August 03, 2015

Wealth managers must adapt to prosper from new industry dynamics, advises BNY Mellon’s Pershing

LONDON, 3 August 2015 – Pershing Limited, a BNY Mellon company, urges advisers to adjust their business propositions and critically analyse the core components of their business in order to maximise the opportunities presented by the evolving financial services landscape.

At its annual UK advisory council, Mark Tibergien, CEO and Managing Director, Pershing Advisor Solutions LLC, highlighted what advisory firms should do to continue to grow profitability amid an environment of continued regulatory, technological and industry change.

In order to better attract new clients and retain existing clients, and compete effectively against new entrants and digital advice services coming to market, Tibergien encouraged advisers to focus on:

  • Pricing: Demonstrate the value of advice by providing clear, competitive charges. Firms need to present a clearly differentiated business model which highlights service benefits in a consumer-friendly style.
  • Client base: Think long term and multi-generational. Think beyond the person sitting in front of you, what about their spouse and possible children? Target new market segments, for example by developing services addressing the specific needs facing entrepreneurs.
  • Product/service offering: Adapt your services to meet client and market demands, such as the new pension freedoms and the increased demand for digital solutions. Provide a holistic service which allows clients to grow with your firm.
  • Human capital: Underinvesting to harvest profits can be detrimental for future success. Attracting new talent is vital to unlock new market opportunities; firms should develop effective recruitment and retention strategies, for example offering flexible working arrangements and professional development through coaching programmes.

Ileana Sodani, Chief Relationship Officer, Pershing Limited said: “New opportunities for growth are continuously emerging in the wealth management sector and firms need to plan carefully to ensure that they are making the most of this. Advisers need to anticipate their clients’ demands and adapt accordingly to ensure their service offering meets expectations at all times. This is more important than ever as new business models enter the market and competition increases. Delivering outstanding service will retain clients, encourage other family members to use your services, and generate referrals to support new business relationships. Client retention and attracting new clients need to be balanced carefully to ensure profitability and long term success.”

Pershing’s advisory councils are part of its practice management programme, which provides advice to adviser and wealth management clients to facilitate their business growth. The two-day event, held in London, featured a range of guest speakers from organisations such as the Wealth Management Association (WMA) and Tax Incentivised Savings Association (TISA), and covered a variety of topics including robo-advice technology trends and the implications of pension freedoms.


Pershing Limited provides broker-dealers, asset managers, intermediary firms, IFAs, and financial institutions across Europe with a comprehensive range of products, services, and solutions including retail clearing, fully disclosed institutional global clearing, broker services, and trading services. Established in London in 1987, Pershing Limited and its subsidiary, Pershing Securities Limited, are members of the London Stock Exchange and Euroclear UK & Ireland. Pershing Limited has memberships with LCH.Clearnet EquityClear and SIX SIS AG. Pershing Securities Limited is a member of Deutsche Börse, Eurex Clearing, and Clearstream. Pershing Limited is an affiliate of Pershing LLC, a leading global provider of financial business solutions to more than 1,600 institutional and retail financial organisations and independent investment advisers. Pershing LLC (member FINRA/NYSE/SIPC) is a member of every major U.S. securities exchange, and a subsidiary of The Bank of New York Mellon Corporation.  Additional information is available at

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 35 countries and more than 100 markets. As of June 30, 2015, BNY Mellon had $28.6 trillion in assets under custody and/or administration, and $1.7 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 Follow us on Twitter @BNYMellon or visit our newsroom at for the latest company news.




Irene Bell
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Shelly Durrant
Monika Witkowska
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