Envestnet | Tamarac is introducing Quick Start, a new offering that will make its award-winning portfolio management technology available to firms, such as "breakaways", that want to jump-start their technology implementation process and accelerate growth.
The Quick Start offering is designed for RIAs whose priority is to get Tamarac's portfolio management solution up and running within 30 days.
The program has been successfully tested and implemented for multiple firms and is now ready to support RIAs of any size.
"The Quick Start offering was developed to enable RIAs to more quickly benefit from the automation our integrated platform delivers," said Stuart DePina, President, Envestnet | Tamarac.
"This offering is especially beneficial for firms that need to scale as soon as possible and establish their business operations."
The Quick Start offering provides numerous advantages for "breakaways" and other firms, regardless of size or lifecycle stage, that benefit from fast onboarding:
- Enables RIAs to scale their business more quickly during a time when a firm starting out or looking to grow is facing significant challenges such as transitioning clients, hiring staff and establishing CRM systems. Research from Aite Group found that independent RIAs using an integrated offering have 78% more assets compared to their peers, service 57% more clients and realize a 46% increase in revenue.
- Helps firms fulfill their fiduciary responsibilities by providing a more diverse array of investment options such as separately managed accounts or alternatives. As part of Envestnet, Tamarac can offer access to Envestnet's managed products network. In addition, RIAs have the technology infrastructure to offer alternatives to HNWIs and other clients without resorting to inefficient workarounds.
- Provides maximum flexibility in choosing custodians – the Tamarac platform is custodian agnostic, supports multi-custodial RIAs and is continually enhancing its integrations with custodial platforms.
- Delivers access to the recently enhanced online Tamarac University training, which enables RIAs to get the training they need on Tamarac software at their own pace.
"Breakaways are most vulnerable to external forces as they work to secure their business and build their operations," noted DePina.
"We've found that some firms initially gravitate toward half-measures and believe they should wait to grow their business before implementing an integrated platform like Tamarac. But the research shows that firms that invest in scalable technology early in their growth are able to better competitively position themselves and streamline their operations during the critical formative stage."
The Quick Start program is designed for firms that can bypass the conversion process of historical accounting data when implementing Tamarac's portfolio management and reporting solution – which is especially beneficial for "breakaway" firms establishing a new practice.
The growth in "breakaways" has accelerated in recent years, with Cerulli Associates projecting that independent RIA and hybrid RIAs will increase their market share in the financial advisory space from 23% in 2015 to 28% by 2020.
"We started our firm to provide our clients with an improved experience," said Dino Efthimiou, Co-Founder of Delta Wealth Advisors. "Tamarac's Quick Start Program and technology platform give our clients detailed visibility and a better perspective through customized reporting at their convenience. It allows us to extract important data insights to better inform our investment decisions and ultimately help our clients meet their financial goals."
