The SEC Will Advocate for Greater Retail Investor Access to Private Markets and Digital Assets

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The asset management industry is undergoing an era of innovation, with new products and emerging trends appearing in the investment universe. In this new scenario, the SEC will promote greater retail access to private markets, as these, together with tokenization, will expand the menu of investment options available to investors, according to Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission, in the speech she delivered to attendees at the Third Annual Conference on Emerging Trends in Asset Management.

Peirce referred to the importance of portfolio diversification, noting that retail investors need access to a broad range of investment opportunities. “The breadth of the public markets, where most retail investors invest,” she stated, “has been affected by the decline in the number of listed companies, the delay in companies going public, and the dominance of several large companies in market indexes.”

“The Commission should work on reforming public company regulation to help reverse this trend. But some asset classes are not suitable for public markets. Therefore, retail investors and the professionals who advise them also seek additional diversification in private markets,” she added.

The Commissioner then stated that the Commission’s rules and regulations, along with staff positions, have contributed to excluding retail investors from private markets. “We should consider amending the definition of ‘accredited investor’ in the Commission’s rules so that more people are eligible to invest in these markets.”

In August 2020, the Commission slightly expanded the existing income and net worth categories for individuals, a change that the Commission itself acknowledged was marginal, Peirce recalled. “I would like to see more significant expansions, just like many retail investors who resent being excluded from an ever-growing segment of the market,” she admitted.

The official advocated for the elimination of the initial $25,000 limit that exists for closed-end funds that invest 15% or more of their assets in private funds, and the restriction on sales to accredited investors. “Neither the law nor the Commission’s rules require such limitations. Eliminating them would allow greater retail access to private investments through a closed-end fund vehicle with the benefit of professional management,” she asserted, also stating that SEC staff should ensure that funds make appropriate disclosures on conflicts of interest, illiquidity, and fees for exchange-listed closed-end funds. “We should also work with fund sponsors interested in experimenting with interval funds,” she announced.

Digital Investments
According to the official, the staff of Trading and Markets is working diligently on many applications to list a variety of digital asset ETPs. “A standardized approach to these ETPs could ease the burden for both the industry and SEC staff, and greater guidance could open the door to a broader range of options and diversification for investors,” she noted.

The Commission should also address—she asserted—whether registered investment companies can have exposure to cryptoassets through investments that are not traded on regulated exchanges in the U.S. and through the tokenization of securities issued by such companies.

When speaking about the “proliferation” of investment products, she referred to the growth and variety of exchange-traded funds (ETFs). On this topic, she pointed out that the breadth of offerings meets diverse investor needs and often does so very cost-effectively. However, she objected that some of these products “are complex and not suitable for all portfolios. Some are designed to be held only for a day. They are tools for managing risk and volatility, boosting returns, and limiting losses. If misused, they can have the opposite effect.”

Peirce concluded her speech by saying that she “would like the Commission to consider whether overly conservative regulatory limits on fund marketing are unintentionally inhibiting educational efforts by fund sponsors toward financial professionals and investors.”

Shifting Perspectives in Retirement Planning

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Snowden Lane Partners retirement program advisors

Despite market gains and rising participant confidence, a new report from Voya Investment Management reveals a growing difference between perception and reality in the retirement landscape. 

Sponsors remain overly optimist, with 91% believing employees are prepared for retirement, yet only 69% of participants feel the same. 

Highlighted in Voya’s 2025 “Challenges and Opportunities for Defined Contribution Specialists” survey, sponsors may be out of sync with the real concerns and behaviors of those they serve. While participant confidence has improved from 63% in 2023, DC specialists remain the msot grounded, with 70% estimating participant readiness. 

The study, conducted from January 2025, surveyed plan sponsors, DC specialists and 500 contributing participants. Retirement income planning emerged as a top priority, driven by the SECURE Acts and an aging workforce. 

“One of the many factors driving this optimism may be the long-running equity bull market,” said Brian Houston, senior vice president, Business Development Manager, DCIO, Voya IM. 

Seventy-seven percent of sponsors said adding income solutions is a key goal for the next two years, and many now rank guidance on these products as the most valuable service specialists can offer. 

