1 00:00:04,120 --> 00:00:08,440 Speaker 1: Broadcasting live to New York Boomberg eleven Rio to Washington, 2 00:00:08,520 --> 00:00:13,560 Speaker 1: d C. Bloomberg to Boston, Bloomberg twelve hundred to San Francisco, 3 00:00:13,680 --> 00:00:17,640 Speaker 1: Bloomberg Ninez to the countries, Zoies Exam General one nine 4 00:00:18,040 --> 00:00:21,479 Speaker 1: and around the globe the Bloomberg Radio plus Appen Bloomberg 5 00:00:21,560 --> 00:00:26,200 Speaker 1: Got Gone. This is taking Stock. I'm Kathleen Haze along 6 00:00:26,200 --> 00:00:30,360 Speaker 1: with Pam Fox, broadcasting live from Pershing's Inside Tent sixteen 7 00:00:30,440 --> 00:00:36,560 Speaker 1: conference at the Higher Regency in Orlando. Technology Innovation. This 8 00:00:36,680 --> 00:00:39,440 Speaker 1: is a very important theme, it's a very important reality 9 00:00:39,440 --> 00:00:42,320 Speaker 1: now in the investment industry. With our I A S 10 00:00:42,360 --> 00:00:45,040 Speaker 1: and financial advisors of our kind, all kinds. We're gonna 11 00:00:45,040 --> 00:00:47,440 Speaker 1: be speaking shortly to a guy who's got a cool 12 00:00:47,560 --> 00:00:49,920 Speaker 1: new tech startup PIM and this is this is the 13 00:00:49,960 --> 00:00:52,159 Speaker 1: exact group it's targeting. Yes, it has to do with 14 00:00:52,360 --> 00:00:56,840 Speaker 1: using artificial intelligence for client communications. We're gonna find out 15 00:00:56,880 --> 00:00:59,240 Speaker 1: all the details right now. Let's get the details from 16 00:00:59,280 --> 00:01:01,840 Speaker 1: Charlie Pellett in the Blomberg News for Bloomberg Business Flap 17 00:01:02,000 --> 00:01:03,959 Speaker 1: and I thank you him, thank you, Kathleen, the Dal 18 00:01:04,040 --> 00:01:06,880 Speaker 1: the SMP, NEZ Stack, all higher s and PETE five 19 00:01:06,959 --> 00:01:10,160 Speaker 1: hundred index within one percent of a record rally, and 20 00:01:10,400 --> 00:01:16,360 Speaker 1: energy producers and airline operators offsetting slumping healthcare shares, chevron 21 00:01:16,520 --> 00:01:19,039 Speaker 1: X on Mobile having at least one point six percent. 22 00:01:19,200 --> 00:01:22,559 Speaker 1: Right now, we've got crude at fifty thirty five of barrel, 23 00:01:22,760 --> 00:01:25,919 Speaker 1: up one point four percent, hard by sixty seven cents. 24 00:01:26,280 --> 00:01:29,080 Speaker 1: The Bloomberg US Airlines index heading for the biggest gain 25 00:01:29,120 --> 00:01:32,040 Speaker 1: in six months after JP Morgan Chase said Jeff Blue 26 00:01:32,080 --> 00:01:36,319 Speaker 1: Airways raised its domestic fairs by three dollars each way, 27 00:01:36,520 --> 00:01:40,440 Speaker 1: spurring other airlines to match in competing markets. Right now, 28 00:01:40,560 --> 00:01:43,800 Speaker 1: Jeff Blue shares up three point two percent. Oil is 29 00:01:43,840 --> 00:01:47,360 Speaker 1: extending gains from the highest closed in more than ten months. 