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Five Signs It’s Time to Upgrade Your TAMP

As humans, we can be innately resistant to change: it’s complicated and uncomfortable to leave familiar territory for the unknown. We don’t know what to expect, and it’s almost always easier to do things the way we’ve always done them. 

But when it comes to your business, change can be the catalyst that propels your firm to the next level. Consider small changes, like automating the scheduling of client meetings to free up your time and firm resources. 

 Or maybe it’s time to think about bigger changes. If you’re currently working with a TAMP (Turnkey Asset Management Program), when was the last time you checked in with that partner? Ultimately, a TAMP should be improving your back office efficiencies, freeing up time for you to focus on client relationships, and helping your firm grow. 

Is yours doing all of that?

Remember, nothing changes if nothing changes. If your firm is on fire and your TAMP is helping you run like a well-oiled machine, carry on. If you think there might be some room for improvement, though, consider taking your TAMP to task with the following questions:

Do they share your investment philosophy?

One of the most important factors to consider as you evaluate your TAMP relationship is how they align with your investment philosophy. Your philosophy is your foundation: it’s likely how you’ve won over new clients, and delivering on it is integral to the integrity of your firm. 

Does your TAMP’s strategic approach mirror your own? If you favor ETFs over individual securities, or actively managed funds instead of passive investing, and your TAMP doesn’t share the same strategic mindset, you — and your clients — are going to experience a serious disconnect.

Does their technology make running your firm easier or more complicated?

Your back office is your firm’s engine, and the right TAMP will drive it flawlessly: in a smooth, streamlined way that creates efficiencies for your business instead of roadblocks. Consider the technology platform your TAMP provides. Does it offer everything you need, or do you have to cobble together a useable tech stack with extra third-party fees? Does it integrate easily with your CRM, financial planning, and other tools you need to run your business effectively?

What’s their stance on innovation? As the digital world grows rapidly, your TAMP needs to be able to keep up. Do they offer new software releases and solicit feedback about what you as a partner would like to see?

Tech affects your clients, too. Does your TAMP offer a client portal that’s intuitive and easy to use, to deliver a cohesive experience for your clients? 

Do they offer the level of support you need?

Intuitive technology and seamless integrations are important, but a true technology partner needs to go beyond that. The word “partner” is key: are you getting the support you need from yours? Do you know exactly who to speak to if you have a question or problem? 

Some TAMPs provide a minimum level of service after the onboarding process, while others offer dedicated teams and specialists to assist with product questions, client onboarding and servicing, and even marketing and proposal generation. You may not need all of that — but if you do, it should be readily available to you.

Do they help you target the clients you want to work with?

Much like you have target clients — in terms of assets, complexity, and needs — so do TAMPs. And those audiences need to align; otherwise, you won’t be able to provide the services you need to attract your ideal clients. 

If, for example, you want to start working with high-net-worth investors, you’re going to require a TAMP with the complex offerings that meet their unique needs, such as separately managed account strategists and a comprehensive digital environment for communication. 

Do they help you grow?

Growth is the goal of any advisory firm. Does your TAMP make it easy for your business to expand? The baseline for this question is funding new accounts: obviously, if each one involves a tedious, time-consuming process, it’s time to move on.

But consider also how your TAMP helps to drive your growth. Do they host networking conferences or provide marketing support? Are they thought leaders, consistently developing content that addresses advisor challenges and inspires your firm to innovate?

Change is never easy — and as you can see, there’s no cut-and-dry answer to whether or not it’s time to upgrade your TAMP. To remain competitive in our crowded industry, though, you have to be willing to consider leaving behind what’s familiar for what’s better for your firm and your clients. 

To learn more about how Orion Portfolio Solutions can help streamline your operations, support your firm, and drive overall growth, contact us here.

 

0301-OPS-12/4/2019