Goldman and BNY Pershing Enter the Client Referral Arena

Goldman Sachs and BNY Pershing Launch New Client Referral Initiatives

Goldman Sachs and BNY Pershing are making waves in the client referral space, introducing fresh programs designed to connect registered investment advisors (RIAs) with individual investors.

BNY Pershing, recognized as the largest custodian globally, is gearing up to introduce a new matchmaking platform that will link RIAs utilizing its services to retail clients. Details about this upcoming Advisor Match program were revealed in a December regulatory filing. This new offering will place BNY in direct competition with established referral services from industry giants like Fidelity and Charles Schwab. Meanwhile, Goldman Sachs is also stepping into the referral arena, granting its retail clients access to prominent RIA partners such as Creative Planning, Mercer Advisors, and Wealth Enhancement. For independent advisors, these developments mean more avenues for acquiring new leads, potentially transforming the RIA market into a dynamic and competitive environment reminiscent of a reality matchmaking show.

“BNY has a unique opportunity to connect advisors and investors throughout our network,” shared Ben Harrison, BNY Pershing’s global head of client coverage, in an email statement.

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New Referral Programs Shake Up Wealth Management

According to reports from FAIQ, Citywire, and InvestmentNews, these new initiatives arrive as competition intensifies among mid-sized wealth management firms. Recently, Schwab raised the bar for its own referral network, doubling the minimum assets under management (AUM) required to $500 million. Schwab’s shift now targets larger firms and high-net-worth clients, with minimums starting at $2 million, up from $500,000. In contrast, BNY Pershing is opting for a more inclusive approach:

• RIAs participating in Advisor Match will not be subject to any minimum AUM requirements.
• However, advisors will need to pay a $50,000 annual fee, along with an asset-based fee of up to 0.3% depending on the value of referred client assets, which may be a hurdle for those serving less wealthy clients.
• Additional criteria include federal registration, a fee-based compensation structure, and coverage through liability insurance and a fidelity bond, as outlined in the December 26 filing.

Capturing New Market Segments
These strategic moves provide Goldman Sachs and BNY Pershing with opportunities to tap into a segment of the wealth management industry long dominated by Charles Schwab and Fidelity. Schwab’s referral program, active since 2002, currently includes between 100 and 150 firms, while Fidelity’s Wealth Advisor Solutions reportedly features around 70. BNY Pershing anticipates launching its digital matching service later this year, which could significantly alter how mid-sized advisors attract new business.

Digital-First Growth

Describing the initiative, Harrison noted, “This is a digital-first referral platform designed to help BNY Pershing clients accelerate organic growth by providing a new stream of qualified leads as more investors seek professional guidance.”

This article originally appeared on The Daily Upside. For more news, market analysis, and essential resources for financial advisors, sign up for our free Advisor Upside newsletter.