Lake Oswego, OR. – February 7, 2023 – Today, TradePMR, a technology and custodial services provider for Registered Investment Advisors (RIAs), announced a collaboration with the succession planning firm, FP Transitions, to provide integrated practice management and tailored consulting services to advisors on the TradePMR Fusion platform.
Grounded in the principles of TradePMR founder and CEO, Robb Baldwin, this new collaboration is designed to help ensure that breakaway brokers and existing RIAs establish the ideal entity design, organizational structure, and modern compensation system, in an effort to build a sustainable, enduring independent advisor business.
“The issues advisors face today are complex and, I believe, are best served by a team that can take the time to develop a deep understanding of what makes each firm unique,” said Baldwin. “The teams at FP Transitions and TradePMR view the world similarly – advisors need white glove service to tackle the challenges of growth and eventually succession.”
According to Cerulli,1 the wealth management industry is facing an impending succession cliff. At least 26,000 advisors retiring by 2030 are unsure of their succession plans. FP Transitions supports thousands of firms annually with updating, planning, or activating their succession plan. “Our experiences continue to show that optimal succession planning can take up to 15-years to design and implement. We believe our data proves that firm value declines significantly when succession planning is delayed,” states Scott Leak, CFP® and Director of Business Development for FP Transitions. Despite these facts, thousands of advisors — who also control potentially trillions of client assets — continue to put off formal succession planning.
This partnership is about more than just improving a firm’s chance for optimal succession. Amplifying advisors’ growth through white-glove service and advanced technology is at the core of TradePMR’s value proposition, while FP Transitions’ legacy is in building businesses of enduring and transferable value. “This industry grew out of a consumer need for experts delivering quality, unbiased advice. We believe advisors should have access to the same,” says Brad Bueermann, CEO of FP Transitions. “Our firms are focused on solidifying the right foundation for creating some of the most successful independent advisory businesses our industry has seen to date.” Wielding a dataset of more than 15,000 RIAs to date, FP Transitions provides insights into a variety of firm inflection points and key performance indicators that span firm type, structure, B-D affiliation, services offered, and more.
Our goal is that RIAs leveraging TradePMR will now be able to fortify their business growth trajectory through certified valuations, custom benchmarking, and one-on-one coaching to assess, protect, and grow the equity value of their businesses. FP Transitions also provides comprehensive analytic and legal guidance for firms creating next-generation ownership pathways, including entity design, modern compensation methods, and succession planning strategies, as well as a full-service approach to advisory mergers and acquisitions.
Registered Investment Advisors seeking a new custodial services provider or interested in adding a second, can learn more about TradePMR custodial services by visiting TradePMR.com.
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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About FP Transitions
FP Transitions has been a pioneer in Succession Planning for financial advisors and continues to fundamentally transform how independent wealth management businesses evolve into sustainable enterprises. Leveraging benchmarking data from thousands of certified business valuations and backed by a team of more than 60 professionals, FP Transitions delivers intelligent insights that enable multi-generational growth. Learn more at www.FPTransitions.com.
TradePMR and FP Transitions are separate and unaffiliated entities.
1 Cerulli & Associates, June 13, 2022; https://www.cerulli.com/press-releases/40-of-advisory-assets-will-transition-in-10-years-according-to-cerulli