BNY Mellon’s Pershing X, a technology provider within BNY Mellon | Pershing (NYSE: BK), debuted Wove, a wealth management platform that integrates the technology tools advisors use into a single, data-driven platform.
Pershing X President Ainslie Simmonds, said:
“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. 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.”
Jim Crowley, CEO of BNY Mellon | Pershing, said:
“The Wove platform is unique because it has the power, scale and security of BNY Mellon behind it. 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.”
As noted in the update, Pershing X, Inc. is “a technology provider, focused on delivering the most interoperable and data-driven suite of advisory tools in the wealth management industry.”
Pershing X technology, “including the Wove platform, is designed to create an effortless and intuitive experience that is integrated with multiple leading custodians.”
This allows wealth management professionals “to focus their time on the business of advice, not technology, in order to maximize efficiency and optimize the experience for every client.”
Investment advisory solutions, “if offered, may be provided by BNY Mellon Advisors, Inc., an investment adviser registered in the United States under the Investment Advisers Act of 1940 or one or more affiliates of BNY Mellon.”
Pershing X is “an affiliate of Pershing LLC, each BNY Mellon companies.”