Selecting a TAMP: Client Experience Matters

Turnkey Asset Management Programs (TAMPs), in some form, have been around for decades.1 But many have grown to become take-it-or-leave-it monoliths. You may purchase an entire suite of software modules yet end up using only a few of them. Today’s financial professionals should expect more: a move towards a memorable customer experience.

Why should advisors accept less personalized service than their own clients expect? Just as today’s consumer-facing businesses have learned to prioritize customer experience, B2B providers are learning some hard lessons. Studies show half of all business professionals in B2B relationships report a customer experience score of just 50%. That means half of all businesses are less than happy with their own service providers.2 It shouldn’t be that way.

When comparing TAMPs, customer experience – your experience – matters.

Look behind the curtain

If you’re currently using a TAMP, ask yourself if the solution is customizable in any way. If you’re just now considering a TAMP, seek a provider that is open to tailoring programs to a specific business need. A responsive, innovative provider will talk about fulfilling expectations-- not implementing a prepackaged, inflexible program.

If you partner with the wrong TAMP, you can find yourself stuck with a limited set of investment options, some of which may be quite fee-heavy for both you and your clients. A client-focused TAMP is open-architecture, allowing financial professionals to select funds that are best suited for their own, unique client base. No big, inflexible platform knows your clients better than you do.

Also, ask about the technology behind the curtain. Does the TAMP build and own its solutions? Managing back office processes efficiently allows you to focus on clients, with smooth interaction and workflow between applications.

An integrated solution also imparts an economic benefit. By working with a unified platform, you’re benefiting from a technological economy of scale that provides value and can more easily be improved and upgraded as time moves on.

What’s behind that curtain is a question worth asking.

Knock, knock. Who’s there? You are.

Your TAMP should know you and your business. When you call for service, the customer experience team identifies you before answering and can instantly access the account via an easily navigable dashboard. A personal approach means acknowledging what you’ve reported before, knowing your needs and preferences, and respecting your time.

Ask how a TAMP plans to build on the relationship after you’ve hired them. Ask if it provides a personal dedicated, relationship manager. That’s someone who gets to know you, listens to you, asks what you want – and then makes that happen.

A TAMP shouldn’t just hand over logins and a user manual to you and wish you luck. It should be a service that helps you operate your business, serve your clients, find solutions, reacts to your needs, and allows more time for you to do what you do best:  Help your clients reach their financial goals.

Adapting as you grow

A TAMP that values the financial professional relationship will adapt as you grow. As your practice expands, your relationship with your platform should grow along with it. That means services – and pricing – that recognize and react.

It can seem as if some providers don’t know what scalability means. A TAMP that embraces scalability – and explains how up front – helps your business with features such as flexible, tiered pricing and services designed to help you reduce the need for additional in-house, back office personnel.

A TAMP committed to an efficient, personal relationship, frees up resources and time to not only allow you to deepen relationships with existing clients, but also to identify and invite new clients into your practice.

Your experience matters

A TAMP can help financial professionals do many of the routine back office functions that take up time such as reconciliation, rebalancing, reporting, and billing. But choosing a TAMP is anything but routine. No financial professional should feel taken for granted. A TAMP committed to client experience dedicates the time and effort to ensure you are getting the services you need without unnecessary costs.

When selecting a TAMP, explore each platform’s commitment to your own, personal experience. It matters.

If you have questions about client experience, call us today at 312.219.9160.

  1. “Unbundling of the TAMP and Rise of the Model Marketplace,” Investments and Wealth Institute (formerly IMCA), July August 2019, Michael Kitces
  2. Improving the business-to-business customer experience,” McKinsey & Company, Mar. 3 2020, Nicolas Maechler, Sanjeev Sahni, and Martine van Oostrum,