Pershing has launched FundVest ETF, an exchange-trade fund platform with no transaction fees, purchase minimums or holding fees.
All Pershing clients will have access to FundVest ETF, as Pershing responds to growing ETF demand. ETF inflows on the Pershing platform grew by 20% last year, and a recent Pershing survey of financial advisors indicates the use of ETFs is likely to keep rising.
“As the demand for ETFs continues to increase, we are pleased to bring our clients a diverse selection of no-fee ETFs offered on an independent, open architecture platform,” said Pershing’s Justin Fay. “This new offering reaffirms our commitment to expanding the suite of low-cost investment solutions available to our clients as they continue to implement ETFs more frequently within portfolios in an effort to more efficiently meet investor financial goals.”
Speaking during a panel discussion at Pershing's INSITE conference in San Diego, Fay highlighted the 40% growth year-over-year on independent ETF positions.
FundVest ETF compliments the FundVest mutual fund platform, which also features no transaction fees.
Guggenheim Investments,,Direxion, PowerShares by Invesco, OppenheimerFunds, SPDR ETFs, PIMCO and Reality Shares are all available on FundVest ETF, and more asset classes and funds will be added over time.
Current Pershing clients can access FundVest ETF via NetX360 as part of the ETF Center, which provides industry leading research from Morningstar and Lipper in addition to search and ETF review functionality.