Pershing LLC has partnered with NextCapital, an adviser-facing robo platform, to be its first custodian. This time, however, the robo has chosen Pershing as the custodian in what Rob Foregger, co-founder of NextCapital, said is the company's expansion to offer automated investment advice outside of defined contribution plans where the robo got its start. Pershing, based in Jersey City, is a clearing firm unit of Bank of New York Mellon Corp, and is the first custodian NextCapital has chosen to custody its assets. "Our broader vision is really actually being able to help our partners manage their client's entire lifecycle," Mr. Foregger said. NextCapital, which started in the retirement market providing digital advice to defined contribution plans, already integrates with 401(k) record keeping systems and supports 401(k)s, individual retirement accounts and retail brokerage accounts on its platform. With the partnership, NextCapital will assist advisers in providing holistic portfolio tracking, planning, savings and portfolio management advice for out-of-plan moments, including rollover and retirement income options. Pershing was ranked seventh in number of custodian clients, according to InvestmentNews research. Mr. Foregger said NextCapital plans to be multi-custodial in the future. Last summer, Pershing teamed up with Marstone, a business-to-business robo-adviser. In that case, the custodian had chosen Marstone to offer its advisers a robo option for working with clients. Ben Harrison, head of business development and relationship management at Pershing Advisor Solutions, said it is continuing to expand its digital offerings. "On the client front, having the ability of a firm like NextCapital to provide a high-powered experience is something we see a tremendous opportunity for institutions," Mr. Harrison said.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave