What You Need to Know
- Also, Envestnet PMC rolled out the Fund Strategist Tax Management Service.
- Morgan Stanley at Work partnered with technology law firm Wilson Sonsini.
- Riskalyze and Allianz Life expanded their relationship.
Fresh off of raising $6 million in seed funding last month, Onramp Invest has now clinched its first risk management integration, via a pact with Riskalyze, the companies said in a joint announcement.
Onramp, a crypto-asset integration platform for financial advisors, launched in May and also offers cryptoasset education to financial advisors with its Onramp Academy.
Onramp also has integrations with Prime Trust, Gemini, Advyzon, CF Benchmarks and CoinAPI.
In the first nine months of 2021, Riskalyze said, it added more than 10,000 financial advisors representing tens of billions of dollars in assets under management to its platform.
Envestnet Launches Tax Management Service
Envestnet | PMC rolled out the Fund Strategist Tax Management Service.
The new service enables financial advisors to “seamlessly manage the tax consequences of fund strategist portfolio accounts, in either third-party manager or proprietary home office” mutual fund and exchange-traded fund models, in accordance with clients’ investment goals, Envestnet’s portfolio consulting group said.
The service was developed in response to feedback PMC said it received from advisors, and seeks to manage tax exposure and improve after-tax returns for FSP accounts invested in ETFs and mutual funds all year long.
The new offering is powered by BlackRock’s Aladdin technology and applies to all model portfolios available via Envestnet’s Fund Strategist Network, consisting of over 140 strategist firms and more than 2,000 portfolios.
The service calculates the potential tax implications of adding the service either to an existing account or moving client assets from an existing portfolio to a new model portfolio on the Fund Strategist Network, based on three possible levels of tax sensitivity.
“Depending on the selected tax-sensitivity level — Moderate, High, or Very High — the service will estimate tracking error to recommend trades that would balance a client’s tax cost with portfolio risk,” the company explained.