CLA Wealth Advisors Selects Tamarac’s Technology Suite to Augment and Streamline Services
Minneapolis — August 26, 2014 — CliftonLarsonAllen Wealth Advisors, LLC (CLA Wealth Advisors) is pleased to expand its relationship with Envestnet | Tamarac™, a division of Envestnet, Inc. (NYSE: ENV) and a leading provider of integrated, web-based portfolio and client management software for independent advisors and wealth managers, by implementing all of the software from Tamarac’s web-based platform for independent RIAs, Advisor Xi®. This important decision will broaden client offerings, streamline operations, and position the wealth advisory practice for growth.
"Our relationship with Tamarac gives us the opportunity to pick and choose from a wide variety of resources available from Envestnet, enabling us to provide our clients with a full suite of wealth advisory services," said Tony Hallada, CEO, CLA Wealth Advisors. "We needed a unified technology platform and infrastructure that can keep pace with our growth, and Tamarac provides this and so much more."
CLA Wealth Advisors recently signed a contract to replace its portfolio accounting and client relationship management (CRM) systems with Tamarac’s Advisor View™ and Advisor CRM™, respectively. These tools are part of Advisor Xi®. The firm has relied on Advisor Rebalancing™, another Advisor Xi® offering, for the past five years, and decided to expand its relationship with Tamarac to support the firm’s growth. CLA Wealth Advisors previously used three products from different vendors which were not integrated.
"The integration of the entire Advisor Xi® platform will make CLA Wealth Advisors’ internal operations much more efficient, leading to tremendous productivity gains and expanding the services it can offer clients," said Stuart DePina, Group President, Envestnet | Tamarac™. "We will continue to closely support CLA Wealth Advisors, delivering the innovative solutions and the integration it needs to meet its long-term practice and client service goals."
The capability to access fully integrated portfolio accounting, rebalancing, and CRM software from a single location saves the firm’s advisors a great deal of time, enabling them to allocate more resources to serving their existing and prospective clients. In addition to utilizing Advisor Xi®, CLA Wealth Advisors is also looking to capitalize on Tamarac’s integration efforts with the broader Envestnet platform to leverage core offerings, including investment research, proposal generation, and access to portfolios and strategists through Envestnet.
CLA Wealth Advisors’ parent company, CliftonLarsonAllen LLP, will also benefit from Tamarac’s integrated technology solutions because CLA Wealth Advisors’ employees can now send portfolio accounting reports to their CPA colleagues electronically through Advisor Xi®. Previously, they had to send accounting reports manually.
Full implementation of the Advisor Xi® technology platform is expected to be complete in the first quarter of 2015.
About CliftonLarsonAllen Wealth Advisors, LLC
CliftonLarsonAllen Wealth Advisors, LLC (CLA Wealth Advisors), an SEC-registered investment advisor, offers private wealth advisory services, including wealth management and investment planning; financial and retirement planning; estate, gift, and income tax planning; divorce financial planning; business succession planning; sell-side representation of mergers and acquisitions; insurance and risk management; employer-sponsored benefit plan design, compliance, and consulting; and investment consulting for endowments and foundations. The national wealth advisory practice consists of approximately 100 professionals who advise or consult on roughly $3.9 billion in total client assets. According to Accounting Today’s 2014 "Wealth Magnets" report, CLA Wealth Advisors is ranked fourth in the billion dollar club based on assets under management (AUM). This publication reviews wealth managers affiliated with CPA firms.
CliftonLarsonAllen Wealth Advisors, LLC is a wholly owned subsidiary of CliftonLarsonAllen LLP. For more information visit CLAconnect.com/privateclient.
About ENVESTNET | TAMARAC™
Envestnet, Inc. (NYSE: ENV) is a leading provider of unified wealth management technology and services to investment advisors. Our open-architecture platforms unify and fortify the wealth management process, delivering unparalleled flexibility, accuracy, performance and value. Envestnet solutions enable the transformation of wealth management into a transparent, independent, objective and fully-aligned standard of care, and empower advisors to deliver better outcomes.
Envestnet | Tamarac’s web-based platform for independent RIAs, Advisor Xi®, deeply unifies portfolio management, modeling, rebalancing, trading, billing and reporting with a client portal and enterprise-level client relationship management (CRM) system.
CliftonLarsonAllen (CLA) is a professional services firm delivering integrated wealth advisory, outsourcing, audit, tax, and consulting services to help clients succeed professionally and personally. Our professionals are immersed in the industries they serve and have deep knowledge of their operating and regulatory environments. With more than 5,400 people and 110 U.S. locations, and a global affiliation, we bring a wide array of services to help clients in all markets, foreign and domestic. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.