Whether you are considering using a Turnkey Asset Management Platform (TAMP) or are currently using a TAMP’s services, it is worth highlighting three essential areas of your practice where the right partner can ease a lot of your stress and anxiety.
As crucial as your fiduciary responsibility to your clients is, so is your need to stay abreast of industry regulations and compliance requirements. One important and often sensitive area where the right TAMP can help is effectively communicating fees and costs.
Transparency is the bedrock of a fiduciary advisor. A TAMP with integrated technology that allows you to operate compliantly and clearly communicate your services and costs can eliminate one of your most significant burdens.
One of your professional goals is to grow your practice. But, like many investment advisors, you may find that your financial resources and time are both limited when investing in and training new staff. Unfortunately, this “resource scarcity” often holds many advisors back at precisely the time they should be investing.
A TAMP can help shoulder many of the gaps and responsibilities for which you believe you need to hire new staff, enabling you to manage existing client relationships and prospect for new clients. In addition, much of the heavy lifting within critical functions like investment management and onboarding can be supported and managed by a premier TAMP partner.
It’s your practice, and you rightfully care about every aspect of it. From the smallest details of the client experience in your office environment to the essential qualities that distinguish you from others, it is easy to become the “Jack of all trades and master of none.” And prioritizing between what is essential and what is not can become an emotionally-paralyzing process.
Again, a full-service TAMP committed to understanding every aspect of your practice and partnering with you for the long-term can help you offload the activities that should be offloaded, giving you the control to focus on what you know is most vital for your growth.
Too often, the entrepreneurial spirit that drives so many investment advisors to break away from broker-dealers to start their own RIA practices becomes an impediment to the very growth they know they are capable of achieving. No one can do it all on their own! Moreover, because they care so much about every part of their business, they struggle to delegate or know where to turn when they need help.
Our experienced team can cite countless examples of working with investment advisors who quickly found themselves in this predicament. We’re proud to have helped so many of these advisors recapture their time and passion for focusing on what they enjoy most with their profession.
Schedule a demo to discover for yourself how partnering with GeoWealth can help you grow your business by supporting your challenges with compliance, scale, and control.