1 00:00:00,840 --> 00:00:04,000 Speaker 1: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside 2 00:00:04,040 --> 00:00:05,280 Speaker 1: my co host Matt Miller. 3 00:00:05,640 --> 00:00:09,600 Speaker 2: Every business day we bring you interviews from CEOs, market pros, 4 00:00:09,720 --> 00:00:13,640 Speaker 2: and Bloomberg experts, along with essential market moving news. 5 00:00:14,160 --> 00:00:17,279 Speaker 1: I'm the Bloomberg Markets podcast called Apple Podcasts or wherever 6 00:00:17,360 --> 00:00:20,520 Speaker 1: you listen to podcasts, and at Bloomberg dot com Slash podcast. 7 00:00:21,000 --> 00:00:22,639 Speaker 3: Madison Mills and Paul Sweeney here. 8 00:00:22,720 --> 00:00:25,640 Speaker 1: Madison is at the Bloomberg HQ the sixth floor link 9 00:00:25,640 --> 00:00:28,040 Speaker 1: for the Bloomberg invest Conference, and I am down here 10 00:00:28,160 --> 00:00:31,880 Speaker 1: or in Orlando the World Center Marriott at the BNY 11 00:00:31,920 --> 00:00:34,400 Speaker 1: melon Pershing Insight Conference. Two thousand members of the financial 12 00:00:34,400 --> 00:00:38,040 Speaker 1: advice community. They get together every year, learning, inspiration and networking. 13 00:00:38,080 --> 00:00:39,400 Speaker 1: And they are here and I can tell you again 14 00:00:39,479 --> 00:00:41,480 Speaker 1: last night they were networking their hearts out. 15 00:00:41,920 --> 00:00:42,320 Speaker 3: Last night. 16 00:00:42,360 --> 00:00:44,360 Speaker 1: People were going nuts having a good time. It's great 17 00:00:44,400 --> 00:00:46,760 Speaker 1: to see. Joining us right now is Ben Harrison. He's 18 00:00:46,760 --> 00:00:49,760 Speaker 1: had Wealth Solutions at BNY Mellon joining us here. Ben, 19 00:00:49,800 --> 00:00:52,640 Speaker 1: Thanks so much for taking the time here. What I've noticed, 20 00:00:52,840 --> 00:00:55,680 Speaker 1: I've been in the financial services business for over thirty years, 21 00:00:55,680 --> 00:00:59,560 Speaker 1: and I've noticed just a continuous wave of successful wealth 22 00:00:59,600 --> 00:01:02,680 Speaker 1: managers leaving some of the wirehouses going independent. 23 00:01:02,760 --> 00:01:05,480 Speaker 3: Where are we in that trend these days? 24 00:01:06,040 --> 00:01:08,560 Speaker 4: Yeah, thanks for having me, Paul, and I would say 25 00:01:08,640 --> 00:01:12,440 Speaker 4: that we're still, believe it or not, in early days 26 00:01:12,840 --> 00:01:15,559 Speaker 4: of that trend. I mean we've been experiencing it really 27 00:01:15,720 --> 00:01:20,280 Speaker 4: the last fifteen years at BNYL and Pershing. And what 28 00:01:20,400 --> 00:01:24,199 Speaker 4: is driving that I think is obviously a bull market 29 00:01:24,319 --> 00:01:29,759 Speaker 4: for financial advice, but also the end investor really has 30 00:01:30,000 --> 00:01:36,559 Speaker 4: aligned towards the fiduciary independent nature of advice, and there's 31 00:01:36,720 --> 00:01:40,040 Speaker 4: just a ecosystem of providers these days that help make 32 00:01:40,080 --> 00:01:40,800 Speaker 4: it a lot easier. 33 00:01:41,720 --> 00:01:44,039 Speaker 5: When did this switch start? 34 00:01:44,480 --> 00:01:47,200 Speaker 6: And where are we at? Like, whatch inning are we 35 00:01:47,240 --> 00:01:50,120 Speaker 6: at in terms of seeing folks moving independent? 36 00:01:51,480 --> 00:01:53,600 Speaker 1: So Ben's not really catching you, so ye a little 37 00:01:53,600 --> 00:01:56,160 Speaker 1: technical Isshia. Ben's not really hearing Madison from there. She 38 00:01:56,240 --> 00:01:57,960 Speaker 1: was just asking just kind of when did this kind 39 00:01:57,960 --> 00:02:01,920 Speaker 1: of start and why would a financial advisor want to 40 00:02:01,960 --> 00:02:03,279 Speaker 1: go out on his or her own. 41 00:02:03,560 --> 00:02:03,840 Speaker 3: Sure. 42 00:02:03,880 --> 00:02:06,920 Speaker 4: So, one of the things that has absolutely powered the 43 00:02:07,120 --> 00:02:12,280 Speaker 4: movement towards independence is obviously the democratization of tools and 44 00:02:12,320 --> 00:02:17,000 Speaker 4: technology that really makes the ability to operate an independent 45 00:02:17,040 --> 00:02:22,480 Speaker 4: practice so much more proficient today. For registered investment advisors 46 00:02:22,480 --> 00:02:24,800 Speaker 4: than it ever was. But I still think that you 47 00:02:24,880 --> 00:02:27,440 Speaker 4: have to start with the investor, and the investor is 48 00:02:27,440 --> 00:02:31,840 Speaker 4: looking for objective, independent advice, and that has really driven 49 00:02:32,360 --> 00:02:37,320 Speaker 4: the community towards an opportunity for investors to really seek 50 00:02:37,360 --> 00:02:39,600 Speaker 4: an advisor that is aligned with them, that sits on 51 00:02:39,639 --> 00:02:41,760 Speaker 4: the same side of the table as them, and has 52 00:02:41,840 --> 00:02:45,280 Speaker 4: access to a broad set of open architecture solutions to 53 00:02:45,360 --> 00:02:50,520 Speaker 4: really provide holistic advice in planning across a spectrum of 54 00:02:50,560 --> 00:02:54,600 Speaker 4: services and move away from being a sales professional to 55 00:02:54,680 --> 00:02:58,200 Speaker 4: one that's on the buy side and really accessing tools 56 00:02:58,200 --> 00:03:00,880 Speaker 4: and solutions on behalf of their clients. One of the 57 00:03:00,919 --> 00:03:03,600 Speaker 4: trends I've noticed just here at this conference this year 58 00:03:03,880 --> 00:03:07,480 Speaker 4: is technology, and boy, if you're a register investment advisor 59 00:03:07,639 --> 00:03:10,360 Speaker 4: at or service provider to them like a BNY melon, 60 00:03:11,280 --> 00:03:14,160 Speaker 4: you've got to be on the cutting edge of technology. 61 00:03:14,160 --> 00:03:15,800 Speaker 4: What are some of the investments that you guys are making, 62 00:03:15,800 --> 00:03:18,040 Speaker 4: some of the tools that you're bringing to the marketplace. Well, 63 00:03:18,040 --> 00:03:20,400 Speaker 4: you're spot on, Paul, and we're in this exhibit hall 64 00:03:20,440 --> 00:03:23,560 Speaker 4: and we're looking around where all these fintech solutions that 65 00:03:23,639 --> 00:03:27,200 Speaker 4: are available and for advisors to be able to utilize 66 00:03:27,200 --> 00:03:32,280 Speaker 4: and implement portfolios and planning and advice for clients. The 67 00:03:33,080 --> 00:03:36,840 Speaker 4: challenge is there's almost so much of it these days 68 00:03:37,240 --> 00:03:39,240 Speaker 4: that it needs to be streamlined, and that's one of 69 00:03:39,280 --> 00:03:41,600 Speaker 4: the things that we are doing at BNY Melon Pershing. 70 00:03:41,600 --> 00:03:45,640 Speaker 4: We launched our Wove platform yesterday, which was really an 71 00:03:45,680 --> 00:03:49,200 Speaker 4: advice platform that helps to bring all of those applications 72 00:03:49,240 --> 00:03:52,240 Speaker 4: together in one common data layer so that we can 73 00:03:52,320 --> 00:03:55,720 Speaker 4: stitch together the different applications to really make an elegant 74 00:03:55,800 --> 00:04:00,600 Speaker 4: experience and really focus on the productivity of the because 75 00:04:00,640 --> 00:04:05,520 Speaker 4: the advisor spends so much time spending their day in 76 00:04:05,600 --> 00:04:08,040 Speaker 4: the in the tools that they're not spending as much 77 00:04:08,080 --> 00:04:10,800 Speaker 4: time as they potentially could with clients. And that's the 78 00:04:10,840 --> 00:04:12,680 Speaker 4: problem that we're off trying Solveware. 79 00:04:12,840 --> 00:04:15,440 Speaker 1: What do you hear most from some of the folks 80 00:04:15,440 --> 00:04:17,520 Speaker 1: you bump into here on the floor. What's a big 81 00:04:17,560 --> 00:04:19,440 Speaker 1: one of the big issues that you're dealing with this week? 82 00:04:19,800 --> 00:04:23,479 Speaker 4: Look this week, I think that it's a common, you know, 83 00:04:23,560 --> 00:04:27,880 Speaker 4: set of challenges that the industry is facing. Advisors really 84 00:04:27,960 --> 00:04:30,920 Speaker 4: want to focus on growth, uh in where they can 85 00:04:30,960 --> 00:04:34,720 Speaker 4: be you know, really gaining that next client. Uh They're 86 00:04:34,760 --> 00:04:38,240 Speaker 4: really thinking about scale and experience scale for their own 87 00:04:38,279 --> 00:04:43,119 Speaker 4: business experience, for their end investors, talent, you know, really 88 00:04:43,120 --> 00:04:46,080 Speaker 4: looking for next generation talent bringing them into their practice. 