Pershing Advisor Solutions and BNY Mellon’s Wealth Management Advisor Custody Group have teamed up to deliver a single-service integrated bank and brokerage custody offering, which will benefit advisors who serve ultra/high-net-worth investors.
Eliminating selection between custody service models for advisors and offering more choices to clients, the combined offering will provide business development, relationship management, client service and technology under a single, common framework.
Pershing Advisor Solutions CEO Mark Tibergien said that registered investment advisors who serve clients with complex financial lives often use a bank custodian for one type of client or account, and a brokerage custodian for different circumstances.
"In our own case, 25% of our advisors currently use both types of platforms," Tibergien added.
"Some high net worth clients prefer the perceived safety and soundness of a bank, or use a bank for trusts, foundations and multi-generational relationships, while others prefer the efficiency and support they get from a brokerage custody platform — this allows advisors to now offer the best of both to clients."
Offering greater operational efficiency and allowing advisors to deliver an integrated wealth management experience, the unified structure will also benefit investment advisors and family offices serving the needs and preferences of ultra high-net-worth investors.
The comprehensive, integrated bank and brokerage offering will also be supported by the strength and stability of BNY Mellon, which has more than $26.2trn in assets under custody.