BNY Mellon's Pershing has completed the integration of its managed accounts technology with its annuity order entry platform, Subscribe(R), delivering advisors streamlined annuity purchasing and servicing capabilities within its managed accounts solution.
The integrated solution supports over 70 fee-based annuity products from 18 carriers and is designed to deliver a seamless experience for advisors looking to incorporate fee-based insurance products into the wealth management process.
"Increasingly, advisors are turning to managed accounts to achieve a higher degree of customization and greater tax efficiencies," said Sarah Chain, director of Global Strategy and Product Management at Pershing. "Access to annuities within managed accounts will allow advisors to provide comprehensive wealth management, including retirement income strategies."
The integration of Pershing's managed accounts technology and Subscribe will deliver advisors an end-to-end experience--from proposal to performance reporting-- and enhance their ability to deliver holistic financial advice.
Specifically, the solution will allow advisors to:
* Efficiently construct a proposal inclusive of fee-based annuities.
* Build a custom allocation mix in a flexible variable annuity model.
* Open a managed account (including all pre-filled insurance carrier paperwork and the ability to share for eSignature).
* Purchase an annuity contract (electronically).
* Provide account oversight.
* Aggregate for billing.
* Receive daily detailed holdings and balance updates, or run on-demand and quarterly performance reports.
For advisors with previous annuity positions, the new solution will also offer the ability to network those existing positions into the managed account.
"Annuities offer advisors a valuable option to help meet client financial goals," said Hans Schemmel, director of Retirement and Insurance-Based Solutions at Pershing. "Currently, these products are often managed independently. Providing advisors with access to fee-based annuities and investment advisory accounts will allow them to simplify the wealth management process and drive better efficiencies."
The integration will help drive new efficiencies for advisors via direct connectivity to carriers, integration for compliance requirements (including broker-dealer forms), simplified record keeping through online document storage, and management of investment policy governance through risk tolerance alignment.
For more information on Pershing's managed account solutions, please visit here. (https://www.pershing.com/what-we-provide/managed-account-solutions/)
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About BNY Mellon's Pershing
BNY Mellon's Pershing and its affiliates provide advisors, broker-dealers, family offices, hedge fund and '40 Act fund managers, registered investment advisor firms and wealth managers with a broad suite of global financial business solutions. Many of the world's most sophisticated and successful financial services firms rely on Pershing for clearing and custody, investment and retirement solutions, technology, enterprise data management, trading services, prime brokerage, managed account technology and operations and business consulting. Pershing helps clients improve profitability and drive growth, create capacity and efficiency, attract and retain talent, and manage risk and regulation. With a network of offices worldwide, Pershing provides business-to-business solutions to clients representing more than seven million investor accounts globally. Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. Professionally advised managed accounts are offered through its affiliate, Lockwood Advisors, Inc., which is an investment adviser registered in the United States under the Investment Advisers Act of 1940. Additional information is available on pershing.com, or follow us on Twitter @Pershing.
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries. As of Sept. 30, 2019, BNY Mellon had $35.8 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.