Arvest Wealth Management plans change in provider

by Talk Business & Politics staff (staff2@talkbusiness.net) 847 views 

Arvest Wealth Management (AWM), a subsidiary of Fayetteville-chartered Arvest Bank, is in the process of changing its custodian and clearing firm relationships from Wells Fargo Clearing Services and Raymond James and Associates to Pershing.

The consolidation and conversion are scheduled for later this year. AWM President and CEO Jim King said the move to Pershing will allow for better integration of wealth management services into the Arvest Bank online and digital platforms and provide a better customer experience.

Investment advisory accounts currently custodied at Wells Fargo will be transferred to Pershing on or around May 3. Accounts custodied at Raymond James will be transferred by November, according to the company.

“We believe this move to Pershing will allow Arvest Wealth Management to provide the most competitive investment and advisory products and services to our customers, and to more seamlessly integrate our products and services into our bank’s digital infrastructure,” King said.

AWM, which is headquartered in Lowell, offers wealth management, trust, investment and insurance products and services, and has investment and trust advisers throughout Arvest Bank’s four-state footprint. It recorded record revenue of $71.4 million in 2018, up from $65.2 million in 2017.

AWM reported total assets under management of more than $12 billion as of Dec. 31, 2018.

Comments

comments