WEBVTT - INSITE 2023 Day 2 (Podcast) 0:00:00.840 --> 0:00:04.000 Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside 0:00:04.040 --> 0:00:05.280 my co host Matt Miller. 0:00:05.640 --> 0:00:09.600 Every business day we bring you interviews from CEOs, market pros, 0:00:09.720 --> 0:00:13.640 and Bloomberg experts, along with essential market moving news. 0:00:14.160 --> 0:00:17.279 I'm the Bloomberg Markets podcast called Apple Podcasts or wherever 0:00:17.360 --> 0:00:20.520 you listen to podcasts, and at Bloomberg dot com Slash podcast. 0:00:21.000 --> 0:00:22.639 Madison Mills and Paul Sweeney here. 0:00:22.720 --> 0:00:25.640 Madison is at the Bloomberg HQ the sixth floor link 0:00:25.640 --> 0:00:28.040 for the Bloomberg invest Conference, and I am down here 0:00:28.160 --> 0:00:31.880 or in Orlando the World Center Marriott at the BNY 0:00:31.920 --> 0:00:34.400 melon Pershing Insight Conference. Two thousand members of the financial 0:00:34.400 --> 0:00:38.040 advice community. They get together every year, learning, inspiration and networking. 0:00:38.080 --> 0:00:39.400 And they are here and I can tell you again 0:00:39.479 --> 0:00:41.480 last night they were networking their hearts out. 0:00:41.920 --> 0:00:42.320 Last night. 0:00:42.360 --> 0:00:44.360 People were going nuts having a good time. It's great 0:00:44.400 --> 0:00:46.760 to see. Joining us right now is Ben Harrison. He's 0:00:46.760 --> 0:00:49.760 had Wealth Solutions at BNY Mellon joining us here. Ben, 0:00:49.800 --> 0:00:52.640 Thanks so much for taking the time here. What I've noticed, 0:00:52.840 --> 0:00:55.680 I've been in the financial services business for over thirty years, 0:00:55.680 --> 0:00:59.560 and I've noticed just a continuous wave of successful wealth 0:00:59.600 --> 0:01:02.680 managers leaving some of the wirehouses going independent. 0:01:02.760 --> 0:01:05.480 Where are we in that trend these days? 0:01:06.040 --> 0:01:08.560 Yeah, thanks for having me, Paul, and I would say 0:01:08.640 --> 0:01:12.440 that we're still, believe it or not, in early days 0:01:12.840 --> 0:01:15.559 of that trend. I mean we've been experiencing it really 0:01:15.720 --> 0:01:20.280 the last fifteen years at BNYL and Pershing. And what 0:01:20.400 --> 0:01:24.199 is driving that I think is obviously a bull market 0:01:24.319 --> 0:01:29.759 for financial advice, but also the end investor really has 0:01:30.000 --> 0:01:36.559 aligned towards the fiduciary independent nature of advice, and there's 0:01:36.720 --> 0:01:40.040 just a ecosystem of providers these days that help make 0:01:40.080 --> 0:01:40.800 it a lot easier. 0:01:41.720 --> 0:01:44.039 When did this switch start? 0:01:44.480 --> 0:01:47.200 And where are we at? Like, whatch inning are we 0:01:47.240 --> 0:01:50.120 at in terms of seeing folks moving independent? 0:01:51.480 --> 0:01:53.600 So Ben's not really catching you, so ye a little 0:01:53.600 --> 0:01:56.160 technical Isshia. Ben's not really hearing Madison from there. She 0:01:56.240 --> 0:01:57.960 was just asking just kind of when did this kind 0:01:57.960 --> 0:02:01.920 of start and why would a financial advisor want to 0:02:01.960 --> 0:02:03.279 go out on his or her own. 0:02:03.560 --> 0:02:03.840 Sure. 0:02:03.880 --> 0:02:06.920 So, one of the things that has absolutely powered the 0:02:07.120 --> 0:02:12.280 movement towards independence is obviously the democratization of tools and 0:02:12.320 --> 0:02:17.000 technology that really makes the ability to operate an independent 0:02:17.040 --> 0:02:22.480 practice so much more proficient today. For registered investment advisors 0:02:22.480 --> 0:02:24.800 than it ever was. But I still think that you 0:02:24.880 --> 0:02:27.440 have to start with the investor, and the investor is 0:02:27.440 --> 0:02:31.840 looking for objective, independent advice, and that has really driven 0:02:32.360 --> 0:02:37.320 the community towards an opportunity for investors to really seek 