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Private Client Resources is a software darling of private banks but can it conquer RIAs?

The Connecticut firm has experience and technology and a new CEO sees a swelling pipeline of RIAs

Author Nevin Freeman and Brooke Southall July 15, 2011 at 3:02 PM
no description available
Rob Fiore: We're finding there's a tremendous amount of activity right now in the RIA space compared to family office and private banks.


Ryan McKone

Ryan McKone

July 15, 2011 — 5:01 PM

Hi Nevin, here is some information on CRM/client management solutions in the financial services space: http://www.salesforce.com/industries/financial-services/ . Happy to help in any way! @RyanMcKoneSFDC

July 15, 2011 — 5:43 PM

Why would an RIA use this solution when they could use the product Fidelity’s just rolled out to RIAs that used to only be avalible to their family office clients? That product seems to include the custody and brokerage services that many RIAs already use from them.

The other big question is how expensive is on-boarding each client at PCR?

Nevin Freeman

Nevin Freeman

July 15, 2011 — 6:24 PM

Ryan: I’ve been looking for someone to talk to at Salesforce. Hope to meet you soon!

Anon: Interesting question. I guess one could ask why any advisor would use any software other than what their custodian provides. My guess is that family office advisors who choose not to use Fidelity WealthCentral for Family Offices are looking for something it doesn’t handle, or perhaps adopted another application before it was available to them. For readers looking for more info on this platform, see: <a href="http://www.riabiz.com/a/2867075" rel="nofollow" target="_new">Fidelity arms its RIAs for battle with white-glove brands</a>.

I’m not sure about on-boarding costs — going to follow up with PCR and will post here when I find out.


Ryan McKone

Ryan McKone

July 15, 2011 — 6:29 PM

I’d welcome a chat then, Nevin. DM me to setup a time next week for a quick chat. Looking forward to it!

Nevin Freeman

Nevin Freeman

July 15, 2011 — 7:30 PM

On the topic of on-boarding fees, a spokeswoman for PCR says:


So, this is a really good question. I’ve asked them this many times and to be honest, it truly does range. But, it depends on the size of your firm, services that you want (you’re able to exclude some), type of investments, etc.

</blockquote> <blockquote>

The range is VERY dramatic, so it’s not even fair to give an average.

</blockquote> <blockquote>

There is an upfront configuration cost [for each new client], and then the 1-3 basis points.

</blockquote> <blockquote>

However, I would note that they have a pre-engagement period with all new or prospective clients that is free of charge where they determine the needs, costs, etc..


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Mentioned in this article:

Private Client Resources (PCR)
Portfolio Management System, Account Aggregator, Alternative Investments
Top Executive: Bob Miller, CEO

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