Pershing, a subsidiary of BNY Mellon, has launched a new mutual fund and exchange-traded fund (ETF) solutions for emerging and mass-affluent investors.

The new product will be offered by BNY Mellon’s affiliate, Lockwood Advisors.

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The company said that these offering will meet the needs of investors starting to build wealth and help registered reps navigate the Department of Labor's (DOL) fiduciary rule requirements.

Pershing's new Lockwood WealthStart Portfolios mutual fund and ETF offering feature a diverse range of asset allocation strategies and a minimum balance of $10,000.

The new offering is fully integrated into Pershing's NetX360 professional platform. Advisors can access the platform through Lockwood's turnkey managed account solution, Managed360 or by using Pershing's managed investments platform.

Lockwood chief operating officer Joel Hempel said: "These flexible mutual fund and ETF solutions demonstrate our ongoing commitment to providing financial professionals with the tools they need to navigate the evolving regulatory landscape and grow their business. They may also assist registered reps who are considering a transition from a commission-based brokerage model to fee-based advisory relationships.

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"Emerging and mass-affluent investors can now have greater access to professionally managed investment solutions.

"These investors represent a large, often underserved market. By offering a suite of diversified risk-based portfolios to this segment, advisors and registered reps can serve new clients and take advantage of cross-generational opportunities,” Hempel added.