Roland McMillan started his career as an intern at a well know Wall Street
money manager firm in the mid '70s.
He has since worked as a money manager and a financial writer at a number of
print/web publications.
As part of his industry coverage for The Wealth Advisor, Mr. McMillan reviews and comments
on timely news items, practice management reports and opinions covering the wealth management industry.
He has held Series 7, 24 and 63 securities licenses in the past.
Are you tired of spending long hours on investment management, leaving you with less time to focus on growing your business and serving clients? With shrinking revenues, stiff competition, and the need to adopt new technologies, financial advisors are faced with the challenge of finding ways to optimize their operations while remaining profitable.
BNY Mellon Pershing is launching the BNY Mellon Precision Direct Indexing service, a cutting-edge direct indexing product that aims to change the game.
With this product, Pershing, a subsidiary of BNY Mellon, integrates its existing clearing and custody services to offer financial advisors a powerful tool for tax-loss harvesting backed by Pershing X's innovative automated tax optimizer.
This new service promises customization to fit both financial and personal client goals.
There's a lot of buzz around "direct indexing" as the next logical evolutionary stage beyond portfolios built out of off-the-shelf SMAs and passive products. Many of the big players, including Morningstar, Franklin and BNY Mellon Pershing itself, will be demonstrating their solutions at INSITE in the coming week.
If you can make it to any of those sessions, we think it will be worthwhile. But the underlying challenge is in plain sight. Despite the buzz, all these solutions are still pushing industry awareness up the hill.