The executive leadership team at Acme Wealth Management knew they had a problem. More like several problems. Since launching its RIA as a single small office in 2012, the firm had enjoyed a remarkable run of success and now boasted a lofty $1 billion in AUM, multiple offices throughout the Midwest, and a growing team of 28 independent advisors.
But the pace of growth had stalled, and the RIA's once collegial and energized team of advisors began to voice displeasure over a variety of concerns which they believed were directly impacting their ability to provide the service their clients expected. All those criticisms pointed in a single direction toward the TAMP that Acme Wealth Management had selected at the outset.
The partners recognized that while their legacy TAMP served their needs adequately when they first opened their doors, so much had changed in the ensuing years, and their TAMP had not kept up with solutions to address those changes.
To exacerbate the problem, the TAMP did not appear to be able to address the RIA's most critical issues. Specifically:
The firm's once-glowing reputation, which had helped attract so many new advisors, was losing its sheen. The firm knew they needed to quickly transition to modern platform to better address advisor onboarding and to provide centralized oversight.
After conducting an extensive search and evaluation of the most advanced TAMPs serving advisors today, the senior management team selected GeoWealth as their new platform partner. In the discovery process, GeoWealth exhibited particular strength and experience in four areas:
The management team and the investment advisors at Acme Wealth Management experienced a few surprises in changing to the GeoWealth platform. First, the transition process was much easier than anticipated, primarily due to the dedicated support team GeoWealth assigned to support Acme Wealth Management through the entire process. Second, while management expected to realize cost savings by moving to GeoWealth, they were surprised and delighted to reduce their TAMP costs by 50%.
If the challenges we have discussed here sound familiar, give us a call at 312-219-9160 to discuss how the solutions we provided this fast-growing RIA could also benefit you.
This case study is provided for illustrative purposes only and is meant to provide an example of GeoWealth’s process and methodology. There can be no assurance that GeoWealth will be able to achieve similar results in comparable situations. No portion of this case study is to be interpreted as a testimonial or endorsement of GeoWealth’s investment advisory services.