What are the best TAMPs for RIAs?
If you’re going independent, you might prefer to take a hands-on approach and do everything in-house when it comes to managing client assets. After all, that’s part of the reason why you went independent in the first place.
However, advisors can make better use of their time instead of doing the back-office tasks and other administrative work involved in asset management.
That’s where turnkey asset management platforms or TAMPs come in. With a variety of options to choose from, it can be difficult to nail down the right choice for the right value. That being said, there seems to be a few top dogs among the pack.
For Andrew Herzog, financial planner at The Watchman Group, he believes Envestnet’s Tamarac platform to be one of the best. While he admits it’s not the cheapest option, it’s the one he’s been the most exposed to.
“They’re trying to offer the full-blown package to help the advisor not just report and bill their clients on all the assets that are being managed, but also even offer the ability to do the trading for them,” he says. “That’s an additional fee, of course, but they’re helping put more time back in your pocket.”
Herzog adds that he finds the Tamarac interface simple and “very user-friendly”.
While having a TAMP like Tamarac allows advisors to get back to the day on phone calls, prospecting and doing financial planning, Andrew Evans, CEO of Rossby Financial admits that it’s not required.
“There’s nothing wrong with not having a TAMP and I can’t say that you need to have one,” he says. That said, Evans uses AssetMark for his firm, pointing to its “extremely robust practice management program” and their Leadership Advantage Program.
“AssetMark gives you so many tools, and they do these development programs
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