BNY Mellon Wealth Management
BNY Mellon stands for The Bank of New York Mellon Corporation. The company is a result of a merger between The Bank of New York and Mellon Financial Corporation. BNY Mellon is the world’s largest custodian bank. BNY Mellon Wealth Management is also a significantly large practice.
The Bank of New York is one of the three oldest banks in the US, established back in 1784. For anyone reading this page and looking to entrust between $5 million and $500 million to a wealth management firm we highly recommend you download this valuable free book here.
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning
The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.
Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.
Today, BNY Mellon, which includes BNY Mellon Wealth Management, operates in 35 countries across America, Asia, Europe, Africa, and the Middle East. It employs more than 50,000 employees.
BNY Mellon has two main business divisions. The first is called Investment Services. This division covers broker-dealer services, alternative investments, corporate trust services, and treasury services. The second business division is called Investment Management. It includes the firm’s wealth management division. BNY Mellon wealth management is listed on the New York stock exchange. When looking for wealth management firms, you should know that there are niche boutique firms like Pillar Wealth Management that cater to clients with $5 million to $500 million in investible liquid assets besides the big-name firms.
Choosing the right wealth manager to work with takes patience and careful evaluation. It is a significant decision because the wealth manager is directly responsible for handling all your money-related decisions. Such decisions can have a big impact on your life. Feel free to download this guide on choosing the best financial advisor for individuals with $10 million or more in liquid assets. In this guide, we will look at the BNY Mellon wealth management background. We will answer the question, “what types of clients does BNY Mellon wealth management accept?” We will look at the offerings for BNY Mellon wealth management accounts for high-net-worth individuals. Lastly, we will offer some tips for choosing a top wealth manager.
Table of Contents
- BNY Mellon Wealth Management Background
- What Types of Clients Does BNY Mellon Wealth Management Accept?
- Tips for Choosing a Top Wealth Manager
- BNY Mellon Wealth Management Services
- BNY Mellon Wealth Management Investment Philosophy
- BNY Mellon Wealth Management—Opening an Account
- How Does BNY Mellon Make Money?
BNY Mellon Wealth Management provides investment services to individuals paying a minimum fee of $25,000, including asset management, insurance, tax planning, and private banking, among others.
BNY Mellon provides some banking services for its brokerage clients, such as check-writing and debit cards. It offers private banking services for its wealth management clients.
BNY Mellon is an investment company that provides investment management services through brokerage accounts and professional financial advisors.
BNY Mellon is an investment firm. It has not offered retail banking services since 2006.
As a broker, BNY Mellon is regulated by the Securities and Exchange Commission.
No. However, Charles Schwab selected BNY Mellon to provide transfer agency services in 2021.
BNY Mellon Wealth Management Background
BNY Mellon Wealth Management began when Mellon Financial Corporation, a wealth management firm, merged with The Bank of New York. Today, BNY Mellon has $2 trillion in assets under management. BNY Mellon wealth management caters to high net worth and ultra-high net worth individuals.
It requires a minimum fee of $25,000. Among the services offered by BNY Mellon wealth management are insurance and risk management, portfolio management, tax planning, family governance, estate planning, and private banking. In contrast, a firm like Pillar Wealth Management also offers wealth management services to clients with $5 million to $500 million in investible liquid assets. However, the approach of such niche firms is different.
Wall Street firms are answerable not only to their clients but also to millions of shareholders. They have incentives to focus on growing their assets under management by signing up more clients. It can turn out to be a volume-driven business. That volume then allows such firms to leverage their scale and global presence.
A boutique firm like Pillar Wealth Management limits the number of clients it signs up and is not afraid to turn away new business to maintain its wealth management delivery process. You can read more about how wealth management services are delivered in this book, The Ultimate Guide to Choosing the Best Financial Advisor: For Investors With $5 Million to $500 Million in Liquid Assets.
