APRIL 25, 2019
BNY Mellon’s Pershing (“Pershing”) today announced that its Business Metrics and Assessment Tool was recognized by InvestmentNews at the publication’s 2019 Innovation Award ceremony held in New York City on April 17. Pershing was recognized for its interactive benchmarking capabilities in the practice management category.
The InvestmentNews Innovation Award celebrates companies that have taken innovative approaches to tackling the challenges faced by the financial advice industry. The 2019 winners were chosen out of a group of 19 finalists by an advisory board composed of InvestmentNews' Icons and Innovator honorees from 2016 and 2017. Awards were given in five key categories: client experience, retirement readiness, investing strategies, financial literacy and practice management.
Pershing’s interactive benchmarking tool, Business Metrics and Assessment Tool, was selected based on its ability to help advisory firms better understand their business fundamentals, reduce business risk, and drive change and profitable business growth.
“In the midst of industry consolidation and intensifying competition, firms can no longer afford to glaze over the drivers of business performance” said Gabriel Garcia, head of relationship management at Advisor Solutions at BNY Mellon’s Pershing. “As clients demand ever higher levels of service, firms must be able to analyze, understand and gauge the economics of their businesses, as well as set benchmarks that will help them compete and stay relevant.”
Pershing’s Business Metrics and Assessment Tool is the first tool in the industry that provides registered investment advisor (RIA) firms with hands on access to business metrics and enables them to control data and benchmark themselves against their peers by: affiliation model (RIAs only, broker-dealers only, all hybrids); peer set (firms that are similar in revenue size); business model (financial planning, investment advisory, investment management or wealth management); and practice structure (solo, ensemble, enterprise ensemble and super ensemble).
Combining insights and historical trends from across the industry, the tool provides firms with an in-depth analysis of the health and sustainability of a business. The tool is particularly helpful for RIA firms that are growing or changing strategic direction—especially during periods of transition, such as a succession or merger and acquisition (M&A)—as it helps manage the overall financial health of their business.
“We developed this tool to help clients make informed decisions about how to grow and evolve,” continued Garcia. “In achieving that, it was important to make the data transparent to our clients so they could see clearly where they fall short and where they excel. Layering our consulting capabilities on top of the data, we were able to deliver clients a truly distinguished experience and a real opportunity to transform and drive better outcomes.”
Pershing’s Business Metrics and Assessment Tool is fueled by 20 years of InvestmentNews benchmarking data and is powered by ActiFi. The tool is used by Pershing relationship management and consulting teams who work with clients to analyze and interpret the data, help them identify benchmarks and develop an action plan to realize desired business goals.
BNY Mellon’s Pershing and its affiliates provide a comprehensive network of global financial business solutions to advisors, broker-dealers, family offices, hedge fund and ’40 Act fund managers, registered investment advisor firms and wealth managers. Many of the world’s most sophisticated and successful financial services firms rely on Pershing for clearing and custody; investment, wealth and retirement solutions; technology and enterprise data management; trading services; prime brokerage and business consulting. Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of offices worldwide, Pershing provides business-to-business solutions to clients representing approximately 7 million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company.