Tamarac AdvisorServices, a wholly owned subsidiary of Tamarac, has launched outsourced portfolio management services, which utilises Tamarac’s software-as-a service model that enables users to handle back-office tasks.
Matt Springer, president of TAS and founder of Tamarac said: We have been helping advisors manage their portfolios as part of our natural support function at Tamarac since inception in 2000. The launch of TAS was a simple process of formalising our outsourced offering – as we have all the systems, third party integrations, workflows and staffing already in place.
TAS said that it uses Tamarac Advisor for its technology platform which includes Tamarac’s rebalancing application and is augmented by its performance reporting and customer relationship management (CRM) applications.
Reportedly,TAS has selected Schwab Performance Technologies PortfolioCenter as its accounting engine for its technology platform. In addition, TAS handles system maintenance and upgrades and is also expected to reduce a firm’s resource investments in on-site IT and hardware.
Cameron Sheehan, director of Advisor Services at TAS said: Outsourced services have been traditionally adopted by smaller and newly formed RIAs.While we plan to service that market place, we are seeing an interest in outsourcing from established firms as a way to increase firm efficiency. Firms are seeing outsourcing as a way to spend more time with their clients and referrals.
