Pershing has launched an integrated bank and brokerage custodial service it says will allow wealth managers to offer more options to their ultra-high-net-worth clients.

Pershing Advisor Solutions and BNY Mellon’s Wealth Management Advisor Custody Group started offering the single-service, integrated custodial solution yesterday. Pershing LLC, a BNY Mellon company, is offering the new service so that advisors will not have to choose between custody service models.

The combined offering will provide business development, relationship management, client service and technology under a single framework and is designed to offer greater operational efficiency.

“Registered investment advisors who serve clients with complex financial lives often use a bank custodian for one type of client or account, and a brokerage custodian for different circumstances,” says Mark Tibergien, CEO of Pershing Advisor Solutions.  “In our own case, 25% of our advisors currently use both types of platforms.

“Some high-net-worth clients prefer the perceived safety and soundness of a bank, or use a bank for trusts, foundations and multi-generational relationships, while others prefer the efficiency and support they get from a brokerage custody platform, he adds. “This allows advisors to offer the best of both” to ultra-high-net-worth investors.