BNY Mellon Wealth Management has launched a new Internet platform for family offices and wealthy individuals that provides a comprehensive view of a client's entire relationship with the company while offering powerful reporting, information delivery, notification and collaborative tools.
The new platform, called Private Workbench, builds on the organization's formidable institutional capabilities to serve its clients and is the result of an 18-month, multimillion dollar effort involving extensive research and development with a cross-section of family offices, advisors and individuals. Private Workbench caters to the personalization and intuitive design demands of clients while offering unrivaled reporting capabilities that satisfy the most complex information requirements.
"Our site provides clients with a single sign-on view of their entire wealth management relationship with us and it offers innovative and personalized capabilities that are unequaled in the industry," said David F. Lamere, CEO of BNY Mellon Wealth Management. "As the smart use of technology increasingly differentiates providers in the wealth management space, Private Workbench will provide a pathway to service excellence and client satisfaction that few providers can match."
By focusing on the preferences and needs of its clients, BNY Wealth Management designed a number of user-friendly features in Private Workbench, such as allowing family office clients to view units of a family partnership or pool based on his or her percentage of ownership and to drill down to individual security holding views. Clients can also use the platform's data warehousing capabilities for convenient storage and history of client statements, tax documents, and communications.
Private Workbench also offers these key functions:
-- Reporting: clients have a wide selection of standardized reports on holdings, transactions and analytics, as well as the ability to choose from hundreds of customized report options that can be built to user specifications and downloaded to Excel, PDF or other formats;
-- Secure messaging and online collaboration: clients can communicate and collaborate online with their relationship manager at BNY Mellon Wealth Management, as well at BNY Mellon Wealth Managemanagement, as well as members of their advisory team such as accountants, lawyers or consultants;
-- Personalized alerts: clients can set their own preferences for automatic notifications about their accounts across many different parameters, such as asset allocation percentages, account values, taxable events, security holdings, and transaction size;
-- Banking, brokerage and funds transfer: clients have access to their online banking, brokerage and funds transfer needs;
-- Comprehensive information: detailed and integrated information on all aspects of a client's relationship with BNY Mellon Wealth Management.