WEBVTT - Vestorly's Wisz on Artificial Intelligence for Advisers (Audio)

0:00:04.120 --> 0:00:08.440
<v Speaker 1>Broadcasting live to New York Boomberg eleven Rio to Washington,

0:00:08.520 --> 0:00:13.560
<v Speaker 1>d C. Bloomberg to Boston, Bloomberg twelve hundred to San Francisco,

0:00:13.680 --> 0:00:17.640
<v Speaker 1>Bloomberg Ninez to the countries, Zoies Exam General one nine

0:00:18.040 --> 0:00:21.479
<v Speaker 1>and around the globe the Bloomberg Radio plus Appen Bloomberg

0:00:21.560 --> 0:00:26.200
<v Speaker 1>Got Gone. This is taking Stock. I'm Kathleen Haze along

0:00:26.200 --> 0:00:30.360
<v Speaker 1>with Pam Fox, broadcasting live from Pershing's Inside Tent sixteen

0:00:30.440 --> 0:00:36.560
<v Speaker 1>conference at the Higher Regency in Orlando. Technology Innovation. This

0:00:36.680 --> 0:00:39.440
<v Speaker 1>is a very important theme, it's a very important reality

0:00:39.440 --> 0:00:42.320
<v Speaker 1>now in the investment industry. With our I A S

0:00:42.360 --> 0:00:45.040
<v Speaker 1>and financial advisors of our kind, all kinds. We're gonna

0:00:45.040 --> 0:00:47.440
<v Speaker 1>be speaking shortly to a guy who's got a cool

0:00:47.560 --> 0:00:49.920
<v Speaker 1>new tech startup PIM and this is this is the

0:00:49.960 --> 0:00:52.159
<v Speaker 1>exact group it's targeting. Yes, it has to do with

0:00:52.360 --> 0:00:56.840
<v Speaker 1>using artificial intelligence for client communications. We're gonna find out

0:00:56.880 --> 0:00:59.240
<v Speaker 1>all the details right now. Let's get the details from

0:00:59.280 --> 0:01:01.840
<v Speaker 1>Charlie Pellett in the Blomberg News for Bloomberg Business Flap

0:01:02.000 --> 0:01:03.959
<v Speaker 1>and I thank you him, thank you, Kathleen, the Dal

0:01:04.040 --> 0:01:06.880
<v Speaker 1>the SMP, NEZ Stack, all higher s and PETE five

0:01:06.959 --> 0:01:10.160
<v Speaker 1>hundred index within one percent of a record rally, and

0:01:10.400 --> 0:01:16.360
<v Speaker 1>energy producers and airline operators offsetting slumping healthcare shares, chevron

0:01:16.520 --> 0:01:19.039
<v Speaker 1>X on Mobile having at least one point six percent.

0:01:19.200 --> 0:01:22.559
<v Speaker 1>Right now, we've got crude at fifty thirty five of barrel,

0:01:22.760 --> 0:01:25.919
<v Speaker 1>up one point four percent, hard by sixty seven cents.

0:01:26.280 --> 0:01:29.080
<v Speaker 1>The Bloomberg US Airlines index heading for the biggest gain

0:01:29.120 --> 0:01:32.040
<v Speaker 1>in six months after JP Morgan Chase said Jeff Blue

0:01:32.080 --> 0:01:36.319
<v Speaker 1>Airways raised its domestic fairs by three dollars each way,

0:01:36.520 --> 0:01:40.440
<v Speaker 1>spurring other airlines to match in competing markets. Right now,

0:01:40.560 --> 0:01:43.800
<v Speaker 1>Jeff Blue shares up three point two percent. Oil is

0:01:43.840 --> 0:01:47.360
<v Speaker 1>extending gains from the highest closed in more than ten months.

0:01:47.480 --> 0:01:51.040
<v Speaker 1>West Texas Intermediate crude back above fifty dollars of barrel

0:01:51.080 --> 0:01:54.080
<v Speaker 1>after rising two point two percent yesterday. That was the

0:01:54.080 --> 0:01:57.240
<v Speaker 1>biggest gain in three weeks. But Gary Shilling, the president

0:01:57.320 --> 0:01:59.800
<v Speaker 1>of A. Gary Shilling and Company, told Tom Keane on

0:02:00.000 --> 0:02:03.200
<v Speaker 1>Boomberg surveillance this morning there is still just too much

0:02:03.240 --> 0:02:06.320
<v Speaker 1>oil out there. Man is about one to two million

0:02:06.360 --> 0:02:10.000
<v Speaker 1>barrels a day short of supply. The tanks are filling

0:02:10.000 --> 0:02:13.320
<v Speaker 1>and cushing Oklahoma, which is the delivery point for West

0:02:13.320 --> 0:02:17.600
<v Speaker 1>Texas Intermediate. They're filling in Rotterdam, Amsterdam, Antwerp, which is

0:02:17.639 --> 0:02:20.760
<v Speaker 1>the big entry point for oil into the continent and

0:02:20.919 --> 0:02:23.880
<v Speaker 1>Brent crude right now, nine Apparel up one and a

0:02:23.880 --> 0:02:28.160
<v Speaker 1>half percent. West Texas Intermediate, the fifty four barrel Goldman

0:02:28.200 --> 0:02:31.600
<v Speaker 1>sacks there's a says there's a chance the Fed will

0:02:31.680 --> 0:02:35.080
<v Speaker 1>raise interest rates in July, almost double what the bond

0:02:35.080 --> 0:02:38.440
<v Speaker 1>market projects. The tenure up nine thirty seconds, yield one

0:02:38.440 --> 0:02:41.720
<v Speaker 1>point seven percent to thirty two on Wall Street. Now

0:02:41.760 --> 0:02:45.280
<v Speaker 1>we'll look at other news from around the world. Thank you,

0:02:45.360 --> 0:02:48.080
<v Speaker 1>Charlie from the Bloomberg News Room. I'm Ramie in Essencio.

0:02:48.400 --> 0:02:50.160
<v Speaker 1>This news update is brought to you by s s

0:02:50.280 --> 0:02:54.800
<v Speaker 1>n see more experienced, superior technology, independence and expertise. That's

0:02:54.840 --> 0:02:58.560
<v Speaker 1>how SSNC drives the future of fund administration. S s

0:02:58.680 --> 0:03:02.399
<v Speaker 1>n C. They're the future of fund administration. Democratic House

0:03:02.440 --> 0:03:05.680
<v Speaker 1>Minority Leader Nancy Pelosi is throwing her support behind Hillary

0:03:05.680 --> 0:03:09.200
<v Speaker 1>Clinton for president. Speaking on ABC's Good Morning America, Pelosi

0:03:09.240 --> 0:03:13.040
<v Speaker 1>added she would welcome a female vice presidential pick for Clinton.

0:03:13.280 --> 0:03:16.000
<v Speaker 1>We had two men over and over again for hundreds

0:03:16.040 --> 0:03:19.519
<v Speaker 1>of years. I think that two women, whoever they may be,

0:03:20.000 --> 0:03:24.200
<v Speaker 1>um that would be fabulous as well. Clinton has captured

0:03:24.320 --> 0:03:27.560
<v Speaker 1>enough delegates to secure the Democratic presidential nomination. That's according

0:03:27.639 --> 0:03:30.680
<v Speaker 1>to the Associated Press. Voters in six states are headed

0:03:30.680 --> 0:03:33.600
<v Speaker 1>to the post today, including the crucial state of California.

0:03:33.840 --> 0:03:37.760
<v Speaker 1>Clinton is planning a celebration tonight in Brooklyn. Changes are

0:03:37.800 --> 0:03:41.320
<v Speaker 1>being made to Louisville's weeklong tributes to boxing legend Muhammad Ali.

