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Envestnet Enhances Tamarac Platform for Tax Optimization

By Alex Padalka October 30, 2020

Envestnet says it’s rolling out several enhancements to its Tamarac advisor-facing platform, including new features aimed at helping advisors analyze clients’ tax burdens.

A new setting developed by Tamarac allows advisors to track and manage annual capital gains taxes in clients’ taxable accounts, according to Envestnet. Advisors on the Tamarac platform will be able to compare incurred and anticipated capital gains to budgeted capital gains as well as set capital gains amounts for rebalancing individual accounts or groups, Envestnet says.

In addition, Tamarac users will be able to use the new set of tools to track what an account or group incurs in capital gains year-to-date and get rebalancing warnings about trades incurring capital gains exceeding annual caps, according to Envestnet.

Other new features on the platform include a saved search filter aimed at helping advisors audit for the percentage of the capital gains budget which has been met; additional columns in the workflow designed to assist advisors in planning tax-appropriate trades for their clients; and additional columns for adding capital gains budgets for several accounts or groups simultaneously, Envestnet says.

In addition, the company has rolled out a mutual fund capital gains dashboard, which allows RIAs and enterprise organizations on Envestnet’s platform to collect estimates for distributions of mutual fund capital gains; spot and develop opportunities to avoid distributions; view client positions and funds based on potential distributions of capital gains; and more, according to Envestnet.

Envestnet also says it’s beta-testing enhancements on its MoneyGuide platform aimed at simplifying the goal planning process and helping investors decide between liquidating assets and taking on a loan for specific goals.

Furthermore, Envestnet says its express proposal application feature, aimed at streamlining the proposal process, is going live in November.

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Tags:  Technology , Tax planning , Envestnet

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