Ashton Thomas Securities, an independent broker-dealer and registered investment adviser (RIA) operated by Arax Investment Partners (Arax), will receive clearing and custody solutions from BNY Mellon’s Pershing, a global provider of financial business solutions.
Under the terms of the Pershing arrangement, advisers at Ashton Thomas Securities will also have access to BNY Mellon Investment Management’s BNY Mellon Precision Direct Indexing service.
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Speaking to PBI, Ben Harrison, BNY Mellon Pershing’s head of wealth solutions explained the timeline behind the deal and what is next for the firm.
PBI: What was the timeline of the partnership? Who approached who?
Ben Harrison: BNY Mellon’s Pershing has had a long-standing relationship with Excel Securities dating to 2001. We have supported the firm’s evolution from an independent broker-dealer to a hybrid broker-dealer and RIA. To help Excel Securities in its ambitions to further scale and grow, we introduced Joe Lanzisera and his team to Arax Investment Partners. This synergy with Arax has positioned the firm to help more advisors help more clients.
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By GlobalDataThis announcement is a great example of Pershing’s mission in action, which is to help advisors help more people, and our vision to be the most productive platform driving the future of wealth management. We expect to see more relationships like this going forward in support of our strategic priority to provide growth opportunities to $1B+ wealth management firms. We can provide real value to hybrid broker-dealers and RIAs with our fully integrated set of solutions, from brokerage custody to advisory offerings. We can also bring the full breadth of the BNY Mellon enterprise to our clients—our partnership with BNY Mellon Investment Management, which offers direct indexing and tax management capabilities to Ashton Thomas Securities’ advisors, is a prime example of this.
