Speaker 1: Broadcasting live to New York Boomberg eleven Rio to Washington,
Speaker 1: d C. Bloomberg to Boston, Bloomberg twelve hundred to San Francisco,
Speaker 1: Bloomberg Ninez to the countries, Zoies Exam General one nine
Speaker 1: and around the globe the Bloomberg Radio plus Appen Bloomberg
Speaker 1: Got Gone. This is taking Stock. I'm Kathleen Haze along
Speaker 1: with Pam Fox, broadcasting live from Pershing's Inside Tent sixteen
Speaker 1: conference at the Higher Regency in Orlando. Technology Innovation. This
Speaker 1: is a very important theme, it's a very important reality
Speaker 1: now in the investment industry. With our I A S
Speaker 1: and financial advisors of our kind, all kinds. We're gonna
Speaker 1: be speaking shortly to a guy who's got a cool
Speaker 1: new tech startup PIM and this is this is the
Speaker 1: exact group it's targeting. Yes, it has to do with
Speaker 1: using artificial intelligence for client communications. We're gonna find out
Speaker 1: all the details right now. Let's get the details from
Speaker 1: Charlie Pellett in the Blomberg News for Bloomberg Business Flap
Speaker 1: and I thank you him, thank you, Kathleen, the Dal
Speaker 1: the SMP, NEZ Stack, all higher s and PETE five
Speaker 1: hundred index within one percent of a record rally, and
Speaker 1: energy producers and airline operators offsetting slumping healthcare shares, chevron
Speaker 1: X on Mobile having at least one point six percent.
Speaker 1: Right now, we've got crude at fifty thirty five of barrel,
Speaker 1: up one point four percent, hard by sixty seven cents.
Speaker 1: The Bloomberg US Airlines index heading for the biggest gain
Speaker 1: in six months after JP Morgan Chase said Jeff Blue
Speaker 1: Airways raised its domestic fairs by three dollars each way,
Speaker 1: spurring other airlines to match in competing markets. Right now,
Speaker 1: Jeff Blue shares up three point two percent. Oil is
Speaker 1: extending gains from the highest closed in more than ten months.
Speaker 1: West Texas Intermediate crude back above fifty dollars of barrel
Speaker 1: after rising two point two percent yesterday. That was the
Speaker 1: biggest gain in three weeks. But Gary Shilling, the president
Speaker 1: of A. Gary Shilling and Company, told Tom Keane on
Speaker 1: Boomberg surveillance this morning there is still just too much
Speaker 1: oil out there. Man is about one to two million
Speaker 1: barrels a day short of supply. The tanks are filling
Speaker 1: and cushing Oklahoma, which is the delivery point for West
Speaker 1: Texas Intermediate. They're filling in Rotterdam, Amsterdam, Antwerp, which is
Speaker 1: the big entry point for oil into the continent and
Speaker 1: Brent crude right now, nine Apparel up one and a
Speaker 1: half percent. West Texas Intermediate, the fifty four barrel Goldman
Speaker 1: sacks there's a says there's a chance the Fed will
Speaker 1: raise interest rates in July, almost double what the bond
Speaker 1: market projects. The tenure up nine thirty seconds, yield one
Speaker 1: point seven percent to thirty two on Wall Street. Now
Speaker 1: we'll look at other news from around the world. Thank you,
Speaker 1: Charlie from the Bloomberg News Room. I'm Ramie in Essencio.
Speaker 1: This news update is brought to you by s s
Speaker 1: n see more experienced, superior technology, independence and expertise. That's
Speaker 1: how SSNC drives the future of fund administration. S s
Speaker 1: n C. They're the future of fund administration. Democratic House
Speaker 1: Minority Leader Nancy Pelosi is throwing her support behind Hillary
Speaker 1: Clinton for president. Speaking on ABC's Good Morning America, Pelosi
Speaker 1: added she would welcome a female vice presidential pick for Clinton.
Speaker 1: We had two men over and over again for hundreds
Speaker 1: of years. I think that two women, whoever they may be,
Speaker 1: um that would be fabulous as well. Clinton has captured
Speaker 1: enough delegates to secure the Democratic presidential nomination. That's according
Speaker 1: to the Associated Press. Voters in six states are headed
Speaker 1: to the post today, including the crucial state of California.
