CHICAGO, Oct. 27, 2020 /PRNewswire/ -- Envestnet, Inc.
(NYSE: ENV) is rolling out a series of technology enhancements,
including innovative features in the Envestnet | Tamarac
platform that enable independent registered investment advisers
(RIAs) to efficiently manage and track annual capital gains taxes
in clients' taxable accounts.
"Our new capital gains management and monitoring features give
advisors and their clients the insights they need to make
tax-aware—and tax-smart—investing decisions," said Andina Anderson, Executive Managing Director of
Envestnet | Tamarac. "Tamarac, and the broader Envestnet
platform, are making it easier for advisors to expand the essential
advice they deliver by uncovering tax opportunities for clients."
Tamarac users can compare incurred and anticipated capital gains
to budgeted capital gains and set desired annual capital gains
amounts when rebalancing accounts or groups. RIAs can also utilize
these tools to proactively track the capital gains an account or
group has incurred year-to-date and receive rebalance warnings
whenever trades incur capital gains that exceed the annual budgeted
amounts.
These capabilities are made possible by Tamarac's newly
developed Annual Capital Gains Tax Budget setting, which also
enables advisors to track long- and short-term gains together or
individually. The new setting harnesses the existing ST Capital
Gains Tax Rate and LT Capital Gains Tax Rate fields to estimate
year-to-date taxes incurred by short- and long-term gains, and by
current rebalances. The existing Max Gain Amount setting will
continue to limit the amount of gains that a rebalance can
incur.
In addition, advisors can proactively make trades that optimize
for capital gains in Tamarac using the following new tools:
- Saved Search Filter: Advisors can create a saved search
with their Annual Capital Gains Budget to audit for the percentage
of the capital gains budget which has been met.
- Rebalancing Workflow Page Columns: New columns—Tax
Budget Used, YTD Capital Gains Taxes, and Annual Capital Gains Tax
Budget—can be added to the Rebalance, Trade List, and Rebalance
Review pages in Tamarac to help advisors proactively plan
tax-appropriate trades for each client.
- Bulk Report & Upload Columns: The Account
Information bulk report in Tamarac Reporting® now
includes new Annual Capital Gains Tax Budget and Annual Capital
Gains Tax Budget Value Type columns, which can be uploaded to add
or change capital gains budgets for many accounts or groups
simultaneously.
The capital gains feature in Tamarac complement the new
Mutual Fund Capital Gains Dashboard powered by Envestnet
Analytics, which allows RIAs and enterprise organizations
utilizing the Envestnet platform to:
- Collect estimates for distributions of mutual fund capital
gains and apply them to client accounts.
- Identify and develop plans to avoid distributions.
- Eliminate manual entries.
- View client positions and funds to watch, based on indicators
of potential distributions of capital gains.
- View fund reported estimates to narrow in on clients and
accounts which require attention and prioritize trades that can be
executed through Envestnet.
To view a demo of the capital gains management and tracking
tools in Tamarac, and the Mutual Fund Capital Gains Dashboard from
Envestnet Analytics, and connect with the Envestnet team at our
booth, log into the Schwab IMPACT conference site and from The
Exchange page click: "Engage with our sponsors."
New Blocks Coming Soon from Envestnet | MoneyGuide's
MyBlocks™
MoneyGuide is also developing two new blocks which are currently
in beta-testing—the Goal Block and Spend vs. Borrow Block. These
blocks will eventually be added to the MyBlocks series, which now
includes 34 bite-sized, interactive modules designed to help
advisors begin conversations with clients about their goals, and
how they fit into their financial plans.
- Goal Block: Simplify the goal planning process—this new
goal block lets clients take control of their goals in retirement.
This easy-to-use block will teach clients how to enter their
essential and personal retirement expenses. These goals may be
actively imported into a real financial plan or clients can use our
new Goal-Sync feature to empower them to make immediate changes to
their financial plan. The goal block supports client engagement by
creating a lifestyle in retirement that motivates them.
- Spend vs. Borrow Block: Guides an investor to make a
better-informed decision between liquidating assets and taking out
a loan to pay for a specific goal. Within the block, users can
easily create multiple scenarios—which take into consideration loan
options based on current interest rates and credit scores, as well
as financial assets—on purchases under consideration such as a car,
home improvement project, and a vacation.
Envestnet Express Proposal Application
The firm's Express Proposal Application will go live in
November 2020 as a complement to the
Envestnet platform's standard proposal generator. The Express
Proposal Application is designed to save advisors time, fund
accounts faster, and highlight the most useful information for
advisors and clients throughout the proposal process in
Envestnet.
The Express Proposal Application was also developed to be
shared, and to engage clients remotely, while ensuring accurate and
seamless capture of data and streamlining the analysis, sales, and
onboarding phases of the proposal process. Advisors can also access
on-demand eLearning and product documentation directly from the
Express Proposal Application, providing advisors with
in-application support to fully optimize the tools.
The Express Proposal Application is also integrated with
Envestnet | PMC to deliver a more intuitive Tax Overlay and
Impact Overlay experience and offers eSignature through DocuSign as
a service within proposals. Being able to take advantage of the
eSignature feature within a proposal rather than as a separate
service removes significant friction from the proposal process. In
addition, Envestnet will continue to integrate the Express Proposal
Application with other Envestnet and third-party technologies to
allow for a seamless flow of client data into the proposal
workflow. The Application already utilizes Envestnet's existing
custodial account-opening integrations to enable accounts to be
opened and funded faster.
"The innovations we continue to develop at Envestnet, which are
driven by feedback from our advisor partners, each play a role in
streamlining the user experience—and improving outcomes for
clients—across our ecosystem," said Stuart DePina, President of Envestnet.
"These product enhancements further simplify workflows for advisors
to make it easier for them to deliver financial wellness to more
people."
About Envestnet
Envestnet, Inc. (NYSE: ENV) is transforming the way financial
advice and wellness are delivered. Our mission is to empower
advisors and financial service providers with innovative
technology, solutions, and intelligence to make financial wellness
a reality for everyone. Over 103,000 advisors across more than
4,900 companies—including 16 of the 20 largest U.S. banks, 46 of
the 50 largest wealth management and brokerage firms, over 500 of
the largest RIAs, and hundreds of FinTech companies—leverage the
Envestnet platform to grow their businesses and client
relationships.
For more information on Envestnet, please visit
www.envestnet.com, subscribe to our blog, and follow us on Twitter
(@ENVintel) and LinkedIn.
Envestnet and its affiliates and representatives do not render
tax, accounting or legal advice. Any tax statements contained
herein are not intended or written to be used, and cannot be used,
for the purpose of avoiding U.S. federal, state, or local tax
penalties. Taxpayers should always seek advice based on their own
particular circumstances from an independent tax advisor.
Media Contact:
Dana Taormina
JConnelly for Envestnet
973.647.4626
envestnetpr@jconnelly.com
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SOURCE Envestnet, Inc.