BNY Mellon's Pershing has rolled out new pricing options designed to give registered investment advisors more flexibility and transparency in serving clients, according to a company release.

In addition to its existing variable pricing, RIAs on the Pershing custody platform will now be able to choose from a monthly subscription and zero-transaction-fee pricing.

The subscription fee calculation will exclude assets held in BNY Mellon exchange-traded funds and stocks and will provide a tiered structure starting as low as $25 per month, with fees tiered based on the amount of assets. Advisors will not have to pay transaction fees on exchange-traded funds (ETFs), equities, fixed income securities, and mutual funds.

It also offers tiered cash yields for clients with higher deposits and provides FDIC protection for clients with up to $2.5 million, Pershing said.

The second option include, a zero-transaction-fee pricing for advisory firms seeking a lower-cost solution for portfolios that favor equities and ETFs.

Jim Crowley, Pershing's CEO, said the new pricing approach offers choice to align with client preferences. “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,” he said in a prepared statement.

Pershing follows several financial institutions such as Schwab, TD Ameritrade, Fidelity and Facet Wealth that introduced subscription-based planning last year. In January, Betterment began charging a monthly subscription fee.