A Preview of Tamarac’s 2023 Roadmap

1 MIN. READ

Jan 09, 2023

Our RIA Sales team previewed the 2023 Envestnet | Tamarac tech roadmap and reviewed additional integrations and services.

At a recent online webinar, “A Look Ahead at the 2023 Tamarac Roadmap,” our RIA Sales team previewed the 2023 Envestnet | Tamarac tech roadmap and reviewed additional integrations and services. Hosted by Jessica Martin, RIA Senior Sales Engineer, the webinar featured tech updates and demos from Ryan Bamert and Dan Miller, VPs of Product at Tamarac. Our webinar drew Registered Investment Advisors (RIAs) from around the country focused on 2023 planning and the selection of the right wealth management technology to serve the evolving needs of their clients.

Martin opened the webinar by providing an overview of how Tamarac helps RIA navigate and understand the Envestnet Financial Wellness Ecosystem, serving as the hub that allows advisors to access all the tools and technology Envestnet offers. She discussed the Intelligent Financial Life that enables RIAs to take a holistic financial approach with end-clients and how Tamarac helps RIAs build their unique operating system based on firm and client needs.

Martin reviewed the tools and the ecosystem that’s been built over time to support RIAs:

  • Run an office more efficiently with integrated portfolio accounting, reporting, trading, and CRM
  • Add goals-based and cashflow-based financial planning through MoneyGuide and turn data into actual insights with analytics
  • Help optimize clients’ portfolios with unified managed accounts, tax overlay services, and direct indexing, along with new solutions to help address needs for credit, protected income, and trust services

Here’s a recap of what we covered on the Tamarac technology platform enhancements coming in 2023.

Focus on Tamarac Reporting

Bamert provided an overview of Tamarac Reporting, focused on the new and modernized user interface and true external API. He explained that the Tamarac makeover initiative focuses on improving the platform’s user interface and aligning with Envestnet’s new design standards. According to Bamert, by providing users with a more modern digital experience, Tamarac stands to perform competitively in an increasingly agile financial technology marketplace.

He covered the series of releases planned for 2023, including the first release covering a significant portion of the day-to-day use cases. The remainder of the releases will include billing, client reporting, custom documents, main set-up pages, and the Trading dashboard. Bamert then provided a demo of what RIAs can expect in the new Tamarac Reporting release and the new external API.

Focus on Tamarac Trading

Miller then joined the webinar for a walk-through of the roadmap for the Tamarac Trading platform and discussed updates that will be happening over the next year:

  • Deliver category restrictions as a new functionality so RIAs can restrict securities held in an account
  • Introduce a new streamlined Tamarac Trading workflow to consolidate workflow, streamline actions and provide access to a new rebalance summary report
  • Make the Tamarac Trading process more efficient for advisors, including giving more access to the proposal tools available inside the Envestnet ecosystem, supporting firms that only need a trading solution, and making additional updates to the rebalancing logic so that new trading operations are available to users

Miller concluded with a demo of what functionality advisors can expect and demonstrated the new streamlined workflow goals with examples of the efficiency and productivity gains that can be achieved through enhanced usability.

Focus on the new Client Portal

The discussion shifted back to Bamert to cover the new Envestnet Client Portal. He discussed Envestnet’s strategic vision and objectives for the new Client Portal, bringing together the foremost elements of Envestnet in a unified experience to help clients live an Intelligent Financial Life. According to Bamert, the new Client Portal:

  • Provides clients with centralized access to their investment, spending, and financial planning data with features and functionality to help drive engagement
  • Enhances the advisor/client relationship with a customizable experience tailored to help meet the needs of different client segments or specific individual investors
  • Empowers clients to potentially realize a higher level of financial wellness with detailed insights and intuitive workflows

Bamert concluded with a walk-through demo of the browser and the desktop versions of the new Client Portal, including what will be available in 2023. Finally, he reviewed the new Client Portal mobile app and what the experience will look like for your clients.

Focus on Managed Accounts

The discussion shifted back to Miller to review new functionality for managed accounts and the plan for providing Tamarac clients with better access to Envestnet’s capabilities. Miller explained that the enhancements are designed to help advisors create managed accounts as seamlessly as possible, given the data available through Tamarac.

He shared the new workflow for accessing managed accounts and making the bridge from the Tamarac platform to the Envestnet platform. Miller then walked through a demo highlighting the integration with Tamarac Reporting and the benefits that it will bring to RIA firms.

Focus on New Services and Integrations

Martin concluded the webinar by highlighting additional services and integrations available through Tamarac, including:

  • RIA Analytics – A holistic solution that provides industry, practice, and client insights ultimately aimed at providing your firm with actionable intelligence and customized analytics
  • Advisor Credit Exchange – A turnkey credit offering that enables advisors to quickly and easily generate automated credit proposals for their end-clients for a seamless handoff to lenders for a “white-glove” approval and origination experience
  • Alternatives Exchange – A relationship between Envestnet, UBS, and iCapital to provide the highest quality alternatives curation and breadth of offerings to independent advisors.

Learn More

If you missed our exclusive online webinar, “A Look Ahead at the 2023 Tamarac Roadmap,” Watch the replay.

To learn more about how you can access all the tools and technology we offer, connect with us at tamaracam@envestnet.com or RIASales@Envestnet.com.

Phill Rogerson

Written by Phill Rogerson

SVP, RIA Wealth Strategy, Envestnet

As Head of RIA Strategy and Distribution, Phill is responsible for the delivery of investment services and solutions to the RIA channel. Previously, he spent 28 years at Russell Investments as Managing Director of Private Client Services. Phill also served as an independent consultant providing business and investment management advice for financial services and asset management firms.

View all posts by Phill Rogerson

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