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Industry Spotlight > Clearing and Custodial Firms

BNY Mellon’s Pershing Expands Clearing Deal With Lincoln Investment

By Jeff Berman

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BNY Mellon’s Pershing and Lincoln Investment are expanding their longtime clearing partnership as Lincoln transitions its self-clearing business onto a single custodial platform, the companies said Friday.

Lincoln also selected Pershing X’s Wove wealth management platform, introduced in June, to provide a suite of technology solutions to its advisors and other financial professionals, the firms said.

Pershing X, BNY Mellon’s technology development group, announced the launch of the Wove wealth management platform for financial advisors during the opening day of Pershing’s Insite conference in Orlando.

The company said the new platform would allow wealth advisors to seamlessly connect all the components of a client’s financial picture in one place by integrating various technology tools advisors use into a single, data-driven platform.

The new clearing arrangement addresses Lincoln’s need for enhanced technology and product solutions to meet financial professional and consumer demands, and also supports the firm’s ability to deliver on strategic enterprise initiatives in the future, according to the company.

Up until now, Lincoln has maintained dual clearing arrangements.

As part of their pact, Lincoln will also use BNY Mellon Pershing’s NetX360+ custodial technology platform to help support its clients with market data, news, research, financial planning and reporting tools, the firms said.

Lincoln will also have access to BNY Mellon Pershing’s NetXInvestor portal that provides clients of broker-dealer and registered investment advisor firms a large selection of resources and easy access to account information, the companies said.

Pershing advisors manage millions of investor accounts totaling over $2 trillion in assets. Washington, Pennsylvania-based Lincoln has over 1,000 advisors managing more than $49 billion in assets for over 355,00 individual investors.

Noting the two firms have a more than 25-year relationship, Jim Crowley, global head of BNY Mellon’s Pershing, said in a statement: “The decision to completely transition their clearing services to us, as well as adopt Wove as their wealth management platform of choice for their advisors, speaks to the mutual trust we have cultivated — and the impact that Wove is already having in the marketplace after debuting in June.”

Bank of New York Mellon. Photo Credit: Bloomberg

Jeff Berman

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