Empaxis has selected InvestCloud to launch a new Turnkey Asset Management Platform, TAMP1, which has been designed to provide complete outsourcing of all operations for small- to medium-sized investment managers.
Due to increased competition and even greater fee compression, smaller asset managers and advisory practices are increasingly looking to cut back on operational costs, while still increasing the quality of service. Within the industry, TAMPs provide a fully-outsourced solution that take away operational burdens and alleviate costs associated with hosting and data centre fees, allowing managers to focus on delivering value-add services and increasing their bottom line.
Through this partnership with InvestCloud, including access to the entire InvestCloud digital platform, Empaxis can deliver the TAMP product seamlessly. Implementation time is cut down to a matter of weeks rather than the year-long timelines of traditional migrations. Leveraging InvestCloud’s digital engagement apps create a frictionless migration where clients can maintain all of their historical data, a capability unique to InvestCloud’s Digital Warehouse.
Stephen Van de Wetering, Founder and CEO of Empaxis, says: “Increased competition and fee compression have been hitting many mid-market asset managers for years. The obvious answer lies in cutting the back-office – an area that drains revenue and adds nothing to how managers can make money. TAMP services provide an easy way to stem the flow of these back-office costs and redirect the workforce to tasks that deliver real value. But market consolidation by some of the larger TAMP service providers means that many smaller managers are no longer getting the value they need from their TAMP – and are having to pay a higher price for it.
“Our partnership with InvestCloud in the development of TAMP1 means that we can seamlessly deliver a fully-outsourced back-office that can scale directly in line with requirements. It is significantly more efficient for smaller managers and integrates seamlessly with the InvestCloud platform.”
TAMP1 is the combination of InvestCloud’s award winning digital apps (including client portals, advisor portals, digital onboarding, digital advice (select and robo), goals-based financial planning, Open CRM, portfolio accounting, billing and reconciliation, etc) and Empaxis’ mature back office TAMP to act as the services arm. This combination provides an all-in-one solution that complements our client’s operational and technical teams.
John Wise, Co-founder, CEO and Chairman at InvestCloud, says: “With TAMP1, Empaxis will deliver a new level of value for smaller asset managers looking to outsource. It is delivered within weeks and leverages the InvestCloud App Store. It works in real time and is completely scalable to fit business needs. There is a real benefit for asset managers using TAMP1 versus the traditional players as TAMP1 is totally digital and can address many clients’ needs without the high costs of traditional development.
“TAMP service providers all too often are “old think” they rely on legacy technology, where they keep reselling the same product to as many as possible, without much concern for individual needs. They fail to integrate with the latest technology and therefore create terrible user experiences. TAMP1 is a ‘new think’ in this space – a game changer for small managers and the industry at large.”