89 00:04:46,400 --> 00:04:48,479 Speaker 4: We've got over one hundred students here at the event 90 00:04:48,560 --> 00:04:50,760 Speaker 4: this year and that's one of the ways that that 91 00:04:50,800 --> 00:04:53,680 Speaker 4: we help do that. And then there's no shortage of 92 00:04:54,240 --> 00:04:57,400 Speaker 4: you know, challenges in the marketplace in terms of anything 93 00:04:57,440 --> 00:04:58,760 Speaker 4: that could go bump in the night and they've got 94 00:04:58,760 --> 00:04:59,400 Speaker 4: to navigate that. 95 00:05:01,120 --> 00:05:02,200 Speaker 5: Can you talk a little bit. 96 00:05:02,240 --> 00:05:04,479 Speaker 6: Sorry, this is Madison from New York coming back in. 97 00:05:04,560 --> 00:05:07,279 Speaker 6: I hope you can hear me. I was wondering, amazing, Great, 98 00:05:07,320 --> 00:05:08,760 Speaker 6: we're connected. This is great. 99 00:05:09,440 --> 00:05:12,240 Speaker 5: Can you talk to me a little bit about. 100 00:05:12,960 --> 00:05:15,440 Speaker 6: Some of the the clients that you're working with in 101 00:05:15,520 --> 00:05:17,080 Speaker 6: terms of the demo for wove? 102 00:05:17,720 --> 00:05:20,400 Speaker 5: Is this for any advisor? Is it a specific advisor? 103 00:05:21,240 --> 00:05:25,080 Speaker 4: Yeah, So the optimal client profile for a for our 104 00:05:25,160 --> 00:05:31,320 Speaker 4: solution is really a growth minded registered investment advisor, advisor 105 00:05:31,320 --> 00:05:35,080 Speaker 4: of an independent broker dealer that has clients with complexity 106 00:05:35,120 --> 00:05:41,440 Speaker 4: that need a holistic advice deliverable. So anything from planning 107 00:05:41,600 --> 00:05:45,599 Speaker 4: on the front end of the equation towards implementing models 108 00:05:45,760 --> 00:05:51,680 Speaker 4: and separate accounts and advice solutions towards you know, all 109 00:05:51,680 --> 00:05:54,719 Speaker 4: the way on the back end around what that feels 110 00:05:54,760 --> 00:05:57,120 Speaker 4: like from a wealth reporting standpoint and how all of 111 00:05:57,160 --> 00:06:03,240 Speaker 4: the solutions get displayed for an end investor. So it 112 00:06:03,440 --> 00:06:07,440 Speaker 4: actually plays really well to where Paul started, which was 113 00:06:08,080 --> 00:06:11,880 Speaker 4: a advisor that's looking to come out and start their 114 00:06:11,920 --> 00:06:14,640 Speaker 4: own entrepreneurial business to have an end to end solution 115 00:06:15,160 --> 00:06:18,880 Speaker 4: that they can really consume a technology solution from bny 116 00:06:18,960 --> 00:06:22,520 Speaker 4: Mel and Pershing. That's an optimal type of client for us. 117 00:06:23,080 --> 00:06:26,880 Speaker 6: Well, and stepping back a little bit, the wealth management space, 118 00:06:26,920 --> 00:06:29,480 Speaker 6: as you know very well, is huge. Every bank is 119 00:06:29,800 --> 00:06:32,960 Speaker 6: beefing up that side of the business and there's a 120 00:06:32,960 --> 00:06:37,360 Speaker 6: lot of competition. Is this a move from you all 121 00:06:37,520 --> 00:06:41,400 Speaker 6: to set yourselves apart and what do you think is 122 00:06:41,520 --> 00:06:44,960 Speaker 6: the single biggest thing that you're able to point. 123 00:06:44,680 --> 00:06:47,120 Speaker 5: To to set yourselves apart for your offerings? 124 00:06:47,839 --> 00:06:48,080 Speaker 3: Sure? 125 00:06:48,120 --> 00:06:50,800 Speaker 4: Well, it is a differentiator strategy and it's something that 126 00:06:50,839 --> 00:06:54,280 Speaker 4: the industry really hasn't had, which is a vertically integrated 127 00:06:54,279 --> 00:06:59,120 Speaker 4: advisory platform and a custodian that Bnymel and Purshing provides. 128 00:06:59,160 --> 00:07:02,800 Speaker 4: So that's a unique differentiator for us and it really 129 00:07:02,839 --> 00:07:07,760 Speaker 4: allows for efficiency, productivity, and best of breed solutions not 130 00:07:07,960 --> 00:07:13,440 Speaker 4: only proprietary solutions from bny Melon, but also open architecture 131 00:07:14,160 --> 00:07:18,800 Speaker 4: access to the best investment managers and tools and technology 132 00:07:18,840 --> 00:07:21,400 Speaker 4: available in the marketplace. So it's kind of a special 133 00:07:22,840 --> 00:07:28,480 Speaker 4: intersection of being open as well as leveraging the largest 134 00:07:28,720 --> 00:07:33,360 Speaker 4: global custodian anywhere in the world, as well as including 135 00:07:33,400 --> 00:07:36,760 Speaker 4: this new fintech type of feel that we have built 136 00:07:36,800 --> 00:07:37,960 Speaker 4: with the advisory platform. 137 00:07:38,000 --> 00:07:41,800 Speaker 1: Do you find that some of the younger advisors, new advisors, 138 00:07:41,840 --> 00:07:44,680 Speaker 1: they lean in more to the technical side of it, because, 139 00:07:44,720 --> 00:07:47,400 Speaker 1: I mean you think about some of the traditional financial advisors, 140 00:07:47,440 --> 00:07:50,960 Speaker 1: whether they're considered themselves stockbrokers from back in the day, 141 00:07:51,280 --> 00:07:54,280 Speaker 1: to asset gatherers. I mean, how's the fintech kind of 142 00:07:54,400 --> 00:07:57,120 Speaker 1: get I guess really integrated into that business. 143 00:07:57,440 --> 00:07:58,720 Speaker 3: Yeah, so I think. 144 00:07:58,520 --> 00:08:02,800 Speaker 4: That obviously the next generation is leaning into it, but 145 00:08:02,840 --> 00:08:06,840 Speaker 4: I would I wouldn't necessarily confine it there. I would 146 00:08:06,880 --> 00:08:09,520 Speaker 4: say that if you're not growing and evolving and moving 147 00:08:09,560 --> 00:08:13,240 Speaker 4: into this digital space, then it's gonna you're gonna be 148 00:08:13,320 --> 00:08:18,520 Speaker 4: left behind. So we find broad adoption from all walks 149 00:08:18,560 --> 00:08:23,360 Speaker 4: of wealth management leaning into digital and the ability to 150 00:08:23,920 --> 00:08:25,080 Speaker 4: really leverage these tools. 151 00:08:25,680 --> 00:08:27,920 Speaker 6: All right, Well, since you brought up innovation. I am 152 00:08:28,040 --> 00:08:30,880 Speaker 6: forced to ask my favorite question, which is the AI 153 00:08:31,120 --> 00:08:34,920 Speaker 6: elephant in the room. Have you all started discussing AI 154 00:08:35,040 --> 00:08:36,840 Speaker 6: use cases for this technology? 155 00:08:37,559 --> 00:08:38,160 Speaker 3: Absolutely? 156 00:08:38,200 --> 00:08:41,880 Speaker 4: I mean AI is going to absolutely transform our industry 157 00:08:42,840 --> 00:08:46,400 Speaker 4: in the long term. We're thinking about many use cases. 158 00:08:47,120 --> 00:08:49,000 Speaker 4: Even if you think about the use case of our 159 00:08:49,040 --> 00:08:53,600 Speaker 4: own professional staff and how we can build knowledge management 160 00:08:53,760 --> 00:08:58,240 Speaker 4: and you know, really serve our clients more effectively and 161 00:08:58,320 --> 00:09:04,000 Speaker 4: then expose the those tools to our to our advisors 162 00:09:04,040 --> 00:09:07,520 Speaker 4: and to the wealth management firms that work with us. 163 00:09:07,520 --> 00:09:09,840 Speaker 7: It's just going to completely. 164 00:09:09,080 --> 00:09:12,960 Speaker 4: Transform the way in which we serve the business, the 165 00:09:13,000 --> 00:09:15,359 Speaker 4: way in which we can scale and be more productive. 166 00:09:15,840 --> 00:09:18,520 Speaker 4: And that's just scratching the surface on you know, kind 167 00:09:18,520 --> 00:09:21,520 Speaker 4: of the low hanging fruit. Once you start to deploy 168 00:09:21,600 --> 00:09:27,160 Speaker 4: that more, you know, intentionally into the tools, it really 169 00:09:27,200 --> 00:09:32,160 Speaker 4: gets into into industring and you know, again very very 170 00:09:32,320 --> 00:09:33,160 Speaker 4: very early days. 171 00:09:33,280 --> 00:09:33,480 Speaker 7: Yep. 172 00:09:33,520 --> 00:09:35,520 Speaker 1: Absolutely, all right, Ben, thanks so much for joining us. 173 00:09:35,520 --> 00:09:38,719 Speaker 1: Really appreciate it. Ben Harrison, he's held of Wealth Solutions 174 00:09:38,760 --> 00:09:41,079 Speaker 1: at B and Y melon joining us here to talk 175 00:09:41,080 --> 00:09:43,400 Speaker 1: about some of the strategies that they're employing here with 176 00:09:43,480 --> 00:09:45,280 Speaker 1: the financial services business in Madison. 177 00:09:45,640 --> 00:09:47,400 Speaker 3: It sounds like he got a good buzz up in 178 00:09:47,440 --> 00:09:48,440 Speaker 3: New York on the sixth floor. 