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Pershing Developing New Technologies for Wealth Managers

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BNY Mellon’s Pershing, a leading custodian for financial advisory firms and broker-dealers, is developing a new wealth management platform to serve brokerage, bank custody and advisory businesses. It is designed to help firms streamline the investor experience and provide a competitive edge against rival firms and tech startups.

The NetX360-Wealth platform represents the next generation version of the firm’s existing NetX360 platform and covers “the full value chain from prospecting, to client onboarding, to investment management,“ according to a press release.

Enhancements in the new platform include aggregated holdings, asset classification and deep integration with of Pershing’s in-house solutions such as Managed Investments. It can be used on desktops, tablets or mobile phones, and it aggregates “the full spectrum of the firm’s in-house and third-party solutions and services.”

The new platform is one of several technology-based enhancements the firm announced at its INSITE 2018 conference underway in Orlando, Florida.

”Regardless of their clients’ age, demographic, wealth management firms need to transform their businesses to provide flexible efficient offerings that deliver an experience to meet these higher client expectations,” said Chief Information Officer Ram Nagappan in a statement.

In addition to NetX360-Wealth, Pershing also announced several other enhancements that have been developed or are in the planning stages to serve wealth management firms.

  • The addition of ready-to-use components in its integration services software, known as NetXServices. They can  that be embedded or directly “plugged in” to advisor and investor portals and can be customized to fit “a firm’s user experience.”
  • Enhanced tools on its investor facing portal, NetXInvestor, a digital hub connecting advisors and investors to collaborate on investment goals, including a strategic proposal tool.
  • The exploration of test cases using digital assistants and behavioral analytics powered by artificial intelligence and robots to help industry professionals make more informed decisions.

— Check out BNY Mellon Investing $50 Million to Grow Pershing’s Business on ThinkAdvisor.