Pershing Advisor Solutions and BNY Mellon's Wealth Management Advisor Custody Group have joined forces to offer a single-service integrated bank and brokerage custody offering for wealth management adviser clients.
Previously clients would have to choose between custody models. The service offers advisers a common framework for business development, relationship management, client service and technology.
The unified structure was specifically tailored to the needs of wealth managers, investment advisers and family offices, the firms say.
"Registered investment advisers 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," explains Mark Tibergien, CEO of Pershing Advisor Solutions. "In our own case, 25% of our advisors currently use both types of platforms."
Tibergien continues: "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."
Pershing is the broker-dealer subsidiary of BNY Mellon.