Having a background in serving high net worth clients is important for a reputed wealth management firm. The number of decades in terms of experience is a metric that many clients look for. Get in touch with Hutch Ashoo to learn about the issues faced by high net worth clients and about a blueprint for addressing them.
Fees Under BNY Mellon Wealth Management
Like many other brokers, BNY Mellon charges a percentage of the value of the assets it manages for its clients. But it also charges a fee that is at least $25,000.
What Types of Clients Does BNY Mellon Wealth Management Accept?
If you are interested in Wall Street firms like BNY Mellon wealth management, then you would probably have one question on your mind – What types of clients does BNY Mellon wealth management accept? As mentioned above, BNY Mellon wealth management does not specify any account size as most wealth management firms do. However, it requires a minimum fee of $25,000.
BNY Mellon wealth management has solutions for the middle-class as well as affluent individuals and families. However, we know that expertise and experience handling high net worth accounts matter. For example, Pillar Wealth Management has worked with high net worth individuals from the business world, executives from the technology industry, engineers, doctors, lawyers, entrepreneurs, and all sorts of professional backgrounds.
Working with diverse individuals allows wealth management firms to understand the various issues and nuances specific to those backgrounds. You can read more about wealth management in this guide on choosing the best financial advisor for individuals with $5 million to $500 million in investible liquid assets.
While we discuss the background of clients, it is also important for you to consider the flip-side. What is the background of the wealth manager? This is something that you must also find out before deciding to work with a wealth management firm such as BNY Mellon wealth management. Whether it is finding out what school the wealth manager went to, what certifications or professional designations he/she has, and how the wealth manager ended up working where he/she is now, these pieces of information are important. Start a conversation with Pillar Wealth Management to learn about its background.
Tips for Choosing a Top Wealth Manager
You have gained plenty of insights about wealth management, such as why you may benefit from working with a firm such as BNY Mellon wealth management, and its approach towards managing high net worth wealth. Now, you probably want to know how you can find a top wealth manager to work with. The process isn’t too complicated. It just requires some patience and effort. To help you with your search process, we have decided to list some tips for choosing a top wealth manager.
The first tip is to do some self-introspection. Do you know why you want to work with a wealth manager? What are the key areas in your financial life where you think you could do with some help from an experienced professional? What sort of investment philosophy do you want to see in your wealth manager? We encourage you to read this short guide on the critical shifts needed to maximize investors’ portfolio performance with $5 million to $500 million in liquid assets.
Once you know what kind of wealth manager you want to work with and what kind of services are a priority, go ahead and begin searching online for reputed wealth managers. You’ll see lists of firms, including BNY Mellon wealth management, that are highly rated. You can visit their individual websites and check what services they offer, what kind of clients they work with, and what kind of experience they have.
Another good idea might be to ask your family members, relatives, friends, college mates, and business colleagues if they know any wealth managers. The chances are that they are also high net worth individuals, and they may already be working with a reputed advisor. Plus, your own people will likely give you an honest review of a wealth manager. The websites of wealth management firms tend to have glossy reviews. Lastly, make sure you speak one-on-one to a wealth manager before making any decisions.
BNY Mellon Wealth Management Services
As a broker, BNY Mellon offers stocks, bonds, mutual funds, options, real estate, and ETFs. As a wealth manager, BNY Mellon offers private banking, tax planning, strategic research, cash management, estate planning, and investment advice. Services may vary depending on the needs of the client.
BNY Mellon Wealth Management Investment Philosophy
BNY Mellon’s philosophy is based on the premise that “good advice makes a measurable difference.” BNY Mellon builds a strategy, for every client, that focuses on “five essential wealth practices: invest, borrow, spend, manage and protect.” By implementing the client’s strategy, BNY Mellon’s financial advisors ensure that their clients are able to meet their goals and experience growth and increased prosperity across the highs and lows of the market.
BNY Mellon Wealth Management—Opening an Account
BNY Mellon offices are located in many states in the US, and to find an office near you or to speak with a wealth management professional at BNY Mellon, call (877) 385-9899. You can also post a message on the website, bnymellonwealth.com.
