In our previous blog, Adding Personal Financial Planning to Your Practice Without Drowning, we discussed the importance of partnering with the right TAMP and scaling back your tax practice to invest more time in your financial planning practice. The latter is straightforward: as you earn revenue with financial planning and investment advisory services, you’ll be able to reduce your tax workload dollar for dollar and exponentially increase the time available to better serve your clients! Finding the right TAMP, however, requires a deeper dive.
First of all, what is a TAMP? A TAMP – or a Turnkey Asset Management Program – is a tool that plays an essential part in helping CPAs add personal financial planning services to their tax practices. They are primarily a FINTECH solution that CPAs can leverage to consolidate the software and technologies needed to run their practices. In practice, most TAMPs are very similar and provide the software and tools needed for CPA Financial Planners to execute trading management, billing, reconciliation and reporting, client relationship management, financial planning, and more. The support they provide their users and additional services beyond technology is how TAMPs set themselves apart from one another. So, what are three reasons that you need a TAMP for your personal financial planning practice?
1. Compliance SupportDeciding which TAMP option is the best for you comes down to deciding your investment philosophy, evaluating how much time you have to commit to managing investments, and choosing what kind of experience you want for your clients. Overall, you will need to communicate to your clients why the TAMP you select helps your clients achieve and protect financial independence.
There’s a lot to consider in choosing the right TAMP, so be sure to take the time to weigh your pros and cons to determine which TAMP can best support your practice and growth! At the CPAlliance®, we cater to busy CPAs by providing white-glove concierge services to make it easy for them to add financial planning and investment advisory services to their practice.
If you’d like to learn more about the CPAlliance®, TAMPs, or how to become a CPA Financial Planner you should consider joining us for our Personal Financial Planning Boot Camp on June 10, 2024, as part of the FICPAs MEGA Conference. Or, contact me directly at smccabe@cpalliance.com or (863) 688-1725.
Shawn J. McCabe | CPA/PFS, CFP®, MSA, MBA
CPAlliance® Director | Partner