CLS Investments, the Omaha-based money manager, has made 12 new risk-budgeted investment models available through Envestnet's platform.

The products use a mix of exchange-traded funds and CLS’s proprietary funds. “Just as a scale maintains a balance of weight, CLS uses risk-budgeting to ensure that the risk of an investment model’s mix of asset classes is always in line with its level of risk tolerance,” said Todd Clarke, president of CLS.

CLS says it works with more than 1,500 financial advisors to manage 40,000 individual client portfolios, and has more than $6.5 billion in assets under management.

In other recent developments, Envestnet, a provider of technology-enabled wealth management solutions, signed a strategic partnership with Achaean Financial earlier this week, integrating Achaean's retirement advice software into Envestnet's wealth management platform. The full integration will be completed in November 2012, but the software can be used through the platform today, Achaean said in a statement . The software provides analysis of clients' income needs before and during retirement, incorporating this into proposals on Envestnet's platform.