How to Evaluate if a Big-Name Provider Has Everything Your RIA Needs

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When booking a flight, we all probably start by looking at the big airlines like Delta, JetBlue, American Airlines. If we’re getting a new phone provider, we probably start with Verizon, AT&T, T-Mobile.

We all go for the big-name brands. Brand awareness has been influencing buying decisions for consumers for decades. While this may be fine in our day-to-day lives, as a registered investment advisor how does big name brand awareness impact your approach to selecting your next technology or custodial service provider? Should advisors go for the big brand?

While airlines and phone providers all offer pretty similar services, that may not be the case for Fintech vendors. Technology can have a major influence on how a firm operates. Taking the time to make sure that your business finds the right provider to fit your unique needs can be critical.

RIAs looking for a new custodial service and technology provider may be tempted to only evaluate the biggest vendors. Hear Brian Bischoff’s story – his experience with a big-name provider, and what led him to sign on with TradePMR.

Where Big-Name Providers May Fall Short

Brian Bischoff of Bischoff Wealth Management broke away from a wirehouse and decided to launch his own RIA. When he made the move, he signed on with a big-name custodial service provider – one he had known about for years and trusted would have the scale, technology, and service to fit his firm’s needs.

Unfortunately, he found that this provider wasn’t all it was cracked up to be. After just short stint with the big-name vendor, Brian decided to make a move and sign on with TradePMR.

Since joining TradePMR, it’s become clear to Brian and his team where their last provider fell short. Brian identified five key distinctions that he noticed when switching from the big-name provider to TradePMR:

1. Resources Backed by Service: While the big-name provider had deep resources, those resources without proper support created some major issues for his business. The provider also had a large retail channel, meaning their team’s focus was split between supporting Brian’s RIA and competing with him for clients. TradePMR offers the tools AND support to fit Bischoff Wealth Management’s needs, without a retail channel competing with his business.
2. Knowledgeable Team: Brian’s first provider had a big team spread across the country focused on serving every type of advisor under the sun. This meant that he would constantly connect with new people who didn’t know him or understand his unique business. At TradePMR, when he calls our team, he gets an answer from someone who knows him by name and is empowered to help.
3. Answering Timely Questions: As an RIA, Brian juggles the responsibilities of developing client relationships, building a business, and managing operations. He doesn’t have time to waste, but with his big-name provider he often found himself stuck on the phone waiting on hold or reexplaining his business to a new support person. TradePMR has no massive call center, so when Brian has a question, he can get an answer.
4. RIA-Focused Technology: Brian’s big-name provider worked with a wide range of financial advisors, not just RIAs. Brian found that he had to sift through their technology offering to find the bits and pieces that fit his business. TradePMR only works with RIAs, so our technology is built specifically and entirely for RIAs like Brian.
5. Flexible Pricing: At the big-name providers, RIAs like Brian are usually met with a one-size-fits-all pricing rate sheet. TradePMR offers a flexible approach to pricing to fit each unique business. The firm is focused on designing a pricing structure that facilitates RIA success, not hinder it.

Don’t Repeat Brian’s Experience

Following his move to TradePMR, Brian broke down some questions he wished he asked the big-name provider before signing on. He trusted that they would offer everything to fit his business, but they ultimately fell short in a few key areas.

Technology without proper service, a disjointed team that wasn’t there when he needed them, a confusing technology stack that only partially fit his business, and a rigid pricing structure made Brian feel like he was left high and dry by his provider. Switching to TradePMR helped bring these shortcomings into the light, and Brian wants to make sure no other RIAs experience the same issues he felt.

Growing RIAs can majorly benefit from custodial services and technology built to fit their needs and meet their unique opportunities. Check out Brian’s custodial assessment guide – he outlines questions you can take to your current or prospective custodial services provider to make sure they offer the service, technology, and RIA-centric approach to fit your needs today, and tomorrow.

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 subject to change, without notice. Any reliance on the information herein is done solely at the discretion of the viewer.