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BNY Mellon’s Pershing Launches Fee-Based Annuities in Its Managed Accounts Solution

JERSEY CITY, N.J. — BNY Mellon’s Pershing (“Pershing”) today announced that it has completed the integration of its managed accounts technology with its annuity order entry platform, Subscribe®, delivering advisors streamlined annuity purchasing and servicing capabilities within its managed accounts solution.

The integrated solution supports over 70 fee-based annuity products from 18 carriers and is designed to deliver a seamless experience for advisors looking to incorporate fee-based insurance products into the wealth management process.

“Increasingly, advisors are turning to managed accounts to achieve a higher degree of customization and greater tax efficiencies,” said Sarah Chain, director of Global Strategy and Product Management at Pershing. “Access to annuities within managed accounts will allow advisors to provide comprehensive wealth management, including retirement income strategies.”

The integration of Pershing’s managed accounts technology and Subscribe will deliver advisors an end-to-end experience—from proposal to performance reporting— and enhance their ability to deliver holistic financial advice.

Specifically, the solution will allow advisors to:

  • Efficiently construct a proposal inclusive of fee-based annuities.
  • Build a custom allocation mix in a flexible variable annuity model.
  • Open a managed account (including all pre-filled insurance carrier paperwork and the ability to share for eSignature).
  • Purchase an annuity contract (electronically).
  • Provide account oversight.
  • Aggregate for billing.
  • Receive daily detailed holdings and balance updates, or run on-demand and quarterly performance reports.

For advisors with previous annuity positions, the new solution will also offer the ability to network those existing positions into the managed account.

“Annuities offer advisors a valuable option to help meet client financial goals,” said Hans Schemmel, director of Retirement and Insurance-Based Solutions at Pershing. “Currently, these products are often managed independently. Providing advisors with access to fee-based annuities and investment advisory accounts will allow them to simplify the wealth management process and drive better efficiencies.”

The integration will help drive new efficiencies for advisors via direct connectivity to carriers, integration for compliance requirements (including broker-dealer forms), simplified record keeping through online document storage, and management of investment policy governance through risk tolerance alignment.

For more information on Pershing’s managed account solutions, please visit here.

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BNY Mellon’s Pershing
Liz Ozaist
+1 (347)-528-3559

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