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New Year, New RIA Custodian – Finding the Right Provider for Your Firm in 2023

Jan 17, 2023 10:57:00 AM

2023 is here, and so are New Year’s resolutions.

Alongside personal resolutions, independent RIAs may find that now is a great time to set professional goals. While firm growth is typically near the top of every advisor’s list, other common goals include expanding offerings for clients, improving team productivity, and leveraging client data for analysis.

The big question that RIAs need to answer: will my RIA custodian help me achieve my goals in 2023?

Working with the Right Provider in 2023

While RIAs likely leverage a slate of RIA software and service solutions for their businesses, at the core of their tech stack is their custodial services provider. That RIA custodian can have a significant impact on their success.

With the right resources, the sky could be the limit for RIAs. But, if an RIA custodian isn’t delivering centralized tech, deep integrations, white-glove service, comprehensive client data… the advisor could be restricted.

If an RIA feels that a new provider could help them to better achieve their goals, it’s time to conduct research to find which provider is the right choice for them.

RIAs should start this process off by diving into their firm’s 2023 resolutions.

  • What’s top of mind for your RIA entering the new year?
  • What changes could immediately move the needle for your team?
  • What long-term changes do you want to put into effect?
  • Where do you see your firm in 5 years, and what’s going to help you get there?

Working through these questions will help your team to put together a list of must-haves from your RIA custodian.

As a next step, RIAs should consider taking all those must-haves and baking them into an RIA custodian request for proposal (RFP).

Conducting an RIA Custodian RFP

An RFP is a detailed list of questions that RIAs can deliver to prospective providers. These questions can cover everything from the provider’s approach to service, to their RIA trading technology, to their cashiering capabilities. An RFP can focus on anything and everything that’s important to an RIA.

RIAs should consider working with their full team to make sure their RFP touches on all the points that could impact their business – from back-office operations to client relationships.

Once developed, an RFP can be shared with any prospective RIA custodian. Those providers will work to answer all of your firm’s questions so you can make the most informed decision about your next provider.

An RFP can be a short-cut for advisors. Rather than spending weeks or months researching prospective providers, RIAs can go straight to the source to get candid answers about a provider’s offering. Those answers can give a clear image of whether a provider is the right fit, or if it would possibly hold your firm back.

With 2023 in full swing, it’s time to get started on those resolutions. Download TradePMR’s RFP template to help your firm develop its own RFP.


Make 2023 Your Best Year Yet

Independent RIAs looking at their 2023 business resolutions should answer one key question: will my RIA custodian help me achieve my goals in 2023? If the answer is no, it’s time to look elsewhere.

If you’d be interested in learning if TradePMR’s white-glove service, top-rated technology1, and personalized approach to pricing could benefit your RIA in the new year, we should talk. We can dive into your business, your needs, and how TradePMR would respond to your RFP.



1 T3/Inside Information Survey, Joel Bruckenstein and Bob Veres, May 2022, sponsored by AssetBook, Holistiplan, Advyzon, Addepar, and Fidelity Investments, T3/Inside Information Advisor Software Survey, Joel Bruckenstein and Bob Veres, March 2021, sponsored by Salesforce, and 2019 Software Survey, Joel Bruckenstein and Bob Veres, January 2019, sponsored by Orion Advisor Services and Morningstar, Inc.

Written by TradePMR