Many advisors struggle daily to get the support and materials they need, spend hours each day on back office operations, and wind up with less time for what they do best: provide advisory services and build relationships with their clients. An efficient way to lift the burden of back office operations and day-to-day grind is to partner with a turnkey asset management platform (TAMP) that provides these services.
A TAMP partner frees you from hours of dozens of operational processes, tech vendor management, money manager due diligence, portfolio management, and performance reporting. You save time and energy that you can spend developing your client relationships.
According to a recent report* from Tiburon Strategic Investors, the TAMP industry is clearly growing. According to Tiburon, in 2009, TAMPs had $586 billion in assets and 1.3 million accounts, but as of year-end 2018, TAMPs were a $7.4 trillion market.
Several industry trends are currently boosting demand further for outsourcing across the wealth management industry. Tiburon predicts there will be $13 trillion in assets on TAMP platforms by 2024 as the independent advisor channel grows and even wirehouses begin outsourcing technology.
When you spend less time on back office operations and calculations to prepare for your portfolio oversight, you have the freedom to spend more time with clients advising, developing relationships and building your business.
More time to:
*Source: Investment News
Advisory services are offered through Freedom Investment Management, Inc. ("Freedom"), a registered investment advisor. Freedom does not provide tax or legal advice.