BNY Mellon’s Pershing launched a no-transaction-fee exchange-traded fund (ETF) platform: FundVest ETF. The platform requires no purchase minimums or holding period and will be available to all Pershing clients. The solution complements Pershing’s existing mutual fund NTF platform, FundVest.
“As the demand for ETFs continues to increase, we are pleased to bring our clients a diverse selection of no-fee ETFs offered on an independent, open architecture platform,” said Justin Fay, Pershing’s director of Financial Solutions, responsible for Alternative Investments and ETFs. “This new offering reaffirms our commitment to expanding the suite of low-cost investment solutions available to our clients as they continue to implement ETFs more frequently within portfolios in an effort to more efficiently meet investor financial goals.”
Inflows into ETFs on the Pershing platform increased 20% in 2016, compared to the previous year. In addition, a recent Pershing survey among 1,500 financial advisors, RIAs and global wealth managers found that more than two-thirds of respondents who used ETFs said they intend to increase their usage over the next 12 months.
FundVest ETF spans a diverse range of asset classes, featuring funds from market-leading providers including Direxion, Guggenheim Investments, PowerShares by Invesco, OppenheimerFunds, PIMCO, Reality Shares, and SPDR ETFs from State Street Global Advisors. The platform will continue to grow and add new providers over the coming months.
Pershing clients will have full access to the variety of funds available on FundVest ETF via the ETF Center on NetX360.
Envestnet | Yodlee Unveils Personal Financial Wellness Solution
Envestnet | Yodlee launched its Personal Financial Wellness Solution. The new suite of financial wellness applications leverages advancements in artificial intelligence, machine learning and data analytics to provide solutions, value and revenue opportunities for financial institutions and fintech developers.
The Envestnet | Yodlee Personal Financial Wellness Solution features two applications: OK to Spend and Save for a Goal.
OK to Spend enables financial service providers to create forward-looking forecasts that organize and predict recurring income and financial obligations along with personalized notifications for financial events and projected balances. Its analytics is run across the consumer’s primary spending accounts (cash and credit card), regardless of which financial institution they primarily bank with, in order to provide a holistic view of their finances.
The Save for a Goal application allows consumers to easily set and track savings goals. The application facilitates money movement across different accounts at a specific time frequency and allows customers to better track their goals by allowing consumers to allocate multiple goals to a single account, or spread a single goal across multiple cash and investment accounts.