As signaled by LPL's recent announcement that it will acquire Veritat, one of the early TFPP platforms, building an effective TFPP can be a valuable business proposition itself, in addition to being an appealing offering for the growing financial planning firm.
As this is an emerging trend, there's no concrete definition of what a TFPP is, but I would characterize it as a firm that provides at least a majority (although not necessarily all) of the following:
While many of the offerings above are part of a typical TAMP, the TFPP platform is broader.
Why would a financial planner choose to affiliate with a TFPP? In a word: scale.
Another upshot of the TFPP is that if the firm is a larger financial planning practice, it may also be able to sell to the TFPP at the end of the road, providing a built-in exit strategy for the planner's practice (and one that should command a valuation premium, given how easy it would be to transition to an advisor already on the TFPP platform).