Transferring from outdated TAMP for better technology, investment models, and service
- Independent RIA with $75 million in advisory assets, over 1,200 accounts, and a large insurance practice. They have five RIA firms tucked under their corporate RIA that they serve.
- Senior team of advisors offering custom blended models and full back-office support to their advisor networks.
Case Study
The founders of this RIA were working with an outdated TAMP that was owned by an FMO. While the FMO was focused on the insurance side they were using outdated technology, investment models, and lacked the service and support to drive excellent wealth management support. The founders were looking to grow their RIA network by onboarding IARs onto their corporate RIA. They wanted to provide a white glove service and support network to help those IARs thrive and grow, but found their existing solution was too expensive and lacked the customization and flexibility to attract today’s advisors.
Challenges
- Their existing TAMP couldn’t offer a branded hierarchy that allowed each RIA/IAR to brand the dashboard, proposals, fact sheets, and risk tools to personalize the advisor experience for each client.
- They lacked the ability to create custom blended models on the fly to meet the needs of each RIA they supported.
- They couldn’t trade and bill efficiently and at scale across multiple custodians to grow their network as quickly as they were hoping.
- The cost structure was prohibitive in allowing them to build in margin to support their advisors.
- Couldn’t bill on outside alternative investments while maintaining margin and efficiency.
Solution
- UX Wealth Partners worked with them to map over 1,100 accounts and set each RIA underneath them with a custom branded experience and established a hierarchy that allowed them to control everything in a single instance. Through the UX Wealth Partners interface we were able to onboard advisors they support and were recruiting from TD Ameritrade, Fidelity, Charles Schwab, and Apex. The UX Wealth Partners platform was able to aggregate all advisor accounts together to create a scalable trading and billing module that allowed them to focus on supporting the planning, marketing, and growth efforts of each advisor they onboarded. Overall, they were able to meet the demands of their group and lower the fees by 33% across the board.
Result
After making the transition to UX Wealth Partners, this RIA rollup was able to aggregate and bill on held away alternative assets, offer a fully branded advisory solution, offer custom blended models, and use our trading and billing services to offload risk and improve efficiency. Following the transition, they’ve increased their advisor base, AUM, and fees by more than 40%.
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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.