Finance

Arvest Prosperity Administration strategies adjust in company

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Arvest Prosperity Administration (AWM), a subsidiary of Fayetteville-chartered Arvest Financial institution, is in the procedure of transforming its custodian and clearing agency associations from Wells Fargo Clearing Products and services and Raymond James and Associates to Pershing.

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The consolidation and conversion are scheduled for afterwards this yr. AWM President and CEO Jim King explained the shift to Pershing will enable for greater integration of prosperity administration products and services into the Arvest Financial institution on line and electronic platforms and deliver a greater shopper knowledge.

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Expense advisory accounts presently custodied at Wells Fargo will be transferred to Pershing on or close to May well three. Accounts custodied at Raymond James will be transferred by November, in accordance to the firm.

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“We think this shift to Pershing will enable Arvest Prosperity Administration to deliver the most aggressive financial investment and advisory products and solutions and products and services to our prospects, and to far more seamlessly combine our products and solutions and products and services into our bank’s electronic infrastructure,” King explained.

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AWM, which is headquartered in Lowell, features prosperity administration, have confidence in, financial investment and insurance coverage products and solutions and products and services, and has financial investment and have confidence in advisers through Arvest Bank’s 4-condition footprint. It recorded history earnings of $71.four million in 2018, up from $65.two million in 2017.

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