I hope everyone has had a good start to the year. It always surprises me how quickly things seem to go and that we are nearing the end of February.
This month I want to take a bit to go over at a high level who we work with, why, and where you can reach out to for support.
We work with a handful of TAMPs and it is what we would suggest most advisors explore when they want to start fee-based business. The primary reason for this is that they do a ton of the heavy lifting when it comes to asset allocation, asset management, and the proposal, allowing the advisor to focus on scaling the business through client relationships, prospecting, and getting in front of people that need your services and expertise. As an affiliate with an insurance-focused broker dealer, it is important that we enable you to outsource the investment selection and management where appropriate because insurance is often the primary focus of your efforts. We feel the TAMPs that we work with do an excellent job in this role.
We work with several TAMPs, but AssetMark, Mariner, and SEI are the big three in this area. All provide the scale and support that we like to see on TAMP platforms and have people that you can reach out to for support that are responsive and professional.
Similarly, we have Starlight Portfolios and Betterment for Advisors available. These platforms allow for quick digital onboarding, and the advisor can collaborate with the client to select one of several portfolios that fit the client’s needs and objectives after answering straightforward risk tolerance questionnaires. Both can accommodate clients with lower account values.
Both Starlight and SEI have access to Josh Curtis’ Portfolio Waterfall strategies that many of you have heard presentations about. I’m happy to share more on this and connect you with Josh if you’re interested in hearing more here for clients looking for an income distribution strategy.
Also in this category is Envestnet. We limit Envestnet to advisors with a bit more experience, but it allows for a bit more granular customization in portfolio construction than the other TAMPs listed and is a bit more in the ‘Rep as PM’ lane.
We have a handful of relationships with custodians but work primarily with Schwab and Fidelity. We have contacts here that can help when you have specific account-related questions for accounts held here and tend to work with them closely when new things become available for advisors.
For support, you can always reach out to the contact you’re working with at a specific TAMP or custodian. If you’re unsure where to go, I’m always available to get you pointed in the right direction. I enjoy working with you all to find the best solutions for your clients and help you grow and expand what you are able to offer to your clients.
Have a great month!
