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Pershing finally matches Schwab on zero-fee trades but it offers big incentives to pay a subscription fee to score perks like auto-sweep to in-house Flourish/Stonecastle-type FDIC cash manager

The Jersey City, N.J. custodian is seeking to disrupt custody's Big Three on value and price by giving RIAs a much better cash choice than having it swept to an in-house bank

Author Brooke Southall March 6, 2020 at 3:34 AM
no description available
Ben Harrison: No other custodian is doing this [cash sweep to high-yield third parties] because it cuts too much into their revenue stream.

RIA Custodians

Pershing Client

Pershing Client

March 6, 2020 — 3:27 PM
You wrote, "...Schwab, which went so far as to pledge never to charge a custody fee." However that is not what Schwab promised with regard to custody fees as the very next sentence makes clear when they say the have no "intention" to raise them. This is not the same as promising not to ever raise them.
Brooke Southall

Brooke Southall

March 6, 2020 — 7:36 PM
Pershing Client, Here is the first item in the Schwab pledge: 'Industry-leading custody services, with no AUM minimums, no custody fees – and no intention to raise them.' It is confusing. It says: "No custody fees" and its says: 'And no intention to raise them.' I'm thinking they must be referring to the AUM minimums it has no intention to raise -- perhaps not the best sentence structure. Here's the link: https://advisorservices.schwab.com/pledge?mod=article_inline


March 7, 2020 — 5:09 PM
per galton


March 8, 2020 — 4:00 AM
per bain

Related Moves

January 19, 2023 at 3:31 AM

Behind the scenes, Ben Harrison's rise to replace Mark Tibergien at Pershing was more shock and awe than a symphonic succession

Harrison's appointment was baked in the cake -- or not -- and Tibergien departed with Swiss-watch precision in Moss Adams-style--or not.

March 13, 2020 at 7:22 AM

The great Mark Tibergien is set to step down from CEO of Pershing Advisor Services to make way for heir apparent Ben Harrison

The RIA custody chief is a tireless and personable leader, consultant and guru who leaves BNY Mellon's RIA custody unit as its mission radically shifts

March 4, 2020 at 4:16 AM

BNY Mellon's new CEO is an RIA fan, and Pershing Advisor Solutions made a big personnel move to reflect it

Charles Scharf loosened the Pershing purse strings for Mark Tibergien who created 'head of platforms' position for Christina Townsend

March 12, 2019 at 10:14 PM

See more related moves

Mentioned in this article:

Pershing Advisor Solutions
Asset Custodian
Top Executive: Mark Tibergien

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