Target date funds remain foundational included in most plans. Three in four specialists and three in five sponsors use them, and nearly half of non-adopters express interest. Meanwhile, both groups increasingly support tiered investment menus, tailored for different participant needs. 

Sponsors, however, are less worried about offering too many options, 70% say it can hinder decisions, down 82% last year. 

Caregivers and employees with special financial needs remain under-recognized. Over 80% of sponsors and specialists believe caregivers represent less than 20% of participants, despite far higher national rates, according to AARP. 

“Our data show strong alignment between sponsors and specialists on the importance of supporting participants’ holistic financial well-being,” added Houston. 

For DC specialist, the opportunity lies in better communication and targeted education. Sponsors welcome help with financial wellness programs and income guidance, but many don’t perceive the full extent of specialist’ involvement, highlighting a gap in how value is communicated. 

In a landscape where alignment is slowly improving, understanding participants’ real needs, and acting on them, may be the key to unlocking stronger retirement outcomes. 

Transforming financial advisory in Mexico and Chile: the key to the independent and technological model

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Photo courtesyAlicia Arias, Commercial Director of LAKPA

In an increasingly demanding financial environment, where technology is redefining the rules of the game and inclusion becomes an unavoidable priority, voices like that of Alicia Arias, Commercial Director of LAKPA, gain special relevance. LAKPA is a fintech company aspiring to become the largest community of independent financial advisors in Spanish-speaking Latin America. Currently, it has over 260 advisors in Chile and is actively expanding into the Mexican market.

In this exclusive interview for the Key Trends Watch by FlexFunds and Funds Society, Arias shares her vision on the transformative role of independent financial advisory and the challenges faced by wealth management in Latin America.

Far from viewing the financial industry as an environment reserved for a few, Arias sees it as a tool to generate real impact in the lives of individuals and companies. “Participating in this industry gives us the opportunity to make a difference in society,” she states. With a career that includes leadership positions at firms like BlackRock and GBM, her current focus is on bringing investment solutions to a broader audience and empowering independent financial advisors.

Simultaneously, she promotes initiatives aimed at modernizing and humanizing the sector, such as the non-profit association Mujeres en Finanzas, which encourages the development of diverse talent in the industry. From her perspective, fostering greater representation and professionalism not only enhances service quality but also broadens access to opportunities that have historically been limited to a few.

In her role at LAKPA, Arias drives an independent financial advisory model that seeks to professionalize and scale the service in Latin America. “Today, there are fewer than 5,000 active advisors in Mexico for a population of over 100 million.” For Arias, the key lies in freeing advisors from operational tasks through technological platforms that allow them to focus on the client and autonomously choose the segment they wish to serve, from affluent profiles to ultra high net worth individuals.

The expert highlights the enormous potential of the affluent segment, often overlooked by large institutions: “Many investors with $200,000 or $300,000 end up trapped in generic products or with poor advisory.” She firmly believes that, with the right tools, it is possible to offer them high-quality service. “We are seeing more and more advisors building their portfolios around this segment, with independence, structure, and access to global solutions. To me, that is a real transformation of the advisory model in the region,” she concludes.

Three key trends in financial advisory

For Arias, the future of wealth advisory revolves around three major trends:

  1. Fee-based accounts: a transparent model that eliminates traditional conflicts of interest in the industry and places the client at the center.
  2. Technology as an enabler: platforms that automate administrative processes and free up the advisor’s time to generate real value.
  3. Independent advisory: a service centered on the investor, without conflicts of interest and with an open architecture. Until the arrival of players like LAKPA, this was only accessible to high-net-worth clients.

Collective vehicles: efficiency and access from an expert’s perspective

In her opinion, collective investment vehicles are particularly attractive in the context of independent financial advisory. Products like ETFs have become key tools due to their efficiency, liquidity, transparency, and low cost, allowing advisors to build diversified portfolios with access to markets that were previously restricted.

“A client enters an ETF at the same price as an institutional investor,” she emphasizes, highlighting the democratizing role of these instruments. From her perspective, these types of solutions enable the provision of professional and competitive advisory, even in segments like the affluent.