0:03:41.520 --> 0:03:44.760
<v Speaker 1>Spokesman Bob Guttle says special accommodations are being made for

0:03:44.800 --> 0:03:48.000
<v Speaker 1>those wanting to pay their respects at her traditional Muslim

0:03:48.080 --> 0:03:54.120
<v Speaker 1>service Thursday. Mohammed's casket will be present at the Gennazza,

0:03:55.400 --> 0:04:01.120
<v Speaker 1>and understanding the importance of the event to the Muslim faith,

0:04:02.400 --> 0:04:05.920
<v Speaker 1>we will make every effort for all Muslims to attend.

0:04:06.720 --> 0:04:10.920
<v Speaker 1>We are going to be using uh other overflow rooms

0:04:11.080 --> 0:04:13.680
<v Speaker 1>if necessary to make sure that those that want to

0:04:13.720 --> 0:04:18.239
<v Speaker 1>attend can attend. A nineteen mile procession will take place

0:04:18.320 --> 0:04:22.080
<v Speaker 1>Friday and pass by Ali's childhood home. Global News twenty

0:04:22.120 --> 0:04:24.760
<v Speaker 1>four hours a day, powered by our journalists in more

0:04:24.760 --> 0:04:27.240
<v Speaker 1>than one news via rose around the world from the

0:04:27.279 --> 0:04:30.839
<v Speaker 1>Bloomberg Newsroom. I'm Rami in essentio, Charlie, all right, thank

0:04:30.880 --> 0:04:33.000
<v Speaker 1>you very much. We are looking at an update here

0:04:33.040 --> 0:04:36.720
<v Speaker 1>with the S and P five up eight to a

0:04:36.800 --> 0:04:40.240
<v Speaker 1>gain of four tenths of one percent. I'm Charlie Peloton.

0:04:40.400 --> 0:04:45.479
<v Speaker 1>That's a Bloomberg Business flash. This is taking Stock with

0:04:45.640 --> 0:04:50.240
<v Speaker 1>Gadlee Hayes and prim Box on Bloomberg Radio. We're broadcasting

0:04:50.320 --> 0:04:53.719
<v Speaker 1>live and Pershing's Inside sixteen conference at the Highatt Regency

0:04:53.800 --> 0:04:57.279
<v Speaker 1>in Orlando. More than two thousand investment professionals from across

0:04:57.320 --> 0:05:00.480
<v Speaker 1>the country, even from around the world are here to

0:05:01.200 --> 0:05:05.640
<v Speaker 1>learn about, among many things, about technology, the latest trends,

0:05:05.720 --> 0:05:08.039
<v Speaker 1>how can you use social media better? How can you

0:05:08.120 --> 0:05:11.800
<v Speaker 1>use data and artificial intelligence? Well. Sitting with us now

0:05:11.920 --> 0:05:15.320
<v Speaker 1>is Justin Wise, co founder and CEO of Vesterly. He's

0:05:15.320 --> 0:05:17.760
<v Speaker 1>located in New York, but since he and his co

0:05:17.880 --> 0:05:21.240
<v Speaker 1>founder have gotten a technology platform off the ground that

0:05:21.400 --> 0:05:24.880
<v Speaker 1>is unique and really gaining ground very quickly, Justin thank

0:05:24.920 --> 0:05:28.480
<v Speaker 1>you for joining us. So what is Vesterly What does

0:05:28.520 --> 0:05:32.360
<v Speaker 1>it do? Sure? Vesterally is an intelligent content marketing solution

0:05:32.400 --> 0:05:36.800
<v Speaker 1>that enables financial professionals to automate personalized, real time and

0:05:36.839 --> 0:05:40.200
<v Speaker 1>mobile experiences for their clients and prospects over the web

0:05:40.640 --> 0:05:44.880
<v Speaker 1>on their sites, personal websites, social media profiles and in

0:05:45.080 --> 0:05:49.640
<v Speaker 1>very intelligent email newsletters, um, and it runs itself. It

0:05:49.760 --> 0:05:53.680
<v Speaker 1>uses data that the advisor doesn't even know about their clients, uh,

0:05:53.760 --> 0:05:57.440
<v Speaker 1>to provide an experience that the advisor wouldn't be able

0:05:57.480 --> 0:06:00.080
<v Speaker 1>to replicate on the human level. All right, So just

0:06:00.200 --> 0:06:02.680
<v Speaker 1>I'm gonna I'm gonna take a stab at trying to

0:06:02.680 --> 0:06:04.920
<v Speaker 1>put this into an example from my small brain here.