Speaker 1: Clinton is planning a celebration tonight in Brooklyn. Changes are
Speaker 1: being made to Louisville's weeklong tributes to boxing legend Muhammad Ali.
Speaker 1: Spokesman Bob Guttle says special accommodations are being made for
Speaker 1: those wanting to pay their respects at her traditional Muslim
Speaker 1: service Thursday. Mohammed's casket will be present at the Gennazza,
Speaker 1: and understanding the importance of the event to the Muslim faith,
Speaker 1: we will make every effort for all Muslims to attend.
Speaker 1: We are going to be using uh other overflow rooms
Speaker 1: if necessary to make sure that those that want to
Speaker 1: attend can attend. A nineteen mile procession will take place
Speaker 1: Friday and pass by Ali's childhood home. Global News twenty
Speaker 1: four hours a day, powered by our journalists in more
Speaker 1: than one news via rose around the world from the
Speaker 1: Bloomberg Newsroom. I'm Rami in essentio, Charlie, all right, thank
Speaker 1: you very much. We are looking at an update here
Speaker 1: with the S and P five up eight to a
Speaker 1: gain of four tenths of one percent. I'm Charlie Peloton.
Speaker 1: That's a Bloomberg Business flash. This is taking Stock with
Speaker 1: Gadlee Hayes and prim Box on Bloomberg Radio. We're broadcasting
Speaker 1: live and Pershing's Inside sixteen conference at the Highatt Regency
Speaker 1: in Orlando. More than two thousand investment professionals from across
Speaker 1: the country, even from around the world are here to
Speaker 1: learn about, among many things, about technology, the latest trends,
Speaker 1: how can you use social media better? How can you
Speaker 1: use data and artificial intelligence? Well. Sitting with us now
Speaker 1: is Justin Wise, co founder and CEO of Vesterly. He's
Speaker 1: located in New York, but since he and his co
Speaker 1: founder have gotten a technology platform off the ground that
Speaker 1: is unique and really gaining ground very quickly, Justin thank
Speaker 1: you for joining us. So what is Vesterly What does
Speaker 1: it do? Sure? Vesterally is an intelligent content marketing solution
Speaker 1: that enables financial professionals to automate personalized, real time and
Speaker 1: mobile experiences for their clients and prospects over the web
Speaker 1: on their sites, personal websites, social media profiles and in
Speaker 1: very intelligent email newsletters, um, and it runs itself. It
Speaker 1: uses data that the advisor doesn't even know about their clients, uh,
Speaker 1: to provide an experience that the advisor wouldn't be able
Speaker 1: to replicate on the human level. All right, So just
Speaker 1: I'm gonna I'm gonna take a stab at trying to
Speaker 1: put this into an example from my small brain here.
Speaker 1: The idea of being that let's say you are registered
Speaker 1: investment in advisor, you're in our a A, and you
Speaker 1: have a client who maybe uh posts something on their
Speaker 1: Facebook page. They've just taken their entire family on this
Speaker 1: incredibly lavish vacation. But at the same time, the last
Speaker 1: conversation you, as the i R A had but the client,
Speaker 1: was about maybe you should set aside some more money
Speaker 1: for your retirement, you shouldn't spend so much. Does what
Speaker 1: investor lead provide show the i R the registered investment advisor?
Speaker 1: Does it show them this information from Facebook so that
Speaker 1: they understand what the clients doing so they can have
Speaker 1: that conversation. What vest really does is it aggregates data
Speaker 1: on the activity of that particular client from across the
Speaker 1: web on what they're reading, what they're sharing him with
Speaker 1: whom uh, and so this would show up. So so
Speaker 1: this would show up for the for the type of
Speaker 1: data that Google has on you meet in terms of
Speaker 1: our our activity online. Whenever someone's interacting with the advisor
Speaker 1: through email, social, or web, it takes that data that
Speaker 1: interaction and it reports it back to the advisor so
Speaker 1: that the advisor can make a strategic decision about what
Speaker 1: to to to put out to that particular individual, or
Speaker 1: trust our algorithms to do it for them, or a
Speaker 1: mixture of both, which is something we're talking about a
Speaker 1: little bit here at this conference, which isn't just replacing
Speaker 1: advisors with algorithms. What sort of a man machine symbiosis.
