Envestnet Tamarac Adds Tool for Full Asset, Liabilities Reporting

“The advisor of the future needs to demonstrate more value for clients through holistic wealth management,” DePina said. “Our updates in this technology release enable advisors to seamlessly service all aspects of a client’s financial life while growing their practices — and all by using one platform.” 

In addition, Tamarac has created bulk reports and uploads to help advisors more efficiently manage assets and liabilities for multiple accounts. The data set files work with Advisor View specifications, so advisors do not have to manually create them.

(Last week, Wells Fargo Advisors agreed to pay a $1 million fine to regulators to settle allegations that it failed to adequately supervise advisors’ use of consolidated client reports from mid-2009 to mid-2015; the Financial Industry Regulatory Authority cited problematic use of a software tool used to create over 5 million consolidated reports and manual entry of information in its findings.)

Envestnet says over 52,000 advisors and 2,500 firms, including 38 of the 50 largest wealth management and brokerage firms and more than 500 large RIAs, use its technology.

Last month, Envestnet released new climate change, ESG and gender lens investing portfolios in partnership with Sustainalytics and Veris Wealth Partners, called Impact Quantitative Portfolios, which are managed by Envestnet PMC.

“These targeted portfolio solutions can empower advisors to demonstrate more value for clients who wish to align their investments with their personal interest in making a positive impact — a trend that has been increasing, particularly among millennials and women,” Jim Lumberg, co-founder and executive vice president of Envestnet, said in a statement.

— Check out Envestnet Acquires Data Analytics Provider Wheelhouse Analytics on ThinkAdvisor.