0:06:05.000 --> 0:06:08.400
<v Speaker 1>The idea of being that let's say you are registered

0:06:08.440 --> 0:06:11.680
<v Speaker 1>investment in advisor, you're in our a A, and you

0:06:11.800 --> 0:06:15.680
<v Speaker 1>have a client who maybe uh posts something on their

0:06:15.720 --> 0:06:19.080
<v Speaker 1>Facebook page. They've just taken their entire family on this

0:06:19.200 --> 0:06:24.039
<v Speaker 1>incredibly lavish vacation. But at the same time, the last

0:06:24.040 --> 0:06:26.440
<v Speaker 1>conversation you, as the i R A had but the client,

0:06:26.600 --> 0:06:29.000
<v Speaker 1>was about maybe you should set aside some more money

0:06:29.520 --> 0:06:32.800
<v Speaker 1>for your retirement, you shouldn't spend so much. Does what

0:06:32.960 --> 0:06:38.839
<v Speaker 1>investor lead provide show the i R the registered investment advisor?

0:06:38.920 --> 0:06:41.800
<v Speaker 1>Does it show them this information from Facebook so that

0:06:41.839 --> 0:06:43.720
<v Speaker 1>they understand what the clients doing so they can have

0:06:43.800 --> 0:06:47.360
<v Speaker 1>that conversation. What vest really does is it aggregates data

0:06:47.400 --> 0:06:49.880
<v Speaker 1>on the activity of that particular client from across the

0:06:49.920 --> 0:06:52.599
<v Speaker 1>web on what they're reading, what they're sharing him with

0:06:52.680 --> 0:06:55.400
<v Speaker 1>whom uh, and so this would show up. So so

0:06:55.480 --> 0:06:57.960
<v Speaker 1>this would show up for the for the type of

0:06:58.040 --> 0:07:00.719
<v Speaker 1>data that Google has on you meet in terms of

0:07:00.720 --> 0:07:04.160
<v Speaker 1>our our activity online. Whenever someone's interacting with the advisor

0:07:04.200 --> 0:07:07.599
<v Speaker 1>through email, social, or web, it takes that data that

0:07:07.680 --> 0:07:10.000
<v Speaker 1>interaction and it reports it back to the advisor so

0:07:10.040 --> 0:07:12.040
<v Speaker 1>that the advisor can make a strategic decision about what

0:07:12.080 --> 0:07:14.680
<v Speaker 1>to to to put out to that particular individual, or

0:07:14.720 --> 0:07:16.600
<v Speaker 1>trust our algorithms to do it for them, or a

0:07:16.680 --> 0:07:18.840
<v Speaker 1>mixture of both, which is something we're talking about a

0:07:18.880 --> 0:07:22.640
<v Speaker 1>little bit here at this conference, which isn't just replacing

0:07:22.680 --> 0:07:25.800
<v Speaker 1>advisors with algorithms. What sort of a man machine symbiosis.

0:07:26.160 --> 0:07:28.960
<v Speaker 1>So what four or five years ago, you were working

0:07:28.960 --> 0:07:34.160
<v Speaker 1>for Ken Fisher, legendary money manager, author, etcetera. You got

0:07:34.160 --> 0:07:38.480
<v Speaker 1>this idea to how did this how this line up? Well?