0:02:37.360 --> 0:02:39.600 an advisor that is aligned with them, that sits on 0:02:39.639 --> 0:02:41.760 the same side of the table as them, and has 0:02:41.840 --> 0:02:45.280 access to a broad set of open architecture solutions to 0:02:45.360 --> 0:02:50.520 really provide holistic advice in planning across a spectrum of 0:02:50.560 --> 0:02:54.600 services and move away from being a sales professional to 0:02:54.680 --> 0:02:58.200 one that's on the buy side and really accessing tools 0:02:58.200 --> 0:03:00.880 and solutions on behalf of their clients. One of the 0:03:00.919 --> 0:03:03.600 trends I've noticed just here at this conference this year 0:03:03.880 --> 0:03:07.480 is technology, and boy, if you're a register investment advisor 0:03:07.639 --> 0:03:10.360 at or service provider to them like a BNY melon, 0:03:11.280 --> 0:03:14.160 you've got to be on the cutting edge of technology. 0:03:14.160 --> 0:03:15.800 What are some of the investments that you guys are making, 0:03:15.800 --> 0:03:18.040 some of the tools that you're bringing to the marketplace. Well, 0:03:18.040 --> 0:03:20.400 you're spot on, Paul, and we're in this exhibit hall 0:03:20.440 --> 0:03:23.560 and we're looking around where all these fintech solutions that 0:03:23.639 --> 0:03:27.200 are available and for advisors to be able to utilize 0:03:27.200 --> 0:03:32.280 and implement portfolios and planning and advice for clients. The 0:03:33.080 --> 0:03:36.840 challenge is there's almost so much of it these days 0:03:37.240 --> 0:03:39.240 that it needs to be streamlined, and that's one of 0:03:39.280 --> 0:03:41.600 the things that we are doing at BNY Melon Pershing. 0:03:41.600 --> 0:03:45.640 We launched our Wove platform yesterday, which was really an 0:03:45.680 --> 0:03:49.200 advice platform that helps to bring all of those applications 0:03:49.240 --> 0:03:52.240 together in one common data layer so that we can 0:03:52.320 --> 0:03:55.720 stitch together the different applications to really make an elegant 0:03:55.800 --> 0:04:00.600 experience and really focus on the productivity of the because 0:04:00.640 --> 0:04:05.520 the advisor spends so much time spending their day in 0:04:05.600 --> 0:04:08.040 the in the tools that they're not spending as much 0:04:08.080 --> 0:04:10.800 time as they potentially could with clients. And that's the 0:04:10.840 --> 0:04:12.680 problem that we're off trying Solveware. 0:04:12.840 --> 0:04:15.440 What do you hear most from some of the folks 0:04:15.440 --> 0:04:17.520 you bump into here on the floor. What's a big 0:04:17.560 --> 0:04:19.440 one of the big issues that you're dealing with this week? 0:04:19.800 --> 0:04:23.479 Look this week, I think that it's a common, you know, 0:04:23.560 --> 0:04:27.880 set of challenges that the industry is facing. Advisors really 0:04:27.960 --> 0:04:30.920 want to focus on growth, uh in where they can 0:04:30.960 --> 0:04:34.720 be you know, really gaining that next client. Uh They're 0:04:34.760 --> 0:04:38.240 really thinking about scale and experience scale for their own 0:04:38.279 --> 0:04:43.119 business experience, for their end investors, talent, you know, really 0:04:43.120 --> 0:04:46.080 looking for next generation talent bringing them into their practice. 0:04:46.400 --> 0:04:48.479 We've got over one hundred students here at the event 0:04:48.560 --> 0:04:50.760 this year and that's one of the ways that that 0:04:50.800 --> 0:04:53.680 we help do that. And then there's no shortage of 0:04:54.240 --> 0:04:57.400 you know, challenges in the marketplace in terms of anything 0:04:57.440 --> 0:04:58.760 that could go bump in the night and they've got 0:04:58.760 --> 0:04:59.400 to navigate that. 0:05:01.120 --> 0:05:02.200 Can you talk a little bit. 0:05:02.240 --> 0:05:04.479 Sorry, this is Madison from New York coming back in. 0:05:04.560 --> 0:05:07.279 I hope you can hear me. I was wondering, amazing, Great, 0:05:07.320 --> 0:05:08.760 we're connected. This is great. 