First Ascent Asset Management, the industry’s only flat-fee TAMP, has grown dramatically in 2020—more than 130%—despite the headwinds posed by the coronavirus. First Ascent now manages or administers over $850 million in assets for advisors coast to coast.
Scott MacKillop, the firm’s CEO, attributes First Ascent’s success to three factors: ease of use, responsiveness, and great value.
“We built our firm to operate in a digital world,” he says. “We are not a robo-advisor, but we stole a page or two from their playbook to make working with us simple and intuitive. We made the transition to operating virtually without a hitch. Advisors love our technology.”
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“Our firm was designed to work in partnership with advisors,” continues MacKillop. “We don’t preach to them. We listen to them. We manage five different series of portfolios, including active, passive, and factor-based strategies, and almost all of them were created in response to requests from advisors.”
The firm recently introduced a new series of portfolios for DFA-approved advisors—Core Dimensions—to complement the Dimensional Select series of portfolios it already managed. “Not all DFA-approved advisors see the world the same way. We want to accommodate their differing views,” says MacKillop.
“We also found that many advisors loved our technology and high-touch service but wanted to stay involved in the investment management decisions,” observed MacKillop. “They didn’t want to outsource everything. So, we developed an OCIO service that allows them to remain involved, but also gives them access to the expertise of First Ascent’s investment team.”
“Our unique flat fee is usually what attracts advisors, since there is nothing else like it in the TAMP space,” says MacKillop. “But ultimately advisors are looking for great value, a responsive partner, a way to differentiate their offering, and support building their businesses. Our high service level, broad product offering, and low flat fee provide all of these.”
