Unveiling Wove: Streamlining Wealth Management for Enhanced Client Experiences

BNY Mellon’s Pershing X, the technology solution provider for broker-dealers and registered investment advisors, has launched a new wealth management platform called Wove. The groundbreaking platform integrates multiple technology tools and enhances productivity and efficiency for advisors, enabling them to serve more clients and customize investment solutions. The Wove platform features advanced data reporting, financial plan building, flexible billing, and direct indexing investment strategies. Investment solutions are delivered through BNY Mellon Advisors by a team of senior investment professionals with the power, scale, and security of BNY Mellon behind it. This article provides an in-depth review of the Wove platform and its features and benefits for advisors.

BNY Mellon’s Pershing has introduced Wove

BNY Mellon’s Pershing X has debuted Wove, a pioneering wealth management platform that helps advisors optimize their operations, streamline their workflows, and provide better investment solutions to their clients. Wove integrates multiple technology tools used by advisors, providing them with a single, data-driven platform that ensures consistency, accuracy, and efficiency in their investment practices. The platform seeks to transform the way advisors serve their clients by leveraging innovation and technology to deliver personalized and high-quality investment solutions.

Wove integrates technology tools to enhance productivity and efficiency for advisors

Central to the Wove platform’s value proposition is its seamless integration of technology tools, making it easier for advisors to access and use them to enhance their productivity and efficiency. The platform provides advisors with a comprehensive dashboard featuring all the tools they need to manage their clients’ portfolios effectively. Advisors can access client data, generate reports, automate billing, and create financial plans, all in one place. The platform is designed to streamline workflows, reduce errors, and save time for advisors, allowing them to focus on their clients’ needs and goals.

Core features of Wove include advanced data reporting, financial plan building, and flexible billing

Wove comes with a suite of core features that aim to help advisors make informed decisions and provide excellent service to their clients. Advanced data reporting is one of the platform’s standout features, providing real-time insights into clients’ portfolios’ performance and risk. Advisors can access detailed reports on client investments, allocations, and performance against benchmarks. The platform’s data analytics capabilities also enable advisors to spot trends, identify new opportunities, and make data-driven decisions about portfolio changes.

Another key feature of Wove is its financial plan-building capabilities. The platform provides advisors with tools to create comprehensive financial plans that consider all aspects of a client’s financial situation. Advisors can create plans that incorporate investment goals, risk tolerance, retirement planning, estate planning, and more. This feature helps advisors offer more holistic advice to clients, ensuring they have a clear roadmap for achieving their financial goals.

Flexible billing is another benefit of the Wove platform, allowing advisors to customize their billing methods to suit their clients’ needs. Advisors can bill clients on a fee-only basis, commission-only basis, or a mixture of the two. They can also automate billing to save time and reduce the risk of errors.

Direct indexing investment strategies, including BNY Mellon Precision Direct Indexing S&P 500

Wove offers advisors access to direct indexing investment strategies, allowing them to provide clients with customized investment solutions that meet their unique needs and preferences. One of these strategies is the BNY Mellon Precision Direct Indexing S&P 500, which is managed by Mellon. The strategy seeks to match the performance of the S&P 500 while providing tax efficiency, low tracking error, and low costs. The platform’s direct indexing capabilities allow advisors to create custom portfolios that include or exclude specific stocks based on client preferences or investment objectives.

Customized solutions for clients using the direct indexing strategy

Wove’s direct indexing capabilities enable advisors to provide clients with more tailored investment solutions based on individual preferences or values. For instance, clients can exclude or overweight specific stocks based on ethical or personal reasons. Advisors can also create sector-specific portfolios or implement alternative weighting schemes that seek better risk-adjusted returns. The platform’s direct indexing strategy allows advisors to cater to clients’ specific preferences and priorities, building portfolios that reflect their values and goals.

Investment solutions are delivered through BNY Mellon Advisors, Inc. by a team of senior investment professionals

Through the Wove platform, advisors can access investment solutions delivered by BNY Mellon Advisors, Inc. The platform leverages an in-house team of senior investment professionals from across BNY Mellon, bringing together their expertise and intellectual resources to create superior investment solutions. Advisors can access a broad range of investment products, including mutual funds, exchange-traded funds, and separately managed accounts. The investment solutions are designed to meet diverse investment goals, risk tolerances, and time horizons.

The Power, Scale, and Security of BNY Mellon Support the Wove Platform

One of the significant advantages of the Wove platform is the power, scale, and security of BNY Mellon that supports it. As a leading financial institution with a long history and broad global reach, BNY Mellon brings unmatched expertise, resources, and networks to the platform. The platform leverages BNY Mellon’s technological infrastructure, data privacy protocols, and cybersecurity systems, ensuring a safe and reliable environment for advisors and clients. The platform’s robustness and efficiency are further enhanced by BNY Mellon’s global scale and deep pockets.

Seamless technology and best-in-class investment tools provided through Wove

Wove offers advisors seamless technology and best-in-class investment tools, leveraging innovation and technology to enhance their investment practices. The platform’s comprehensive suite of tools simplifies advisors’ workflows, streamlines their processes, and enables them to provide high-quality investment solutions to their clients. Advisors can work more productively and efficiently, benefitting from Wove’s advanced data reporting, direct indexing, and customized solutions. Clients, in turn, can access superior investment products tailored to their specific preferences and goals.

Wove is a groundbreaking wealth management platform that has the potential to revolutionize how advisors serve their clients. The platform integrates multiple technology tools, streamlining advisors’ workflows, enhancing their productivity and efficiency, and enabling them to provide customized investment solutions to their clients. Wove’s core features, including advanced data reporting, financial plan building, and flexible billing, enhance advisors’ investment practices by enabling them to make informed decisions and offer holistic advice. The platform’s direct indexing capabilities and investment solutions provided by BNY Mellon Advisors, Inc. offer clients custom portfolios that suit their values and goals. With the power, scale, and security of BNY Mellon supporting the Wove platform, advisors can work confidently and efficiently, knowing that they have the right tools and resources to meet their clients’ needs.

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