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3 min read

Why One Breakaway RIA Switched from a Big-Name Custodian to TradePMR

Apr 1, 2022 11:56:54 AM

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Brian Bischoff started his career like many other RIAs: at a wirehouse. Today, he is a principal and financial advisor at Bischoff Wealth Management in Greenwood, Indiana.

Brian was provided with everything he thought his team needed during his career at the name-brand wirehouse – from technology solutions to compliance and back-office support. He didn't have to make tough decisions about what providers would be the right fit for his team or who to hire to manage his firm's operations. His wirehouse made these decisions for him and was available to help fix any issues that he'd encounter.

After building a successful practice with the support of his wirehouse, he ultimately decided to go independent to launch his own RIA. He evaluated several custodial services providers when breaking away, including TradePMR.

TradePMR jumped out from the crowd for a few reasons. He heard the firm was 100% focused on RIAs, provided white-glove service, and would offer a customized pricing structure to fit his needs. While these points matched what he was looking for in a provider, he had unanswered questions that held him back from signing on with the firm:

  • Do you have the resources to support my business? Can you help us get our new RIA up and running?
  • Do you have dedicated team members who can answer my questions promptly?
  • Can you deliver a white-glove service model at scale? What does your service look like?
  • Does your technology cut corners, or does it offer everything I need to run my business?
  • Is your technology built to fit my unique needs? Do you understand my goals and opportunities as an RIA?
  • Do you compete with my firm to find new customers?


These lingering questions led Brian to sign on with a custodian that he saw as a safer choice. He joined a big-name custodian, one that he was confident had the scale and depth of resources to support his business.

Big mistake?

Brian started with his custodian expecting what many new RIAs expect: the rollout of the red carpet. However, like all red-carpet moments, the service he was sold and the reality did not match up. Issues started small but quickly grew. When he had questions, it was tough to track down answers. Requests were left unaddressed, and it was hard to tell whom to contact for updates.

"We often found ourselves waiting on hold or navigating long phone menus just trying to find someone to answer our questions," said Brian. "When we did eventually get support team members on the phone, they rarely gave us straight answers and clearly didn't understand the nuances of our business and the challenges we were facing. This created an unnecessary strain on our team as we were launching our RIA."

In addition to these support issues, he found the technology also fell short. When Brian signed on with his big-name provider, he expected comprehensive technology to kickstart his RIA. He ultimately found a confusing tech stack that only offered bits and pieces that fit his business.

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Enough was enough.

After just a short tenure with his custodian, Brian decided it was time to change. He initially followed his gut and steered clear of a boutique offering. Within months, he experienced first-hand that a well-known provider doesn't guarantee that they will provide vital service and technology to fit his business. He decided to revisit one of the custodial service and technology providers he had initially considered: TradePMR.

Learn more about Brian's journey – his experience with a big-name custodian, and what ultimately led him to join TradePMR.



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