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Financial industry news and events for RIAs.

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TradePMR Streamlines Digital Account Transfers for RIAs, Clearing the Path to Transition

May 19, 2021 7:00:00 AM

A new account uploader tool could solve two of an advisor's biggest operational challenges when switching custodians - opening and transferring accounts.

Learn how one firm with nearly $1 billion in total client assets transitioned to the Fusion Platform in less than six weeks utilizing the new tool.

Gainesville, Fla. – May 19, 2021TradePMR is simplifying the transition of customer accounts to the Fusion platform. Today, the technology and custodial services provider announced the launch of its enhanced digital account transfer tool for breakaway brokers and existing RIAs (registered investment advisors) that enables advisors to transfer and open hundreds of accounts in a matter of minutes. According to a recent research report from Cerulli Associates1, 77 percent of advisors who have recently undergone a custodial transition noted operational challenges, such as opening new accounts and dealing with account transfers, as a top concern.

"As a former RIA myself, I understand the stress and operational challenges that switching custodians can cause for your firm and your clients," said Robb Baldwin, Founder, and CEO, TradePMR. "Our goal with the digital account uploader is simple – streamline an extremely complex process so that advisors can cut down their transition timeline and spend more time during the process focusing on their customers."

To start the account uploading process, advisors populate the tool with their customers' account information through a data exchange with the advisor's CRM, minimizing the potential for human errors that often occur when moving large amounts of data. Advisors then team up with their TradePMR transition consultant to audit and identify any missing forms or information required to open a new account. This enables the advisor to go back to their customers with specific requests, rather than asking them to complete forms with the information they have already provided throughout their relationship.

"Digital account transfer tools coupled with our 1:1 transition model could have a significant impact for advisors," continued Baldwin. "We approach everything we do at TradePMR as a marriage of great tech and exceptional service – the account uploader tool is no different. By matching advanced data integrations with our seasoned transitions team, we have developed a process to bring advisors onto our platform without them having to navigate excessive operational hurdles."

The new digital account transition tool is just the latest enhancement to the Fusion platform designed to ease the customer onboarding process. The firm previously rolled out a paperless digital account opening tool that enables RIAs already working with TradePMR to open a new account or household by pre-populating customer information or partially completed forms with reserved account numbers directly from Fusion.


Fairhaven Wealth Management (Fairhaven), a Chicago-based RIA, recently transitioned nearly all of their private client assets to TradePMR's Fusion platform in less than six weeks. Fairhaven's internal team leveraged the account uploader tool and TradePMR transitions team to identify precisely what information and forms they needed from each customer and developed a comprehensive tracking system to ensure they secured those items and met their transition goals.

"We experienced first-hand how the digital account uploader can be a gamechanger for RIAs," said Marc Horner, wealth advisor and founder at Fairhaven Wealth Management. "One of the many reasons we were attracted to TradePMR is their boutique offering specifically designed for RIAs. Between this tool and the remarkably proactive and responsive team at TradePMR, it's clear to us that they understand our workflow and how important timesaving offerings like these can be for our business."

Get the Transition Case Study button

Financial advisors exploring breaking away or transitioning to a new technology and custodial services provider? Learn more about Fairhaven's path to a successful transition by downloading a white paper. Interested in speaking with TradePMR about their transition process? Email sales@tradepmr.com or call (352) 290-5261.


About TradePMR

For more than two decades, TradePMR has worked with growth-minded independent registered investment advisors (RIAs), helping to provide 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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1Press Release - For Advisors, the Costs of Switching May Outweigh the Benefits. Cerulli Associates. Published April 1, 2021.

TradePMR and Fairhaven Wealth Management are not affiliates. Securities offered through TradePMR. Mr. Horner 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 interviewees 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 consumer.

Written by TradePMR