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From Wirehouse to Big-Name Custodian to TradePMR – Five Key Takeaways from Bischoff Wealth Management

Apr 6, 2022 4:51:14 PM

Get the case study on Brian Bischoff’s journey to TradePMR


When breaking away from a wirehouse to launch a new RIA, advisors are faced with a significant decision. Do they choose to work with a big-name custodian that they’ve known about for years? Or do they leap and work with a more boutique offering that could be a better fit for their business but may not have the scale they’re used to from their wirehouse?

This is the exact decision Brian Bischoff had to make when starting Bischoff Wealth Management. He evaluated several custodial service providers, including TradePMR, but ultimately decided to go with the big-name custodian. He felt confident that the big-name provider would offer everything his firm needed.

After a short time, he realized the well-known brand wasn’t all it was cracked up to be, and he decided to circle back with TradePMR. After taking a deep dive into our offering, Brian signed on with TradePMR – and he hasn’t looked back.

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GET BRIAN'S CASE STUDY

We sat down with Brian and asked him: what advice would you give RIAs that are looking to switch or add a new custodial services provider?

He identified five key points:

  1. RESOURCES: Resources without proper support can create major issues for your business. It’s critical to take the time to determine your firm’s priorities and to find a service provider like TradePMR that offers the tools AND the service to support your business.
  1. TEAM: Every RIA is unique, and every firm serves a different type of client and delivers a unique value prop to their community. Make sure your custodial services provider understands what’s most important to you. Seek out a team that will know you by name and are empowered to help.
  1. QUESTIONS: “As RIAs, we juggle a wide variety of responsibilities – when we have questions, we need answers,” said Bischoff. “In the past, I’ve had to deal with long waits on hold only to connect with people who don’t understand my business – that can create a real strain on a growing RIA. At TradePMR, I know exactly who is tackling my requests and who to contact with any additional questions.”
  1. TECHNOLOGY: RIAs can benefit from technology built specifically for their use case. RIAs don't have time to waste filtering through technology offerings that may or may not actually fit their needs when running a business. I believe, a technology that puts the RIA model front-and-center can create significant efficiencies for your firm.
  1. FLEXIBILITY: Rather than a one-size-fits-all pricing rate sheet, finding a partner like TradePMR with a flexible approach to pricing can be a huge value-add. Pricing designed to fit your unique business can help set your RIA up for long-term success. Early conversations with TradePMR on pricing made it clear that they were invested in my business and were willing to design a pricing structure that would facilitate my success, rather than hinder it.

When starting his RIA, Brian went with what he felt was the safe choice. A big-name provider that he’d known about for years.

RIAs looking for a new provider can avoid making the same decision. With a few key questions you can cut through the noise and identify if a prospective provider will offer the technology, service, and experience to fit your needs and facilitate your success.

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TradePMR and Bischoff Wealth Management Group are not affiliates. Securities offered through TradePMR. Mr. Bischoff received no compensation for his endorsement of TradePMR. This material is not intended to be relied on as investment advice and does not constitute a recommendation of any particular investment or investment strategy or an inducement to buy or sell any securities. The opinions expressed herein are those of the speaker and do not necessary reflect the opinion of TradePMR. Any opinions expressed are as of the date of this letter and are subject to change, without notice. Any reliance on the information herein is done solely at the discretion of the viewer.

Written by TradePMR