BNY Mellon Wealth Management

BNY Mellon Wealth Management Reviews

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About BNY Mellon Wealth Management

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BNY Mellon Wealth Management offers financial advising services including fiduciary services, guided portfolio management, philanthropy planning, estate planning, self-directed investment services and asset servicing. It specializes in safe investment portfolios with less aggressive growth than other investment firms. The company requires account minimums and commission fees.

    Pros & Cons

    Pros
    • Large holdings
    • Established
    • Safe and trusted
    • Careful investments
    Cons
    • Less aggressive growth
    • Commission fees

    Featured Reviews

    Verified
    Villa Park, IL

    BNY Mellon Wealth Management offers Big-Picture Portfolios, user-friendly technology and tools that make it easy to visualize my investment and planning for the future. ...The exp...

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    Verified
    New York, NY

    BNY Mellon is a solid online financial resource. Their website was very easy to use and was very intuitive. It has all the basic features that you need to manage your fund, your a...

    Read full review

    What is BNY Mellon Wealth Management?

    BNY Mellon Wealth Management is a holding company that currently has over $2.2 trillion in assets under management. Based in New York City with 35 regional branches across the U.S., BNY Mellon Wealth Management is known as a leader in the investment and finance industry.

    Currently operating in 35 countries, this firm is a major international player. BNY Mellon Wealth Management provides services for a host of individuals and industries, including banks, asset managers, alternative asset managers, governments, nonprofits, broker-dealers, insurance companies, registered investment advisors and family offices.

    What does BNY Mellon do?

    BNY Mellon helps both institutions and individuals invest and manage their wealth. Customers of BNY Mellon include advisors in the financial industry, banks, governments, corporations and insurance companies, as well as individual investors.

    The individual or family investor can choose from a wide variety of services, including:

    • Asset servicing
    • Information management
    • Credit services
    • Escrow services
    • Fiduciary services
    • Guided investment management
    • Jumbo mortgages
    • Philanthropy planning
    • Private banking
    • Self-directed investment services
    • Estate planning

    Because of the large slate of services available, individual investors are encouraged to speak with a wealth management professional either through the website or by calling the general inquiries line to find out which services best suit their investment needs.

    BNY Mellon Wealth Management fees

    BNY Mellon’s CD interest rate is 0.55% APY at the time of publishing. Customers can open a brokerage account for a minimum of $25,000. Customized investment services have a $100,000 minimum. Shares are currently listed at $8.95 for the first 1,000 and $.01 after 1,000 shares.

    Those with brokerage accounts pay a commission fee, which varies depending on the size of the transaction; however, BNY Mellon doesn’t give out specific rates and fees to non-account holders. Brokerage account holders also pay redemption fees on sales of NTF funds, low balance and inactive account fees, an annual retirement fund fee and trading fees on margin interest.

    Pooled investments, such as mutual funds and annuities, are subject to applicable fees with BNY Mellon. The company charges a quarterly wrap fee on assets under management to cover transaction costs.

    After you enroll, review all of BNY Mellon Wealth Management’s fees in the Firm Brochure and the Wrap Fee Program Brochure.

    BNY Mellon Wealth Management FAQ

    What is BNY Mellon known for?

    Known as one of the largest asset managers in the world, BNY Mellon currently has 44.1 trillion in assets under custody or administration. The size and safety of the company attracts investors from all over the world.

    Is BNY Mellon a bank?

    BNY Mellon is a custodian bank. While investment customers have access to banking services, custodian banks primarily house and safeguard money but don’t have checking, ATM or loan services available to non-investors.

    Where is BNY Mellon located?

    Corporate headquarters are located in New York City. BNY Mellon also has international offices in Dubai, Grand Cayman, Hong Kong and London and 30 regional branches scattered across the continental U.S., including in:

    • Los Angeles
    • Menlo Park, California
    • Newport Beach, California
    • San Francisco
    • Denver
    • Greenwich, Connecticut
    • Greenville, Delaware
    • Washington, D.C.
    • Fort Lauderdale, Florida
    • Miami
    • Naples, Florida
    • Palm Beach Gardens, Florida
    • Tampa, Florida
    • Winter Park, Florida
    • Atlanta
    • Chicago
    • Boston
    • Las Vegas
    • Madison, New Jersey
    • Garden City, New York
    • New York City
    • White Plains, New York
    • Greensboro, North Carolina
    • Cleveland
    • Philadelphia
    • Pittsburgh
    • Dallas
    • Houston
    • Tysons, Virginia
    • Seattle
    Who owns BNY Mellon?

    Nearly 85% of BNY Mellon’s shares are owned by institutional investors. As of 2021, Berkshire Hathaway, Inc. was the largest shareholder at 72,357,453 shares.

    What is a BNY Mellon disbursement agent?

    Sometimes called a transfer agent or a registrar, a disbursement agent is responsible for paying dividends to shareholders. As of 2017, EQ Shareowner Services is BNY Mellon’s disbursement agent.

    How old is BNY Mellon?

    BNY Mellon formed in 2007, when Bank of New York merged with the Mellon Financial Corporation. At the time of the merger, Bank of New York was 223 years old and Mellon Financial Corporation was 138 years old.

    Is BNY Mellon a broker or a dealer?

    This company is known as a broker-dealer. This means BNY Mellon can both buy and sell securities on behalf of its customers, acting as both an agent and a principal.

    Is BNY Mellon a good bank?

    While BNY Mellon is an established and powerful institution, it’s probably of little interest to smaller investors. Large-asset and institutional investors will appreciate BNY Mellon’s commitment to safe investing, but safe investments often yield small returns. Investors with smaller portfolios may feel their money isn’t working as hard as it could be at BNY Mellon.

