Envestnet | Tamarac, part of Envestnet (ENV), a 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.
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The tool is available through Advisor View, a 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 integrates 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.
Stuart DePina, group president of Envestnet | Tamarac, said: "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.
"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," DePina added.
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By GlobalDataMike Minter, partner at Financial Synergies Asset Management, said: "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. Tamarac composites play a key role in internal performance analysis, investment committee meetings, and business development."
