Key Takeaways
- • Envestnet has integrated its Tamarac wealth management platform with Canoe Intelligence, a Bloomberg-owned company, to automate delivery of alternative investment tax documents to financial advisors.
- • Schedule K-1 and K-2 tax forms now flow directly from Canoe into Tamarac's Advisor Portal via an application programming interface (API), eliminating manual downloads and uploads.
- • More than two dozen advisory firms currently use both Canoe and Tamarac, and can activate the integration at their discretion.
- • The integration extends an existing Envestnet-Canoe data-feed partnership introduced the prior year, according to Envestnet.
Summary
Envestnet has integrated its Tamarac wealth management platform with Canoe Intelligence, which is owned by Bloomberg, to automate the delivery of alternative investment tax documents. The integration is designed to reduce the administrative burden on financial advisors who manage portfolios containing private investments, according to the announcement reported by MyChesCo.
Alternative investments often require advisors to collect tax documents from multiple fund managers, investor portals and other sources before distributing them to clients for tax preparation. Under the new arrangement, Schedule K-1 and K-2 forms move directly from Canoe into Tamarac's Advisor Portal through an API, with no manual uploads or duplicate data entry. Advisors can then make those documents available through their clients' portals without downloading and re-uploading individual files.
The arrangement builds on an existing partnership between the two companies, which introduced an automated data feed last year, according to Envestnet. More than two dozen advisory firms currently use both Canoe and Tamarac, and they can activate the integration at their discretion.
Todd Rais, Envestnet's group director of investment products and services, said the integration is part of the company's effort to expand the alternative investment information available through its wealth management technology. The stated objective is to give advisors a more complete view of client portfolios spanning public securities and private investments. Zack Helgeson, Canoe's head of product, said, "Advisors shouldn't have to leave their workflow to piece together a client's full portfolio."
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, consolidating a previously manual process within existing client reporting systems for firms using both platforms.
Alternative investments often require advisors to collect tax documents from multiple fund managers, investor portals and other sources before distributing them to clients for tax preparation. Under the new arrangement, Schedule K-1 and K-2 forms move directly from Canoe into Tamarac's Advisor Portal through an API, with no manual uploads or duplicate data entry. Advisors can then make those documents available through their clients' portals without downloading and re-uploading individual files.
The arrangement builds on an existing partnership between the two companies, which introduced an automated data feed last year, according to Envestnet. More than two dozen advisory firms currently use both Canoe and Tamarac, and they can activate the integration at their discretion.
Todd Rais, Envestnet's group director of investment products and services, said the integration is part of the company's effort to expand the alternative investment information available through its wealth management technology. The stated objective is to give advisors a more complete view of client portfolios spanning public securities and private investments. Zack Helgeson, Canoe's head of product, said, "Advisors shouldn't have to leave their workflow to piece together a client's full portfolio."
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, consolidating a previously manual process within existing client reporting systems for firms using both platforms.
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