Business Transformation | 10.26.26
What BNY's Wove Move Tells Custodians About RIA Tech Priorities
by: Tobias Salinger
BNY Pershing is integrating its Wove financial-advisor technology platform into its broader Wealth Solutions division, reflecting a strategy to unify services under one corporate structure. Launched in 2023 under the custodian's previous Pershing X technology arm, Wove aims to provide advisors with interconnected technology tools. Industry experts say custodians’ attempts to bundle proprietary software often conflict with independent registered investment advisors’ (RIA) preference for choosing their own vendors, and similar initiatives by Fidelity and Charles Schwab have faced challenges. BNY says its broader brand and integrated banking, investment management and technology capabilities are attracting advisors. The transition highlights the importance of flexibility in RIA technology decisions.
Read the full article on Financial Planning