BNY Mellon Wealth Management

The Complete Guide to What We Do

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, having been established back in 1784. Today, BNY Mellon 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 calledInvestment Management. It includes the firm’s wealth management division. BNY Mellon is listed on the New York stock exchange. When looking for wealth management firms, you should know that besides the big-name firms, there are niche boutique firms like Pillar Wealth Management that cater to clients with $5 million to $500 million in investible liquid assets.

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 accounts for high-net-worth individuals. Lastly, we will offer sometips for choosing a top wealth manager.

BNY Mellon Wealth Management Background

BNY Mellon wealth management background began since Mellon Financial Corporation, a wealth management firm, merged with The Bank of New York.Today, BNY Mellon manages $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 include 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 in order to maintain its wealth management delivery process. You can read more about how wealth management services are delivered in this book called 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 find out how knowing the issues faced by high net worth clients and having a blueprint to address them matters.

BNY Mellon Wealth Management

What Types of Clients Does BNY Mellon Wealth Management Accept?

If you are interested in Wall Street firms like BNY Mellon, 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 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. Picking up from where we ended the last section, expertise and experience in 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 and ethnic backgrounds. Working with a diverse set of 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. 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 end up working where he/she is now, these pieces of information are important. Start a conversation with Pillar Wealth Management to know its background.

BNY Mellon Accounts for High-Net-Worth Individuals

BNY Mellon accounts for high-net-worth individuals involve looking at what the firm called the five essential practices. There are investing, borrowing, spending, managing, and protecting. All of these activities are tied to the goals of the client. Since the goal of every client is different, the entire wealth management strategy also has to be different. BNY Mellon wealth management or any good wealth management firm will place the client at the center of its decisions.

Special emphasis is also placed on data and market-validated strategies. Someone like Pillar Wealth Management goes in-depth with each client’s profile and gets to understand all financial aspects of his/her family. Based on that, a strategy is prepared and then the plan is regularly stress-tested. Using extensive market data from the past, the stress-testing is conducted. The smaller firms are able to offer such a personalized level of service because their low volumes allow them to do so. Portfolio construction also follows a highly customized approach rather than clubbing clients into buckets like “high risk” and “low risk”. You can read all about improving portfolio performance for investors with $5 million to $500 million in investible assets in this specially compiled guide.

High net worth and ultra-high net worth individuals have a diverse set of financial needs. Most people think that the more money someone has, the easier their decisions become. However, the truth, as you would know, is so different. When the stakes are higher, the decisions are more critical and the impacts are far-reaching. The responsibility on the shoulders of the high net worth individual is that much more and the level of complexity of issues is also high.Schedule a free conversation with Pillar Wealth Management to discuss anything about wealth management.

How BNY Mellon Wealth Management and Other Top Firms Manage Portfolios

Investment management is a lot about returns on investments. However, what we believe distinguishes the average wealth manager from anexcellent one is the balance of attention towards returns and investment costs. After all, the net returns are what the client gets after paying taxes, fees, brokerage fees, and any other expenses involved in investing. The gross returns are not what the client nets.

This distinction between gross returns and net returns is important. Many fund managers are so focused on gross returns that their investment strategies are shaped by them. Frequently trading to beat the market may work in the short-term but it will also result in short-term capital gains taxes. It will also result in brokerage fees and expenses every time a trade is executed. Unless the fund manager is comprehensively beating the benchmark, those costs and higher tax rates may not be worth it. Plus, the risk levels may also be elevated as compared to, say, investing in a passive index fund for a long duration.

If the returns from such passive investments are on par with the market returns, and if the costs involved are minimal, then the net returns on a long-term basis (10 or 20 years) may end up being similar to a high-risk, high-cost investing strategy. It is ultimately about delivering strong net returns and making sure that those returns allow the client to fulfill his/her life goals. If the financial situation of a client allows for an average rate of return to fulfill all financial goals, then on a cost and risk-adjusted basis, a passive strategy might work out quite well.

Go ahead and schedule a conversation with Hutch Ashoo to discuss any questions that you may have about investments or Pillar Wealth Management’s investment philosophy.

Tips for Choosing a Top Wealth Manager

You have gained plenty of insights about wealth management and the approach that firms take 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 portfolio performance for investors 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 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. 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.

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 the entire financial structure of its clients 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 areas of financial management. 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 simply ask any questions about how custom and trusted wealth management advice is offered to highnet worth individuals with $5 million to $500 million in investible assets, then feel free to start a conversation.

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