Trx Manager Serial

Trx Manager Serial Key
Trx Manager Serial Code
Trx Manager Serial App
Trx Manager Serial Killer W7GJ STATION CONTROL OPERATION INTRODUCTION First, let me point out that if you only use a simple transceiver, a small beam, and an electronic keyer, you can have a lot of fun, and you will be able to get away with just about anything you want to try. HOWEVER, if you have a highly directional array, you will need to be able to aim it accurately. If you run an amplifier and/or preamplifier and/or separate receiver, you will want to be able to switch the station into transmit before any transmitting is done (to avoid blowing up your expensive equipment). If you are an active meteor scatter, moonbounce, or contest operator, you will want to be able to automate your transmissions, and if you have such an assembly of relays, it can be difficult to figure out how to get it all to work together smoothly in an automated fashion. And if you are planning on working lots of stations (on different bands), you need a way to keep it all organized. At least, I found it to be a challenge for many years. I hope the following information on how I finally wound up controlling my station is of interest and/or assistance to you in setting up your station and having a more relaxing, productive time operating. UTILIZATION OF THE COMPUTER
It's best if you avoid using common keywords when searching for Trx Manager. Words like: crack, serial, keygen, free, full, version, hacked, torrent, cracked, mp4, etc. Simplifying your search will return more results from the database. TRX Series The TRX is a high-efficiency, wall-hung boiler equipped with an Innovative XTRATECH stainless steel heat exchanger with large diameter tubing. Every unit is equipped with embedded Wi-Fi connectivity so that the TRX control can easily communicate with NTI remote connectivity tools, making servicing easier. HOWEVER, now with the aid of my trusty old laptop computer (Toshiba TECRA 500CS with 32 MB RAM, and a 1.2 GB hard disk), I find that the power of this great new technology has easily solved many of the problems I wrestled with for many years. Most serious hams nowadays use a computer somewhere in their station for logging and/or internet monitoring, etc., and I'll bet I have one of the more limited computer setups around..my little laptop only has ONE SERIAL port, so any connections to my equipment MUST be simple!
Although laptops don't offer the flexibility of easily adding additional ports, or new modems, or hardware upgrades, they DO offer some real advantages. The most obvious benefit is that they are PORTABLE! It is easy to take your logging, automatic sending, antenna aiming and complete station control with you on a mountain top DXpedition or on a mobile 'rover' operation. Compared to RFI generated by many desktops, laptops also are very clean and quiet. And, they are becoming much more affordable. So, here is how I utilized mine to help me make my time operating more productive and fun. RADIO EQUIPMENT First, as a matter of background, here is the summary of the basic equipment in my station. This is the equipment that must be controlled. The antennas are another story, and described elsewhere.
PRIMARY EQUIPMENT PRINCIPAL FUNCTION NOTES IC-706 Mark I Mobile/Portable HF and VHF
IC-746 HF Transceive/VHF XMTR
TS-830S HF Transceive/VHF Receiver (with transverters/converters) Best noise blanker! 8877 Amplifier (Homebrew) 6m
8877 Amplifier (Homebrew ala W6PO) 2m
GRT-12 2x4CX1000A Amplifier HF
Prop pitch rotor 6m
Prop pitch rotor 2m
Ten-Tec Receive Converter 6m
Mirage GaAs FET Preamplifier 6m
Step attenuator after converter 6m
Microwave Modules Receive Converter 2m
MGF 1402 GaAs FET Preamplifier 2m
Step attenuator after converter 2m
Microwave Modules Transverter 28 MHz to 432 MHz receive and transmit
TE Systems 4410G 432 MHz preamplifier and 100 w. amplifier
SEQUENCER/INTERFACE BOX If you only have is a low power transceiver, you can just run your rig in SSB VOX and CW BREAK-IN modes, and you will never have to worry about blowing anything up. And, you can use either TRX-Manager (for automatically sending CW) or VKE (for SSB) in these simpler modes if you choose. However, the GREAT THING about both these programs is that they also permit you to control the smooth transfer of your station into XMIT before sending out any signals. This is an absolute must at any 'more serious' stations using preamplifiers, amplifiers, changeover relays, etc., etc. In fact, despite the fact that the electronic keyer I built back in the 70's has 'repeat' and 'beacon' modes with adjustable delay between messages, I have never been able to use it because I still have had to manually throw the switches and wait for an appropriate moment before pushing the SEND button! Oh, the woes of a dyed-in-the-wool VHF'er with a kluge of equipment to switch! But now I have finally found a solution - my computer running some very special programs, and a little interface box.
The heart of my station is the little box I built that houses my Level Converter and my Sequencer, and serves as a junction box for:
my automatic control lines (the serial port cable from the computer) and the manual control lines (the footswitch, front panel toggle switch)
the audio input lines (from my headset microphone, and from the computer sound card Line Output) and audio output line (to the XMTR microphone input)
PTT line to the XMTR microphone jack to put the rig into XMIT
the CW keying lines (input lines from the keyer and straight key and output line to the XMTR)
all the miscellaneous relay and amplifier control lines
the Level Converter output line to connect my rig to the computer The manuals for the two computer programs mentioned below show examples of how to connect your computer to various PTT control lines, attenuate the audio lines for the computer sound card, etc. Although I had never before tried to connect anything homebrewed to my computer, I felt comfortable following their instructions. However, if you are not into home-brewing, there now is a place where you can get a ready-made interface box to connect your computer to your rig- 'RIG BLASTER'. I recommend the RIGblaster PRO model, which includes all the features of my home-brew interface.
The 'Level Converter' is a way to let your computer control your rig and/or obtain information from it. It is not essential for control of the station, but was an added bonus, since my logging program, TRX-Manager, ALSO provides for the option of rig control. And, since I wanted to utilize the automatic sending and control features offered by the computer programs, I had already committed myself to an interface box to connect to the Serial Port of my computer. So, it was a natural step to go ahead and incorporate a Level Converter into the station at the same time, and enjoy the luxury of having my logbook automatically filled out with the band, mode, frequency, etc. (plus many other functions)!
The Level Converter I use was built using the MAX232 IC circuit, shown in the ARRL Handbook. I purchased the PC board and parts from Far Circuits . You also can purchase ready built interfaces from the manufacturers of your radio equipment (or a number of different independent manufacturers). One of the reasons I made my own level converter (rather than purchase one ready-made) was because I wanted to use only the two necessary lines from the serial port needed for rig control (RX and TX), and route the others to use for PTT, PTT INTERRUPT and CW KEYING.
The sequencer board I used was a printed circuit board kit (DEM model TRSK) from DownEast Microwave Inc . The function of the sequencer is to sequentially turn on/off all the equipment and relays when switching between XMIT and RECV, so that nothing is damaged. I had been wanting to do this for decades, since it is the only 'sure way' to keep form 'hot switching' relays, blowing up preamps, etc. etc. - it certainly is nice to have it in place, and also a true pleasure to have software that can take advantage of it. At my station, I use a Heil MC-5 boom mic in conjunction with a Radio Shack foot switch. I use an adapter plug from Heil than simply plugs into the front panel mic jack on my IC746, and provides 1/8' jacks for the input of the audio input and the PTT control line (both from my sequencer box). In my case, the footswitch is one of the two manual methods to turn on the sequencer (the other method is a toggle switch built into the front of the sequencer box), and in turn, switch over to XMIT. The other way the sequencer is turned on is via the serial port of my computer.