    Overall, BNY Mellon is a trusted institution and a major player that works well for those with asset protection as opposed to asset growth. However, individual investors may have better luck working with one of the many companies dedicated to small investors in the digital marketplace.

    BNY Mellon Wealth Management Reviews

    Stars Rating

    • 16%
    • 17%
    • 8%
    • 5%
    • 53%

    Popular Mentions

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      How do I know I can trust these reviews about BNY Mellon Wealth Management?
      • 4,464,082 reviews on ConsumerAffairs are verified.
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      • Our moderators read all reviews to verify quality and helpfulness.
      Page 1 Reviews 0 - 10
      Customer ServiceStaff

      Reviewed May 8, 2024

      I was sent a pair of counterfeit sneakers from seller Scarpe Donna on EBAY. The issue rose to filing a formal counterfeit item complaint with Ebay, messaging them and the seller Scarpe Donna and informing Fidelity Investments, which uses BNY for Visa Debit Card Services. I was not issued a credit to my account. I submitted my documents to their rep at BNY in a timely manner (despite her claiming that I did not), and they did not refund me. When I left a VM for the BNY rep to call me back about the decision letter, she did not respond, so I sent her & BNY offices a letter. No response received. Horrible customer service.

      Customer Service

      Reviewed July 7, 2022

      I have used BNY Mellon for private wealth management for a decade. On June 30th, I purchased a pair of shoes that had gone on sale online from a reputable seller (a known brand). On July 7, 2022, the co. advised me that there was fraud on my card and to call them. The fraud was from June 30. I told them it wasn't fraud but why wait a week to notify me. They told me fraud was my problem, not theirs. The vendor should have contacted me. Needless to say, I am in the process of changing banks. But, do you want to bank at an institution where fraud is your problem?

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        Reviewed Oct. 12, 2017

        BNY Mellon Wealth Management offers a very intuitive financial advisor service. The advisers are very level-headed and are genuinely interested in making the online banking experience as seamless as feasibly possible for the consumer. Advisers are assistive, but ultimately they give the consumer the final verdict to make an investment decision. Customers who use this service are accordingly matched with the appropriate advisory, per their precise fiduciary standing.

        BNY Mellon offers multiple, flexible programs that allow customers to maximize their investments and diversify portfolio with little risk. Advisors offers suggestions and directionality when appropriate and when the proper plan has been selected, BNY Mellon makes it easy to manage all assets. Although the experience is very rewarding and beneficial, they could still provide their customers with more financial/investment tools to be able to strengthen their portfolio. These would include being able to divide assets into categories in a broader range.

        Customer ServicePrice

        Reviewed Oct. 9, 2017

        I used BNY Mellon Wealth Management for my mortgage and it was a fun experience. Their customer service is good. Whenever I needed help, I was able to extract information even in weekends. I opened my mortgage in their office, and it took me very little time. The communication was mostly through telephone and email transfer, and overall I feel the process was well documented. Although I would highly recommend them, I hope they'll cut down the prices a bit more. I went there because they were offering a comparatively lower price in the high-end market, yet the price is still very difficult to make ends meet.

        Staff

        Reviewed Oct. 7, 2017

        I like that the company actually provides for my financial needs. They care for those who are unfortunately financially in need which makes them good and helpful people. When using their online financial service, all you have to do is go to their website, click on get help with financial service and provide your information and you can then get a financial advisor. BNY is fine the way they are.

        Customer ServiceStaffEase of Use

        Reviewed Oct. 5, 2017

        I like BNY Mellon Wealth Management. They see me as a person, not just a statistic. They are good at helping me generate wealth and answer any questions I have. But I hope that they could improve their web interface, as it is a little outdated. Despite this, it is intuitive while having more advanced features. There are a few things I can customize and I am highly satisfied overall.

        Price

        Reviewed Oct. 4, 2017

        I use BNY Mellon Wealth Management because it's close and handy. But they are a bad company, they do not have any features that I like that the other companies do nor offer. They should have better monthly fees meaning no monthly fees. They charge too much for fees and they keep adding up to the fees instead of making them down. I also feel that the alerts I get are way too late for important information and they need to step up. If someone stole my credit info then it needs to happen faster. Also the process of using online financial advisor is a chore you have to do, one that is important but not one you ever really want to do. Whenever I need to go and use it, I feel stressed out and it's not a experience I ever look forward to.

        Customer ServicePunctuality & SpeedOnline & AppStaffEase of Use

        Reviewed Oct. 3, 2017

        BNY Mellon is a solid online financial resource. Their website was very easy to use and was very intuitive. It has all the basic features that you need to manage your fund, your accounts, and your investments. It's also very easy to contact any of their financial advisors and they respond very quickly to any and all of my questions. They could try to add a robo-investment feature which I believe is the way of the investment future and they should at least give it a try and implement it. So far, I have absolutely no complaints about their services.

        Reviewed Oct. 2, 2017

        BNY Mellon Wealth Management offer Big-Picture Portfolios, user-friendly technology and tools that make it easy to visualize in my investment and planning for the future. Some parts of the service is easy to while other parts not so much. One difficult part to work with is customized planning and analyzing money flow to stay in line with my strategy. The experience has been great. However, advisers may not be always available to help manage my portfolio with strategies which makes it a little difficult to fully stabilize my long-term goals for my family.

        Customer Service

        Reviewed Oct. 1, 2017

        It is an enriching experience with BNY Mellon. The service is very good with online tools and a chat feature. It brings good, practical advice and information within your reach. There is a short online questionnaire in almost FAQ format. More detailed questions are answered by online chat and the questions that fall outside this range are answered by email. More one to one personal contact would help a lot as there is no substitute for this kind of interaction.

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          BNY Mellon Wealth Management Company Information

          Company Name:
          BNY Mellon Wealth Management
          Website:
          www.bnymellonwealth.com