0:05:09.440 --> 0:05:12.240 Can you talk to me a little bit about. 0:05:12.960 --> 0:05:15.440 Some of the the clients that you're working with in 0:05:15.520 --> 0:05:17.080 terms of the demo for wove? 0:05:17.720 --> 0:05:20.400 Is this for any advisor? Is it a specific advisor? 0:05:21.240 --> 0:05:25.080 Yeah, So the optimal client profile for a for our 0:05:25.160 --> 0:05:31.320 solution is really a growth minded registered investment advisor, advisor 0:05:31.320 --> 0:05:35.080 of an independent broker dealer that has clients with complexity 0:05:35.120 --> 0:05:41.440 that need a holistic advice deliverable. So anything from planning 0:05:41.600 --> 0:05:45.599 on the front end of the equation towards implementing models 0:05:45.760 --> 0:05:51.680 and separate accounts and advice solutions towards you know, all 0:05:51.680 --> 0:05:54.719 the way on the back end around what that feels 0:05:54.760 --> 0:05:57.120 like from a wealth reporting standpoint and how all of 0:05:57.160 --> 0:06:03.240 the solutions get displayed for an end investor. So it 0:06:03.440 --> 0:06:07.440 actually plays really well to where Paul started, which was 0:06:08.080 --> 0:06:11.880 a advisor that's looking to come out and start their 0:06:11.920 --> 0:06:14.640 own entrepreneurial business to have an end to end solution 0:06:15.160 --> 0:06:18.880 that they can really consume a technology solution from bny 0:06:18.960 --> 0:06:22.520 Mel and Pershing. That's an optimal type of client for us. 0:06:23.080 --> 0:06:26.880 Well, and stepping back a little bit, the wealth management space, 0:06:26.920 --> 0:06:29.480 as you know very well, is huge. Every bank is 0:06:29.800 --> 0:06:32.960 beefing up that side of the business and there's a 0:06:32.960 --> 0:06:37.360 lot of competition. Is this a move from you all 0:06:37.520 --> 0:06:41.400 to set yourselves apart and what do you think is 0:06:41.520 --> 0:06:44.960 the single biggest thing that you're able to point. 0:06:44.680 --> 0:06:47.120 To to set yourselves apart for your offerings? 0:06:47.839 --> 0:06:48.080 Sure? 0:06:48.120 --> 0:06:50.800 Well, it is a differentiator strategy and it's something that 0:06:50.839 --> 0:06:54.280 the industry really hasn't had, which is a vertically integrated 0:06:54.279 --> 0:06:59.120 advisory platform and a custodian that Bnymel and Purshing provides. 0:06:59.160 --> 0:07:02.800 So that's a unique differentiator for us and it really 0:07:02.839 --> 0:07:07.760 allows for efficiency, productivity, and best of breed solutions not 0:07:07.960 --> 0:07:13.440 only proprietary solutions from bny Melon, but also open architecture 0:07:14.160 --> 0:07:18.800 access to the best investment managers and tools and technology 0:07:18.840 --> 0:07:21.400 available in the marketplace. So it's kind of a special 0:07:22.840 --> 0:07:28.480 intersection of being open as well as leveraging the largest 0:07:28.720 --> 0:07:33.360 global custodian anywhere in the world, as well as including 0:07:33.400 --> 0:07:36.760 this new fintech type of feel that we have built 0:07:36.800 --> 0:07:37.960 with the advisory platform. 0:07:38.000 --> 0:07:41.800 Do you find that some of the younger advisors, new advisors, 0:07:41.840 --> 0:07:44.680 they lean in more to the technical side of it, because, 0:07:44.720 --> 0:07:47.400 I mean you think about some of the traditional financial advisors, 0:07:47.440 --> 0:07:50.960 whether they're considered themselves stockbrokers from back in the day, 0:07:51.280 --> 0:07:54.280 to asset gatherers. I mean, how's the fintech kind of 0:07:54.400 --> 0:07:57.120 get I guess really integrated into that business. 0:07:57.440 --> 0:07:58.720 Yeah, so I think. 0:07:58.520 --> 0:08:02.800 That obviously the next generation is leaning into it, but 0:08:02.840 --> 0:08:06.840 I would I wouldn't necessarily confine it there. I would 0:08:06.880 --> 0:08:09.520 say that if you're not growing and evolving and moving 0:08:09.560 --> 0:08:13.240 into this digital space, then it's gonna you're gonna be 0:08:13.320 --> 0:08:18.520 left behind. So we find broad adoption from all walks 0:08:18.560 --> 0:08:23.360 of wealth management leaning into digital and the ability to 0:08:23.920 --> 0:08:25.080 really leverage these tools. 