CHICAGO, Sept. 10, 2014 /PRNewswire/ -- Envestnet |
Tamarac™, a division of Envestnet, Inc. (NYSE: ENV) and
a leading provider of integrated, web-based portfolio and client
management software for independent advisors and wealth managers,
announces that Beacon Pointe Advisors, one of the largest
independent registered investment advisors (RIAs) in the nation,
has chosen Tamarac's Advisor Xi® product suite to
integrate its operating systems and meet its long-term goals for
practice growth.
Newport Beach, CA-based Beacon
Pointe, which manages more than $7
billion in client assets in over 5,000 financial accounts,
takes a holistic approach to wealth management in order to design
portfolios meeting the unique needs of high-net-worth individuals
and families, as well as institutional clients such as endowments
and foundations. The firm was initially drawn to Envestnet
|Tamarac's Advisor View™ portfolio reporting, client
portal, and billing application, which is part of Advisor Xi, the
firm's web-based platform for independent RIAs. However, after
learning about the powerful capabilities of Advisor Xi's fully
integrated system, Beacon Pointe chose to implement the entire
suite.
"Advisor Xi's RIA platform provides firm-wide desktop and mobile
access to client accounts and real-time data from a single
location, which will bring tremendous benefits to Beacon Pointe's
advisors and clients," said Stuart
DePina, Group President, Envestnet | Tamarac. "We look
forward to working with Beacon Pointe to help the firm deliver
efficient client service and achieve its growth objectives."
Beacon Pointe has grown rapidly since its establishment in 2002,
and now includes five affiliate firms. Its client base climbed by
30% over the four-year period ending December 31, 2013. As a result, the firm needed
stronger and deeper technology integration to support its
business.
Beacon Pointe is seeking to open an additional 35 offices across
the nation through acquisitions and partnerships over the next ten
years. The firm's previous technology providers could not deliver
the necessary scalability to accommodate such an ambitious
expansion. The integration of Envestnet | Tamarac's portfolio
management, accounting, reporting, rebalancing, billing, and other
applications, as well as an interactive client portal, within one
system used throughout Beacon Pointe's divisions and affiliates
enables its advisors to dedicate more time to servicing and
communicating with clients, and allows newly acquired practices to
quickly align with the firm's operations.
"Our advisors are excited to be able to provide high-quality and
efficient client service from anywhere with the help of Envestnet
|Tamarac's Advisor Xi," said Steven
Beals, Director of Operations, Beacon Pointe Advisors. "Our
relationship with Tamarac not only enhances our ability to quickly
access real-time data, generate reports, and aggregate assets
firm-wide, but also provides more meaningful client communication
and prepares our organization to rapidly acquire and integrate new
teams as we move forward with our expansion plans."
ABOUT ENVESTNET | TAMARAC™
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/Tamarac and follow @TamaracInc.
ABOUT BEACON POINTE ADVISORS
Beacon Pointe Advisors is
one of the nation's largest independent Registered Investment
Advisors (RIAs) with over $7 billion
in assets under management (as of March 31,
2014) and headquarters in Southern
California with five affiliate firms nationwide. As a 100%
employee-owned, independent advisory firm since 2002, we provide
clear and objective investment advice, solely advocating for our
diverse group of clients including endowments, foundations,
institutions, and high-net-worth individuals. Our advisors'
extensive expertise and strong commitment to our clients can be
seen through numerous awards, including being recognized by
Bloomberg, Forbes, Financial Advisor, Barron's, and more. For more
information, please visit www.bpadvisors.com and follow
@BPAdvisors.
CONTACT: Laura Simpson
JCPR
(973) 850-7319
lsimpson@jcprinc.com
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SOURCE Envestnet | Tamarac