Envestnet | Tamarac Takes Client Engagement to the Next Level
These new client-portal capabilities are scheduled to be deployed over the course of 2018 and will enable Registered Investment Advisors (RIAs) to highly customize the online and mobile experience for their various client types. For example, advisors can offer a more digitized version for Millennials and HENRYs (high earners, not rich yet), while also providing a more high-tech/high-touch approach for ultra-high-net-worth clients.
"Empowering RIAs with the most advanced client portal capabilities to dramatically enhance how they engage their clients and differentiate their firm is a top priority for Tamarac," said
The new features include:
- Client Onboarding and Tasking: The Tamarac platform empowers advisors to automate the various onboarding tasks in a cohesive, repeatable process. The typical advisor has 15 to 30 steps to onboard a client, such as completing questionnaires, uploading custodian documents, e-signing forms and opening new accounts. The advisor can bundle together the individual tasks into templates for the onboarding process and for ongoing interactions such as quarterly and annual meetings. Tamarac is currently engaged in a pilot program testing automated opening of accounts with custodians such as TD Ameritrade Institutional and Schwab.
- Automated Risk Tolerance Questionnaire: Advisors will have the ability to create a customized risk tolerance questionnaire (RTQ) measuring a client's risk tolerance and capacity. The results will be automatically scored and weighted based on variables, such as age of the client. The score will help guide the advisor in developing an appropriate asset allocation strategy and re-balancing model target. In addition, the RTQ will enhance compliance oversight by ensuring the trading and re-balancing approach reflects the client's risk tolerance.
- Client Proposal Generation: Advisors will be able to create a customizable client proposal that details the prospect's current situation, the recommended investment approach and the expected results. Once a prospect submits the necessary data, such as a completed risk tolerance questionnaire and links to existing investment accounts and holdings, the proposal can be formatted in a high-quality PDF and/or a digital report.
- Data Aggregation: The technology leverages full-spectrum data aggregation from balance only to reconciled transactions, utilizing RESTful APIs to securely and accurately provide clients with their complete financial picture and reliably power advisors' reporting.
- Personal Budgeting Tools: The tools automatically track a client's spending by budget category and makes intelligent recommendations based on their historical transaction data. The technology utilizes a rewarding behavioral design to provide clients with transparency into their complete financial picture and notifications when budget limits are approaching or exceeded. By incorporating budgeting tools within the client portal, RIAs are able to increase their client engagement and strengthen loyalty.
- Mobile: All of the client engagement features can be accessed seamlessly via mobile devices such as smart phones (Android and iPhone) and iPad. Mobile usage is rapidly increasing. A
Pew Research Centersurvey of U.S. adults indicated that 77% own or use smart phones as compared with 35% five years earlier. A total of 73% of U.S. adults owned or used broadband and 51% owned or used tablets2. A study of online investors by Corporate Insights found that younger clients are most likely to use a smart phone to access their brokerage accounts, with 71% of millennials, 56% of Generation X and 44% of Baby Boomers using a mobile app3.
More than 59,000 advisors and 2,900 companies including: 16 of the 20 largest U.S. banks, 39 of the 50 largest wealth management and brokerage firms, over 500 of the largest Registered Investment Advisors, and hundreds of Internet services companies, leverage
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