0:07:38.560 --> 0:07:42.280
<v Speaker 1>After working at Fisher, I launched my own marketing consulting

0:07:42.520 --> 0:07:46.640
<v Speaker 1>agency with my co founder, Ralph paul Meyer. And while

0:07:46.640 --> 0:07:49.400
<v Speaker 1>we're trying all kinds of fancy tools and tricks to

0:07:50.240 --> 0:07:53.400
<v Speaker 1>do content marketing for advisors, do advertising and lead generation,

0:07:53.440 --> 0:07:55.720
<v Speaker 1>the bottom line is what they really needed was a relationship.

0:07:55.760 --> 0:07:59.160
<v Speaker 1>They didn't eat page views, they didn't need click through rates,

0:07:59.160 --> 0:08:01.800
<v Speaker 1>they didn't need Google polytics, they didn't need total reach

0:08:01.880 --> 0:08:04.400
<v Speaker 1>or total engagement rates or whatever that stuff means. They

0:08:04.480 --> 0:08:08.520
<v Speaker 1>need names, emails. How is this person connected to me?

0:08:08.720 --> 0:08:10.880
<v Speaker 1>Which client do they know? What are they interested in?

0:08:10.960 --> 0:08:12.680
<v Speaker 1>And what do they read and share when they're interacting

0:08:12.680 --> 0:08:14.360
<v Speaker 1>with me? How can I use that information to form

0:08:14.360 --> 0:08:17.200
<v Speaker 1>a real relationship with this person and sit down at

0:08:17.240 --> 0:08:19.920
<v Speaker 1>a table and sign paperwork with them sometime and and

0:08:19.960 --> 0:08:22.679
<v Speaker 1>that's really what our system is attempting to to to

0:08:22.680 --> 0:08:25.600
<v Speaker 1>to enable for them. It's not a strategic replacement of

0:08:25.640 --> 0:08:27.680
<v Speaker 1>the advisor. It's it's a it's a way for the

0:08:27.680 --> 0:08:30.360
<v Speaker 1>advisor to use data and make strategic decisions faster. What

0:08:30.520 --> 0:08:33.600
<v Speaker 1>not to focus on, what to focus on. It really

0:08:33.640 --> 0:08:35.719
<v Speaker 1>came down to that, how do we get real r

0:08:35.760 --> 0:08:39.240
<v Speaker 1>o I out of social media, email, blogging and other

0:08:39.320 --> 0:08:41.360
<v Speaker 1>digital stuff. And the real r o Y to an

0:08:41.360 --> 0:08:44.040
<v Speaker 1>advisor is a relationship. How do you deal with the

0:08:44.080 --> 0:08:48.640
<v Speaker 1>privacy issues? Well, advisors are all sending out email newsletters.

0:08:48.840 --> 0:08:51.240
<v Speaker 1>They all have their names and an email addresses of

0:08:51.320 --> 0:08:54.320
<v Speaker 1>clients and prospects, so they use I'm a client. I

0:08:54.400 --> 0:08:58.040
<v Speaker 1>might not necessarily welcome an email or a telephone call

0:08:58.160 --> 0:09:01.880
<v Speaker 1>from my advisor who's questioning my purchase. So let's say

0:09:02.000 --> 0:09:06.880
<v Speaker 1>an expensive automobile. Uh, because I just told you that

0:09:06.960 --> 0:09:10.000
<v Speaker 1>I've wanted to plan more from my retirement. So this,

0:09:10.000 --> 0:09:13.200
<v Speaker 1>this mechanism of tracking only occurs when the individual is

0:09:13.280 --> 0:09:16.080
<v Speaker 1>specifically interacting with the advisor. It doesn't follow them around

0:09:16.120 --> 0:09:19.160
<v Speaker 1>the web. So if if you're within the advisor's reading portal,

0:09:19.360 --> 0:09:22.560
<v Speaker 1>within their newsletters or within their website, it'll it'll tell

0:09:22.600 --> 0:09:25.360
<v Speaker 1>the advisor what you're doing when you're interacting with them.

