Many years ago the ancient Greek scholar Archimedes mouthed the word, “Eureka” after stepping into the bath and noticing that the water level rose. He discovered that the volume of water displaced is equal to the volume of the part of his body which was submerged. Yes, it was a great discovery.

I am equally excited. Not about what I have discovered, since it already existed, but about what I learned while attending a conference hosted by my new custodian, TradePMR. “Trade who?,” you might ask. TradePMR. Remember that name because I’m absolutely convinced you will be hearing a lot about them in the future. Here are some of the reasons for my enthusiasm.

TradePMR has created an integrated platform which enables the advisor to do more with less. We all know that technology can provide valuable assistance, but I have to say, TradePMR must have the most advanced technology I have ever seen in our industry.

The eCustody platform is where advisors view all aspects pertaining to a client’s investment and is extremely intuitive. Among other things, it incorporates account and performance reporting, trading, and all of the other routine items you’d typically find with most custodians and broker/dealers, but there’s much more. Here’s one example. You can set your fee deduction for any frequency you desire (monthly, quarterly, etc.). You can also select “in advance” or “in arrears,” and tiered or flat rate. Once you set these parameters, when it’s time to deduct fees, you simply click a button and it pulls up every account, reads the account value as of the end of the selected period, and deducts the fee. If there is insufficient cash, it will alert you to this. Can you imagine how many hours this will save? This is only one example.

TradePMR’s platform also includes a streaming quote system via another vendor and it is fantastic. Historical information on just about anything you ask plus advanced charting for the technical analyst. Because I’ve only seen the demo, and have not actually used it yet, it would be impossible to go into much detail yet. I’ll do that in a later blog.

Coming Soon

Account aggregation is coming…Eureka! How about providing clients with a report on ALL of their debt, bank accounts, company retirement plans, etc. Yes, this is coming very soon.

The bottom line is this. TradePMR is a smaller firm (at this time) and because of this it’s very flexible. The firm listens to its advisors and has incorporated their best ideas. I’m loving it!