Moving a book to BNY Pershing (coming soon)
Coming soon. We're testing it internally. If your firm works with BNY Pershing, let us know.
Advisor transitions and account onboarding onto BNY Pershing, without the rework.
Transitioning to BNY Pershing means opening accounts and moving assets for every household through NetX360+. Pershing itself calls out minimizing not-in-good-order rework as a core onboarding challenge. Once Pershing is live on FastTrackr, we'll prepare the data and forms so households onboard without rework.
How a move to Pershing works
Once Pershing is live on FastTrackr, a move will run the same way it does on our live custodians. Repapering is the first step, and it sets off everything else.
Collect the data
FastTrackr collects the household and account data from your exports, statements and client documents.
Create the paperwork
FastTrackr fills the Pershing account forms, the transfer of assets forms and your firm paperwork, and puts it all into DocuSign.
Send for signature
Everything goes out to clients for signature.
Pershing opens the accounts
Pershing validates the paperwork, opens the accounts and initiates the ACAT through DTCC.
Everything settles
Once the delivering firm or custodian accepts the transfer, the assets move and everything settles.
Where Pershing repapering goes not-in-good-order
A not-in-good-order (NIGO) submission is one the receiving or delivering firm rejects for missing or mismatched information. Each rejection sends the paperwork back and restarts the clock. These are the recurring causes on a book move.
Missing or mismatched signatures
Every required account owner has to sign, and the signatures have to match what the delivering firm holds. Joint and trust accounts multiply the places a signature can be missed.
Second-signature outreach
BNY Pershing identifies NIGO issues that require going back to the investor for a second signature as a key onboarding friction point. Each one adds a client touch and a delay.
Registration or title mismatch
The registration on the new BNY Pershing account must match the delivering firm’s records. Trust names, dates, and ownership types are frequent mismatch points.
Incomplete account or transfer details
A wrong account number, a missing delivering-firm identifier, or an omitted field stalls validation of the transfer.
Non-transferable or restricted assets
Positions that cannot move in-kind need separate handling; unflagged, they can hold up the rest of a household’s transfer.
How a Pershing move will run on FastTrackr (coming soon)
FastTrackr is built for advisor transitions. When Pershing goes live, it will collect household data once, fill and check the paperwork before submission, and track every account to done.
Collect once
AI pulls client and account data from your existing documents, statements and exports, so no household is retyped from scratch.
Map & pre-fill
The right Pershing new-account, transfer of assets and firm forms are identified and pre-filled, then checked against the fields that drive NIGO rejections.
Track to done
Every household, form and transfer status sits in one shared view, in place of the spreadsheet-and-email war room, until the last account lands.
What FastTrackr will handle on a Pershing move
- Output the way you work. FastTrackr will push to DocuSign in one click, give you the filled PDFs, export Excel in the counterparty’s own template, or send straight to the custodian by API where it’s supported. No retyping either way.
- Pershing-specific nuances, handled. FastTrackr will build the quirks that trip up a submission, such as carbon-copy requirements, SMS verification and second-signature outreach, into every package it prepares.
- The transfer forms, not just the account opening. FastTrackr will fill the ACAT / transfer of assets forms too, so the assets start moving with the account paperwork instead of being chased separately.
- Your firm paperwork, not just the custodian forms. Beyond the Pershing account and transfer forms, FastTrackr will also prepare your new firm paperwork (advisory agreement, fee schedule and disclosures), so every household is repapered on both the custodian and the firm side.
- Nothing slips. Every household will be tracked to done, with a pending view that shows only what is still missing.
FastTrackr and BNY Pershing: where it stands
Pershing is coming soon. We're testing it internally. If your firm works with BNY Pershing, let us know. When it goes live, FastTrackr will collect the household data once and prepare the new-account, transfer and firm forms for signature.
The technical detail: how assets move to Pershing
BNY Pershing accounts are opened and funded through its NetX360+ platform, with asset movement running over the ACATS rail operated by DTCC.
Open accounts
BNY Pershing’s NetX360+ onboarding lets you initiate multiple accounts for a client at once and can be customized to your workflow.
Capture signatures
Pershing describes gathering verifiable, secure eSignatures to complete onboarding. This is the step where missing or second signatures create NIGO rework.
Move assets (ACATS)
From NetX360+ you initiate ACATs, journals, wires, and other asset movement with integrated approval workflow. The ACATS transfer itself settles through DTCC.
Sources: BNY Pershing’s NetX360+ operations- and advisor-experience material (bny.com/pershing) describes onboarding multiple accounts at once, secure eSignature capture, ACATs initiation with approval workflow, and an explicit focus on minimizing not-in-good-order (NIGO) rework; DTCC operates the ACATS rail these transfers use. BNY Pershing’s own advisor-transition timelines and form versions are confirmed with Pershing during onboarding.