BNY Mellon's Pershing Launches a New Suite of Products on its Wove Platform

Rhea-AI Summary

BNY Mellon has announced new enhancements to Pershing X's Wove platform, a wealth management tool. The updates include Wove Investor, a client portal for investors to manage multiple accounts, and Wove Data, a cloud-based tool for C-suite executives to analyze large data sets. Additionally, Portfolio Solutions offers new features to help advisors optimize investment strategies.

The Wove Investor portal allows users to check balances and perform tasks across various custodians, with future updates planned for money transfers and advisor collaboration. Wove Data aims to provide deeper insights into wealth management performance, while Portfolio Solutions enhances efficiency in aligning investment products with client objectives.

These updates are part of BNY Mellon's ongoing commitment to innovation in the wealth management sector, as articulated by Pershing X President, Ainslie Simmonds.

Positive

• Introduction of Wove Investor enables investors to manage multiple accounts from a single interface.
• Wove Data provides C-suite executives with actionable insights from large data sets.
• Portfolio Solutions enhances advisor efficiency in investment strategy alignment.
• Future updates for Wove Investor include money transfer and advisor collaboration features.
• BNY Mellon's commitment to continuous innovation in wealth management.

Negative

• No specific financial metrics or performance data provided to gauge the impact of the new features.
• Potential technical challenges in integrating and managing data across multiple custodians.
• The success of new features depends on user adoption and satisfaction, which remains uncertain.

The added features include the wealth management platform's first tool designed for investors and a cloud-based tool created for C-suite financial executives to better manage enterprise data

NEW YORK, June 4, 2024 /PRNewswire/ -- The Bank of New York Mellon Corporation ("BNY Mellon") (NYSE: BK), the global financial services company, announced today new enhancements to Pershing X's Wove platform, which is designed to help registered investment advisors, broker-dealers and wealth management firms connect an investor's full financial picture in one place.

The new Wove offerings include:

• Wove Investor, a one-stop client portal that enables investors to view account info across multiple custodians, and use self-service features to quickly complete simple tasks on their own, such as check balances across all investment accounts, on a single interface. Added capabilities are slated to roll out later this year, including the ability to transfer money and make deposits, as well as collaborate with advisors through screenshare and co-browsing features
• Wove Data, a cloud-data platform designed for C-Suite financial professionals at wealth management firms to manage large, multi-custody data sets and gain deeper insights into how their advisor teams, operations and investment products are performing across their enterprises
• Portfolio Solutions, a set of new time-saving enhancements to the platform that will help advisors toggle more efficiently and quickly from researching investment products to aligning them to a client's risk objectives and adding them to a portfolio

"When we launched Wove exactly one year ago we said we wouldn't stop innovating until it became the most connected advisory platform in the market, and today, we're delivering on that promise," said Ainslie Simmonds, Pershing X President and Pershing Global Head of Strategy. "Advisors asked us to create a simple, interconnected portal for their clients, so we built Wove Investor, while Wove Data enables larger firms to turn vast amounts of data into actionable business intelligence. These new products are helping us fulfill on our mission to change the future of wealth management."

About BNY Mellon
BNY Mellon is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years we have partnered alongside our clients, putting our expertise and platforms to work to help them achieve their ambitions. Today we help over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need. We support governments in funding local projects and work with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of March 31, 2024, we oversee $48.8 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). We are headquartered in New York City, employ over 50,000 people globally and have been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. Additional information is available on www.bnymellon.com. Follow us on LinkedIn or visit our Newsroom for the latest company news.

BNY Mellon's Pershing (member FINRA, NYSE, SIPC) is a leading provider of clearing and custody, trading and settlement, advisory and investment solutions, data insights, business consulting and other services to wealth management and institutional firms looking to grow their businesses. For more information, go to pershing.com.

Contact Information

BNY Mellon's Pershing
Liz Ozaist
347-528-3559
Elizabeth.Ozaist1@bnymellon.com

©2024 Pershing X, Inc., a BNY Mellon company. All rights reserved. Technology services provided by Pershing X, Inc. 

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may be used to reference the corporation as a whole and/or its various subsidiaries generally.

Investment advisory services, if offered, may be provided by BNY Mellon Advisors, Inc., an investment advisor registered in the United States under the Investment Advisers Act of 1940 or one or more affiliates of BNY Mellon.

Trademark(s) belong to their respective owners. This material does not constitute a guarantee by The Bank of New York Mellon of any kind. This material is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional advice on any matter. Forward-looking information, including delivery timing estimates, mock-ups and functionality descriptions remain subject to change without notice.

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SOURCE Pershing, LLC

FAQ

What new features are included in BNY Mellon's Wove platform update?

The updates include Wove Investor, a client portal for managing multiple accounts, and Wove Data, a cloud-based tool for analyzing large data sets. Portfolio Solutions also offers enhancements for investment strategy alignment.

When will the new features on the Wove platform be available?

Some features are available now, with additional capabilities like money transfers and advisor collaboration slated to roll out later this year.

How does Wove Investor benefit individual investors?

Wove Investor allows users to view account information across multiple custodians and perform self-service tasks, making it easier to manage investments.

What is the purpose of Wove Data?

Wove Data is designed for C-suite executives to manage large data sets and gain insights into the performance of advisor teams, operations, and investment products.

How do the new Portfolio Solutions enhancements benefit advisors?

The enhancements help advisors quickly switch from researching investment products to aligning them with client risk objectives and adding them to portfolios.