Americas Best TAMPS 2024 - 16

2024 AMERICA'S BEST TAMPS
an advisor with a mass-market client
base will need a platform that offers
mostly ETF wrap accounts.
Making sure the product offerings match
the advisor's client base is mandatory.
More managers on the TAMP platform
create more choices, but also make it
harder to justify a specific solution.
Service value must be evaluated in
terms of expected support as well
as operational cost savings. Criteria
for selection include the strength of
marketing, training and technology
support systems.
Firms should review the support
available when planning the switch to a
TAMP. If there is a technological issue
with the platform, an advisor must be
able to contact support individuals to
remedy the issue quickly.
Some providers offer programs to
assist with sales training and marketing.
Advisors need to determine which tools
are important to their business when
evaluating TAMP alternatives.
Company image and reputation are
crucial to building trust and attracting
clients. This includes the quality and
reputation of the managers as well as
the look and feel of websites, mobile
apps and statements.
On the other hand, monetary costs,
timing issues, hassle factors, and
reputation and image issues should be
at the forefront of a wealth management
firm's deliberations when partnering with
a specific outsourced portfolio solution
provider.
Monetary costs should be considered
in three areas: the cost of deploying
the system, recurring costs, and
most importantly, costs that have to
be passed along to the clients that
TM
WHO USES TAMPs?
$2 Trillion Market
RIAs: $93.07B
IBDs: $24.41B
Wirehouse: $17.15B
Bank/Trust: $17.06B
MFOs: $16.05B
Family Offices: $6.26B
Law Firms: $5.25B
Source: The Wealth Advisor's TAMP Survey 2022
Each segment shown represents AUM only.
$2 trillion includes both industry AUM and AUA.
impact the value proposition. Timing
is important when considering how
quickly the system can be rolled out and
the difference it will make in the speed
of client and asset acquisition and
retention.
Hassle factors relate to the day-to-day
operation of the platform by advisors
and administrators. The platform should
make their jobs easier, not shoehorn
them into a specific workflow.
Partnering with an outsourced provider
must result in seamless customer
service-clients shouldn't be adversely
affected in any way by the switch to
a TAMP. The reputation and image of
16
the wealth management firm should
never be impacted by what should
be a superior process and improved
workflow.
GETTING IT RIGHT
Because switching providers in the
future can be costly in terms of money,
time and other resources, it is best to
research and choose the right provider
for your business the first time around.
You want to get it right before training
your team.
The first step in selecting a TAMP
is determining your own investment
style and matching it to an established
provider like the firms we've already
Other (Estate Planning, Law Firm, Insurance
Broker, Insurance Company, Mutual Fund
IRA Custodian, BD Custodian, Third Party
Administrator): $22.38B
Americas Best TAMPS 2024

Table of Contents for the Digital Edition of Americas Best TAMPS 2024
