today. - **140+ wealth management integrations** (690+ total data connections, including 550+ general-purpose), including Schwab, Fidelity Institutional, Pershing, LPL, Altruist, Interactive Brokers, Orion, Tamarac, Black Diamond, Addepar, Salesforce, Redtail, Wealthbox, Practifi, eMoney and MoneyGuidePro. - **[Data Engine](https://www.milemarker.co/data-engine)** for the unified data layer, with Navigator AI for natural-language questions over firm data and an MCP server so Claude, ChatGPT, Gemini or Copilot can work on firm data with permissions enforced. - **Console** for advisor and executive experiences, and **Command Center** for workflows, case resolution, help desk and automation. - $290B+ assets on platform, 1,200+ advisory offices, and a typical implementation of 2 to 12 weeks. ## How do Milemarker and Envestnet compare? | | Envestnet | Milemarker | | --- | --- | --- | | Type | Integrated wealth management platform | Data and experience layer | | Core job | Run managed accounts, trading, planning and reporting | Unify data across every system and build on it | | Managed accounts / UMA / TAMP | Yes (UMA, PMC, third-party SMAs) | No; connects to the firm’s investment platforms | | Portfolio management and reporting | Yes (Tamarac, Wealth Management Platform) | Connects to portfolio systems; dashboards and BI on unified data | | Financial planning | Yes (MoneyGuide) | Connects eMoney, MoneyGuidePro, RightCapital, NaviPlan | | Data ownership | Data held within Envestnet’s platforms | Firm owns a dedicated Snowflake database | | Multi-vendor stack | Strongest within the Envestnet ecosystem | Built to span vendors, custodians and CRMs | | Workflows and case management | Platform workflows for its own processes | Forms, case resolution, help desk and automation across systems | | AI | Envestnet AI features in its products | Navigator AI and MCP access across all connected data | | Replaces existing systems? | Often consolidates onto Envestnet | No; sits alongside them | ## When is Envestnet the better fit? Envestnet is the better choice when: - **You want a turnkey managed account and UMA program.** Envestnet’s UMA platform, third-party manager access and PMC research and consulting are core strengths; Milemarker does not offer investment management or a TAMP. - **You want to consolidate vendors.** Firms that prefer one contract for proposals, trading, reporting and planning can get that from Envestnet. - **Your advisors already live in Envestnet.** If most assets and workflows are on the Envestnet platform and the firm is satisfied with its data access, adding another layer may not be needed. - **You need investment research and due diligence at scale.** That is a service Envestnet provides and Milemarker does not. ## When is Milemarker the better fit? Milemarker is the better choice when: - **Your stack spans several vendors.** Broker-dealers with multiple clearing firms, TAMPs serving advisors on many custodians, or aggregators with acquired firms on different systems need data that crosses all of them. - **You want to own your data.** Milemarker puts the data in a dedicated Snowflake database owned by the firm, which helps with portability and avoiding [vendor lock-in](https://www.milemarker.co/resources/guides/vendor-lock-in-wealth-management). - **You need cross-system analytics and AI.** Questions that join CRM activity, custodial balances, plans and billing are easier when the data is already unified. - **You want to change operations without a platform migration.** Command Center workflows, case resolution and automation run on existing systems. ## Can Milemarker work alongside Envestnet? Yes, and that is the common pattern. A broker-dealer or TAMP can keep Envestnet for managed accounts, trading and reporting, connect Tamarac or MoneyGuidePro data into Milemarker along with custodians, clearing firms and CRMs, and use Milemarker for the unified data layer, advisor and executive dashboards, workflows and AI. Neither platform has to be replaced for the other to work. For TAMPs in particular, Milemarker can combine program data with the custodial and CRM data of the advisors they serve. See [Milemarker for TAMPs and OCIOs](https://www.milemarker.co/solutions/milemarker-for/tamps-ocios) and [Milemarker for broker-dealers](https://www.milemarker.co/solutions/milemarker-for/broker-dealers). ## How should a broker-dealer or TAMP decide? 1. **Separate the investment platform decision from the data decision.** Choosing a UMA or TAMP partner is a different question from choosing where your firm’s data lives. 2. **Map your systems.** Count custodians, clearing firms, CRMs and portfolio systems. The more vendors, the stronger the case for a neutral data layer. 3. **Check data access.** Can you query all of your data directly, and take it with you if you change vendors? 4. **Check workflow coverage.** Do your processes stay inside one platform, or cross several? 5. **Plan for change.** Acquisitions, clearing conversions and new custodians are easier when the data layer does not depend on any one vendor. For a wider view of the category, see [enterprise wealth platform alternatives](https://www.milemarker.co/resources/guides/enterprise-wealth-platform-alternatives). ## Frequently asked questions ### Is Milemarker a replacement for Envestnet? No. Milemarker does not provide managed accounts, a UMA program or investment research. It is a data and experience layer that can run on top of Envestnet and the rest of a firm’s stack. ### Does Milemarker integrate with Tamarac and MoneyGuide? Yes. Tamarac and MoneyGuidePro are among Milemarker’s 140+ wealth management integrations. ### Who owns Envestnet now? Envestnet was acquired by Bain Capital in a take-private transaction completed in late 2024. It sold Yodlee to STG in 2025. ### Which is better for a TAMP? For running the managed account program itself, Envestnet offers UMA, third-party managers and PMC services. For unifying program data with advisor custodial and CRM data and building advisor experiences on it, Milemarker fits, and many firms would use both. ### How is Milemarker secured? Milemarker is SOC 2 Type II and GDPR compliant, with ISO 42001 in progress. It enforces row-level access by advisor, office and role, PII masking and SSO, and data is never sold or used to train AI. ## Read more [View all ↗](https://www.milemarker.co/resources/guides) [Guides ### Software RIA Aggregators Use to Standardize Model Portfolios and Investment Shelves Milemarker • Nov 5, 2026](https://www.milemarker.co/resources/guides/model-portfolio-shelf-software-aggregators) [Guides ### How an RIA Should Prepare Its Data Before Adopting AI Tools Milemarker • Nov 5, 2026](https://www.milemarker.co/resources/guides/prepare-ria-data-for-ai)