30 00:01:47,480 --> 00:01:51,040 Speaker 1: West Texas Intermediate crude back above fifty dollars of barrel 31 00:01:51,080 --> 00:01:54,080 Speaker 1: after rising two point two percent yesterday. That was the 32 00:01:54,080 --> 00:01:57,240 Speaker 1: biggest gain in three weeks. But Gary Shilling, the president 33 00:01:57,320 --> 00:01:59,800 Speaker 1: of A. Gary Shilling and Company, told Tom Keane on 34 00:02:00,000 --> 00:02:03,200 Speaker 1: Boomberg surveillance this morning there is still just too much 35 00:02:03,240 --> 00:02:06,320 Speaker 1: oil out there. Man is about one to two million 36 00:02:06,360 --> 00:02:10,000 Speaker 1: barrels a day short of supply. The tanks are filling 37 00:02:10,000 --> 00:02:13,320 Speaker 1: and cushing Oklahoma, which is the delivery point for West 38 00:02:13,320 --> 00:02:17,600 Speaker 1: Texas Intermediate. They're filling in Rotterdam, Amsterdam, Antwerp, which is 39 00:02:17,639 --> 00:02:20,760 Speaker 1: the big entry point for oil into the continent and 40 00:02:20,919 --> 00:02:23,880 Speaker 1: Brent crude right now, nine Apparel up one and a 41 00:02:23,880 --> 00:02:28,160 Speaker 1: half percent. West Texas Intermediate, the fifty four barrel Goldman 42 00:02:28,200 --> 00:02:31,600 Speaker 1: sacks there's a says there's a chance the Fed will 43 00:02:31,680 --> 00:02:35,080 Speaker 1: raise interest rates in July, almost double what the bond 44 00:02:35,080 --> 00:02:38,440 Speaker 1: market projects. The tenure up nine thirty seconds, yield one 45 00:02:38,440 --> 00:02:41,720 Speaker 1: point seven percent to thirty two on Wall Street. Now 46 00:02:41,760 --> 00:02:45,280 Speaker 1: we'll look at other news from around the world. Thank you, 47 00:02:45,360 --> 00:02:48,080 Speaker 1: Charlie from the Bloomberg News Room. I'm Ramie in Essencio. 48 00:02:48,400 --> 00:02:50,160 Speaker 1: This news update is brought to you by s s 49 00:02:50,280 --> 00:02:54,800 Speaker 1: n see more experienced, superior technology, independence and expertise. That's 50 00:02:54,840 --> 00:02:58,560 Speaker 1: how SSNC drives the future of fund administration. S s 51 00:02:58,680 --> 00:03:02,399 Speaker 1: n C. They're the future of fund administration. Democratic House 52 00:03:02,440 --> 00:03:05,680 Speaker 1: Minority Leader Nancy Pelosi is throwing her support behind Hillary 53 00:03:05,680 --> 00:03:09,200 Speaker 1: Clinton for president. Speaking on ABC's Good Morning America, Pelosi 54 00:03:09,240 --> 00:03:13,040 Speaker 1: added she would welcome a female vice presidential pick for Clinton. 55 00:03:13,280 --> 00:03:16,000 Speaker 1: We had two men over and over again for hundreds 56 00:03:16,040 --> 00:03:19,519 Speaker 1: of years. I think that two women, whoever they may be, 57 00:03:20,000 --> 00:03:24,200 Speaker 1: um that would be fabulous as well. Clinton has captured 58 00:03:24,320 --> 00:03:27,560 Speaker 1: enough delegates to secure the Democratic presidential nomination. That's according 59 00:03:27,639 --> 00:03:30,680 Speaker 1: to the Associated Press. Voters in six states are headed 60 00:03:30,680 --> 00:03:33,600 Speaker 1: to the post today, including the crucial state of California. 61 00:03:33,840 --> 00:03:37,760 Speaker 1: Clinton is planning a celebration tonight in Brooklyn. Changes are 62 00:03:37,800 --> 00:03:41,320 Speaker 1: being made to Louisville's weeklong tributes to boxing legend Muhammad Ali. 63 00:03:41,520 --> 00:03:44,760 Speaker 1: Spokesman Bob Guttle says special accommodations are being made for 64 00:03:44,800 --> 00:03:48,000 Speaker 1: those wanting to pay their respects at her traditional Muslim 65 00:03:48,080 --> 00:03:54,120 Speaker 1: service Thursday. Mohammed's casket will be present at the Gennazza, 66 00:03:55,400 --> 00:04:01,120 Speaker 1: and understanding the importance of the event to the Muslim faith, 67 00:04:02,400 --> 00:04:05,920 Speaker 1: we will make every effort for all Muslims to attend. 