How to Maximize Your Financial Advisory Practice with a Turnkey Asset Management Platform.
A turnkey asset management platform (TAMP) is an invaluable platform for independent financial advisors. TAMPs provides a financial advisor with the support they need to run their practice and better manage clients’ investments. With the right TAMP in place, financial professionals can get access to platforms, software and technology, investments, training, and all back office support they need to increase their efficiency to start, build, and grow their practice. While getting comprehensive support from a TAMP, advisors can focus on marketing to generate new clients, and better serve their existing clients to help them reach their investment goals.
Understanding what a TAMP is.
A turnkey asset management platform is an all-in-one solution for financial advisors financial that allows them to streamline processes and create more efficient operations. TAMPs are typically provided by RIAs, brokers/dealers, or custodians as part of their suite of services and enable advisors to access multiple accounts from one place, automate tasks such as trading, reporting, and billing, reduce manual data entry time, and gain insight into portfolio performance. This helps advisors focus on offering value-added advice rather than spending time on manual administrative tasks.
Typically TAMPs will charge platform fees for access to their platform based on the total value of the client accounts. This platform fee can range based on the provider of the platform so it's important to ensure you understand what the fees are associated with each TAMP to make sure it suits your practice. In exchange for this platform, technology, or access fee, an advisor will get access to the TAMP and the services it provides.
Why do Financial Advisors use TAMPs?
- To have more time to service client needs
- To offer best-in-class investment management
- Operational cost savings and gain efficiency
- For a competitive advantage over other financial firms
- To boost a firm's enterprise value
How Can a Financial Advisor Benefit from a TAMP?
Advisors stand to gain many advantages by using a TAMP, including:
- Outsourcing investment management including investment strategy, research, and portfolio design
- Increased efficiency through automation of processes like trade execution
- Reduced investment costs due to rebalancing tools for clients' assets and investment accounts.
- Simpler compliance and risk management
- Greater transparency into asset tracking for portfolio performance for the same household and multiple individuals
- Improved scalability to enable advisors to focus on client relationships and other revenue-generating activities and less on the administrative duties
- Better access to resources such as risk analysis and analytics tools
- Third-party fund providers’ offerings
- Partnerships with larger firms and custodians
In short, having the right TAMP in place can help make your practice more efficient while providing you with more opportunities to build relationships with your clients.
What Should Advisors Look for in a TAMP?
When choosing a TAMP for your practice it’s important to consider certain factors such as flexibility (does the platform offer customizable solutions?), scalability (can it grow with your business?), cost-effectiveness (are there additional fees associated with using the platform?), customer service (how responsive is the provider?), security (is the platform secure enough for sensitive data?) and integration with other systems (can it integrate seamlessly with other applications?). You also want to make sure that the system you choose offers features that will benefit both you and your clients; make sure to do your research before deciding on one particular solution.
Turnkey asset management platforms (TAMPs) are an effective way for financial advisors to maximize their practices by streamlining operations and maximizing efficiency. With the right TAMP in place, you can improve client service capabilities while reducing costs associated with investments like rebalancing tools. When choosing a TAMP for your business it’s important to consider factors such as flexibility, scalability, cost-effectiveness, customer service issues like responsiveness, and security concerns like data protection measures in order to ensure that you are getting the most out of your investment.
By finding an effective TAMP solution that meets both your and your client's needs you can take advantage of all the benefits that come along with using this type of technology which could ultimately lead to greater success in both practice growth and client satisfaction over time. Some of the major components to look for in an asset management platform are:
Investment management and investment portfolios.
TAMPs should offer a wide spectrum of investment solutions that give advisors the ability to offer an array of customized solutions to suit clients' risk tolerance, investment objectives, and timeline horizons. TAMPs can also have a Chief Investment Officer that can offer advisors unique investment philosophies and investment choices to help protect and grow clients' wealth. In addition to this investment research and portfolio creation, TAMPs can offer a variety of investment approaches and investment strategies including;
- Do it for me using turnkey investment models which can be the most efficient way of managing investments and client investment accounts.
- Do it with help using a fully scalable investment portfolio that supports customization using risk-based templates for any client profile.
- Do it myself using an expanded roster of investment options using an open architecture platform. By using an open architecture platform investment advisors can act as a portfolio manager by selecting investment strategies and creating customized portfolios for clients' accounts.
This outsourced investment management approach can greatly help financial advisor firms save time by not acting as a money manager and spending hours on investment research.
Robust Advisor Technology.
Advisors should look for an integrated tech stack but all the features they need to elevate the client experience, operate more efficiently, and offload as much office administration as possible. This central hub should provide access to every system an advisor needs to run a modern practice.
Some key features should include:
- Tracking prospects with a streamlined onboarding process and workflow.
- Comprehensive planning and proposal tools to be able to run portfolio analysis and financial plans for current and prospective clients.
- Back-office management to help streamline advisors' time by spending less time processing paperwork and more time helping clients reach their financial goals.
- Simplified client reporting to gain better insights into investment performance, clients' accounts, investment allocations, and performance.
- Integrate directly with the major custodians to better serve your practice.
Operational & Back Office Support.
Some TAMPs can also offer operational support that includes the entire process of administrating, funding, and maintaining clients' accounts. This helps streamline the onboarding process saving hundreds of hours for the advisor.
Advisor Training & Development.
TAMPs can offer comprehensive education and training. These training programs should de be designed to help the advisor not only understand how to leverage the platform but could also include portfolio management and portfolio construction, how to gain operational efficiency marketing ideas, and best practices to help grow a practice.
Advisor Marketing Support.
Marketing support is something that may not be offered by all TAMPs. While some only provide a platform that combines technology and investments, others may include marketing collateral and materials, client communications pieces, and market and investment commentary.
Brookstone helps independent financial advisors build a better practice by providing the right tools and resources to help you succeed. Our turnkey asset management platform goes beyond the traditional idea of a TAMP to offer advisory firms the highest level of service to their advisors, making it one of the fastest-growing RIAs.
Why Do Independent Investment Advisors Choose Brookstone Capital Management?
Brookstone offers financial professionals a Turnkey Asset Management Platform that is designed to support every aspect of an advisory practice. Some of these major areas include;
- Turnkey investment models and open architecture investment solutions
Advisors can choose from CFA-designed model portfolios that are adaptable to individual investors, or they can create their own models from brand-name asset managers with the freedom of a robust open architecture platform.
- Technology offerings
Through a proprietary Advisor Portal, we have brought industry-standard solutions onto one, unified platform that incorporates full online account opening, digital signature, performance reporting, and service requests, along with access to key third-party partnerships.
- Advisor training
With comprehensive workshops for every level of advisor, an advisor can learn everything from best practices for conducting appointments with clients to how to build a risk-managed portfolio.
- Operations and support
Our dedicated service team assists advisors with day-to-day needs including account opening, trading, and billing.
Full compliance oversight, support, archiving, and E&O insurance.
- Marketing & branding
Brookstone offers an exclusive lead generation program through the Retirement Wealth Academy, plus all the marketing materials advisors need to support an advisory practice.
"Be the idea, thought, and platform leader at the intersection of insurance and securities to create the most enhanced asset gatherers possible. And be the primary financial industry partner that helps you build a sustainable, enjoyable, and scalable practice designed to maximize your enterprise value."
–Dean Zayed, CEO Brookstone Capital Management.
Add excellence and efficiency to your practice today.
Visit brookstonecm.com/discover to learn more about our all-in-one practice advisor growth platform.