179 00:09:49,160 --> 00:09:50,520 Speaker 5: There is a great buzz. 180 00:09:50,840 --> 00:09:53,920 Speaker 6: Tom Keane is definitely holding court up here with folks 181 00:09:53,960 --> 00:09:58,880 Speaker 6: in the office for Bloomberg invest Day. But it sounds 182 00:09:58,880 --> 00:10:00,680 Speaker 6: like you guys ever having a a lot of activity 183 00:10:00,679 --> 00:10:01,800 Speaker 6: down there in Orlando too. 184 00:10:02,120 --> 00:10:02,360 Speaker 7: Yeah. 185 00:10:02,360 --> 00:10:03,960 Speaker 1: Absolutely, And again I was talking to some of the 186 00:10:04,000 --> 00:10:07,240 Speaker 1: event organizers down here at this Maria and they're like, 187 00:10:07,240 --> 00:10:10,520 Speaker 1: so it is full blown pre pandemic in terms of 188 00:10:10,679 --> 00:10:14,040 Speaker 1: their overall business, in terms of the conference business, the 189 00:10:14,040 --> 00:10:15,920 Speaker 1: hotel business, as well as this conference. 190 00:10:15,960 --> 00:10:17,920 Speaker 3: So that is good to see. 191 00:10:17,920 --> 00:10:22,640 Speaker 8: You're listening to the team. Ken's are live program Bloomberg 192 00:10:22,679 --> 00:10:26,000 Speaker 8: Markets weekdays at ten am Eastern on Bloomberg dot Com, 193 00:10:26,120 --> 00:10:29,280 Speaker 8: the iHeartRadio app, and the Bloomberg Business app, or listen 194 00:10:29,360 --> 00:10:31,479 Speaker 8: on demand wherever you get your podcasts. 195 00:10:33,240 --> 00:10:34,920 Speaker 1: Let's go right to our next guest here in Orlando. 196 00:10:35,000 --> 00:10:38,320 Speaker 1: Robin Vince joins us. He's the CEO of BNY Mellon. 197 00:10:38,600 --> 00:10:41,680 Speaker 1: He's responsible for this conference here and really has been 198 00:10:42,200 --> 00:10:44,640 Speaker 1: a fantastic conference and we're getting a lot of energy 199 00:10:44,679 --> 00:10:46,560 Speaker 1: down here. Robin, thanks so much for joining us here. 200 00:10:47,120 --> 00:10:49,040 Speaker 1: I mean, I'm looking at it being one I'm old 201 00:10:49,120 --> 00:10:52,880 Speaker 1: enough to remember B and Y standalone, Melon standalone, Pershing standalone. 202 00:10:52,920 --> 00:10:55,600 Speaker 1: Now you guys are together. That sounds big to me. 203 00:10:55,640 --> 00:10:57,920 Speaker 1: Then they read this silly, silly stat that just blew 204 00:10:57,960 --> 00:11:01,200 Speaker 1: me away. You guys touched like twenty percent of the 205 00:11:01,240 --> 00:11:03,240 Speaker 1: investamble assets around the world. 206 00:11:03,320 --> 00:11:04,559 Speaker 3: It's just amazing. 207 00:11:04,880 --> 00:11:09,880 Speaker 1: Force forty six point six trillion assets under custody. That 208 00:11:09,920 --> 00:11:12,000 Speaker 1: amounts to nearly half the world's GDP at the end 209 00:11:12,040 --> 00:11:16,040 Speaker 1: of twenty twenty two. You guys see everything. What are 210 00:11:16,040 --> 00:11:19,280 Speaker 1: you seeing out there in terms of the macro economy 211 00:11:19,320 --> 00:11:20,640 Speaker 1: and kind of where this thing is going? 212 00:11:20,960 --> 00:11:22,720 Speaker 9: Well, Paul, first of all, it's great to be with you, 213 00:11:22,880 --> 00:11:25,160 Speaker 9: and it's great to have you here and the team 214 00:11:25,200 --> 00:11:28,200 Speaker 9: here at our Insight conference because this really is our 215 00:11:28,280 --> 00:11:33,480 Speaker 9: premiere conference for our investor clients. And we're very excited 216 00:11:33,520 --> 00:11:37,000 Speaker 9: because at this conference we've launched some important new products. Look, 217 00:11:37,120 --> 00:11:39,880 Speaker 9: you talk about our breadth, and that really is the 218 00:11:39,880 --> 00:11:42,440 Speaker 9: hallmark of BNY Melon. You reeled off some of the stats. 219 00:11:42,480 --> 00:11:45,480 Speaker 9: I could reel off a ton more. We are relevant 220 00:11:45,520 --> 00:11:47,880 Speaker 9: to our clients. We're all around the world where global 221 00:11:47,880 --> 00:11:52,080 Speaker 9: were deeply penetrated. We power capital markets, both domestically and 222 00:11:52,160 --> 00:11:54,520 Speaker 9: around the world, and what we see and hear from 223 00:11:54,520 --> 00:11:58,160 Speaker 9: our clients is there really is some underlying optimism in 224 00:11:58,280 --> 00:12:00,760 Speaker 9: terms of the medium long term. I hear that internationally 225 00:12:00,760 --> 00:12:04,040 Speaker 9: as well when I talk to international CEOs, particularly about 226 00:12:04,080 --> 00:12:05,560 Speaker 9: the US going forward. 227 00:12:05,960 --> 00:12:09,120 Speaker 1: So but by the way, my favorite fun fact about 228 00:12:09,120 --> 00:12:12,240 Speaker 1: the Bank of New York has the best address on 229 00:12:12,280 --> 00:12:15,360 Speaker 1: Global War Street, which is number one War Street. It's 230 00:12:15,360 --> 00:12:18,280 Speaker 1: such a great, great old institution. Two hundred and thirty 231 00:12:18,360 --> 00:12:18,840 Speaker 1: nine years. 232 00:12:18,920 --> 00:12:22,640 Speaker 9: As your anniversary on yeah Friday, it's our birthday on Friday, 233 00:12:22,800 --> 00:12:24,640 Speaker 9: as we look forward to our two hundred and fortieth 234 00:12:24,679 --> 00:12:28,040 Speaker 9: year founded by Alexander Hamilton, America's all this bank first 235 00:12:28,080 --> 00:12:30,400 Speaker 9: ever company to be listened on the New York Stock Exchange. 236 00:12:30,440 --> 00:12:33,560 Speaker 9: It really is a super exciting history. But we're also 237 00:12:33,880 --> 00:12:36,400 Speaker 9: very much looking to the forward because one of the 238 00:12:36,400 --> 00:12:39,200 Speaker 9: things that we've seen across our franchise is we have 239 00:12:39,520 --> 00:12:41,160 Speaker 9: this incredible client base. 240 00:12:41,480 --> 00:12:43,599 Speaker 7: We have all of these incredible assets. 241 00:12:43,640 --> 00:12:45,280 Speaker 9: You reeled off a few of the stats, but two 242 00:12:45,320 --> 00:12:48,040 Speaker 9: and a half trillion dollars a day, we have two payments, 243 00:12:48,240 --> 00:12:50,840 Speaker 9: we have two point three trillion dollars of invested assets 244 00:12:50,840 --> 00:12:53,400 Speaker 9: on our pershing platform. We're a one point nine trillion 245 00:12:53,440 --> 00:12:56,359 Speaker 9: dollar asset manager. We have all of these hidden facets 246 00:12:56,400 --> 00:12:59,520 Speaker 9: to ourselves that we haven't fully leveraged as a breadth 247 00:12:59,559 --> 00:13:02,040 Speaker 9: of a company, and we are now unlocking that for 248 00:13:02,120 --> 00:13:05,319 Speaker 9: our clients. And right here as we sit here today 249 00:13:05,679 --> 00:13:10,160 Speaker 9: in Orlando at our Insight conference, we are launching new 250 00:13:10,200 --> 00:13:13,000 Speaker 9: product capabilities because that's the innovation for the future that'll 251 00:13:13,040 --> 00:13:14,920 Speaker 9: power us for the next two hundred and thirty nine years. 252 00:13:15,000 --> 00:13:17,000 Speaker 1: Talk to us about some of these new products and services. 253 00:13:17,040 --> 00:13:19,240 Speaker 1: We've had a lot of your folks and Bny Melon 254 00:13:19,280 --> 00:13:21,120 Speaker 1: Pershing on here talking about a lot of different things. 255 00:13:21,600 --> 00:13:24,520 Speaker 1: What from your perspective some of the interesting new products 256 00:13:24,520 --> 00:13:25,760 Speaker 1: and services you guys are launching. 257 00:13:25,960 --> 00:13:27,719 Speaker 9: Well, as a whole company, we're doing a whole bunch 258 00:13:27,800 --> 00:13:31,800 Speaker 9: of different things. We've recently launched an outsource trading capability. 259 00:13:31,920 --> 00:13:34,400 Speaker 9: We are innovating in real time payments. That's going to 260 00:13:34,440 --> 00:13:37,440 Speaker 9: be part of the new payment ecosystem of the United States. 261 00:13:37,440 --> 00:13:39,880 Speaker 9: But right here in Pershing, what we're most excited about 262 00:13:40,200 --> 00:13:43,400 Speaker 9: is our first product launch in our new business, Pershing X. 263 00:13:43,440 --> 00:13:45,600 Speaker 9: Pershing X is a business where we hired the first 264 00:13:45,840 --> 00:13:50,760 Speaker 9: person employee number one twenty months ago and from that 265 00:13:50,880 --> 00:13:53,719 Speaker 9: starting point. We had hands on keyboards in April of 266 00:13:53,800 --> 00:13:57,040 Speaker 9: last year, and now we are in market with wove, 267 00:13:57,120 --> 00:13:59,720 Speaker 9: which we've launched here at the conference. That's an exciting 268 00:13:59,760 --> 00:14:04,760 Speaker 9: new capability for advisors, making wealth advisors lives easier by 269 00:14:04,760 --> 00:14:06,800 Speaker 9: connecting the various dots of their ecosystem. 