Financial Planning reported that BNY is retiring Wove, the advisor desktop that Pershing executives had previously credited with helping the custodian win new wealth management custody clients. The outlet said the bank now argues that its corporate reshuffling is gaining traction with financial advisors. Financial Planning's report is the starting point for this article, and the details below come from the other outlets and records cited.
Earlier this year BNY combined Pershing and its managed accounts business into a unit called Wealth Solutions, appointing Adam Vos as its head. Jim Crowley, a former BNY Pershing global head, moved to the role of executive vice chair of BNY. RIABiz reported on October 10 that the standalone chief executive position for the business was abolished and that Vos reports directly to BNY chief executive Robin Vince. Financial Planning said Wealth Solutions spans almost $4 trillion in assets under custody or administration. BNY's third-quarter 2026 earnings release, filed with the SEC, put total assets under custody and/or administration at $63.4 trillion and assets under management at $2.2 trillion as of September 30, 2026. Those firm-wide figures measure different things and are not the Wealth Solutions total.
RIABiz described Pershing as a BNY Mellon subsidiary based in Jersey City, New Jersey. According to RIABiz, Wove was sunset at the end of September after the departure of Pershing X president Ainslie Simmonds. RIABiz gives the date as September 30, while WealthManagement.com is dated September 29, so the exact day is not settled across sources. A notice sent to clients and staff, which another report cited, said Simmonds left in June to spend more time with her family in Canada.
WealthManagement.com reported that Wove launched in 2023 at Pershing's annual INSITE conference and had been under development since Pershing X was created in late 2021. The same outlet said TIAA, Sanctuary Wealth and Steward Partners had been on record implementing the platform. TIAA Wealth Management announced in an October 2025 release that it had selected Wove as the Unified Wealth solution across its broker-dealer, investment adviser and bank custody businesses. Separately, ARQA's George Guidotti told WealthManagement.com that the move to Wove never really took hold among advisors.
In its response to Financial Planning, BNY representatives described the Wove change as a change in execution, part of the firm's recent-years strategy of integrating all of its services as one firm. BNY did not give a timeline for the transition and did not answer how much it had spent developing and promoting Wove directly. It also declined to say how many advisors use the platform.
According to WealthManagement.com, Vos started out as a trader at the Bank of New Zealand and now brings more than twenty years of global capital markets experience. Financial Planning noted that Pershing executives had previously credited Wove with helping the custodian win new wealth management custody clients.
Commentary on the platform has been mixed. Tim Welsh of Nexus Strategy wrote in an op-ed that custodian-bundled technology does not appeal to independent advisors who prefer to choose their own technology vendors, a view he wrote when Pershing had only unveiled its X arm. Financial Planning also reported that Welsh had expected Pershing to struggle to pull in fresh software contracts for its in-house services instead of rival providers.
The competitive picture is also shifting. RIABiz reported that State Street and Apex Clearing have launched a joint RIA custody unit aimed at firms with more than $1 billion in assets. RIABiz also quoted analysts who argued State Street could pick up part of BNY's market share, a view that reflects analyst opinion rather than a confirmed result.
What comes next remains unclear from the reporting available. BNY has not published a transition timeline for Wove's users, and it has not disclosed adoption figures. Advisors and firms that use the platform, and the custodians competing for RIA business, will be watching how the Wealth Solutions structure takes shape under Vos.