Pershing intros paperless account-opening feature

David Gemma

27 June 2008

Clearing and custody firm says new gizmo streamlines processes, monitoring. Clearing firm Pershing has introduced paperless account-opening for independent broker-dealer firms and RIAs. The point is to give advisory firms a way to present their clients with account-opening documents filled in and authorized online.

Faster

"We understand how critical it is for RIAs and introducing broker-dealers and their investment professionals to focus on delivering cost-effective and exceptional client service," says Pershing's chief information officer Suresh Kumar. "The introduction of this integrated online account opening solution via NetExchange Advisor and NetExchange Pro relieves our customers of the burden of cumbersome operational support and makes it easier for them to conduct and grow their businesses."

Pershing's NexExchange workstations provide independent brokers, RIAs and dually registered advisors web-based access to client-account information, trading tools, market data and research.

In addition to saving time and trouble by eliminating the need to exchange hard copies of account-opening documents, the new paperless feature of Pershing's advisor platforms helps firms keep track, in real time, of the status of their clients' accounts.

Jersey City, N.J.-based Pershing is a subsidiary of Bank of New York Mellon. -FWR