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.
By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.
JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.
Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.
The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.
Elsewhere, two breakaway teams from Morgan Stanley and Merrill unite to form a $2 billion RIA, while a Texas-based independent merges with a Bay Area advisory practice.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
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.
