Simply pass the BSTR directly to the wstring constructor, it is compatible with a wchar_t*:
BSTR btest = SysAllocString(L"Test");
assert(btest != NULL);
std::wstring wtest(btest);
assert(0 == wcscmp(wtest.c_str(), btest));
Converting BSTR to std::string requires a conversion to char* first. That's lossy since BSTR stores a utf-16 encoded Unicode string. Unless you want to encode in utf-8. You'll find helper methods to do this, as well as manipulate the resulting string, in the ICU library.