Envestnet | Tamarac Launches Portfolio and Client Management Platform

The Tamarac platform allows RIAs to license the specific software they need for reporting, trading and CRM, with the option to add components as their firms look to automate more of their business.

Envestnet | Tamarac has launched the Tamarac platform, a completely redesigned version of its portfolio and client management software solution for independent registered investment advisers (RIAs), previously known as Advisor Xi.

Tamarac will feature a complete overhaul of Advisor Rebalancing, a portfolio rebalancing and trading application, to be fully integrated with the Advisor View portfolio management and performance reporting application to create a seamless user experience. These applications, now known as Tamarac Trading and Tamarac Reporting, are combined in a single, intuitive software interface. With a single point of entry for all data and a simplified account opening and group management process, advisers will be able to better customize client reports and communications, reduce the time it takes complete transactions and tasks, and respond more quickly to client needs.

Tamarac CRM, the client relationship management system designed specifically for independent advisers and built on the Microsoft Office 365 platform, will open up new options for advisers as they add and qualify leads and track business processes. The enhanced Tamarac CRM will provide advisers with greater field and entity customization, along with access to a broad range of third-party productivity integration partners in Microsoft’s app store. Optionally, RIAs already using Salesforce can use the new Tamarac App in the Salesforce AppExchange to enhance their CRM and benefit from the bidirectional data flow and workflow automation that Tamarac provides.

Tamarac will also include:

  • New client prospecting, proposal generation, account opening and onboarding capabilities built into its client portal (coming in 2018);
  • New mobile apps that enable advisers to seamlessly share financial data and tasks with clients on their iOS and Android mobile devices;
  • An upgraded document vault that makes document sharing easier and more secure, with the ability to track all parties who have viewed and changed documents;
  • Data aggregation, including balance-only data for presenting client assets and liabilities in net-worth reporting and, coming in 2018, reconciled transactions and holdings information;
  • Advanced business intelligence analytics and reporting to help advisers track the health of their business and benchmark their firm against other RIAs; and
  • Personal financial wellness tools within the Tamarac portal, enabling investor clients to group, track and act on all their transactional data—including proactive budget alerts and recommendations (coming in 2018).

As a modular platform, Tamarac allows RIAs to license the specific software they need for reporting, trading and CRM, with the option to add components as their firms look to automate more of their business. Tamarac is also an open platform, with a large and growing list of supported integration partners—giving advisers the flexibility to build a technology network that supports their particular needs.

“Never has it been more critical for advisers to stay connected with clients and anticipate their needs,” says Stuart DePina, president of Envestnet | Tamarac. “Tamarac helps advisers develop plans and recommendations driven by data and their own expertise, so clients feel more confident about their portfolios and advisers drive better outcomes for their businesses.”