March 5, 2020
Pershing's new pricing approach includes three distinct packages, offering advisory firms choice, flexibility and transparency to better serve their clients.
JERSEY CITY, N.J., MARCH 5, 2020—BNY Mellon's Pershing ("Pershing"), which custodies over $800 billion in advisory assets1, today unveiled an innovative pricing offer. In addition to Pershing's existing variable pricing, registered investment advisors (RIAs) on the Pershing custody platform will now be able to choose from two new options: monthly subscription and zero-transaction-fee pricing.
"As the only remaining custodian that does not compete with advisors for retail assets, we are setting a standard for transparency and how custodians should engage with advisory firms," said Jim Crowley, Pershing's CEO. "Our new pricing approach offers choice to align with client preferences and deliver greater value."
The three pricing packages are:
"Our new pricing strategy is designed for advisors, in consultation with advisors, taking into consideration some of the long-term trends we see in the industry," said Ben Harrison, head of business development and relationship management for the RIA custody business at Pershing. "It empowers advisors to choose what's best for their clients and better aligns us with the fiduciary model. As the rest of our competitors double down on the direct-to-consumer retail channel, we are proud to be the only custodian doubling down on the future of the RIA business."
1 As of Dec. 31, 2019