Merrill Adds Envestnet Service for UHNW Clients
The resulting reports will include details on clients' investments, regardless of where the assets are held.
Envestnet | Tamarac has formed its first wirehouse partnership and will provide 200 Merrill Private Wealth Management teams and their clients with its portfolio management and reporting solutions.
Advisors in these teams can access Envestnet | Tamarac’s portfolio analysis, reports on performance metrics and a dashboard with details on assets held at other financial institutions.
The firms have started to onboard this data and set up servicing for an initial group of 1,000 MPWM clients.
“We are pleased to be able to offer Tamarac’s … solution to our ultra-high-net-worth clients with complex needs,” according to Don Plaus, head of MPWM.
“This comprehensive new client report will aggregate asset allocation and performance across all of the client’s investments, regardless of where the assets are held,” Plaus explained. “It brings our reporting to the next level and is another demonstration of our commitment to helping make our clients’ lives easier.”
The Tamarac arm of Envestnet aims to help advisors with MPWM “offer aggregated performance reporting to clients with complex financial portfolios,” Envestnet said in a statement.
“Our technology’s unsurpassed capabilities will help provide comprehensive client reporting, regardless of where the assets are held, enhancing the experience of Merrill’s clients,” according to Andina Anderson, managing director of Envestnet | Tamarac.
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