Wove 2.0: What You Need to Know About Three New Products on the Platform
JUNE 4, 2024
From Wove’s first tool for investors to a cloud-data offering for C-suite executives, Pershing X President Ainslie Simmonds discusses a new suite of enhancements that were just added to the platform.
One year ago BNY Mellon's Pershing X unveiled its industry-first wealth management platform Wove, designed to help registered investment advisors, broker-dealers and wealth management firms connect all the components of an investor’s financial picture in one place.
But that was just the beginning.
Since then, the Pershing X team has been hard at work developing a suite of new products for the platform.
We sat down with Simmonds to hear more about what her team has been up to and how the platform has evolved to help advisors help more clients.
What new features have been added to the Wove platform?
“We’re rolling out three new products this year: Wove Investor, Wove Data and Wove Connect. Together, these enhancements will help provide wealth practices with the tools they need to function—all in one place.
Which of these products excites you the most?
It’s hard to choose just one, but being able to provide advisors’ clients with their own portal on Wove is certainly an achievement I’m excited about.
It’s called Wove Investor and it enables investors to view account information 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. Later this year we plan to add even more functionality, including the ability to transfer money, make deposits and collaborate with advisors through screenshare and co-browsing features.
The two new data tools we’re introducing should excite advisory practices too.
Wove Data is a cloud-data platform designed to help C-suite financial professionals at wealth management firms manage large, multi-custody data sets and gain deeper insights into how advisor teams, operations and investment products are performing across their enterprises.
And Wove Connect is a multi-custody data marketplace that will bring together the NetX360®+ and Wove interfaces and third-party integrations. With these functions centralized, wealth management firms can manage their data faster, improve its quality and design a data pipeline.
What new enhancements have been added to the advisory offering on Wove?
This year we’re upgrading our Portfolio Solutions application with 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 to then adding them to a portfolio.
Wove’s CRM application, built with Salesforce, has also officially launched on the platform. Salesforce users can now sync all their data into the Wove CRM, and the platform will send client information between Salesforce and Wove.
We’ll also be adding a compliance application soon that will help users monitor accounts and offer a highly efficient way to track advisor registration requirements and status.
Wove and NetX360®+ are also connecting. What does this mean for clients?
We have started the work to connect BNY Mellon Pershing’s NetX360®+ clearing and custody platform with Wove so that advisors will be able to move seamlessly between them. This means that if you are working on an account in the NetX platform you can easily jump to Wove to do advisory work with the data already preloaded.
I like to use the analogy of working in Microsoft Outlook and Microsoft Teams. Think about how easily you can move between Outlook and Teams if you are a Microsoft client. That’s the experience we’re capturing with this integration.
What’s next for Wove?
The next phase of our growth will involve obsessing over our clients’ productivity. We’ve cut down hours for them already, and now we’ll look to trim down additional minutes wherever we can.
Pershing X is also working on an independent assessment tool for advisors to see how much time and cost savings a highly productive platform, like Wove, could drive for their firms.”