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What do you need to be an advisor?

Different people may emphasize different portions of the answer, but most would tell you:

  • Access to investments
  • Technology to help you build portfolios and proposals
  • An ability to process account information – billing, reporting, etc.
  • An ability to deliver account information to clients

Those are the bare essentials. But advisors often can’t afford to settle for the essentials. In our competitive market, where differentiation is paramount (yet difficult to attain), advisors require more robust capabilities.

Turnkey Asset Management Programs (TAMPs) are helping advisors find and implement those capabilities through a bundle of comprehensive investment technologies and services.

However, not all TAMPs are made equal. Many programs excel in different areas – one may focus on shear breadth of available technologies and investment options, but deliver a lackluster service experience. Another may provide a focused feature-set backed by a more supportive service environment. Both will deliver a starkly different advisor-client experience.

Choosing a TAMP is a major decision. This program is going to directly impact your clients’ investment experience, your team’s daily workload, and your firm’s bottom line.

Being in the TAMP space for 18 years and serving more than 3000 advisors today, we’ve learned a thing or two about what makes a successful TAMP relationship.

Here are the top 5 considerations we think advisors should take when choosing a TAMP:

1) Strong Back Office Technology Network

When choosing a TAMP, you’re choosing a technology partner – providing a single point of access to essential back office tools, such as portfolio accounting and reporting software, proposal builders, automated fee billing, trade reconciliation, and client account management tools. Choose a partner that is positioned to help your business grow through a strong technology network. You’ll be prepared to consistently meet shifting investor wants and needs without the overhead of sourcing each tool independently.

Ask Your TAMP – How do you scale your technology quickly and efficiently?

2) A Vetted Lineup of Third-Party Money Managers

One of the main benefits of a TAMP is that it helps free your time so you can focus on growing your business, while simultaneously allowing you to deliver tailored investment options to each client – a key differentiator for advisors. The lineup of third-party money managers available in your TAMP provider directly impacts your ability to differentiate yourself and your business, which is why it’s critical for each strategist to be vetted and monitored for quality.

Ask Your TAMP – What due diligence do you perform on your money managers?

3) Flexible Investment Options

With flexible investment options such as outsourced, self-directed, high-net-worth solutions, and robo technology, TAMPs typically enable advisors to serve a wider range of clients – empowering you to grow your business as you see fit.

Ask Your TAMP – How can your investment options help me accommodate more clients?

4) Private Labeling Capabilities

Clients value digital capability more than ever – something that is difficult to communicate with a disjointed experience. A good TAMP should provide access to private labeling, which you can use to deliver a seamless experience and showcase your commitment to modern best practices.

Ask Your TAMP – Can you show me where my brand will appear in the client experience?

5) Accessible Service and Support

TAMPs are built to provide turnkey technology, but that doesn’t mean you shouldn’t demand daily support. Your TAMP should offer a dedicated service team to help manage the needs of your clients, your business, and your staff – not just during on-boarding, but continuously, as your firm grows.

Ask Your TAMP – Will I have a dedicated service team?

Are you interested in learning more about how the right TAMP partner can support your firm’s growth? Please contact us. We’d love to discuss your business.

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TAMP Talks 2019: Discover what a TAMP should be!
This fall, we’re rolling out new platform improvements, tech tools, and experiences that will help you manage your firm more confidently. The first of our 30+ events kicks off October 15th in Atlanta, Georgia.

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