Pershing introduces NetXInvestor portal for individual investors

Pershing has renamed NetExchange Client, now calling it NetXInvestor as the firm overhauls the product to better adapt to changing technology and a shift in generational demographics.
The new branding push for the NetXInvestor client-facing website in 2014 comes as Pershing also plans to relaunch its NetX360 platform for advisers and its NetX360 Mobile platforms for both investors and advisers, according to Patrick Yip, director of advisory market technology strategy at Pershing.
“We’ve refreshed NetExchange Client a number of times, but this is the most major refresh in 10 years,” Mr. Yip said Tuesday at the T3 Technology Tools for Today conference in Anaheim, Calif., where Pershing made its announcement.
NetXInvestor combines the former NetExchange Client, NetExchange View, NetExchange Select and myeDocumentsuite.com into a unified product for Pershing’s adviser clients and their investors, according to a statement.
Mr. Yip said the new website is created to be intuitive for users with streamlined navigation and improved data display. Pershing’s research detected generational differences between clients and found that while Gen Y feels at home with virtual communications and mobile devices, Baby Boomers typically find greater satisfaction through personalized engagement with others.
“We think of the three re-launches as one major event driven by the change in our clients’ demographics and the transforming technology that’s available today,” Mr. Yip said.
Pershing’s usability testing lab has designed NetXInvestor to let clients to pick their own website experience based on their expertise with technology, navigation style and personalized access to research and tools — and Mr. Yip said that not all preferences are age-based. Regardless of generational demographics, clients expect a rich experience on their laptops, tablets and smartphones.
“My mom wants what my kids have,” he said.
At the T3 conference, Victor Fetter, chief information officer with LPL Financial, noted that clients’ expectations now frequently are shaped by their experience with consumer products.
The “new normal” is simpler, more personal and led by the efficiencies of technology, said Mr. Fetter, who also recognized the generational shift accompanying technological innovation.
Based on about 2,000 feedback responses from advisers using NetX360, Pershing plans this year to introduce a communications center that will let advisers and clients share documents. The firm also expects to launch services such as e-signature and investor-initiated asset movement requests.
Also in the first half of 2014, Pershing will integrate bank and brokerage for high-net-worth clients by bringing together Pershing Advisor Solutions and Bank of New York Mellon Corp.’s Wealth Management Advisor Custody Group on Pershing’s NetX360 platform, Mr. Yip said.
“There is a perception that a bank custodian is safer than a brokerage custodian,” he said.

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