68 00:04:06,720 --> 00:04:10,920 Speaker 1: We are going to be using uh other overflow rooms 69 00:04:11,080 --> 00:04:13,680 Speaker 1: if necessary to make sure that those that want to 70 00:04:13,720 --> 00:04:18,239 Speaker 1: attend can attend. A nineteen mile procession will take place 71 00:04:18,320 --> 00:04:22,080 Speaker 1: Friday and pass by Ali's childhood home. Global News twenty 72 00:04:22,120 --> 00:04:24,760 Speaker 1: four hours a day, powered by our journalists in more 73 00:04:24,760 --> 00:04:27,240 Speaker 1: than one news via rose around the world from the 74 00:04:27,279 --> 00:04:30,839 Speaker 1: Bloomberg Newsroom. I'm Rami in essentio, Charlie, all right, thank 75 00:04:30,880 --> 00:04:33,000 Speaker 1: you very much. We are looking at an update here 76 00:04:33,040 --> 00:04:36,720 Speaker 1: with the S and P five up eight to a 77 00:04:36,800 --> 00:04:40,240 Speaker 1: gain of four tenths of one percent. I'm Charlie Peloton. 78 00:04:40,400 --> 00:04:45,479 Speaker 1: That's a Bloomberg Business flash. This is taking Stock with 79 00:04:45,640 --> 00:04:50,240 Speaker 1: Gadlee Hayes and prim Box on Bloomberg Radio. We're broadcasting 80 00:04:50,320 --> 00:04:53,719 Speaker 1: live and Pershing's Inside sixteen conference at the Highatt Regency 81 00:04:53,800 --> 00:04:57,279 Speaker 1: in Orlando. More than two thousand investment professionals from across 82 00:04:57,320 --> 00:05:00,480 Speaker 1: the country, even from around the world are here to 83 00:05:01,200 --> 00:05:05,640 Speaker 1: learn about, among many things, about technology, the latest trends, 84 00:05:05,720 --> 00:05:08,039 Speaker 1: how can you use social media better? How can you 85 00:05:08,120 --> 00:05:11,800 Speaker 1: use data and artificial intelligence? Well. Sitting with us now 86 00:05:11,920 --> 00:05:15,320 Speaker 1: is Justin Wise, co founder and CEO of Vesterly. He's 87 00:05:15,320 --> 00:05:17,760 Speaker 1: located in New York, but since he and his co 88 00:05:17,880 --> 00:05:21,240 Speaker 1: founder have gotten a technology platform off the ground that 89 00:05:21,400 --> 00:05:24,880 Speaker 1: is unique and really gaining ground very quickly, Justin thank 90 00:05:24,920 --> 00:05:28,480 Speaker 1: you for joining us. So what is Vesterly What does 91 00:05:28,520 --> 00:05:32,360 Speaker 1: it do? Sure? Vesterally is an intelligent content marketing solution 92 00:05:32,400 --> 00:05:36,800 Speaker 1: that enables financial professionals to automate personalized, real time and 93 00:05:36,839 --> 00:05:40,200 Speaker 1: mobile experiences for their clients and prospects over the web 94 00:05:40,640 --> 00:05:44,880 Speaker 1: on their sites, personal websites, social media profiles and in 95 00:05:45,080 --> 00:05:49,640 Speaker 1: very intelligent email newsletters, um, and it runs itself. It 96 00:05:49,760 --> 00:05:53,680 Speaker 1: uses data that the advisor doesn't even know about their clients, uh, 97 00:05:53,760 --> 00:05:57,440 Speaker 1: to provide an experience that the advisor wouldn't be able 98 00:05:57,480 --> 00:06:00,080 Speaker 1: to replicate on the human level. All right, So just 99 00:06:00,200 --> 00:06:02,680 Speaker 1: I'm gonna I'm gonna take a stab at