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BNY Mellon Pershing's subscription custody plan was scuttled by crashing COVID interest rates, but may get a second wind as rates rise, reviving its play for Schwab/TD Ameritrade RIAs

But offering higher yields to switch may not be enough to lure advisors, who typically keep minimal investments in cash, says one industry expert.

Author Oisin Breen June 25, 2022 at 12:41 AM
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Ben Harrison's interest-yielding custody fee model could still take off, albeit two years later than planned.

RIA Custodians



Related Moves

February 10, 2023 at 3:39 AM

2025 will be the year of 'Under New Management' in RIA business, after 2024 brought profusion of CEO-level fires, hires and deals

First seven CEOs were replaced, then myriad big HR dominoes fell as Vanguard, Schwab, Envestnet, InvestCloud, LPL, Cetera and Orion all switched out CEOs and presidents

January 2, 2025 at 10:49 PM

Cetera hiring Mike Durbin as CEO -- overseeing its existing 'CEO' -- completes Genstar's stellar HR week after it put Charles Goldman atop Orion's board -- with 'exponential' growth in mind for the 'middle market' companies

The Los Angeles broker-dealer nabbed the Fidelity legend to take its $118-billion AUM and 8,000 advisors higher, just as Orion -- also majority owned by Genstar -- makes a similar move.

May 18, 2023 at 1:46 AM

Pershing restores Ben Harrison as sole heir to Mark Tibergien -- for now -- but solo tenure may be temporary, with other top talent in the wings

Co-Head Maura Creekmore's departure leaves Harrison at the top by default, but the company is mum on future hiring and how much RIA autonomy gets sacrificed in name of 'convergence.'

January 19, 2023 at 3:31 AM

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