Pershing X Reveals a Big Adopter of Its AI-Backed Platform

BNY Mellon’s Pershing X announced Tuesday that the Dallas-based insurance and financial services firm Integrity Marketing Group will utilize the firm’s Wove wealth management platform to support its expanding wealth management business.

Why it matters: Integrity is a large national distributor of life and health insurance with a nationwide network of over 550,000 insurance agents, registered investment advisors, registered representatives and other wealth management professionals, according to Pershing X’s announcement. By embracing Wove, the firm is seeking to expand its wealth management and retirement planning solutions for new and existing clients.

What to know:

• The Wove platform was released in June by Pershing X and integrates many tools advisors use when working with clients on a data-driven platform.
• The Wove platform will give Integrity’s advisors access to in-depth third-party models, as well as mutual fund and exchange-traded fund models created by BNY Mellon’s Investment Management business.
• BNY Mellon’s Pershing will also provide a full set of broker-dealer clearing and custody solutions to Integrity advisors.

What they’re saying: Speaking with ThinkAdvisor on the day of the announcement, Ainslie Simmonds, president of Pershing X, emphasized how the Wove platform will aid Integrity’s insurance agents by equipping them with a toolkit designed to help them expand their wealth management capabilities.

She further pointed to the fact that Wove users, in addition to benefiting from Pershing X’s scale and expertise, are also backed by advanced artificial intelligence technology sourced from a partnership with Conquest Planning.