As advisors think about transitioning to a new portfolio accounting system, their biggest concerns generally center around client data — the processes in place for efficient data onboarding and ongoing data maintenance once the new partnership is in place. As a leader in reporting capabilities, when firms make a transition to Envestnet | Tamarac®, they receive our data pledge for going above and beyond. Our commitment to guide them every step of the way through the onboarding process is supported by our knowledgeable and tenured data consultants.

To understand what goes into our rigorous onboarding process, here’s an inside look at the services we provide for database set up and maintenance. Our goal is to ensure that when firm data flows into Tamarac Reporting and Trading, it has gone through our comprehensive data review process and matches reports from the legacy system as closely as possible. We take the time upfront to ensure there is no disruption to our client’s past reports through a robust and battle-tested onboarding process.

Here are the steps we take in our formal onboarding process and database maintenance:

Database Set Up

Establishing direct data feeds with firm custodians is the first step that we take in order to make sure we can capture the daily activity in clients’ accounts. Our setup accommodates all major custodians. In the case where a direct data feed isn’t available, we offer connectivity to thousands of institutions through third-party aggregators. Once these feeds are established and verified, the conversion and setup process gets underway.

Database Maintenance

For daily share reconciliation, we identify all accounts for which data feeds are needed (open accounts) or balances cleared (closed accounts). We process transactions, security pricing, and corporate actions to reconcile share and cash balances. Any accounts that cannot be reconciled using the custodial data feed are reviewed, and advisors are notified to determine the appropriate course of action.

For daily cost basis reports, we set up an integration to populate cost basis reports with open and closed lot data from the custodian. Because the custodians maintain cost basis records, each firm should review their cost basis reporting requirements.

Reviewing Data for Our Daily Performance Interval Calculations

Our daily performance interval calculation process makes the real difference for our clients. We offer a variety of highly customizable reports that allow firms to display detailed information on client holdings, performance detail and summary, tax lots, income, gains/losses, capital flows and account activity. In addition to that our performance reports can be compiled at the security, category, account, and reporting group level. Tamarac Reporting calculates a daily interval down to the security level which gives clients flexibility and endless configuration options.

Daily valuations provide an increase in data quantity, but also result in many data points to review. Through our onboarding process, we will review the transaction and daily pricing data from the previous reporting system as well the daily intervals calculated within Tamarac Reporting. We will fill in missing pricing data where available and correct data anomalies to help smooth performance spikes — so firms can be confident in the integrity of their data. Advisors can expect small changes in previously reported returns when changing reporting platforms and reporting calculations. The onboarding process concludes with a performance comparison with the previous reporting system allowing firms to have a full understanding of their data.

Post-Onboarding

Our ongoing data maintenance process is second to none. Our robust operational site allows us to focus on getting ahead of problems that might come up later. In addition to our standard data processing services, we offer customized, automated data audits that can be run on a daily basis. These audits allow advisors to trust the integrity of the data and get even more value from it. Working with an experienced Tamarac Reporting consultant, advisors have the opportunity to learn best practices, create the reports they need internally as well as for their end-clients and establish a workflow that allows them have confidence when communicating and sharing reports with clients.

Learn More

Learn more about the intelligence of Tamarac Reporting, our onboarding process, and how our Advisor Services Team puts your data first. Visit www.tamaracinc.com or give us a call at 866-525-8811.

Written by Matt King

Matt King has been with Envestnet | Tamarac since 2012. He started as an Advisor Services support team member and later joined the onboarding team as a Data Specialist. Throughout his time at Tamarac Matt has helped hundreds of firms transition onto the Tamarac platform and optimize daily operations processes. Matt has since taken on a leadership role within the organization and currently oversees the Tamarac Advisor Services Onboarding team.