BNY Mellon's Pershing, which has in its custody over US$800 billion in advisory assets (1), has this week unveiled what it describes as an innovative pricing offer. In addition to Pershing's existing variable pricing, registered investment advisors (RIAs) on the Pershing custody platform will now be able to choose from two new options: monthly subscription and zero-transaction-fee pricing.

"As the only remaining custodian that does not compete with advisors for retail assets, we are setting a standard for transparency and how custodians should engage with advisory firms," said Jim Crowley, Pershing's CEO. "Our new pricing approach offers choice to align with client preferences and deliver greater value."

The three pricing packages are:

Subscription-based pricing (2) for advisors looking for a simplified, predictable approach to pricing and access to some of the most sought-after products and solutions in the industry, including a competitive investment choice for cash. Features include:

A tiered subscription model, starting as low as $25 per month (fees tiered based on the amount of assets).

No transaction fees on exchange traded funds (ETFs), equities, fixed income securities, and mutual funds.

Tiered competitive cash yields for clients using cash as an investment vehicle. This unique, tiered cash sweep rewards clients who have higher deposits and offers FDIC protection up to $2.5 million.

Access to BNY Mellon's to be launched suite of ETFs (assets held in BNY Mellon ETFs will be excluded from the subscription fee calculation).

Zero-transaction-fee pricing for advisory firms seeking a lower-cost solution for portfolios that favor equities and ETFs.

Variable pricing for advisory firms serving clients with complex needs who benefit from customized asset or transaction-based pricing, including over 80 cash sweep options.

"Our new pricing strategy is designed for advisors, in consultation with advisors, taking into consideration some of the long-term trends we see in the industry," said Ben Harrison, Head of business development and relationship management for the RIA custody business at Pershing.

"It empowers advisors to choose what's best for their clients and better aligns us with the fiduciary model. As the rest of our competitors double down on the direct-to-consumer retail channel, we are proud to be the only custodian doubling down on the future of the RIA business."

1 As of December 31, 2019

2 Monthly subscription fee excludes alternative investments, foreign trading, foreign exchange, lending, paper confirmations, and miscellaneous cash management fees.

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BNY Mellon's Pershing, which has in its custody over US$800 billion in advisory assets (1), has this week unveiled what it describes as an innovative pricing offer. In addition to Pershing's existing variable pricing, registered investment advisors (RIAs) on the Pershing custody platform will now be able to choose from two new options: monthly subscription and zero-transaction-fee pricing.

"As the only remaining custodian that does not compete with advisors for retail assets, we are setting a standard for transparency and how custodians should engage with advisory firms," said Jim Crowley, Pershing's CEO. "Our new pricing approach offers choice to align with client preferences and deliver greater value."

The three pricing packages are:

Subscription-based pricing (2) for advisors looking for a simplified, predictable approach to pricing and access to some of the most sought-after products and solutions in the industry, including a competitive investment choice for cash. Features include:

A tiered subscription model, starting as low as $25 per month (fees tiered based on the amount of assets).

No transaction fees on exchange traded funds (ETFs), equities, fixed income securities, and mutual funds.

Tiered competitive cash yields for clients using cash as an investment vehicle. This unique, tiered cash sweep rewards clients who have higher deposits and offers FDIC protection up to $2.5 million.

Access to BNY Mellon's to be launched suite of ETFs (assets held in BNY Mellon ETFs will be excluded from the subscription fee calculation).

Zero-transaction-fee pricing for advisory firms seeking a lower-cost solution for portfolios that favor equities and ETFs.

Variable pricing for advisory firms serving clients with complex needs who benefit from customized asset or transaction-based pricing, including over 80 cash sweep options.

"Our new pricing strategy is designed for advisors, in consultation with advisors, taking into consideration some of the long-term trends we see in the industry," said Ben Harrison, Head of business development and relationship management for the RIA custody business at Pershing.

"It empowers advisors to choose what's best for their clients and better aligns us with the fiduciary model. As the rest of our competitors double down on the direct-to-consumer retail channel, we are proud to be the only custodian doubling down on the future of the RIA business."

1 As of December 31, 2019

2 Monthly subscription fee excludes alternative investments, foreign trading, foreign exchange, lending, paper confirmations, and miscellaneous cash management fees.