BERWYN, PA — In response to the growing need for improved workflow integration and time management among financial advisors, Envestnet has announced a suite of new features for Registered Investment Advisors (RIAs) on its wealth management platform. The enhancements aim to streamline operations, allowing advisors to allocate more time to client engagement rather than administrative tasks. This initiative comes on the heels of the 2024 Advisor Perspectives Survey, which revealed that nearly 40% of advisors are burdened with investment management and administrative duties, hindering their ability to spend quality time with clients.
A significant portion of advisors currently use a mix of technology solutions, yet almost half expressed a preference for a unified platform, underscoring the demand for integrated practice workflows. Molly Weiss, Group President of Wealth Management Platform for Envestnet, emphasized the company’s strategic focus: “Supporting the growth and productivity of RIAs with our Envestnet | Tamarac and wealth technology solutions remains a strategic area of focus for our business, and these new features address the critical needs expressed by our clients.”
Among the notable enhancements is the Order Blotter Tool, designed to streamline fixed-income trade management. This tool provides centralized order oversight, customizable data views, and automated reconciliation, significantly improving trading operations. “Advisors reported that managing fixed-income trades outside the platform was a major pain point. This tool eliminates that issue and significantly enhances trading operations,” added Weiss.
Additionally, Envestnet has upgraded its Trading and Reporting tools, now available as standalone products. These tools support firms’ needs for efficient trading without switching their reporting systems, providing seamless integration with Envestnet Managed Accounts. Doug Fritz, founder and CEO of F2 Strategy, noted, “Envestnet | Tamarac continues to serve the needs of advisors looking for a pre-integrated, comprehensive, and RIA-focused platform.”
The updated Client Portal is another key feature, consolidating client accounts into a single, user-friendly interface accessible via mobile devices. This enhancement allows advisors to monitor assets, track goals, and offer personalized advice from anywhere, enhancing client engagement and planning.
Furthermore, the new RIA Marketplace, launching on October 1, offers access to fund strategist portfolios from leading asset managers without platform fees, facilitating scale delivery of client solutions. Envestnet is also expanding into retirement offerings with Envestnet Workplace for RIAs, providing a cost-efficient retirement solution in partnership with Empower.
These innovations reflect Envestnet’s efforts to empower RIAs with cutting-edge tools that enhance client service and optimize business operations.
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