OREANDA-NEWS. Pershing LLC, a BNY Mellon company, today announced the addition of two new recordkeepers as part of the continued expansion and enhancement of its Retirement Plan Network. The new firms added are 401kDIRECT and Summit Benefit Solutions, with additional providers expected to be added in the months ahead.

The two firms were selected for their ability to provide advisors utilizing Pershing's Retirement Plan Network with a greater range of recordkeeping options, both in terms of client size focus, specialization and geography. The role of the recordkeeper has become increasingly critical, as advisors look to gain easier access to data, attain better oversight of their overall retirement business and respond to new regulatory developments, such as the Department of Labor's proposed Conflict of Interest Rule.

"Having a choice of recordkeepers is important to retirement plan advisors as they define their market niche and client focus," said Marc Caras, director of Pershing's retirement plan business. "In the retirement space, the recordkeeper serves as the key point of contact for critical information, which can facilitate timely service and help advisors streamline their compliance efforts."

Pershing's Retirement Plan Network enables advisors to connect to independent recordkeepers, hold assets in custody, and leverage a fully integrated suite of investment products, retirement plan tools and practice management solutions. In addition, the Retirement Plan Network offers advisors a comprehensive view of plan details across network recordkeepers for all of their business held in custody with Pershing.

"We are personally invested in our clients' success, and these enhancements demonstrate our commitment to serving the retirement space. We expect to announce a number of other key enhancements across the network in the coming months, focusing especially on the areas of data and integrated fiduciary tools, both of which are critically important topics to advisors," Caras added.