Many financial advisory firms want the silver bullet solution to outsourcing investment management so the focus can be on client interactions and business development. However the jargon in this outsourced space has become very confusing so here is a brief summary of our understanding.
TPAM vs. TAMP
TPAM – Third Party Asset Manager
TAMP – Turnkey Asset Management Program provides:
A TAMP may provide most or all of the following software programs:
A TAMP will most likely NOT provide oversight nor management of outside, non-managed assets such as a participant’s 401k plan or 529 college fund for a child.
TAMPs appear more appealing to most firms. The list of providers is long and includes firms like BAM, Loring Ward, Morningstar, and Envestnet. Currently, these firms have no interest in buying your business, becoming your successor, nor replacing your company brand with theirs. There are other TAMPs that offer the same services and have the intention of becoming your successor. Knowing what you want to achieve is very important when you call the TAMPs to do your research.
If you want to learn how a TAMP changes how you operate, you can click HERE to join us for a Boost Call to accelerate your decision on TAMPs. Or you can DIY by purchasing our DIY Directory of Outsourced Providers , which includes a list of TAMPs that you can call and research.
We hope this helps! Seeking operational excellence? Drop us a line by connecting HERE