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The Future of TAMPs­ – High-Touch Personalization

This article was originally published in the WealthManagement.com 2020 Market Outlook. For more insights, click here to view the full publication.

As we progress into 2020, the adoption of newer, better technology will become a seamless addition to all aspects of our lives. This sentiment holds true with financial technology. The implementation of technology in financial services practices will likely be as natural as using an app on a phone – for both the client and the advisor.

As technology continues to advance, we see a gravitation toward a feature-rich, intuitive, and bespoke user experience in the TAMP (turnkey asset management program) marketplace in 2020 and beyond.

Breaking through the static

As it stands, the existing TAMP solutions offered can be limiting to advisors in that they offer a uniform, static dashboard. However, as technology’s focus shifts towards personalizing the user experience, TAMP technology will begin to incorporate comprehensive features to break up dashboards by the priorities and goals of each client served. This more curated approach will allow advisors to choose the metrics that are relevant to a client’s needs and create accommodations for each investor’s unique situation. More personalized reporting, investing and financial planning will offer a versatile suite of services bespoke to each client and account in one seamless program. Other features such as high-touch tax management capabilities, transparent billing, and integrated compliance tools will also make the lives of advisors and clients simpler.

The advisor standpoint

With the rise of robo-advisors and DIY platforms, it has never been more important for the success of an advisory firm to establish their value to current and prospective cli­ents. To remain competitive in the future, advisors need to demonstrate superior service through a personalized approach that is tailored to the client. This is something not so easily done with a pigeonholed model portfolio from auto­mated advice platforms.

The future of customizable TAMPs allows the advisor to curate a portfolio and dashboard specific to each client, for every account in the household. Advances in TAMP technol­ogy make this transition effortless as new features provide a streamlined experience through one provider. From an advising standpoint, we see TAMP personalization as a key solution to filling the “gaps” advisors encounter in their busi­nesses. Advisory firms of all sizes will be able to leverage these fintech advancements to service their clients and ultimately grow their business.

Through this intuitive approach to wealth management, the financial advisor can use TAMP personalization to both increase efficacy and improve the client experience.

Looking forward

Moving toward a new decade, a next generation client experi­ence will be the driving force behind fintech modernization. In 2020 we anticipate these personalization enabled platforms to be an integral shift among TAMP offerings. Many providers are already adopting the features that will differentiate finan­cial advising from its old ways in the New Year and beyond.

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About Ryan Beach
Ryan Beach serves as Chief Operating Officer of Orion Advisor Solutions (Orion), overseeing the implementation and execution of business operations across the company. Ryan is dedicated to creating solutions for complex problems, and he advocates for a great experience across Orion for clients as well as employees.