Envestnet buys UMA Experts Placemark Investments for $66 Million

Last week, I was contacted by my new favorite reporter at FundFire, Danielle Verbrigghe (sorry Tom Stabile) who was writing an article about the purchase of Placemark Investments by Envestnet.  She wanted my view on the benefits of the acquisition to Envestnet as well as for the managers currently on Placemark’s platform.FundFire logo

Envestnet was already the largest turnkey asset management platform (TAMP) vendor based on assets under advisory with $572 billion (as of 1Q 2014), according to the Money Management Institute (MMI).  Adding in Placemark’s $14 billion will bring them to $586 billion in total.  This further distances them from number two on the list, Pershing/Lockwood, with $391 billion.

Continue reading

Advertisements

Envestnet’s ENV2 Platform Delivers New UMA Features

Sliced bread.  The electric light bulb.  Indoor plumbing.  Unified Manged Accounts (UMA’s) were supposed to be better than these revolutionary inventions and a whole lot more.  They still have not lived up to their hype, but UMA’s have become a standard offering for all managed account platforms.

In this summary of a session from Envestnet’s 2014 Advisor Summit, a panel of experts provides updated information about the Envestnet UMA program including how the program has changed over time, coordinating and updating UMA models, building performance composites and other exciting, new features.

Moderator: Jeff Nicholas, Senior VP, Product Management, Envestnet
Panel: Daren Evans, Sr. Research Analyst, Hightower Associates
Joel Floum, VP, Investment Advisory Programs, US Bancorp Investments
Jim McCormick, Principal, Pryor McCormick Investments

Continue reading

Which CRM is Right for You? Envestnet|Tamarac’s Advisor CRM

Some of the most popular posts on this blog come from two series of articles: Which Portfolio Rebalancing Software is Right for You? and Which Financial Planning Software is Right For You?

Adding to this trend, I’m launching a new series called, Which CRM Software is Right for You?  In it, I will be reviewing Customer Relationship Management applications designed for financial advisors, including both stand alone packages and those that are integrated with a wealth management platform.

Since I was at the Envestnet 2014 Advisor Summit last week, I thought it would be appropriate to start this series off with a review of their aptly-named Advisor CRM® 2014 application, which is offered as part of the Tamarac Advisor Xi platform.  This new version is targeted at RIA’s and was recently released as a completely redesigned web-based application.

Continue reading

Top 10 Most Popular Posts from 2013

What were the most popular WM Today posts from 2013?  Portfolio rebalancing, financial planning and anything mobile were big draws last year.  Here are the top 10 according to stats from WordPress:

10. 5 Ways a Web Portal Can Excite Your ClientsJunxure logo

This summary from the fantastic Technology, Tools & Today (T3) conference highlights how software vendors need to continuously expand and evolve their product offerings in order to stay relevant.  Junxure CRM has done this by building their ClientViewLive portal, which acts as central integration hub for all other wealth management products.  Through it, clients can access their account holdings, performance reporting, online statements even financial planning tools via a single sign on and a well-designed user interface.

9. Which Portfolio Rebalancing Software is Right for You? Smartleaf’s ResponseSmartLeaf logo

Part of an ongoing series of articles focusing on automated software rebalancers, I thought it would be interesting to interview different vendors and compare their products and their approaches to portfolio management. Continue reading

A Sneak Peak at Envestnet’s Upgraded iPad App

This is an overview of Envestnet’s updated iPad app that was demoed at the Tools and Technology Today (T3) Conference that was held from February 11-13, 2013 in Miami, FL.

The presenters were Marion Asnes, Managing Director, Chief Marketing Officer and Blake Wood, Vice President, Product Management.

Wood explained some of the drivers behind the development of Envestnet’s mobile strategy. One driver was the explosion of online technology becoming available to the end investor. Clients now have the ability to self-aggregate their portfolios and run analytics using free websites such as Personal Capital or Mint.com. These and other self-directed tools from custodians like TD Ameritrade and Fidelity are making it easier for investors to manage their own portfolios, he said.Envestnet Advisor Desktop

Another driver was the need to provide a consistent user experience across all platforms, Wood reported. To achieve this, Envestnet re-designed their interfaces using HTML5, so that there would be exactly the same user experience no matter if you were on a desktop PC or an iPad. The only difference being that users on an iPad can swipe to change screens, he noted.

Continue reading

Which Portfolio Rebalancing Software is Right for You? (2/2)

This is part 2 of 2 of a summary from a panel discussion at the Tools and Technology Today (T3) Conference, which took place February 11-13, 2013 in Miami, FL.  You can read part 1 here.

Moderator: Tess Downing, Financial Advisor, Fox, Joss & Yankee, LLC

Panelists:

Does your product update portfolios using real time prices before rebalancing?

iRebal retrieves the latest pricing as soon as a rebalance is run, Fava stated.  All of the recommended trades are created using dollar amounts instead of number of shares, since they believe this provides a better picture of how the trades will impact cash levels.  They convert this to the number of shares when trades are approved and also refresh the pricing, she noted.

Tamarac also offers real-time pricing as part of their rebalance and also real-time execution reports for equities and ETFs, Rembe said.  Also, when you tell the system to update the cash positions, it evaluates T1 and T3 settlement to ensure that the accounts won’t be short cash.  If they are, then it provides an option to put those trades on hold and execute them on a later date, he said.

TradeWarrior receives real-time pricing from an external feed that can be used to update positions before running a rebalance, Evans said.

Rowling pointed out that TRX was designed to focus on trading of Dimensional Fund Advisors (DFA) funds, so they haven’t previously had a need for real-time pricing.  However, in response to recent requests from clients, they plan to support real-time pricing in a release sometime in the second quarter of 2013, she said.

Continue reading

Which Portfolio Rebalancing Software is Right for You?

This is a summary of panel discussion from the Tools and Technology Today (T3) Conference that took place February 11-13, 2013 in Miami, FL.

Update: Since this topic has been so popular, I launched a series of articles on portfolio rebalancing software. Here are links to a few that you might find interesting:
Is MyVest the Right Portfolio Rebalancing Software for You?
IAS Responds: Which Portfolio Rebalancing Software is Right for You?
FolioDynamix Response to Which Portfolio Rebalancing Software is Right for You?

Moderator: Tess Downing, Financial Advisor, Fox, Joss & Yankee, LLC

Panelists:

Overview

What do four vendors of rebalancing software have in common? Quite a lot! All four vendors are custodian-agnostic and have cloud-based versions of their software. Although, there were some notable differences in the product offerings, which could help sway you one way or the other. This is not an exhaustive list of top vendors, but should provide a good overview of whether one of these four would be a good fit for your firm.Top 5 Rebalancing Software

Most of the advisors in the audience indicated that they were already using automated rebalancing software, which was surprising, considering that a recent Investment News survey reported that over 70% of advisors still rebalance manually or not at all. Hopefully, this panel imparted some insight as to the many benefits automated portfolio rebalancing can bring their practice. Continue reading