Our 2023 enhancements fell into three categories: reporting, trading, and CRM. Let’s review the highlights and where users can go for more information about what’s planned for 2024.
Reporting updates
Based on market trends and an emphasis on user feedback, we started 2023 with a focus on Alternatives reporting and refinement of compliance reporting. Last Valuation Value and Recallable Distributions were added to the Committed Capital Report, along with the ability to group by Vintage Year. A new column based on required SEC format changes, FIGI, was added to the 13F Bulk Report, which allows a firm to run their own 13F report. By popular demand, editable Transaction Notes were made available, allowing users to track additional notes alongside notes from the custodian on transactions.
As the year progressed, we launched a new user experience, enhancing the overall platform look and feel, and introduced the new Client Portal for a unified client experience. The new Client Portal experience brings together investment results, financial planning via Envestnet | MoneyGuide, and short-term budgeting and spending insights, which allows the advisor to be the center of an investor’s financial digital experience.
Additionally, we updated Composite reporting to align with the latest Global Investment Performance Standards (GIPS) and began a major upgrade of the Projected Income report. As a result, more configurable date periods and five new dispersion data points were added to the Composite Statistics report. And finally, additional grouping and setting options, including the ability to include Manual Securities, were added to the Projected Income report.
As the year concluded, we actively addressed client feedback by incorporating efficiency tools and updates to Report configurations and settings, and Bulk Reports. The PDF Scheduler was introduced to reduce monotony and streamline the PDF generation process. With just a few clicks, users can generate and share reports automatically with clients.
To help facilitate year-end ADV auditing, users can now directly export household details from the Compliance ADV report to a CSV file. New columns were added to both the Committed Capital and Bulk Report. We also added new data sets to the Bulk Report to provide fuller data extract capabilities.
Trading updates
In our November 2023 release, we announced a new feature that provides the ability to create Envestnet proposals using Tamarac account holdings. This new feature allows users to easily create proposals and establish manual accounts on the Envestnet platform using Tamarac data, streamlining the onboarding of new clients and enhancing business efficiency. In addition, users are now able to send account information, holdings, and tax lots to the proposal tool, which further boosts efficiency. Now, a firm can launch directly into the proposal to build a UMA account as well as add tax overlay with only a click.
We also added the capability to incorporate managed accounts into the workflow inside Tamarac Trading. A common use case for Separately Managed Accounts in Tamarac Trading is to use an SMA in one or two asset classes within an allocation. Previously this added operational overhead to the trading workflow because there was not a seamless way to communicate changes in allocations to the Separate Account Managers. That is no longer the case with the new integration, as the allocation changes are communicated upon Approval of the account in the Trading workflow. In addition, an existing custodian account can be turned into a managed account, and multiple SMA strategies can be held in the same custodian account using Envestnet’s Unified Managed Account (UMA) capabilities.
Throughout the year, we made several tactical updates to the Rebalance page within the Tamarac platform. These include:
- Creating a new spreadsheet view option, which allows users to review accounts in a consolidated format, creating efficiencies in trading workflow
- Adding additional columns such as deviation to the Rebalance page
- Streamlining ways to add new securities during the trade workflow
CRM enhancements
Similar to our integration with Envestnet proposal tools, users are now able to access Envestnet Insights directly from the Tamarac CRM portal. Insights are action items generated by Envestnet Data & Analytics that suggest portfolio topics, potential issues, or notes advisors may want to review with their clients. Our Insights Engine reviews an entire book of business on a daily basis to identify over 100 potential client action items. For example, our Insights show:
- Portfolio holdings, including high-fee products, underperforming assets, inflows/outflows, high levels of cash, and mutual fund distributions
- Tax planning opportunities, including unrealized losses in underperforming products and tax loss harvesting
- Envestnet | MoneyGuide financial planning opportunities, including financial plan needs updates, upcoming liquidity events, and retirement needs
In addition to the Insights integration, we also introduced a Snowbird feature which enables users to easily update clients’ mailing addresses for a specified duration (e.g., when the family spends a season in a different location). This functionality automates the entire address updating process, saving valuable time and effort.
RIAs need to be efficient to be successful
In 2023, we made significant updates to improve workflows and our user experience. As we look forward to 2024, we plan to continue supporting RIAs as they work to grow their businesses. Check out our 2024 Roadmap to see what is coming next—view the webinar replay here.
We’re excited to see how RIAs will innovate and grow using our technology in 2024.
Visit www.tamaracinc.com or call us 866-525-8811 for direct support.
