In a world of constant motion, innovation is paramount. But it shouldn’t come at the cost of upheaval and confusion.
The trajectory of innovation is rarely a straight line — and rarely a process completed in isolation. Whether building the latest wealth management application, rethinking a business model, or weighing an acquisition, technological and practical innovation means considering both potential advantages and disadvantages. The implications for a misstep along the path of progress can be outsized, but in a world of constant motion, staying the same is rarely tenable.
The trajectory of innovation is rarely a straight line — and rarely a process completed in isolation. Whether building the latest wealth management application, rethinking a business model, or weighing an acquisition, technological and practical innovation means considering both potential advantages and disadvantages. The implications for a misstep along the path of progress can be outsized, but in a world of constant motion, staying the same is rarely tenable.
That’s why TradePMR’s multi-year decision to create a web-based version of our Fusion technology platform, which we successfully launched last year, took on such a high level of importance. We knew that the ways in which advisors engaged with the world and the expectations they had for technology were changing. We also knew that proactively anticipating and adapting to an evolving advisor landscape would involve risk and leave little room for error.
In many ways, the success of our Fusion platform is a great example of our overall approach to innovation: advisors are rarely best served by the famous mantra of “move fast and break things.” Progress doesn’t automatically equate with upheaval. Relationships with existing clients don’t need to be sacrificed to launch a new application, tool, or pricing structure.
Responsible innovation means caring for, and serving, long-standing clients who have relied on us for 20 years, just as much as we look to provide industry-leading solutions for our newest clients. Our Fusion platform refresh provides a great example of our approach to innovation in action.
Trust Is Slowly Built and Quickly Eroded
Genuine client service and solid technology takes time, energy, and resources. There are no shortcuts. Successful software releases and new tools are rarely the product of accident; their development takes vision, extensive testing, and industry familiarity.
When we first explored the idea of transitioning our desktop version of Fusion to the web, we knew that it would be a mammoth undertaking. The stakes were high. TradePMR’s Fusion platform enjoyed high praise and had garnered the best advisor satisfaction scores for the Custodial Platforms category across T3/Inside Information’s technology surveys in 20191, 20212 and 20223. The move would be a big test of our reputation.
Transitioning Fusion from its desktop roots to a new web-based environment required careful planning, extensive industry knowledge, and a dedicated effort from everyone involved. In short, we knew that getting it right was just as important as getting it done.
Responsible Innovation Seeks to Avoid Unintended Consequences
In the rush to upend workflows, business models, or undercut competitors, there’s often a temptation to iterate on the fly. But that can be a losing proposition. Advisors relying on technology or vendors who operated with such a casual approach to innovation could quickly find themselves facing regulatory scrutiny, unhappy clients, or even worse situations.
When we bring a new product to market, or establish a new pricing paradigm, we take the time to consider the potential impact we could have on our clients, our potential clients, and the industry at large. We believe in the old axiom that haste makes waste.
We study the problems we’re trying to solve, as well as the people who will be affected by our solution, to help us fully understand how we will be impacting others. We believe patience is rewarded in the long run and, whenever possible, we have stakeholders and experts test, review, and provide feedback on our vision for the future. Advisors operate in the real world, and so do we.
Clear Definitions Are Key to Alignment
At TradePMR, we believe that new tools, techniques, and business models need a purpose. It’s a philosophy that resonates with advisors.
Earlier this year, our redesigned web-based Fusion platform received the highest average advisor satisfaction rating, for both the Custodial Platforms and Online Portfolio Management categories, from 2,917 financial advisors completing the 2024 T3/Inside Information Survey4. We didn’t have to push out an update and later backtrack on it. We didn’t have to make promises we couldn’t keep.
Simply put, we executed on our vision of innovation — and the industry rewarded our approach by naming us the most satisfactory Custodial Platform. We challenged ourselves to provide advisors with the technology and service they said they needed, then went out and delivered.
TradePMR’s Positive Purpose
We put the advisor and client experience at the center of our processes, delivering software and service that exceeds expectations. When it’s time to refresh a workflow or provide new technology, we know how important it is to get things right. Investors have high expectations for their advisors, and advisors have high expectations for us.
Whether we’re refitting a trusted platform or pushing the boundaries of behavioral finance, we believe in providing positive purpose across all that we build.
To learn more about our Fusion platform or our other advisor-focused innovations, visit https://www.tradepmr.com/home.
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 investment advisors' operations through comprehensive custodial, operational, and trading support. For more information, visit www.TradePMR.com.
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1. 2019 Software Survey, Joel Bruckenstein and Bob Veres, January 2019, sponsored by Orion Advisor Services and Morningstar, Inc.
2. T3/Inside Information Advisor Software Survey, Joel Bruckenstein and Bob Veres, March 2021, sponsored by Salesforce.
3. T3/Inside Information Survey, Joel Bruckenstein and Bob Veres, May 2022, sponsored by AssetBook, Holistiplan, Advyzon, Addepar, and Fidelity Investments.
4. 2024 T3/Inside Information Survey, Joel Bruckenstein and Bob Veres, January 2022, sponsored by SEI, Advyzon, FP Alpha, Addepar, XLR8, and FMG
