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Pershing and BNY Mellon Reorganize around HNW Customer Needs

Pershing and BNY Mellon Combine Bank and Brokerage Custody into a Single Service Offering

Service to benefit advisors serving ultra high-net-worth investors

Pershing images (3)On May 16 Pershing LLC, a BNY Mellon company, 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 inthe United States in 2012 by Global Finance.

For more information, visit www.pershingadvisorsolutions.com.

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