Lincoln Investment Planning (Lincoln Investment), and BNY Mellon’s Pershing have expanded their long-standing clearing arrangement as Lincoln Investment transitions its self-clearing business onto a single custodial platform.
The company has also selected Pershing X’s Wove wealth management platform to provide a suite of technology solutions to its financial professionals.
“The character, commitment and capabilities of BNY Mellon Pershing’s leadership and relationship management services teams assured us they are the ideal partner for Lincoln Investment’s unprecedented transformation,” said Ed Forst, CEO and President, Lincoln Investment.
“BNY Mellon Pershing’s state-of-the-art, full-service Wove wealth management platform is the solution we need for our financial professionals and clients and for the future of the company. We feel confident that we have found a partner for the long-term who can provide the right service model.”
Lincoln Investment’s conversion of its Solutions assets to a single custodial platform, supported by BNY Mellon’s Pershing, will be a transformative step in the company’s 55-year history.
The new clearing arrangement addresses the company’s need for enhanced technology and product solutions to meet financial professional and consumer demands, as well as supports Lincoln Investment’s ability to deliver on strategic enterprise initiatives in the future. Until now, Lincoln Investment has maintained dual clearing arrangements.
Lincoln Investment will also use BNY Mellon Pershing’s NetX360+ custodial technology platform to help support its clients with market data, news, research, financial planning and reporting tools. Additionally, Lincoln Investment will have access to BNY Mellon Pershing’s NetXInvestor portal, which offers clients of broker-dealer and registered investment adviser firms a wide range of resources and easy access to account information in a digital and secure manner.
BNY Mellon’s Pershing is a provider of clearing and custody services, with over $2 trillion in global assets under custody. The firm’s Pershing X business unit unveiled its innovative new Wove platform in June. Wove is designed to seamlessly integrate all the technology tools advisors use into a single, data-driven platform.
“We’re thrilled to expand upon our more than 25-year relationship with Lincoln Investment,” said Jim Crowley, Global Head, BNY Mellon’s Pershing.
“The decision to completely transition their clearing services to us, as well as adopt Wove as their wealth management platform of choice for their advisors, speaks to the mutual trust we have cultivated—and the impact that Wove is already having in the marketplace after debuting in June. We look forward to helping Lincoln Investment grow their business and best serve their clients.”
