Is your technology working for you?
Technology never sleeps. Client expectations never diminish. And recent years have shown us all, nothing is a given or remains the same for too long.
While guiding clients through these complex times, financial advisors who depend on a Turnkey Asset Management Platform (TAMP) would be smart to ask themselves a few questions:
- Is my platform keeping pace with industry trends?
- Is asset management the platform’s strength or is it technology?
- Which is most valuable to me for my clients?
These are questions worth answering because the decisions advisors make when selecting a TAMP will not only shape their practices for years to come but will have significant impact on their future success. As advisors who use TAMPs look to the future, they will need to determine if they want to work with a provider that offers flexible model solutions such as advisor-managed, third-party managed, OCIO models of models, etc., or a provider that has developed its own technology. Or perhaps a firm that has both.
The changing role of financial advice
Few would argue that the financial services industry has seen dramatic change over the last two decades. Where advisors once served the heady role of gatekeepers to the markets and investment experts, today it is different. Now, investors find answers to their most challenging financial questions with a few simple clicks. Advisors, to their credit, have adapted to this change in investor behavior with the same resilience they have exhibited ever since their profession began.
Investors today depend on advisor experience and wisdom to help them understand an increasingly complicated environment. As they spend more time working directly with clients, advisors are recognizing how many operational functions can be more efficiently outsourced, including trades, rebalancing, account maintenance, billing, and reporting.
When it’s working best, a TAMP allows advisors more time for personal attention, financial planning, developing deeper relationships, and welcoming new clients.
Platforms that manage their own technology are better positioned to seamlessly integrate new capabilities for a smoother, intuitive user experience. By listening to advisor needs and analyzing industry trends, companies with these capabilities can deliver solutions that develop naturally and integrate fully.
And of course, another important benefit to maintaining a team dedicated to technological function is cost. Without paying an outside firm – and passing along that added expense to clients – providers with in-house capabilities may be able to match a higher level of service at a more competitive cost.
Demystifying Due Diligence
We always say, "if you've met one RIA, you've met one RIA." No two firms are alike, and that's OK in our book. We build flexible solutions that can meet any firm where they're at, regardless of size or scale.
Whether you’re switching TAMPs or deploying a new TAMP model at your firm, the due diligence process may feel overwhelming as you explore options. But we're here to help! Be sure to explore these resources to support your journey:
Solutions for you, not for everyone.
TAMP may start with the word turnkey, but that should mean solutions that are unlocked, not locked down. By embracing a service model dedicated to providing not only premier investment management solutions, but also technological function, efficiency, and design, a TAMP can deliver a comprehensive, seamless experience that helps financial professionals provide the attention, guidance, and confidence investors need and value most.
