Concord joins Pershing fee-based program for IBDs

FWR Staff

25 September 2007

Fee-based platform provider joins clearing firm's open architecture program. Clearing and custody firm Pershing has given investment-platform provider Concord Wealth Management a place on its Managed Account Network, a fee-based program for introducing broker-dealers.

"It is essential for investment professionals to have access to high-quality investment managers and flexible technology applications in order to their clients and successfully compete for new business," says Nicholas Mariniello, a managing director with Matawan, N.J.-based Concord. "Pershing's outstanding solution and Concord's robust platform are a powerful combination for broker-dealers and the independent advisory community."

Put another way

Pershing is the biggest clearing firm for independent broker-dealers in the world so the arrangement could help Concord -- which does most of its business with banks -- make headway in that space.

"A strong relationship with Pershing will enable us to deliver comprehensive wealth-management solutions to Pershing clients in a highly effective and cost-efficient manner," says Mariniello.

Jersey City, N.J.-based Pershing launched its Managed Account Network this past spring. It's meant to give advisors who use broker-dealers that clear through Pershing access to investment products and services from a selection of providers. In addition to Concord the program features FundQuest, Envestnet Asset Management, Morningstar Investment Services, Tercet Capital and Pershing's Lockwood Advisors affiliate.

Pershing had around $50 billion in SMA assets under administration a few months ago: $20 billion with Lockwood, $9 billion through its RIA-oriented Managed Account Direct program and another $21 billion or so on SMA platforms selected by the broker dealers themselves.

Pershing is an subsidiary of Bank of New York Mellon. -FWR

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