Enterprise Billing Software for TAMPs

TAMPs, or Turnkey Asset Management Platforms, are one of the fastest-growing niches in the wealth management industry. Capitalizing on the expansion and changes within the industry, independent and self-directed financial channels continue to gain share through the migration of financial advisors from wirehouses to more independent and fee-based advisory models. As a result of the quest for independence and the need to focus on holistic financial planning, more advisors are turning to TAMPs.

Many financial advisors are drawn to TAMPs so that they are able to offload a significant portion of work from their own agenda, however, a recent study by Fidelity found the main reason advisors and firms choose to outsource investment management by working with a TAMP, was to increase their value-add propositions to clients.

By taking over the advisor’s investment management workload, TAMPs allow advisors to provide more comprehensive, focused, advice and services to their clients, which in turn earns the clients’ trust and loyalty. Furthermore, by outsourcing the money management to the best and brightest managers in the industry, advisors often get the best results for their end clients, the investors.

However, with these new, more complex offerings, of course, comes more complex billing structures and the need for more oversight. This is why Redi2 Technologies created Redi2 Wealth Manager(™), the leading wealth management billing and revenue management platform in the asset and wealth management industries.

Making Complicated Billing Processes Simple

Similar to how financial advisors and wealth managers may work with a TAMP to free up more of their time to focus on the parts of their business that matter most, TAMPs can likewise offload the time-consuming aspects of billing, reporting, and compliance to Redi2’s Wealth Manager software. Because the platform was built from the ground up with TAMP solution providers in mind, all the features you might need are already built-in.

Architected for Managed Accounts

Designed with a data and workflow model that captures and understands TAMPS, and the UMA/SMA advisory landscape, Redi2’s Wealth Manager solution is the leading wealth management billing and revenue management platform in the industry.

Fee Disclosure

Redi2’s Wealth Manager platform allows clients to define fees at various levels of aggregation such as the Account, Sleeve, Household, and Book-of-Business  level. This provides TAMPs and clients with the transparency required by financial regulations.

Hosted billing and revenue management solutions designed specifically for the wealth management  industry improves efficiency, scalability, and compliance of client’s accounting and billing operations.

How It Works

Redi2’s Wealth Manager is built from the ground up to solve the billing and payout challenges of TAMP’s through its flexible and feature-rich billing solutions. Ideal for TAMPs with a total AUM/AUA of $1B-$50B, Wealth Manager provides billing and payouts for multi-party billing relationships, including billing of end-client retail accounts, and calculation of payouts to advisors, third-party managers, and other payees.

Wealth Manager is best known for its comprehensive billing options, no matter how your firm structures its billing. Using Redi2’s program and product billing structures, firms can group their accounts under common billing rules for portfolio allocation models such as  UMA, MSP, and SMA. Wealth Manager also features complex payout rules for any custom negotiated payouts with your advisors, institutional clients, and third-party partnerships, something you will not find in other billing software solutions.

The Wealth Manager platform is different from other enterprise billing software solutions in that it handles high volume, retail fee calculations, and payments for multiple intermediaries, with the capacity for complicated fee structures and complex payout scenarios. Redi2 Wealth Manager has a payment model that allows the solution to calculate various fee types and pay multiple interested parties specifically catering to the needs of TAMPs.

SOC Compliance

Developed by the American Institute of CPAs (AICPA), SOC 2 defines specific criteria for storing and using customer data based on their five trust service principles – security, availability, processing integrity, confidentiality, and privacy. SOC compliance is certified through outside auditors who assess the extent to which a vendor complies with the five trust service principles based on processes of your firm and systems you use. Our Wealth Management platform insures full SOC compliance, so you won’t need to spend much time demonstrating that your client’s data is secured.

The Best Billing & Revenue Platform in the Industry

Wealth Manager is the leading wealth management billing and revenue management platform in the industry because we have built it from the ground up to address the biggest challenges that TAMPs currently face.

There’s a reason Redi2 software is trusted with over 2 trillion dollars in billable assets by over 900 financial institutions. Look no further if you are in need of a financial services billing solution that can accurately calculate advisor fees in a wide variety of situations, while also keeping your firm within regulatory compliance.

Interested in learning more about Redi2 Wealth Manager? Click below to schedule a guided tour.