BNY Mellon and Pershing Reveal Integrated Services at Insite Conference

What You Need to Know

The potential cost savings for clients who fully embrace the unified platform could reach 40%.
The pace of innovation has added a new degree of complexity to wealth management.
Insite 2024 will feature a closing conversation with country music star Keith Urban.

BNY Mellon and its Pershing unit on Tuesday announced a new bundled service approach that seeks to build on both organizations’ capabilities serving their wealth management clients.

The integrations were revealed at the 2024 Insite conference, being held this year in Nashville, Tennessee. The conference gathers a cross section of BNY Mellon and Pershing clients from across the advisor, asset management, custody and financial technology industries, with the goal of spotlighting the firms’ efforts to deliver new solutions and capabilities.

In an interview with ThinkAdvisor to mark the conference kickoff, BNY Mellon’s lead distribution executive, David DiPetrillo, said the bundled offering delivered through Pershing enables financial advisors to access the full breadth of capabilities from across BNY Mellon’s leading platforms, including BNY Mellon Investment Management and BNY Mellon Advisors.

“As investors’ financial needs continue to become more complex, they are increasingly looking to their financial advisors for help across their investment needs,” DiPetrillo said. “By bundling these services, BNY Mellon is providing advisors with a holistic, simplified offering, allowing them to focus more of their time on their clients.”

DiPetrillo, echoing comments anticipated to be made during the conference’s opening address from senior Pershing executives Ben Harrison and Jim Crowley, said the enhancements will bring together BNY Mellon’s managed accounts platform, asset allocation and manager selection, investment management products, customized tax solutions, the interoperable Pershing X’s Wove platform for advisors, and custody and clearing services from Pershing into a “comprehensive and unified package” for clients.

The project also is intended to cut costs and deliver greater value, DiPetrillo added. In a statement with the announcement, the firms suggest that the potential cost savings for clients who fully embrace the unified platform could reach 40%.

Road to Deeper Integration

In a sense, DiPetrillo said, the bundling has been a decade in the making.

“What we have been seeing more and more over time is a desire on the part of all of our clients for more unified help across the board,” he said. “I think it’s a natural part of this big cycle of innovation that the industry has been on for years now. There’s been so much great development work on platforms, apps, products and solutions — and that’s been really positive for creating more options for investors and bringing the industry toward the promise of delivering customized portfolios down into lower and lower wealth spheres.”