Core Insights - Goldman Sachs and BNY Pershing are launching client referral programs to connect Registered Investment Advisors (RIAs) with retail customers, enhancing competition in the wealth management sector [2][4] Group 1: BNY Pershing's Advisor Match Service - BNY Pershing, the largest custodian globally, is set to introduce its Advisor Match service, which will compete with established programs from Fidelity and Charles Schwab [2][4] - The service will not impose any Assets Under Management (AUM) minimums, but will charge an annual fee of $50,000 and an asset-based fee of up to 0.3% on referred client assets [5] - BNY aims to reshape the mid-tier advisory landscape by providing a more accessible platform for advisors compared to competitors that have raised entry barriers [3][4] Group 2: Competitive Landscape - The referral market is becoming increasingly competitive, with Schwab recently doubling its minimum AUM requirement to $500 million, while BNY maintains a more open-door policy [3][4] - Schwab's referral program, established in 2002, currently includes 100 to 150 firms, while Fidelity's program features around 70 advisors [4] - The introduction of these matchmaking services is expected to significantly impact how mid-tier advisors acquire new clients and assets [4]