Making Simplicity the Ultimate Guidepost to an Effective Wealth Management Practice

The Bank of New York Mellon Corporation, a global financial services company, has officially announced the launch of new capabilities for its Pershing X’s Wove platform. In case you weren’t aware, the stated Wove platform works by helping registered investment advisors, broker-dealers, and wealth management firms connect and visualize an investor’s full financial picture in one place. Anyway, talk about these capabilities on a slightly deeper level; we begin from the all-new Wove Investor offering. This offering, in particular, brings to the fore a one-stop client portal that enables investors to view account information across multiple custodians, and use self-service features to quickly complete simple tasks on their own. This includes tasks such as checking balances across all investment accounts. Making the entire development even more valuable would be the fact that it can all be done on a single interface. Building upon the same, BNY Mellon already has a plan in place to launch more features for Wove Investor later this year. These new features are likely to cover a facility to transfer money and make deposits, as well as collaborate with advisors through screenshare and other co-browsing features. Next up, the organization introduced a new solution in Wove Data. Wove Data is basically a cloud-data platform designed for C-Suite financial professionals at wealth management firms. In practice, the stated solution enables users to manage large, multi-custody data sets and gain deeper insights into how their advisor teams, operations, and investment products are performing across different enterprises.

“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.”

Another development which arrived on the scene as a part of BNY Mellon’s latest effort is rooted in Portfolio Solutions. Packing together a set of new time-saving enhancements within one single ecosystem, Portfolio Solutions are to help advisors toggle more efficiently and quickly from researching investment products to aligning them with a client’s risk objectives, and eventually adding them to the client’s portfolio.

Operating out of New Jersey, BNY Mellon’s Pershing has risen up the ranks through its clearing and custody, trading and settlement, advisory and investment solutions, along with data insights, business consulting, and other services that help wealth management and institutional firms to maximize their growth. This involves improving profitability, creating capacity and efficiency, attracting and retaining talent, and managing risk and regulation. The organization’s excellence in what it does can also be understood once you consider it serves, at the moment, more than 6 million investors worldwide.