Alternatives on the rise: perspective on wealth demand

From her experience, alternative assets have ceased to be exclusive to the institutional world and have become a growing trend in wealth management. “Financial advisors are already allocating a portion of portfolios to these types of strategies,” she states. In her opinion, two factors have been key to this evolution: on one hand, innovation in vehicles—such as semi-liquid funds, evergreen funds, or those with more frequent liquidity windows—which make them more suitable for this segment; and on the other, the emergence of technological platforms that allow access to funds from major managers with tickets starting at $20,000.

According to Arias, advisors are already incorporating between 10% and 15% of alternatives in more aggressive portfolios, with private debt funds being particularly attractive due to their generation of recurring income and lower exposure to the J-curve. In contrast, she observes that in many cases, traditional private equity may overlap with the business exposure that clients already have in their own companies. “That’s where private debt makes more sense: it allows for real diversification,” she concludes.

Financial education: the real challenge in capital raising

The biggest obstacle faced by financial advisors today is not the lack of available capital, but the lack of financial education among potential investors: “The money is there, but the client still doesn’t have the necessary information to take the first step,” says Arias. To illustrate this, she cites a figure from the Bank of Mexico: resources in demand accounts—that is, money that is not invested or is invested for very short terms—amount to over 400 billion pesos, a figure that doubles the size of the investment fund industry in the country.

In her opinion, this idle capital could be generating returns if there were greater awareness of the available alternatives, something in which advisors can play a key role. Additionally, she explains that the location of assets largely depends on the client’s profile: while higher-net-worth individuals tend to invest offshore, thanks to their operational capacity and access to international custodians, the affluent segment usually keeps their money onshore.

The irreplaceable role of the advisor in the face of technological advancement

For the expert, technology is revolutionizing financial advisory, but the human role remains essential. “Many professions are going to disappear or transform, but that of the financial advisor is not one of them,” she states. She cites a Vanguard study that classifies human tasks into basic, repetitive, and advanced. The first are easily automatable; the second, such as relating, teaching, or building trust, are not.

From this perspective, the value of the advisor lies in their ability to connect with the client. “Technology can optimize processes, but it doesn’t replace empathy or personalization. Those are the true competitive advantages,” she maintains. In her view, financial advisory, due to its high human component, will not only withstand technological change but will become even more relevant.

A more human and conscious future for wealth management

Looking ahead to the next 5 to 10 years, Arias identifies two key challenges for the sector: the climate crisis and the retirement crisis. “We will live longer, but not necessarily better if we don’t plan properly,” she warns. The industry must take an active role, designing sustainable solutions tailored to real needs, especially in underserved segments.

In this context, empathy will be the critical skill for the advisor. “Trust is built by listening, understanding, and acting with sensitivity. No platform replaces that,” she emphasizes.

Arias concludes with a strategic outlook: the growth of the sector will not come solely from technology, but from a combination of digital tools and expert advisory. “The hybrid model is the catalyst. Technology alone is not enough. People need guidance, trust, empathy,” she points out.

In a continent with significant gaps in access to quality financial services, Alicia Arias’s vision paves the way for a model that bets on independence, technology, and, above all, human talent as the engine of transformation.

Interview conducted by Emilio Veiga Gil, Executive Vice President of FlexFunds, in the context of the Key Trends Watch by FlexFunds and Funds Society.

Blackstone Launches a Multi-Asset Private Credit Fund

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Blackstone has announced the launch of the Blackstone Private Multi-Asset Credit and Income Fund (BMACX), the firm’s first private interval fund focused on multi-asset credit. According to the company, it is available through advisors and aims to provide access to strategies within Blackstone’s credit platform, which manages $465 billion. The fund offers ticker-based execution with daily subscriptions, quarterly liquidity, and low investment minimums, with capital deployed immediately.

“We believe BMACX can serve as a foundational component in portfolio construction to capitalize on expanding credit markets. It offers individuals full access to Blackstone’s credit platform in what we consider an investor-friendly structure,” said Heather von Zuben, Chief Executive Officer of BMACX.

Dan Oneglia, Chief Investment Officer of BMACX, added:
“Our goal will be to deliver diversified, high-quality income with lower volatility than traditional fixed income products by investing in a broad range of attractive credit assets. We believe this multi-strategy approach positions investors to capitalize on compelling relative value, particularly in dynamic market environments.”

