BNY Mellon's Pershing X Debuts Integrated Wealth Platform

BNY Mellon technology division Pershing X rolled out its digital wealth management platform. According to a story in Financial Advisor, Wove aims to address the segmented experience advisors have as they navigate multiple applications in their day-to-day operations. The platform — which had been in the works for about a year — features applications to help with tasks such as advanced data reporting and analytics, financial plan building and flexible billing, and it touts an open-architecture design that provides advisors the flexibility to continue to use their preferred third-party applications on one platform. Wove will also give advisors access to direct-indexing investment strategies, including BNY Mellon’s precision direct indexing S&P 500, which will allow advisors to offer clients tax-loss and capital-gains harvesting strategies. Advisors on the platform will also be able to seek out investment advice from an in-house team of senior investment professionals from BNY Mellon. Pershing has more than seven million investor accounts and more than $2 trillion in global client assets.