Both TRX-Manager and VKE (or the two working together) have the option for separate PTT control lines, so the station can be put into transmit BEFORE any signals (either audio or CW) are sent to the XMTR. Since the XMTR is never run in 'VOX' or 'BREAK IN' mode, it can only actually transmit a signal when it is turned on (in my situation, by the sequencer board). However, even if you did not have a sequencer to insure the proper switching sequence, both computer programs let you delay the start of your SSB or CW messages by whatever type of delay you feel is necessary for all your relays to close (the delay following the PTT signal coming from the computer). If you have more than one Serial Port on your computer, you can simply use one port for each particular software application. However, in case you only have one Serial Port (as on my Toshiba laptop) I have shown below how I set up the lines from a single Serial Port to control my station. You should remember that this convenience is only possible because both the programs I use were specially written to work together to share a single Serial Port. An especially useful benefit for us laptop owners!
SERIAL
PORT LINE DB-9
PIN DB-25
PIN COMPUTER PROGRAM UTILIZATION NOTES DCD 1 8
RX 2 3 TRX-Manager To Level Converter for Rig Control 1 TX* 3 2 TRX-Manager To Level Converter for Rig Control 2 DTR* 4 20 TRX-Manager CW Keying line output 3 SIG GND 5 7
Grounded 4 DSR 6 6 TRX-Manager and/or VKE PTT Interrupt 5 RTS* 7 4 TRX-Manager, WSJT and/or VKE PTT Control Line 6 CTS 8 5
RI 9 22
SERIAL PORT TABLE NOTES:
Connected to the RX input of the Level Converter.
Connected to the TX input of the Level Converter. I used the circuit for the The output from the Level Converter is then sent via a 1/8' plug to my IC 746.
This is a +12 VDC signal from the computer to key the XMTR CW circuit. I connect this line to the base of a 2N2222 transistor to provide isolation from the actual keying in the rig. I also connect the transistor output in parallel with the output from my electronic keyer and straight key, so i can send however I want.
This is grounded to my rig and station ground.
This line needs to be +12 VDC go stop the computer programs from automatically sending. I use a footswitch or a front panel switch on my interfaces box to ground the 'PTTL' input on the DEM TRSK SEQUENCER. This activates the sequencer board with the low (shorted to ground) and turns the station into transmit manually. I also use this same switch closure to ground to turn off another 2N2222 transistor, which in turn switches another 2N2222 ON. The +12VDC signal from the second transistor (which comes on when I manually go into XMIT), goes back to the computer on this PTT INTERRUPT line to immediately stop the automatic sending of the computer programs, and tell them that I am now sending manually.
This line is a +12 VDC signal from the computer when the station is to be put into the XMIT mode from the computer (automatic mode). I attach it directly to the 'PTTH' input on the DEM TRSK SEQUENCER board, to turn it on and begin the automatic sequencing. I also use this line from the computer to turn on a 2N2222 transistor, that in turn activates a small SPDT printed circuit board type relay. When energized, this relay switches the microphone audio line going to the XMTR between the audio cable from my headset microphone (where it is usually connected, in the relay 'normally closed' position), and the attenuated computer audio 'LINE OUTPUT'. Using this small relay makes it impossible to transmit manual messages from the mic at the same time as recorded messages from the computer. Trx Manager Serial Key If you use programs dedicated to separate serial ports, you have some choices (fro the computer programs) regarding the selection of which lines you can use for what (except RX and TX must go to the Level Converter). However, if you use two separate serial ports (joined together in an interface box, for example) for the above functions, you will have to make sure to use a separate 1N34 diode between the 'outgoing signal' serial lines (those shown with an '*' in the table above) and any shared circuits you wish to control via the single serial line to the computer. You cannot simply connect the appropriate lines from each serial port directly together (for example, at the PTTH connection of the sequencer board to turn it on). Without the diodes to isolate one Serial Port line from the other, you may well find that the high impedance + signals from one serial port's line is actually pulled down by the low state of the other serial port's corresponding line, and there may not be enough voltage to turn on the transistor you need to activate.
Or, you can do as I did, and run these programs together through a single Serial Port and wire it as shown. Or, you can always add a second serial port to a laptop by through the use of a PCMCIA Serial Port card.
A few IMPORTANT NOTES need to be added regarding the handling of the audio lines. It is necessary to make sure that there are NO ground loops (which will introduce him into the XMTR). As a first precaution, the computer LINE OUTPUT was attenuated after using an inexpensive 1:1 audio transformer to completely isolate it. NOTE - the 'low side' of this transformer is NOT connected to chassis ground - only to the shield of the audio lead going to the computer sound card. All the mono audio leads to and from the interface box were passed through 1/8' stereo (3 conductor) jacks and plugs, so the shields of the audio cables could be prevented from contacting the ground of the box. The shield on the headset mic is only grounded by connection to the shield on the output audio line actually going to the XMTR mic input (grounded only at the rig chassis). And the shield on the line going to the computer is only grounded at the computer sound card end. Keep all the audio lines as short as possible. This arrangement has worked very well here - even when running the 8877 with the antenna pointed in the direction of the house. If you have additional problems, it may be necessary to use optical couplers to avoid ground loops.
VKE - VOICE KEYER EXPRESS
The first step was to employ a very flexible and powerful voice keyer. How many times is the band open when everybody is sitting around monitoring? Even just sending out a 15 CQ every few minutes can be very helpful in finding out if there is anything going on (especially when your nearest neighbor is in the next grid square). I will never forget on of the first 2m meteor scatter QSL cards I received (back in the mid 1960's, from K0MQS) - it showed a mother cat leading her kittens home at night along the top of a wooden fence under the moonlight, and was captioned, 'If you wanna get results, you gotta make calls!' I wanted a voice keyer that I wouldn't outgrow - one that I could always use. So, I chose VKE-VOICE KEYER EXPRESS for the following reasons:
It is computer based, so it is easily transported on a laptop computer without the need for yet another box.
It has the option of simple message repeats (with adjustable listening time between transmissions).
It has the option of synchronized message repeats using 15, 30,60 or 120 second periods (ideal for meteor scatter or other schedules, or 'random' CQing so you and your neighbors can all be transmitting in the same periods and not interfere with each other). It simply uses the clock in your computer to keep the schedules in sync.
You can select from any number of .wav file messages you want to record onto your computer. And since it is sending .wav files to the audio input of your transmitter, you can use it to automatically call on SSB, OR to send HSCW (high speed CW), or even regular CW ( I did this using .wav files with the CW message recorded using a 2 KHz audio tone for a very clean transmitted signal).
It is a Windows program, and works with all standard Windows compatible sound cards.
It offers the option to turn on the PTT line going to your transmitter (or sequencer board, if you are REALLY organized), so everything can have time to switch before the actual transmission begins (you set the number of milliseconds delay you want/need to have before it actually starts sending the recorded message).
It features a PTT INTERRUPT option to stop the automatic transmissions at any time through a switch closure (such as a footswitch or microphone PTT switch). This provides the flexibility to instantly switch to manual transmissions (without having the automatic message continue to come on over top of you, or start up again after you try to go back to receive). This is VERY slick for the 'quick break' when a meteor comes along :-) My, how things have progressed since the endless loops of recording tape! But I don't just use VKE for meteor scatter. It seems like I have loaded it every time I operate on 6m, and it sure has increased the number of replies I get - EVEN WHEN THE BAND APPEARS DEAD!
