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Rating:A 401k Advice Shop Takes a Key Retail Step With Pershing Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, February 23, 2016

A 401k Advice Shop Takes a Key Retail Step With Pershing

Reported by Neil Anderson, Managing Editor

The RIA support folks at Pershing are teaming up with an online 401(k) advice specialist that's going retail ... through RIAs.

John Patterson
Chief Executive Officer
This morning John Patterson, CEO of Chicago-based NextCapital, and Mark Tibergien, CEO of advisor solutions at Jersey City-based BNY Mellon subsidiary Pershing, unveil their alliance. Tibergien's unit at Pershing will custody NextCapital's digital, open-architecture, retail advice offering through institutions. Watch for NextCapital to team up with other custodians, too, eventually, though not quite in the same way.

"We're going to be multi-custodian on the retail side because we have to be," NextCapital co-founder Rob Foregger tells MFWire. "Pershing is going to be preferred retail custodian."

Mark Tibergien
Pershing Advisor Solutions LLC, BNY Mellon
Chief Executive Officer, Managing Director
That preferred custodian relationship, Foregger says, translates into "overall cost deployment advantages" and "competitive custodial costs" for NextCapital's institutional allies and for Pershing-affiliated RIAs.

"We're working closely together on the integrations," Foregger says, praising Tibergien's team for being "really focused on helping bring firms into the digital wealth management age."

NextCapital already offers what Foregger calls a "QDIA-ready, auto-enroll-ready digital advice solution" through 401(k) plans. Yet the idea behind the Pershing alliance is for NextCapital's institutional allies (including AB, John Hancock parent Manulife, Russell, and Transamerica, all of whom have invested in NextCapital) to offer more holistic retirement savings advice by looking across all of an individual saver's accounts: 401(k), IRA, taxable, and more.

"The idea is to have one user interface, one client profile, one advice engine that can provide advice for the end consumer," Foregger says. 

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