270 00:14:06,920 --> 00:14:08,000 Speaker 7: Super exciting product. 271 00:14:08,080 --> 00:14:10,840 Speaker 1: It seems like when you talk to the financial advisors 272 00:14:10,880 --> 00:14:12,080 Speaker 1: that you have here or talk to some of the 273 00:14:12,080 --> 00:14:15,600 Speaker 1: people at at BNY Melon Purshing, it's kind of all 274 00:14:15,600 --> 00:14:17,760 Speaker 1: about technology. If you're not on the front end of 275 00:14:17,760 --> 00:14:20,520 Speaker 1: that technology curve, whether you're a provider like BNY Melon 276 00:14:20,520 --> 00:14:23,880 Speaker 1: Purging or a registered investment advisor out there, you're really 277 00:14:23,880 --> 00:14:26,320 Speaker 1: putting yourself kind of behind the apall. 278 00:14:26,080 --> 00:14:26,520 Speaker 3: A little bit. 279 00:14:26,520 --> 00:14:29,280 Speaker 9: The ability to spend on technology is clearly a competitive 280 00:14:29,640 --> 00:14:32,160 Speaker 9: differentiated these days. We spend about three and a half 281 00:14:32,240 --> 00:14:35,160 Speaker 9: billion dollars on tech every year as a company, and 282 00:14:35,200 --> 00:14:37,840 Speaker 9: one of the things that we give our clients is 283 00:14:37,880 --> 00:14:40,120 Speaker 9: that the benefit of that scale. And so if you're 284 00:14:40,120 --> 00:14:43,080 Speaker 9: a wealth advisor client, here is just one example of 285 00:14:43,120 --> 00:14:46,520 Speaker 9: that client base. We have AI running on the platform 286 00:14:46,560 --> 00:14:50,640 Speaker 9: giving our wealth advisors next best advice for our clients 287 00:14:50,640 --> 00:14:52,440 Speaker 9: so that they can be smart with their clients. They 288 00:14:52,480 --> 00:14:55,200 Speaker 9: can give them good advice. We predict fails in different 289 00:14:55,200 --> 00:14:58,040 Speaker 9: parts of the market. We have other innovations, but and 290 00:14:58,080 --> 00:15:00,440 Speaker 9: we spend a lot of money on the resid brilliancy 291 00:15:00,520 --> 00:15:02,800 Speaker 9: of our tech infrastructure as well. These days, you've got 292 00:15:02,840 --> 00:15:05,640 Speaker 9: to be able to be resilient, and so the scale 293 00:15:05,720 --> 00:15:08,800 Speaker 9: of being a jesib as we are a globally systemic bank, 294 00:15:09,000 --> 00:15:11,240 Speaker 9: and the scale of breadth. 295 00:15:10,880 --> 00:15:12,760 Speaker 7: Of our products really allows us to do that. 296 00:15:12,800 --> 00:15:15,040 Speaker 9: And it allows us to wrap ourselves around our clients 297 00:15:15,040 --> 00:15:16,840 Speaker 9: and help them so they don't have to go spend 298 00:15:16,840 --> 00:15:17,800 Speaker 9: all that money themselves. 299 00:15:18,160 --> 00:15:20,120 Speaker 1: Some investors in the banks are a little concerned about 300 00:15:20,120 --> 00:15:23,240 Speaker 1: what maybe a creeping regulatory headwind for the banks. How 301 00:15:23,240 --> 00:15:25,080 Speaker 1: do you think about it for your business, whether it's 302 00:15:25,440 --> 00:15:27,680 Speaker 1: more capital needed to be put up or just you know, 303 00:15:27,800 --> 00:15:29,840 Speaker 1: tighter regulations. We had some of the regional banks have 304 00:15:29,920 --> 00:15:32,600 Speaker 1: some trouble several weeks ago, and that kind of I 305 00:15:32,640 --> 00:15:36,240 Speaker 1: guess just renewed some interesting concern among maybe some regulators. 306 00:15:36,400 --> 00:15:38,120 Speaker 7: Well, I think we've got to do to start with 307 00:15:38,120 --> 00:15:38,320 Speaker 7: on this. 308 00:15:38,360 --> 00:15:40,200 Speaker 9: You've got to look back fifteen years we had a 309 00:15:40,320 --> 00:15:43,040 Speaker 9: very significant event with a global financial crisis, and I 310 00:15:43,080 --> 00:15:47,400 Speaker 9: think regulators and policymakers did a really good job investing 311 00:15:47,520 --> 00:15:51,680 Speaker 9: in the resilience of the financial markets, and particularly in 312 00:15:51,760 --> 00:15:54,160 Speaker 9: the JESIBS, and so being one of the eight gesibs 313 00:15:54,200 --> 00:15:56,120 Speaker 9: in the US, you know, we are subject to those 314 00:15:56,200 --> 00:15:59,600 Speaker 9: higher capital standards, those high liquidity standards, and you've seen 315 00:15:59,600 --> 00:16:01,720 Speaker 9: the benefit fit of all of that resiliency play out 316 00:16:01,720 --> 00:16:03,600 Speaker 9: over the course of the next few of the past 317 00:16:03,600 --> 00:16:05,960 Speaker 9: few months, and so you know, I think what we'll 318 00:16:06,080 --> 00:16:11,080 Speaker 9: likely see is is reaction to what's happened, and policymakers 319 00:16:11,080 --> 00:16:13,440 Speaker 9: and regulators will be thoughtful about where in the system 320 00:16:13,480 --> 00:16:17,800 Speaker 9: maybe those same protections didn't exist, and I imagine there'll 321 00:16:17,800 --> 00:16:20,200 Speaker 9: be new policies, but sort of reacting to that. But 322 00:16:20,520 --> 00:16:22,760 Speaker 9: for us as we sit here today, you know, we 323 00:16:22,920 --> 00:16:25,840 Speaker 9: viewed resilience as a commercial asset. I talked about it 324 00:16:25,840 --> 00:16:28,600 Speaker 9: in the context of technology being able to invest in scale, 325 00:16:28,800 --> 00:16:30,600 Speaker 9: but it's true for the balance sheet as well, you know, 326 00:16:30,680 --> 00:16:33,880 Speaker 9: highly liquid, highly rated, conservative on these things. 327 00:16:33,880 --> 00:16:34,680 Speaker 7: It makes a difference. 328 00:16:35,520 --> 00:16:36,960 Speaker 1: One of the things we've heard as a just a 329 00:16:37,000 --> 00:16:38,520 Speaker 1: theme here over the last couple of days here in 330 00:16:38,600 --> 00:16:42,280 Speaker 1: Orlando is diversity. Diversity and the financial services industry broadly 331 00:16:42,320 --> 00:16:44,160 Speaker 1: define whether it's at the advisory level or with a 332 00:16:44,720 --> 00:16:47,640 Speaker 1: corporate level. You guys actually did a bond that kind 333 00:16:47,680 --> 00:16:49,320 Speaker 1: of brought that home a bond issue and talk to 334 00:16:49,400 --> 00:16:49,840 Speaker 1: us about that. 335 00:16:50,080 --> 00:16:53,720 Speaker 9: Yeah, it's a super super thing that we that we 336 00:16:53,760 --> 00:16:55,440 Speaker 9: did with our clients, and it was really our clients 337 00:16:55,480 --> 00:16:57,520 Speaker 9: who did it and actually had its origins at our 338 00:16:57,760 --> 00:17:00,880 Speaker 9: Pershing conference last year when we when we have a 339 00:17:01,040 --> 00:17:06,280 Speaker 9: group of our Pershing clients who are minority owned, women owned, 340 00:17:06,280 --> 00:17:09,919 Speaker 9: and veteran owned institutions who said to us that they 341 00:17:09,920 --> 00:17:12,159 Speaker 9: could lead one of our bonds. And it wasn't just 342 00:17:12,200 --> 00:17:15,439 Speaker 9: participating as a co manager, it was left lead. It 343 00:17:15,520 --> 00:17:19,000 Speaker 9: was lead managers and they solely led this deal and 344 00:17:19,320 --> 00:17:21,439 Speaker 9: just did a terrific job. And what we've done in 345 00:17:21,480 --> 00:17:25,600 Speaker 9: that together is they have become credentialized even more that 346 00:17:25,680 --> 00:17:27,960 Speaker 9: they can lead a transaction and now when they go 347 00:17:28,000 --> 00:17:30,919 Speaker 9: out to their other corporate clients, the credentialized with that 348 00:17:31,000 --> 00:17:33,439 Speaker 9: and it was our ability to help them do that. 349 00:17:33,440 --> 00:17:35,280 Speaker 7: That's how we lift everybody up. That's important. 350 00:17:35,960 --> 00:17:36,400 Speaker 3: Good stuff. 351 00:17:36,480 --> 00:17:37,879 Speaker 1: Robin, thanks so much for taking the time. I know 352 00:17:37,920 --> 00:17:40,640 Speaker 1: you're busy here at this big conference. Robert Vince, he's 353 00:17:40,640 --> 00:17:43,199 Speaker 1: the CEO of b n y Mellon joining us to 354 00:17:43,200 --> 00:17:46,120 Speaker 1: talk about all things Melon. Lots of technology changes, lots 355 00:17:46,160 --> 00:17:50,520 Speaker 1: of technology investments. BNY Melling Purging Insight Conference twenty three. 