His new mission is to help get the investment provider's retirement group going. Third-party investment-platform provider Envestnet has hired former Ibbotson Associates president Mike Henkel. He runs Envestnet's new Retirement Services group, which provides investment products and related technologies and marketing support to retirement-plan providers.

"Mike is a pioneer in this industry," says Envestnet's president Bill Crager. "His knowledge of independent 401(k) advice services will be an incredible asset for Envestnet and our clients as we deliver a series of retirement services this year and in the future."

SMAs in 401(k)s

Envestnet launched its Retirement Services group late last summer through a link-up with Chicago-based financial-software maker Business Logic . The idea out of the gate was to give retirement-plan providers the means to provide separately managed accounts (SMAs) in 401(k)s and -- in some cases -- provide guidance on managing ex-plan assets through the rollover and retirement-income stages.

A big part of his group's mission will be to assist plan provider in helping their clients make their money last in retirement, says Henkel. In part, this comes down to helping investors understand risk and the effects on retirement income of spending rates. In addition, he says, Envestnet is out to help plan providers understand the effects of an investment vehicle -- say, an annuity -- on a specific investor's overall retirment plan.

Henkel left Ibbotson in 2006 -- just as Morningstar was completing its acquisition of the investment consulting firm. He'd been its president for about nine years.

Chicago-based Envestnet provides SMAs, manager-model portfolios, mutual-fund wraps, ETFs, fixed income products, sustainability solutions and alternative investments to independent financial advisors of all stripes. It had more than $45 billion in assets under management and administration at the end of 2007. -FWR

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