We added a net 1.5 million accounts last year, completed 15 million service tasks and executed an incredible 76 million individual trade orders.
We reported just shy of $1 billion in revenue, which is 10% higher than a year ago, and adjusted EBITDA grew 26% compared to 2019.
We began 20 years ago as a TAMP, a turnkey asset management platform, a category we invented, and we continue to lead by a substantial margin.
Envestnet is proud to work with thousands of firms, including 17 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of fintech companies.
We are the industry leader in wealthtech, supporting more than 106,000 financial advisors, 13 million investor accounts and more than $4.5 trillion in assets.
Our consumer financial data aggregation capabilities are unmatched: 17,000 data sources, 470 million connected accounts, which grew by over 62 million last year, 35 million users, and also in the past year, nearly three million households that benefited from a financial planning experience using our award-winning software.
Adjusted revenue for the quarter was $264 million, above expectations, as we saw outperformance across all revenue lines.
As a result, our adjusted EBITDA of $65 million was also ahead of expectations, as were our adjusted earnings per share of $0.69.
For the full year, adjusted revenue was $999 million, 10% higher than in 2019 despite the significant market pullback in the first quarter of 2020.
Adjusted EBITDA came in 26% higher than last year at $243 million.
Our adjusted EBITDA margin for the year was 24.3%, three percentage points above the prior year.
Around $25 million to $30 million of operating expense favorability can be attributed solely to an operating environment that limited travel, caused delays in hiring and generally reduced spending activity.
The total increase in this category is around $10 million or a little more than 2% above last year.
This category also represents around $10 million of year-over-year increase in operating expense.
In 2021, these investments account for around $30 million of increased operating expense The spend in these three categories, combined with an increase in our asset-based cost of revenue, will result in our operating expenses growing faster than revenue in 2021 as we noted in November, effectively reversing the temporary margin lift we saw in 2020.
Specific guidance for the full year of 2021 includes the following: adjusted revenue growth of 10.5% to 12% compared to 2020.
That's approximately $1.10 to $1.12 billion.
By revenue line item, we expect asset-based revenue to be up nearly 20%, reflecting the strong fundamentals of the wealth business.
Adjusted EBITDA should be between $225 million and $235 million, slightly below 2020, as the increase in operating expenses will more than offset the contribution from higher revenues.
Adjusted earnings per share is expected to be between $1.95 and $2.08.
This is down from the $2.57 we delivered in 2020 due to the modest decline in adjusted EBITDA and an increase in depreciation expense.
Our guidance also includes the early adoption of a new accounting standard, impacting how we account for our convertible notes, which will lower earnings per share by $0.20.
We ended the year with $385 million in cash and a net leverage ratio of two times EBITDA, down from 2.1 at the end of September.
Similar to last quarter, our $500 million revolver remains entirely undrawn.

Summary:
As a result, our adjusted EBITDA of $65 million was also ahead of expectations, as were our adjusted earnings per share of $0.69.
Adjusted earnings per share is expected to be between $1.95 and $2.08.