trying to 100 00:06:02,680 --> 00:06:04,920 Speaker 1: put this into an example from my small brain here. 101 00:06:05,000 --> 00:06:08,400 Speaker 1: The idea of being that let's say you are registered 102 00:06:08,440 --> 00:06:11,680 Speaker 1: investment in advisor, you're in our a A, and you 103 00:06:11,800 --> 00:06:15,680 Speaker 1: have a client who maybe uh posts something on their 104 00:06:15,720 --> 00:06:19,080 Speaker 1: Facebook page. They've just taken their entire family on this 105 00:06:19,200 --> 00:06:24,039 Speaker 1: incredibly lavish vacation. But at the same time, the last 106 00:06:24,040 --> 00:06:26,440 Speaker 1: conversation you, as the i R A had but the client, 107 00:06:26,600 --> 00:06:29,000 Speaker 1: was about maybe you should set aside some more money 108 00:06:29,520 --> 00:06:32,800 Speaker 1: for your retirement, you shouldn't spend so much. Does what 109 00:06:32,960 --> 00:06:38,839 Speaker 1: investor lead provide show the i R the registered investment advisor? 110 00:06:38,920 --> 00:06:41,800 Speaker 1: Does it show them this information from Facebook so that 111 00:06:41,839 --> 00:06:43,720 Speaker 1: they understand what the clients doing so they can have 112 00:06:43,800 --> 00:06:47,360 Speaker 1: that conversation. What vest really does is it aggregates data 113 00:06:47,400 --> 00:06:49,880 Speaker 1: on the activity of that particular client from across the 114 00:06:49,920 --> 00:06:52,599 Speaker 1: web on what they're reading, what they're sharing him with 115 00:06:52,680 --> 00:06:55,400 Speaker 1: whom uh, and so this would show up. So so 116 00:06:55,480 --> 00:06:57,960 Speaker 1: this would show up for the for the type of 117 00:06:58,040 --> 00:07:00,719 Speaker 1: data that Google has on you meet in terms of 118 00:07:00,720 --> 00:07:04,160 Speaker 1: our our activity online. Whenever someone's interacting with the advisor 119 00:07:04,200 --> 00:07:07,599 Speaker 1: through email, social, or web, it takes that data that 120 00:07:07,680 --> 00:07:10,000 Speaker 1: interaction and it reports it back to the advisor so 121 00:07:10,040 --> 00:07:12,040 Speaker 1: that the advisor can make a strategic decision about what 122 00:07:12,080 --> 00:07:14,680 Speaker 1: to to to put out to that particular individual, or 123 00:07:14,720 --> 00:07:16,600 Speaker 1: trust our algorithms to do it for them, or a 124 00:07:16,680 --> 00:07:18,840 Speaker 1: mixture of both, which is something we're talking about a 125 00:07:18,880 --> 00:07:22,640 Speaker 1: little bit here at this conference, which isn't just replacing 126 00:07:22,680 --> 00:07:25,800 Speaker 1: advisors with algorithms. What sort of a man machine symbiosis. 127 00:07:26,160 --> 00:07:28,960 Speaker 1: So what four or five years ago, you were working 128 00:07:28,960 --> 00:07:34,160 Speaker 1: for Ken Fisher, legendary money manager, author, etcetera. You got 129 00:07:34,160 --> 00:07:38,480 Speaker 1: this idea to how did this how this line up? Well? 130 00:07:38,560 --> 00:07:42,280 Speaker 1: After working at Fisher, I launched my own marketing consulting 131 00:07:42,520 --> 00:07:46,640 Speaker 1: agency with my co founder, Ralph paul Meyer. And while 132 00:07:46,640 --> 00:07:49,400 Speaker 1: we're trying all kinds of fancy tools and tricks to 133 00:07:50,240 --> 00:07:53,400 Speaker 1: do content marketing for advisors, do advertising and lead generation, 134 00:07:53,440 --> 00:07:55,720 Speaker 1: the bottom line is what they really needed was a relationship. 