BNY Mellon Pershing Chief Operating Officer Jim Crowley told the crowd assembled at its yearly Insite conference in Phoenix on Wednesday that “being here is about preparing yourself and your firm for the future.”
Insite 2019, which has more than 2,000 guests, aims to “bring the best thinkers and subject matter experts here for you to engage with,” Crowley said. “Please engage with [them] … and re-imagine what your future might be.”
His own future will change on July 1, when he becomes CEO of Pershing. Current CEO Lisa Dolly has had “an amazing 30-year career and re-imagined her future. Let’s congratulate her,” he said, as the crowd broke into applause.
The COO then discussed the fiduciary, technology and client-experience trends affecting the wealth and advisory industry, which he says has about $7 trillion in assets.
While advisors are growing assets about 10% a year, those using Pershing for clearing and custody services “are growing a couple percentage points greater than your counterparts … by building your business with scale, retaining and attracting top talent and building organizations supported by professional management,” Crowley explained.
“This fuels our practice management, lending solutions, advisor-centric technology and more,” he said. “We all share the same goal. We all want a greater share of that incredible asset pool. Our success is driven by your success.”
Turning to technology and operations, “the drumbeat is on … to do more and to do it faster,” Crowley said. “You should invest your capital in what makes your business more valuable and let us do the heavy lifting behind the scenes.”
Roughly two-thirds of advisors working with Pershing integrate its technology with that made by third parties or build their own technology systems, he explained.
At a recent elite advisor event, 62% of advisors said their top priority is integration across CRM, client integration, financial planning and other tech tools, according to Crowley.