Financial advisers have the opportunity to make the most of the "wall of money" baby boomers and those approaching retirement have to offer, believes Geoff Towers.
Pershing's chief executive reckons advisers are only starting to see the first proper defined contribution (DC) savers coming up to retirement.
He adds: "So, up until now, advisers have seen DC clients that have an anchor in defined benefit (DB) and suddenly there's a cohort of people turning up with nothing [in DB pensions] - and they have complex needs. It's more than pensions, it's all the other assets and they need advice.
"If advisers are minded to [deal with them] it's an enormous tailwind to help their businesses - it's very good news."
Pershing provides a broad range of financial business solutions to investment banks, broker-dealers, wealth managers, financial planners and advisers across EMEA. We provide sophisticated front-end technology and flexible middle office capabilities with execution, settlement and custody services. These are supported by a robust regulatory and compliance framework with dedicated client asset experience and expertise.