CHICAGO, September 25, 2013 — Envestnet | Tamarac, part of Envestnet, Inc. (NYSE: ENV), a leading provider of unified wealth management technology and services to investment advisors, has created a sophisticated composite reporting tool that enables advisors to quickly and accurately compile composite reports that compare the performance of their investment strategies to market indices. This new functionality makes it easy for advisors to demonstrate the value of their model portfolios to both clients and prospective clients, and create composites that conform to industry best practices.
The tool is available through Advisor View®, an elegant portfolio reporting and billing application, offering portfolio performance, analytics, and allocation reports with real-time custodial data. Advisor View is an integrated application within Envestnet | Tamarac’s Advisor Xi® suite, a web-based platform that uniquely integrates best-in-class portfolio management, rebalancing, trading, reporting, billing and client relationship management (CRM) software.
Advisor View’s new composite reporting functionality is integrated with the trading and portfolio accounting systems, allowing advisors to accurately and seamlessly create precise composites without having to export all their data.
“Until now, the process of compiling composite reports has been a manual, time-intensive task with the potential for inaccuracies. For advisors, reporting performance to investors is a fundamental component of their practice, and we believe this powerful tool will help boost their efficiency and profitability,” said Stuart DePina, Group President, Envestnet | Tamarac. “We are transforming the way composite reporting is done by eliminating the manual labor and guesswork for advisors, and providing a valuable marketing and advertising tool for prospective clients.”
For example, one of the difficulties in managing composites is that rules for determining which portfolios should be included in a composite vary from advisor to advisor. Advisor View allows advisors to specify criteria and filter, such as by strategy, advisor or fees, to determine which accounts are used in a composite report. The system then allows accounts to automatically flow in and out of composites as account characteristics change. The automation Advisor View provides around composite reports shaves days off a process that is typically done manually, making the reports much more accessible for advisors.
“Once again Envestnet | Tamarac has responded to the needs of the financial advisory industry with the addition of composite reporting to its integrated RIA platform,” said Mike Minter, Partner at Financial Synergies Asset Management. “We’ve tried other reporting applications in the past, but none have come close to the ease of use and accessibility that Advisor View provides. With little effort, we’re able to run composite reports on a monthly basis and lock in the results to preserve the integrity of the data going forward. Tamarac composites play a key role in internal performance analysis, investment committee meetings, and business development.”
ABOUT ENVESTNET (NYSE: ENV)
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, helps to deeply unify portfolio management, modeling, rebalancing, trading, billing and reporting with a client portal and enterprise-level client relationship management (CRM) system.
For more information on Advisor Xi, please visit: www.envestnet.com/tamarac
Jami Schlicher, JCPR