Tamarac Inc. today announced availability of the latest version of its web-based integrated portfolio and customer management platform for advisers, Advisor Xi.
First, let's get the name thing out of the way.
Matt Stroh, vice president of marketing at Tamarac explained that the “i” is an ode to integration.
“We heard a lot positive feedback on Advisor X and that the X made users think of “integration” and they liked the X-factor of it, so we're going to add the “i" for “integration” as that really is what's new with this version – a whole new level of integration,” he said.
And 'tis the season to make big technology announcements for the registered investment advisory market.
Custodians TD Ameritrade and Pershing made announcements of their own last week, all in advance of Schwab Institutional's annual Impact conference, being held this year near the company's home base in San Francisco.
Over 4,000 attendees are expected at the conference and amidst the hustle and bustle industry insiders expect several important announcements and demonstrations related to Schwab's own platform development efforts.
Meanwhile, the custodian-agnostic Tamarac Xi platform combines several core modules including the Advisor View performance reporting, fee billing, and customer portal application with the Advisor Rebalancing application, Advisor OMS trading application FIX connection (which enables straight-through processing of trades), Advisor CRM (an RIA-specific customized version of Microsoft Dynamics).
“While the various applications in our Advisor Xi solution are modular, over 100 RIA firms in our growing client base are leveraging the added efficiency gains of the full integrated suite and outsourced services,” said Stuart DePina, chief executive of Tamarac in a prepared statement.
No longer just the purview of higher-end RIA firms in need of sophisticated re-balancing technology (its original offering), the folks at Tamarac are these days touting a more diversified clientele that ranges from less than $15 million in assets under management to firms manageing over $20 billion.
A total of 2,700 advisers are now using Tamarac's services representing a total of $225 billion in assets being managed.
In addition to its many self-built, highly integrated modules and applications Tamarac has also built or is in the process of building integrations to popular third-party applications used by advisers as well.
In a separate announcement today Tamarac named the first wave of integration partners for Advisor Xi.
Within the document management realm the applications include Laserfiche, NetDocuments and Worldox from Trumpet (the latter is a separate company that has built advisory-specific features into Worldox, which was built initially for the legal arena).
Among other applications Tamarac has selected Laser App for online form submissions, MoneyGuidePro for financial planning, ByAllAccounts for account aggregation, and Rackspace for hosted Microsoft Exchange.
And it will be Tamarac that manages the ongoing integration requirements with the third-party providers.
For more information visitTamarac online.