After opening an account, each client works with a financial advisor to develop a financial plan based on the client’s financial objectives. An asset allocation is defined based on the client’s risk tolerance. The advisor will work with the client to implement any services they need, such as estate planning or tax management.
How Does BNY Mellon Make Money?
BNY Mellon’s Investment Management division, consisting of both Investment Management and Wealth Management businesses, held assets under management of $1.8 trillion at the end of 2020.
BNY Mellon operates in 35 countries. The company generates revenue through investment services.
The firm does business with 400 of the companies on the Fortune 500 list and most of the largest foundations and pension funds in the US.
BNY Mellon earned revenue of $16.5 billion in 2019, $16.4 billion in 2018, $15.5 billion in 2017, and $15.2 billion in 2016. According to the bank’s most recent annual report, net income for 2020 was approximately $3.6 billion.
Bank of New York Mellon has two business reporting entities: investment management under The Bank of New York Mellon and investment services under BNY Mellon Wealth Management, which is BNY’s biggest business.
Smaller subsidiaries include BNY Mellon Investment Servicing Trust Company, BNY Mellon Trust Company of Illinois, BNY Mellon Trust of Delaware, and The Bank of New York Mellon Trust Company. The company has many other subsidiaries, mostly incorporated in the US or the UK. The firm’s main European operation is The Bank of New York Mellon SA/NV.
Investment Services Business
BNY Mellon’s Investment Services account for the majority of the company’s business expenses. This business provides financial services to individuals, corporations, endowments, and government agencies.
BNY Mellon’s services include asset servicing, alternative investment services, broker-dealer services, corporate trust services, and treasury services.
Investment Management Business
BNY Mellon, while catering to the needs of the wealthy, also provides investment services to millions of clients, managing their retirement accounts and securities investments.
The investment management business provides private banking and asset management services for its wealthiest clients. However, its brokerage services to the majority of its clients are a significantly larger contributor to the firm’s revenue. The remainder of the firm’s investment management operations includes global equities, currency management, and fixed-income strategies. BNY Mellon’s investment management is conducted through many of its subsidiaries, the majority of which were bought by BNY Mellon.
A Word About Pillar
We have mentioned Pillar Wealth Management multiple times in this guide. But what makes the firm so unique? One unique offering of Pillar is its commitment to saving its clients $100,000 for every $10 million in assets that it is asked to manage. Pillar Wealth Management creates these savings by evaluating its clients’ entire financial structure and correcting inefficiencies that may exist.
The firm also offers a highly personalized service that involves clients speaking directly to the wealth manager. One manager handles everything, so you do not have to speak to multiple experts. Pillar Wealth Management has been handling high net worth portfolios for over 30 years and has the expertise to handle multiple financial management areas. It believes in the idea of financial serenity that involves clients meeting their life goals in a stress-free way. Ultimately, the journey towards achieving the goals is as important as the goals.
Hutch Ashoo and Christopher Snyder are the expert founders of independent, fee-only, and fiduciary wealth management firm Pillar Wealth Management. If you would like to speak with them or ask any questions about how custom and trusted wealth management advice is offered to high-net-worth individuals with $5 million to $500 million in investible assets, then feel free to start a conversation.
BNY Mellon Wealth Management is a good firm if you are an individual with a mid-sized net worth. It can provide the usual management services such as handling investments, investment objectives, advising and analyzing the market cycles, your spending needs, banking matters, and more. You can access further information on their website.
However, if you are an individual with $5 million to $500 million in liquid assets, you need something more than BNY Mellon Wealth Management. Pillar Wealth Management is the perfect wealth management solution in this case. The firm offers a highly personalized service. It believes in the idea of financial serenity, which involves clients meeting their life goals in a stress-free way. With their experience in handling high net worth portfolios for more than 30 years, our managers will put you on the best path to maintaining your wealth.
To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.
We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.
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