Wealth Management | Participants | Financial Planning | Advice Topics | Investment Strategy
Wealth Management Participants/Interactions
- Client. Every thing we do at WWM is centered on the
client's long-term financial goals.
- Wichita Wealth Management (WWM) is an independent
Registered Investment Advisor firm, registered with the state of Kansas.
Shareholders Service Group serves as the primary
back-office solution for processing paperwork for WWM. They serve over
1,000 independent Registered Investment Advisory firms across the nation
and work exclusively with independent RIAs to provide high-quality,
Pershing LLC, a subsidiary of BNY Mellon, is the custodian
that Shareholders Service Group uses for securities clearing, settlement
and custody. Shareholders Service Group submits the paperwork generated
by WWM to Pershing for execution. As custodian, Pershing is committed to
the safekeeping, segregation and reporting of client investments. Pershing has over $1.5 trillion in client assets, and is the
largest securities clearing firm in North America.
BNY Mellon, the parent company of Pershing LLC, has over
$28 trillion in assets under custody and/or administration, which makes them the largest custodian in the world. It was
founded in 1784 by Alexander Hamilton.
- Client's Bank/Credit Union; e.g. Bank of America,
Credit Union of America, Capitol Federal, etc.
- Client's Existing Custodian; e.g. Fidelity,
Vanguard, Waddell & Reed, Prudential, etc. The client's existing account
types might include: IRA, Roth, joint account, 401k, 403b, variable
Processes/Interactions Between Participants
In summary, it is important to note the following:
- Wichita Wealth Management, Shareholders Service Group and
Pershing LLC are overseen by different
- Wichita Wealth Management never has custody of the client's
assets/investments. If, for instance, a client were to submit a check for
investment made out to WWM, we would have to return it because it would
mean we would have custody of client assets, which we cannot do. Checks
for investment must be made out to Pershing LLC.
- It is important to note that every transaction has to be processed by three distinct and non-affiliated entities.
See Why Bernie Madoff Would Not Work
Here to better understand the importance of this fact.
- Transfers of client assets, investments and cash are always
processed through Pershing LLC, the custodian of the client's
assets. WWM has no part in the actual transaction.