The Turnkey Asset Management Platform (TAMP) market is experiencing unprecedented growth and disruption. With TAMP assets projected to reach $13 trillion by 2024, up from $7.4 trillion in 2018, the industry is simultaneously expanding and evolving beyond recognition.

For RIAs evaluating TAMP solutions, this evolution presents both opportunity and risk. Legacy platforms that served advisors well for decades are showing their age, while innovative entrants are rewriting the rules for what advisors should expect from their technology partners.

The Traditional TAMP Value Proposition

First, let's establish context. TAMPs emerged in the 1980s with a straightforward promise: handle the investment management process—from selecting securities to monitoring portfolios to executing rebalancing—so advisors could focus on relationships and planning.

This model revolutionized wealth management. More than 1 in 4 advisors report partnering with TAMPs primarily to free up time to serve clients, with additional drivers including access to investment expertise (24%) and expense control during downturns (20%).

The traditional TAMP delivered clear benefits:

• Outsourced portfolio management enabling advisors to avoid building costly in-house capabilities

• Access to institutional-quality strategies previously available only to larger firms

• Operational efficiency through centralized trading, rebalancing, and reporting

• Scalability allowing advisors to grow AUM without proportionally increasing staff

For many firms, especially smaller RIAs, TAMPs made the difference between a viable business model and an impossible operational burden.

Why the Traditional Model Is Breaking Down

Despite their historical success, legacy TAMPs face mounting criticism from advisors:

The "Bloated and Expensive" Problem

Industry experts describe the traditional TAMP model as having become "bloated and expensive" over time, with costs passed along to end investors. What started as efficient outsourcing evolved into expensive bundled services, many of which firms didn't need or want.

The Integration Nightmare

Despite vendor promises about seamless integration, many RIAs report frustration that "nothing works together". Legacy TAMPs often require:

• Manual data entry between systems

• Duplicate record-keeping across platforms

• Complex workarounds to share data with other tools

• Limited API access for custom integrations

The reality is that integration remains "the holy grail" for most RIAs, promising but rarely fully delivered.

The Personalization Gap

Perhaps most critically, traditional TAMPs struggle to deliver the portfolio personalization that modern clients demand. Their model portfolio approach—efficient for the provider—forces advisors to choose between:

• Accepting standardized portfolios that don't reflect individual client needs

• Spending extensive time customizing, which defeats the TAMP's efficiency purpose

• Using multiple TAMPs for different client segments, adding complexity

As client demand for personalized investment solutions intensifies, this limitation becomes increasingly untenable.

Limited Transparency and Flexibility

Many legacy TAMPs operate with opaque fee structures and restrictive contractual terms. Advisors report frustration with:

• Bundled pricing that includes services they don't use

• Difficulty determining total cost of ownership

• Limited ability to customize service levels

• Vendor lock-in due to complex transition processes

The Next-Generation TAMP Paradigm

Forward-thinking platforms are responding to these limitations with a fundamentally different approach. The market is experiencing an "unbundling" of the traditional model, with next-generation providers offering:

1. Platform TAMPs vs. Product TAMPs

The industry now distinguishes between "platform TAMPs" and "product TAMPs":

• Product TAMPs offer proprietary investment strategies and in-house research, controlling their own investment offerings

• Platform TAMPs provide technology infrastructure for accessing third-party strategists, acting as neutral marketplaces

The platform approach gives advisors greater flexibility and avoids potential conflicts of interest inherent in product-focused models.

2. True Personalization at Scale

Next-generation TAMPs leverage modern technology to deliver what legacy systems couldn't: genuinely personalized portfolios across large client bases.

Key enabling technologies include:

• AI-powered portfolio construction that considers individual client goals, risk tolerance, tax situation, and values-based preferences

• Automated customization engines that apply personalization rules consistently across thousands of accounts

• Direct indexing capabilities making custom portfolios economically viable for a broader client base

• Dynamic rebalancing algorithms that optimize for tax efficiency while maintaining personalization

The result: advisors can now offer custom indexed portfolios previously available only to high-net-worth individuals to their entire client base.

3. Open Architecture and Seamless Integrations

Modern TAMPs prioritize integration and interoperability, recognizing that they're one component of advisors' broader technology ecosystems.

Next-gen platforms offer:

• Cloud-native architecture designed for API-first integration

• Pre-built connectors to major CRMs, financial planning tools, and custodians

• Real-time data synchronization eliminating duplicate entry

• Flexible data access enabling advisors to use best-of-breed tools

The goal is systems that actually "talk to each other", creating unified workflows rather than disconnected silos.

4. Transparent, Unbundled Pricing

In contrast to legacy bundled pricing, innovative TAMPs offer transparent, customizable fee structures:

• À la carte service selection allowing firms to pay only for what they use

• Clear visibility into total costs at the account and firm level

• Flexible pricing models accommodating different firm sizes and business models

• No hidden fees or surprise charges

This transparency enables advisors to make informed decisions about which services deliver value for their specific practice.

Surmount Wealth: Defining Next-Generation TAMP

At Surmount Wealth, we've built our platform from the ground up to address the limitations of legacy TAMPs while delivering capabilities that weren't possible even five years ago.

Registered RIA & Modern TAMP Architecture

Unlike many technology providers, Surmount operates as both a registered RIA and a TAMP, combining regulatory expertise with cutting-edge technology. This dual structure means we understand both the compliance requirements advisors face and the technological capabilities they need.

