News, Vision & Voice for the Advisory Community


SEI makes its play for big RIAs by doing some un-SEI things

The Oaks, Pa. TAMP, long doctrinaire about its closed approach, is taking big steps to open up but it still may not be enough, say some advisors and competitors

Author Kelly O'Mara June 26, 2012 at 2:26 PM
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Steve Onofrio: We needed the new wealth platform to enable a new business model.

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Mentioned in this article:

Tiburon Strategic Advisors
Consulting Firm
Top Executive: Charles Roame

Envestnet Inc
Top Executive: Jud Bergman

SEI Advisor Network
Top Executive: Wayne Withrow

Envestnet | Tamarac
Portfolio Management System, CRM Software, Trading/Rebalancing
Top Executive: Stuart DePina

Stephen Winks

Stephen Winks

June 26, 2012 — 6:27 PM

There is a terrific need for innovation in simplifying the delivery of advisory services. Adhesion’s success is based on its responsiveness to advisors, while custodians and large TAMPs are largely selling the capabilities they have in a vacuum of what advisors need and/or require.

In the absence of simplifing, expert, comprehensive advisory services support, incremental advances in advisory services support unnecessarily complicate the business.

Dick Smith is absolutely correct, there is a lot of hyperbole in the industry, especially in advisory services. Wouldn’t it be nice if advisors and their client’s could rely the continuous comprehensive counsel supported by a broker/dealer or custodian. It doesn’t exist. B/ds and custodians don’t want the fiduciary liability and the poor advisor must bear the burden alone. One of these days, someone will be in the game with the advisor, for the benefit for all. Uncommon expertise in the brokerage and custody worlds is required which may tip the scales in the direction of Adhesion-like firms which have independently created critical mass, are unconflicted, and have not ax to grind other than what works best.


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