BNY Pershing Sunsetting Wove Wealth Platform

5 hours ago

1 min read

Ortolani, A. (2026, September 29). BNY Pershing sunsetting Wove wealth platform. WealthManagement.com. https://www.wealthmanagement.com/ria-news/bny-pershing-revamping-wove-wealth-platform

BNY Pershing is dismantling its multi-custodial wealth management platform, Wove, and folding its best components into the custodian's larger wealth solutions business, according to the firm and clients familiar with the platform.
BNY is moving away from the branded platform and aims to offer advisors a unified wealth offering alongside custodial services from BNY or a custodian of their choosing.
The effort is overseen by Adam Vos, global head of wealth solutions since January, with focus areas including modernizing the clearing and custody stack, easier API-enabled integrations, a unified managed accounts platform, and an improved investor experience.
Wove launched in 2023 at BNY's annual Insite conference under Ainslie Simmonds, then head of the Pershing X start-up unit, who left the bank in June.
BNY declined to disclose how many advisors use Wove, though firms on record implementing it include TIAA, Sanctuary Wealth, and Steward Partners.
George Guidotti of ARQA said the move from Albridge Wealth Reporting to Wove never really took hold among advisors, but he sees an opportunity if BNY builds a seamless multi-custodial platform across front end, back end, and custody.
The shift comes as competitors including Envestnet, Orion, and Altruist, which recently agreed to be acquired by Vanguard, push ahead with AI and open-architecture wealth platforms.

Knote: I thought they were doing everything right, but at the end of the day it was like the witness protection program: new name, same problems.