Sanctuary Wealth announced that it is expanding its multi-custodial wealth management platform by integrating with BNY Pershing’s Wove platform, with the goal of continuing Sanctuary’s growth momentum while allowing its partner firms to deliver a better overall client experience.
“Having the right technology partner as Sanctuary continues to add scale through organic growth, strategic acquisitions and ongoing partnerships with elite wealth management firms is critical to creating exceptional advisor and client experiences,” said Bob Walter, President of Sanctuary Wealth. “With its seamless integration of technology tools into a single, data-driven interface, the Wove platform allows our partners to elevate their wealth management offering.”
With this new arrangement, which was first mentioned during the firm’s Oasis conference in October, all Sanctuary partner firms will have access to the upgraded Sanctuary One platform integrated with BNY Pershing’s Wove, which is designed to provide an investor’s complete financial picture in one place.
The Wove platform provides Wove Investor, Wove Data and Wove Advisory through a single source. Its framework is designed to enable future integrations without disruption to services. Wove aims to provide advisors with a holistic view of assets, regardless of where assets are held. It includes portfolio construction and analytics, trading and rebalancing, a proposal tool and a client portal integrated with Sanctuary’s tech stack.
“We are thrilled to help Sanctuary and their partner firms’ growth ambitions by providing their advisors with next-generation solutions to meet their clients’ evolving needs today and for the future,” said Ainslie Simmonds, Head of Global Strategy, BNY Pershing and President, BNY Pershing X.
“We believe in empowering advisors to spend more time focused on their clients by providing them with investment technology and solutions to seamlessly connect all the components of their clients’ financial picture in one place and meaningfully cuts down on administrative tasks,” she continued.
The Sanctuary Wealth network includes more than 120 partner firms in 30 states, with approximately $48 billion in assets on its platform. In September, it recruited $2.2 billion Centel Wealth Advisory to its platform.
Janeesa Hollingshead, Contributing Editor at Wealth Solutions Report, can be reached at editor@wealthsolutionsreport.com.