TRX-MANAGER LOGGING/RIG CONTROL
The next step was to find a full-featured and affordable logging program that would work well for a serious VHFer. I finally selected TRX-MANAGER for the following reasons:
It automatically calculates distance and direction to the station you are logging, using all 6 digits of the grid square locator found on the CD you are using (if you are not using a CD, it just provides information based on whatever grid square information you enter manually into the logbook). With a sharp antenna (such as used on VHF/UHF), I find this 6 character accuracy makes a real difference as to where you point (out to about 800 miles, anyway).
It features a built-in CW keyer (with the same PTT and PTT INTERRUPT functions as in VKE!), so you can automatically send CW in typing mode, stored message mode, standard simple repeat mode, or a synchronized timed schedule mode, using whatever kind of fixed timing sequence structure you want (ALL possible conventions are possible for meteor scatter, EME, tropo, etc., etc.). This is the FIRST TIME I have ever had the capability of running a CW beacon that safely automatically switches the station into XMIT first - before beginning the actual transmission. It sure is neat!
It also can work IN CONJUNCTION with VKE, so all the controls and programs still only use a single simple serial port interface! This is VERY attractive for those of us who want the ability to control the station with a laptop computer - we MUST keep it simple!
TRX-Manager offers many features. It keeps track of things like the number of previous QSO's you have had, DXCC and GRID SQUARES, and shows you whether the station you are logging is a new one for you. There are many other features I have not yet explored (such as automatic spotting on the Internet, packet cluster listings, automatic rotor control, scanning indicator frequencies, remote control of the rig via a telephone or UHF link, etc.). Another convenient feature is that the logbook is kept in a standard Microsoft ACCESS file format, so custom reports can be easily generated through either ACCESS or EXCEL. And, I was able to easily import my old logbook (from LogWindows, which never even showed me the grids of the stations I worked in its logbook).
It also can be used to control your rig, if it is one of the more modern rigs by Kneed, Icom, Yaesu, or Ten-Tec. This means that the band, frequency mode, signal report (yes, right off the rig's S meter!) is all automatically downloaded into your logbook, even if you rapidly jump back and forth between bands (like I have done in the VHF contests with my IC-746). What a treat! Of course, if you want to take full advantage of this function, you must provide a 'Level Converter interface' between your computer serial port and the rig (as is included in the 'RIGblaster PRO' model from West Mountain Radio).
Compared to other logging-only programs, it is relatively small and efficient - even with all the rig control software built in! This is an important consideration for those of us who want the ability to run it on a small laptop computer.
DSP PROGRAMS
The computer has also made it possible to take full advantage of weak signal reception. This is especially valuable in EME communications, where signals are often quite weak. I have used the computer to help make contacts on both 6m and 2m EME.
FFTDSP. In the past, I have used the famous AF9Y FFTDSP software program to find weak signals, and employed an outboard narrow DSP audio CW filter (a TI TMS320C5X unit, operated via the serial port of my computer) to hear them. However, a new program called SPECTRAN combines these two features and also uses any standard Windows-based sound card.
Trx Manager Serial Code
SPECTRAN. For my situation, SPECTRAN offers a very exciting possibility, because it provides for weak signal spotting AND DSP audio filtering through the use of my computer sound card - without tying up the use of my serial port. That leaves my serial port free for TRX-Manager and VKE to control my rig and automatically import all the pertinent logging information. However, because Spectran introduces a delay into the audio during processing, it is impossible to listen to the processed audio output when simply tuning across the band, or monitoring a CW side tone (or you own SSB signal) during XMIT. In order to make the most effective use of this innovative program, it is advisable to build a simple interface box to switch the audio cables involved to the proper sound card ports. At my station, I use a small box housing a DPDT relay (controlled by a free jack on my SEQUENCER box) and a manual DPDT on/off switch to take the input lines from the XMTR audio input, RCVR audio output, and headphones and properly route them to the computer sound care LINE INPUT and LINE OUTPUT jacks.
The relay in this little audio interface box assures that the headphones are always connected directly to the RCVR audio output during XMIT. In addition, the LINE INPUT jack is automatically broken during XMIT, to avoid potential feedback problems. (A 'momentary on' pushbutton switch was added to the box to provide an exception to this, in the event a 'spot' function is desired). On the other relay contacts, the headphones are switched to either the sound card LINE OUTPUT (on receive) or the RCVR audio output (on XMIT). On receive, the RCVR audio output is always made available to the computer LINE INPUT (whether the box is manually switched on or off). This allows the receiver audio to be used to display signals in the audio spectrum with SPECTRAN, even if the headphones are not listening to the processed audio (run through SPECTRAN, and available through the sound card LINE OUT).
The manual ON/OFF switch is NOT used to enable the relay, which is always tied to the station sequencer; instead, it switches the audio lines inside the box, to create more of computer audio processing 'IN/OUT' function as far as the headphones are concerned. When the manual DPDT control on the box is switch OFF, the audio for the headphones is always connected to the RCVR audio output, and the LINE OUTPUT audio is always sent to the XMTR audio input (to allow VKE to automatically send audio messages). When switched ON, the headphones are subject to control by the relay action (connected to the RCVR audio output on XMIT and the sound card LINE OUTPUT on receive).
DIGITAL COMMUNICATION MODES. As you can imagine from the above information, my SEQUENCER BOX (with its interfaces for the computer sound card audio lines, and PTT control via the serial port) immediately provides provides full capability to operate any of the digital modes (PSK31, FSK441, JT6M, JT44. etc.) Since I am primarily involved in weak signal VHF activities, I have become very active using JT44 mode. Please see my JT44 web page for more information on this exciting tool!
INTERNET ALERTS
Especially when it comes to 6m, where propagation changes very quickly, it has been extremely helpful to be able to watch reports of what is going on at other locations and prepare accordingly if it appears that propagation is heading toward you. I find the following Internet sources of information particularly valuable tools when operating 6m:
50 MHz PROPAGATION LOGGER
DX Monitor for the DX Summit
Chat Page on DXERS.INFO (also can display both of the above at once)
Near-Real-Time MUF Map
In summary, I have to say WHAT A JOY it has become to operate the station - without worrying about shorting out something or overloading a preamp, or hot switching the relays! And immediately seeing what new countries and grid squares are needed and where to point for them! And being able to finally automatically send CW in timed EME sequences! Finally an immediately tangible benefit from computers that I could put to good home use! The computer sure has made my life a lot easier, more fun, AND has helped me be more successful in making VHF contacts. I hope you can find as much pleasure in the above programs as I have, and the above information and tips are helpful to you in making the most out of your equipment.
GL and DX!
This page last updated on 17 September 2003
Executive Summary
Shareware Junction periodically updates pricing and software information of TRX-Manager v.4.6.0.1 full version from the publisher using pad file and submit from users. Software piracy is theft, Using crack, password, serial numbers, registration codes, key generators, cd key, hacks is illegal and prevent future development of TRX-Manager v.4.6.0.1 Edition. Thank you for using our software portal. Use the link given below and proceed to the developer's website in order to download TRX-Manager free. Download from www.trx-manager.com. What others are saying about TRX 'Total Rebalance Expert, our solution for portfolio rebalancing, has what we need to lower costs for our clients and enable tax efficiencies, both of which contribute to total client returns without adding incremental risk.'