135 00:07:55,760 --> 00:07:59,160 Speaker 1: They didn't eat page views, they didn't need click through rates, 136 00:07:59,160 --> 00:08:01,800 Speaker 1: they didn't need Google polytics, they didn't need total reach 137 00:08:01,880 --> 00:08:04,400 Speaker 1: or total engagement rates or whatever that stuff means. They 138 00:08:04,480 --> 00:08:08,520 Speaker 1: need names, emails. How is this person connected to me? 139 00:08:08,720 --> 00:08:10,880 Speaker 1: Which client do they know? What are they interested in? 140 00:08:10,960 --> 00:08:12,680 Speaker 1: And what do they read and share when they're interacting 141 00:08:12,680 --> 00:08:14,360 Speaker 1: with me? How can I use that information to form 142 00:08:14,360 --> 00:08:17,200 Speaker 1: a real relationship with this person and sit down at 143 00:08:17,240 --> 00:08:19,920 Speaker 1: a table and sign paperwork with them sometime and and 144 00:08:19,960 --> 00:08:22,679 Speaker 1: that's really what our system is attempting to to to 145 00:08:22,680 --> 00:08:25,600 Speaker 1: to enable for them. It's not a strategic replacement of 146 00:08:25,640 --> 00:08:27,680 Speaker 1: the advisor. It's it's a it's a way for the 147 00:08:27,680 --> 00:08:30,360 Speaker 1: advisor to use data and make strategic decisions faster. What 148 00:08:30,520 --> 00:08:33,600 Speaker 1: not to focus on, what to focus on. It really 149 00:08:33,640 --> 00:08:35,719 Speaker 1: came down to that, how do we get real r 150 00:08:35,760 --> 00:08:39,240 Speaker 1: o I out of social media, email, blogging and other 151 00:08:39,320 --> 00:08:41,360 Speaker 1: digital stuff. And the real r o Y to an 152 00:08:41,360 --> 00:08:44,040 Speaker 1: advisor is a relationship. How do you deal with the 153 00:08:44,080 --> 00:08:48,640 Speaker 1: privacy issues? Well, advisors are all sending out email newsletters. 154 00:08:48,840 --> 00:08:51,240 Speaker 1: They all have their names and an email addresses of 155 00:08:51,320 --> 00:08:54,320 Speaker 1: clients and prospects, so they use I'm a client. I 156 00:08:54,400 --> 00:08:58,040 Speaker 1: might not necessarily welcome an email or a telephone call 157 00:08:58,160 --> 00:09:01,880 Speaker 1: from my advisor who's questioning my purchase. So let's say 158 00:09:02,000 --> 00:09:06,880 Speaker 1: an expensive automobile. Uh, because I just told you that 159 00:09:06,960 --> 00:09:10,000 Speaker 1: I've wanted to plan more from my retirement. So this, 160 00:09:10,000 --> 00:09:13,200 Speaker 1: this mechanism of tracking only occurs when the individual is 161 00:09:13,280 --> 00:09:16,080 Speaker 1: specifically interacting with the advisor. It doesn't follow them around 162 00:09:16,120 --> 00:09:19,160 Speaker 1: the web. So if if you're within the advisor's reading portal, 163 00:09:19,360 --> 00:09:22,560 Speaker 1: within their newsletters or within their website, it'll it'll tell 164 00:09:22,600 --> 00:09:25,360 Speaker 1: the advisor what you're doing when you're interacting with them. 165 00:09:25,400 --> 00:09:27,040 Speaker 1: It's not going to tell you what you're shopping for 166 00:09:27,080 --> 00:09:28,960 Speaker 1: on Amazon or what you're searching for on Google. So 167 00:09:29,000 --> 00:09:31,400 