Alan Moore and Michael Kitces join forces on this episode to address a topic that they have been getting a lot of questions about recently. They address the challenges that have been present when working with TAMPs and why they decided to launch XY Investment Solutions with the specific needs of XYPN members in mind.
Alan and Kitces explain in detail why people may want to use a TAMP and then also how to explain it to your clients. They cover how to put in the work to make a TAMP work best for your business, and emphasis is put on where you should focus your time and effort in order to provide the best value and service to your clients. The guys share insightful tips on how to sell this service to clients and even how you can work out the TAMP fees.
Listen to the Full Interview:
What You'll Learn from This Episode:
- What a TAMP is and why they may be beneficial.
- The similarity between a broker dealer and a TAMP.
- Why XYPN decided to launch their own TAMP.
- How to get past the hurdle of not being the one actually implementing the investment plan.
- Why someone would want to use a TAMP in the first place.
- How to explain and sell TAMP services to your clients.
- How to charge TAMP fees.
Featured on the Show:
- Michael Kitces
- XY Investment Solutions
- Pinnacle Advisory Group
- Investment Advisers Act
- TD Ameritrade