BNY Mellon's Pershing and Lincoln Investment are expanding their longtime clearing partnership as Lincoln transitions its self-clearing business onto a single custodial platform, the companies said Friday.
Lincoln also selected Pershing X's Wove wealth management platform, introduced in June, to provide a suite of technology solutions to its advisors and other financial professionals, the firms said.
Pershing X, BNY Mellon's technology development group, announced the launch of the Wove wealth management platform for financial advisors during the opening day of Pershing's Insite conference in Orlando.
The company said the new platform would allow wealth advisors to seamlessly connect all the components of a client's financial picture in one place by integrating various technology tools advisors use into a single, data-driven platform.
The new clearing arrangement addresses Lincoln's need for enhanced technology and product solutions to meet financial professional and consumer demands, and also supports the firm's ability to deliver on strategic enterprise initiatives in the future, according to the company.
Up until now, Lincoln has maintained dual clearing arrangements.
