Chicago, IL – August 13, 2014Press Release
Beacon Pointe Advisors, one of the Nation's Largest Independent RIAs, Selects Envestnet | Tamarac™ Software and Service to Fuel Growth
Cutting-Edge Advisor Xi® Advisory Practice Management Platform Streamlines OperationsEnvestnet | 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, announces that Beacon Pointe Advisors, one of the largest independent registered investment advisors (RIAs) in the nation, has chosen Tamarac's Advisor Xi® product suite to integrate its operating systems and meet its long-term goals for practice growth.
Newport Beach, CA-based Beacon Pointe, which manages more than $7 billion in client assets in over 5,000 financial accounts, takes a holistic approach to wealth management in order to design portfolios meeting the unique needs of high-net-worth individuals and families, as well as institutional clients such as endowments and foundations. The firm was initially drawn to Envestnet |Tamarac's Advisor View™ portfolio reporting, client portal, and billing application, which is part of Advisor Xi, the firm's web-based platform for independent RIAs. However, after learning about the powerful capabilities of Advisor Xi's fully integrated system, Beacon Pointe chose to implement the entire suite.
"Advisor Xi's RIA platform provides firm-wide desktop and mobile access to client accounts and real-time data from a single location, which will bring tremendous benefits to Beacon Pointe's advisors and clients," said Stuart DePina, Group President, Envestnet | Tamarac. "We look forward to working with Beacon Pointe to help the firm deliver efficient client service and achieve its growth objectives."
Beacon Pointe has grown rapidly since its establishment in 2002, and now includes five affiliate firms. Its client base climbed by 30% over the four-year period ending December 31, 2013. As a result, the firm needed stronger and deeper technology integration to support its business.
Beacon Pointe is seeking to open an additional 35 offices across the nation through acquisitions and partnerships over the next ten years. The firm's previous technology providers could not deliver the necessary scalability to accommodate such an ambitious expansion. The integration of Envestnet | Tamarac's portfolio management, accounting, reporting, rebalancing, billing, and other applications, as well as an interactive client portal, within one system used throughout Beacon Pointe's divisions and affiliates enables its advisors to dedicate more time to servicing and communicating with clients, and allows newly acquired practices to quickly align with the firm's operations.
"Our advisors are excited to be able to provide high-quality and efficient client service from anywhere with the help of Envestnet |Tamarac's Advisor Xi," said Steven Beals, Director of Operations, Beacon Pointe Advisors. "Our relationship with Tamarac not only enhances our ability to quickly access real-time data, generate reports, and aggregate assets firm-wide, but also provides more meaningful client communication and prepares our organization to rapidly acquire and integrate new teams as we move forward with our expansion plans." More Press Releases Schedule a Demo