0:08:25.680 --> 0:08:27.920 All right, Well, since you brought up innovation. I am 0:08:28.040 --> 0:08:30.880 forced to ask my favorite question, which is the AI 0:08:31.120 --> 0:08:34.920 elephant in the room. Have you all started discussing AI 0:08:35.040 --> 0:08:36.840 use cases for this technology? 0:08:37.559 --> 0:08:38.160 Absolutely? 0:08:38.200 --> 0:08:41.880 I mean AI is going to absolutely transform our industry 0:08:42.840 --> 0:08:46.400 in the long term. We're thinking about many use cases. 0:08:47.120 --> 0:08:49.000 Even if you think about the use case of our 0:08:49.040 --> 0:08:53.600 own professional staff and how we can build knowledge management 0:08:53.760 --> 0:08:58.240 and you know, really serve our clients more effectively and 0:08:58.320 --> 0:09:04.000 then expose the those tools to our to our advisors 0:09:04.040 --> 0:09:07.520 and to the wealth management firms that work with us. 0:09:07.520 --> 0:09:09.840 It's just going to completely. 0:09:09.080 --> 0:09:12.960 Transform the way in which we serve the business, the 0:09:13.000 --> 0:09:15.359 way in which we can scale and be more productive. 0:09:15.840 --> 0:09:18.520 And that's just scratching the surface on you know, kind 0:09:18.520 --> 0:09:21.520 of the low hanging fruit. Once you start to deploy 0:09:21.600 --> 0:09:27.160 that more, you know, intentionally into the tools, it really 0:09:27.200 --> 0:09:32.160 gets into into industring and you know, again very very 0:09:32.320 --> 0:09:33.160 very early days. 0:09:33.280 --> 0:09:33.480 Yep. 0:09:33.520 --> 0:09:35.520 Absolutely, all right, Ben, thanks so much for joining us. 0:09:35.520 --> 0:09:38.719 Really appreciate it. Ben Harrison, he's held of Wealth Solutions 0:09:38.760 --> 0:09:41.079 at B and Y melon joining us here to talk 0:09:41.080 --> 0:09:43.400 about some of the strategies that they're employing here with 0:09:43.480 --> 0:09:45.280 the financial services business in Madison. 0:09:45.640 --> 0:09:47.400 It sounds like he got a good buzz up in 0:09:47.440 --> 0:09:48.440 New York on the sixth floor. 0:09:49.160 --> 0:09:50.520 There is a great buzz. 0:09:50.840 --> 0:09:53.920 Tom Keane is definitely holding court up here with folks 0:09:53.960 --> 0:09:58.880 in the office for Bloomberg invest Day. But it sounds 0:09:58.880 --> 0:10:00.680 like you guys ever having a a lot of activity 0:10:00.679 --> 0:10:01.800 down there in Orlando too. 0:10:02.120 --> 0:10:02.360 Yeah. 0:10:02.360 --> 0:10:03.960 Absolutely, And again I was talking to some of the 0:10:04.000 --> 0:10:07.240 event organizers down here at this Maria and they're like, 0:10:07.240 --> 0:10:10.520 so it is full blown pre pandemic in terms of 0:10:10.679 --> 0:10:14.040 their overall business, in terms of the conference business, the 0:10:14.040 --> 0:10:15.920 hotel business, as well as this conference. 0:10:15.960 --> 0:10:17.920 So that is good to see. 0:10:17.920 --> 0:10:22.640 You're listening to the team. Ken's are live program Bloomberg 0:10:22.679 --> 0:10:26.000 Markets weekdays at ten am Eastern on Bloomberg dot Com, 0:10:26.120 --> 0:10:29.280 the iHeartRadio app, and the Bloomberg Business app, or listen 0:10:29.360 --> 0:10:31.479 on demand wherever you get your podcasts. 0:10:33.240 --> 0:10:34.920 Let's go right to our next guest here in Orlando. 0:10:35.000 --> 0:10:38.320 Robin Vince joins us. He's the CEO of BNY Mellon. 0:10:38.600 --> 0:10:41.680 He's responsible for this conference here and really has been 0:10:42.200 --> 0:10:44.640 a fantastic conference and we're getting a lot of energy 0:10:44.679 --> 0:10:46.560 down here. Robin, thanks so much for joining us here. 0:10:47.120 --> 0:10:49.040 I mean, I'm looking at it being one I'm old 0:10:49.120 --> 0:10:52.880 enough to remember B and Y standalone, Melon standalone, Pershing standalone. 