CHICAGO, May 2, 2013 /PRNewswire/ -- Envestnet Inc. (NYSE: ENV), a leading provider of unified wealth management technology and services to investment advisors, made the first public presentation of its new initiative aimed at helping advisors capitalize on the underserved endowment and foundation market at "The 2013 Envestnet Advisor Summit: A New Perspective," which just completed its second day at the Hyatt Regency in Chicago. According to the Internal Revenue Service there are currently $5.7 trillion in assets held by nonprofits including more than 1 million endowments and foundations with assets totaling $3.5 trillion. By tapping into this enormous yet largely underserved market, advisors can build on their current fee-based, high-net-worth practice while presenting endowments and foundations with the chance to get more value for their investment consulting dollars. This market also presents an opportunity for advisors to expand existing client relationships and potentially realize new revenue streams to accelerate their practice growth. "There is no doubt that serving endowments and foundations represents a good growth strategy for advisors, because in many ways it is an extension of what they are already doing for their high-net-worth clients," explained James Lumberg, Co-Founder, Managing Director, Envestnet. "Through this initiative they can harness the extensive resources of Envestnet and our strategic partners to deliver a much broader value proposition into this underserved market in a way that positions them very competitively relative to traditional investment consultants." Traditional consultants to endowments and foundations tend to focus on investment selection and management but leave unresolved the many other issues that these nonprofits face. Advisors using the Envestnet solution will be able to help resolve fiduciary and governance issues as well as the quotidian tasks of portfolio administration and rebalancing, daily reconciliation and valuation, treasury activities, and reporting.