Broker-Agnostic Integration

We integrate seamlessly with major custodians:

• Interactive Brokers

• Charles Schwab

• E*TRADE

Our platform aggregates client accounts with AES-256 level encryption, enabling advisors to gain access and control over assets outside their primary custody—a critical capability as clients increasingly hold assets across multiple institutions.

AI-Powered Personalization

Our technology completely transforms portfolio construction:

• Natural language processing understands meeting notes and client preferences

• Intelligent model generation creates 3-5 custom portfolio options aligned with client objectives

• Continuous optimization adjusts portfolios based on market conditions and client circumstances

• Tax-aware automation implements tax-loss harvesting without manual intervention

Example advisor workflow:

"Summarize my last meeting with Barbara Weaver and create a portfolio 
based on her feedback & goals"

AI Response: "Barbara discussed discomfort with current market conditions 
and interest in allocating more into bonds. Here are 3 models that reflect 
her objectives & risk tolerance..." [Custom portfolios displayed]

Comprehensive Model Marketplace

Advisors can:

• Import their existing investment models

• Browse our model marketplace for pre-built strategies

• Create new models from scratch with no-code tools or AI assistance

• Access any datapoint for any publicly traded asset

This flexibility means advisors maintain their investment philosophy while gaining operational efficiency.

Unified Client Management Dashboard

View and manage all client portfolios from one interface:

• Consolidated view across all linked accounts and custodians

• Real-time performance reporting and attribution

• Automated billing and fee calculation

• Client onboarding workflows

• Team collaboration tools

Who Benefits Most from Next-Generation TAMPs?

While next-gen platforms serve RIAs of all sizes, certain firm types see especially dramatic benefits:

Growth-Oriented Independent RIAs

As the migration from wirehouses to independent channels accelerates, breakaway advisors need technology that scales with their ambitions. Next-gen TAMPs provide enterprise-grade capabilities without enterprise-level investments.

Firms Prioritizing Financial Planning

According to Cerulli, the trend toward planning-oriented service models drives model portfolio adoption. Advisors who want to focus on comprehensive planning rather than security selection benefit immensely from sophisticated TAMPs handling implementation.

RIAs Facing Succession Challenges

With 37% of financial advisors expected to retire in the next decade, controlling $10.4 trillion in assets, next-generation advisors inheriting these practices need modern technology to manage the transition efficiently.

Technology-Forward Firms

Advisors who recognize that modern clients expect modern technology gain competitive advantages through platforms that deliver sophisticated, yet user-friendly experiences to end clients.

Making the Switch: Evaluation Framework

For RIAs considering a move to a next-generation TAMP, here's a structured evaluation approach:

Technology & Integration Assessment

• Does the platform integrate with your existing custodians and tech stack?

• Is the integration real (automated data flow) or cosmetic (manual data entry with branded interface)?

• What API access is available for custom integrations?

• How does the platform handle data aggregation from external accounts?

Personalization Capabilities

• Can you implement client-specific preferences (values-based investing, tax overlays, concentration management)?

• Does the platform support direct indexing or other advanced customization techniques?

• How does portfolio construction handle conflicting constraints (tax efficiency vs. alignment to model)?

• What AI or automation capabilities exist for scaling personalization?

Investment Philosophy Alignment

• Platform TAMP (access to third-party strategists) or Product TAMP (proprietary strategies)?

• Can you import and use your existing investment models?

• What is the breadth and quality of the model marketplace?

• Are there any investment restrictions or requirements?

Pricing Transparency

• Are fees bundled or à la carte?

• Can you clearly calculate total cost of ownership?

• How do fees scale as your AUM grows?

• Are there any hidden costs (implementation, training, data fees)?

Operational Support

• What back-office services are included (trading, rebalancing, reporting, billing)?

• Is there dedicated support or shared service model?

• What training and onboarding is provided?

• How does the platform handle complex situations (transitions, tax planning, custody changes)?

  
  

The Competitive Imperative

With top-performing RIA firms achieving 12.2% organic growth versus 5% for typical firms, the performance gap increasingly correlates with technology adoption.

Firms leveraging modern platforms report:

• Increased advisor productivity and capacity

• Enhanced client satisfaction and retention

• Superior organic growth rates

• Improved profitability through operational efficiency

Meanwhile, industry consolidation accelerates, with larger firms leveraging technology advantages to compete more effectively. Independent RIAs need next-generation platforms to level the playing field.

The window for action is narrowing. As client expectations rise and competition intensifies, firms still relying on outdated TAMPs face mounting disadvantages.

Building for Tomorrow's Wealth Management

The TAMP market's evolution reflects broader shifts in wealth management: from product-centric to client-centric, from standardization to personalization, from closed systems to open architecture.

Our platform combines the efficiency benefits advisors have always valued in TAMPs with the personalization, integration, and transparency that modern practices demand.

The firms thriving in 2025 and beyond won't be those clinging to legacy systems. They'll be the ones who recognized that technological evolution wasn't optional—it was essential.

Ready to experience a next-generation TAMP? Surmount Wealth delivers the modern platform elite RIAs need to compete in today's market while building for tomorrow's opportunities. Schedule a consultation to discover how our registered RIA & TAMP model can transform your practice.