0:10:52.920 --> 0:10:55.600 Now you guys are together. That sounds big to me. 0:10:55.640 --> 0:10:57.920 Then they read this silly, silly stat that just blew 0:10:57.960 --> 0:11:01.200 me away. You guys touched like twenty percent of the 0:11:01.240 --> 0:11:03.240 investamble assets around the world. 0:11:03.320 --> 0:11:04.559 It's just amazing. 0:11:04.880 --> 0:11:09.880 Force forty six point six trillion assets under custody. That 0:11:09.920 --> 0:11:12.000 amounts to nearly half the world's GDP at the end 0:11:12.040 --> 0:11:16.040 of twenty twenty two. You guys see everything. What are 0:11:16.040 --> 0:11:19.280 you seeing out there in terms of the macro economy 0:11:19.320 --> 0:11:20.640 and kind of where this thing is going? 0:11:20.960 --> 0:11:22.720 Well, Paul, first of all, it's great to be with you, 0:11:22.880 --> 0:11:25.160 and it's great to have you here and the team 0:11:25.200 --> 0:11:28.200 here at our Insight conference because this really is our 0:11:28.280 --> 0:11:33.480 premiere conference for our investor clients. And we're very excited 0:11:33.520 --> 0:11:37.000 because at this conference we've launched some important new products. Look, 0:11:37.120 --> 0:11:39.880 you talk about our breadth, and that really is the 0:11:39.880 --> 0:11:42.440 hallmark of BNY Melon. You reeled off some of the stats. 0:11:42.480 --> 0:11:45.480 I could reel off a ton more. We are relevant 0:11:45.520 --> 0:11:47.880 to our clients. We're all around the world where global 0:11:47.880 --> 0:11:52.080 were deeply penetrated. We power capital markets, both domestically and 0:11:52.160 --> 0:11:54.520 around the world, and what we see and hear from 0:11:54.520 --> 0:11:58.160 our clients is there really is some underlying optimism in 0:11:58.280 --> 0:12:00.760 terms of the medium long term. I hear that internationally 0:12:00.760 --> 0:12:04.040 as well when I talk to international CEOs, particularly about 0:12:04.080 --> 0:12:05.560 the US going forward. 0:12:05.960 --> 0:12:09.120 So but by the way, my favorite fun fact about 0:12:09.120 --> 0:12:12.240 the Bank of New York has the best address on 0:12:12.280 --> 0:12:15.360 Global War Street, which is number one War Street. It's 0:12:15.360 --> 0:12:18.280 such a great, great old institution. Two hundred and thirty 0:12:18.360 --> 0:12:18.840 nine years. 0:12:18.920 --> 0:12:22.640 As your anniversary on yeah Friday, it's our birthday on Friday, 0:12:22.800 --> 0:12:24.640 as we look forward to our two hundred and fortieth 0:12:24.679 --> 0:12:28.040 year founded by Alexander Hamilton, America's all this bank first 0:12:28.080 --> 0:12:30.400 ever company to be listened on the New York Stock Exchange. 0:12:30.440 --> 0:12:33.560 It really is a super exciting history. But we're also 0:12:33.880 --> 0:12:36.400 very much looking to the forward because one of the 0:12:36.400 --> 0:12:39.200 things that we've seen across our franchise is we have 0:12:39.520 --> 0:12:41.160 this incredible client base. 0:12:41.480 --> 0:12:43.599 We have all of these incredible assets. 0:12:43.640 --> 0:12:45.280 You reeled off a few of the stats, but two 0:12:45.320 --> 0:12:48.040 and a half trillion dollars a day, we have two payments, 0:12:48.240 --> 0:12:50.840 we have two point three trillion dollars of invested assets 0:12:50.840 --> 0:12:53.400 on our pershing platform. We're a one point nine trillion 0:12:53.440 --> 0:12:56.359 dollar asset manager. We have all of these hidden facets 0:12:56.400 --> 0:12:59.520 to ourselves that we haven't fully leveraged as a breadth 0:12:59.559 --> 0:13:02.040 of a company, and we are now unlocking that for 0:13:02.120 --> 0:13:05.319 our clients. And right here as we sit here today 0:13:05.679 --> 0:13:10.160 in Orlando at our Insight conference, we are launching new 0:13:10.200 --> 0:13:13.000 product capabilities because that's the innovation for the future that'll 0:13:13.040 --> 0:13:14.920 power us for the next two hundred and thirty nine years. 