Grow Your Firm — and Your Client Relationships — with the Right TAMP
While Turnkey Asset Management Platforms, or TAMPs, have been around since the 1980s, their recent surge in popularity — from serving 800 financial advisors in 1995 to serving 180,000 in 2019 1 — has captured the attention of the financial world.
As the industry trends toward advice-led financial planning and away from transactional portfolio management, more and more advisors are turning to TAMPS. As “Turnkey” suggests, these platforms handle end-to-end portfolio management, including selecting stocks, ETFs, and mutual funds, then monitoring the portfolio’s performance and making necessary changes.
For advisors, there are three clear advantages to working with a TAMP:
- Less time spent managing portfolios increases time that can be spent with clients
- Fiduciary requirements — including documentation, due diligence, transparency, and audit trails — can be provided by the TAMP
- Research indicates that TAMP investment returns tend to be higher, since advisors are often slow to enter a recovering market 2
And as advisors increasingly focus on client experience — due in no small part to the culture of increased consumer expectations — TAMPs become even more attractive, since they provide the freedom advisors need to deliver that experience.
What’s more, working with the right TAMP also encourages growth in a number of ways:
Attracting High-Net Worth Clients : A comprehensive TAMP offers many investment options, enabling firms to work with a number of client types — including HNW clients looking for sophisticated investing solutions.
Enhancing Profitability : Being able to outsource costly tasks like billing, reporting, proposal generation, and portfolio construction has the potential to boost income statements, thus increasing profitability.
Differentiating Your Firm : The robust investment solutions your firm can access through a TAMP create a powerful differentiator and a compelling marketing message, helping you to attract new clients.
Streamlining Daily Work Flows : Efficient technology, combined with a strong service and support team, simplifies complex day-to-day tasks and enhances your ability to leverage your staff to increase productivity.
A TAMP can be a true partner to your firm, empowering enhanced client experiences and driving growth. But the benefits of working with a TAMP depend on choosing the right one. To learn critical questions to ask when searching for a TAMP, download our checklist here .
0542-FTJ-7/30/2019
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