BMACX will invest in a diverse range of credit assets, including private corporate credit, asset-backed and real estate credit, structured credit, and liquid credit, aiming to provide attractive and stable income through monthly distributions while managing risk. BMACX builds on Blackstone’s leadership in delivering private credit solutions to individual investors, with dedicated vehicles focused on direct lending available since 2018.

Wealthy Families in the U.S. Show Unprecedented Interest in Obtaining Other Nationalities

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Remains a Striking Event, within a 2025 already marked by a stream of significant news. Amid the flood of commentary, a wealth-focused analysis by Basil Mohr-Elzeki, Managing Partner at Henley & Partners North America, stands out. He reveals an unusual increase in interest among wealthy families in seeking alternative residence options abroad.

“The United States presents a fascinating paradox. As the richest country in the world and home to the highest concentration of millionaires, the U.S. simultaneously acts as both the top source of outbound investment and a powerful magnet for attracting wealthy individuals from across the globe,” the analyst explains.

United States: The Undisputed Leader in Wealth
Despite a rocky start in 2025, the United States remains the undisputed leader in the creation and accumulation of private wealth. The country accounts for a staggering 34% of the world’s liquid wealth. The United States is also home to 37% of the world’s millionaires, with just over 6 million high-net-worth individuals, each with more than one million dollars in liquid wealth.

Basil Mohr-Elzeki explains that this concentration of wealth has accelerated over the past decade, with the U.S. experiencing 78% millionaire growth from 2014 to 2024—making it the best-performing market during this period, slightly ahead of China, which saw 74% growth. It is worth noting that the rest of the W10 countries have stayed below 30% in the growth of their resident millionaire populations.

This dominance in wealth spans all segments. The U.S. is home to more than 10,800 of the world’s 30,450 centi-millionaires (those with over 100 million U.S. dollars) and more than 860 of the 2,650 billionaires worldwide.

The Engine of American Wealth
Several factors have combined to make the U.S. the top-performing country over the past decade, both in millionaire growth and in per capita wealth growth.

The remarkable strength of the U.S. stock market has had a major impact, with the average American centi-millionaire holding more than 50% of their liquid wealth in U.S. equities. The country has also seen strong wealth growth in fast-expanding hubs such as Scottsdale, the Bay Area, Washington D.C., Austin, Dallas, and several cities in Florida including West Palm Beach, Miami, and Tampa.

America’s dominance in high-growth technology sectors provides significant advantages over Europe. Nearly all the world’s leading tech companies are headquartered in the U.S., fueling a booming private capital market with the emergence of a large number of American unicorn startups.

The U.S.’s Magnetism for Millionaires and the Search for More Options
Perhaps most revealing is the persistent pull the U.S. exerts on migrating millionaires. In 2024 alone, the U.S. attracted approximately 3,800 high-net-worth individuals, 95 centi-millionaires, and 10 billionaires—particularly notable since these last two groups are often company founders and entrepreneurs. We expect this number to be significantly higher this year.

Record Interest in Investment Migration Abroad
Despite this wealth, “we are witnessing unprecedented interest from U.S. citizens in obtaining alternative residence and citizenship options abroad,” the expert notes.

Data from Henley & Partners reveals a 183% increase in inquiries from U.S. citizens when comparing the first quarter of 2024 to the first quarter of 2025. Notably, we recorded a 39% increase in inquiries from U.S. investors in Q1 2025 compared to Q4 2024, indicating sustained growth beyond the initial electoral response.

“Our application figures provide further context: so far in 2025, U.S. citizens account for more than 30% of all investment migration applications submitted through Henley & Partners—nearly double the combined total of the next five investor nationalities, including Turks, Indians, and Britons,” the note states.

This shift reflects evolving perspectives among high-net-worth Americans. Most view investment migration as sophisticated risk management, creating a “Plan B” that gives them and their families the option to relocate if necessary or desired. Motivations include geopolitical risk diversification, increased global mobility, business expansion, access to alternative education and healthcare, and cross-border legacy planning for future generations. They are seeking alternative residences and citizenships for wealthy Americans in regions including, but not limited to, Europe, the Caribbean, and the South Pacific.

Success of the EB-5 Program in the United States
While Americans secure options abroad, the U.S. retains its status as a top destination for the global migration of high-net-worth individuals. The U.S. EB-5 Immigrant Investor Program continues to demonstrate impressive resilience.