356 00:17:50,600 --> 00:17:53,840 Speaker 1: Twenty five hundred financial advisors gathered here to kind of 357 00:17:53,840 --> 00:17:57,240 Speaker 1: get the latest on the new trends in the business, 358 00:17:57,240 --> 00:18:00,639 Speaker 1: maybe learn a thing or two from colleague in from 359 00:18:00,960 --> 00:18:03,280 Speaker 1: the speakers here, and kind of stay make sure they 360 00:18:03,280 --> 00:18:05,000 Speaker 1: have the best service for their clients. 361 00:18:05,160 --> 00:18:08,240 Speaker 8: You're listening to the tape. Catch our live program Bloomberg 362 00:18:08,320 --> 00:18:11,919 Speaker 8: Markets weekdays at ten am Eastern on Bloomberg Radio, the 363 00:18:11,960 --> 00:18:15,200 Speaker 8: tune in app, Bloomberg dot Com, and the Bloomberg Business App. 364 00:18:15,240 --> 00:18:18,040 Speaker 8: You can also listen live on Amazon Alexa from our 365 00:18:18,080 --> 00:18:24,080 Speaker 8: flagship New York station, Just say Alexa Play Bloomberg eleven thirty. 366 00:18:23,600 --> 00:18:24,479 Speaker 3: Madison Mills and York. 367 00:18:24,520 --> 00:18:27,840 Speaker 1: Paul Sweeney in Orlando to BNY Mellon Purshing Insight Conference. 368 00:18:27,840 --> 00:18:30,520 Speaker 1: We just heard from Robin Vince, the CEO of BNY Mellon. 369 00:18:30,560 --> 00:18:32,680 Speaker 1: He did a pretty good job. We'll have him back, 370 00:18:32,720 --> 00:18:34,000 Speaker 1: I think. But now we get to the people who 371 00:18:34,000 --> 00:18:37,359 Speaker 1: actually get stuff done. Jim Crowley, Chief executive Officer and 372 00:18:37,440 --> 00:18:40,680 Speaker 1: Chair of the Executive Committee for Pershing and Emmy Schlosser, 373 00:18:40,800 --> 00:18:45,640 Speaker 1: COO for Pershing join us here at the down in Orlando. 374 00:18:45,840 --> 00:18:49,240 Speaker 1: Thanks folks for stopping by here. Hey, Jim, I remember 375 00:18:49,240 --> 00:18:51,640 Speaker 1: when Pershing was a standalone company. I remember when deal 376 00:18:51,720 --> 00:18:53,359 Speaker 1: J bought it, and then I was a credit Swiss 377 00:18:53,400 --> 00:18:56,119 Speaker 1: first Boston when we bought that. That lasted about fifteen minutes. 378 00:18:57,160 --> 00:18:59,080 Speaker 1: But I'm glad you guys are all now together with 379 00:18:59,280 --> 00:19:01,560 Speaker 1: Bny and Mel. Good stuff, Jim, talk to me about 380 00:19:01,600 --> 00:19:04,719 Speaker 1: this conference here, A lot of new project product launches 381 00:19:04,800 --> 00:19:08,320 Speaker 1: for you guys, you know, servicing your financial services clients. 382 00:19:08,359 --> 00:19:10,640 Speaker 1: Talk to us about WHOA that's a name I've heard 383 00:19:10,640 --> 00:19:11,920 Speaker 1: a lot about just about that. 384 00:19:12,040 --> 00:19:13,639 Speaker 3: What does it mean for you? What does it mean 385 00:19:13,680 --> 00:19:14,880 Speaker 3: for your clients? 386 00:19:15,000 --> 00:19:16,480 Speaker 10: Yeah, this is the moment for WOVE. 387 00:19:16,960 --> 00:19:19,320 Speaker 11: It has been a couple of years in the making, 388 00:19:19,520 --> 00:19:24,240 Speaker 11: and we're so excited to be launching this new advisory 389 00:19:24,400 --> 00:19:28,240 Speaker 11: tool and platform too. You know, as Ainsley has spoken about, 390 00:19:28,280 --> 00:19:33,200 Speaker 11: to create the interoperability of all the disconnected technology that's 391 00:19:33,240 --> 00:19:37,240 Speaker 11: out there and having advisors productivity be their. 392 00:19:37,200 --> 00:19:39,080 Speaker 10: KPI is such a cool thing for us. 393 00:19:39,119 --> 00:19:43,600 Speaker 11: And to have such a great welcome from everyone here 394 00:19:43,600 --> 00:19:44,240 Speaker 11: at Insight. 395 00:19:44,440 --> 00:19:46,520 Speaker 1: So is Wolf here kind of Emily, just is it 396 00:19:46,560 --> 00:19:49,439 Speaker 1: a way for financial advisors? There's so many things I 397 00:19:49,480 --> 00:19:51,920 Speaker 1: have to think about, and you know, different asset classes, 398 00:19:51,960 --> 00:19:53,200 Speaker 1: a different reporting requirements. 399 00:19:53,240 --> 00:19:54,720 Speaker 3: So what does wolve kind of do for them? 400 00:19:54,960 --> 00:19:58,480 Speaker 12: Yeah, it's essentially the technology tool in which they can live. 401 00:20:00,000 --> 00:20:04,560 Speaker 12: Advisors spend seventy percent of their time today doing administrative 402 00:20:04,600 --> 00:20:09,280 Speaker 12: tasks across disjointed tools, and Wove is out to solve 403 00:20:09,400 --> 00:20:12,000 Speaker 12: that problem. It is a single place where they'll have 404 00:20:12,040 --> 00:20:16,320 Speaker 12: applications for everything that they need to do, from CRM 405 00:20:16,520 --> 00:20:22,080 Speaker 12: to financial planning, portfolio construction and management, data insights, reporting, 406 00:20:22,240 --> 00:20:26,520 Speaker 12: billing all comes together through WOVE. All of those applications 407 00:20:26,520 --> 00:20:31,280 Speaker 12: I just mentioned are fully interoperable, interconnected. Data is shared 408 00:20:31,320 --> 00:20:33,520 Speaker 12: across all of them. You will only enter data once 409 00:20:33,640 --> 00:20:37,359 Speaker 12: and it feeds across all the applications. So it really 410 00:20:37,520 --> 00:20:41,119 Speaker 12: is out to help advisors be more productive. Its mission 411 00:20:41,200 --> 00:20:42,960 Speaker 12: is to help advisors help more people. 412 00:20:43,440 --> 00:20:46,320 Speaker 1: So, Jim, I've been just amazed really over last I 413 00:20:46,359 --> 00:20:48,760 Speaker 1: don't know, twenty twenty five years to see this constant 414 00:20:48,800 --> 00:20:52,760 Speaker 1: flow of financial advisors leave some of the bigger shops, 415 00:20:53,000 --> 00:20:55,280 Speaker 1: the wirehouses for example, go out on their own here 416 00:20:55,600 --> 00:20:58,080 Speaker 1: and at Pershing that's you serve those people. 417 00:20:58,200 --> 00:21:00,480 Speaker 3: So what are you seeing in a current trends today? 418 00:21:00,480 --> 00:21:02,960 Speaker 1: I see twenty five hundred these folks roaming around the 419 00:21:02,960 --> 00:21:03,760 Speaker 1: hall here today. 420 00:21:04,000 --> 00:21:05,320 Speaker 3: What are you seeing in terms of those trends? 421 00:21:05,359 --> 00:21:09,000 Speaker 11: Well, the breakaway trend is still on the upswing. We believe, 422 00:21:09,359 --> 00:21:12,000 Speaker 11: we still believe that there's great opportunity for people who 423 00:21:12,040 --> 00:21:14,520 Speaker 11: want to own and operate their own business and have 424 00:21:14,640 --> 00:21:16,439 Speaker 11: more freedom of choice. In fact, it's one of the 425 00:21:16,480 --> 00:21:20,040 Speaker 11: principles of how we operate our platform, Paul, which is 426 00:21:20,440 --> 00:21:24,280 Speaker 11: we provide advisors with a turnkey platform so they can 427 00:21:24,680 --> 00:21:28,000 Speaker 11: break away land here safely, be on a technology stack 428 00:21:28,119 --> 00:21:32,520 Speaker 11: that Emily just well described with Wove, and have freedom 429 00:21:32,960 --> 00:21:37,480 Speaker 11: of choice around product selection that they as fiduciaries and 430 00:21:37,560 --> 00:21:41,240 Speaker 11: as advisors need in order to serve their clients. 431 00:21:43,080 --> 00:21:47,840 Speaker 6: And am I on sorry guys, okay, perfect, perfect, Sorry 432 00:21:47,840 --> 00:21:49,920 Speaker 6: about that, Emily. I want to go back to you 433 00:21:50,040 --> 00:21:52,800 Speaker 6: because you were talking about the time savings that this 434 00:21:52,920 --> 00:21:54,399 Speaker 6: is allowing for some of your clients. 435 00:21:54,400 --> 00:21:57,720 Speaker 5: Do you have any examples of something. 436 00:21:57,440 --> 00:22:00,600 Speaker 6: That you know one of your advisors has been able 437 00:22:00,680 --> 00:22:04,000 Speaker 6: to do more effectively because of the time saving. 438 00:22:04,800 --> 00:22:08,399 Speaker 12: Yeah, Look, you can go within WOVE right from a 439 00:22:08,440 --> 00:22:12,960 Speaker 12: financial plan to directly creating the portfolio that's going to 440 00:22:13,000 --> 00:22:16,760 Speaker 12: allow you to reach the goals that you've set with 441 00:22:16,840 --> 00:22:20,760 Speaker 12: your client. That then, by the way, automatically takes into 442 00:22:20,800 --> 00:22:25,439 Speaker 12: account tax optimization and gives you access to all of 443 00:22:25,440 --> 00:22:28,359 Speaker 12: the financial solutions that you want to feed into that portfolio. 