Every independent advisor confronts the need to add additional staff at some point in their career. The demands to effectively serve and advise a growing clientele and meet increasing regulatory requirements warrant offloading many tasks advisors handle themselves.
Hiring a Unicorn?
Finding and hiring in-office staff proves to be a frustrating and laborious process and ultimately fails to solve longer-term practice growth and management challenges. Considering the variety of tasks, finding someone with all the expertise and experience needed often seems like searching for a unicorn, and the inconsistency of work volume means at times you have too much staff and other times not nearly enough staff.
Hidden Cost of Training and Managing
Directly related to the knowledge and skills gap is the time required to onboard new employees, train them sufficiently, and then manage their activity and performance over time to ensure they consistently add value to your company. All these activities require more time than most advisors anticipate. And as you know, time is a valuable commodity that you would rather spend enhancing client relationships and prospecting for new clients.
Recruitment Roulette
Think back to the last time you hired someone. Chances are the process of searching for qualified candidates, recruiting your top prospect, interviewing, and negotiating a final offer was a less-than-enjoyable experience and was also another time thief.
Fear of Flight
If you can overcome all the challenges and missteps and hire the perfect individual(s) to join your practice, what happens if they leave? If you lose them, you must start the process all over again.
The TAMP Alternative to Direct Hiring
If you are facing these challenges in your practice, consider engaging a turnkey asset management platform (TAMP) to quickly and completely satisfy your needs for expert, service-obsessed help.
TAMPs are an enticing alternative for advisors considering direct hiring. With service offerings designed to simplify your investment management, operations and client support functions, TAMPs are a Swiss army knife capable of providing the talent you need to fill the gaps in your growing practice.
Where you might need to hire three or more people internally to take your practice to the next level, the right TAMP has the experienced staff and technology to immediately help you in areas that include:
- Investment Planning Tools
- Asset Manager Due Diligence
- A Model Marketplace
- Digital Account Opening
- Transfer Processing
- Portfolio Construction & Administration
- Process Automation
- Performance Reporting
- Integrated Custody
- Billing
- Account Aggregation
- Your Branding Only
- And More
The right TAMP partner will support your practice virtually with professionals that collectively have the expertise and bandwidth you need, making it easier to do business.
Selecting the right partner is one of the most important decisions you will ever make for your practice. To help you get started, download our 30-factor TAMP partner selection checklist that outlines the top factors to consider when evaluating potential partners.
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