0:09:25.400 --> 0:09:27.040
<v Speaker 1>It's not going to tell you what you're shopping for

0:09:27.080 --> 0:09:28.960
<v Speaker 1>on Amazon or what you're searching for on Google. So

0:09:29.000 --> 0:09:31.400
<v Speaker 1>how does the business model work? How do you make money? How?

0:09:31.559 --> 0:09:33.800
<v Speaker 1>How is it is a fee based thing? How how

0:09:33.800 --> 0:09:37.679
<v Speaker 1>do you stass business? So we we charge software as

0:09:37.679 --> 0:09:41.760
<v Speaker 1>a software as a service. We uh charge per sit

0:09:42.280 --> 0:09:46.160
<v Speaker 1>um and we work with large institutions. Um, we're looking

0:09:46.240 --> 0:09:48.079
<v Speaker 1>to roll it out in the in the hundreds or that.

0:09:48.160 --> 0:09:50.280
<v Speaker 1>How many clients do you have now? We work with

0:09:50.600 --> 0:09:54.440
<v Speaker 1>over nine hundred institutions right now that are supporting well

0:09:54.440 --> 0:09:57.520
<v Speaker 1>over a hundred thousand financial advisors. Is this supposed to

0:09:57.559 --> 0:10:00.840
<v Speaker 1>also enhance that relationship so that you can actually have

0:10:01.080 --> 0:10:04.520
<v Speaker 1>that conversation or have the specific emails something. And that

0:10:04.559 --> 0:10:06.280
<v Speaker 1>goes back to the last question that you had, which

0:10:06.320 --> 0:10:08.400
<v Speaker 1>is do people like being tracked? You know what the

0:10:08.400 --> 0:10:11.000
<v Speaker 1>feedback actually is from clients who've been working with these

0:10:11.000 --> 0:10:13.280
<v Speaker 1>are as for ten, fifteen, or twenty years, is that

0:10:13.760 --> 0:10:16.240
<v Speaker 1>thank you for that interesting article from the Economist or

0:10:16.280 --> 0:10:18.480
<v Speaker 1>Bloomberg or Wall Street Journal. How did you know? How

0:10:18.480 --> 0:10:20.360
<v Speaker 1>did you remember that you I was into rock climbing

0:10:20.440 --> 0:10:22.880
<v Speaker 1>or fly fishing. And also I forwarded that to my

0:10:23.000 --> 0:10:25.679
<v Speaker 1>kid um, who now has a personalized experience and a

0:10:25.679 --> 0:10:27.599
<v Speaker 1>personalized email in this letter coming from you that the

0:10:27.640 --> 0:10:30.040
<v Speaker 1>advisor is able to track. So it actually comes across

0:10:30.080 --> 0:10:34.319
<v Speaker 1>as a as a modern consumer friendly, uh and very

0:10:34.320 --> 0:10:39.080
<v Speaker 1>professional enhancement to the advisor's relationship with their clients who

0:10:39.400 --> 0:10:41.720
<v Speaker 1>before and we're just getting all the same email, newsletter

0:10:41.800 --> 0:10:44.160
<v Speaker 1>or the same can content. Thanks very much for joining

0:10:44.200 --> 0:10:46.480
<v Speaker 1>us and likening us. So Justin Wise is the co

0:10:46.600 --> 0:10:50.240
<v Speaker 1>founder and the chief executive officer of invest League. You're

0:10:50.240 --> 0:10:55.000
<v Speaker 1>listening to Taking Stock were broadcasting live at Pershing's Insight conference.

0:10:55.120 --> 0:11:02.000
<v Speaker 1>This is Bloomberg Radio. When we're taking Stock is brought

0:11:02.040 --> 0:11:04.559
<v Speaker 1>to by Outing meadow Lands and acccus, New Jersey, powered

0:11:04.559 --> 0:11:07.600
<v Speaker 1>by Benzel Bush, offering commitment to service, luxury and value

0:11:07.679 --> 0:11:11.319
<v Speaker 1>with total transparency. Start your journey at auty meadollons dot

0:11:11.320 --> 0:11:13.000
<v Speaker 1>net and define the way you drive.