The Bank of New York Mellon's Pershing Unit Launches Comprehensive Practice Management Program to Help Wirehouse Advisors Transi
December 09 2008 - 8:00AM
PR Newswire (US)
JERSEY CITY, N.J., Dec. 9 /PRNewswire-FirstCall/ -- Pershing LLC, a
subsidiary of The Bank of New York Mellon Corporation, announced
today that it has launched a new Advisor in Transition practice
management program. The program is designed to help wirehouse
advisors explore alternative affiliation models and provide them
with tools and solutions to make a seamless transition to a new
organization. These alternative affiliation models include joining
or establishing a broker-dealer firm, joining or establishing an
independent registered investment advisory (RIA) practice or
establishing a hybrid firm that offers both commission and
fee-based services. The Advisor in Transition program enables
wirehouse advisors to obtain objective career transition
information and key insights into business strategies. It also
helps wirehouse advisors address critical business decisions
ranging from selecting the appropriate affiliation model, corporate
structure and staffing plans, to developing an appropriate
operational and technology infrastructure. Key features of the
program include: -- A sophisticated portal,
http://www.advisorintransition.com/, that provides wirehouse
advisors with a centralized, one-stop resource to help them prepare
for a transition, evaluate their options and consult directly with
industry experts; -- The Business Model Evaluator, an online tool
developed in collaboration with Moss Adams LLP, that utilizes a
sophisticated algorithm to help wirehouse advisors determine the
affiliation model that best matches their profile and business
objectives. Advisors are equipped with actionable information to
help them launch their own introducing broker-dealer or RIA firms
or identify an existing introducing broker-dealer or RIA firm that
is affiliated with Pershing LLC or Pershing Advisor Solutions LLC,
and well suited to meet their goals and objectives; -- Confidential
access to industry specialists who are qualified to answer
questions on topics related to compliance, financing, making a
transition, marketing and establishing a business. Wirehouse
advisors can also benefit from Pershing's ValueAlliance(R) program
which offers preferred pricing and access to a wide range of
solutions from an extensive network of leading third-party firms
and consultants; -- An interactive financial modeling tool that
generates detailed profit and loss and cash flow projections, and
incorporates important economic and business factors that need to
be considered when making a transition. Criteria range from the
type of firm and optimal revenue model desired, to compensation
benchmarks for staff, and typical expenditures for technology,
operations, compliance and office space; and -- A broad array of
self-service tools and practice management support, including
detailed guidebooks that walk an advisor through the process of
going independent, webcasts on critical topics relating to these
processes and events designed to help wirehouse advisors navigate
the transition process and make the most informed and successful
move. Jim Crowley, managing director of the national customers
group at Pershing LLC, said, "Our Advisor in Transition program is
designed to introduce our broker-dealer customers to wirehouse
advisors considering an alternative affiliation and communicate the
benefits of these alternative models. We will continue to work
closely with our customers to help them drive future business
development and capitalize on top talent transitioning from
wirehouse firms in search of models that offer access to vast
resources and solutions." Mark Tibergien, chief executive officer
of Pershing Advisor Solutions LLC, added, "Many advisors are
confronted by numerous, unfamiliar business challenges when
considering a change of affiliation, or establishing a new firm.
Advisor in Transition offers access to an unprecedented level of
solutions, expertise and practice management support that will help
advisors make confident decisions and smooth transitions regardless
of the affiliation models they choose." Advisor in Transition is a
component of Pershing's innovative TalentConnect(SM) recruitment
and retention program. TalentConnect offers a wide range of tools,
resources and consulting services to address every phase of an
investment professional's life cycle, from recruitment to
succession planning. For more information about the Advisor in
Transition program, please e-mail Pershing at . Pershing LLC
(member FINRA/NYSE/SIPC) is a leading global provider of financial
business solutions to more than 1,150 institutional and retail
financial organizations and independent registered investment
advisors who collectively represent over five million active
investors. Located in 19 offices worldwide, Pershing is committed
to delivering dependable operational support, robust trading
services, flexible technology, an expansive array of investment
solutions, practice management support and service excellence.
Pershing is a member of every major U.S. securities exchange and
its international affiliates are members of the Deutsche Borse, the
Irish Stock Exchange and the London Stock Exchange. Pershing LLC is
a subsidiary of The Bank of New York Mellon Corporation. Additional
information is available at http://www.pershing.com/. Pershing
Advisor Solutions LLC (member FINRA/SIPC) is an affiliate of
Pershing LLC and a leading provider of financial business solutions
to independent, fee-based registered investment advisors and
dually-registered advisors working in conjunction with many of
Pershing LLC's introducing broker-dealer customers. Additional
information is available at
http://www.pershingadvisorsolutions.com/. The Bank of New York
Mellon Corporation is a global financial services company focused
on helping clients manage and service their financial assets,
operating in 34 countries and serving more than 100 markets. The
company is a leading provider of financial services for
institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset
servicing, issuer services, clearing services and treasury services
through a worldwide client-focused team. It has $22.4 trillion in
assets under custody and administration, approximately $1.1
trillion in assets under management and services approximately $12
trillion in outstanding debt. Additional information is available
at http://www.bnymellon.com/. DATASOURCE: The Bank of New York
Mellon Corporation CONTACT: Barbara Gallo of Pershing LLC,
+1-201-413-2930, Web Site: http://www.advisorintransition.com/
http://www.bnymellon.com/
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