Pershing Reveals New Recordkeeping Partners

Pershing LLC announced the addition of two new recordkeepers as part of the continued expansion and enhancement of its Retirement Plan Network.

Pershing LLC, a BNY Mellon company, has announced new partnerships with recordkeeping firms 401kDIRECT and Summit Benefit Solutions, with additional providers expected to be added in the months ahead.

The two firms were selected “for their ability to provide advisers utilizing Pershing’s Retirement Plan Network with a greater range of recordkeeping options, both in terms of client size focus, specialization and geography.” The role of the recordkeeper has become increasingly critical to retirement plan success, the firm says, especially as advisers look to gain easier access to data, attain better oversight of their overall retirement business and respond to new regulatory developments.

Marc Caras, director of Pershing’s retirement plan business, says the new partnerships are all about expanding choice. “Having a choice of recordkeepers is important to retirement plan advisers as they define their market niche and client focus,” he explains. “In the retirement space, the recordkeeper serves as the key point of contact for critical information, which can facilitate timely service and help advisors streamline their compliance efforts.”

401kDIRECT is described by Pershing as “one of the leading open architecture retirement plan providers in the industry.” The firm is “committed to adviser, RIA and TPA delivered plans that enjoy highly competitive, fully transparent pricing.” The other firm, Summit Benefit Solutions, delivers “all-encompassing hire-to-retire solutions,” with a special focus on offering custom plan design consulting for startup and takeover plans, document services, and plan administration.  

With the expansion, Pershing says its Retirement Plan Network will better enable advisers to connect to independent recordkeepers and leverage a fully integrated suite of investment products, retirement plan tools and practice management solutions

More information on the new recordkeeper partners and related service offerings is at