Registered investment advisors affiliated with BNY Mellon’s Pershing Advisor Solutions can now offer their high net worth clients an array of private banking services, including credit and lending solutions, without needing to refer them externally.

The move is a result of an agreement forged by BNY Mellon between Pershing Advisor Solutions and its private banking business.

The new arrangement between PAS and BNY Mellon Wealth Management gives RIAs a broader range of business development, relationship management, client service and technology solutions, said Mark Tibergien, chief executive of Pershing Advisor Solutions.  

The firm has recruited Bob LaRue, a former private banker at Morgan Stanley, to lead the initiative.

LaRue will report to Erin Gorman, managing director of national mortgage sales and New England private banking within BNY Mellon Private Banking. He spent most of his career at Bank of America Merrill Lynch prior to Morgan Stanley, the firm said.

In related news, last month BNY Mellon announced that Pershing Advisor Solutions and its Wealth Management Advisor Custody Group will offer an integrated bank and brokerage custody service to give wealth managers, investment advisors and family offices a “richer client service experience.”