Transitioning from another TAMP
- Independent RIA with $112 million AUM with a 5-year growth plan to increase aum significantly targeting a $1B goal. Outsourcing 90% of model management is an integral part of that plan.
- Comprehensive financial planner who is focused on outsourced investment management to maximize their value through the financial and tax planning process.
Case Study
This rapidly growing independent RIA had recently acquired another firm. Both firms they were using AssetMark who wasn’t prepared to support their growth plan, plus it was too expensive. in switching to UX Wealth Partners, this RIA was able to save over $240,000 per year in total fees, which it could then reinvest in growing and marketing the firm, all while offering solutions better tailored specifically to the RIA’s plan to grow the business.
Challenges
- The existing TAMP was extremely expensive. Additionally, they offered many of the same models, or those similar to, the other platforms do and felt like they were commoditizing their business. Lastly, they wanted to be able to create their firm labeled custom blend UMAs that included institutional third parties, Ai driven models, and their own custom strategies which wasn’t allowed.
- The RIA wanted to utilize firm staff more effective and efficiently to fuel to meaningful growth plans. Looking at the functions they were performing to outsource those that were not driving growth.
- The firm was asking for marketing ideas and growth in their market. Having solutions geared toward a younger tech-oriented marketplace was something their current TAMP wasn’t able to provide. TAMPs in general need to conform to the needs of the broker dealer community on a national basis which steer away form innovative solutions.
Solutions
- UX Wealth Partners provides TAMP sub-advisory services at more than 50% cost savings due to our fully bundled pricing solution that combines trading, billing, reporting, technology, and outsourced investment solutions. UX Wealth Partners offers the industry’s only AI powered model marketplace, combined with advisors personalized models and third party SMA managers to accommodate the unique needs of this RIA’s client base. We also provide a robust suite of client-facing research and collateral for the models and managers on our platform. Lastly, UX Wealth Partners was able to provide sleeve level portfolio reporting accessible via a Unified Managed Account (UMA) structure to streamline and simplify his account base.
- UX Wealth Partners was able to work with the RIA to help solve other issues the RIA has in streamlining and supporting administrative functions to focus more on the growth plans. Included in this is the elimination of 3rd party paperwork and billing functions.
Results
By switching to UX Wealth Partners, the Independent RIA saves over $240,000 annually on TAMP services. This cost savings is used to reduce overall client fees and to invest in additional marketing and prospecting tools, which allows the RIA to further scale their practice. Additionally, UX Wealth Partners was able to design a TAMP that was completely configured to the unique and specific needs of their RIA and client base allowing them to distinguish their practice from others in a very competitive market in Northern California.
Get Powered by UX Wealth Partners
The RIA of the future is bold. And together with UX Wealth Partners, a new frontier is at hand. If you are a forward-thinking advisor who seeks to differentiate themselves, experience exceptional growth, and exceed client expectations, schedule a call to learn more.