Pershing has rolled out the first iteration of NetXInvestor, a new portal for end clients of RIAs and independent BD advisors that offers customized views and tools for individual clients controlled by their advisors who custody or clear with Pershing.
Patrick Yip, director of Advisory Market Technology Strategy at Pershing, said in a Friday interview that the new portal—which replaces NetExchangeClient—reflects Pershing’s business strategy to help advisors “grow their business and build their brand,” and its technology strategy to meet the changing demands and expectations of end clients.
“When I was younger,” said Yip, “all the cool technology was at work; now it’s at home.” Yip says that “for the last 20 years we’ve been building tools for baby boomers,” but now it must build them for Gen X, Gen Y and millennial clients, offering those clients choice to interact with their advisors “through any device at any time.”
In addition to the end client platform, which was “built from the ground up,” says Yip, and will be enhanced throughout 2014, Pershing also is planning to release this year new versions of its NetX360 platform for advisor use and its mobile platform.
The NetXInvestor platform is white labeled for either the RIA firm or the broker-dealer and comes with a choice of “themes,” Yip said, by which he means the design and options that clients can view and use on the site. For example, Yip said that for some clients, the theme will look like what Apple device users are accustomed to, while for younger clients—“a Gen Y who’s looking for something that pops more, with streaming news and more popup alerts”—there will be a design more familiar to Android users.
The advisor will control the theme (including colors, logos and styles) that the end client is viewing, but beyond design, functional customization is available through “entitlements” chosen by the advisor. One example is trading. Most clients of RIAs do not trade on their own, but an RIA could allow an individual client to do so through the secure environment of NetXInvestor.
All clients will be able to view the daily updated value of their portfolio, have access to news and research (customized to their holdings), be able to set up alerts for specific holdings in their portfolios and access cash management tools. The news feature, says Yip, will “change context depending on where you are in the site,” to match the views and data on that page. A Quick Links button on the client’s home page will bring up contact information for the client’s advisor, but later this year that feature will become part of a “communications center,” says Yip, that beginning in Q3 or Q4 will allow more robust, secure collaboration between client and advisor, such as sharing documents.
Further enhancements scheduled for NetXInvestor “later this year,” Pershing said in a statement, are e-signature, investor-initiated asset movement requests and additional collaboration tools.
NetXInvestor combines the former NetExchange Client, NetExchange View, NetExchange Select and myeDocumentsuite.com.