The Altruist of TAMPs

My experience with TAMPs wasn’t really a positive one back in the day when I was a CSA.

A request would be entered in our internal CRM, then I would have to enter the request into the TAMP’s CRM/Portal, then they would work on the request, probably ask a question or two for clarity, then enter the request at the Custodian… and play telephone all the way back down the line eventually to the client. I would log into the service portal daily to try to figure out what the status was - all the time the advisor telling me this needed to get done ASAP!

It drove me nuts.

With other clients, I worked directly with the Custodian, and it was incredibly more efficient.

Why would you pay money to a 3rd party to be LESS efficient? Beats me.

Another TAMP I worked with charged incredibly high fees, plus used their own “special funds”, plus there was the B/D charge, plus the advisor’s fee - all in to the client was over 4% in fees… again for less efficiency and worse returns. You’re welcome.

Sorry for the rant. It’s been on my chest for a while. :)

So my position on TAMPs hasn’t been too positive. Probably not so different to my position on Custodians.

But then Altruist came along. Altruist made some big claims. And as far as I can tell, Altruist is delivering on those claims. Advisors I talk to using Altruist are very pleased.

Altruist is easy to use, Altruist is FAST, clients like Altruist, Altruist feels like the future…

So could there be a similar solution for TAMPs? Almost so good it wouldn’t even be called a TAMP?

There might just be.

Check out Seeds.

Conveniently, we’re having a webinar with them tomorrow (possibly why I’m sending out this email…)

May 10th, 2pm ET

Hope to see you there!

Warmly,

Joe