Arete Wealth announces expansion of clearing and custody services with BNY Pershing
Arete Wealth, an independent broker-dealer and registered investment advisory firm managing over $6B in assets, has announced an expansion of its clearing and custodial services through long-term agreements with BNY Pershing. This partnership will provide Arete Wealth's advisors access to BNY Pershing X's Wove wealth management platform, which integrates tools like Wove Investor, Wove Data, and Wove Advisory's Portfolio Solutions to unify an investor's financial picture. This collaboration, hailed by both firms' executives, aims to support Arete's growth in traditional and alternative investments, including hedge funds, private equity, and real estate.
- Arete Wealth expands clearing and custodial services, enhancing its wealth management platform.
- The partnership gives Arete's advisors access to BNY Pershing X's Wove wealth management platform.
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Insights
The collaboration between Arete Wealth and BNY Pershing signifies an important strategic move in the finance sector. For a firm managing over
Short-term benefits include improved operational efficiency and enhanced client servicing capabilities. Long-term, this partnership can lead to increased competitiveness in the market, enabling Arete Wealth to scale its operations and expand its client base.
However, investors should be cautious about the initial costs of such integrations and the time required for full implementation. While the strategic partnership appears promising, the real impact on financial performance will be visible over the next few financial quarters.
This expansion in clearing and custody services via BNY Pershing reflects a broader trend in the wealth management industry towards consolidation and enhanced technological integration. The use of BNY Pershing's Wove platform could set Arete Wealth apart from its competitors by offering a unique value proposition: a holistic view of an investor’s financial landscape.
For clients, this means easier access to a diverse array of investment products and potentially more insightful financial advice due to the comprehensive data analytics offered by Wove Data and Wove Advisory's Portfolio Solutions. The integration of alternative investments, such as private equity and real estate, with traditional wealth management, further diversifies the product offerings and can attract a varied clientele.
Looking at industry norms, this move aligns well with increasing client expectations for personalized and sophisticated financial services. However, the success of this strategic shift will heavily depend on the effective implementation and adoption of these new technologies and services by advisors and clients alike.
Leading independent broker-dealer & RIA with over
As part of the agreement, advisors from Arete Wealth will now have access to BNY Pershing X's Wove wealth management platform, designed to help registered investment advisors, broker-dealers, and wealth management firms connect an investor's full financial picture in one place through offerings such as Wove Investor, Wove Data, and Wove Advisory's Portfolio Solutions.
"We're proud to be deepening our relationship with Arete Wealth, a firm whose focus on providing its advisors with the right resources to scale and serve clients matches our mission to help advisors help more people," said Ben Harrison, Head of Wealth Solutions, BNY Pershing. "Their decision to use our Wove wealth management platform, along with the new suite of Wove products unveiled just last month, is a testament to the strong collaboration we've built over the years."
Arete Wealth supports RIAs, wealth managers, and advisor teams seeking an elevated business experience in investing. In addition to traditional wealth management products, the firm's bespoke alternative investment platform currently features more than 60 offerings from dozens of sponsors including artwork, hedge funds, private equity, venture capital, real estate, and more. Pershing's suite of solutions will support the firm's growth across all these areas.
"We are thrilled to collaborate with one of the top providers of clearing and custody services in the industry," said Joshua Rogers, CEO and Founder, Arete Wealth. "As we expand and enhance our wealth management platform, Pershing's commitment to high-growth, sophisticated wealth managers, along with its focus on innovative technology offerings, makes them a perfect provider for our elite financial advisors."
About Arete Wealth
Arete Wealth, Inc. is a remarkably sophisticated financial services and wealth management firm. Arete Wealth offers expertise across a wide array of services including investment banking, managing broker-dealer services, financial and estate planning, investment advice and asset management, insurance and annuities, and an art and wine consultancy. The firm delivers financial solutions via institutional, full-service, and direct-to-consumer digital investment channels. Arete Wealth's diversified offerings and unique access to alternative investments, venture capital, and private equity programs are incomparable in the industry. The firm's financial professionals are highly ranked within the industry, serving clients that include high-net-worth individuals, institutions, other broker-dealers, independent registered investment advisors, family offices, and sponsors of investment offerings.
Founded in
About BNY
BNY is a global financial services company that helps make money work for the world — managing it, moving it and keeping it safe. For 240 years we have partnered alongside our clients, putting our expertise and platforms to work to help them achieve their ambitions. Today we help over
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). We are headquartered in
BNY Pershing (member FINRA, NYSE, SIPC) is a leading provider of clearing and custody, trading and settlement, advisory and investment solutions, data insights, business consulting and other services to wealth management and institutional firms looking to grow their businesses. For more information, go to www.pershing.com.
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SOURCE Arete Wealth
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