Trx-manager.com - TRX-Manager HAM Radio CAT Software Provided by Alexa ranking, trx-manager.com has ranked N/A in N/A and 2,852,117 on the world. Trx-manager.com reaches roughly 1,089 users per day and delivers about 32,670 users each month. TRX-Manager is an application offered by the software company F6DEX. Frequently, computer users choose to uninstall this application. Sometimes this can be efortful because doing this by hand takes some advanced knowledge regarding Windows program uninstallation.
For many advisory firms, portfolio rebalancing technology is one of the single most important pieces of technology that they have. While other software is certainly important from a CRM for managing client relationships, to eSignature for streamlining account opening and administrative processes, to financial planning software for helping guide your clients long-term financial plan arguably no other piece of software is impacting your clients portfolio on a regular basis more than rebalancing software. Yet, amongst a sea of different options and software features, it can be hard to know which solution is best for you and your clients.
In this guest post, Craig Iskowitz, CEO and founder of Ezra Group (a management consulting firm providing advice to the financial services industry on marketing and technology strategy), shares some of his own thoughts on the best portfolio rebalancing software available, including portfolio management features, pricing, integrations, user experience, and more! Reviews include all the major rebalancing software providers, from iRebal and Tamarac, to TradeWarrior, tRx, and RedBlack!
And arguably, in todays environment, the need for rebalancing software is even more urgent to stay competitive, with the rise of robo-advisors that can already automate rebalancing, along with tax loss harvesting. The good news, though, is that as the original robo solution for portfolio automation, all the major rebalancing software platforms can handle this and more! But only for advisors who are willing to move away from portfolio rebalancing Excel spreadsheets!
And so, whether you currently have a rebalancing solution and want to ensure it is up to date, know that it has been a while since youve evaluated rebalancing options and want to get started with the process, or havent been convinced of the value of rebalancing software and are still using spreadsheets or calculating rebalance trades by hand I hope that you find this guest post from Craig to be helpful!
For many independent advisors (at both RIAs and broker-dealers), there is no piece of technology that is more important to their business than portfolio rebalancing software. Sure, your CRM helps drive new business, eSignature helps streamline account opening and financial planning software helps clients understand their long-term goals. But portfolio rebalancing software touches every clients portfolio on a regular basis, and is the engine that implements and automates the firms investment management strategies.
As a result, choosing the right portfolio rebalancing tools can be the difference between an efficient investment back office, and one that is constantly struggling to keep up with business growth.
Fortunately, portfolio rebalancing software has come a long way from the days when running client portfolios through an Excel spreadsheet or Microsoft Access was considered a pioneering use of technology. Advisors no longer need to be sold on the merits of automating what could otherwise be a time-consuming and risk-prone task. That has shifted the conversation from Should I automate rebalancing? to Which automatic asset rebalancing tool is right for me? The wealth of choices may seem like a good problem to have, but the weight of the decision is real especially if you consider the typical costs of broker-dealer or RIA software for portfolio rebalancing (its usually not rebalancing freeware!), which is typically on top of the required investment portfolio accounting and performance reporting software as well.
The good news is that most modern rebalancing solutions come with an impressive array of what has become standard features, akin to running your advisory firm like a robo-advisor. From cash management to working around substitute securities and capital gains avoidance, tax-loss harvesting and asset location, leading portfolio rebalancing platforms offer solid baseline functionality no matter which tool you choose.
All of the five tools in this financial advisor rebalancing software comparison have these standard features:
Automated portfolio rebalancing
Tolerance bands, trading minimums and thresholds
Cash management
Multiple approval levels for trading and compliance oversight
Ability to consider held-away assets
Household-level management
Ability to tag securities for particular client restrictions
Security or Asset Allocation Model management
Unlimited portfolio models containing equities, mutual funds or ETFs
Models of models (Composite models)
Substitute security equivalents (Assigning a non-model security to be equivalent of a model security, so it will not be sold)
Tax management
Avoiding capital gains and wash sales
Flexible user interface for advisors
Configurable adding/removing/reordering grid columns, editing global settings
In a way, this state of the industry, especially with the flexibility of RIA software and most custodial platforms, makes the advisors choice that much tougher. Sure, all the tools have the standard features and offer some degree of configuration but which one is best for me?
This analysis attempts to break down the decision by providing a portfolio rebalancing software comparison highlighting the unique features, strengths and shortcomings of five popular solutions:
(Click on the software above to skip to that section!)
TradeWarrior Review And Pricing
While we were finishing the edits to this article, the news broke that TradeWarrior had been acquired by Oranj , a provider of a digital wealth platform for financial advisors. Oranj has been overshadowed by better known robo-platform players such as Jemstep and AdvisorEngine. While they have flown under the radar so far, this deal will leapfrog them into a different space where they will compete with firms like Orion Advisor Services, Morningstar and Envestnet. This is assuming that they can complete the integration successfully before other digital vendors catch up.
TradeWarrior is one of those products that often flies under the radar since they do not have a well-known parent company or spend gobs of money on marketing. But as a stand-alone portfolio rebalancing tool, TradeWarrior is a good choice for advisors who want a solid range of functionality at an affordable price point. Recent updates to the platform include a web-based front end, and FIX connectivity for straight through trade processing. TradeWarrior User Experience
Advisors who use TradeWarrior for the first time will find that the learning curve is pleasantly short. The dashboard view, with its ribbon-and-tabs work environment, will look familiar to anyone who has ever used a Microsoft Office product. The layout of the screen does not have the number of options and preset workflows of more complex products, such as RedBlack, as if they have opted to keep the design deliberately minimal. The result is an open layout and a clean look and feel.
Product look and feel can be an important decision point when comparing products that have much of the same functionality. TradeWarrior anchored their design with the menu bar on the left side of the screen, similar to RedBlack. Whereas the other three tools have their menu bars at the top of the screen. Each advisor needs to decide which layout is more ascetically pleasing to them.
We like the multi-color tag functionality, which is helpful for organizing accounts into groups for more efficient processing.
The product can be white-labeled, which is a required option for institutional clients. A mobile version of the tool is available for advisors on the go. In terms of initial set-up, any rebalancing product will require a certain amount of time up front, but TradeWarrior is more intuitive than others. TradeWarrior Portfolio Rebalancing Model Management
TradeWarrior has considerable flexibility when it comes to working with security or asset allocation models. The product offers three main levels of modeling: security models, class models that target specific asset classes, and models of models. All security types are fully supported, and the platform can bring held-away assets into the analysis through account aggregation. Relative or absolute tolerance bands can be created at the global level, and multiple custodians (including Schwab, Fidelity, TD Ameritrade, and Pershing, as well SSG, TradePMR, and other smaller RIA custodians) can be supported simultaneously (though as discussed below, the depth of straight-through trade processing amongst custodians does vary).
After the initial setup is completed, the bulk of the work is done in the Trading and Rebalancing tab. Review is made easy with the ability to sort and filter portfolios: for example, an advisor might sort clients to identify ones that have not traded in the previous six months, or scan for portfolios that are currently out of balance.
One of TradeWarriors strong points is its ability to handle household rebalancing. Advisors can manage multiple accounts together and compare the result against a single model. The resulting rebalance generates fewer trades, since they are evaluated at the household level. Fees can also be handled at this higher level, so the client receives a single statement rather than one for every underlying account.
