… robo-advisors created an efficient operational solution (digital onboarding and automated trading and rebalancing tools to manage model portfolios) to what is ultimately a distribution problem (how to get your particular managed account solution into the hands of consumers?) I would recommend reading his article for a brief history of turnkey asset management platforms (TAMPs) and an explanation for how these marketplaces are unbundling what had been traditional TAMP services. My good friend and industry guru, Michael Kitces, wrote an excellent piece on the emergence of model marketplaces. These exchanges are designed for advisors to be able to browse and select from a smorgasbord of managers, ETF’s and fund providers and build their own investment models. Retail Model Exchanges are designed with advisors as the primary users. Advisors never interact with these tools since their firms have operational staff that handle these tasks. They are designed to be more like packet switching routers that move investment models from managers into the vendor platform to be distributed. We previously wrote about institutional model hubs (See 7 Model Hubs Battle for SMA Managers & Sponsors), which are B2B products that connect sponsor firms and asset managers. Whether they are called hubs, exchanges or marketplaces they have a wide variety of functionality and business models and they all share one key feature ability to transmit managers’ investment models to sponsor firms and advisors. ( Wealth Management Today) This article is the second in our series on the tools and technologies that help connect asset managers to their distribution networks.
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