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April 06, 2009 at 05:47 AM
It seems as though there’s a lot of interest in custodians, so I thought I’d write a little more about my decision to join Trade PMR. First, I’d like to say that my former custodian, Fidelity, is a fine company. I have nothing bad to say about Fidelity. Even though I was leaving, its service never faltered. Whenever I’ve spoken to them on the phone, they are extremely courteous and helpful. Again, my decision to change was solely due to their corporate decision to raise their minimum AUM requirement. In general, they did this because they determined that advisors under this level of assets were unprofitable. To further explain, it was many of these advisors who called in by phone instead of utilizing Fidelity’s technology to get service. The result was that it took more man hours which increased expenses. In any event, that’s water under the bridge now. Let’s move on to TradePMR, my new custodian.
What made the difference in my decision? I like a great deal about what TradePMR offers. Its technology is excellent on a number of fronts. Seems the firm has an ex-Microsoft whiz at the helm of its development, and I have been very impressed with his ability.
TradePMR just launched a new platform called E-Custody. It is an integrated Web-based system for advisors. Like any new system, though, there were a few small issues, such as pop-up windows that were too small. However, whenever I found a bug of some sort, TradePMR corrected it immediately.
