BNY Mellon's Pershing X Unveils Its New Wove Wealth Management Platform
BNY Mellon's Pershing X, a technology provider within BNY Mellon Pershing has debuted Wove today, a groundbreaking wealth management platform that integrates the technology tools advisors use into a single, data-driven platform.
"When building Wove, we went beyond just having integrations and created interconnected experiences for advisors so they can go from planning and portfolio building to account management without having to re-enter data," said Pershing X President Ainslie Simmonds. "The goal is to help them be more productive and efficient with their time so they have the ability to help serve even more clients."
Wove will feature the core applications advisors need, such as advanced data reporting and analytics, financial plan building, flexible billing, cross-custodian trading and rebalancing. Additionally, advisors will have access to direct indexing investment strategies, including the new BNY Mellon Precision Direct Indexing S&P 500®, managed by Mellon1, BNY Mellon Investment Management's indexing specialist. The strategy seeks to match the performance of the S&P 500® Index and enables advisors to offer clients customized solutions.
As part of its Wove debut, Pershing X also announced that BNY Mellon Advisors, Inc. will deliver investment solutions through the new platform by using an in-house team of senior investment professionals from across BNY Mellon.
"The Wove platform is unique because it has the power, scale and security of BNY Mellon behind it," said Jim Crowley, CEO of BNY Mellon | Pershing. "By leveraging the breadth of innovation from across the firm to create Wove, we are able to provide advisors with seamless technology and best-in-class investment tools to help revolutionize how they serve their clients."