Chicago, IL – March 12, 2014Press Release
Envestnet | Tamarac Provides RIAs With Scale Necessary To Expand Through Acquisitions
Custodian-Agnostic Platform and Unified, Web-Based Technology Bolster Firms Relying on Acquisitions for GrowthEnvestnet | Tamarac, a division of Envestnet, Inc. (NYSE: ENV), a leading provider of integrated, web-based portfolio and client management software for independent advisors, announces that firms such as Wealth Enhancement Group (WEG), which incorporate acquisitions as part of their engine for growth, are utilizing Tamarac's Advisor Xi® platform to scale their operations and ease consolidation among firms.
"Consolidators and independent advisory networks have become critical drivers of growth in the RIA universe, with varying business models designed to provide advisors with a network of solutions to support their growth," said Stuart DePina, Group President, Envestnet | Tamarac. "In addition to household names such as Dynasty Financial Partners and Focus Financial Partners - all of which have RIAs leveraging our Advisor Xi platform - there is a growing trend whereby established RIA firms are adopting a growth-through-acquisition strategy. The progress these growing, but just as capable, firms are making with our technology to help manage relationships with multiple custodians and build scale is further validation that we are well-positioned to meet their needs as they set out to easily absorb new acquisitions."
WEG, for instance, utilizes a business model that is selective about acquiring and integrating other businesses and working seamlessly with multiple custodians. By leveraging Envestnet | Tamarac's Advisor Rebalancing® tool since 2010, WEG has been able to standardize and streamline its portfolio management, rebalancing and trading processes. Advisor Rebalancing outputs preformatted trade files for accounts when integrated with the platforms of WEG's custodians, including Schwab, Raymond James and LPL Financial.
Advisor Rebalancing is part of Advisor Xi, Tamarac's custodian-agnostic, web-based platform designed to deeply integrate portfolio management, billing, rebalancing, trading and performance reporting software with an enterprise-level client relationship management (CRM) system and an online client portal.
"Using Advisor Rebalancer, Wealth Enhancement Group [through its subsidiaries] is able to manage client portfolios more efficiently by managing model portfolios, monitoring thousands of client investment accounts on a daily basis for drift or any custom trading triggers, and executing tactical moves in minutes," says Ken Severud, COO of Wealth Enhancement Group. "Now that we can output preformatted trade files for LPL Financial, our trading efficiencies can be applied to our relationship with LPL." More Press Releases Schedule a Demo