We’re off to a busy start to 2021 and excited to introduce six new enhancements to our Envestnet | Tamarac Reporting® and Trading® capabilities. In our regular “What’s New from Tamarac” series, we highlight the latest innovations that support your relationships with clients and, ultimately, your ability to help them achieve financial wellness.
From more comprehensive tax planning data on our Comparative Review Report to more seamless reporting integration with our Envestnet UMAs, we’re committed to increasing your practice’s efficiency through a culture of innovation and service.
Here’s a look at six enhancements from our latest tech release:
1. New Tax Planning Summary version of the Comparative Review PDF Report available
During tax season, we know you work hard to gather all the information your clients and their accountants need to build efficient tax filing strategies. To provide comprehensive tax planning estimates in the past, you needed to collect data from at least three different reports across the Tamarac platform. Now, we bring all this data together in a new tax planning version of our Comparative Review PDF report.
With this enhancement, we help streamline your data aggregation process, saving you time and making it easier for you to deliver relevant tax details to your clients. And with more than 40 new data points now available, we know you’ll have all you need to help clients navigate through tax filing for 2020.
2. Automatically Access 1099s and Other Schwab Documents in the Document Vault
With the arrival of tax-filing season, your clients start thinking about collecting 1099s and the other documents their tax preparers need. Especially for clients with more complex investment strategies, gathering the appropriate tax documents can be challenging.
To make it easier for you to provide all the documents your clients need, we’ve made changes that give you access to Schwab tax documents through the Tamarac Document Vault. With this integration, you can view and download tax files, statements, and trade confirmations from Schwab directly to Tamarac and then share those files with your clients. Note that this new level of access is only available for advisors and not clients at this time.
3. View and Report on Envestnet’s Unified Managed Accounts (UMAs) in Tamarac with Sleeves
We now offer seamless integration to view Envestnet UMAs and associated sleeve accounts in Tamarac. You can view sleeve accounts for firms using the Tamarac UMA initiative on the Envestnet ENV 2 platform. This enhancement brings yet another piece of your client’s investments together in Tamarac, giving you a more holistic view to better serve client needs. And with managed accounts, you have the ability to do direct indexing and integrated tax and impact overlays. To learn more about our unified managed account solution, click here.
4. Beta Test the New Rebalance and Rebalance Summary Pages
We’re thrilled to introduce the beta version of a reimagined Rebalance page and Rebalance Summary report with this release. Although these new pages are available with only basic functionality today, we wanted to give you early access to test them out. You will find faster page loads, streamlined trading workflow, additional functionality-like views, column filters, and new actions. Over the next few months, we’ll round out the available features to produce final pages that will significantly streamline your Tamarac Trading experience.
5. Only Sell Funding Source to the Model Target in Directed Trades
When in directed trades, you can use “Show Funding Sources” to specify securities to sell as funding sources when creating a directed trade that includes a buy. Tamarac Trading sells from the funding sources to raise additional cash to complete the buy order if the account or group’s cash has been used up and the buy is not complete. The new “Only Sell to Account Goal %” check box allows you to limit how much of each funding security Tamarac recommends selling to raise the needed cash. Now you can use model securities to fund directed trades without bringing the model securities below target, enhancing the workflow to buy individual positions across accounts.
6. Run Syncs Beyond 31 Days
Occasionally, advisors might notice an issue with client data that needs to be adjusted. Perhaps you added manual security snapshots, tweaked transaction or pricing data in your Portfolio Accounting System, or updated security details that impact calculated values like accrued interest or bond amortization.
In the past, to see those changes on reports, you needed to sync back beyond 31 days, which required outreach to your Tamarac Support Team for assistance. In this new release, we offer more flexibility and increased efficiency by allowing you to run syncs going back as far as the firm’s inception without needing to contact the Tamarac Support Team.
As we continue to innovate and enhance the services you provide to your clients, stay tuned for regular “What’s New” updates from Tamarac. Learn how our robust reporting and trading solutions help you deliver the customized performance tools and resources your clients need. Visit www.tamaracinc.com or give us a call at 866-525-8811.
Neither Envestnet, Envestnet | Tamarac, nor its representatives render tax, accounting or legal advice. Any tax statements contained herein are not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal, state, or local tax penalties. Taxpayers should always seek advice based on their own particular circumstances from an independent tax advisor.
The information, analysis and opinions expressed herein are for informational purposes only and do not necessarily reflect the views of Envestnet. These views reflect the judgment of the author as of the date of writing and are subject to change at any time without notice. Nothing contained in this piece is intended to constitute legal, tax, accounting, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type.
Any advisory services discussed herein are provided by an affiliated entity, Envestnet Asset Management Inc., a Registered Investment Adviser.