BNY Mellon’s Pershing X has introduced several improvements to its multi-custodial wealth management platform, Wove.
The new features — which include a one-stop customer portal, cloud data platform, consolidated APIs and portfolio management suite — were unveiled at its INSITE 2024 Conference in Nashville, Tenn. Wove was first unveiled at last year’s INSITE Conference and has been in development since Pershing X was created in late 2021.
New products include Wove Investor, Wove Data, Wove Connect and Portfolio Solutions.
Wove Investor is a one-stop client portal that allows investors to view account information for multiple custodians and check balances across all investment accounts.
Pershing X president Ainslie Simmonds said one of the key comments they received from advisers was the need for an investor portal to consolidate financial planning, brokerage and portfolio management inputs. 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 a common data layer is why companies like Microsoft and Google can seamlessly link user information across their apps. Wove Data will use the same concept to manage large multi-custodial data sets in collaboration with cloud-native data warehouse company Snowflake.
“We can add hard data so that now you can have a common data store to be able to do analytics and start to put in things like AI,” she said.
Meanwhile, they’ve also 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 help firms research integrations, select the data they need, design a data pipeline and test tools.
“A lot of firms can’t tear down their entire technology stack and start from scratch, or they’ve made investments in their advisor or investor portal, and all they need is a bunch of connections and APIs,” she said.
The main parts of the Wove platform have been renamed Wove Advisory.
“This is 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 group that provides advisors with new capabilities to analyze portfolios, manage models, SMAs and UMAs or build their own models. It seeks to help advisors transition between researching investments, matching them to a client’s risk objectives, and adding them to a portfolio.
The Wove platform already includes data reporting and analytics, AI-powered financial plan building, invoicing, trading and rebalancing between custodians, as well as partnerships with Salesforce, PureFacts and Pontera.
“A connected suite is the idea here,” Simmonds said. “Requiring individual RIAs and broker/dealers to tie all their stuff together is very inefficient.”
BNY Mellon oversees $48.8 trillion in assets under custody or administration and $2 trillion in assets under management.
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