BNY Pershing to Sunset Wove Wealth Platform in Restructuring

BNY has told advisors that it is sunsetting Wove, its multi-custodial wealth management platform, according to information sent to advisors.

Platform Folded Into Wealth Solutions

The change is part of a restructuring that will place the multi-custodial wealth platform inside BNY's larger wealth solutions business. Wove had operated as a distinct multi-custodial offering within the group's wealth technology stack.

The restructuring follows the recent promotion of Adam Vos as wealth head. Vos now leads the wealth solutions business that will absorb the platform's functions.

What Advisors Were Told

BNY communicated the decision directly to advisors using the platform. The message frames the move as an internal reorganization rather than a standalone product shutdown in isolation. No timeline for the wind-down was included in the material provided.

The platform's multi-custodial design had been aimed at advisors seeking to manage assets across more than one custodian. Its absorption into a broader wealth solutions unit suggests BNY will continue serving advisory clients through that larger structure rather than through Wove as a separate brand.

BNY has told advisors it is restructuring its multi-custodial wealth management platform to become part of its larger wealth solutions business, led by recently promoted wealth head Adam Vos.

A Wealth Unit Under New Leadership

The promotion of Adam Vos places the advisory-facing wealth business under a single leadership line. The restructuring that sunsets Wove is presented as an alignment of the platform with that broader wealth solutions mandate.

For advisory firms, platform consolidation at a major custodian can affect operational continuity and the number of custodial relationships they maintain. The supplied material does not detail how client accounts will be transitioned or which systems will replace Wove's functions.

BNY has not disclosed further terms of the restructuring in the available information, and no completion date for the sunsetting was provided. The account is limited to the notification to advisors and the leadership context behind the change.