New York-listed Envestnet, a provider of wealth management technology and services to financial advisors, has unveiled a new composite reporting tool for its RIA platform that allows advisors to compare the performance of their investment strategies to market indices.

Envestnet said the tool was integrated with the trading and portfolio accounting systems, allowing advisors to create composites without having to export all their data.

Another feature includes the ability to specify criteria and filter, such as by strategy, advisor or fees, to determine which accounts are used in a composite report. The system then allows accounts to automatically flow in and out of composites as account characteristics change.

The tool is available through Tamarac's performance reporting and billing application, Advisor View. Seattle, WA-based Tamarac is a provider of portfolio management technology for RIAs which was acquired by Envestnet in May last year.