The product can handle a variety of restrictions including do not sell to do not trade (the latter allows advisors to exclude a position from rebalancing and trading as if it did not exist). Advisors get to define cash minimums and distributions, set trade minimums, and impose tax-based restrictions. TradeWarrior Tax Management
Beyond the standard tax management features, TradeWarrior performs a real-time estimate of the tax impact of proposed trades. It also incorporates tax lot analysis into its rebalancing logic, so it can recommend which tax lot to sell to that is most beneficial to the client (including as a part of its tax loss harvesting process). TradeWarrior Trading and Order Management
The trade review screen allows advisors a fully customizable view into recommended trades, including the ability to drill down into details by account. Automated alerts are user-friendly and can either hard stop the recommended trade, or present a softer informational message for the advisor. Advisors will appreciate that proposed trades can be edited from inside the review screen.
The latest iteration of TradeWarrior offers straight through processing for routing trades, but only for accounts held at either Fidelity or Schwab. This functionality is powered by Raptor Trading Systems and represents a considerable upgrade over the old way of doing things. No more downloading trade blotters, waiting around for uploads, or worrying about sending the wrong trade files!
A negative for TradeWarrior is that they do not have direct connectivity to any other custodians. Orders generated by the rebalancer for TD Ameritrade, Pershing or others must be manually exported into a separate file and then uploaded for each custodian. This is not much of an issue for small RIAs, or those with only a single custodian. But larger firms that have heavier trade volume and multiple custodians would have higher operational costs due to manual effort, as well as increased recon costs from potential trade errors. Trx Manager Serial App
TradeWarrior told us that they are working with TD Ameritrade to connect to their system for sending trades, but they did not have an estimated date for this to be completed. TradeWarrior Integrations
When it comes to other third party software, TradeWarrior plays well but the depth of integration varies. For example, their Riskalyze connection will pull data automatically. On the other hand, the connection to Advent AXYS or Morningstar requires a manual file import and export. Interface connectivity is also available for portfolio accounting vendor Orion Advisor Services and portfolio management software Blue Leaf.
TradeWarrior leverages multiple integrations to help position themselves against end-to-end platforms like Envestnet Tamarac. Their clients use some of these combinations and build a lightly integrated CRM, Portfolio Management, and Reporting solution:
Redtail + AssetBook + TradeWarrior
Junxure + BlackDiamond + TradeWarrior
Salesforce + Orion Advisor Services + TradeWarrior
Additional integrations are on the roadmap, so advisors that are considering an investment in TradeWarrior should get an update on whether the systems that are part of their workflow will be included or not. TradeWarrior Pricing
There are no two ways about TradeWarriors price point: given its solid functionality, the product is very affordable. The price combines a base component of $4,000 per firm and an asset-based fee, which ranges on a sliding scale from 0.3 bps down to 0.1 bps depending on the AUM being managed via the platform. TradeWarrior does not offer a free version of the product or a free trial period. But, there is a 90 day test-drive period that allows advisors to cancel for a full refund. tRx Total Rebalance Expert Review And Pricing
Total Rebalancing Expert , or tRx for short, was once an independent product, but was acquired by Morningstar in late 2015 , and can now be purchased as a part of the Morningstar Office Suite . Access to Morningstar intelligence data has become a key selling point for tRx.
Another selling point is its superior capability when it comes to tax awareness, which is not surprising considering that its founder, Sheryl Rowling, is a CPA financial planner . Recent additions include deeper integration with Schwab OpenView Gateway to enable trade execution directly with the custodian. tRx User Experience
Lets get the bad news out of the way: we are not big fans of the tRx user interface. Compared to some of the other products, the dashboard and other screens look clunky. While the basics of portfolio review are all there, the layout lacks the workflow structure and depth of RedBlack, and does not have the benefit of a familiar layout like that of TradeWarrior. The ability of the dashboard to be customized with a client logo is a small consolation.
One aspect of the workflow that we did like is the convenience of client-ready reporting. The platform makes it easy to demonstrate the savings that result from tax-aware decisions, and by extension the value added by the advisor.
A recent web-based update to tRx dubbed tRx Edge allows advisors to access the platform from anywhere (as notably, the original software was/is still installed to a local server in the advisors office). The recently released mobile version of the product rounds out the convenience factor nicely. tRx Rebalancing Model Management
tRx allows for an unlimited number of models to be created, but no models of models. Advisors who want to approximate that capability have to use a subclass blend (mutual funds broken down into subclasses). This seems like a kludge to us and is not as efficient.
In addition to the standard household account management functionality, tRx offers advisors an option to rebalance across a set of households to boost efficiency. The platform also has strong cash management capabilities: cash needs can be defined in absolute or relative terms, and set at the account or household level.
Regarding workflow management, tRx is built with 5 levels of review and authorization more than any other platform we have reviewed, with the exception of Tamarac. Advisors and compliance officers can customize access privileges at various user levels, and there is an extensive audit trail.
The last component of the rebalancing functionality to highlight is account aggregation. Within the tRx universe, it is powered by ByAllAccounts (which has been owned by Morningstar since 2014). Advisors can opt to include held-away assets in the portfolio rebalancing process for a more complete picture of the clients holdings. The portfolio rebalancing algorithm will recommend trades for held away assets only as a last resort, generating a client-ready report for recommended 401k trades. If you happen to like or use a different account aggregator, you are out of luck: Only ByAllAccounts is supported at this time. tRx Tax Management
Without question, tRxs strength is in the area of tax management. The program offers the deepest tax awareness of the platforms we have looked at. Tax loss harvesting is fully automated and run daily interestingly, the platform has done this from the very beginning nearly a decade ago, well before robos made that approach standard.
Asset Location optimization is established at the security subclass level; advisors can then choose individual securities for trades from within the subclass. tRx is the only rebalancer that taps into Morningstar research to create the asset location hierarchy (location optimization ranking tables). That is a considerable advantage because it removes the guesswork out of the process. It also makes the process more efficient; compare it with TradeWarrior, which comes with a blank set of defaults and requires manual data entry.
An interesting feature of the tRx rebalancing tool is the advisors ability to turn location optimization on or off depending on relative cost vs. tax savings. If the option is on, the program generates a review summary that shows the results of both algorithms side by side. While the ability to compare the two outcomes sounds like an advantage, we thought that the summary itself was a bit confusing. We had difficulty summing up the totals at a glance to determine which trade proposal was best. tRx Trading and Order Management
A recent release of tRx benefited from the addition of direct trade execution for securities custodied with Schwab. Advisors still have to generate an export trade file for all other custodians, which means tRx is not a great fit for RIAs that engage in heavy tactical trading. Additional trade order management integration initiatives are on the products roadmap. tRx Integrations
tRx has an unusual limitation regarding importing data. It cannot take custodian files directly. Data on client positions and transactions can only be imported from an RIA portfolio accounting/portfolio management system such as Schwab PortfolioCenter, Advent AXYS or Orion Advisor Services. This should not be a problem unless you are using an unusual portfolio accounting software system.
Prior to its acquisition by Morningstar, tRx had created some successful partnerships with other vendors. Their 2014 Orion joint venture created a solid portfolio management and rebalancing solution that received favorable reviews from advisors. They also support integration with Black Diamond and are working on new collaborations with other portfolio management platforms. That effort is a part of their API as a service offering, meant to make Morningstars data and products more accessible.
