November 11, 2014
Steady expansion of platform attests to seamless, consolidated, efficient conversion process, enhancing client acquisition, retention and asset growth
JERSEY CITY, N.J., - Pershing LLC, a BNY Mellon company, today announced it has added Voya™ Investment Management’s Tomorrow’s Scholar® 529 plan to its 529 plans platform on NetX360® to provide advisors with more choices in college savings plans for their clients. Voya Investment Management (formerly ING U.S. Investment Management) is the third major 529 college savings plan provider available on Pershing's no-fee college savings platform.
“We are pleased to welcome Voya Investment Management and the Tomorrow’s Scholar plan to Pershing’s growing 529 solutions,” said Rich Calvario, vice president of financial solutions at Pershing. “In addition to expanding our roster of 529 plan providers, we’re particularly excited to see the steady growth of the platform in ways that facilitate RIAs and broker-dealers joining us directly. We expect to see this expansion continue as we build out the program.”
The 529 college savings plans available on Pershing’s brokerage platform give financial organizations and investment professionals a streamlined approach to providing their clients with 529 college savings strategies, as well as access to additional assets under management and introductions to new investors. It also opens the door to the growing, yet underserved, market for college funding strategies and broadens the portfolio of services that advisors and firms can make available to their clients.
“We were an early adopter during the launch of this program and have been impressed with the efficiency and steady success of Pershing’s 529 college savings plans in the advisor-sold channel,” said Glenda Schmidt, president and founder of Schmidt Financial Group, a high-net-worth, independent RIA with offices in Kirkland, WA and Palo Alto, CA, that specializes in “tech-wealth” investors. “This significantly supported our decision to transition our custodial relationships to the Pershing platform late last year,” added Schmidt.
For firms with clients already holding 529 college savings plans directly with state programs or mutual fund companies, Pershing’s program gives them the opportunity to consolidate assets under management.
“The nature of financial services today is more dynamic and complex than ever,” said Samir Murty, managing director and principal of Orgel Wealth Management, LLC, in Altoona, WI, which serves individual investors, trusts, foundations, retirement plans, and corporations. “Our decision to join the Pershing 529 platform was aided by our experience using Pershing as our custodian. Converting to the Pershing 529 platform and bringing over our clients was a seamless process at every step.”
About BNY Mellon's Pershing
BNY Mellon’s Pershing and its affiliates provide advisors, broker-dealers, family offices, hedge fund and ’40 Act fund managers, registered investment advisor firms and wealth managers with a broad suite of global financial business solutions. Many of the world’s most sophisticated and successful financial services firms rely on Pershing for clearing and custody, investment and retirement solutions, technology, enterprise data management, trading services, prime brokerage and business consulting. Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of 23 offices worldwide, Pershing provides business-to-business solutions to clients representing approximately 7 million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Additional information is available on pershing.com, or follow us on Twitter @Pershing.
About BNY Mellon
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. As of March 31, 2018, BNY Mellon had $33.5 trillion in assets under custody and/or administration, and $1.9 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 www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.