As financial advisors take on a heavier load of responsibilities, it’s only logical that many feel strapped for time. In fact, a survey by the Financial Planning Association found that seven out of eight advisors say they’re not in complete control of their time—and the top reason is that they’re trying to do too much.
No wonder more advisors are choosing to outsource different parts of their business and using turnkey asset management programs (TAMPs) to delegate investment management responsibilities. Recognizing the need to outsource investment management is a great first step, but it’s just the start.
Next, you must find a TAMP provider to work with. The good news is, there are plenty of vendors to choose from: The 2015 Trust Advisor survey counted 13 providers that serve the clear majority of the $250 billion TAMP marketplace. That’s also the bad news: there are so many firms offering TAMP platforms to advisors. How do you choose the right partner for your practice?