BNY Pershing has launched a financial advisor growth network intended to support breakaways in going independent.
The Advisor Growth Network, or AGN, is one of the announcements coming out of BNY Pershing’s INSITE conference in National Harbor, Md. this week. Other news will include upgrades to its multi-custodial wealth management platform, Wove, BNY’s investment management platform, and a new bank account offering for clients.
BNY Pershing said AGN will provide access to a “premium community of wealth management experts and resources to support financial advisors’ business growth objectives through curated connections, insightful research and event opportunities.” It’s a value-added service for clients and partners, with no fees and access through Pershing’s NetX360 platform.
On a website highlighting the network, the firm stressed its support for advisors who want to break away from captive wirehouse setups.
“The right practice management partner at the right time can make all the difference for RIAs and breakaway financial advisors,” the website reads.
BNY Pershing announce the network after the country’s largest custodian, Charles Schwab, launched a subscription-based advisor network called ProDirect. Schwab’s program, which is also focused on supporting breakaway RIAs, will go into effect in July and cost $5,250 per quarter, or $21,000 annually, with a one-year initial membership that is then renewable quarterly thereafter.
Like prior announcements at its annual advisor conference, BNY will be detailing new features on its advisor-facing platforms. These include new options on Wove, its multi-custodial wealth management platform, which the firm launched at its 2023 INSITE conference:
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An integrated view for investors of their portfolio, information and relevant tools on Wove’s NetX investor and wealth reporting platform;
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A fixed income portfolio management upgrade on Wove Trading that will allow advisors to manage the portfolios as well as “unlock unique client insights;”
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A unified managed account tool in Wove to build UMA portfolios with model providers, separately managed account managers and individual securities
In addition, BNY Investments will highlight ResearchFlex, a new research service that supports advisors’ investment decisions.
It will also introduce PortfolioFlex, a tool for advisors to modify investment allocations to create tailored portfolios that meet clients’ risk/return profiles and tax preferences. The investment options will come from a BNY-curated menu of investment managers, and advisors can execute trades and rebalance on the platform.
Finally, the firm will announce BNY A.M.P., or assets-movements-platforms, a full-service banking offering that advisors can offer their clients.
“The power of BNY allows us to harness expertise from across our businesses to improve our client offerings,” Jim Crowley, global head of BNY Pershing, said in a statement. “Continued product innovation is a priority and leveraging the connectivity of our businesses has allowed us to deliver the full breadth of BNY to clients to help them drive growth, productivity and scale.”
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