Since 1990, this program has facilitated over 55 billion dollars in foreign direct investment from carefully vetted immigrant investors, generating around 1.4 million U.S. jobs nationwide and contributing billions of dollars in tax revenue. All of these benefits have been achieved at no cost to U.S. taxpayers.

This consistent performance underscores the enduring appeal of the United States for global investors seeking opportunity and growth potential. Interest in the program has steadily increased, with a 325% rise in inquiries between 2019 and 2024. It currently ranks as the sixth most sought-after program at Henley & Partners and the fourth most popular residence program.

The Dual Dynamic of the United States as Both a Leading Source and Destination of Investor Migration Reflects the Country’s Unique Position in the Global Wealth Ecosystem
These trends, far from being contradictory, highlight the growing sophistication of wealth mobility.

Wealthy Americans are increasingly seeking strategic options through investment migration, while the United States continues to maintain strong global appeal for investors and entrepreneurs. This apparent paradox does not signal decline; rather, it illustrates the continued evolution of the United States as the world’s leading wealth hub.

The U.S. Leads Global Wealth Growth and Is Home to 37% of the World’s Millionaire Population

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Home to more than six million high-net-worth individuals, the United States holds 34% of the world’s liquid private wealth and is home to 37% of the global millionaire population, according to the USA Wealth Report 2025, published by international specialists in wealth and investment migration Henley & Partners, in collaboration with global data intelligence firm New World Wealth.

Over the past decade, the U.S. has taken the lead in wealth generation. Between 2014 and 2024, its millionaire population grew by 78%, slightly surpassing China (74%) and far outpacing other nations. Leading the W10 group (the 10 wealthiest countries by number of resident millionaires), the U.S. now has approximately 6,041,000 millionaires, 10,800 centi-millionaires, and more than 850 billionaires. China follows with around 827,900 millionaires, 2,250 centi-millionaires, and approximately 280 billionaires—still far behind the U.S. in private wealth despite rapid growth.

This dominance in wealth extends across all tiers: 36% of the world’s centi-millionaires (those with over $100 million) and 33% of the world’s billionaires reside in the United States.

In contrast, other major W10 economies have seen much slower growth. Germany’s millionaire population increased by just 10% over the past decade, Japan’s by 5%, and the United Kingdom’s declined by 9%, suggesting a significant millionaire outflow and economic stagnation. Australia (+30%), Switzerland (+28%), Canada (+26%), and Italy (+20%) performed better, though still well behind the U.S. in absolute terms.

The report, however, warns that while the U.S. remains one of the top destinations for global wealth migration, a growing number of wealthy Americans are actively seeking alternative residence and citizenship options abroad.

Dr. Tim Klatte, partner at Grant Thornton China and adjunct professor at New York University in Shanghai, notes that wealthy investors must remain vigilant, agile, and proactive in their wealth management. “Despite the recent ceasefire, the trade war between the U.S. and China goes beyond economics—it is a complex geopolitical contest with far-reaching consequences. HNW investors must factor in the risk of rising tensions, breakdowns in trade negotiations, and the broader threat of international conflict. These dynamics can significantly influence investment decisions, asset allocation, and long-term wealth preservation.”

Since its launch in 1990, the U.S. EB-5 Immigrant Investor Program has generated more than $55 billion in foreign direct investment in the U.S., created nearly 1.4 million jobs, and contributed billions in tax revenue. The report highlights that between 2019 and 2024, inquiries about the EB-5 program rose by 325%, and this trend continues in 2025, with a 57% increase in the first quarter compared to the same period in 2024, and a 168% rise compared to the fourth quarter of 2024.

“The apparent paradox of wealthy Americans considering moving abroad while non-Americans invest in the U.S. reflects a broader global dynamic and an economic truth. The United States remains the best place in the world to create and grow wealth—even if some choose to leave. For global investors, the U.S. market represents opportunity, scale, security, and innovation,” concludes Jean Paul Fabri, chief economist at Henley & Partners.

Insigneo Joins AmCham Argentina

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Insigneo announced its official membership in the United States Chamber of Commerce in Argentina (AmCham Argentina). This strategic move reinforces the firm’s ongoing commitment to strengthening economic and commercial ties between Argentina and the United States, according to the global wealth management company.

