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Financial industry news and events for RIAs.

4 min read

Common RIA Myths and Mistakes to Avoid

Jan 26, 2018 7:08:33 PM


Talk to any fully independent advisor about the benefits of their business model and one word always seems to surface: “freedom.”

Freedom means:

  • The ability to make the key decisions and run your own business the way you see fit.
  • It means forging your own path and serving your clients with your unique business model and client experience.

At TradePMR, we specialize in providing technology and support for independent advisors. We have been working hand-in-hand with them – really walking side-by-side with them on the independent journey – for over eighteen years. There are, however, a couple myths about breaking away that need to be addressed:


Common RIA Myths

Myth #1: There’s a period where I won’t be able to work with my clients and manage their assets.

Today’s Reality: Transitions used to include a “dark period” characterized by limited access to client accounts, possibly hindering an advisor’s ability to manage assets. That’s no longer the case.

Myth #2: Transitions take a long time and are painful to undergo.

Today’s Reality: TradePMR’s technology, combined with a dedicated, experienced transition team, means moving can be quick and efficient. Transitions do not need to be painful or take a long time.

Bottom line, TradePMR helps advisors stay in touch with clients and in control of their business.  

Read this special message from TradePMR founder and CEO Robb Baldwin and you will understand why TradePMR exists today. Robb was once a practicing financial advisor who had a transition go wrong – very wrong. He established TradePMR in an effort to eliminate those types of issues in the future, not just for his own firm but also for other like-minded advisors who see the benefits of TradePMR’s total platform.


Mistakes to Avoid

The good news is that thousands of other individuals have gone before you. They have smoothed the path to true independence and helped to create good business models and management practices that have, with the right mindset and infrastructure, resulted in profitable and rewarding companies today.

We believe you will find that independent financial advisors are some of the most generous people you will ever know. Here are some of the mistakes they’ve shared with us. In turn, we’d like to share them with you.

Mistake #1: Working with the wrong team.

Working with people you like and trust is important. Competence and expertise are important, but they are table stakes in today’s world. Any good service-oriented business is built on relationships – and yours will be no different. So look for people you like and trust. What does your gut say?

At TradePMR, we understand that advisors are putting their businesses and their relationships with clients in our hands. It’s humbling when someone places their trust in our firm and we do everything in our power to honor that trust.

Mistake #2: Not finding the right business consultant.

The transition to independence begins with the right business consultant. Having the right partner with the experience and wherewithal to help you guide your business forward is, in our opinion, the first step to a successful future as an independent advisor.

Mistake #3:  Falling behind in technology.

Consumers are demanding easy-to-use, digital tools that they can access from anywhere on any device. Advisors who don’t keep pace – or leapfrog ahead of their clients’ expectations when it comes to technology – may be left behind in a cloud of dust. We believe this is the golden age of technology for financial advisory firms so there is no reason to accept an old tech stack or settle for anything less than fresh, modern solutions.

For nearly two decades, TradePMR has worked to address the technology and support demands of financial advisors with solutions that are easy to implement and user friendly. We deliver an integrated cloud-based workstation that enables RIAs to efficiently run their practices with a goal to be more effective. Explore TradePMR's technology solutions. 

Mistake #4: Falling for big firm dazzle.

Working with a large financial institution has its pros and cons. Think for a moment about the other services you buy in your personal life. Does this sound familiar? It all sounds great and the dating period is good. But once the ink has dried, it’s hard to get the personalized attention you need, and that can become frustrating. Later, the overall experience falls short. Benefits you think you are going to get don’t materialize. No one wants to feel as if they have been short-changed or are “just another number.”

The executive leadership team and front-line staff members at TradePMR, make a personal commitment to every advisor with whom they work. They work hard to make themselves accessible and available to help you realize your goals. We take our commitment to the financial advisors we serve very seriously.


Commitment from the Top

This type of commitment starts at the top and hinges on key hiring decisions at TradePMR:

Robb Baldwin, TradePMR’s founder and CEO, has combined a deep, personal understanding of what it takes to be successful in the independent space, with an unwavering commitment to providing the resources, in the form of technology and support, to help advisors realize the success they envision for themselves. He has an entrepreneurial spirit that resonates with independent advisors and permeates our staff, fostering a genuine desire to help advisors run their businesses on a daily basis.

Managing Partner Rob Dilbone has known Robb Baldwin for 25 years. Mr. Dilbone was there when Mr. Baldwin started TradePMR. In a recent interview, Dilbone said, “I’ve been fortunate to have a front-row seat through the twists and turns of growing a business, serving as right hand man to Robb Baldwin.”

“The responsibility we have to our advisor partners and their clients, together with the opportunity to meet and develop new relationships with prospective firms, drives our desire for business growth,” Dilbone said. “I believe, very strongly, that what we have to offer can help advisors reach their potential and strengthen their relationships with clients. There is something very fulfilling in knowing when our efforts make a difference in the lives of the advisors we support and the clients they serve. That’s what gets me up and excited every day."


Trade-PMR, Inc., member FINRA/SIPC



Written by Admin