CHICAGO, May 15, 2018 /PRNewswire/ -- Envestnet | Tamarac
(www.tamaracinc.com) announced an aggressive enhancement
schedule of new digital features to its award-winning client portal1 that will fundamentally change and enhance how
advisors interact and communicate with their clients.
These new client-portal capabilities are scheduled to be deployed over the course of 2018 and will enable Registered
Investment Advisors (RIAs) to highly customize the online and mobile experience for their various client types. For example,
advisors can offer a more digitized version for Millennials and HENRYs (high earners, not rich yet), while also providing a more
high-tech/high-touch approach for ultra-high-net-worth clients.
"Empowering RIAs with the most advanced client portal capabilities to dramatically enhance how they engage their clients and
differentiate their firm is a top priority for Tamarac," said Stuart DePina, President, Envestnet
| Tamarac. "Our RIA clients represent over $1 trillion in collective assets under management, and
over 90% of them use our portal to interact with their clients and demonstrate the value they provide."
The new features include:
- Client Onboarding and Tasking: The Tamarac platform empowers advisors to automate the various onboarding tasks in a
cohesive, repeatable process. The typical advisor has 15 to 30 steps to onboard a client, such as completing questionnaires,
uploading custodian documents, e-signing forms and opening new accounts. The advisor can bundle together the individual tasks
into templates for the onboarding process and for ongoing interactions such as quarterly and annual meetings. Tamarac is
currently engaged in a pilot program testing automated opening of accounts with custodians such as TD Ameritrade Institutional
and Schwab.
- Automated Risk Tolerance Questionnaire: Advisors will have the ability to create a customized risk tolerance
questionnaire (RTQ) measuring a client's risk tolerance and capacity. The results will be automatically scored and weighted
based on variables, such as age of the client. The score will help guide the advisor in developing an appropriate asset
allocation strategy and re-balancing model target. In addition, the RTQ will enhance compliance oversight by ensuring the
trading and re-balancing approach reflects the client's risk tolerance.
- Client Proposal Generation: Advisors will be able to create a customizable client proposal that details the
prospect's current situation, the recommended investment approach and the expected results. Once a prospect submits the
necessary data, such as a completed risk tolerance questionnaire and links to existing investment accounts and holdings, the
proposal can be formatted in a high-quality PDF and/or a digital report.
- Data Aggregation: The technology leverages full-spectrum data aggregation from balance only to reconciled
transactions, utilizing RESTful APIs to securely and accurately provide clients with their complete financial picture and
reliably power advisors' reporting.
- Personal Budgeting Tools: The tools automatically track a client's spending by budget category and makes intelligent
recommendations based on their historical transaction data. The technology utilizes a rewarding behavioral design to provide
clients with transparency into their complete financial picture and notifications when budget limits are approaching or
exceeded. By incorporating budgeting tools within the client portal, RIAs are able to increase their client engagement and
strengthen loyalty.
- Mobile: All of the client engagement features can be accessed seamlessly via mobile devices such as smart phones
(Android and iPhone) and iPad. Mobile usage is rapidly increasing. A Pew Research Center survey of U.S. adults indicated that
77% own or use smart phones as compared with 35% five years earlier. A total of 73% of U.S. adults owned or used broadband and
51% owned or used tablets2. A study of online investors by Corporate Insights found that younger clients are most
likely to use a smart phone to access their brokerage accounts, with 71% of millennials, 56% of Generation X and 44% of Baby
Boomers using a mobile app3.
About Envestnet
Envestnet, Inc. (NYSE: ENV) is a leading provider of intelligent systems for wealth management and financial wellness.
Envestnet's unified technology enhances advisor productivity and strengthens the wealth management process. Envestnet empowers
enterprises and advisors to more fully understand their clients and deliver better outcomes.
Envestnet enables financial advisors to better manage client outcomes and strengthen their practices. Institutional-quality
research and advanced portfolio solutions are provided through Envestnet | PMC, our Portfolio Management Consultants group.
Envestnet | Yodlee is a leading data aggregation and data analytics platform powering dynamic, cloud-based innovation for digital
financial services. Envestnet | Tamarac provides leading rebalancing, reporting, and practice management software for advisors.
Envestnet | Retirement Solutions provides retirement advisors with an integrated platform that combines leading practice
management technology, research and due diligence, data aggregation, compliance tools, fiduciary solutions and intelligent
managed account solutions.
More than 59,000 advisors and 2,900 companies including: 16 of the 20 largest U.S. banks, 39 of the 50 largest wealth
management and brokerage firms, over 500 of the largest Registered Investment Advisors, and hundreds of Internet services
companies, leverage Envestnet technology and services. Envestnet solutions enhance knowledge of the client, accelerate client
on-boarding, improve client digital experiences, and help drive better outcomes for enterprises, advisors, and their clients.
For more information about Envestnet | Tamarac, please visit www.tamaracinc.com and follow @TamaracInc.
1 http://www.tamaracinc.com/pressrelease/2018_04_05
2 http://www.pewinternet.org/fact-sheet/mobile/
3 http://corporateinsight.com/understanding-millennial-investors/
Media Contact:
Brooke Worden
Weber Shandwick
612.308.6975
bworden@webershandwick.com
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SOURCE Envestnet | Tamarac