Pershing is building out the estate planning services it offers broker-dealers and registered investment advisors by adding two major players to its trust platform.
Pershing announced today that it has added BOK Financial and Independent Trust Company of America to Trust Network, an open-architecture platform it launched in 2008 that allows broker-dealers and RIAs to manage investments for their clients' trust accounts with all related assets held in custody at Pershing. The outside trust companies that are part of the network offer broker-dealers and RIAs full trustee, agent-for-trustee and trust reporting services.
BOK Financial Corporation is a $26 billion regional financial services company based in Tulsa, Okla., that offers trust services through its national bank affiliate, BOKF, NA. Independent Trust Company of America was founded by Santa Fe Trust, one of the first trust companies to work exclusively with financial advisors.
Pershing's Trust Network is available to introducing broker-dealer customers through Pershing LLC and to RIAs via Pershing's affiliate, Pershing Advisor Solutions LLC.
Pershing LLC, a subsidiary of BNY Mellon, is based in Jersey City, N.J., and provides financial services to more than 1,500 institutional and retail organizations and RIAs.