# TAMPs: how turnkey asset management platforms fit an advisory practice

URL: https://www.financialadvsr.com/guides/what-is-a-tamp
Updated: 2026-10-10
Publisher: Financial ADVSR (https://www.financialadvsr.com)

A turnkey asset management platform, or TAMP, is an outsourcing provider that gives financial advisors ready-made investment strategies (model portfolios, mutual funds, ETFs and separately or unified managed accounts) along with the trading, rebalancing, billing and reporting needed to run them. The advisor keeps the client relationship and financial planning work, while the TAMP handles much of the investment implementation for a fee charged on assets, typically on top of the advisor's own fee and the underlying fund or manager costs.

Key points:
- TAMPs bundle investment strategies (models, funds, SMAs and UMAs) with back- and middle-office work such as trading, rebalancing, billing and performance reporting.
- Kitces has reported that traditional TAMPs have often cost around 75 basis points or more, while newer, more passive TAMPs charge roughly 30 to 50 basis points, with the lowest rates for larger RIAs.
- In a model marketplace, the advisor receives models but keeps trading discretion; in a TAMP, implementation is handed to the platform, according to WealthManagement.com.
- Bain Capital completed its roughly $4.5 billion take-private of Envestnet on Nov. 25, 2024, and Envestnet agreed on Sept. 9, 2026, to acquire Vestmark, with closing expected in the fourth quarter.
- GTCR completed its acquisition of AssetMark on Sept. 5, 2024, in a deal valued at about $2.7 billion; AssetMark reported more than $160 billion in platform assets as of Dec. 31, 2025.
- Dakota said in March 2026 that the U.S. TAMP ecosystem holds about $3 trillion in platform assets and that advisor adoption has risen from roughly 10% to 45% over the past decade.

## What is a TAMP?

A turnkey asset management platform (also called a turnkey asset management program) is a firm that lets financial advisors outsource much of the investment side of their business. Instead of building portfolios, placing trades and rebalancing accounts in-house, an advisor selects strategies from the TAMP's menu and the platform implements them in client accounts.

The advisor typically keeps the client relationship: gathering assets, setting goals, choosing an appropriate strategy and delivering financial planning. The appeal is access to outside strategists' research plus relief from day-to-day trading work, which frees time for client-facing activity.

Kitces has also noted that firms often turn to a TAMP when they struggle to grow past roughly $25 million to $50 million in assets under management, because investment operations start to crowd out time for serving and finding clients. That is a general pattern, not a rule; large RIAs and broker-dealers also use TAMPs for parts of their business.

## What does a TAMP provide?

The investment layer usually includes model portfolios built by the TAMP or by third-party strategists, mutual fund and ETF portfolios, and access to separately managed accounts (SMAs), in which a money manager runs a portfolio of individual securities for one client. Many TAMPs also offer unified managed accounts (UMAs), which combine several managers, models or funds in a single account. The SEC notes that labels such as separately managed account and unified managed account are often used for wrap fee programs, which bundle advice, brokerage and administration into a single fee.

The operations layer typically covers trade execution, ongoing rebalancing, fee calculation and billing, performance reporting, client statements and proposal generation. Many platforms also provide account opening paperwork, connections to one or more custodians, and practice management or marketing support.

Offerings vary widely. Kitces has noted that some advisors want a full-service platform, while more independent-minded advisors may prefer a TAMP that handles only trading and lets them choose their own technology. Dakota has described TAMP value in three layers: investment services, operations and technology.

## How much does a TAMP cost?

There is no standard price. TAMP fees are generally charged as a percentage of assets on the platform and usually stack on top of the advisor's own advisory fee. The total client cost can include a platform or program fee, a strategist or separate account manager fee, and the internal expense ratios of any mutual funds or ETFs used. Custody and trading costs may be bundled or charged separately.

Kitces has reported, as cited by Orion, that traditional TAMPs have often cost around 75 basis points or more, depending on size and services, while newer, more passive TAMPs have priced much lower, roughly 50 down to 30 basis points for larger RIAs. Kitces has also noted that intermediaries between the advisor and the TAMP, such as broker-dealers or Envestnet, can add a layer of cost.