444 00:22:28,480 --> 00:22:32,280 Speaker 12: I mean, it follows right on the path without having 445 00:22:32,320 --> 00:22:36,840 Speaker 12: to swivel between different tools and technology. It's a much 446 00:22:36,840 --> 00:22:40,840 Speaker 12: more seamless experience, and it encourages advisors to use all 447 00:22:40,920 --> 00:22:44,520 Speaker 12: aspects so that they're not just focused on portfolio construction. 448 00:22:45,000 --> 00:22:46,919 Speaker 12: That they are taking the time to do that planning 449 00:22:46,920 --> 00:22:49,320 Speaker 12: with their clients, which is so valuable to the end investor. 450 00:22:49,480 --> 00:22:52,680 Speaker 11: And TEX optimization is a great example when an advisor 451 00:22:52,760 --> 00:22:56,199 Speaker 11: wants to transition a client to a new portfolio, what 452 00:22:56,400 --> 00:23:00,159 Speaker 11: is that client's tolerance level from a tax perspective, and 453 00:23:00,240 --> 00:23:02,960 Speaker 11: Wolf gives them the tools in order to model that 454 00:23:03,200 --> 00:23:03,879 Speaker 11: very efficiently. 455 00:23:06,960 --> 00:23:10,159 Speaker 1: So looking you know here Pershing X, we've heard a 456 00:23:10,160 --> 00:23:12,159 Speaker 1: lot about that, and you guys have a strategy I 457 00:23:12,160 --> 00:23:15,280 Speaker 1: guess for this year simply scale and serve. 458 00:23:15,320 --> 00:23:16,639 Speaker 3: What does that mean, Emily? 459 00:23:16,880 --> 00:23:19,800 Speaker 12: Yeah, So at Pershing our mission is to simplify, scale 460 00:23:19,960 --> 00:23:22,520 Speaker 12: and serve to build on that a little bit. We 461 00:23:22,560 --> 00:23:26,359 Speaker 12: are working to simplify the complex. A large part of 462 00:23:26,400 --> 00:23:28,760 Speaker 12: how we're doing that is through technology. I think Wolve 463 00:23:28,880 --> 00:23:30,840 Speaker 12: is a really good example of that. We've just talked 464 00:23:30,840 --> 00:23:35,000 Speaker 12: about the productivity that it drives because it is a simplified, 465 00:23:35,480 --> 00:23:40,159 Speaker 12: single ecosystem for advisors to live in. We're looking to 466 00:23:40,480 --> 00:23:44,080 Speaker 12: scale to grow. We have the most kind of stable, 467 00:23:44,320 --> 00:23:48,760 Speaker 12: resilient platform. Last year, on a single day, we processed 468 00:23:48,840 --> 00:23:52,399 Speaker 12: four point eight million trades, and our commitment to our 469 00:23:52,440 --> 00:23:56,760 Speaker 12: clients is that they will never outgrow our platform. And 470 00:23:56,800 --> 00:23:59,320 Speaker 12: then finally, we're looking to serve to delight. We think 471 00:23:59,359 --> 00:24:03,040 Speaker 12: it's a critical differentiator for us to really be at 472 00:24:03,040 --> 00:24:06,639 Speaker 12: the cutting edge of service. Quite honestly, I think it's 473 00:24:06,680 --> 00:24:10,480 Speaker 12: an area where our whole industry lags, and I think 474 00:24:10,520 --> 00:24:13,800 Speaker 12: it's it's really what our clients ultimately deserve a need. 475 00:24:14,280 --> 00:24:16,360 Speaker 11: And Paul, if you just looked around the expo here, 476 00:24:16,440 --> 00:24:20,160 Speaker 11: you can see all the exhibitors and see the complexity 477 00:24:20,200 --> 00:24:23,400 Speaker 11: in the system. And so when Emily speaks about simplifying 478 00:24:23,440 --> 00:24:25,119 Speaker 11: the complex, that's exactly what. 479 00:24:25,000 --> 00:24:26,040 Speaker 10: She's speaking about. 480 00:24:26,520 --> 00:24:28,399 Speaker 11: And if you really pull back and want and take 481 00:24:28,440 --> 00:24:31,040 Speaker 11: a look at what we do on an annual basis. 482 00:24:31,119 --> 00:24:35,640 Speaker 11: Our capex in twenty twenty three is reinvesting seventy five 483 00:24:35,680 --> 00:24:40,159 Speaker 11: percent of our capex into simplifying the complex, So we 484 00:24:40,280 --> 00:24:42,800 Speaker 11: believe it really is one of the key pillar source strategy. 485 00:24:43,480 --> 00:24:46,679 Speaker 6: Well, on that note, Jim, sticking with you here, what 486 00:24:46,800 --> 00:24:49,560 Speaker 6: are you hearing on the ground in Orlando that is 487 00:24:49,840 --> 00:24:52,679 Speaker 6: changing your thinking is at all about Wove and what 488 00:24:52,720 --> 00:24:53,960 Speaker 6: you want to do next? 489 00:24:54,359 --> 00:24:56,840 Speaker 10: Well, it's what we're hearing on the ground is. 490 00:24:57,040 --> 00:24:59,280 Speaker 11: And that's a great comment because we really want to 491 00:24:59,320 --> 00:25:00,760 Speaker 11: listen to what our clients are saying. 492 00:25:00,800 --> 00:25:04,199 Speaker 10: They're giving us feedback constantly. 493 00:25:03,600 --> 00:25:06,600 Speaker 11: On the order of operation of how we introduce new 494 00:25:06,680 --> 00:25:09,879 Speaker 11: technology into the Wove platform. And what we believe in 495 00:25:10,440 --> 00:25:14,160 Speaker 11: is we believe in this connectivity, we believe in this interoperability, 496 00:25:14,400 --> 00:25:18,119 Speaker 11: we believe in having data moved seamlessly across these different 497 00:25:19,000 --> 00:25:22,480 Speaker 11: applications with an ecosystem. And we're not going to be 498 00:25:23,720 --> 00:25:26,520 Speaker 11: fullhearted or chase the hot dot, if you will, by 499 00:25:26,560 --> 00:25:29,840 Speaker 11: adding new things unless we believe they do other things 500 00:25:29,840 --> 00:25:34,440 Speaker 11: that Emily just spoke about simplifying the complex and scaling 501 00:25:34,760 --> 00:25:36,359 Speaker 11: and enhancing the service model. 502 00:25:36,920 --> 00:25:40,719 Speaker 1: And Emily, one of the terms that every single company 503 00:25:40,800 --> 00:25:42,639 Speaker 1: in the S and P five hundred mentioned on their 504 00:25:42,680 --> 00:25:45,399 Speaker 1: conference call last quarter was AI. Whether you an ice 505 00:25:45,480 --> 00:25:47,840 Speaker 1: cream company or a technology company, you have to weave 506 00:25:47,920 --> 00:25:50,680 Speaker 1: AI into your conversation if no other reason, to get 507 00:25:50,680 --> 00:25:54,760 Speaker 1: your stock multiple up Artificial intelligence for your business. I 508 00:25:54,760 --> 00:25:58,320 Speaker 1: would think there are so many applications. I mean, it's 509 00:25:58,520 --> 00:25:59,480 Speaker 1: super early days. 510 00:25:59,520 --> 00:26:01,520 Speaker 3: I guess, how are you guys thinking about that? 511 00:26:01,840 --> 00:26:02,720 Speaker 13: Yeah, it's early. 512 00:26:02,560 --> 00:26:06,480 Speaker 12: Days for some of the newer aspects of AI around 513 00:26:06,640 --> 00:26:09,959 Speaker 12: large language models and generative AI. But AI has been 514 00:26:10,000 --> 00:26:13,280 Speaker 12: around for a while and it's very heavily embedded in 515 00:26:13,320 --> 00:26:18,520 Speaker 12: our platforms. When you use our custodial application, it is 516 00:26:18,600 --> 00:26:21,600 Speaker 12: embedded in the search. You can actually navigate our whole 517 00:26:21,640 --> 00:26:27,000 Speaker 12: platform using natural language. It is heavily embedded in pershing X, 518 00:26:27,359 --> 00:26:30,160 Speaker 12: and if you think about the possibilities of it, it's 519 00:26:30,320 --> 00:26:33,120 Speaker 12: almost mind blowing. I mean, I talked about serve as 520 00:26:33,119 --> 00:26:36,560 Speaker 12: being one of our big pillars. If you could imagine 521 00:26:36,560 --> 00:26:40,280 Speaker 12: a world in which our service model was very self 522 00:26:40,320 --> 00:26:42,639 Speaker 12: service for our clients and they were almost pulling up 523 00:26:42,680 --> 00:26:46,760 Speaker 12: something like a chat GPT and being able to kind 524 00:26:46,760 --> 00:26:50,399 Speaker 12: of find whatever answers they want from all the data 525 00:26:50,440 --> 00:26:53,080 Speaker 12: that they have on our platform. It's not that far away, 526 00:26:53,119 --> 00:26:54,520 Speaker 12: and that's pretty awesome. 527 00:26:55,240 --> 00:26:58,080 Speaker 1: Jim, we've got about a minute left here. You're the 528 00:26:58,119 --> 00:27:01,439 Speaker 1: CEO here. What's the biggest challenge for you when you 529 00:27:01,440 --> 00:27:02,879 Speaker 1: go talk to the big boss? What do you tell 530 00:27:02,960 --> 00:27:04,960 Speaker 1: him is kind of something that you're a little concerned 531 00:27:05,000 --> 00:27:05,760 Speaker 1: about going forward? 532 00:27:05,880 --> 00:27:09,160 Speaker 10: Well, it's my focus is really on two things. It's 533 00:27:09,240 --> 00:27:10,240 Speaker 10: talent and execution. 