Compatibility with the Morningstar Office Suite, including its wealth of research and analysis data, is now a key selling point for tRx. Morningstar plans to leverage their three-year collaboration with Redtail Technology, by bundling Morningstar Office tRx and ByAllAccounts with Redtail to offer advisors a powerful end-to-end technology stack. Morningstar tRx Pricing
Morningstar tRx comes with a middle-of-the-road price tag of $6,000 per year for the stand-alone application before discounts (it gets lower if the rebalancer is purchased as part of the Morningstar Suite). The ultimate price varies by firm based on the complexity and the number of accounts to be serviced. Resellers and partners like Orion may offer additional discounts. There are no per seat charges, and Morningstar has recently eliminated all tRx set-up and installation fees. Rebalance Express by RedBlack Review And Pricing
Rebalance Express by RedBlack is a stand-alone tool that has a strategically narrow and deep focus on rebalancing and trading. That explains the products solid modeling capabilities, impressive list of integration partners, and the best trading workflow support out of the stand-alone rebalancers we have reviewed.
RedBlack has close to 200 clients with approximately $480 billion in assets managed on their platform. Their average client AUM is $3 billion, but the median is just $1 billion. They count as clients more than 100 single and multi-family offices, pension funds and foundations.
With its extensive OMS connectivity, support across all asset types, and sophisticated workflows, RedBlack is a good choice for banks and larger RIAs with more complex rebalancing needs. RedBlack Rebalance Express User Experience
RedBlack opens with an intuitive dashboard: a list of workflows on the left and familiar action commands across the top. Advisors can use drag-and-drop widgets to customize the dashboard so that the tools they need most are at their fingertips. Some of the options include a view into asset class exposure, actionable to-do lists, and real-time price lookup. We like that this degree of responsiveness and customization is available to the user via simple configuration options without the need to involve the vendor.
The list of workflows is extensive and can be augmented or pared down as the needs of the practice change. One we would like to highlight is investment policy compliance monitoring. RedBlack users can import data from financial planning tools such as MoneyGuidePro to create investment policy parameters. Investment policy compliance checks can be automated and run daily. That alone is not unusual; what is worth noting is the convenience with which compliance officers can review alerts and drill down into each account to see past violations, issue status, and comments. They can also filter alerts to create custom reports to send to each advisor for follow-up.
RedBlack also offers a limited proposal generation feature that includes allocation reports that can be white labeled with the firms branding. We would like to see these reports integrated with popular CRM software like Redtail, Junxure or Salesforce to improve efficiency.
Held-away account aggregation is provided through ByAllAccounts and allows advisors to bring in a variety of externally held assets from 401(k)s to SMAs and alternative investments. RedBlack is currently available as a desktop or a cloud solution. There is no mobile version available at this time. RedBlack Rebalancing Model Management
Similar to TradeWarrior, RedBlack allows advisors to create and rebalance three types of models to support a variety of investment strategies: security, asset class, and models of models. Full support of all asset classes means that the algorithm can handle everything from variable annuities to private equities.
Advisors can define minimum trade sizes and minimum held positions before auto-liquidation, as well as never buy rules. The option to create restrictions at the account, household, or global level allows for built-in efficiencies and ease of compliance.
Approximately 85 of RedBlack clients use models and most of those utilize the models of models feature.
RedBlack portfolio tracking for drift reporting is superior. While basic drift monitoring is the staple of modern rebalancing platforms, RedBlack drift reports are available at the account or household level, and advisors can choose to highlight relevant notifications on their dashboards. Whats more, there is advanced ability to drill down into the reports, choosing between multiple style, sector and security data views to support advisor decision-making.
One feature that no other stand-alone portfolio rebalancer provides is support for true Separately Managed Accounts (SMAs). The reason that we use the qualifier true SMAs is because while almost every vendor says that they support SMAs they really do not.
What they support is taking a copy of an external money managers strategy and entering it manually into a model. This is not the same as supporting for SMAs directly in your product as RedBlack does.
Most RIAs do not use SMAs and many of the ones that do access them through TAMPs or other platforms, for larger RIAs that invest in SMAs directly, RedBlack is the only point solution rebalancer that can support them. RedBlack Portfolio Rebalancing Tax Management
While RedBlack does not have the depth of tax expertise of tRx, it offers some of the tax sensitive functionality. Asset location optimization is available, along with tax loss harvesting at the position or tax lot level. Unlimited sets of tax rules can be created at the account, asset classification, or household level. Custom thresholds for action cut down on the alert noise and help keep the dashboard clean and actionable. RedBlack Portfolio Trading and Order Management
Trading and order management is one of the strengths of RedBlack. They offer connectivity via FIX protocol that allows for straight-through processing of trades with over 450 sell-side firms. The result is a simplified operational workflow, better efficiency and improved accuracy.
One advantage of using FIX connections for routing trades is that executions can be received and acknowledged intra-day, which means trades can be allocated to the corrected accounts the advisor dashboard can be updated with order status in real-time. Most other portfolio rebalancers rely on receiving an overnight file import from the custodian, which means that trades are not reflected in client positions until the next morning.
Trade reconciliation can be a time consuming and tedious process even when using portfolio rebalancing software, since the process still relies on manual effort to resolve breaks. RedBlack has developed a technology solution where each days trade file is automatically reconciled against the next business days portfolio management system or custodian data to identify missing trades, quantity errors, and pricing variances.
This check can be run daily or across any given date range to identify errors. By running these tools daily, it reduces the volume of variances to be researched and resolved at month-end, eliminating what can be a considerable time drain and bottleneck.
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RedBlacks open architecture platform means deep integrations, including over 50 interfaces to custodians, portfolio accounting systems, TAMPs, pricing systems and more. The list covers all major accounting platforms and custodians, as well as trust accounting systems. Some integrations are deeper than others: for example, Morningstar requires a flat file import and export, while the Orion-RedBlack combination can share data automatically. RedBlack Rebalance Express Pricing
Pricing for RedBlack is driven by AUM, number of users, and the number and type modules selected. The pricing structure starts at $10,000 annually, and provides advisors the ability to mix and match modules to create a custom solution with all the functionality thats needed. TD Ameritrades iRebal Review and Pricing
iRebal is a rule-based rebalancing tool offered by TD Ameritrade. It was the original rebalancing software for financial advisors, first created in 2004, and later acquired by TD Ameritrade in 2007 . Its strengths include the depth of integrations within TD Ameritrades VEO One environment, as well as its price (iRebal is free for accounts custodied with TD Ameritrade, as long as you use the web-based version; advisors can purchase a server-based, which is not free, for multi-custodial use).
The iRebal portfolio rebalancing software is highly efficient and an obvious choice for advisors who only custody assets at TD Ameritrade. With the new iRebal Model Market Center announced in February and a recent addition of Advisor Engines seamless client onboarding, VEO One might just be the competitive edge that gets users to overlook the lack of multi-custodian support. iRebal User Experience
The iRebal user interface design relies heavily on the look and feel of TD Ameritrades corporate standard that is also used for their institutional trading services. It can be described as clean, modern, and easy to navigate but is also a bit sterile, which is not necessarily a bad thing when it comes to presenting data that is critical to your business. You would not want to be distracted by a fancy UI when trying to manage dozens or hundreds of trades.
The majority of iRebal screens appear to have been designed carefully in order to use the space efficiently and fit in the most functionality without creating clutter. There is extensive use of split screens with separate sliders to scroll columns or data populated with dropdown lists, check boxes and number entry.
