The UK wealth management market, and specifically the managed portfolio solutions (MPS) market, should take a careful look at the history of the US turnkey asset management programme (TAMP) market. That market has grown from what was a US$50 billion fringe product in 2005 to a well over US$2 trillion mainstay of US wealth management today.
When we look at the UK MPS market, we believe that we are looking at the US TAMP market 10 years ago. Adoption is on a rapid rise, albeit still not mainstream, and the adviser model is evolving almost exactly as it did in the US.
In short, we believe the UK MPS market will follow the US TAMP market trajectory almost in lockstep, just with a 10-year lag—possibly less, given that the way is already paved. It is very rare that an industry can get such a clear glimpse of the future. And if we are right, it could represent a compelling growth opportunity. The UK should study the TAMP market in the US, to enjoy the growth and avoid the tears as much as possible.
So, here is our primer on the US TAMP market and its growth.
History
1990s–2005: Operating on the fringe
Initial adoption by independent advisers; limited market penetration, with assets estimated around US$50 billion– US$70 billion by 2005 (Cerulli Associates, 2006).
2008 financial crisis
The notion that advisers are good investors takes a considerable hit. As a result, investment prowess becomes more of a commodity in the eyes of the client, tarnishing an adviser’s main value proposition and pressuring fees.
2010–2015: Search for scale
Advisers respond to fee pressure by scaling up their practice to handle more accounts. TAMPs see strong, double-digit growth as advisers look to outsource the more commoditised areas of their business, which now include investment management. The focus shifts to relationship-building and prospecting. TAMP assets under management (AUM) more than double to US$200 billion by 2015 (Tiburon Strategic Advisers, 2016).
2016–2021:Rise of WealthTech
The rapid rise in WealthTech enables higher-scale and easier service delivery at TAMPs. Large, tech-enabled platforms emerge as consolidators take advantage of increased scalability and economies of scale. TAMP AUM crosses the US$600 billion threshold by 2021 (Cerulli Associates, 2021).
2023: US$1 trillion in AUM
Industry surpasses US$1 trillion in AUM (Deloitte, 2023; McKinsey, 2022) and is still growing at around 15-20 percent per year. Private equity is now solidly involved, and several “mega-players” have emerged. Some sources currently put the TAMP market at US$2-3 trillion (Wealth Adviser, 2025; Empaxis, 2025).
Advisers are now looking to further free up time to provide clients with high-value, ancillary services such as estate planning and tax planning. This has led to a whole new wave of outsourcing. Increased adoption of alternatives will also be a growth driver for TAMPs/MPSs.
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Future outlook (2025 and beyond)
Sustained growth
The industry has been growing at 15-20 percent annually over the last 10 years in the US and we expect that to continue. In the UK, the MPS market has grown 27 percent a year since 2019. We believe that could even accelerate, since it is still just 16 percent of discretionary market share (MoneyMarketing, 2025).
In our view, the first round of growth for TAMPs was about providing service to more clients in the same number of hours. The next round of growth will be about providing more services to more clients in the same number of hours. Advisers are also looking to be more meaningful to their clients beyond just investments.
This means outsourcing what is considered a commodity and focusing on those things that move an adviser closer to the centre of their clients’ financial lives.
Further drivers for adviser efficiency
To combat fee pressure, advisers have been looking to make their operations more efficient so they can service more clients. Outsourcing investment tasks has allowed registered investment advisers (RIAs) to focus on prospecting and client relationships. Advisers in the US have been taking their maximum number of client relationships from 100 per adviser to 200 per adviser. This trend is starting to wind down in the US but is still in full swing in the UK.
However, US advisers are now using a new crop of technology to free up time to scale up more services beyond wealth management, and we expect the UK will follow suit.
Alternative investments
We believe that TAMPs will be one of the largest beneficiaries of the recent push to get alternative investments into wealth management. Given the complexity and subtleties of alternative investments, we believe advisers will want to outsource the alternatives portion of their portfolios and TAMPs are already starting to gear up with private asset offerings.
This trend, if realised, has the potential to further drive growth over the next 10-plus years.
Technology convergence
Integration of AI-driven digital on-boarding, digital client portals, and advanced compliance monitoring. Technology that makes the adviser’s life easier makes TAMPs more compelling. What used to be a long, laborious process of client intake, portfolio construction, proposal generation, execution, rebalancing, and ongoing monitoring, is now (mostly) fully automated, with the right tools.
Global expansion
We believe the US TAMP model will expand overseas, particularly in areas such as the UK and Australia. We are already starting to see a rapid increase in MPS usage in the UK, although off a much smaller base.
Our thesis is that the UK MPS market will follow the US in lockstep, just 10 years removed. It’s not often that an industry can get such a clear glimpse of the future, so we have high hopes for the UK MPS market.
Consolidation and scale
M&A will create dominant players with broad service offerings. As scale increases, costs will decrease (presumably) and adoption will increase. The consolidating environment, combined with the more predictable cash flows of TAMPs, have attracted a strong interest from private equity. We do not quite see the same thing happening in the UK yet, at least not to the same extent, but it is likely on the horizon.
Key takeaways
1. The US turnkey asset management programme (TAMP) market, the US equivalent of the UK managed portfolio solutions market (MPS), has grown from a US$50 billion niche product in 2005 to over US$2 trillion today.
2. All the conditions that sparked that growth are now appearing in the UK.
3. We expect the UK MPS market to follow the US TAMP market’s growth.
4. The recent increase of alternative investment in wealth management will accelerate growth further.
5. MPS firms and UK wealth management in general have an opportunity to maximise the growth and avoid the pitfalls by studying the US market.
Conclusion
The US TAMP industry has evolved from a US$50 billion niche in 2005 to a trillion-dollar powerhouse. We believe the UK MPS market is positioned for similar growth, becoming a backbone of UK independent wealth management.
With strong tailwinds in regulation, technology, client preferences, and adviser business models, TAMPs and MPSs are positioned for continued expansion and innovation in the coming decade, particularly in areas like the UK where they are less developed.
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About WealthTech Strategy Partners
The only investment bank focused exclusively on WealthTech, WealthTech Strategy Partners specialise in strategic partnerships to boost revenue, capital raising to fuel growth, and strategic acquisitions to boost reach.
For more information, visit www.wealthtechstrategy.com.
About the UK Toolkit 2025
The UK Toolkit 2025 report examines the shape of wealth management in the UK today, and how industry participants are responding to the challenges and opportunities of this market. It features 14 articles contributed by a range of industry participants — including wealth managers, vendors, and consultants focused on financial services. It also showcases eight technology offerings relevant to the wealth management industry in the United Kingdom.
Our broader Toolkit Report Series covers thematic, geography and wealth manager segment-focused reports, each tasked with delving into the topics and supporting technologies of relevance to help wealth managers of all types better understand how they should bring technology into their business and in which areas.
Following this third report, focused on the UK, we are publishing:
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