Updated Thursday, September 18, 2014 as of 1:49 PM ET

Tech Update: What the Big Custodians Now Offer

Over the last several years, the four major custodians have done a good job of enhancing their technology platforms. While there are some clear differences across the industry, it is fair to say that today’s platforms are far superior to what was being offered a few years ago.

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Comments (1)
Pershing does not have trailign stop feature which many clients request. They have it on their discount brokerage platforms where they pay next to nothing to do a trade and we don't have it on Pershing where we (as agents) pay them over $40 (with postage fee) to do a trade. Who is cheating who

Pershing existing cash flow projections is deficient (bad) at best. I had a client who recently asked me to review the Pershing report for next 12 months. It ignored any possible income from some MLP, ETF, etc. We all know future income distributions are not known until they are declared but the report had less than 50% of what the client might expect in coming year. If they cannot do a better job, it is better to remove that feature altogether

Do any of you have the same concern that when clients opt out of Pershing nuisance $12 per account per year for basis reporting (on statements for unrealized gains), Pershing has the gall to take the view away from us in Net X 360 when we already pay a technology fee. Someone needs to crack down on them hard for this horrible strategy and treatment of clients and agents. If they want more money, raise the technology fee and be upfront about it instead of nickle and diming everyone with fees that simply aggravate clients.
Posted by BRADLEY R T | Saturday, September 06 2014 at 11:51AM ET
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