CHICAGO, March 13, 2014 /PRNewswire/ -- Envestnet |
Tamarac, a part of Envestnet, Inc. (NYSE: ENV), a leading
provider of integrated, web-based portfolio and client management
software for independent advisors and wealth managers, experienced
an extremely productive 2013 fiscal year, entering into contracts
with 173 RIAs, bringing the total number of independent RIA clients
on Tamarac's Advisor Xi® platform to over 650 firms
collectively managing in excess of $350
billion in assets (based off most recent ADV information).
2013 also represents the fourth year in a row that the company has
maintained a client renewal rate of over 97 percent, and was
punctuated by record fourth-quarter sales.
In 2013, Envestnet | Tamarac entered into contracts with 23 RIAs
managing $1 billion or more in assets
under management (AUM). This brings the total number of RIAs with
at least $1 billion in AUM utilizing
Tamarac's Advisor Xi platform to nearly 100 firms.
The increase in Advisor Xi adoptions in 2013 was not limited to
large RIAs. At the close of the year, close to 500 RIAs managing
less than $500 million in AUM were
utilizing Advisor Xi. A record number of firms adopted Advisor Xi
during the fourth quarter of 2013.
"The impressive growth and deal-making we saw over the last year
are further validation of the benefits independent RIAs of all
sizes can receive by adopting Advisor Xi as their unified
technology platform," said Stuart
DePina, Group President, Envestnet | Tamarac. "Advisor Xi's
components seamlessly work together, allowing advisors to create
more efficient and profitable practices which we believe leads to
increased client satisfaction. It is gratifying to see that so many
RIAs understand the advantages of a fully integrated,
custodian-agnostic technology solution, and have chosen us as their
strategic partner."
The RIAs that committed to Advisor Xi during the fourth quarter
of 2013 include Freestone Capital Management, LLC, an independent
wealth management firm serving high-net-worth families and
institutions with offices in Washington, Oregon and California, and H.M. Payson & Co., an
independent RIA and trust company serving the investment needs of
individuals, families and institutions since 1854. Both
Seattle-based Freestone, which
manages $2.8 billion in assets, and
Portland, Maine-based H.M. Payson, which manages $2.5 billion in assets, as of the end of 2013,
will be incorporating the full Advisor Xi suite into their
practices.
"Freestone has a broad suite of investment solutions for our
clients, ranging from traditional equity and fixed income
strategies to private equity, real estate and alternative
investments. In addition, our high net worth clients expect
sophisticated reporting and in-depth wealth management services.
After extensive due diligence, we selected the Advisor Xi platform
with its feature rich portfolio accounting, contact management, and
client reporting systems," according to Gary Smart, CFA, a partner at Freestone Capital
Management. "We look forward to working with Tamarac as we deploy
Advisor Xi and expect that the integrated systems will greatly
enhance our clients' Freestone experience."
Advisor Xi deeply integrates portfolio management, billing,
rebalancing, trading and performance reporting software with an
enterprise-level client relationship management (CRM) system and an
online client portal. The platform is designed to allow advisors to
easily manage relationships with multiple custodians. Advisor Xi's
high level of integration can enable RIAs to grow their AUM without
having to substantially increase their personnel.
ABOUT ENVESTNET (NYSE: ENV)
Envestnet, Inc. (NYSE:
ENV) is a leading provider of unified wealth management technology
and services to investment advisors. Our open-architecture
platforms unify and fortify the wealth management process,
delivering unparalleled flexibility, accuracy, performance and
value. Envestnet solutions enable the transformation of wealth
management into a transparent, independent, objective and
fully-aligned standard of care, and empower advisors to deliver
better outcomes.
Envestnet | Tamarac's web-based platform for independent RIAs,
Advisor Xi®, deeply unifies portfolio management,
modeling, rebalancing, trading, billing and reporting with a client
portal and enterprise-level client relationship management (CRM)
system.
For more information on Tamarac Advisor Xi, please visit:
www.envestnet.com
Media
Laura Simpson, JCPR
(973) 850-7319
lsimpson@jcprinc.com
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SOURCE Envestnet | Tamarac