iAltA's Bill Crager - from building Envestnet to a "transformational moment" in wealth management

The way that the technology worked back then was pretty rudimentary, but it was transformational. And the fact that we leaned into it and built upon it was the game changer. I think we're in a kind of a similar moment right now. This episode of the Altco's mainstream podcast is brought to you by Ultimus, a leading full service fund administrator for asset managers in private and public markets. As private markets continue to move into the mainstream, the industry requires infrastructure solutions that help funds and investors keep pace. Ultimus is a leading full service fund administrator for asset managers in both private and public markets, offering a wide range of capabilities across registered funds, private funds, and public plans, as well as outsourced middle office services. Delivering operational excellence, Ultimus helps firms manage the ever changing regulatory environment while meeting the needs of their institutional and retail investors. Ultimus provides comprehensive operational support and fund governance services to help managers successfully launch retail alternative products. Trusted by institutions, investment consultants, registered investment advisors, state governments, and fund managers, Ultimus provides solutions for nearly every investment structure in the marketplace. Visit www.ultimusfundsolutions.com to learn more about Ultimus' technology enhanced services and solutions, or contact Ultimus executive vice president of business development, Gary Harris, on email at gharris@ultimusfundsolutions.com. We thank Altimus for their support of Alt's going mainstream. Everybody gets a piece. We're going mainstream. Welcome back to the Alcos Mainstream podcast. Today's interview is with a wealth management entrepreneur who created one of the most consequential wealth management technology companies. Bill Kreger is the cofounder of Envestnet, which he and his cofounder, the late Jud Bergman, grew into a public company. Bill was the CEO of Envestnet during the company's time as both a public company and following Bain Capital's acquisition to take the company private for $4,500,000,000. Phil is now back at it again, joining Ialta Holdings as a founding partner to build a suite of businesses at the intersection of private markets and private wealth management infrastructure alongside Ipreo CEO Scott Canales, Ipreo executive Bill Sherman, and former Blackstone CFO and Westcap founder Lawrence Tosi. Bill and I had a fascinating conversation about wealth management in private markets. We covered the evolution of wealth tech, what advisors are looking for when it comes to technology, how technology can help advisors deliver a high quality experience to clients, why private markets are now playing such a big role in the business of wealth management, what's missing in private markets infrastructure, why Bill wanted to go back to building again, and what is in store for Ialta. Thanks, Bill, for sharing your wisdom and expertise on private wealth and private markets. Welcome to the Alco's Mainstream podcast. Michael, it's really great to see you. Likewise. Well, it's exciting to sit down today because you've had such a tremendous career at the intersection of wealth management and the evolution of wealth management as well. Now you're here building another …