Who is BNY Mellon / Pershing?

BNY Mellon / Pershing is one of the biggest financial services institutions that provides investment and wealth management solutions for Plenty and many other financial advisors and firms. For example, BNY Mellon is one of the custodians BlackRock is partnered with for its $2.3 trillion U.S. iShares exchange-traded funds (Source: Reuters, 2021).

When you open up a Plenty account, it’s held at BNY Mellon / Pershing. Most places you invest partner with larger institutions to keep accounts secure. 

In simple terms, BNY Mellon / Pershing is our partner for everything “back office” when it comes to trades. They also provide asset protection, which is really important in our ever evolving world.

What back office tasks does BNY Mellon / Pershing do?

BNY Mellon / Pershing holds customers’ securities - such as stocks and bonds - in electronic or physical form and keeps them safe. In other words, they help ensure that the investments in your Plenty portfolio aren’t stolen or lost.

They also help take care of trading settlements and make sure compliance and tax regulations are followed. 

Other helpful things to know about BNY Mellon / Pershing

BNY Mellon / Pershing partners with Plenty and many other firms around the world such as banks, wealth management groups, broker-dealers, and advisors. 

These business to business (B2B) partnerships allow Plenty and other financial firms to focus on providing the best offerings for customers’ needs while BNY Mellon / Pershing takes care of transaction processing, data management, and any platform infrastructure needs.

Some more examples of the services BNY Mellon / Pershing offers partners include:

• Managing risk and regulations

• Custody and clearing to settle trades

• Wealth management technology platforms

• Advisory fee billing and invoicing tools

• Client reporting capabilities

• Trading interfaces

• Back office quality control

Essentially, BNY Mellon / Pershing handles many important administrative tasks that financial professionals rely on to process trades, store assets, collect fees, and keep accurate client records.

Why is BNY Mellon / Pershing important?

BNY Mellon Pershing holds over $2 trillion in assets for advisors managing money on behalf of over 6 million underlying individual customer accounts and institutions around the globe.

By handling so many complex tasks behind the scenes, BNY Mellon Pershing ensures better transparency, accuracy, and quality control for registered investment advisors, and in turn for investors like yourself.

Their technology and operations enable better oversight and allow us at Plenty to deliver a streamlined, secure, and modern solution for managing money as a couple.

About Plenty

Plenty is an investment platform designed specifically for couples to build wealth, together. We go beyond budgeting, making it simple to invest, save, and grow toward your future goals by unlocking access to the financial strategies of the wealthy. Ready to get started? Sign up for your 1 month free trial today.

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The information provided herein is for general informational purposes only and should not be considered individualized recommendations or personalized investment advice. The type of strategies mentioned may not be suitable for everyone. Each investor should evaluate an investment strategy based on their unique circumstances before making any investment decisions.

Investing involves risk, including risk of loss. Past performance may not be indicative of future results. Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.

Tax-loss harvesting involves certain risks, including, among others, the risk that the new investment could have higher costs than the original investment and could introduce portfolio tracking error into your accounts. There may also be unintended tax implications. We recommend that you consult a tax professional before taking action.

Plenty does not provide legal or tax advice. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information.

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