Americas Best TAMPS 2024 - 17

2024 AMERICA'S BEST TAMPS
identified as a potential fit for our
readers. You'll see them profiled on the
following pages.
Another key step is identifying the client
segments you serve. There is little
advantage and a lot of unnecessary
expense for a firm that serves mostly
mass-affluent clients to cultivate a
relationship with a high-end UMH
outsourced portfolio solution provider.
Just pick a robo off the shelf instead.
Some TAMP platforms are better
positioned than others to support a
specific type of firm, whether they are a
broker-dealer, RIA or trust company. In
general, focus on the best combination
of the four chief kinds of value a TAMP
can add to a wealth advisory firm:
1. Product Value
Does the solution create real value for
the firm and clients? Does its investment
universe include vehicles to the firm's
identified client segments now? Is the
product and manager mix appropriate
for this wealth advisor?
2. Service Value
Some TAMP solutions or providers offer
marketing programs, training programs,
technology and practice management
support, all aimed at helping the advisor
become more efficient and successful.
Educational programs include practice
development issues such as creating
referrals, crafting joint ventures with
other professionals, and developing
seminars and information on select
target markets, and handouts for clients.
Technical support can provide assistance
with philanthropy, retirement distribution
planning, asset protection, tax planning,
business succession, and more.
3. Personnel Value
A good TAMP should assist with the
day-to-day business operations and
also help the advisor think strategically,
grow their business and increase real
income. Does the provider under
consideration offer training in professional
areas and for the advisor's staff?
4. Image Value
TAMPs are largely unknown to most
investors, by design. Nevertheless, the
reputation and image of the company
where disclosed-custodians, asset
managers, reporting, and so on-is
still important to clients and prospects.
Advisors should ensure the selected
firms do not compete with them at a
retail level and that they're committed to
the solution provider role.
TM
YOUR GUIDE TO TAMPs
When evaluating TAMP partners, there
are four types of potential issues to
consider:
1. Price
What is the cost to deploy the system,
both initially and in terms of ongoing
costs? Is billing based on the amount
of client assets on the platform, the
number of accounts, a flat fee, or a
subscription basis? Is pricing à la carte
or all in one? What are the switch costs,
should it become necessary to replace
a current provider with a new solution
provider?
TAMP TYPES ARE TARGETED AT DIFFERENT SEGMENTS
Client
Assets
$10M
UMAs
MASS
$2M
AFFLUENT
UMHs
ULTRAHIGH
NET
WORTH
HIGH NET
WORTH
SMAs
MASS
$250K
Mutual
Fund Wrap
Accounts
LOW
ETF Wrap
Accounts
MARKET
Product Sophistication
Tax Efficiency
Trading Efficiency
17
HIGH
Americas Best TAMPS 2024

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