Pershing, a BNY Mellon company, has announced the launch of new mutual fund and exchange-traded fund solutions, offered by its affiliate, Lockwood Advisors. These will meet the needs of investors starting to build wealth and help registered reps navigate the Department of Labor’s (DOL) fiduciary rule requirements.
Pershing’s new Lockwood WealthStart Portfolios mutual fund and ETF offering, along with new solutions provided by third-party providers, both feature a diverse range of asset allocation strategies and a minimum balance of $10,000.
These portfolios include a number of asset allocation strategies targeted at investors with varying risk profiles. The strategies can be accessed through diversified risk-based model portfolios from some of the industry’s leading firms, including Pershing affiliate Lockwood.
«These flexible mutual fund and ETF solutions demonstrate our ongoing commitment to providing financial professionals with the tools they need to navigate the evolving regulatory landscape and grow their business,» said Joel Hempel, chief operating officer of Lockwood. «They may also assist registered reps who are considering a transition from a commission-based brokerage model to fee-based advisory relationships.»
The new offering is fully integrated into Pershing’s flagship NetX360 professional platform, and advisors can access them through Lockwood’s turnkey managed account solution, Managed360 or by using Pershing’s managed investments platform.
«Emerging and mass-affluent investors can now have greater access to professionally managed investment solutions,» said Hempel. «These investors represent a large, often underserved market. By offering a suite of diversified risk-based portfolios to this segment, advisors and registered reps can serve new clients and take advantage of cross-generational opportunities.»
Looking ahead, Lockwood will continue to evaluate managers to participate in its third-party offerings to provide more opportunity for financial professionals to grow their business and for investors to accumulate wealth.