BNY Mellon's Pershing Introduces New Independent Recordkeepers to Growing Retirement Plan Network

February 16, 2016

New firms selected for value they bring to advisor-centric models, ability to help firms more efficiently manage data

JERSEY CITY, N.J., February 16, 2016 — Pershing LLC, a BNY Mellon company, today announced the addition of two new recordkeepers as part of the continued expansion and enhancement of its Retirement Plan Network. The new firms added are 401kDIRECT and Summit Benefit Solutions, with additional providers expected to be added in the months ahead.

The two firms were selected for their ability to provide advisors utilizing Pershing’s Retirement Plan Network with a greater range of recordkeeping options, both in terms of client size focus, specialization and geography. The role of the recordkeeper has become increasingly critical, as advisors look to gain easier access to data, attain better oversight of their overall retirement business and respond to new regulatory developments, such as the Department of Labor’s proposed Conflict of Interest Rule.

“Having a choice of recordkeepers is important to retirement plan advisors as they define their market niche and client focus,” said Marc Caras, director of Pershing’s retirement plan business. “In the retirement space, the recordkeeper serves as the key point of contact for critical information, which can facilitate timely service and help advisors streamline their compliance efforts.”

Pershing’s Retirement Plan Network enables advisors to connect to independent recordkeepers, hold assets in custody, and leverage a fully integrated suite of investment products, retirement plan tools and practice management solutions. In addition, the Retirement Plan Network offers advisors a comprehensive view of plan details across network recordkeepers for all of their business held in custody with Pershing.

“We are personally invested in our clients’ success, and these enhancements demonstrate our commitment to serving the retirement space. We expect to announce a number of other key enhancements across the network in the coming months, focusing especially on the areas of data and integrated fiduciary tools, both of which are critically important topics to advisors,” Caras added.

For more information about Pershing’s Retirement Plan Network, please visit

About 401kDIRECT
401kDIRECT is one of the leading open architecture retirement plan providers in the industry. It is committed to Advisor, RIA and TPA delivered plans that enjoy highly competitive, fully transparent pricing. With over 30 years of experience offering retirement plan solutions, 401kDIRECT is able to deliver customizable plan solutions and access to over 25,000 mutual funds, ETFs, CIFs and more.

About Summit Benefit Solutions
Summit Benefit Solutions, Inc. provides you with an all-encompassing hire to retire solution. Since 1999, we have offered custom plan design consulting for startup and takeover plans, document services, recordkeeping, plan administration and any human capital management needs. Our specialty is providing small to mid-size businesses with customized benefit plan solutions. What differentiates us from competitors is how we approach our work with service and flexibility provided by our skilled and knowledgeable team.

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, managed account technology and operations 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 offices worldwide, Pershing provides business-to-business solutions to clients representing more than seven million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Professionally advised managed accounts are offered through its affiliate, Lockwood Advisors, Inc., which is an investment adviser registered in the United States under the Investment Advisers Act of 1940. Additional information is available on, 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 and wealth management and investment services in 35 countries. As of March 31, 2021, BNY Mellon had $41.7 trillion in assets under custody and/or administration, and $2.2 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.