Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, offers wirehouse advisors comprehensive Advisor in Transition practice management program.
With new program wirehouse advisors can explore alternative affiliation models and get tools and applications to make a seamless transition to a new organization. The system helps to obtain objective career transition information and key insights into business strategies.
The alternative affiliation models include joining or establishing a broker-dealer firm, joining or establishing an independent registered investment advisory (RIA) practice or establishing a hybrid firm that offers both commission and fee-based services.
The Advisor is a flexible assistant in selecting the appropriate affiliation model, corporate structure and staffing plans, developing an appropriate operational and technology infrastructure. The key features of the program are as follows:
– Confidential access to industry specialists who are qualified to answer questions on topics related to compliance, financing, making a transition, marketing and establishing a business. Wirehouse advisors can also benefit from Pershing’s ValueAlliance program which offers preferred pricing and access to a wide range of solutions from an extensive network of leading third-party firms and consultants;
– An interactive financial modeling tool that generates detailed profit and loss and cash flow projections, and incorporates important economic and business factors that need to be considered when making a transition. Criteria range from the type of firm and optimal revenue model desired, to compensation benchmarks for staff, and typical expenditures for technology, operations, compliance and office space;
– A broad array of self-service tools and practice management support, including detailed guidebooks that walk an advisor through the process of going independent, webcasts on critical topics relating to these processes and events designed to help wirehouse advisors navigate the transition process and make the most informed and successful move;
– A sophisticated portal, www.advisorintransition.com, that provides wirehouse advisors with a centralized, one-stop resource to help them prepare for a transition, evaluate their options and consult directly with industry experts;
– The Business Model Evaluator, an online tool developed in collaboration with Moss Adams LLP, that utilizes an algorithm to help wirehouse advisors determine the affiliation model that matches their profile and business objectives. Advisors are equipped with actionable information to help them launch their own introducing broker-dealer or RIA firms or identify an existing introducing broker-dealer or RIA firm that is affiliated with Pershing LLC or Pershing Advisor Solutions LLC, and well suited to meet their goals and objectives.
“Our Advisor in Transition program is designed to introduce our broker-dealer customers to wirehouse advisors considering an alternative affiliation and communicate the benefits of these alternative models,” says Jim Crowley, managing director of the national customers group, Pershing LLC.
“We will continue to work closely with our customers to help them drive future business development and capitalize on top talent transitioning from wirehouse firms in search of models that offer access to vast resources and solutions.”
“Many advisors are confronted by numerous, unfamiliar business challenges when considering a change of affiliation, or establishing a new firm,” says Mark Tibergien, chief executive officer, Pershing Advisor Solutions LLC.
“Advisor in Transition offers access to an unprecedented level of solutions, expertise and practice management support that will help advisors make confident decisions and smooth transitions regardless of the affiliation models they choose.”
L.D.