The landscape of registered investment advisors (RIAs) and broker-dealer (BD) representatives is becoming increasingly competitive, making it essential for advisors to leverage every resource at their disposal to add value to their practice. Turnkey Asset Management Platforms (TAMPs) offer a full universe of services designed to amplify your offerings, capture, retain clients longer and help you compete.
The TAMP Growth Summit on October 31st at 2 PM Eastern Time will be showcasing a special session presented by Jerry Cooper, Publisher of the Wealth Advisor. Using IBM’s Watson AI, this session will provide a real-time live demonstration on conducting a TAMP platform selection search tailored to an advisor's specific needs.
Currently, the market boasts at least 25 unique service features that TAMPs can offer to add value to an advisory firm. These range from diverse investment options and automated rebalancing to educational resources and robust compliance support. Each TAMP assigns a different cost, in basis points, to these services, often reflecting their unique capabilities and market positioning.
New Twist "The AI-Powered TAMP Solution Using IBM Watson"
🚀Here's where the magic happens. Using IBM Watson's AI capabilities, Cooper will demonstrate how to sift through the wealth of options and match your practice's unique needs to the TAMPs that best satisfy them. This AI-driven approach not only scrutinizes service features but also uses market data and transactional data to offer a recommended "sticker price"—akin to a car's MSRP—for each selected TAMP feature.
Just like buying a car, the sticker price can always be negotiated down. The session will reveal what the TAMP's service offerings could be worth to your practice and provide insights into negotiating a better deal.
What's more intriguing is the "build your own car" approach we'll demonstrate at the summit. Just as you can add features to a car and get an MSRP, during our live AI-driven demonstration, advisors will be able to select TAMP features critical to their practice.
This unique model will then churn out an estimated "sticker price" in basis points that a TAMP might typically charge for those services. And here's the kicker: just as no one pays the MSRP when buying a new car, the TAMP “sticker price” is negotiable.
But in the new car buying area, consumers have not been armed with data that only AI can work with YET, for example, if you are buying an electric car, inventories are high and demand it low, AI can find market data and news reports that could offer discount metrics, that can help car buyers recalculate the MSRP to help consumers buy the vehicle.
But, in the TAMP world, you have that tool now. By attending the summit, you'll gain insights into what services are worth in basis points and how much you might be able to get them for through negotiation.
When it comes to selecting a TAMP, costs are indeed a vital consideration. But it's not merely about finding the least expensive option; it's about maximizing value. Knowing the discounting metrics is critical for advisors to keep more of th wrap fee spread it receives from clients each year.
The Wealth Advisor’s TAMP Growth Summit will guide you in identifying services that align perfectly with your firm’s needs, and you’ll get an AI-calculated estimate of how much each service would typically cost in basis points. This empowers you to make cost-effective decisions tailored specifically for your practice.
Key Takeaways
1. AI Helps Advisor Find Best TAMPs for their Firms: The Watson AI-powered session at the TAMP Growth Summit offers a real-time demonstration to help advisors tailor their TAMP selection to their specific needs, setting it apart as a unique and invaluable resource.
2. AI Helps Advisor Find Best TAMPs for the Best Price Insight: The AI will use market and transactional data to provide a "sticker price" in basis points for each selected TAMP feature. This innovative approach gives advisors a concrete starting points for negotiations.
3. 🌟 TAMP Costs Can be Optimized with AI Data Sets: AI learning that the "sticker price" is a starting point for negotiations empowers advisors to get better deals, making this a key takeaway for those aiming to maximize their resources. Market and transaction data help determine what advisors should actually pay.
4. RIA Competitive Landscape: The increasing competitiveness in the advisory field makes it crucial for advisors to optimize their resources and service offerings, establishing the backdrop for why the summit and its AI-driven approach are essential.
5. Must Attend Session: By attending The Wealth Advisor's TAMP Growth Summit, advisors have the chance to gain insights and tools that could fundamentally enhance their selection process and negotiation capabilities. Register now to seize this unique opportunity.