534 00:27:11,040 --> 00:27:14,359 Speaker 11: So when I talk to the big Boss, he really 535 00:27:14,520 --> 00:27:17,360 Speaker 11: is asking me how are we doing because we are 536 00:27:17,400 --> 00:27:22,119 Speaker 11: making a pretty significant investment in this particular product launch 537 00:27:22,160 --> 00:27:27,200 Speaker 11: with Wove and in our platform most specifically. So he's 538 00:27:27,480 --> 00:27:31,639 Speaker 11: focused on execution, and I'm really focused on talent as well. 539 00:27:32,359 --> 00:27:34,840 Speaker 11: I need to have a team around me that is 540 00:27:35,400 --> 00:27:39,120 Speaker 11: not only diverse, but really focused on all the things 541 00:27:39,119 --> 00:27:41,639 Speaker 11: that we need to do and very complimentary to the 542 00:27:41,640 --> 00:27:42,359 Speaker 11: skills that I have. 543 00:27:42,680 --> 00:27:45,040 Speaker 1: All right, guys, really appreciate you taking the time. Guys 544 00:27:45,119 --> 00:27:47,680 Speaker 1: throw a good conference here. Appreciate it. Jim Crowley, chief 545 00:27:47,680 --> 00:27:50,840 Speaker 1: executive Officer and Chair of the Executive Committee for Pershing 546 00:27:50,840 --> 00:27:54,840 Speaker 1: and Emily Schlosser, COO of person joining us life here 547 00:27:54,920 --> 00:27:57,359 Speaker 1: on site here, So some good stuff here. Lots of 548 00:27:57,840 --> 00:28:00,560 Speaker 1: you know, twenty five hundred financial advisors run and around here, 549 00:28:00,600 --> 00:28:03,040 Speaker 1: trying to get a little bit smarter about their business, 550 00:28:03,040 --> 00:28:05,520 Speaker 1: doing a little networking, and I contellue they do some 551 00:28:05,640 --> 00:28:08,760 Speaker 1: serious networking at night down here in Orlando, Florida. So 552 00:28:08,800 --> 00:28:11,159 Speaker 1: the good stuff there, market's not much happening. 553 00:28:11,359 --> 00:28:13,600 Speaker 3: What else is new? S and P five hundred absolutely 554 00:28:13,640 --> 00:28:14,320 Speaker 3: unched on the day. 555 00:28:15,840 --> 00:28:19,240 Speaker 8: You're listening to the team Ken's are Live program Bloomberg 556 00:28:19,280 --> 00:28:22,639 Speaker 8: Markets weekdays at ten am Eastern on Bloomberg dot Com, 557 00:28:22,720 --> 00:28:25,880 Speaker 8: the iHeartRadio app, and the Bloomberg Business App, or listen 558 00:28:25,960 --> 00:28:28,240 Speaker 8: on demand wherever you get your podcasts. 559 00:28:30,359 --> 00:28:32,720 Speaker 1: Madison Mills in New York City at the Bloomberg invest 560 00:28:32,760 --> 00:28:36,000 Speaker 1: Conference at the sixth floor of Bloomberg Global HQ. 561 00:28:36,440 --> 00:28:37,880 Speaker 3: Interviewing a lot of great people there. 562 00:28:37,920 --> 00:28:41,120 Speaker 1: I'm down here in Orlando, live from the World Center 563 00:28:41,160 --> 00:28:42,400 Speaker 1: Maria in Orlando, Florida. 564 00:28:42,800 --> 00:28:45,080 Speaker 3: BNY Melon Pershing Insight Conference. 565 00:28:45,640 --> 00:28:47,760 Speaker 1: Lots of financial advisors running around here, trying to get 566 00:28:47,760 --> 00:28:50,040 Speaker 1: a little bit smarter about the wealth management business. 567 00:28:50,480 --> 00:28:51,960 Speaker 3: One of the businesses that these. 568 00:28:51,760 --> 00:28:54,440 Speaker 1: Folks at BNY Melon Pershing are talking a lot about 569 00:28:54,440 --> 00:28:57,320 Speaker 1: at this conference is Pershing X. I need to know 570 00:28:57,360 --> 00:28:58,960 Speaker 1: a little bit more about what's going on in Pershing 571 00:28:59,080 --> 00:29:01,880 Speaker 1: X and how it's working for these wealth managers. So 572 00:29:01,920 --> 00:29:04,920 Speaker 1: I figured let's get employeed number one at Pershing X. 573 00:29:05,160 --> 00:29:08,680 Speaker 1: Ainsley Simmons, president of Pershing X Droids, is here. Ainsley, 574 00:29:08,800 --> 00:29:11,400 Speaker 1: what is Pershing X. What are you guys trying to 575 00:29:11,560 --> 00:29:13,480 Speaker 1: what need in the market you trying to fill? 576 00:29:13,640 --> 00:29:13,840 Speaker 3: Yeah? 577 00:29:13,840 --> 00:29:17,160 Speaker 14: So Pershing X is a fintech inside of the Bank 578 00:29:17,200 --> 00:29:18,959 Speaker 14: of New York Mellon that was started about a year 579 00:29:18,960 --> 00:29:20,560 Speaker 14: and a half ago. And as you said, I was 580 00:29:20,560 --> 00:29:24,200 Speaker 14: employee number one, so I know the whole journey. It 581 00:29:24,280 --> 00:29:31,520 Speaker 14: is here to build and continuously improve a new wealth 582 00:29:31,600 --> 00:29:35,960 Speaker 14: management platform, which we actually announced yesterday, okay, called Wolf 583 00:29:36,480 --> 00:29:39,560 Speaker 14: And what Wolve is here to do is to make 584 00:29:39,600 --> 00:29:44,200 Speaker 14: an advisor's day more productive by providing a way to 585 00:29:44,240 --> 00:29:47,120 Speaker 14: connect applications so they don't have to swell a chair. 586 00:29:48,440 --> 00:29:51,360 Speaker 6: And jumping in here from New York, Ainsley, talk to 587 00:29:51,440 --> 00:29:55,760 Speaker 6: me about how you are measuring success for the platform, 588 00:29:55,840 --> 00:29:59,520 Speaker 6: given that you were part of the founding of it. 589 00:30:00,000 --> 00:30:01,800 Speaker 5: What is success looking like for you? 590 00:30:02,000 --> 00:30:04,960 Speaker 14: Yeah, So we center all of our decisions around what 591 00:30:05,040 --> 00:30:07,479 Speaker 14: we put in woe of and how it works and 592 00:30:07,520 --> 00:30:11,760 Speaker 14: how it's going to scale around advisor productivity. You know, 593 00:30:11,800 --> 00:30:14,920 Speaker 14: I said yesterday from the stage, and it's absolutely true. 594 00:30:15,000 --> 00:30:17,920 Speaker 14: Our KPI, what we are going to measure our success 595 00:30:18,000 --> 00:30:21,320 Speaker 14: on is how much time we give back to advisors 596 00:30:21,320 --> 00:30:23,960 Speaker 14: so that they can help their clients or just use 597 00:30:24,000 --> 00:30:27,280 Speaker 14: that time to prospect or grow revenue or you know, 598 00:30:27,400 --> 00:30:29,560 Speaker 14: work on their practice. You know, there's so many more 599 00:30:29,560 --> 00:30:32,680 Speaker 14: productive things that they could be doing then, you know, 600 00:30:32,800 --> 00:30:36,720 Speaker 14: retyping data and you know, learning new systems. So we're 601 00:30:36,760 --> 00:30:41,240 Speaker 14: really focused on that productivity KPI. We've built the measurement 602 00:30:41,320 --> 00:30:45,200 Speaker 14: of that into the platform and as advisors adopt, we'll 603 00:30:45,240 --> 00:30:48,680 Speaker 14: be able to help share with them how they're doing 604 00:30:48,760 --> 00:30:51,080 Speaker 14: and help them with new ideas on how to be 605 00:30:51,120 --> 00:30:55,560 Speaker 14: more productive. You know, we think the promise of software 606 00:30:55,840 --> 00:31:00,720 Speaker 14: hasn't resulted in the leverage business leverage that advisors had 607 00:31:00,720 --> 00:31:03,960 Speaker 14: hoped for because of this lack of interconnectivity. 608 00:31:04,080 --> 00:31:06,479 Speaker 13: So that's that's one hundred percent what we're focused on. 609 00:31:07,280 --> 00:31:10,640 Speaker 1: Do financial advisors buy and large, do they embrace technology? 610 00:31:11,520 --> 00:31:13,280 Speaker 14: Yeah, I mean I think you know, listen, I've been 611 00:31:13,280 --> 00:31:15,160 Speaker 14: in this business for a while on the tech side, 612 00:31:15,200 --> 00:31:17,959 Speaker 14: and you know what has gone from and if we 613 00:31:18,000 --> 00:31:20,920 Speaker 14: need technology in our practice, it is now to and 614 00:31:21,040 --> 00:31:23,880 Speaker 14: absolutely we need technology in our practice, and I think 615 00:31:23,920 --> 00:31:27,840 Speaker 14: advisors very much see the value clients are demanding, you know, 616 00:31:27,960 --> 00:31:32,640 Speaker 14: really good and elegant client experiences. So they're there, They're 617 00:31:32,640 --> 00:31:35,440 Speaker 14: one hundred percent there. I think what's so frustrating for 618 00:31:35,520 --> 00:31:39,240 Speaker 14: them though, as they have to hop across seven, eight, nine, ten, 619 00:31:39,400 --> 00:31:43,200 Speaker 14: sometimes fifteen different pieces of technology. And I mean, imagine 620 00:31:43,680 --> 00:31:46,320 Speaker 14: your own life if you didn't have an operating system 621 00:31:46,400 --> 00:31:49,320 Speaker 14: on your phone and every app you went to look 622 00:31:49,360 --> 00:31:52,000 Speaker 14: at was so one hundred percent completely different. There was 623 00:31:52,040 --> 00:31:55,120 Speaker 14: no common alerts, there were no common search elements like it. 624 00:31:55,240 --> 00:31:56,640 Speaker 13: Just that's exhausting. 