Speaker 1: how does the business model work? How do you make money? How? 168 00:09:31,559 --> 00:09:33,800 Speaker 1: How is it is a fee based thing? How how 169 00:09:33,800 --> 00:09:37,679 Speaker 1: do you stass business? So we we charge software as 170 00:09:37,679 --> 00:09:41,760 Speaker 1: a software as a service. We uh charge per sit 171 00:09:42,280 --> 00:09:46,160 Speaker 1: um and we work with large institutions. Um, we're looking 172 00:09:46,240 --> 00:09:48,079 Speaker 1: to roll it out in the in the hundreds or that. 173 00:09:48,160 --> 00:09:50,280 Speaker 1: How many clients do you have now? We work with 174 00:09:50,600 --> 00:09:54,440 Speaker 1: over nine hundred institutions right now that are supporting well 175 00:09:54,440 --> 00:09:57,520 Speaker 1: over a hundred thousand financial advisors. Is this supposed to 176 00:09:57,559 --> 00:10:00,840 Speaker 1: also enhance that relationship so that you can actually have 177 00:10:01,080 --> 00:10:04,520 Speaker 1: that conversation or have the specific emails something. And that 178 00:10:04,559 --> 00:10:06,280 Speaker 1: goes back to the last question that you had, which 179 00:10:06,320 --> 00:10:08,400 Speaker 1: is do people like being tracked? You know what the 180 00:10:08,400 --> 00:10:11,000 Speaker 1: feedback actually is from clients who've been working with these 181 00:10:11,000 --> 00:10:13,280 Speaker 1: are as for ten, fifteen, or twenty years, is that 182 00:10:13,760 --> 00:10:16,240 Speaker 1: thank you for that interesting article from the Economist or 183 00:10:16,280 --> 00:10:18,480 Speaker 1: Bloomberg or Wall Street Journal. How did you know? How 184 00:10:18,480 --> 00:10:20,360 Speaker 1: did you remember that you I was into rock climbing 185 00:10:20,440 --> 00:10:22,880 Speaker 1: or fly fishing. And also I forwarded that to my 186 00:10:23,000 --> 00:10:25,679 Speaker 1: kid um, who now has a personalized experience and a 187 00:10:25,679 --> 00:10:27,599 Speaker 1: personalized email in this letter coming from you that the 188 00:10:27,640 --> 00:10:30,040 Speaker 1: advisor is able to track. So it actually comes across 189 00:10:30,080 --> 00:10:34,319 Speaker 1: as a as a modern consumer friendly, uh and very 190 00:10:34,320 --> 00:10:39,080 Speaker 1: professional enhancement to the advisor's relationship with their clients who 191 00:10:39,400 --> 00:10:41,720 Speaker 1: before and we're just getting all the same email, newsletter 192 00:10:41,800 --> 00:10:44,160 Speaker 1: or the same can content. Thanks very much for joining 193 00:10:44,200 --> 00:10:46,480 Speaker 1: us and likening us. So Justin Wise is the co 194 00:10:46,600 --> 00:10:50,240 Speaker 1: founder and the chief executive officer of invest League. You're 195 00:10:50,240 --> 00:10:55,000 Speaker 1: listening to Taking Stock were broadcasting live at Pershing's Insight conference. 196 00:10:55,120 --> 00:11:02,000 Speaker 1: This is Bloomberg Radio. When we're taking Stock is brought 197 00:11:02,040 --> 00:11:04,559 Speaker 1: to by Outing meadow Lands and acccus, New Jersey, powered 198 00:11:04,559 --> 00:11:07,600 Speaker 1: by Benzel Bush, offering commitment to service, luxury and value 199 00:11:07,679 --> 00:11:11,319 Speaker 1: with total transparency. Start your journey at auty meadollons dot 200 00:11:11,320 --> 00:11:13,000 Speaker 1: net and define the way you drive.