0:13:15.000 --> 0:13:17.000 Talk to us about some of these new products and services. 0:13:17.040 --> 0:13:19.240 We've had a lot of your folks and Bny Melon 0:13:19.280 --> 0:13:21.120 Pershing on here talking about a lot of different things. 0:13:21.600 --> 0:13:24.520 What from your perspective some of the interesting new products 0:13:24.520 --> 0:13:25.760 and services you guys are launching. 0:13:25.960 --> 0:13:27.719 Well, as a whole company, we're doing a whole bunch 0:13:27.800 --> 0:13:31.800 of different things. We've recently launched an outsource trading capability. 0:13:31.920 --> 0:13:34.400 We are innovating in real time payments. That's going to 0:13:34.440 --> 0:13:37.440 be part of the new payment ecosystem of the United States. 0:13:37.440 --> 0:13:39.880 But right here in Pershing, what we're most excited about 0:13:40.200 --> 0:13:43.400 is our first product launch in our new business, Pershing X. 0:13:43.440 --> 0:13:45.600 Pershing X is a business where we hired the first 0:13:45.840 --> 0:13:50.760 person employee number one twenty months ago and from that 0:13:50.880 --> 0:13:53.719 starting point. We had hands on keyboards in April of 0:13:53.800 --> 0:13:57.040 last year, and now we are in market with wove, 0:13:57.120 --> 0:13:59.720 which we've launched here at the conference. That's an exciting 0:13:59.760 --> 0:14:04.760 new capability for advisors, making wealth advisors lives easier by 0:14:04.760 --> 0:14:06.800 connecting the various dots of their ecosystem. 0:14:06.920 --> 0:14:08.000 Super exciting product. 0:14:08.080 --> 0:14:10.840 It seems like when you talk to the financial advisors 0:14:10.880 --> 0:14:12.080 that you have here or talk to some of the 0:14:12.080 --> 0:14:15.600 people at at BNY Melon Purshing, it's kind of all 0:14:15.600 --> 0:14:17.760 about technology. If you're not on the front end of 0:14:17.760 --> 0:14:20.520 that technology curve, whether you're a provider like BNY Melon 0:14:20.520 --> 0:14:23.880 Purging or a registered investment advisor out there, you're really 0:14:23.880 --> 0:14:26.320 putting yourself kind of behind the apall. 0:14:26.080 --> 0:14:26.520 A little bit. 0:14:26.520 --> 0:14:29.280 The ability to spend on technology is clearly a competitive 0:14:29.640 --> 0:14:32.160 differentiated these days. We spend about three and a half 0:14:32.240 --> 0:14:35.160 billion dollars on tech every year as a company, and 0:14:35.200 --> 0:14:37.840 one of the things that we give our clients is 0:14:37.880 --> 0:14:40.120 that the benefit of that scale. And so if you're 0:14:40.120 --> 0:14:43.080 a wealth advisor client, here is just one example of 0:14:43.120 --> 0:14:46.520 that client base. We have AI running on the platform 0:14:46.560 --> 0:14:50.640 giving our wealth advisors next best advice for our clients 0:14:50.640 --> 0:14:52.440 so that they can be smart with their clients. They 0:14:52.480 --> 0:14:55.200 can give them good advice. We predict fails in different 0:14:55.200 --> 0:14:58.040 parts of the market. We have other innovations, but and 0:14:58.080 --> 0:15:00.440 we spend a lot of money on the resid brilliancy 0:15:00.520 --> 0:15:02.800 of our tech infrastructure as well. These days, you've got 0:15:02.840 --> 0:15:05.640 to be able to be resilient, and so the scale 0:15:05.720 --> 0:15:08.800 of being a jesib as we are a globally systemic bank, 0:15:09.000 --> 0:15:11.240 and the scale of breadth. 0:15:10.880 --> 0:15:12.760 Of our products really allows us to do that. 0:15:12.800 --> 0:15:15.040 And it allows us to wrap ourselves around our clients 0:15:15.040 --> 0:15:16.840 and help them so they don't have to go spend 0:15:16.840 --> 0:15:17.800 all that money themselves. 