Service to benefit advisors serving ultra high-net-worth investors
JERSEY CITY, N.J., May 16, 2013 — Pershing LLC, a BNY Mellon company, today announced that Pershing Advisor Solutions and BNY Mellon's Wealth Management Advisor Custody Group, will now deliver a single-service integrated bank and brokerage custody offering. Advisors will no longer have to choose between custody service models and will be able to offer clients more choices. In addition, the combined offering will provide business development, relationship management, client service and technology under a single, common framework — offering greater operational efficiency and allowing advisors to deliver an integrated wealth management experience.
"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," said Mark Tibergien, CEO of Pershing Advisor Solutions. "In our own case, 25% of our advisors currently use both types of platforms." He 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."
The more unified structure will create a richer client service experience for wealth managers, investment advisors and family offices serving the unique needs and preferences of ultra high-net-worth investors. The comprehensive, integrated bank and brokerage offering will also allow advisors to realize operational efficiencies by eliminating duplicative efforts while being supported by the strength and stability of BNY Mellon, with more than $26.2 trillion in assets under custody. BNY Mellon was named the safest bank in the United States in 2012 by Global Finance.
For more information, visit www.pershingadvisorsolutions.com.
Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider of financial business solutions to more than 1,500 institutional and retail financial organizations and independent registered investment advisors who collectively represent approximately 5.5 million active investor accounts. Located in 23 offices worldwide, Pershing and its affiliates are committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Pershing is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, Australian Stock Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock Exchange. Pershing LLC is a BNY Mellon company. Additional information is available at www.pershing.com.
Pershing Advisor Solutions LLC (member FINRA/SIPC) is an affiliate of Pershing LLC and a leading provider of financial business solutions to independent, fee-based registered investment advisors and dually-registered advisors working in conjunction with many of Pershing LLC's introducing broker-dealer customers.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets. As of March 31, 2013, BNY Mellon had $26.3 trillion in assets under custody and/or administration, and $1.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on http://www.bnymellon.com/, or follow us on Twitter @BNYMellon.
Pershing Advisor Solutions LLC, member FINRA, SIPC, is a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon). Clearing, custody or other brokerage services may be provided by Pershing LLC, member FINRA, NYSE, SIPC. Pershing Advisor Solutions relies on its affiliate Pershing LLC to provide execution services.
Banking custody and credit services are provided by BNY Mellon, N.A., member FDIC, a wholly owned subsidiary of The Bank of New York Mellon Corporation. Credit services are subject to credit approval. Except with respect to uninvested cash held in a bank deposit account chosen by Client as part of a sweep election, assets custodied at BNY Mellon, N.A. are segregated from the general assets of BNY Mellon, N.A.
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