Advisors and clients should look to each firm's Form CRS and Form ADV Part 2A brochure for the actual fees that apply. This guide is general information, not investment advice.

## How is a TAMP different from a model marketplace or an OCIO?

A model marketplace distributes model portfolios from asset managers and strategists, often inside portfolio management software, but leaves trading and implementation to the advisor. According to WealthManagement.com, the central distinction is control: in a model marketplace the advisor keeps discretion over placing trades, while a TAMP takes over implementation. Orion, for example, has run both a TAMP and a model marketplace, Orion Communities, distributed through its portfolio management technology, InvestmentNews reported in 2020.

An outsourced chief investment officer (OCIO) takes on a broader role. Consulting firm NEPC describes OCIOs as investment managers that take responsibility for most or all aspects of a client's portfolio, including setting objectives, building strategy, selecting and monitoring investments and rebalancing, with discretionary authority over most investment decisions.

In practice the lines blur. Many TAMPs offer models that advisors can trade themselves, and some describe their higher-touch services as OCIO offerings. Advisors comparing options should ask exactly which investment decisions the provider makes, who has discretion and who carries fiduciary responsibility for what.

## Who are the major TAMP providers?

Envestnet is one of the largest wealth platforms serving advisors. Bain Capital completed its take-private of Envestnet on Nov. 25, 2024, paying $63.15 per share in a deal valued at about $4.5 billion, with BlackRock, Fidelity, Franklin Templeton and State Street Global Advisors taking minority stakes, according to the company. On Sept. 9, 2026, Envestnet agreed to acquire Vestmark, a portfolio management and trading technology provider, with closing expected in the fourth quarter of 2026.

AssetMark is a TAMP focused on independent advisors. Private equity firm GTCR completed its acquisition of AssetMark on Sept. 5, 2024, in a deal valued at about $2.7 billion, taking the company private, according to AssetMark's SEC filing and announcement. AssetMark says it had more than $160 billion in platform assets as of Dec. 31, 2025.

SEI Investments is a publicly traded company (Nasdaq: SEIC). Its annual report describes an investment advisors segment that provides wealth management technology, operations and asset management to independent advisors in the RIA and independent broker-dealer markets.

Orion Advisor Solutions combines portfolio accounting technology with a TAMP. Orion merged with Brinker Capital in 2020 to form a TAMP with about $40 billion in managed assets, with private equity firms Genstar Capital and TA Associates as backers, according to InvestmentNews and the companies' announcement. Other platforms compete in the market as well, and ownership in this sector changes frequently, so advisors should confirm a provider's current owners before signing.

## How big is the TAMP market?

Estimates vary by source and by how assets are counted. Dakota said in March 2026 that the U.S. TAMP ecosystem has reached about $3 trillion in platform assets, and that advisor adoption has grown from roughly 10% to 45% over the past decade. WealthManagement.com reported in June 2026 that 45% of advisors now use TAMPs.

Company-reported figures are not directly comparable to one another. Some providers report assets they manage, others report assets they administer, and broader wealth-technology firms report all assets that touch their software. Readers should check the definition behind any platform asset figure.

## What should advisors ask when evaluating a TAMP?

Start with compatibility. Kitces recommends checking early whether a TAMP is approved by the advisor's broker-dealer and whether it works with the advisor's custodian, since both can rule out a platform before cost or investment quality are considered.

Then examine the full cost to the client: the platform fee, strategist or manager fees, fund expense ratios, trading and custody costs, account minimums and any breakpoints. Ask whether the TAMP fee is paid by the client or absorbed by the advisor, and how it is disclosed in Form CRS and Form ADV. Ask whether the TAMP or its affiliates receive revenue from proprietary funds or from managers on the platform, which can create conflicts of interest.

On the investment side, ask how strategists and managers are selected and monitored, how often models are rebalanced, what tax management and customization (such as direct indexing or restrictions) is available, and how performance is reported. On operations and risk, ask about trading errors, billing accuracy, reporting quality, data security, business continuity, and what happens to client accounts if the advisor leaves the platform or the TAMP is sold.