This alliance enables Insigneo to anticipate regulatory trends, access timely market intelligence, and actively contribute to initiatives that foster a favorable environment for long-term economic growth in Argentina. Clients will benefit from greater exposure to local best practices, increased regulatory predictability, and expanded knowledge of cross-border markets—key elements for navigating today’s complex investment landscape, according to the Miami-headquartered firm.

“This membership enhances our ability to meaningfully contribute to Argentina’s evolving financial landscape while allowing us to deliver greater value to our clients throughout the region,” said Javier Rivero, president and chief operating officer (COO) of Insigneo. “AmCham’s platform provides a unique opportunity to collaborate with key stakeholders and advance shared goals of economic development and financial innovation,” he added.

Through this affiliation, the firm also gains access to a dynamic platform for dialogue, representation, and exchange with influential actors from both the public and private sectors. As a member, the firm will take part in strategic forums, working groups, and high-level discussions that promote sustainable development, innovation, and cross-border cooperation.

With more than $26 billion in client assets supported, Insigneo empowers over 290 investment professionals and 68 institutional firms serving more than 32,000 clients. AmCham Argentina is a non-governmental, independent, and non-profit organization that has promoted bilateral trade and investment between the United States and Argentina for over 100 years.

Miami’s Tourism Boom Fuels Economic Growth

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At its annual State of the Travel & Tourism Industry Event held at Jungle Island, the Greater Miami Convention & Visitors Bureau celebrated a historic year for Miami-Dade County’s economy. More than 600 attendees, including industry partners, government officials and community leaders, gathered to hear key updates on the region’s booming tourism sector. 

Miami-Dade County welcomed over 28 million visitors in 2024, marking the highest number ever recorded in a year. These visitors spent a staggering $22 billion, generating $2.2 billion in local and state tax revenues. The tourism industry now supports more than 209,000 jobs in the county, its largest workforce to date. 

“Tourism and hospitality are the lifeblood of Miami-Dade County. Our industry works tirelessly to ensure Greater Miami and Miami Beach remain top global travel destinations, benefiting residents and businesses alike,” said David Whitaker, CEO and President of GMCVB. 

Whitaker highlighted that the industry’s economic impact surpassed $31 billion, accounting for 9% of the county’s GDP, a 5% increase from 2023. 

The region also achieved top rankings in the hospitality sector. Miami-Dade led Florida in hotel occupancy and placed fourth nationally among the top 25 U.S. hotel markets, with the third highest average daily room rate. Domestic and international visits also increased, with Colombia, Brazil and the United Kingdom markets showing notable growth of 8%, 12% and 10%. 

“Our continued success depends on bold marketing, diverse and elevated offerings, a deep commitment to sustainability and the celebration of our diverse cultural assets,” said Julissa Kepner, GMCVB board chair. 

Looking ahead, the GMCVB emphasizes key developments aimed at sustaining momentum. The groundbreaking of the new 800-room Grand Hyatt Miami Beach convention center hotel, set to open in 2027, will enhance Miami’s capacity to host global events, conventions and trade shows. The city’s rich calendar of event, including Calle Ocho Music Festival, Latin Grammy’s and Art Basel Miami Beach, significantly contributed to the sector’s success. Looking to the future, Miami-Dade will host high-profile events such as the College Football Playoff National Championship and FIFA World Cup, further boosting the destination’s global appeal.

BNY Unveils New Products and Services for Wealth Advisors

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Bank of New York Mellon kicked off its flagship annual financial advisory conference: INSITE 2025. And this year, for the first time in the event’s more than 25-year history, BNY is using the occasion to introduce a series of new products, enhancements to its Wove platform, and new tools aimed at shaping the future of wealth management.

Among the highlights, the firm will launch the BNY Advisor Growth Network, a new community of wealth management experts and resources designed to support the business growth goals of financial advisors. It will also debut ResearchFlex, a service providing institutional-quality manager research, and PortfolioFlex, which enables the delivery of customized model portfolios at scale. These innovations will complement a range of new functionalities on the Wove platform.

“We are pleased to introduce at INSITE this year a range of new, innovative solutions that will better serve our wealth management clients and help them position their businesses for sustainable growth over the coming decades,” said Jim Crowley, Global Head of BNY Pershing.