0:15:18.160 --> 0:15:20.120 Some investors in the banks are a little concerned about 0:15:20.120 --> 0:15:23.240 what maybe a creeping regulatory headwind for the banks. How 0:15:23.240 --> 0:15:25.080 do you think about it for your business, whether it's 0:15:25.440 --> 0:15:27.680 more capital needed to be put up or just you know, 0:15:27.800 --> 0:15:29.840 tighter regulations. We had some of the regional banks have 0:15:29.920 --> 0:15:32.600 some trouble several weeks ago, and that kind of I 0:15:32.640 --> 0:15:36.240 guess just renewed some interesting concern among maybe some regulators. 0:15:36.400 --> 0:15:38.120 Well, I think we've got to do to start with 0:15:38.120 --> 0:15:38.320 on this. 0:15:38.360 --> 0:15:40.200 You've got to look back fifteen years we had a 0:15:40.320 --> 0:15:43.040 very significant event with a global financial crisis, and I 0:15:43.080 --> 0:15:47.400 think regulators and policymakers did a really good job investing 0:15:47.520 --> 0:15:51.680 in the resilience of the financial markets, and particularly in 0:15:51.760 --> 0:15:54.160 the JESIBS, and so being one of the eight gesibs 0:15:54.200 --> 0:15:56.120 in the US, you know, we are subject to those 0:15:56.200 --> 0:15:59.600 higher capital standards, those high liquidity standards, and you've seen 0:15:59.600 --> 0:16:01.720 the benefit fit of all of that resiliency play out 0:16:01.720 --> 0:16:03.600 over the course of the next few of the past 0:16:03.600 --> 0:16:05.960 few months, and so you know, I think what we'll 0:16:06.080 --> 0:16:11.080 likely see is is reaction to what's happened, and policymakers 0:16:11.080 --> 0:16:13.440 and regulators will be thoughtful about where in the system 0:16:13.480 --> 0:16:17.800 maybe those same protections didn't exist, and I imagine there'll 0:16:17.800 --> 0:16:20.200 be new policies, but sort of reacting to that. But 0:16:20.520 --> 0:16:22.760 for us as we sit here today, you know, we 0:16:22.920 --> 0:16:25.840 viewed resilience as a commercial asset. I talked about it 0:16:25.840 --> 0:16:28.600 in the context of technology being able to invest in scale, 0:16:28.800 --> 0:16:30.600 but it's true for the balance sheet as well, you know, 0:16:30.680 --> 0:16:33.880 highly liquid, highly rated, conservative on these things. 0:16:33.880 --> 0:16:34.680 It makes a difference. 0:16:35.520 --> 0:16:36.960 One of the things we've heard as a just a 0:16:37.000 --> 0:16:38.520 theme here over the last couple of days here in 0:16:38.600 --> 0:16:42.280 Orlando is diversity. Diversity and the financial services industry broadly 0:16:42.320 --> 0:16:44.160 define whether it's at the advisory level or with a 0:16:44.720 --> 0:16:47.640 corporate level. You guys actually did a bond that kind 0:16:47.680 --> 0:16:49.320 of brought that home a bond issue and talk to 0:16:49.400 --> 0:16:49.840 us about that. 0:16:50.080 --> 0:16:53.720 Yeah, it's a super super thing that we that we 0:16:53.760 --> 0:16:55.440 did with our clients, and it was really our clients 0:16:55.480 --> 0:16:57.520 who did it and actually had its origins at our 0:16:57.760 --> 0:17:00.880 Pershing conference last year when we when we have a 0:17:01.040 --> 0:17:06.280 group of our Pershing clients who are minority owned, women owned, 0:17:06.280 --> 0:17:09.919 and veteran owned institutions who said to us that they 0:17:09.920 --> 0:17:12.159 could lead one of our bonds. And it wasn't just 0:17:12.200 --> 0:17:15.439 participating as a co manager, it was left lead. It 0:17:15.520 --> 0:17:19.000 was lead managers and they solely led this deal and 0:17:19.320 --> 0:17:21.439 just did a terrific job. And what we've done in 0:17:21.480 --> 0:17:25.600 that together is they have become credentialized even more that 0:17:25.680 --> 0:17:27.960 they can lead a transaction and now when they go 0:17:28.000 --> 0:17:30.919 out to their other corporate clients, the credentialized with that 0:17:31.000 --> 0:17:33.439 and it was our ability to help them do that. 0:17:33.440 --> 0:17:35.280 That's how we lift everybody up. That's important. 0:17:35.960 --> 0:17:36.400 Good stuff. 