TradePMR Promotes Scott Victoria to President
TradePMR has expanded its senior leadership team, adding president to long-time employee Scott Victoria’s duties.
He’ll continue to serve in his current role as chief operating officer at the Florida-based custodial services provider, which was acquired by Robinhood early last year. The company also named Kate Mapstone, a strategic advisor at Robinhood, as head of RIA strategy, a newly created position.
In his expanded role, Victoria, who started at TradePMR as an intern in 2009, will focus on executing the firm’s strategy across the organization. He played a central role in bringing TradePMR and Robinhood together and will add compliance, growth and marketing at the top of the funnel to his responsibilities.
Mapstone has already been working with TradePMR to tap into the larger Robinhood organization, and she’ll continue that in her new role. She’ll help TradePMR access Robinhood’s resources and products that may be relevant to the RIA market.
“Every time you go through a merger or an acquisition, it’s time to learn to work together,” said Robb Baldwin, founder and CEO of TradePMR. “Adding Kate to our side of the business is really more or less a bridge, a link that we feel will really help us speed that process up and get a lot more items to market that Robinhood currently has for retail. And that’s really the leading edge of this, is just to try to make sure we get to speed up, we get to process things faster, we get more products to market, and we bring things to advisors that they haven’t been able to have in the marketplace.”
Baldwin, who has served as vice president and general manager of TradePMR since the acquisition, will continue to lead the firm as CEO. Going forward, he’ll focus more directly on advisors, spending time in the market, deepening industry relationships and building new connections with RIAs.
Part of Victoria’s new role will focus on growth and marketing, including pursuing more RIAs that use multiple custodians.
“We want to earn more and more of their business, and I think we have a great opportunity to do that, especially as we continue to expand the product offering from Robinhood and bring that to bear,” he said.
TradePMR currently uses Wells Fargo’s First Clearing for custody, and the firm recently extended its contract with the custodian to 2032. But in the long term, the firm wants to be dual-custody, and it plans to add Robinhood as an option over the next 18 to 24 months, Baldwin said.
“It also gives us time on the Robinhood side to continue to develop and to listen to what the next generation is expecting from the advisor’s perspective and be able to iterate on that and continue to build that out and gives us the time to do that,” Baldwin said.
This follows news last week that TradePMR added a former Wells Fargo Advisors Financial Network team that launched their own RIA, Gryphon Wealth, with $3 billion in assets, on its platform.
In March, Robinhood and TradePMR went live with a pilot for an advisor referral program, Robinhood Advisor Network, that the firms have teased at for more than a year.