Using the Envestnet Tamarac Integration

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Overview

Our Tamarac integration keeps your specific Practifi records in sync with records within your Tamarac instance. This article outlines the integration, how to use the integration and the data field mapping of the integration.

Please note: This functionality will not be available in your organization if the integration has not been enabled. For information on enabling the integration, please consult our Enabling the Envestnet Tamarac Integration article.

Integration Summary

Our integration with Tamarac allows you to keep your Practifi Clients and Asset records in sync with Tamarac’s Households, Clients and Accounts, as well as providing deep links from Practifi directly into Tamarac records. The information flow between systems functions as below:

Practifi

Sync

Tamarac

Client

 Real-time 

Household

Asset

 Manual

Account

 

Using the Integration

Please note: Tamarac's Salesforce app does not support Person accounts due to the way Tamarac integrates with Salesforce. This means that Individual records within Practifi will not work with receiving data from the Tamarac integration. We recommend that any Client synced with the Tamarac integration is within either a Household or Organization to avoid this limitation. 

Sending Clients to Tamarac

The Tamarac Salesforce app allows the user to Send and View a linked Household in the Tamarac Reporting portal from within Practifi, using Create in Tamarac and Open in Tamarac links. 

Please note: This feature is only accessible to a user login that meets the following two criteria:

  1. Must have an Enterprise Administrator account in Tamarac and
  2. Must be a Practifi user with the System Administrator Profile with the Customize Application permission assigned.

If meeting the above requirements leads to compliance and security issues for the firm, a client firm should not activate the SSO feature and remove the Create in Tamarac and Open in Tamarac links. To view a Practifi client in Tamarac, users should open a separate browser tab and log on directly to their Tamarac account and search for the client.

If you can proceed:

  1. Navigate to the Client record you wish to send.
  2. From the dropdown arrow, select the Create in Tamarac link.
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  3. (Client only) Select the People you wish to send alongside the Client, then select the Create Household in Tamarac button.
  4. You'll receive a confirmation message. The Open in Tamarac link will allow users to view the client in Tamarac Reporting.

Updating and Viewing Records

Whenever a synchronized field on the Client or Client Person record is updated in either Practifi or Tamarac reporting, the update is sent to the other system in real-time. 

Selecting the Open in Tamarac link, located under the dropdown arrow in Practifi, will open the client's Tamarac Reporting record in a new browser tab.

Syncing Assets (Tamarac Financial Accounts) into Practifi

To Sync Assets from Tamarac, the Financial Accounts and the related Households in Tamarac must have a link in Practifi. This link can be established from the Tamarac portal.

  1. Log in to the Tamarac portal
  2. Go to Accounts and select Households.
  3. Click the Household in Tamarac that should be linked to a Household in Practifi.
  4. Select the Settings tab and click the Add CRM Household button.
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  5. A Link CRM Household window will appear and will search the Household name that was shown when the button was clicked. If the search is correct, select the CRM Household Name and click the Link Selected Household button. If the Household in Practifi has a different name to the Household in Tamarac, the user can update the search term and try again.
    • Please note: Upon linking the Tamarac Household, the Household Name in Tamarac will be updated to the name of Practifi household if the two are different.
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  6. After linking the households, select Save.
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  7. Once the Households have been linked, commence a synchronization. Select the Setup tab and click Sync from Portfolio Accounting System.
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  8. From the Sync From Portfolio Accounting System window, select Sync.
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  9. Data sync will start, and the panel will now show the progress of the data sync.
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  10. Once the sync is completed, the Tamarac Assets (Financial Accounts) will appear under the Financials > Assets tab of the corresponding linked Household in Practifi.

Receiving Assets from Tamarac

Assets are sent whenever a portfolio accounting sync is done in Tamarac Reporting. To initiate one manually:

  1. Navigate to the Sync From Portfolio Accounting System page from the Setup menu.
  2. Define the day range and other options, then click Sync.
  3. The Account records of all Households synchronized with Practifi will either be sent into the system or have their values updated if they already exist.

Field Mapping

The following are the minimum mappings for integration with Practifi. 

Client - Household

Account (Practifi) Household (Tamarac)
Account Name Name
Billing Street Street
Billing City City
Billing State/Province State/Province
Billing Zip/Postal Code Zip


Client Person - Client

Contact (Practifi) Client (Tamarac)
First Name First Name
Middle Name Middle Name
Last Name Last Name
Email Email

 

Asset - Account

Asset Liability (Practifi) Financial Account (Tamarac)
Description Account Name
Account Number Account Number
Notes Account Type
Current Value

Total Value

 

Enhanced Data Model 

With our Albariño release, we have added fields to maximize the power of the Tamarac integration. The new fields appear in the Basics section on Assets. Fields are conditionally displayed, so records that don’t have data to present won’t have these fields visible on their record pages.

Implementation Details

The following Lightning pages have been modified to add these fields as part of this enhancement:

  • Asset/Liability Record Page

If your firm has customized the above page, an administrator will need to either copy the changes into your customized version or switch to the Practifi version and redo the changes. Please note the following about the tables below: Field names in italics are editable fields; all other fields are read-only.

Asset/Liability

Name

Field Type

Help text

Notes

Custodian Name

Text (255)

 

 

Contributions Last Year (Rolling)

Currency (12,2)

The amount paid into the asset in the last 365 or 366 days. May include receipts of securities, depending on the portfolio management tool used.

 

Revenue Last Year (Rolling)

Currency (12,2)

The total amount of fees received for managing this asset in the previous 365 or 366 days.

Management Fees

Withdrawals YTD

Currency (12,2)

The total value of cash withdrawals made so far this year. Used to calculate whether eligible assets have met their Required Minimum Distribution for the year (if enabled).

 

 

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