TradePMR isn't letting any moss grow under its feet, as the RIA custody and tech provider unveils a new fintech partnership shortly after its strategic acquisition by Robinhood.
The announcement, made during TradePMR’s annual SYNERGY25 conference on Wednesday, brings together AdvisorEngine’s end-to-end wealth management platform with TradePMR’s Fusion platform. The collaboration is designed to streamline operational workflows for RIAs while expanding the toolkit available for client engagement.
Through the integration, advisory firms will be able to access a suite of portfolio management features – including trading and rebalancing, performance reporting, and fee billing – while leveraging AdvisorEngine’s customizable client portal and data-driven CRM.
AdvisorEngine also recently indicated that it is working to incorporate artificial intelligence into its platform, tapping three of the leading AI notetakers with features aimed at enhancing meeting preparation and driving more personalized client conversations.
TradePMR has dipped its own toe in the AI pool as well, with its late-2024 reveal of a tool to automate client data migration for RIAs transitioning to a new custodian.
The latest deal between the two aligns with broader trends of consolidation across the industry as firms explore AI to deliver scalable service and deepen client relationships.
“Robb and I share a passion for serving investment advisors, helping their practices achieve new levels of success, and future-proofing their businesses so they can easily adapt to evolving technology and client demands,” AdvisorEngine CEO Rich Cancro said in a statement Wednesday, nothing his common ethos with TradePMR's founder and chief executive.
The companies say their combined strengths – AdvisorEngine’s configurable digital infrastructure and TradePMR’s emphasis on high-touch service – are positioned to support advisory firms navigating increased competition and evolving client expectations.
AdvisorEngine is one of the top 10 FINRA-compliant client management software for RIAs. Read more here.
“At TradePMR, our emphasis is on white glove service, because in wealth management, service is so critical,” said TradePMR CEO Robb Baldwin.
TradePMR's acquisition by Robinhood first came to light last November, with the DIY brokerage firm announcing a $300 million deal for TradePMR. TradePMR's platform reportedly represented $40 billion in AUM at the time of the acquisition announcement, according to Echelon Partners' 2024 RIA M&A deal report.
"Robinhood plans to leverage TradePMR’s custodial platform to deliver investment advisory solutions to its customers and enhance its capabilities to service all generations, including Millennials," the Echelon Partners report said.
The deal was sold to RIA advisors with TradePMR as a way to attract business from next-generation investors who may want to move from self-directed investing to having advised relationships. But shortly after the acquisition was completed in February, Robinhood unveiled plans to launch its own robo-advisor offering, raising some questions about the potential to compete or undercut the advantage for RIAs.
The online trading platform has also announced moves into more speculative areas of investing, such as crypto and prediction markets, which critics say raise red flags about its ability to play in the private wealth space, where protecting clients' best interests matters a great deal.
"Robinhood doesn't have a clue what fiduciary advice means based on their own record," Knut A. Rostad, president of the Institute for the Fiduciary Standard, previously told InvestmentNews. "I'd be shocked if [Robinhood] were to become a serious contender of custodians in this country, at least in the short term."
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