BNY Pershing retires Wove and shifts RIA platform reset to Adam Vos

BNY Pershing has retired Wove and has not yet assigned a name to its successor platform, RIABiz reported today. Ainslee Simmonds is out along with the platform. Pershing launched Wove at Insite in 2023, according to Wealth Advisor Daily's prior coverage.

The reset now sits with Adam Vos, whom RIABiz identifies as Pershing's new RIA head and who holds the title Global Head of Wealth Solutions at BNY. Pershing's clearing and custody services and its managed-accounts business report through him. RIABiz describes his custody experience as unproven and says he came from Pershing's corporate side with a corporate trading background. It reports that RIAs do not know him.

RIABiz reports the RIA custody unit is now on its third or fourth head since Mark Tibergien's departure. Jim Crowley, Pershing's CEO from 2019 to 2026, moved in January into the newly created role of Executive Vice Chair and no longer has a day-to-day operational remit. The restructuring also shifted Ben Harrison into a newly created post as Global Head of Client Coverage.

Wealth Advisor Daily's September coverage of the reset noted the custodian had not said how many advisors use Wove.

RIABiz also reports Goldman Sachs has entered with its own upmarket infrastructure for RIAs, and State Street, once presumed safely out of that market, is back.

Custody selection has become a technology bet, as Wealth Advisor Daily argued in September. Pershing's own technology story now rests on Vos and on a product that has yet to be given a name.