Pershing introduces tool to help advisers choose best technology

Company assesses adviser's needs and then generates a report comparing software and analyzing vendors

Jun 13, 2019 @ 2:35 pm

By Mark Schoeff Jr.

Pershing has launched a new device to help investment advisers on its custodial platform choose the technology that best fits their businesses, the company announced Thursday.

Called the tech assessment tool, it is designed to determine an adviser's technology needs and then generate a report that lists an array of software products that are compared according to cost, ease of implementation and use, and other factors. It also provides an analysis of vendors.

The new tool to assist advisers with the technology procurement process will be another way that Pershing's technology consulting team can help advisers beef up their digital capabilities, according to Christina Townsend, director of platform strategy at Pershing Advisor Solutions.

"The tech assessment tool will add a new dimension to our conversations with clients by quantifying the value of a technology investment before implementation takes place," Ms. Townsend said in a statement released at Pershing's Insite conference in Phoenix. "And regardless of whether the best solution for the client is Pershing technology or a third-party solution, our consultants are here to help clients with all their technology decisions and see them through the entire implementation process."

The Pershing technology consultants never start with an IT product or piece of software and then try to make it fit an adviser's business, Ms. Townsend said in an interview.

Instead, the team she leads gains an understanding of the adviser's strategy and business objectives so that the technology recommended provides the best value. They then continue working with the adviser in a holistic consulting process.

"We're not a drive-by consultant," Ms. Townsend said. "We stay engaged in the relationship."

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