Despite myths, TAMPs help advisors save time
There are a lot of myths surrounding turnkey asset management platforms. And because of those myths, a lot of advisors might be missing out on what TAMPs have to offer.
“We’re more expensive,” Sara Paulson, division manager for Central U.S. at AssetMark, says of the myths. “There is this perception that we dilute their value proposition if they’re outsourcing, especially on the investment management side, that it doesn’t necessarily free up time.”
TAMPs have been making waves within the industry and increasingly are seeing their assets grow, in part because they offer advisors independence and flexibility, ultimately saving them time.
“The one thing a TAMP can do that is a challenge every single day when advisors go to their office and turn their lights on, is time is finite,” Paulson says. “If you find the right TAMP partner, we are able to provide you with more time in the day.”
Paulson will be one of several speakers at an upcoming RIA Labs webinar on Evaluating and Comparing TAMPs that’s sponsored by AssetMark and hosted by InvestmentNews. Other speakers will include advisors from Adhesion Wealth, Sowell Management and Anchor Pointe Wealth Management. Chuck Failla, founder and CEO of Sovereign Financial Group, will moderate.
Derieck Hodges, founder of Anchor Pointe Wealth Management, another of the speakers, says technology can be a key part of the TAMP conversation.
“We went from buying and monitoring a portfolio management system, to completely outsourcing that to AssetMark, our TAMP,” Hodges said. “That was a huge lift for us to get away from dealing with that.”
As an RIA, he said he has different nuances to his business that may not be relevant to broker-dealers who attend the webinar. But that goes both ways.
“I
Read more on investmentnews.com