Speaker 1: So what four or five years ago, you were working
Speaker 1: for Ken Fisher, legendary money manager, author, etcetera. You got
Speaker 1: this idea to how did this how this line up? Well?
Speaker 1: After working at Fisher, I launched my own marketing consulting
Speaker 1: agency with my co founder, Ralph paul Meyer. And while
Speaker 1: we're trying all kinds of fancy tools and tricks to
Speaker 1: do content marketing for advisors, do advertising and lead generation,
Speaker 1: the bottom line is what they really needed was a relationship.
Speaker 1: They didn't eat page views, they didn't need click through rates,
Speaker 1: they didn't need Google polytics, they didn't need total reach
Speaker 1: or total engagement rates or whatever that stuff means. They
Speaker 1: need names, emails. How is this person connected to me?
Speaker 1: Which client do they know? What are they interested in?
Speaker 1: And what do they read and share when they're interacting
Speaker 1: with me? How can I use that information to form
Speaker 1: a real relationship with this person and sit down at
Speaker 1: a table and sign paperwork with them sometime and and
Speaker 1: that's really what our system is attempting to to to
Speaker 1: to enable for them. It's not a strategic replacement of
Speaker 1: the advisor. It's it's a it's a way for the
Speaker 1: advisor to use data and make strategic decisions faster. What
Speaker 1: not to focus on, what to focus on. It really
Speaker 1: came down to that, how do we get real r
Speaker 1: o I out of social media, email, blogging and other
Speaker 1: digital stuff. And the real r o Y to an
Speaker 1: advisor is a relationship. How do you deal with the
Speaker 1: privacy issues? Well, advisors are all sending out email newsletters.
Speaker 1: They all have their names and an email addresses of
Speaker 1: clients and prospects, so they use I'm a client. I
Speaker 1: might not necessarily welcome an email or a telephone call
Speaker 1: from my advisor who's questioning my purchase. So let's say
Speaker 1: an expensive automobile. Uh, because I just told you that
Speaker 1: I've wanted to plan more from my retirement. So this,
Speaker 1: this mechanism of tracking only occurs when the individual is
Speaker 1: specifically interacting with the advisor. It doesn't follow them around
Speaker 1: the web. So if if you're within the advisor's reading portal,
Speaker 1: within their newsletters or within their website, it'll it'll tell
Speaker 1: the advisor what you're doing when you're interacting with them.
Speaker 1: It's not going to tell you what you're shopping for
Speaker 1: on Amazon or what you're searching for on Google. So
Speaker 1: how does the business model work? How do you make money? How?
Speaker 1: How is it is a fee based thing? How how
Speaker 1: do you stass business? So we we charge software as
Speaker 1: a software as a service. We uh charge per sit
Speaker 1: um and we work with large institutions. Um, we're looking
Speaker 1: to roll it out in the in the hundreds or that.
Speaker 1: How many clients do you have now? We work with
Speaker 1: over nine hundred institutions right now that are supporting well
Speaker 1: over a hundred thousand financial advisors. Is this supposed to
Speaker 1: also enhance that relationship so that you can actually have
Speaker 1: that conversation or have the specific emails something. And that
Speaker 1: goes back to the last question that you had, which
Speaker 1: is do people like being tracked? You know what the
Speaker 1: feedback actually is from clients who've been working with these
Speaker 1: are as for ten, fifteen, or twenty years, is that
Speaker 1: thank you for that interesting article from the Economist or
Speaker 1: Bloomberg or Wall Street Journal. How did you know? How
Speaker 1: did you remember that you I was into rock climbing
Speaker 1: or fly fishing. And also I forwarded that to my
Speaker 1: kid um, who now has a personalized experience and a
Speaker 1: personalized email in this letter coming from you that the
Speaker 1: advisor is able to track. So it actually comes across
Speaker 1: as a as a modern consumer friendly, uh and very
Speaker 1: professional enhancement to the advisor's relationship with their clients who
Speaker 1: before and we're just getting all the same email, newsletter
Speaker 1: or the same can content. Thanks very much for joining
Speaker 1: us and likening us. So Justin Wise is the co
Speaker 1: founder and the chief executive officer of invest League. You're
Speaker 1: listening to Taking Stock were broadcasting live at Pershing's Insight conference.
Speaker 1: This is Bloomberg Radio. When we're taking Stock is brought
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