During our 20 years in the industry we have built solid relationships and gathered valuable resources that enable us to look beyond the obvious municipal opportunities. Our approach to investing is designed to preserve wealth, mitigate risk and build for the future.
W. H. Mell Associates enables you to enjoy the advantages of a small firm with the security of one of the largest custodial banks in the world. Clearing and custody services are provided on a fully disclosed basis through Pershing LLC, an affiliate of Bank of New York Mellon. Pershing is the industry’s largest global business solutions provider, with over $770 billion in assets held in custody (as of December 31, 2009).
As the introducing broker, our relationship with Pershing offers a number of important benefits to W. H. Mell’s clients. Key benefits include:
- Account Protection
- Segregation of Assets
Client assets are never comingled with those of W. H. Mell Associates, Inc. Under a written clearing agreement, W. H. Mell has retained Pershing to provide certain operational services including execution and settlement of securities transactions, custody of securities and cash balances, and extension of credit on margin transactions, among others. Pershing handles all customer assets and accounts. This arrangement provides an additional layer of customer protection insuring assets cannot be comingled with those of the broker-dealer. All customer checks and securities sent to an office of W. H. Mell Associates are forwarded the same day directly to Pershing.
- SIPC and Excess SIPC Coverage
W. H. Mell and Pershing are members of the Securities Investor Protection Corporation (SIPC). SIPC provides protection for assets held in custody by a SIPC member brokerage firm should the SIPC member firm fail financially and become unable to meet obligations to its clients. W. H. Mell’s clients holding assets in custody at Pershing are protected by SIPC, up to $500,000 in value, including $100,000 in cash awaiting reinvestment. SIPC does not protect against losses due to market fluctuation or client assets not held by a SIPC member. More information about SIPC coverage is available on their website at www.sipc.org. For client accounts held in custody at Pershing, Pershing provides coverage in excess of SIPC limits through Lloyd’s of London. As of May 2010, the excess insurance policy, purchased through Lloyd’s of London, provides the following excess SIPC account protection for assets held in custody with Pershing LLC and its London-based affiliate, Pershing Securities Limited:
- An aggregate loss limit of $1 billion for eligible securities—over all client accounts
- A per client loss limit of $1.9 million for cash awaiting reinvestment—within the aggregate loss limit of $1 billion
The current limits of excess SIPC coverage may be confirmed on Pershing’s website: www.pershing.com. Navigate to: About Us > Frequently Asked Questions > “Are My Assets Safe With Pershing?”Back to Top
- Segregation of Assets
- State of the Art Technology
- Account Access
Through our relationship with Pershing, clients have the ability to access accounts at any time of the day or night. Utilizing Pershing’s NetXClient© platform, W. H. Mell’s customers benefit from secure, password protected, encrypted online account access.
- Innovative Cash Management Solutions
Through Pershing’s ProCash Plus, W. H. Mell’s clients benefit from added account conveniences including check writing, direct deposit and daily cash sweep capabilities.Back to Top
- Account Access
W. H. Mell Associates, Inc. has developed a Business Continuity Plan. In short, our business continuity plan is designed to permit our firm to resume operations as quickly as possible in the event of a severe and significant business disruption.We have a plan to quickly recover and resume business operations after a significant business disruption. We would respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and allowing our customers to transact business.
As the timing and impact of disasters and disruptions is unpredictable, Pershing provides an important layer of support. In the event W. H. Mell experiences a significant business interruption, customers are able to contact Pershing directly (www.pershing.com) to process limited trade-related transactions, cash disbursements, and security transfers.
Details on contacting Pershing directly may be obtained by calling (201) 413-3635 or by accessing the Customer Support Section of Pershing’s website.
- Custody Services
Pershing is backed by the resources of their parent company, BNY Mellon, with $1.1 trillion in assets under management and $22.4 trillion in assets under custody and administration.W. H. Mell’s customers benefit from Pershing’s corporate actions and proxy services. Pershing streamlines the receipt of call notices and related corporate actions. Working from a global custody platform, Pershing receives detailed information on corporate actions from a variety of automated services, depositories and custodians.
For more information on how W. H. Mell’s customer’s benefit from our relationship with Pershing, contact our office directly at (908) 273-4550.