--- title: What Exactly is Turnkey and How Do You Select the Right Partner? description: Understanding these different TAMP characteristics and identify the services most important to your advisory practice to select the right turnkey partner. image: https://blog.freedomadvisors.com/hubfs/Blog/Background-What-Exactly-is-Turnkey-and-How-Do-You-Select-the-Right-Partner.jpg --- [Company](https://freedomadvisors.com/company/) [Contact Us](https://pages.freedomadvisors.com/contact) Log In [Freedom Advisors](https://portal.freedomadvisors.com/) [Freedom Investors](https://investor.freedomadvisors.com) [![Freedom Advisors](https://blog.freedomadvisors.com/hs-fs/hubfs/FREEDOM-ADVISORS-RECT_FREEDOM-ADV-RECT-Full-COLOR-BLUE-721.png?width=186&height=50&name=FREEDOM-ADVISORS-RECT_FREEDOM-ADV-RECT-Full-COLOR-BLUE-721.png "Freedom Advisors")](https://freedomadvisors.com/) - [Platform](https://freedomadvisors.com/platform/) - [Investments](https://freedomadvisors.com/investment-solutions/) - [Operational Support](https://freedomadvisors.com/operational-support/) - [Retirement](https://freedomadvisors.com/group-retirement-plan-services/) - [Resources](https://freedomadvisors.com/resources/) - [Schedule a Demo](https://pages.freedomadvisors.com/schedule-demo) ### Blog # What Exactly is Turnkey and How Do You Select the Right Partner? # What Exactly is Turnkey and How Do You Select the Right Partner? Posted by [Freedom Advisors](https://blog.freedomadvisors.com/author/freedom-advisors) on Jan 18, 2023 7:51:33 AM Merriam-Webster defines turnkey as complete and ready to operate. When evaluating [turnkey asset management platforms](https://freedomadvisors.com/platform/) (TAMPs), advisors must be on guard for cases where the label turnkey has been liberally applied. Does the platform require you to handle the custodial work yourself? Must you have several screens open because you are required to use multiple applications to get business to work in the way you need or want? Do you have to submit and track your own new accounts, transfers, cash transactions, or trades? Does anyone answer the phone? Is performance reporting and billing completely handled, including reports sent to the clients? When considering partnering with a TAMP for your practice or replacing your current outdated or unresponsive TAMP, you will find options from which to choose that are very different from each other. This includes providers that are not truly turnkey. Always start your decision-making process by prioritizing what you need from a TAMP. For example: - One priority could be outsourcing your [investment management functions](https://freedomadvisors.com/investment-solutions/) using pre-built model portfolios. - If you prefer to remain hands-on, building and managing client portfolios, you might care more about using a [TAMP’s technology](https://freedomadvisors.com/platform/) to streamline your back-office activities or to have expert investment consulting assistance. - You might also want to upgrade your [client support capabilities](https://freedomadvisors.com/operational-support/) with marketing and communication tools that enhance the client experience. Once you have identified and prioritized your needs, there are broadly 3 types of TAMPs to consider: 1. **Supermarket TAMPs** offer an overwhelming array of investment strategies, models, funds, and research. They are typically best suited for advisors who prefer to do their own due diligence and portfolio construction and who can tolerate limited support and no one knowing your name. 2. **Specialty TAMPs** may only offer a narrower selection of investment strategies and solutions, or not provide operational support. 3. **Full-service TAMPs** are truly turnkey, providing a robust selection of pre-built model portfolios but also sleeve strategies for the do-it-yourself advisor. Support and client service are also prominent features of full-service TAMPs. By understanding the many different TAMP characteristics and identifying the TAMP services most important to your practice, you can narrow the range of potential providers. One final consideration is that while you might only need one or two TAMP services now, you could benefit from additional services as your practice grows. ## Getting Started Download your complimentary copy of our [30-factor TAMP Partner Selection Checklist](https://pages.freedomadvisors.com/tamp-partner-selection-checklist), to help you prioritize the top factors to consider when evaluating potential partners. 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Schedule a demo and introductory call with us. 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