Ex-Pershing Advisor Solutions ops head moves to investment-platform provider. Back-office, account-management and investment-platform provider Concord Wealth Management has hired David Mittelman, formerly head of operations for Pershing's Advisor Solutions (PAS) unit, as a managing director in charge of the firm's administrative and operational support functions.

He reports to Concord's CEO Lee Argush.

Growth 

"David's appointment was prompted by Concord's continued dramatic growth," says Argush, "It is essential for Concord to continue to grow in a controlled and disciplined manner, and David will be a key contributor to that effort."

As an example of the growth Argush mentions, Concord recently added Omaha, Neb.-based Security National Bank to its list of clients.

Doug Oldaker, Security National's head of wealth-management unit -- formed a few years ago after the bank bought a local trust company -- says that using Concord's platform "enables us to more fully automate our administration and management of client portfolios" and "allows us to increase our focus on Security National's core competency of building durable client relationships."

Concord, which uses overlay technology from Cambridge, Mass.-based Smartleaf, also just added Orlando, Fla.-based Seaside National Bank & Trust.

Banks and trust companies, which dominate Concord's client base, have been hemorrhaging wealth-management assets to brokerages and RIAs for years. Offering client a comparatively broad selection of managers -- frequently as a complement to in-house capabilities -- is viewed as a way for banks to win or retain fee-based wallet share from affluent customers.

But Concord may be on its way to bringing in more business from to brokerages that use Pershing's clearing services. Mittelman's old employer recently added Concord to its roster of fee-based account providers to introducing broker-dealers.

Matawan, N.J.-based Concord won't say what it's assets under administration come to. -FWR

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