The firm said it has created a single offering to give wealth managers, investment advisors and family offices a “richer client service experience.”

“Advisors will no longer have to choose between custody service models and will be able to offer clients more choices,” BNY Mellon said.

The combined offering will provide business development, relationship management, client service and technology, offering “greater operational efficiency,” the firm added.  

“Registered investment advisors who serve clients with complex financial lives often use a bank custodian for one type of client or account, and a brokerage custodian for different circumstances,” said Mark Tibergien, chief executive of Pershing Advisor Solutions.

According to Tibergien, a quarter of advisors on the Pershing platform use both types of platform.

“Some high net worth clients prefer the perceived safety and soundness of a bank, or use a bank for trusts, foundations and multi-generational relationships, while others prefer the efficiency and support they get from a brokerage custody platform - this allows advisors to now offer the best of both to clients,” he said.