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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
- Large holdings
- Established
- Safe and trusted
- Careful investments
- Less aggressive growth
- Commission fees
Featured Reviews
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...
Read full reviewBNY 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 reviewWhat 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
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- 4,518,704 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
BNY Mellon Wealth Management Company Information
- Company Name:
- BNY Mellon Wealth Management
- Website:
- www.bnymellonwealth.com