Tech provider Envestnet says that advisors using its portfolio management and performance reporting application, Advisor View, can now add household assets and liabilities information.
“Our integration with Envestnet Yodlee enables advisors to provide their investor clients with a complete financial picture, including assets and liabilities – further strengthening their relationship and the value they provide,” said Stuart DePina, president of Envestnet Tamarac, in a statement.
(Envestnet bought the tech firm Yodlee, an online hub for consumer-finance applications, for about $590 million last year.)
This new feature lets advisors view data for credit cards, investments, loans and mortgages, for instance, in Advisor View, while clients can do the same in the client portal, according to the company.
“By sharing consolidated, holistic wealth assessments through the Advisor View client portal, advisors can engage with clients to make well-informed financial decisions that can lead to better outcomes.”
The new technology, the company says, can bring together and analyze data from over 15,500 sources, such as financial institutions and billers. Also, advisors and clients can enter assets not tracked by Yodlee, such as art collections, into Advisor View.
In addition, advisors can generate net worth reports for themselves and clients.
“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.