WEBVTT - US Services Activity Rebounds, Modi Wins Backing 0:00:02.960 --> 0:00:10.840 Bloomberg Audio Studios, podcasts, radio news. You're listening to the 0:00:10.880 --> 0:00:15.040 Bloomberg Intelligence Podcast. Catch us live weekdays at ten am 0:00:15.080 --> 0:00:18.759 Eastern on Applecarplay and Android Auto with the Bloomberg Business App. 0:00:18.800 --> 0:00:22.000 Listen on demand wherever you get your podcasts, or watch 0:00:22.079 --> 0:00:24.560 us live on YouTube. 0:00:25.079 --> 0:00:27.600 Here we are Nashville, Tennessee for bny mel and twenty 0:00:27.600 --> 0:00:31.720 six Annual Insight Conference, two thousand financial intermediaries from top 0:00:31.720 --> 0:00:34.120 asset management firms. We also want to keep you updated 0:00:34.120 --> 0:00:36.479 on the data. John was just talking about the ISM 0:00:36.560 --> 0:00:39.960 services beating estimates. You're looking at business activity and at 0:00:40.000 --> 0:00:41.040 eighteen month high. 0:00:41.120 --> 0:00:44.440 This was This was the ISM and then the services 0:00:44.479 --> 0:00:45.880 part did really well as well. 0:00:46.159 --> 0:00:48.680 Let's get to Anthony Javis, chair of the ISM Services 0:00:48.680 --> 0:00:49.720 Business Committee. 0:00:50.120 --> 0:00:53.240 What drove the increase? We're over expansion again. 0:00:53.280 --> 0:00:55.680 We don't have to freak out about slipping below fifty 0:00:55.680 --> 0:00:56.640 as we did last month. 0:00:56.680 --> 0:00:57.319 What drove it? 0:00:59.360 --> 0:01:01.600 Well, when you look at the report on business release 0:01:01.680 --> 0:01:03.840 this morning and you hit it on the head business 0:01:03.880 --> 0:01:07.200 activity up ten point three percentage points to sixty one 0:01:07.280 --> 0:01:10.880 point two. We had thirteen industries, Thirteen of the eighteen 0:01:10.920 --> 0:01:15.920 industries reflected growth month over month. We're measuring that directional change, 0:01:15.959 --> 0:01:19.000 and we had just under the fifty baseline last month, 0:01:19.040 --> 0:01:24.039 which showed reflected contraction in the report still above in 0:01:24.080 --> 0:01:27.880 the positive areas as it relates to GDP growth, it 0:01:27.920 --> 0:01:30.959 was a little bit like over zero point one percent 0:01:31.040 --> 0:01:33.679 point there. But when you look at this, what's really 0:01:34.080 --> 0:01:37.240 driving this is again two of the industries in the 0:01:37.280 --> 0:01:39.800 top four real estate rental and leasing, health care and 0:01:39.840 --> 0:01:44.240 social assistance had increases month over month. And the picture 0:01:44.240 --> 0:01:47.080 would even be stronger if the employment was better. At 0:01:47.120 --> 0:01:50.360 forty seven point one, that's one of the four indexes 0:01:50.400 --> 0:01:53.120 that make up the composite, and that's kind of dragging 0:01:53.120 --> 0:01:57.720 a bit still as employers are still remaining cautious about hiring. 0:02:00.480 --> 0:02:02.560 So, Anthony, I noticed, you know, not being an expert 0:02:02.560 --> 0:02:05.120 in this some month to month volatility here, what's the 0:02:05.120 --> 0:02:07.080 best way to look at this ism data is on 0:02:07.120 --> 0:02:10.160 like a rolling six month kind of basis. And if so, 0:02:10.480 --> 0:02:13.120 what's that telling you? 0:02:13.120 --> 0:02:15.080 You know, it's a great question. We look at the 0:02:15.240 --> 0:02:17.600 data and we always want to see how it trends out. 0:02:17.639 --> 0:02:20.080 We don't, you know, look at it as just one month. 