For advisors who are looking for more ways to support the increasingly complex needs of high-net-worth individuals, percent ownership reporting can make the difference. If you manage trust accounts for affluent families, your ability to provide a clear picture of trust beneficiary account reporting can help deepen client relationships. At Envestnet | Tamarac®, we deliver precisely what you need with our Partial Ownership Account feature, developed based on feedback from experienced advisors.

Here are five reasons why advisors use the Tamarac Partial Ownership Account feature:

1. Creates business efficiencies and streamlines workflows

Ownership reporting saves you the time it takes to report on how a trust account is divided among heirs, eliminating the need for separate excel spreadsheets created manually outside the system. With the Partial Ownership Account feature, our reporting system automatically does the math — splitting the parent trust account into new shell accounts to show what each heir will be inheriting according to percentage ownership.

2. Provides customized reporting to meet client needs

You can create a Partial Ownership Account that draws financial value and information from a real financial account in your system so that you can offer clients the same level of granularity and flexibility they have come to expect from Tamarac Reporting. For example, if your client is distributing an individual security to beneficiaries, you can isolate that stock, and our reporting system calculates the split amounts for each heir.

Ownership reporting is also valuable to give your clients a closer look at alternative investment shared ownership. If there is a pooled investment with multiple owners who each own a piece of the partnership, you can break out the designated ownership reporting for each limited partner.

3. Shows a view of full financial worth

With your ability to show clients a clear picture of jointly owned accounts, you provide a more holistic view of their wealth. This comprehensive view allows you to engage in more in-depth multi-generational conversations about inheritance and legacy planning.

4. Allows access to reporting from the Tamarac Client Portal

To provide your clients with comprehensive reporting packages, ownership reports can be added to the Tamarac Client Portal. If you give access to ownership reporting for the partial owner, make sure you create a new client portal to ensure the safety of other client data.

5. Serves as a valuable prospecting tool

As you look to grow your practice and demonstrate the value you can add with sophisticated reporting, create a generic demonstration account. In doing so, you can show an account based on actual assets under your management but created without any personal client data. This presents a valuable opportunity for you to show prospects how you manage trust accounts and can then lead to broader conversations on the guidance you offer clients to help them on the path to achieving financial wellness.

An example: Partial Ownership Relationship Diagram

A picture tells a thousand words, and that is especially true when helping clients understand the multiple relationships in their trust accounts. Our Relationship Diagram lets you visually show clients the mapping for their trust assets and helps them see the big picture of their specific situation — illustrating all their accounts and how the assets are to be distributed.

For illustrative purposes only. Not based on actual client data.

Learn more about how you can bolster your reporting capabilities with Tamarac
To learn more about how you can add value to client relationships with Tamarac Reporting solutions and our Partial Ownership Account feature, visit www.tamaracinc.comor give us a call at 866-525-8811.

Written by Jessica Martin

Jessica Martin has been with Envestnet | Tamarac for over 10 years and is Vice President of Sales Engineering. Jessica is responsible for helping users understand and implement best practices, assist RIAs to experience the greatest benefits from Tamarac’s comprehensive technology platform and to enable firms to run a more profitable practice.

%d bloggers like this: