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Jim Crowley, CEO of BNY Mellon Pershing

Technology > Investment Platforms

Pershing X Launches New Wealth Management Platform

By John Manganaro

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BNY Mellon’s technology development group Pershing X has announced the launch of a new wealth management platform for financial advisors.

Firm leaders, led by Pershing X President Ainslie Simmonds and BNY Mellon CEO Jim Crowley, made the announcement during the opening day of Pershing’s Insite conference in Orlando.

They said the new platform, called “Wove,” will allow wealth advisors to seamlessly connect all the components of a client’s financial picture in one place by integrating a variety of technology tools advisors use into a single, data-driven platform.

“The Wove platform is unique because it has the power, scale and security of BNY Mellon behind it,” Crowley said. “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 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 firm has further created a new chief product officer position that has been filled by Sareena Dalla Brookshire, who took the job on May 30. Moving forward, Brookshire will lead the development and execution of BNY Mellon Pershing’s digital product strategy and oversee teams across product, platform and design.

“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,” Simmonds said. “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.”

As detailed by Simmonds, Wove will feature the core applications advisors need, from advanced data reporting and analytics to financial plan building and flexible billing. The platform also supports cross-custodian trading and rebalancing.

Additionally, advisors will have access to increasingly popular direct indexing investment strategies.

Pictured: Jim Crowley, CEO of BNY Mellon Pershing 

John Manganaro

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