BNY Mellon's Pershing X Unveils Its New Wove Wealth Management Platform

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Jun 06, 2023, 14:30 ET

Wove is an industry-first platform that enables wealth advisors to seamlessly connect all the components of a client's financial picture in one place.

NEW YORK, June 6, 2023 /PRNewswire/ -- BNY Mellon's Pershing X, a technology provider within BNY Mellon | Pershing (NYSE: BK), 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."

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ABOUT PERSHING X

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. Pershing and Pershing X do not provide investment advice. Additional information is available on pershingx.com.

ABOUT BNY MELLON'S PERSHING

BNY Mellon's Pershing is a leading provider of clearing and custody services. We are uniquely positioned to help complex financial services firms transform their businesses, drive growth, maximize efficiency, and manage risk and regulation.

Wealth management and institutional firms outsource to us trading and settlement services, investment solutions, bank and brokerage custody, middle- and back- office support, data insights and business consulting.

Pershing brings together high-touch service, an open digital platform and the BNY Mellon enterprise to deliver a differentiated experience for every client.

Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. With offices around the world, Pershing has over $2 trillion in assets and millions of investor accounts. Pershing affiliates include Pershing X, Inc. and Lockwood Advisors, Inc., an investment adviser registered in the United States under the Investment Advisers Act of 1940. Additional information is available on pershing.com, or follow us on LinkedIn or Twitter @Pershing.

This Press Release is issued by BNY Mellon to members of the press and media and the information contained herein should not be construed as investment advice or a recommendation of any investment product. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized.

¹ Mellon is a division of Mellon Investments Corporation (MIC), a registered investment adviser. MIC provides day-to-day investment advisory services in connection with the product.

SOURCE Pershing, LLC