If you are an advisory firm looking to grow you may be looking in the wrong places.
America’s Best TAMPs, published by The Wealth Advisor offer advisors an education on what they need to know to understand how to use TAMPs to grow assets in this booming industry.
TAMPs (or turnkey asset management programs) are fee-based technology innovations that help financial professionals optimize their clients’ returns.
This allows advisors to outsource the heavy load of investment management and compliance — so they are able to spend more time building stronger relationships with clients...
After a year when U.S. investors lost about $6 trillion, the top turnkey asset management program (TAMP) providers profiled in The Wealth Advisor's twelfth annual America's Best TAMPs™ 2023 Guide and Digital Dashboard are growing their assets at a healthy rate, no less than 24% as the wealth managers that work with them expand organically, despite the biggest market downturn in over a decade and the worst pandemic in a century.
Scott Martin, editor-in-chief of The Wealth Advisor, said: "It has been a chaotic year for many in the industry, but once again, TAMPs and their advisory affiliates were relatively cushioned from the shocks. The TAMPs we track are still growing their platform assets while the advisors that adopted 13 of the fastest-growing platforms on our list since 2020 have expanded to a net $300 billion in advisory assets. Just imagine what they will be able to accomplish when the market winds swing in their favor."
The rationale is clear, Martin says: "Wealth managers once treated automated wealth management as fringe technology that offered more sizzle than substance, and opted to stick with managing portfolios manually. After years of disruption, outsourcing the portfolio isn't just a niche decision for technophiles anymore. Home-office work and online client calls have shown every advisor that it's the key to continued relevance, prosperity – and even survival."
ALIGN YOUR PRACTICE WITH WINNERS
The industry’s highest-ranked firms (by AUM)—including SEI, Envestnet, and Assetmark turn to America's Best TAMPs as a gateway for advisors to connect.
It's new digital dashboard TAMPs.COM offers advisors FREE unbiased access to America's 27 leaders in this space.
Bill Crager, CEO of Envestnet, calls the procss "TAMPIFYING’ your advisory firm.” And Eric Clarke, founder and CEO Orion, said: “TAMP capabilities really allow you to uniquely differentiate your firm's value proposition.”
And Michael Kitces, one of the most widely read and listened-to financial industry experts alive today, stated: “The TAMP space has evolved in interesting ways over the past 20 years or so — and has grown dramatically.”
THE TAMP OPTIONS
1. Use TAMPs — in order to provide exceptional service and performance to your clients
2. Become a TAMP — add TAMP technology to your firm, in order to attract higher-caliber retail clients and institutional money
3. Make your firm known as a TAMP strategist — to leverage your core competencies as a portfolio manager.