Pershing Advisor Services is focusing on providing custody services for the biggest and best advice practices, writes.

Pershing’s RIA custody business kicked out 130 firms over the past three years, according to the web publication. Pershing CEO Mark Tibergien tells these RIAs weren’t jelling with his firm’s culture or its risk profile. But it may have something to do with their size.

Last year the average RIA that joined Pershing’s custodian platform oversaw $750 million, the web publication writes. Tibergien tells he wouldn’t be surprised if the figure edged higher this year. And despite the fact only about 3,000 RIAs would make the $750 million cut-off — and Pershing already works with 560 of them — Tibergien believes Pershing’s exclusive approach is keeping pace with the industry. After all, he tells the web publication, $1 billion in assets was once “a big deal” but now 650 firms have surpassed it.

The type of RIAs that do fit with Pershing want services they typically can’t find on a retail brokerage platform, writes.

Pershing’s approach seems to be working: in the past six years, assets on its platform have grown from $30 billion to $200 billion, according to the web publication.

Mark Tibergien

At the same time, Pershing now offers its advice platform clients a dual custody option: holding assets either at Pershing’s broker-dealer or its parent bank, BNY Mellon, Financial Advisor magazine writes. In all, about 132 advice clients are using the option, Tibergien tells the publication.

The approach appeals to high net worth clients that may prefer to keep some assets, such as those in trusts or foundations, with a bank that provides “a perception of safety,” Tibergien tells Financial Advisor.

The firm also wants to lure private trust companies to the platform, according to the publication. In addition, this month Pershing began offering its clients insurance products through outside reps, Kathryn Swain, Pershing’s director of financial solutions, tells the publication.