Americas Best TAMPS 2024 - 18

2024 AMERICA'S BEST TAMPS
2. Speed
How fast can the TAMP roll out, and
how soon will it make a difference in
terms of client/asset acquisition and
retention?
3. Process Drag
How much time will your team need
to spend working with the provider on
routine maintenance and upkeep once
the system's implemented?
4. Reputation Risk
Your most important job is to deliver
exceptional customer service. Are
there any known conflicts between
your professional identity (independent,
upscale, nuanced) and the provider's
reputation?
WHY BUILD WHEN
YOU CAN RENT?
Only the largest firms can afford to
build and maintain managed account
platforms in-house. For the majority
of firms in the wealth management
industry, partnering with a top
outsourced managed money platform is
a competitive necessity.
TAMPs eliminate the need for many
manual tasks, and future best practices
will reduce these activities further so
that advisors can focus on their clients.
WHY DO WEALTH ADVISORS USE TAMPs?
25.37%
HAVE MORE TIME TO
SERVICE CLIENTS' NEEDS
OFFERING BEST-OF-BREED
INVESTMENT MANAGEMENT
OPERATIONAL COST SAVINGS
AND GAINED EFFICIENCY
MAKING EXPENSES SCALABLE IN
THE EVENT OF A MARKET CRASH
COMPETITIVE ADVANTAGE
OVER OTHER FIRMS
BOOSTING FIRM'S
ENTERPRISE VALUE
MAKING FIRM MORE
RELEVANT IN MARKETPLACE
23.88%
18.66%
20.15%
17.16%
15.67%
4.48%
Source: The Wealth Advisor's TAMP Survey 2022
TM
At this point, required capabilities of
TAMPs include:
* Automated onboarding including
automated customer account transfer
(ACATS) and asset transfer
* E-signatures reducing the amount
of paperwork and time to open
accounts
* Automated compliance based on
exception reporting and escalation
* Advisor and manager dashboards
and mobile alerts
* Client-facing digital advice delivery
* Automated custody reconciliation
across multiple custodians
* Automated rebalancing
* Easier customization of portfolios for
unique client requirements
* Cloud-based data storage, statement
availability, platform updating, business
continuity, and data recovery
TAMPs are a marvel of technology,
enabling practices that just a few years
ago were only available to the wealthiest
investors. They're expected to continue
leading the way in wealth management
technology.
Even if you've only automated one or
two traditional advisory functions-
rebalancing, reconciliation, routine client
reports-you're already on the road to
more comprehensive TAMP deployment
in your practice. It's not an all-or-nothing
proposition anymore.
It is usually a one-way process,
however. Once a firm unbundles a
function, there's rarely a reason to go
back to the old, in-house approach.
And as functions add up, the incentives
to go deeper into the full TAMP
wealth management model multiply.
As it is, this is the logical competitive
counterweight to pure robo advice,
bringing flesh-and-blood expertise
to the best investment ideas and
automated support available.
18
Americas Best TAMPS 2024

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