The Home Screen, which we also refer to as the advisors dashboard, is composed of multiple widgets that can be added or deleted and rearranged to display key data points that are needed to manage a book of business. The Status widget provides the most useful information and would be used by operations staff to schedule their activity by highlighting items such as approved trades, incomplete models and portfolios that require attention.
iRebal uses up-to-date position and pricing information, courtesy of deep integrations within the TD Ameritrade ecosystem. That is an upgrade compared to other products use of previous days closing prices. Access to current pricing and positions allows advisors to base their rebalancing and trade decisions on the best information available which presents a considerable advantage.
Another strong point for iRebal is its capability to support imported fee tables. It means that advisors can use accurate expense projections during rebalancing to ensure that there is sufficient cash available for fees. The only other rebalancer that has this feature is TradeWarrior.
One significant gap in iRebals workflow is its lack of integration with an account aggregator. The tools does support held away accounts, but only through manual file import. While it does allow advisors to include 401(k) accounts into the rebalancing logic, the manual import step is cumbersome. The platform wont generate sale orders or recommendations for externally held accounts, unlike tRx that can generate client-ready reports with recommended 401(k) trades. An integration with an account aggregator would be more convenient and a great way for an advisor to demonstrate the value of holistic financial advice to a client.
iRebal is available as a both a web-based platform and a desktop version. For this review, we are only discussing the web-based version. iRebal Portfolio Rebalancing Model Management
iRebal comes with a robust set of rebalancing options. Advisors can run a full rebalance, manage cash only, or engage in directed trading. Tactical rebalancing for tax loss harvesting is available, as well as the ability to adjust a single security to target, or to replace securities across multiple portfolios. In this, iRebal is similar to RedBlack.
Other similarities to RedBlack include three levels of modeling capability (security, asset type, and models of models). Advisors also have access to full household-level functionality. The flexibility of the rebalancing logic is extensive: users can create equivalencies and set trade minimums. Never buy feature has been recently added to the modeling algorithms.
Some of the advanced features of iRebal include a setting to avoid early redemption penalties for selling mutual funds. All of the top 5 rebalancers can avoid wash sales due to tax loss harvesting, but only iRebal can automatically invest the proceeds into a substitute security and then alert the advisor that 30 days have passed.
Automated pre-scheduled rebalancing is another capability worth highlighting. It is particularly important for advisors who need to scale and address the needs of hundreds of clients in a time-efficient way. Without the ability to schedule rebalancing, advisors must track the timing of rebalancing for every account, and set up reminders to ensure no account slips through the cracks. That creates a need for a separate manual process that is time-consuming and fraught with risk.
Because of the tools deep integration with the custodian, the program logic allows advisors to set zero cash targets. This low level of cash targets is risky at best or even impossible without the backing of a custodian. TD Ameritrade offers to float cash to settlement for all accounts in their custody. The arrangement gives advisors an opportunity to avoid debit balances and margin interest charges, and is attractive for those who want to maximize invested balances and control trading costs.
The last important offering to highlight in this section is the recent announcement of the upcoming iRebal Model MarketCenter opening. This model portfolio supermarket will be available to TD Ameritrade users. Initially, there will be no third part investment manager models available but even internal models available on this scale have the potential to expand the choices advisors have when it comes to managing accounts. iRebal Rebalancer Tax Management
While no tool has the depth of tax management of tRx, iRebal is quite capable in its own right. Asset location optimization function allows advisors to rank securities by tax impact. In order to take advantage of this portfolio rebalancing algorithm, clients must have at least one taxable account (and at least one tax-preferenced account as well). Advisors enter the security rankings into the Security Master manually common for modern rebalancers, although tRx is a notable exception due to its ability to pull Morningstar research data into the default tables.
iRebal offers a considerable number of options when it comes to tax loss harvesting. Advisors create custom thresholds to trigger position or lot-level sale. Thresholds can be defined in absolute terms (i.e. $X of loss) or set as an annual zero net capital gain target for the overall portfolio. Trx Manager Serial Killer
iRebal has several advanced tax loss harvesting features. For example, the algorithm continues to monitor positions and prices for up to 31 days and will alert an advisor to unwind replacement positions if necessary. If another rebalancing is executed within 30 days of a tax loss harvest sale, the system will automatically avoid selling replacement securities or buying back previously harvested positions. iRebal Portfolio Trading and Order Management
After a rebalancing cycle has been completed, advisors can review the recommended trades and edit them if necessary. After the trades are approved, they are forwarded to the iRebal order blotter. Only users with Trader-level permission can access the blotter, which allows for segregation of duties and an additional degree of control over the trades. From the blotter, the trades can be executed straight through to the market. The entire process is streamlined, with block trades and trade allocations executed automatically for greater efficiency. Since only accounts custodied with TD Ameritrade are supported, there is no need to reconcile the data.
To expand on the user permission levels, iRebal offers several role-based levels of access that allow users to edit and approve trades, manage models, and edit system settings. This functionality is similar to RedBlack and is particularly useful for large RIAs.
One feature of iRebals trading and order management workflow that we particularly like is the explanation reports. If a rebalancing cycle generates a scenario that requires an explanation, a report is generated to show reasons why buys and sells were made or not made. Advisors can see special notes on accounts that were fully liquidated, restrictions that prevented specific buys or sells, as well as buys that were stopped because of a potential wash sale violation. This is a great reference document to review internally or with clients. iRebal Integrations (via TD Ameritrade VEO One)
iRebal integrations are a key selling point for the tool, and with good reason. The platform is part of TD Ameritrades new VEO One universe, which includes Junxure, Redtail, and Salesforce for CRM; eMoney, Envestnet/FinanceLogix, and MoneyGuidePro for financial planning; Advent/Black Diamond, Morningstar, and Orion for portfolio management; DocuSign, LaserApp, Laserfiche for digital enterprise content management, and the ThinkPipes trading platform. Single sign-on across the ecosystem and deep data sharing capabilities make this a powerful set of tools indeed. iRebal Pricing (inside or outside TD Ameritrade)
For TD Ameritrade customers, iRebal is without doubt the most economical of the rebalancing tools we have reviewed because it is offered for no charge. What can be better than free?
Advisors who want the iRebal functionality but have accounts at multiple custodians can purchase the desktop (or server-based) version of the product. The price for this starts at $20,000 annually for firms with less than $450 million in AUM, and goes up from there. Envestnet Tamarac Review And Pricing
The Tamarac portfolio rebalancing software solution was acquired by Envestnet in 2012 to power Advisor Rebalancing, which is now a part of the Advisor Xi suite (along with Advisor View that provides portfolio analysis and billing, and Advisor CRM). While it can still be purchased as a stand-alone solution, most new clients purchase the entire platform.
It is a robust and expensive rebalancer. The custodian-agnostic open architecture and deep integrations make it a great fit for large, independent RIAs that need a sophisticated and efficient solution. Over 800 RIAs now use part or all of the Tamarac product suite with over $600 billion in AUM processed. Tamarac specializes in large firms with 35 of $1 billion AUM RIAs (more than 180 firms) on their platform.
In recent news, Envestnet Tamarac received the top honors as best portfolio management application at the Family Wealth Report Awards in 2017.
Feedback (Can directly post your valuable suggestion, advice & comments).10. Envestnet Tamarac User Experience
Tamaracs developers are equally focused on creating robust features and good esthetics. For users, that means the best of both worlds: a clean and uncluttered look, combined with impressive functionality and an intuitive ease of use. Screen layouts are simple, designed to guide complex workflows without an overwhelming array of options.
