JERSEY CITY, N.J., April 12 /PRNewswire-FirstCall/ -- Pershing Advisor Solutions LLC, a BNY Mellon company, announced today that it has expanded its suite of innovative practice management solutions for its independent registered investment advisor (RIA) customers with Healthcheck, a new tool to provide RIAs with an objective assessment of the operating health of their businesses. The offering was developed in conjunction with Business Health, one of Australia's leading practice management groups in the financial advisory industry.
Healthcheck is devoted to helping RIAs maximize the growth and profitability of their practices. The tool provides Pershing Advisor Solutions' RIA customers with an intuitive, Web-based self-assessment questionnaire comprised of over 100 questions that generates an evaluation of the health of an RIA practice across more than 30 critical functions. Advisors are able to complete the self-assessment at their convenience, and all responses are kept confidential by Business Health and Pershing Advisor Solutions.
Key business areas addressed include:
- The Client Experience – Healthcheck evaluates all aspects of the client experience ranging from client communications and office space to staffing, database management and client segmentation;
- Business Planning and Strategy – Healthcheck educates advisors on a broad array of topics related to business planning. These include developing a business strategy and succession plan identifying and evaluating risk management measures such as disaster recovery and business continuity plans;
- Marketing, Product and Compliance Management – Healthcheck helps advisors evaluate how their firms are competitively positioned and perceived by their clients and prospects. The solution examines products and services offered by advisors, marketing and public relations initiatives, crisis planning and compliance standards;
- Human Capital – Healthcheck provides advisors with recommendations to assist them in effectively managing human capital. The tool helps RIAs evaluate recruitment and staff development, performance management, internal communications and firm culture; and
- Key Performance Indicators – Healthcheck walks advisors through a review of revenue, assets, expenses and profitability, benchmarks against peers and provides guidance on strategies to strengthen their firms' bottom line.
After completion, advisors receive a detailed report which provides insights, analyses and recommendations from Pershing Advisor Solutions practice management specialists. Pershing Advisor Solutions' Relationship Managers will meet with the RIA firm one-on-one to interpret the business challenges outlined in the assessment and their implications. They will then work closely with the firm to develop and implement customized solutions leveraging experts from both Pershing and industry-leading consulting firms through its ValueAlliance® program. Pershing's ValueAlliance program provides its customers with access to a wide range of solutions and preferred pricing from an extensive network of leading third-party firms to help them grow and manage their businesses.
Mark Tibergien, chief executive officer of Pershing Advisor Solutions, said, "Healthcheck helps independent registered investment advisors identify, in a clear and concise manner, the strengths and weaknesses of their practices. This new solution provides benchmarks and actionable ideas to assist principals of advisory firms in enhancing their firm's efficiency, profitability and creating a world-class client experience. What makes Healthcheck stand out is that the tool is part of our consultative process to help advisors grow their businesses."
Business Health is an independent organization specializing in advice and solutions to the financial services profession. Since its establishment in 2000, Business Health has evolved as one of Australia's leading practice management groups. Business Health comprises a team of uniquely qualified professionals, strategically located across Australia, with the ability to deliver results locally or globally as required. Internationally, including the United States, South Africa, Hong Kong, Singapore, UK and New Zealand, Business Health has established a reputation for innovation and cutting-edge solutions. Our experience in the financial advisory environment, enhanced by an extensive up-to-date knowledge of international factors and trends, positions us to offer significant expertise in the area of practice management. Additional information is available at www.businesshealth.com.au.
Pershing Advisor Solutions LLC (member FINRA/SIPC) is an affiliate of Pershing LLC and a leading custodian to independent registered investment advisors and dually registered advisors working in conjunction with many of Pershing LLC's introducing broker-dealer customers. Pershing LLC (member FINRA/NYSE/SIPC), a BNY Mellon company, is committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Through an innovative custody platform, Pershing Advisor Solutions delivers superior expertise and scalable and customizable solutions to help independent registered investment advisors manage and grow their businesses. Additional information is available at www.pershingadvisorsolutions.com.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at www.bnymellon.com
SOURCE Pershing Advisor Solutions LLC