Envestnet ৷Tamarac Rolls Out Industry's First System-Integrated Percentage Ownership Capability

As Part of Latest Tech Update Release, Advisors can Create, Modify & Report on Percentage Ownership Accounts in Envestnet | Tamarac's Advisor View

Envestnet | Tamarac has implemented this year's first installment of technology updates to its Advisor Xi platform. These include the introduction of an innovative feature enabling advisors to create new accounts in the Advisor View portfolio management application that are populated with percentages of the assets in other accounts. These accounts can be customized and tracked in Advisor View, marking the first time that such a "percentage ownership" capability is available to advisors as a fully integrated component of a portfolio accounting system.


"We consistently look for ways to improve the user experience for advisors who rely on our platform—last year, we completed 665 technology enhancements," said Stuart DePina, Group President of Envestnet | Tamarac. "The percentage ownership feature, also born out of our dedication to continually making our technology better, breaks new ground in the wealth management industry. Advisors with these accounts no longer have to manually reconstruct and report ownership data or changes—they can accurately, and flexibly, capture and communicate all ownership percentages from within Advisor View."

When setting up percentage ownership accounts in Advisor View, advisors can set ownership splits at the account or security level, or a combination of both. Advisor View maintains a historical record of account splits, allowing advisors to adjust (and report on) ownership percentages over time from within the application. All Advisor View reporting options—including dynamic holdings reports, performance and transactional reports, and PDF reports—are available for these accounts once they have been created. Advisors can also upload reports about percentage ownership accounts to the Advisor View client portal.

This integrated feature has many practical uses for advisors. For example:

• Advisors can show trustees their portion of a trust account.
• Advisors can provide reports to individual investment partners demonstrating the performance of their stake in a partnership—as well as the partnership's overall asset performance.
• Advisors can create demo accounts for prospective clients, tailoring account values for prospects and showing them a detailed view of what their accounts would look like in Advisor View. The experience can be further customized for prospects with the addition of generic or targeted client information.

"These new features will enhance the Advisor View reporting experience for families who use complex estate planning tools, such as family limited partnerships," said Bret Magpiong, Managing Director of Family Office Services at Aspiriant. "We can now include data related to the partial ownership of a family limited partnership in a family unit's reports—and do so at the transactional level, which will help us to better communicate the holistic view of the clients' assets and investment allocations."

In addition to Advisor View's new portfolio ownership feature, the application now offers composite reporting for specific categories of securities. Advisor Rebalancing and Advisor CRM—the other two components of Advisor Xi—have also undergone enhancements during Envestnet ৷Tamarac's latest round of tech updates. These include:

Advisor Rebalancing

• Greater control over individual page permissions for editing and view access, as well as security enhancements related to dual-factor authentication.
• The capability for tax-loss harvesting rebalances to show the specific lots to be sold to certain custodians (Charles Schwab & Co., TD Ameritrade, and Fidelity Investments), which helps ensure that the most tax-efficient trades are executed.
• Enhancements to Envestnet ৷Tamarac's order management system, Advisor OMS, which allow manual fills and allocations for brokers and custodians which may not have a Financial Information eXchange (FIX) connection in place, as well as for securities that are traded away outside of Advisor OMS.

Advisor CRM

• A new system view, "Clients I Work With," provides information on all clients for which the user is part of the service team.
• Another new system view, "My Service Team's Activities," provides records for all clients and leads in which the user is listed as part of the service team.

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