This year’s conference theme, “Pioneers of Tomorrow,” focuses on strategies and insights that will shape the future of wealth management. Breakout sessions will explore topics including “The Growth Mindset,” “The Technology of Tomorrow,” “Scaling Smarter,” and “The Enterprise of the Future.”

“The strength of BNY allows us to leverage expertise across all of our business lines to enhance our offerings,” Crowley added. “Continuous product innovation is a priority for us, and harnessing the connectivity across our units enables us to deliver the full breadth of BNY’s capabilities to help clients drive growth, productivity, and scale.”

New Offerings in Detail

Wove Investor: NetX Unification

By integrating expanded functionalities between the NetX Investor portal and Wealth Reporting, BNY Pershing will offer a unified investment experience through Wove. The integrated platform will provide investors with enhanced access to information and tools, improving their overall experience and offering a more comprehensive view of their portfolios.

Wove Trading: Fixed Income Solution

Wove Trading will deliver advanced features for building, optimizing, and trading fixed income portfolios. The solution will provide advisors with improved access to liquidity, tools for optimized portfolio construction, and unique insights into client needs — all through an intuitive platform.

Wove Portfolios: Unified Managed Accounts (UMA)

Advisors will be able to build UMA portfolios that incorporate model providers, active SMA managers, and individual securities, fully integrated with Wove’s workflows and operations. The offering includes sleeve-level data integration across the Wove platform, along with flexible sleeve management within its trading tools and portfolio accounting engine.

BNY Advisor Growth Network

A new, high-level community of experts and wealth management resources aimed at supporting financial advisors in achieving their business growth goals — through tailored connections, in-depth research, and event opportunities.

BNY Investments’ ResearchFlex

Designed to help advisors improve client outcomes and free up time for business development, ResearchFlex provides institutional-quality manager research to support investment decisions. Enhanced manager reporting and monitoring across traditional asset classes will help advisors better evaluate investment strategies and continuously oversee managers — improving risk management and helping meet fiduciary and regulatory requirements.

BNY Investments’ PortfolioFlex¹

PortfolioFlex offers advisors the flexibility to adjust portfolio allocations at both the asset class and underlying investment levels. The solution enables scalable delivery of customized model portfolios aligned with clients’ risk/return profiles and tax preferences. Leveraging four decades of experience in model portfolio construction and management, BNY selects investments from a broad range of managers based on institutional-quality research and executes trades and rebalancing on a single platform.

BNY A.M.P. (Assets-Movements-Platforms)

A banking-as-a-service (BaaS) solution providing clients with an integrated capabilities platform, including virtual account management, fraud monitoring, risk/compliance/KYC functionality, payment processing, FX and multi-currency payments, debit card issuance, consumer bill payments, 24/7 call center support, and Web/API functionalities — enabling clients to offer a comprehensive banking experience to their own end users.

INSITE is BNY’s flagship financial advisory conference, bringing together top leaders and influencers from the asset and wealth management communities for three days of learning and networking. This year’s event is being held at the Gaylord National Resort & Conference Center in National Harbor, Maryland.

Santander’s Openbank Lands in Miami

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Santander Bank has opened the first U.S. location of Openbank, its digital-first banking division, at Miami’s new Worldcenter development. The branch combines traditional services with digital tools in a setting designed to feel more like a space for the community than a bank. 

It’s new location is similar in design to the bank’s Work Cafe in Coconut Grove. It offers access to all standard Santander Bank services ranging from information and support, to Openbank’s online products like a High Yield Savings account with a rate 10 times the national average and investment services through Santander Investment Services. 

“The new Openbank location is another opportunity to bridge our digital and in-person experience to deliver a truly differentiated offering,” said Swati Bhati, Head of Retail Banking & Transformation at Santander Bank, and CEO of Openbak in the U.S.

As part of its new launch, Santander sponsored Miami Worldcenter’s Grand opening last thursday with free performances from artists like Flo Rida, Nicky Jam and Shaggy. Attendees also got to enjoy food and beverages Miami Worldcenter had to offer. 

Openbank launched in the U.S. in late 2024. As of May 2025, the platform has gained more than 100,000 customers and over $4 billion in deposits. Santander plans on expanding  its offerings with products like Certificates of Deposit and checking accounts in the future.