BNY Pershing Dismantled Wove Wealth Platform

The firm is shifting its strategy to integrate wealth management components directly into its broader custody and clearing services.

Updated on Sept. 29, 2026 in Investing

Isometric editorial illustration featuring polished steel modular blocks nesting into a structured lattice, symbolizing financial systems integration. — BNY Pershing is shuttering its Wove wealth platform as it moves to integrate digital wealth management tools directly into its core custody and clearing infrastructure. AI Illustration. Upload story photo >

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BNY Pershing has announced the closure of its Wove wealth management platform, which originally launched in 2023. The firm is now moving to consolidate those digital components into its larger wealth solutions business.

Why it matters

This shift aims to create a unified platform for advisors and investors, streamlining how users access managed accounts and custody services. It follows a significant executive reshuffle earlier this year and the acquisition of Archer Managed Account Solutions in 2024.

BNY Pershing is winding down its Wove platform launched in 2023, while noting that peer Envestnet has committed $1 billion to rival AI-driven technology. The total number of households affected by this platform migration is not currently public.

The players

BNY Pershing

A global financial services provider offering custody, clearing, and technology solutions for financial advisors and institutional clients.

Adam Vos

The executive currently overseeing the integration of legacy wealth platform components into the broader BNY wealth solutions business.

Archer Managed Account Solutions

A financial technology firm focused on managed account infrastructure that was acquired by BNY in 2024.

The details

BNY is reorganizing its technology stack to prioritize a unified wealth offering that combines custodial services with managed account capabilities. Adam Vos is currently overseeing the integration of these Wove components into the firm's core wealth solutions infrastructure. This strategy focuses on modernizing internal clearing systems and improving API integrations to support a more cohesive investor experience.

The Wove platform was launched in 2023.
BNY acquired Archer Managed Account Solutions in 2024.
The firm announced an executive reshuffle in January 2026.
Ainslie Simmonds left the bank in June 2026.

Money Landscape

This move follows a pattern set by the integration of Archer Managed Account Solutions, indicating a clear shift toward platform consolidation within the custodial sector. It marks a departure from the firm's 2023 reliance on the standalone Wove brand in favor of a centralized wealth solutions model.

Investors who use accounts managed through firms like TIAA, Sanctuary Wealth, or Steward Partners should monitor their statements for potential updates to their digital portal access. If you are uncertain how these infrastructure changes affect your account settings, reach out to your financial advisor.

The takeaway

Large financial firms frequently consolidate their software offerings to streamline operations and reduce technical fragmentation. Investors should maintain clear records of their account holdings and consult with a qualified professional regarding any changes to their digital advisory portal.