BERWYN, PA — Envestnet has integrated its Tamarac wealth management platform with Bloomberg-owned Canoe Intelligence to automate the delivery of alternative investment tax documents, reducing administrative work for financial advisors managing portfolios that include private investments.
The integration allows tax documents, including Schedule K-1 and K-2 forms, to flow directly from Canoe into Tamarac’s Advisor Portal. Advisors can then make those documents available through their clients’ portals without downloading and uploading individual files.
The arrangement extends an existing partnership between the companies, which introduced an automated data feed last year, according to Envestnet.
Alternative investments often require financial advisors to retrieve tax documents from multiple fund managers, investor portals and other sources. The process can involve collecting files separately before distributing them to clients for tax preparation.
Canoe provides automated document collection and data services for alternative investments. Connecting that system to Tamarac allows participating advisors to consolidate those records within the same platform used for portfolio reporting and other wealth management functions.
The integration operates through an application programming interface, or API, transferring documents between the two systems without manual uploads or duplicate data entry.
More than two dozen advisory firms currently use both Canoe and Envestnet’s Tamarac platform. Those firms can activate the integration at their discretion.
Todd Rais, Envestnet’s group director of investment products and services, identified the integration as part of the company’s effort to expand the alternative investment information available through its wealth management technology.
The objective is to give advisors a more complete view of client portfolios spanning publicly traded securities and private investments.
“Advisors shouldn’t have to leave their workflow to piece together a client’s full portfolio,” Zack Helgeson, Canoe’s head of product, stated.
Tamarac provides portfolio reporting, trading, rebalancing and customer relationship management software to registered investment advisors.
The new connection adds automated alternative investment document delivery to those capabilities, extending the companies’ existing data-sharing arrangement into tax document management.
For advisory firms using both platforms, the change consolidates a previously manual administrative process within their existing client reporting systems.
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