Pershing X: Revolutionizing Wealth Management through Technology

BNY Mellon's Pershing X unit has secured a significant customer, Integrity Marketing Group, for its innovative new platform named Wove. This platform combines various software applications that investment advisors rely on to effectively manage clients' funds.

Integrity Marketing Group, a prominent insurance provider, is venturing into the wealth management space and will implement the Wove platform for its advisor ranks. While this is not the first win for Wove, it is one of the largest and represents the first publicly announced partnership since its launch in June.

As a key player in the insurance industry, Integrity Marketing has been expanding its presence in wealth management by utilizing Pershing as its primary custodian. Notably, Integrity acquired Gladstone Wealth Partners last year, a registered investment advisor with $13 billion in assets at that time. In addition to these strategic acquisitions, the company has further fortified its capital position through private-equity investments and plans to integrate wealth management services into its extensive network of over 500,000 insurance agents.

Ainslie Simmonds, President of Pershing X, expressed enthusiasm for partnering with Integrity Marketing, stating that their business acumen, leadership, and technical expertise make them an ideal growth-focused partner. Pershing X, established as a fintech start-up within Pershing, appointed Simmonds, a seasoned veteran of tech start-ups in the wealth management space, as its first employee two years ago. Her mission was to develop the platform that eventually evolved into Wove.

Simmonds highlights the unique appeal of joining Pershing X: "What intrigued me about this opportunity was being able to harness the positive aspects of a start-up while benefiting from the safety, security, and consistent funding of a bank. With the recent fintech downturn, our timing couldn't be better, as we enjoy stable funding with patient capital."

Pershing X's partnership with Integrity Marketing Group marks an exciting milestone for both companies and demonstrates the potential of the Wove platform to drive innovation in wealth management.

Pershing X: Transforming Wealth Management through Technology

Pershing X, the brainchild of BNY Mellon CEO Robin Vince, is set to revolutionize the financial sector with its innovative, tech-focused approach. This vision aligns with BNY Mellon's goal of expanding its role as a service provider to the industry, according to Simmonds, a professional copywriter.

The formation of Pershing X came after BNY Mellon conducted a strategic review, exploring potential investment avenues. Simmonds explains that the company identified wealth management, particularly the RIA sector, as an attractive target market due to its steady growth and numerous opportunities for expansion.

Recognizing the need for improved technology within the RIA sector, Simmonds and her team developed Wove. The driving force behind this project was the realization that the software tools advisors currently use are not effectively integrated. Key components such as financial planning, CRM, and portfolio rebalancing lack seamless communication with one another.

Drawing inspiration from Google's suite of applications, like Docs and Voice, Simmonds sought to create a similar experience for financial advisors. While Wove can be used independently, it is designed to work synergistically with other applications, much like how Google products integrate with one another.

Simmonds envisions Wove as the ultimate productivity tool for advisors, streamlining their workflow and enhancing efficiency. Similar to Google's suite of applications that optimize human productivity, Wove aims to become the go-to advisor productivity application.

With Pershing X and Wove leading the way, BNY Mellon is poised to reshape wealth management through technology and innovation.