Pershing LLC this week introduced a new platform aimed at serving the growing market of dually-registered advisors.
The program, called RIA Complete, will enable hybrid advisors at Pershing's introducing broker-dealer customers to manage their commission- and fee-based business on a single, integrated platform. The system includes a broad range of practice management support, including guidebooks, seminars and other tools to help brokers transition to a fee-based business.
Hybrid advisors are registered with the Securities and Exchange Commission for fee-based services on the RIA side of the business, and with the Financial Industry Regulatory Authority on the commission-based side.
Pershing, based in Jersey City-N.J., is a subsidiary of The Bank of New York Mellon Corp. RIA Complete gives introducing broker-dealers the option to serve RIAs through its affiliate, Pershing Advisor Solutions LLC, which provides clearing, custodial and other services to RIAs and dually-registered advisors.
RIA Complete will run off Pershing's NetX360 technology, the company's newest integrated platform for advisors.