Robb Baldwin, founder, president, and CEO of TradePMR, discusses the slowing organic growth in wealth management and how to fix it.
In a recent guest column for WealthManagement.com1, TradePMR founder and CEO Robb Baldwin examines some new data that suggests many RIAs are no longer growing organically.
Rather than finding new clients and assets, Baldwin says RIAs have instead depended on a decade of strong market performance. In fact, as many as 70% of advisors would have shrunk if not for U.S. equity returns.2
The lack of RIA growth is a concern for the future of the wealth management industry, according to Baldwin. If RIAs don’t maximize the value of their firm, they may not be able to exit the industry on their own terms.
Baldwin believes RIAs can get back on track by doing hands-on work to build relationships with clients, prospects, and other professionals. It takes shifting mindsets from simply managing investments to being a trusted guide that helps clients make good financial decisions to achieve the goals that matter most to their life.
This is where TradePMR believes it can help. TradePMR’s new client service offering, Advisor Evolution Sciences (AES), is designed to help RIAs with digital tools to better connect with prospects and bring in new assets. And AES coaches and mentors work to help RIAs deepen their client relationships through the power of behavioral science. Baldwin, a former RIA himself, built TradePMR to exclusively serve RIAs. We know that to build a sustainable growth strategy, RIAs need help with hiring, training, and technology. That’s why AES consulting services also help with talent assessment and management, leadership development and coaching, technology, and marketing.
RIAs may be struggling with growth, but it's not a problem they need to figure out on their own. Let’s explore how TradePMR can help you reignite your firm’s growth engine.
Check out Baldwin’s full column on WealthManagement.com, or schedule a conversation with us to learn more about our custodial services, technology, and what it means to be a client at TradePMR.
About TradePMR
For more than two decades, TradePMR has worked with growth-minded independent registered investment advisors (RIAs), providing innovative technology tools and support designed to transform their businesses. The privately-held brokerage and custodian services provider (Member FINRA/SIPC), based in Gainesville, Fla., works to streamline fee-only investment advisors' operations through comprehensive custodial, operational, and trading support. For more information, visit www.TradePMR.com.
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1 “RIAs Aren’t Growing, and It’s a Problem We Need to Fix,” Robb Baldwin, WealthManagement.com, February 29, 2024.
2 “Welcome to the Junge: The Next Phase of the Evolution of the Wealth Management Industry,” Mark Hurley, Digital Privacy & Protection, December 2023.
