BNY Mellon’s Pershing X has introduced several upgrades to its multi-custodial wealth management platform, Wove.
The new features—which include a one-stop client portal, cloud data platform, consolidated APIs and portfolio management suite—were unveiled at its INSITE 2024 Conference in Nashville, Tenn. Wove was first revealed at last year’s INSITE Conference and had been under development since Pershing X was created in late 2021.
The new products include Wove Investor, Wove Data, Wove Connect and Portfolio Solutions.
Wove Investor is a one-stop client portal that lets investors view account info on multiple custodians and check balances across all investment accounts.
Pershing X President Ainslie Simmonds said one of the main pieces of feedback they received from advisors was the need for an investor portal to consolidate financial planning, brokerage and portfolio management logins. Wove Investor is white-labeled and configured for both desktop and mobile. Later this year, the ability to transfer money and make deposits, as well as screen sharing and co-browsing features, will be added, she said.
Wove Data is a cloud data platform. Simmonds said that a common data layer is why companies like Microsoft and Google can seamlessly connect user information across their applications. Wove Data will use the same concept to manage large, multi-custody data sets in collaboration with cloud-native data warehouse company Snowflake.
“We can add firm data so that you can now have one common data store to be able to do analytics and start to embed things like AI,” she said.
Meanwhile, they also have consolidated their APIs into one place so firms can connect programs more easily. The multi-custody data and API marketplace, called Wove Connect, brings together NetX360+ and Wove APIs, web components, cloud sharing and third-party integrations. Simmonds said Wove Connect is designed to assist firms in searching for integrations, choosing the data they need, designing a data pipeline and testing tools.
“Many firms can’t rip out their whole tech stack and start over, or they’ve made investments in their own advisor or investor portal, and all they need are a bunch of connections and APIs,” she said.
The core parts of the Wove platform have been renamed Wove Advisory.
“That’s still the heartbeat of the product,” said Simmonds, who also recently took on two additional roles as global head of strategy at BNY Mellon’s Pershing X and head of the product management practice at BNY Mellon.
Portfolio Solutions, which will be part of Wove Advisory, is a portfolio management suite offering advisors new capabilities to analyze portfolios, manage models, SMAs and UMAs or build their own models. It seeks to help advisors toggle between researching investments, aligning them to a client’s risk objectives and adding them to a portfolio.
The Wove platform already includes data reporting and analytics, AI-enabled financial plan building, billing, cross-custodian trading and rebalancing, as well as partnerships with Salesforce, PureFacts and Pontera.
“A connected suite is the idea here,” Simmonds said. “Asking individual RIAs and broker/dealers to connect all of their stuff on their own is highly inefficient.”
BNY Mellon oversees $48.8 trillion in assets under custody or administration and $2 trillion in assets under management.