Before we discuss our results, I encourage you to review the cautionary statement on Slides 2 and 3 for our customary disclosures.
Envestnet achieved strong adjusted revenue growth of 20% for the quarter and 18% year-to-date.
We're already a market leader with $5.4 trillion in platform assets, but we can deliver consistently higher revenue growth by deepening our relationships, and offering new and better solutions to our over 108,000 financial advisors and our growing roster of more than 625 fintech firms.
Over the last five years, Envestnet AUM/A organic growth rate has exceeded the managed account industry each and every year by approximately 500 basis points.
We now have $5.4 trillion in assets across 108,000 advisors, an increase of $240 billion in assets over the last quarter.
We are now opening more than 20,000 new accounts every week.
We've also added several new large financial institutions over the quarter, which has helped us reach a total of 17.3 million accounts that we serve.
In addition, the average number of accounts per advisor on our platform grew 9% year-over-year.
These are personalized services like direct index portfolios, like sustainable investing strategies, which have grown by 86% year-over-year showing the increasing focus on ESG and impact investing.
19 new firms have enabled tax overlay to their advisors, and several hundred advisors used tax overlay for the first time since June 1.
In September, we piloted our next generation proposal tool with over 100 clients of ours.
There is real momentum in our efforts, as the Envestnet Insurance Exchange recently surpassed $1 billion in insurance assets served.
Adjusted revenues for the third quarter grew 20% to $303 million, compared to the third quarter of last year.
Adjusted EBITDA was down 2% to $66 million, compared to the third quarter of 2020, outpacing our expectations for the quarter, and at the same time, reflecting the impact of our investment initiatives.
Adjusted earnings per share was $0.61.
Quickly on the balance sheet, we ended September with approximately $394 million in cash, and debt of $860 million.
Our net leverage ratio at the end of September was 1.7 times EBITDA.
We continue to expect the investments to account for roughly $30 million of operating expense this year.
We continue to expect the accelerated investments to annualize to a run rate of approximately $45 million in 2022, at which point they should be completely in our expense base and grow at the same rate of our operating expenses thereafter.
But to summarize, for the fourth quarter, we expect adjusted revenues to be between $310 million and $312 million, up 17% to 18% compared to the fourth quarter of 2020.
Adjusted EBITDA to be between $54 million and $55 million as we further ramp up the investments, and earnings per share to be $0.49.
We expect adjusted revenues to be between $1,177 million and $1,179 million, up approximately 18% compared to 2020.
Adjusted EBITDA to be between $259.5 million to $260.5 million, representing growth of 7% for the full year, when the midpoint of our initial expectation for EBITDA was to be down around 5%.
EPS for the full year to be $2.41, which is $0.40 higher than the midpoint of our original guidance back in February.
Second, our data and analytics segment has grown subscription revenue around 4% in the first nine months of the year, compared to the same period last year.
As we continue to execute on our strategy in the coming years and benefit from the investments we're making now, we will capture more of the opportunities we've identified, positioning us to attain our longer-term targets of $2 billion of revenue, and adjusted EBITDA margin expanding into the 25% range by 2025.

Summary:
Adjusted revenues for the third quarter grew 20% to $303 million, compared to the third quarter of last year.
Adjusted earnings per share was $0.61.
Adjusted EBITDA to be between $54 million and $55 million as we further ramp up the investments, and earnings per share to be $0.49.