Tumult in the economy has left many advisors focused on soothing their clients’ fears, leaving less time for actually managing portfolios, writes Max Alexander for Dow Jones. Some advisors may find relief in turnkey asset management programs, but beware — they’re not for everyone.

“[S]igning on with a TAMP isn’t always the right move – and not all TAMPs are created equal,” Alexander writes. “Many have moved beyond asset management into practice management, staff training, billing and accounting.”

If you can afford to take a cut in fees (Alexander says some programs take as much as half), you may find access to more sophisticated institutional investment strategies than what’s available to individual investors, as well as the flexibility to take on more accounts. On the other hand, you may sacrifice some control of your clients’ investments, and “may be less tuned in to day-to-day market dynamics,” Alexander writes.

If you decide to take advantage of turnkey asset management programs, find one that matches your business model. Alexander lists different services to keep in mind while shopping for an appropriate program:

  • Independent research on managers and funds
  • Open architecture so you can buy a range of mutual funds, ETFs and separately managed accounts
  • Professional development and training
  • Interactive Web functions for both adviser and client
  • Compliance and regulatory updates
  • Banking services
  • Support for billing and reporting
  • Trust services
  • Transition support if you terminate the relationship with the TAMP