0:17:36.480 --> 0:17:37.879 Robin, thanks so much for taking the time. I know 0:17:37.920 --> 0:17:40.640 you're busy here at this big conference. Robert Vince, he's 0:17:40.640 --> 0:17:43.199 the CEO of b n y Mellon joining us to 0:17:43.200 --> 0:17:46.120 talk about all things Melon. Lots of technology changes, lots 0:17:46.160 --> 0:17:50.520 of technology investments. BNY Melling Purging Insight Conference twenty three. 0:17:50.600 --> 0:17:53.840 Twenty five hundred financial advisors gathered here to kind of 0:17:53.840 --> 0:17:57.240 get the latest on the new trends in the business, 0:17:57.240 --> 0:18:00.639 maybe learn a thing or two from colleague in from 0:18:00.960 --> 0:18:03.280 the speakers here, and kind of stay make sure they 0:18:03.280 --> 0:18:05.000 have the best service for their clients. 0:18:05.160 --> 0:18:08.240 You're listening to the tape. Catch our live program Bloomberg 0:18:08.320 --> 0:18:11.919 Markets weekdays at ten am Eastern on Bloomberg Radio, the 0:18:11.960 --> 0:18:15.200 tune in app, Bloomberg dot Com, and the Bloomberg Business App. 0:18:15.240 --> 0:18:18.040 You can also listen live on Amazon Alexa from our 0:18:18.080 --> 0:18:24.080 flagship New York station, Just say Alexa Play Bloomberg eleven thirty. 0:18:23.600 --> 0:18:24.479 Madison Mills and York. 0:18:24.520 --> 0:18:27.840 Paul Sweeney in Orlando to BNY Mellon Purshing Insight Conference. 0:18:27.840 --> 0:18:30.520 We just heard from Robin Vince, the CEO of BNY Mellon. 0:18:30.560 --> 0:18:32.680 He did a pretty good job. We'll have him back, 0:18:32.720 --> 0:18:34.000 I think. But now we get to the people who 0:18:34.000 --> 0:18:37.359 actually get stuff done. Jim Crowley, Chief executive Officer and 0:18:37.440 --> 0:18:40.680 Chair of the Executive Committee for Pershing and Emmy Schlosser, 0:18:40.800 --> 0:18:45.640 COO for Pershing join us here at the down in Orlando. 0:18:45.840 --> 0:18:49.240 Thanks folks for stopping by here. Hey, Jim, I remember 0:18:49.240 --> 0:18:51.640 when Pershing was a standalone company. I remember when deal 0:18:51.720 --> 0:18:53.359 J bought it, and then I was a credit Swiss 0:18:53.400 --> 0:18:56.119 first Boston when we bought that. That lasted about fifteen minutes. 0:18:57.160 --> 0:18:59.080 But I'm glad you guys are all now together with 0:18:59.280 --> 0:19:01.560 Bny and Mel. Good stuff, Jim, talk to me about 0:19:01.600 --> 0:19:04.719 this conference here, A lot of new project product launches 0:19:04.800 --> 0:19:08.320 for you guys, you know, servicing your financial services clients. 0:19:08.359 --> 0:19:10.640 Talk to us about WHOA that's a name I've heard 0:19:10.640 --> 0:19:11.920 a lot about just about that. 0:19:12.040 --> 0:19:13.639 What does it mean for you? What does it mean 0:19:13.680 --> 0:19:14.880 for your clients? 0:19:15.000 --> 0:19:16.480 Yeah, this is the moment for WOVE. 0:19:16.960 --> 0:19:19.320 It has been a couple of years in the making, 0:19:19.520 --> 0:19:24.240 and we're so excited to be launching this new advisory 0:19:24.400 --> 0:19:28.240 tool and platform too. You know, as Ainsley has spoken about, 0:19:28.280 --> 0:19:33.200 to create the interoperability of all the disconnected technology that's 0:19:33.240 --> 0:19:37.240 out there and having advisors productivity be their. 0:19:37.200 --> 0:19:39.080 KPI is such a cool thing for us. 0:19:39.119 --> 0:19:43.600 And to have such a great welcome from everyone here 0:19:43.600 --> 0:19:44.240 at Insight. 0:19:44.440 --> 0:19:46.520 So is Wolf here kind of Emily, just is it 0:19:46.560 --> 0:19:49.439 a way for financial advisors? There's so many things I 0:19:49.480 --> 0:19:51.920 have to think about, and you know, different asset classes, 0:19:51.960 --> 0:19:53.200 a different reporting requirements. 0:19:53.240 --> 0:19:54.720 So what does wolve kind of do for them? 0:19:54.960 --> 0:19:58.480 Yeah, it's essentially the technology tool in which they can live. 0:20:00.000 --> 0:20:04.560