Envestnet Updates RIA Platform to Optimize Workflows

Envestnet announced new and updated features for its wealth management platform for RIAs designed to help streamline business workflows and free up advisors’ time.

Supporting RIAs’ productivity through the Tamarac platform 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,” said Molly Weiss, Envestnet’s wealth management platform group president.

“Our goal is to help streamline and optimize advisor workflows through advanced technology and insights, to enable them to focus more on client relationships and less on the administrative tasks that take up their valuable time,” she said this week.

Among the features, a new Blotter Tool on the Envestnet RIA platform simplifies fixed income trade management with centralized order oversight, customizable data views and automated reconciliation, the firm said.

An updated client portal consolidates customer accounts into a single interface and allows for a customized client experience, the firm says.

Through an RIA Marketplace tool, Envestnet’s RIA clients, starting Oct. 1, will have access to fund strategist portfolios comprising ETFs and mutual funds managed by asset managers Envestnet | PMC, BlackRock, Fidelity, Franklin Templeton and State Street Global Advisors.

This new program is designed to help advisors find managed account solutions from large, reputable asset managers, without a platform fee, Envestnet said.

Envestnet also seeks to make it easier for advisors to enter the retirement space  or expand retirement offerings through its Retirement Marketplace, which combines recordkeeping with a fiduciary proposal offering, the firm said.

Over 2,700 independent RIA firms managing more than $1.9 trillion in assets use Envestnet’s RIA platform, according to the firm, which has a total of $6.2 trillion in platform assets.

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