Financial advisors, fundsters, and other industry insiders are on the edge of their seats this morning awaiting the closing speaker at Pershing's
advisor conference. At 11am, retired Yankee's shortstop Derek Jeter
is slated to share his remarks and close out the conference.
| Derek Sanderson Jeter|
New York Yankee's
Pershing (BNY Mellon's RIA- and broker-dealer-focused clearing and custody giant) gathered about 2,000 people this week for the conference, held in Orlando, Florida. The baseball superstar isn't the only headliner: former U.S. Secretary of Defense Leon Panetta
spoke on Wednesday, and former U.S. Secretary of State Madeline Albright
is slated to speak this morning (before Jeter). The star speaker
so far was former Federal Reserve Chairman Ben Bernanke
; word among attendees is that Bernanke was witty and interesting, though he talked not about current events but about the financial crisis of six years ago.
| Ben Shalom Bernanke|
The Pershing team unveiled their alliance with Marstone
to create an FA-friendly robo advisor
, news that FA magazine
both picked up on. Pershing Advisor Solutions CEO Mark Tibergien
about the robo advisor threat.
The Pershing team also unveiled a "digital enablement strategy", picked up on
And, as noted by InvestmentNews
, Pershing CEO Ron DeCicco
highlighted the strong growth of the RIA business (vs the traditional B-D business). The trade publication says that Pershing now serves 811 B-Ds and 562 RIAs, and notes that the RIA unit (Advisor Solutions, led by Tibergien) has grown to $160 billion in assets under custody, up from $30 billion seven years ago.
Neil Anderson, Managing Editor
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