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Envestnet Unified Managed Account Integration
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Establish Tamarac Unified Managed Accounts (TUMAs) Sync New Tamarac UMAs and Sleeve Accounts |
For firms using the Tamarac Unified Managed Accounts (TUMA) integration, Tamarac offers access to unified managed accounts (UMAs) through the Envestnet platform, giving you:
Access to hundreds of managed products that you can build into UMA models.
A place for your clients’ existing SMA accounts.
Outsourced trading to Envestnet for a low fee.
Familiar use of powerful, customized Tamarac reporting capabilities.
You’ll see and report Envestnet and associated sleeve accounts in Tamarac. With this integration, Envestnet UMAs sync into Tamarac as sleeve groups, and sleeve accounts in the UMA become sleeve accounts for the Tamarac group. Daily data syncs ensure that you see the most up-to-date Envestnet data everywhere integrated UMA sleeve groups appear in Tamarac.
For reporting, this is a one-way integration. All changes to Tamarac UMAs must be made on the Envestnet platform. Changes to sleeve accounts in Tamarac will not be sent to Envestnet.
Visit the following Envestnet Support & Training Center topics for detailed information about working with your TUMAs on the Envestnet platform:
Envestnet Research Center for UMA product selection.
Envestnet Service Requests for requesting trades and maintenance in UMAs.
Envestnet Proposal Tool for Strategy Modifications to UMAs.
Envestnet Models for building and maintaining UMA Models.
And more.
Before you can start seeing Envestnet UMAs as sleeve groups and accounts in Tamarac, your firm must have:
Executed a Tamarac Unified Managed Accounts contract. For more information, contact Tamarac Account Management at TamaracAM@envestnet.com.
Enabled sleeve reporting and Envestnet sleeve allocation integration for your enterprise. To enable, contact your Tamarac support team.
You don't have to do anything else once you've completed all the Before You Start setup. Once accounts are opened and traded on the Envestnet platform, you will start seeing all your existing UMA accounts and the associated sleeve accounts on the Accounts page in Tamarac Reporting.
To get started:
Create New Tamarac UMAs on Envestnet: Establish a new account as a TUMA.
Transition Existing Accounts to Tamarac UMAs on Envestnet: Select existing Tamarac accounts to convert to TUMAs.
To keep your data fresh, Tamarac receives performance, position, and transaction data for integrated UMAs daily from Envestnet.
If you don't see some UMA data you expected, try initiating a sync to import new data. For more information on running a sync, see Synchronize Data From Portfolio Accounting System.
You do not need to take any action to add new TUMA accounts to Tamarac. With this integration, Tamarac automatically receives new UMAs or sleeve accounts from Envestnet. Expect it to take up to three business days after the first trade is placed in the account for the Envestnet sleeves to show up in Tamarac.
To see sleeves rather than individual securities as single line items on reports in Tamarac, you need to perform a one-time action to designate each sleeve account as a Separately Managed Account (SMA).
To tag a TUMA sleeve account as an SMA for reporting:
In Tamarac Reporting, on the Accounts page, select the sleeve account.
From Advanced, select Separately Managed Account.
Select Separately managed account.
Optionally, complete the SMA Description, SMA Asset Class, SMA Sector, and SMA Subsector. For more information, see Separately Managed Account Setting (Reporting).
Select Save.
Once in Tamarac, you can add sleeve groups and accounts to:
Groups for reporting.Include sleeve groups and accounts in groups for reporting to ensure that you and your clients see the entire financial picture when making decisions. For example, you can evaluate the performance of individual sleeves or include the group in quarterly reporting.
Groups for trading.Although you cannot use Tamarac to trade on Envestnet UMAs, including these sleeve groups in your trading groups will allow you to take UMA allocations into account when rebalancing clients' other accounts. Note that you must use the Envestnet platform to trade on UMAs.
If you want to add UMAs to your Tamarac groups for trading, contact your Tamarac support team to discuss details and considerations.
For more information about reporting on sleeve accounts, see Understanding Sleeve Reporting.
Once you’ve established Tamarac UMAs, you administer them on the Envestnet platform. You can:
Create new proposals, review TUMA proposals, and modify existing proposals.
Build and maintain UMA models.
Request to trade TUMAs.
For more information, see Manage Tamarac UMAs on the Envestnet Platform.
You can see TUMA accounts throughout Tamarac Reporting when running reports, reviewing accounts, and more. To more quickly identify TUMA records throughout Reporting, you can Find and Filter Tamarac UMAs.
Sleeve reporting greatly enhances familiar reports on Tamarac to provide you with information such as performance, holdings, and asset allocation for the individual managed portfolios inside a Tamarac UMA (TUMA).
You can run popular Tamarac reports for TUMA accounts:
Account Performance
Holdings
Asset Allocation
And more.
For more information, see Report on Tamarac UMAs.