TradePMR taps AI to simplify RIA transitions

TradePMR, a provider of custodial services and technology solutions for growth-focused RIAs, has launched a new AI-enabled tool designed to simplify the process of transitioning to a new custodian.

The new tool unveiled Thursday, Fusion SYNC, automates the process client data migration, allowing RIA firms to upload their complete client-approved information and automatically populate it into TradePMR’s Fusion platform.

TradePMR said Fusion SYNC also performs a cross-check for errors, potentially shortening the transition process from weeks to days.

Jon Patullo, chief product officer at TradePMR, said the process of switching custodians is a near-universal and costly point of frustration for transitioning advisors.

“Nearly every advisor we’ve spoken to about custodial transitions has shared a similar story about how much time they spent populating accounts or correcting data errors,” Patullo said in a statement. “Our goal with Fusion SYNC is to give them a tool to help with minimizing client impact when the advisor is choosing a partner to help support their firm’s growth.”

The new tool is aimed at reducing the complexity and time spent during transitions, a process that many RIAs consider burdensome when switching custodians.

That concern could gain traction across the industry in the coming years. According to Cerulli, 37 percent of financial advisors are expected to retire in the next decade, controlling approximately $10.4 trillion or 40 percent of industry assets. However, one-quarter of those advisors lack a clear succession plan, creating opportunities for custodians like TradePMR to capture assets as they shift.

“From my perspective, advisors looking to grow their practice are increasingly looking to TradePMR as a custodial services provider,” Patullo said, stressing the company's 25-year track record of offering up-to-date technology alongside personalized service.

TradePMR's launch of Fusion SYNC comes on the heels of an earlier October slew of updates aimed at easing the onboarding journey for advisors.

In August, the wealth tech provider strengthened its leadership bench with four veteran hires boasting resumes featuring Charles Schwab, Godman Sachs, TD Ameritrade, and other established names in the custody platform space.