10 Tips for Successfully Implementing New Technology Solutions for RIAs

CHICAGO, Oct. 22, 2014 - Envestnet | Tamarac™, a division of Envestnet, Inc. (NYSE: ENV) and a leading provider of integrated, web-based portfolio and client management software for independent advisors and wealth managers, has released an original study for Registered Investment Advisors (RIAs) to use as a resource before, during and after the implementation of new wealth management software.

The full white paper, including two RIA case studies, is available on Tamarac's website: www.tamaracinc.com/White-Papers.aspx

"Advisors' success depends on identifying the right technology provider and laying the groundwork for a seamless implementation of new products," said Stuart DePina, Group President, Envestnet | Tamarac. "Our study offers a step-by-step guide to choosing technology vendors and products, and ensuring that the rollout of new software goes smoothly."

The study provides a step-by-step checklist with attributes RIAs should look for when evaluating potential technology vendors, such as:

  • Ensuring your vendor has always been in the cloud
  • Understanding software add-on options and cross-product integration capabilities
  • As well as history of delivering scalability to practices of the same size and a culture that values ongoing technical support and education.

In addition, the white paper includes case studies demonstrating the successful implementation of a unified wealth management technology platform—Advisor® Xi, Envestnet |Tamarac's web-based platform for independent RIAs.

Reaping the Rewards of Successful Implementation:

"We believe an open-architecture platform unifying portfolio management, reporting, billing, rebalancing, and trading software with an enterprise-level client relationship management system is the best way for RIAs to experience long-term gains in efficiency and profitability," said Mr. DePina. "Our paper's case studies provide recent examples of how RIAs, which were struggling to take on new clients prior to implementing Advisor Xi, now have the scalability to help meet the needs of any client, no matter how big or small."

"We didn't set out looking for a fully integrated technology platform, but after seeing the demonstration of the entire Advisor Xi offering, it was clear that this would benefit our firm so much more than implementing just rebalancing software," said Helen Modly, CFP, CPWA, Wealth Manager and Executive Vice President at Focus Wealth Management, Ltd.

Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance, and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective, and fully-aligned standard of care, and empower advisors to deliver better outcomes.

Envestnet | Tamarac's web-based platform for independent RIAs, Advisor Xi®, deeply unifies portfolio management, modeling, rebalancing, trading, billing, and reporting with a client portal and enterprise-level client relationship management (CRM) system.

For more information on Tamarac Advisor Xi, please visit www.envestnet.com/tamarac and follow @TamaracInc.

Laura Simpson
(973) 850-7319

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