625 00:31:56,720 --> 00:31:59,400 Speaker 14: It takes too hard to it takes too much to learn, 626 00:31:59,520 --> 00:32:01,920 Speaker 14: you know, adoption is hard. You know, they feel like 627 00:32:02,000 --> 00:32:04,760 Speaker 14: they need a manual, and you know, that's just not 628 00:32:04,840 --> 00:32:07,400 Speaker 14: where we are in technology in our daily life, and 629 00:32:07,440 --> 00:32:12,000 Speaker 14: it's not where they should be in technology, in serving 630 00:32:12,040 --> 00:32:15,240 Speaker 14: clients and helping them create wealth in their lives. 631 00:32:16,040 --> 00:32:18,360 Speaker 6: When we talk about technology, it feels like we always 632 00:32:18,360 --> 00:32:21,000 Speaker 6: have the same conversation whenever there's a new innovation. We 633 00:32:21,080 --> 00:32:23,320 Speaker 6: worried that the internet was going to take jobs away. 634 00:32:23,360 --> 00:32:26,120 Speaker 6: Now we're doing the same thing with AI. What's your 635 00:32:26,160 --> 00:32:30,120 Speaker 6: thinking on the cost benefit analysis of AI as a 636 00:32:30,160 --> 00:32:32,520 Speaker 6: tool versus as something that's going to be a headwind. 637 00:32:33,200 --> 00:32:36,560 Speaker 14: Yeah, you know, I think obviously goes without saying we're 638 00:32:36,560 --> 00:32:39,200 Speaker 14: in very early days of what AI can do. But 639 00:32:39,760 --> 00:32:42,040 Speaker 14: you know, if there is a tool that can help 640 00:32:42,080 --> 00:32:45,640 Speaker 14: you parse through large data sets or help you, you know, 641 00:32:46,080 --> 00:32:48,560 Speaker 14: get smart about a topic in a very short period 642 00:32:48,640 --> 00:32:52,120 Speaker 14: of time, I mean I see people wanting to adopt 643 00:32:52,120 --> 00:32:55,640 Speaker 14: that kind of thing, just because nobody wants to have 644 00:32:55,760 --> 00:32:58,040 Speaker 14: to work as hard as we have to work sometimes 645 00:32:58,080 --> 00:33:01,240 Speaker 14: just to get you know, marketing for me, or get inform, 646 00:33:01,320 --> 00:33:04,400 Speaker 14: you know, get prepared for a client meeting. So I 647 00:33:04,440 --> 00:33:07,120 Speaker 14: think there's going to be lots of terrific applications in 648 00:33:07,160 --> 00:33:07,840 Speaker 14: our business. 649 00:33:09,000 --> 00:33:11,520 Speaker 13: You know, I don't think and I've maintained this. 650 00:33:11,560 --> 00:33:14,600 Speaker 14: View for many, many, many many years, and I believe 651 00:33:14,640 --> 00:33:17,240 Speaker 14: I've gone on record saying this many times. I don't 652 00:33:17,280 --> 00:33:23,360 Speaker 14: think there is a disintermediation disintermediation of advisors anytime in 653 00:33:23,360 --> 00:33:27,320 Speaker 14: our near future, because money is incredibly personal and people 654 00:33:27,440 --> 00:33:31,640 Speaker 14: have to have a really high which most advisors, almost 655 00:33:31,680 --> 00:33:34,880 Speaker 14: all advisors do, are really high eq to help people 656 00:33:35,040 --> 00:33:37,680 Speaker 14: through financial decisions, and a computer just can't do that. 657 00:33:38,280 --> 00:33:40,360 Speaker 1: Talk to us a little bit about diversity in the 658 00:33:40,400 --> 00:33:42,479 Speaker 1: wealth management business. How do you guys think about that, 659 00:33:42,560 --> 00:33:45,239 Speaker 1: because we've heard a couple of folks raise that as 660 00:33:45,240 --> 00:33:47,440 Speaker 1: a them need to do a better job in terms 661 00:33:47,480 --> 00:33:50,680 Speaker 1: of the diversity within the wealth management side of financial services. 662 00:33:50,760 --> 00:33:52,640 Speaker 14: Yeah, I mean, I think the leading firms out there 663 00:33:52,800 --> 00:33:57,440 Speaker 14: understand that, you know, their clients are diverse, and so 664 00:33:57,600 --> 00:34:00,400 Speaker 14: their firms need to be diverse. I've met, you know, 665 00:34:02,280 --> 00:34:04,240 Speaker 14: lots and lots and lots of different clients over the 666 00:34:04,320 --> 00:34:06,960 Speaker 14: next over the last few days, and you know, the 667 00:34:06,960 --> 00:34:10,520 Speaker 14: ones that I know are really leading, are leading, leading 668 00:34:10,560 --> 00:34:16,880 Speaker 14: into women as investors, leading into other communities as investors, 669 00:34:16,880 --> 00:34:20,839 Speaker 14: and they're really seeing that wealth is not being concentrated 670 00:34:20,880 --> 00:34:23,040 Speaker 14: in the ways it was in the past. And I 671 00:34:23,080 --> 00:34:26,920 Speaker 14: think those firms ultimately will win because that, you know, 672 00:34:27,960 --> 00:34:29,200 Speaker 14: I hate to say it, you got to go where 673 00:34:29,200 --> 00:34:33,319 Speaker 14: the money is, and the money is shifting, and you know, 674 00:34:33,520 --> 00:34:37,040 Speaker 14: the face of an investor is shifted. I mean, if 675 00:34:37,320 --> 00:34:40,200 Speaker 14: if you're an advisor and you haven't realized that most 676 00:34:40,200 --> 00:34:42,719 Speaker 14: of the billionaires that are being created in America right 677 00:34:42,760 --> 00:34:46,160 Speaker 14: now are tech founders and they probably don't look anything 678 00:34:46,280 --> 00:34:48,359 Speaker 14: like your traditional client, you're missing the boat. 679 00:34:49,400 --> 00:34:52,560 Speaker 6: In our final forty five seconds, or so with you, Ainsley, 680 00:34:52,560 --> 00:34:56,279 Speaker 6: can you talk to me about some of the challenges 681 00:34:56,280 --> 00:34:59,279 Speaker 6: that might lie ahead for that inclusion and diversity and 682 00:34:59,600 --> 00:35:02,760 Speaker 6: do you think that there's been adoption across the board. 683 00:35:02,840 --> 00:35:05,880 Speaker 6: Does everybody get it by now or are you still 684 00:35:05,960 --> 00:35:07,200 Speaker 6: seeing some challenge on that. 685 00:35:07,440 --> 00:35:07,640 Speaker 5: Yeah? 686 00:35:07,680 --> 00:35:10,840 Speaker 14: No, I mean not everybody gets anything, so you know, 687 00:35:10,880 --> 00:35:13,399 Speaker 14: I think that would be sort of hyperbolic to say that, 688 00:35:13,840 --> 00:35:16,160 Speaker 14: you know, you could expect everybody to get something. 689 00:35:16,200 --> 00:35:18,040 Speaker 13: But again, as I said, I think they're really smart. 690 00:35:18,080 --> 00:35:21,560 Speaker 14: Firms see where wealth is, they see where it's headed, 691 00:35:22,160 --> 00:35:24,440 Speaker 14: and you know, they want to prepare so that their 692 00:35:24,480 --> 00:35:27,240 Speaker 14: business continue continue to grow and develop in the future. 693 00:35:27,280 --> 00:35:27,480 Speaker 13: You know. 694 00:35:27,800 --> 00:35:30,359 Speaker 14: Robin our, CEO of the Bank of New York Mellon, 695 00:35:30,440 --> 00:35:33,840 Speaker 14: talked about some things we're doing to you know, bring 696 00:35:34,520 --> 00:35:39,200 Speaker 14: new bond issuances from you know, different communities into the marketplace. 697 00:35:39,239 --> 00:35:41,880 Speaker 14: I mean, there's so many ways in which the capital 698 00:35:41,960 --> 00:35:46,320 Speaker 14: markets can can be reflecting, frankly, the face of America, 699 00:35:46,440 --> 00:35:48,759 Speaker 14: and I think, you know, good things are happening in 700 00:35:48,800 --> 00:35:49,600 Speaker 14: a lot of places. 701 00:35:49,760 --> 00:35:51,160 Speaker 13: There's obviously more to be done. 702 00:35:51,440 --> 00:35:54,040 Speaker 3: Angeie, thank you so much for joining us. Really appreciate it. 703 00:35:54,040 --> 00:35:58,360 Speaker 1: Angeley Simmons Pershing ex president the Fintech within the B 704 00:35:58,440 --> 00:35:59,800 Speaker 1: and Y Melon Pershing. 705 00:36:02,920 --> 00:36:06,040 Speaker 2: Thanks for listening to the Bloomberg Markets podcast. You can 706 00:36:06,040 --> 00:36:09,840 Speaker 2: subscribe and listen to interviews at Apple Podcasts or whatever 707 00:36:09,920 --> 00:36:13,640 Speaker 2: podcast platform you prefer. I'm Matt Miller. I'm on Twitter 708 00:36:13,840 --> 00:36:15,759 Speaker 2: at Matt Miller nineteen seventy three. 709 00:36:16,200 --> 00:36:18,600 Speaker 3: And I'm Fall Sweeney. I'm on Twitter at pt Sweeney. 710 00:36:18,719 --> 00:36:21,400 Speaker 1: Before the podcast, you can always catch us worldwide at 711 00:36:21,400 --> 00:36:24,120 Speaker 1: Bloomberg Radio