What is Pershing's Strategic Vision for What Lies Ahead?


Recorded at the BNY Mellon | Pershing INSITE 2022.  Media Center Powered by:

Advisorpedia interviewed Thomas Sholes, Chief Strategy Officer of Pershing, at BNY Mellon | Pershing INSITE in June, 2022.

Related: Digital Transformation at BNY Mellon | Pershing

Resources: Integrated Partners | Flyer Financial Technologies | Pershing, at BNY Mellon


SPEAKERS: Matt Ackermann, Thomas Sholes

Matt Ackermann  00:05

What is purchasing strategic vision for what lies ahead? I'm joined today by the perfect person answer that question, Tom Scholz from BNY Mellon / Persing Tom welcome. So when you hear words like strategic vision, you're used to all this strategy stuff. . .

What is kind of your vision for where Pershing is headed from here?

Thomas Sholes  00:23

Sure. Let me start with well, we the company. So BNY Mellon, we look at ourselves as being the trusted financial institution for our clients, and employees, not only today, but for the future. And we think about it makes a lot of sense because we are their outsourcing partner. So we need to be there for them, they have to trust us, there'll be their support, support their needs now and into the future. So that's where we see us playing that role.

Matt Ackermann  00:48

So when you think about playing that role as this trusted resource for your client, what does that mean? Like? What are some of the opportunities, the solutions that you can offer, as you kind of provide that trust for them?

Thomas Sholes  01:01

Sure. We start with their needs, like, what are the needs? What's driving the marketplace? What are the trends around things like advisory and technology and experience, they really drive us so we look to our clients and say, what are their needs based on the trends in the marketplace? So really focused on delivering solutions to meet those needs. So when I think about it, it's their focus on talent. So how do they retain and recruit talent, and that's what we're trying to do be able to provide them with the right service. We think about experience. So all consumers have been spoiled by experiences like Uber and Amazon. So that's what you look for. So how do we deliver better experience, help them deliver better experiences to service their investor? We think about advisory, the trend to advisory and how they're dealing with that, then we're developing solutions to help them get their version exp, great example,experiences everything these days.

Matt Ackermann  01:52

And it's sometimes harder because what you're expecting from your back end support is sometimes I always say you want it to be quick. You want to load well, and you want to make you look good in front of your client. How do you ensure that you're always making these advisors look good to their clients?

Thomas Sholes  02:10

You said the perfect, perfect setup for that, which is its back office. So we have to invest in the infrastructure. So it's scalable, it's secure, and our clients back to trust, the trust that will work, when they turn on the light switch, they expect them to go on right? When they turn on their computer, they expect us to be there, right? And that translates into then it delivers a front end experience. And if you've seen our preaching that x 360 plus, so industry leading front end experience so that the advisor is pleased with what they can deal with and the investor, it's easy for them to use as well.

Matt Ackermann  02:41

Or what impressed me as I've looked at some of the different things here at Pershing Insight was the way you guys are always forward looking to you know, you're looking at technology around the metaverse, you're looking at technology, always that kind of steps ahead. So when you think about the future, it's got to be pretty exciting.

Thomas Sholes  02:57

We're really focused on delivering great solutions like enhance alternative investment platform. They can have the newest, newest instruments that they need digital assets, the bank is leading us down the path on creating digital asset capabilities, which we're looking forward to adding into the future. So we're always thinking about what's next. Pershing X, a great example how do we deliver an interoperable solution for advice that really doesn't doesn't exist in in the marketplace today?

Matt Ackermann  03:23

Persons doing amazing things. You're leading the way on the strategy. It's such a pleasure to talk to you, Tom. Thanks for making some time today.

Thomas Sholes  03:28

Thanks, Matt.

Matt Ackermann  03:29

Thank you. For Advisorpedia. I'm Matt Ackermann.