BNY Mellon's Pershing Announces First-Of-Its-Kind Advisory Solution

June 8, 2021

The multi-custodial solution will enable seamless management of fee-based investment advisory accounts

JERSEY CITY, N.J.— BNY Mellon’s Pershing (“Pershing”) today announced that its Managed Accounts Central—a first-of-its-kind multi-custodial managed accounts solution fully powered by a custodian—is scheduled to be available in the fourth quarter of this year to Pershing’s Wealth Solutions clients, as well as to firms who do not custody with Pershing.

Pershing Managed Accounts Central will allow wealth managers to oversee their advisory business across custodians through the convenience of a single solution. Firms can choose to outsource their managed accounts technology as well as their investment advisory solutions, or a combination of both, depending on their unique needs.

“We see growing interest in managed accounts as the shift to fiduciary advice continues,” said Sarah Chain, Director of Global Strategy & Product Management at BNY Mellon’s Pershing. “Our new solution will help support this growth by making it easier for clients to manage their advisory business via the convenience of a single platform.”

The increasing need for advice and changes in the regulatory environment are fueling the growth in managed accounts, which are projected to grow to $11.6 trillion in 2023 from $7.4 trillion at the end of 2019, according to Cerulli Associates.

“As investments in managed accounts grow, so does the need to streamline the process of running these accounts,” continued Chain. “Our new offering is designed to address that need. It will prove critical in helping advisors realize new efficiencies so they can focus on delivering holistic advice.”

Managed Accounts Central will deliver an intuitive and integrated experience, eliminating the need to toggle between multiple platforms. The flexible technology will also make it easier for advisors to provide end-to-end support from proposal to performance reporting for different types of investors, ranging from emerging to high-net-worth, so they can focus on what’s most important: spending more time with clients.

The new solution will allow advisors to manage business holistically via Pershing’s consolidated dashboard, which displays information on portfolio performance, account holdings, and asset allocation across custodians. In addition to trading and reporting tools, Managed Accounts Central will feature investment research and model management capabilities.

Managed Accounts Central will also include Pershing’s new model marketplace, which is scheduled to launch toward the end of the year. The model marketplace will be available via both Managed Accounts Central as well as Pershing’s NetX360® platform. It will feature third-party and proprietary models—offered through BNY Mellon Investment Management and Lockwood—separately managed account model portfolios, as well as separately managed account manager portfolios for fixed income.

“We continue to reimagine the experience on our platform,” said Emily Schlosser, Chief Operating Officer, BNY Mellon’s Pershing. “Our goal is to make it faster, easier and simpler for clients to access the solutions they need to power their growth.”

Pershing recently completed several levels of integrations that incorporate third-party financial planning tools into its managed accounts technology. These integrations significantly enhance the advisor experience by enabling advisors to move effortlessly from developing a financial plan to generating an investment proposal and opening an account.

Pershing’s managed accounts technology is used by more than 11,000 advisors and houses 1.6 million accounts with over $730 billion in assets.

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