Oaks, Pa.-based SEI Advisor Network announced on Thursday that its Turnkey Asset Management Program (TAMP) has surpassed $50 billion in total assets under management.
A TAMP allows advisors to outsource management of their clients' assets. SEI cites a shift in the TAMP business as independent advisors address rapid growth and expansion while attempting to adjust to new technological tools and investment products.
"Independent advisors are experiencing enormous growth and SEI is focused on delivering a solution to advisors that will help investors be in a better position to meet their financial goals," said Wayne M. Withrow, executive vice president of SEI and head of the SEI Advisor Network. "We provide the safety and security advisors seek for their clients' assets and are spending millions of dollars to enhance our solution through a new custody platform, new practice management tools and new investment solutions.”
To adjust to the rapid growth and new technologies, SEI argues that TAMP providers and other firms serving independent advisors should be subjected to higher levels of due diligence.
SEI’s advisor business has seen an 18 percent increase in gross receipts in the first half of 2015 and has averaged over $1 billion a month in gross receipts from advisors using the turnkey asset management program in the last four months.
SEI has attracted nearly 1,500 advisors to the program over the last two and a half years and continues to invest in technology and infrastructure that will help its affiliated advisors spend more time serving clients.