A Different Kind of TAMP
The term “TAMP” is fairly well known among the investment advisory industry. For those not as familiar, TAMP means, Turnkey Asset Management Program. According to Investopedia, “TAMPs let professionals delegate asset management responsibilities to someone else who specializes in it.” In addition, “TAMPs also handle account administration, billing and reporting.”
Now, imagine a TAMP that does all of the above, but takes it a step (or even a few) further. Imagine a TAMP that provides the firm infrastructure that you can affiliate with, or “tuck-in” to, without having to create or maintain your own RIA entity. What if there was a TAMP that handled compliance, day-to-day administration (new accounts, transfers, money movements, account maintenance), technology platform and human capital – and enabled you to focus on the aspects of the business that you are most passionate about? Deepening the relationships with your existing clients and spending time growing your business.
There is a TAMP that has those capabilities. That also happens to be the firm I work for, Dynamic Wealth Advisors. Over the six plus years I have worked for Dynamic, I have spoken with hundreds, if not a thousand or more advisors from all walks about the option that Dynamic presents to advisors who want to go solo, but don’t want to go it alone. Presented another way, rather than being defined solely as a TAMP, Dynamic is a professional services organization serving advisory business owners.
While it is possible to “tuck-in” with Dynamic, it is also possible to maintain one’s own separate RIA and enjoy the same level of services. One key aspect that Dynamic advisors share is the willingness to delegate the aspects of the business that are not focused on relationships or growth of the business.
Additionally, advisors utilizing the services of TAMPs enjoy the economies of scale by being part of a larger community of advisors with custodian relationships, account aggregation services and optional technology integrations.
In closing, for advisors who have already made the decision to delegate asset management responsibilities to a TAMP – and were not sure if it were possible to delegate even more, including; Compliance, technology and human capital responsibilities, now know that it is possible. And more and more advisors are making the move – to a different kind of TAMP.
About Dynamic Wealth Advisors
Dynamic’s Advisor Solutions is recognized as a premier provider of essential resources to professional wealth management practices. Its turnkey practice platform includes asset management and enables wealth advisors to save money and focus on clients while positioning themselves for success and growth. With myVirtualPractice, a suite of wealth management practice solutions, Dynamic hands the professional wealth advisor the keys to a comprehensive custom-built virtual office and practice complete with staff, back/middle office, accounting/billing, compliance and even a Virtual Assistant. The wealth advisor need only add clients and a laptop, and they are up-and-running instantly. For many breakaways and independent wealth advisors, being part of a nationwide community of like-minded professionals is one of the most valuable components of their affiliation with Dynamic.