Custodians for RIA's
Has anyone used tradepmr? Thoughts on their offerings and relationship with first clearing. Looking to start my own RIA in two years. Currently @14M in advisory.

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Never heard of them. When we opened our RIA we wanted a custodian that was a house hold name. We were with LPL for brokerage and no one knows who they are. We looked at Fidelity, Schwab and TD. TD was/is really geared for the under 100MM RIAs.

Sorry no help on the tradepmr.

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I understand that you can either register with the state or the SEC. The sec requires 100m. Most states I understand don't have a minimum to open a RIA but I am still learning the RIA space.

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Under 100M you register with your state and each state you will solicit in above de minimus. 100-110M your choice of state OR Sec, over 110M must register with SEC

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I'm in talks with TD. They have a minimum 7.5mm AUM. No one mentioned any small client fee to me.

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I have used Trade PMR for years. Great Advisor support. Their transaction cost is high, 14.95 per trade.

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Yeah I just heard that the household names like Schwab/fidelity/TD charge extra if you're below 20 mil and not sure if it's really worth it going with them when they tack on a extra 'small client fee' because I'm below 20 mil.

Well, first, I didn’t know you could open an RIA with less than 25mm and you have 120 days to get there after approval. We are SEC registered and NY state notice filed so it could be different by state.

Either way, you are right with Schwab and Fidelity, but I was told it was less than 100mm. TD didn’t have that (but again, we are over 25mm).

In NY (the only state I’m aware of) the SEC let’s you register with only 25MM. Which was really easy. That might be where I’m getting that number from. Every other state the SEC does require the 100mm.

I’d call TD to see what there minimum for no “fees” are.

Good luck and let me know if I can be of any assistance!

Interesting FA1! Let me know how that goes.

With TDA they partner with some groups and will waive their minimum requirements

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