## Questions

**What does TAMP stand for?** TAMP stands for turnkey asset management platform (or program). It is a provider that gives advisors investment strategies plus the trading, rebalancing, billing and reporting needed to run them.

**How much does a TAMP charge?** Pricing varies. Kitces has reported that traditional TAMPs have often cost about 75 basis points or more, while newer, more passive TAMPs charge roughly 30 to 50 basis points, before the advisor's own fee and underlying fund costs.

**What is the difference between a TAMP and a model marketplace?** A model marketplace provides model portfolios but leaves trading and implementation to the advisor. A TAMP takes over implementation, including trading and rebalancing.

**What is the difference between an SMA and a UMA?** A separately managed account holds individual securities run by one money manager for one client. A unified managed account combines several managers, models or funds in a single account, often with centralized rebalancing.

**Who owns Envestnet and AssetMark?** Bain Capital completed its take-private of Envestnet in November 2024, with BlackRock, Fidelity, Franklin Templeton and State Street Global Advisors as minority investors. GTCR completed its acquisition of AssetMark in September 2024.

**Do clients pay the TAMP fee?** Arrangements differ. TAMP and strategist fees often add to the client's total cost on top of the advisor's fee, but each firm sets its own structure, which it must describe in its Form CRS and Form ADV.

Sources:
- Kitces: How To Choose The Best TAMP To Work With (https://www.kitces.com/blog/best-tamp-costs-service-technology-platform-ideal-financial-advisor-client-profile/)
- Orion: Are Turnkey Asset Management Programs Worth the Cost? (https://orion.com/wealth-management/blog/how-much-do-turnkey-asset-management-programs-cost)
- SEC Investor.gov: Investor Bulletin: Investment Adviser Sponsored Wrap Fee Programs (https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin-investment-adviser-sponsored)
- WealthManagement.com: Are Model Marketplaces Living Up to Their Promise? (https://www.wealthmanagement.com/technology/are-model-marketplaces-living-their-promise)
- InvestmentNews: The latest in financial adviser fintech, July 2020 (https://www.investmentnews.com/fintech/the-latest-in-financial-adviser-fintech-july-2020/195247)
- NEPC: Understanding the Differences Between Advisory and OCIO Services (https://www.nepc.com/understanding-the-differences-between-advisory-and-ocio-services/)
- Envestnet: Bain Capital Completes Acquisition of Envestnet (https://www.envestnet.com/newsroom/press-releases/bain-capital-completes-acquisition-envestnet)
- Envestnet: Envestnet to Acquire Vestmark (https://www.envestnet.com/newsroom/press-releases/envestnet-acquire-vestmark-extending-its-capabilities-meet-advisor-markets)
- AssetMark (SEC filing): AssetMark Financial Holdings Form 8-K: AssetMark and GTCR press release (https://www.sec.gov/Archives/edgar/data/1591587/000159158724000062/assetmarkandgtcrpressrelea.htm)
- AssetMark: A Premier Wealth Management Platform Built for Growth (https://www.assetmark.com/?p=6775)
- SEC: SEI Investments Co. Form 10-K, fiscal 2024 (https://www.sec.gov/Archives/edgar/data/350894/000035089425000028/seic-20241231.htm)
- InvestmentNews: Orion merges with Brinker Capital to form $40 billion TAMP (https://www.investmentnews.com/fintech/orion-merges-with-brinker-capital-to-form-40-billion-tamp/194551)
- Dakota: Inside TAMPs: From Back-Office Tool to Strategic Wealth Management Infrastructure (https://www.dakota.com/dakota-insights-podcast/inside-tamps-from-back-office-tool-to-strategic-wealth-management-infrastructure)
- WealthManagement.com: TAMP Adoption and the Future of Turnkey Asset Management Platforms for RIA Growth (https://www.wealthmanagement.com/ria-news/tamp-adoption-and-the-future-of-turnkey-asset-management-platforms-for-ria-growth)