PortfolioCenter, the venerable portfolio management tool used by thousands of advisors over the years, is getting its first makeover since Envestnet | Tamarac acquired it from Charles Schwab in February. The deal closed in April, and since then developers at Envestnet have been simplifying and improving the tool’s functionality.
The enhancements cover three areas: account transfers, data exports and billing summary reports. Registered investment advisors managing multiple accounts for one client can now execute bulk transfers between accounts. When advisors or assistants are using the export wizard, key account details like billing history and asset class intervals are now masked. On the billing front, summary reports include information on current portfolio value, giving advisors a chance to scan for rates outside the typical range and identify other potential billing anomalies.
Overall, the focus on administrative tasks is intended to make the tool more efficient, according to the announcement, thereby giving small- and mid-size RIAs more time to focus on building client relationships. “This is a tested, trusted tool that thousands of advisors depend on every day,” said Andina Anderson, executive managing director of Envestnet | Tamarac. “We’ve been focused on developing functionality to simplify day-to-day operations, and boost performance and scalability.”
Envestnet promised additional enhancements to follow, but did not indicate when they would be implemented.