Envestnet to Funnel $35M Investment into Tamarac Platform

Registered investment advisor Envestnet has invested $35 million in its Tamarac platform, further accelerating its technology investment. 

The investment, which Envestnet describes as a “surge,” is part of the RIA’s $1 billion, five-year research commitment to help reshape and enhance the advisor experience. 

The investment, which is 2.5 times its regular annual investment, will enable artificial intelligence to be directly integrated into advisor workflows. 

“Growth for RIAs has always been about how much of their time they can spend on higher-value client and investment activities versus being buried in the operational mechanics of wealth management,” Chris Todd, chief executive officer of Envestnet, said. “This investment is Envestnet backing our belief that closing that gap is among the single biggest levers available to advisors today, and it’s a down payment on a much longer commitment we’re making to this industry,”  

In addition to the investment, Envestnet has launched a new AI feature, dubbed Report Studio, which offers advisors a way to navigate financial reporting with an updated system that provides drag-and-drop control option. 

The Report Studio is already available to all advisors for beta registration and preview, while Envestnet plans to fully roll out the feature later this fall, Envestnet stated. 

Envestnet’s latest investment comes shortly after the RIA partnered with NewEdge Capital Group to broaden its investment solutions and enable wealth managers to utilize NewEdge’s Structured Note Income Portfolio and Structured Note Advisory Portfolio solutions through Envestnet’s unified managed account platform.