Your team spoke to so many clients when developing Wove. What was advisors’ biggest challenge and how does Wove solve it?
Clients are frustrated that nothing connects. They spend a ton of time and money trying to connect things on the back end or doing double data entry. Worse, the data is inconsistent, incomplete and disconnected across applications. To tackle this problem, we knew we had to focus on both areas — data and tech. We had to find a way to deliver high-quality data through an interoperable, well-connected platform. Plus, we want clients’ data to work for them no matter how quickly they are growing. So, we partnered with Snowflake, a leading provider of cloud data platforms to power our data superset. Snowflake makes it easy for firms to use the platform and add data that is specific to their firm.
Data and technology are only part of the puzzle for advisors. How does Wove address the investment management side?
For advisors to be successful, we knew we had to provide them with trusted investment advice, a curated list of investment options and the ability to make custom products to help them stand out in the marketplace. It became obvious that if we were going to really deliver for clients, we had to leverage the entire enterprise.
BNY Mellon Advisors represents the fusion of BNY Mellon’s portfolio management expertise, its world class investment research team and its market insights. Together, this team curates investment solutions customized to firms and their clients.
This team gives clients access to new products such as the BNY Mellon Precision Direct IndexingSM S&P 500®, a tax managed, direct indexing solution. It conducts due diligence on the BNY Mellon and many third-party strategies and models on the platform so advisors can choose from a trusted, curated list. It provides timely, relevant research from across the enterprise and our partners, and most importantly, it supports almost any managed account structure clients need.
Curated solutions and advice paired with Wove’s robust investment management capabilities will help advisors find efficiencies in managing their client portfolios.
What’s next for Wove?
We have been testing Wove with beta clients for the past six months, and they are already asking for more. And we will deliver more while always focusing on ease of use, interoperability and productivity. We will be focusing on key areas that our clients told us are of high importance:
- Building out our data superset so we can deliver high-quality data for our clients and ease the burden of data management.
- Creating one client portal that integrates information from multiple custodians and can show financial planning, portfolio management and allow for brokerage trading in one place.
- Offering more robust portfolio construction and analytics capabilities.
We can’t wait for advisors to experience Wove platform, and we are excited for the new era of simplified, scalable and productive wealth management. As I said on stage, the days of disconnect between advisors and tech are now in the past — and this is just the beginning!
FOR MORE INFORMATION
To learn more about Wove and BNY Mellon Advisors, contact your relationship manager or visit PershingX.com.
Missed INSITE? You can see Ainslie’s presentation here.