The menus across the top of the interface include Rebalance Trade, Reports, Accounts, Models, Securities, Upload, and Setup. Each option has a drop-down menu to guide the advisors workflow. The dashboard, with its actionable alerts and compelling graphics, provides a functional hub and a good start to the advisors workday.
One of the best aspects of using Advisor Rebalancing is the ease of sharing data between multiple applications. The rebalancer is deeply integrated with Advisor CRM and Advisor View, but the vendor does not limit users to solutions within the Envestnet universe. Advisors that like Salesforce and Salentica CRMs can enjoy the same seamless user experience as those who use the built-in Advisor CRM product. A similar approach describes the integration with FinanceLogix (part of the ENV platform since 2015) and outside financial planning tools like MoneyGuide Pro and eMoney Advisor.
Deep integrations mean that data can be shared in both directions. This creates a smooth and highly efficient user experience: no need to export files, enter data twice, or switch between screens. Changes to account settings will flow through all connected applications automatically. Workflows can be triggered in one application and flow through to others. For example, if a client calls to request a cash distribution, the advisor can initiate the action in Advisor CRM which will then automatically create a workflow in Advisor Rebalancing.
The clean and intuitive interface does not detract from Advisor Rebalancings considerable degree of sophistication. To help new users get the most out of the tool, and to support experienced users as the needs of their practices shift, Tamarac University offers monthly classroom-style seminars on both coasts. An online version of the orientation course is an option for advisors who prefer a self-directed approach.
Cloud, desktop, and mobile versions are available. Envestnet Tamarac Portfolio Rebalancing Model Management
Mmtool 5.2.0.24 download . Advisor Rebalancing supports a variety of modeling methodologies, including models of models with up to nine nested tiers. Users have considerable flexibility to isolate model components and combine them to create new models. The tool allows advisors to rebalance the entire portfolio, or conduct tactical rebalancing that is focused on specific models, asset classes, or individual securities. Rebalancing can also be executed with the goal of raising or investing available cash.
Program logic uses real-time prices for U.S. equities and ETFs as listed on U.S. stock exchanges. Real-time balances are available for all 4 major custodians. That saves advisors the additional step of importing or looking up current numbers, and enables them to optimize liquidity levels without creating cash shortfalls.
Speaking of cash management, advisors will find the Tamarac-powered tool to be highly capable in this area. Cash reserve tolerance bands allow advisors to maintain the right levels of cash reserves to match client needs without compromising modeling, account restrictions, or tax sensitivity. Cash reserves can be created at the account or household level. Advisors will also appreciate that any security can be treated as cash, which creates flexibility in managing liquid assets.
Envestnets 2015 acquisition of account aggregator Yodlee enables advisors to view held-away accounts and use them for holistic rebalancing. Clients who use a different account aggregator have the option of using on their own portfolio accounting system data to accomplish the same result. A late 2016 technology release enables advisors to add third party liability data like credit card balances, mortgages, and loans. That functionality is meant to enable deeper planning discussions and help advisors make better portfolio management decisions. Envestnet Tamarac Tax Management
Advisor Rebalancing comes with tax sensitivity functions that are similar to iRebal. Loss harvesting strategies can be applied at the individual security level or across accounts. We like that the cash generated from tax loss harvesting trades is automatically reinvested, which allows advisors to manage liquidity, optimize investments and take advantage of tax loss harvesting opportunities. Envestnet Tamarac Portfolio Trading and Order Management
The most recent iteration of Advisor Rebalancing comes with improved trading and order management workflows. Previously, users had to generate trade files within the rebalancer that were then uploaded for execution to each custodian a manual process that required additional steps and had room for errors. Today, the process is seamless for Charles Schwab, Fidelity and TD Ameritrade; similar straight-through processing integration with Pershing is underway. Orders can be tracked from creation through settlement, and trade reconciliations are automated. Envestnet Tamarac Integrations Trx Manager Crack
Deep integrations with tools within the Envestnet environment are to be expected, but they do not stop there. Envestnets philosophy is to combine a wealth of internal offerings with the convenience of third-party integrations. This approach is meant to give advisors the ability to pick and choose tools for a customized technology stack, and addresses the concern that some advisors might have around being locked into products that are sub-optimal for their needs.
In addition to a wide range of the existing integrations including Salesforce, Salentica CRM, and MoneyGuide Pro, more capabilities are on the roadmap. Envestnets goal of offering full CRUD (create, read, update, delete) functionality by the end of 2017 translates into giving advisors more options, streamlining workflows, and enabling greater insights and efficiencies. Envestnet Tamarac Pricing
Pricing is based on AUM and starts at $10,000 per year, before discounts for bundling the Advisor Rebalancing with other Envestnet solutions. Delicious 3 game . Multi-year licensing contracts can offer another money-saving opportunity. Summary: Portfolio Rebalancing Software Feature And Cost Comparisons
What we have here are five products that perform the same job, but go about it in very different ways, and at widely varying portfolio rebalancing software costs.
Any RIA that custodies only with TD Ameritrade has no good reason not to use iRebal. TradeWarrior is a cost-effective option for smaller RIAs that dont custody at TD or use multiple custodians. Total Rebalance Expert is also a strong choice for small RIAs, especially those that already use Morningstar Office or who require more in-depth tax features. Tamarac can be used by RIAs of any size, from the smallest to the largest, and their robust custodian connectivity improves operational efficiency. But their rebalancer can be overly complicated for some. RedBlack is definitely targeting itself as family office software and for larger RIAs that rely heavily on alternative investments such as limited partnerships or require OMS connectivity.
And lets not forget that these are just the top five options. There are a number of other products out there that offer portfolio rebalancing either as a standalone product or as part of a suite of services. These include:
Orion Advisor Services They started out as purely a portfolio accounting outsourcer and have morphed into a full-features wealth management platform with the launch of their Eclipse release at the T3 Advisor Technology conference.
Advisor Software (ASI) Known more for their behind the scenes APIs that power some custodians and other vendor solutions, they have been building out their own front-end and digital advice solutions.
SoftPak MARS A mean-variance optimizer married to a portfolio rebalancer, MARS is used primarily by portfolio managers in large bank wealth management groups. Combined with the Northfield tax optimizer, MARS is a powerful solution for RIAs that follow a returns-based optimization methodology.
Custodian Workstations Fidelity WealthCentral (and the coming WealthScape), Charles Schwab PortfolioCenter (and the coming PortfolioConnect), and Pershing NetX360 are used by thousands of RIAs, and all have basic rebalancing functionality. How soon you outgrow them depends on the complexity of your investment strategies and the number of accounts you are managing. Trx Manager Review
If you are an RIA that still does portfolio rebalancing with (Excel) spreadsheets, then any of these products would be a huge step into the 21 st century for you. If you are using the free portfolio rebalancing software at an RIA custodian, any of these would give you more control over your portfolios, and automating investment software would probably reduce costs for you and your clients. If you are already using one of these five, then Bravo! You already understand the value of portfolio rebalancing to a successful advice business. But maybe one of the other four options would be better for you? We suggest you contact one or two of them and schedule a demo.
So what do you think? Do you currently use rebalancing software in your advisory firm? Or are there key features that rebalancing software today is still missing? Please share your thoughts in the comments below! Trx Manager Software
(Michaels Note: And if youre interested in further advice and assistance in selecting (and implementing) the best portfolio rebalancing software for your advisory firm in particular, you can reach out for Craig directly at [email protected] , or see further information Ezra Group.)