New offering from Lockwood also assists registered reps looking to transition to fee-based advisory model
Pershing LLC, a BNY Mellon company, today announced the launch of new mutual fund and exchange-traded fund (ETF) solutions, offered by its affiliate, Lockwood Advisors, Inc. (Lockwood). These will meet the needs of investors starting to build wealth and help registered reps navigate the Department of Labor's (DOL) fiduciary rule requirements.
Pershing's new Lockwood WealthStart™ Portfolios1 mutual fund and ETF offering, along with new solutions provided by third-party providers, both feature a diverse range of asset allocation strategies and a minimum balance of $10,000.
These portfolios include a number of asset allocation strategies targeted at investors with varying risk profiles. The strategies can be accessed through diversified risk-based model portfolios from some of the industry's leading firms, including Pershing affiliate Lockwood.
"These flexible mutual fund and ETF solutions demonstrate our ongoing commitment to providing financial professionals with the tools they need to navigate the evolving regulatory landscape and grow their business," said Joel Hempel, chief operating officer of Lockwood. "They may also assist registered reps who are considering a transition from a commission-based brokerage model to fee-based advisory relationships."
The new offering is fully integrated into Pershing's flagship NetX360® professional platform, and advisors can access them through Lockwood's turnkey managed account solution, Managed360™2 or by using Pershing's managed investments platform.
"Emerging and mass-affluent investors can now have greater access to professionally managed investment solutions," said Hempel. "These investors represent a large, often underserved market. By offering a suite of diversified risk-based portfolios to this segment, advisors and registered reps can serve new clients and take advantage of cross-generational opportunities."
Looking ahead, Lockwood will continue to evaluate managers to participate in its third-party offerings to provide more opportunity for financial professionals to grow their business and for investors to accumulate wealth.
About Lockwood Advisors, Inc.
Lockwood Advisors, Inc. is a leading provider of managed account solutions. As a program sponsor, Lockwood offers access to some of the industry's leading investment managers, provides independent research on separate account managers, and develops advisory solutions to help investment professionals meet the diverse needs of their clients. Lockwood also offers discretionary portfolio management solutions through financial institutions and independent registered investment advisers. Lockwood Advisors, Inc. is an investment adviser registered in the United States under the Investment Advisers Act of 1940, an affiliate of Pershing LLC and a wholly owned subsidiary of The Bank of New York Mellon Corporation (BNY Mellon).
Pershing and its affiliates provide global financial business solutions to advisors, asset managers, broker-dealers, family offices, registered investment advisor firms and wealth managers. A financial services firm located in 23 offices worldwide, Pershing provides business-to-business solutions to clients representing 6 million active investor accounts on the U.S. platform. Pershing affiliates are members of every major U.S. securities exchange, and its international affiliates are members of the Deutsche Börse, Australian Stock Exchange, Irish Stock Exchange, London Stock Exchange and Toronto Stock Exchange. Pershing LLC (member FINRA/NYSE/SIPC) is a BNY Mellon company.
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 and more than 100 markets. As of June 30, 2016, BNY Mellon had $29.5 trillion in assets under custody and/or administration, and $1.7 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).
1 Lockwood is the discretionary manager of the third party model portfolios and the WealthStart portfolios.
2 Lockwood is the sponsor of Managed360, a wrap fee program for which it provides investment advisory and overlay services. Pershing is not a registered investment adviser and does not offer investment advisory products, programs or services. Pershing provides wholesaling support, proposal generation and billing services.