Arvest Wealth Management announced today that its assets under management surpassed the $13 billion dollars mark as of year-end 2019, and that it successfully completed the first phase of its move to a new customer and clearing platform.
Arvest Wealth Management, which offers wealth management, trust, investment, and insurance products and services, has investment and trust advisors throughout Arvest Bank’s four-state footprint. Arvest Wealth Management recorded revenues of $69.6 million in 2019 and reported total assets under management of more than $13.2 billion as of Dec. 31.
“2019 was a year focused on our ongoing commitment to addressing the changing landscape of our business,” Arvest Wealth Management president and CEO Jim King said. “While we made significant operational and system enhancements in 2019, our investment and trust advisors, through our discovery and financial planning process, continued to work with our customers to better understand their hopes, dreams and goals, and work to create an investment plan to help them achieve those goals.”
Arvest Wealth Management successfully completed the first phase of its move to Pershing, a BNY Mellon company, as the provider of its clearing and custody platform in 2019. The second and final phase of that consolidation and conversion is scheduled for the first quarter of 2020.
Arvest Wealth Management is excited about the move to Pershing and believes it will allow for better integration of wealth management services into the Arvest Bank online and digital platforms and provide a better customer experience.
“How our advisors engage and transact business with our existing customers and the next generation of our customers is important and evolving,” King said. “We believe this move to Pershing will provide Arvest Wealth Management the technology platform from which we can deliver the most competitive investment and advisory products and services to our customers in new and different ways that we believe our customers want, and to more seamlessly integrate our products and services into our bank’s digital infrastructure.”