0:02:20.639 --> 0:02:22.880 And to your point, I like to look at trends 0:02:23.040 --> 0:02:25.840 is three to four months, and this is pretty much 0:02:25.840 --> 0:02:27.720 in line with what we had on our semi annual 0:02:27.760 --> 0:02:32.320 forecast going back to December and most recently, our respondents 0:02:32.320 --> 0:02:35.160 indicated the second half would be better than the first half. 0:02:35.560 --> 0:02:38.280 And what we're seeing is this directional change again, and 0:02:38.320 --> 0:02:40.400 so we're seeing the increases month over a month, and 0:02:41.080 --> 0:02:45.160 so far the services sector has been fairly resilient and 0:02:45.240 --> 0:02:48.400 would be even better. Our respondents are very much still 0:02:48.480 --> 0:02:51.720 concerned about inflation and interest rates. 0:02:54.040 --> 0:02:56.240 Before I let you go, Anthony, one big thing, what 0:02:56.440 --> 0:02:57.639 are the worry spots? 0:02:57.760 --> 0:02:59.160 Can you just talk us through that a little bit. 0:03:01.120 --> 0:03:05.560 Well, definitely, we're seeing the geopolitical concerns that have been ongoing, 0:03:06.240 --> 0:03:10.399 and as I just mentioned, inflation and interest rates, interest rates, 0:03:10.440 --> 0:03:14.560 there's numerous comments from our respondents in the report indicating 0:03:14.639 --> 0:03:19.360 that capital reinvestment is affected the cost of money. So 0:03:19.440 --> 0:03:21.720 those are the two areas that are highlighted as the 0:03:21.760 --> 0:03:24.240 most concern for our respondents. 0:03:26.320 --> 0:03:28.160 All right, Anthony, thank you so much. We appreciate it. 0:03:28.200 --> 0:03:32.160 Anthony Yavi's chair of the Ism Services Business Committee, talking 0:03:32.200 --> 0:03:34.280 about that data compucity better than expected. 0:03:35.840 --> 0:03:39.720 You're listening to the Bloomberg Intelligence podcast. Catch us live 0:03:39.800 --> 0:03:43.320 weekdays at ten am Eastern on applecar Play and Android 0:03:43.360 --> 0:03:46.120 Auto with the Bloomberg Business app. You can also listen 0:03:46.240 --> 0:03:49.320 live on Amazon Alexa from our flagship New York station, 0:03:49.720 --> 0:03:52.480 Just say Alexa Play Bloomberg eleven thirty. 0:03:54.200 --> 0:03:56.560 We also want to keep you updated on breaking news 0:03:56.560 --> 0:03:59.480 out of India. Indian Prime Minister are in the Modi 0:03:59.600 --> 0:04:02.840 ones crucial backing from two key allies in his coalition 0:04:03.280 --> 0:04:05.800 and that allowed him to form a government and extend his. 0:04:05.920 --> 0:04:07.480 Decade in power. 0:04:07.600 --> 0:04:11.520 His party was forced to join with the National Democratic 0:04:11.640 --> 0:04:16.240 Alliance as well as the Teugu Dessam Party. So we 0:04:16.279 --> 0:04:18.479 want to get you an information on what all of 0:04:18.520 --> 0:04:21.960 that means and how it sets India's growth up going forward. 0:04:22.040 --> 0:04:26.920 And the current is a global economy reporter at Bloomberg. 0:04:27.560 --> 0:04:30.360 He's covered all of this stuff for a very long time. 0:04:30.880 --> 0:04:33.800 And what did you make of this coalition? What does 0:04:33.839 --> 0:04:36.719 it mean? How our investor is going to take it? 0:04:37.720 --> 0:04:40.680 Well, what we know is that a deal has now 0:04:40.760 --> 0:04:44.080 been agreed to set up a government and it gets 0:04:44.360 --> 0:04:47.480 Prime Minister Remodi back into office sort of done a 0:04:47.560 --> 0:04:51.680 quick negotiation. It puts an energy uncertainty on that side 0:04:51.720 --> 0:04:55.680 of things, but that's probably about all we know so far. 0:04:56.400 --> 0:04:59.679 We don't quite know what's behind the deal yet. Obviously 0:04:59.720 --> 0:05:02.680 this is coalition, which means there has to be concessions 0:05:02.760 --> 0:05:06.200 and trade offs. It's not clear how that will play 0:05:06.200 --> 0:05:11.440 out in terms of cabinet postings, policy priorities, and what 0:05:11.440 --> 0:05:16.560 it means of course for economic growth going forward for India. Remember, 0:05:16.560 --> 0:05:19.599 in the past, India's had coalition governments. One of the 0:05:19.600 --> 0:05:22.240 great pitches of the Modi government was and it was 0:05:22.240 --> 0:05:26.880 a strong, stable government able to push through change and reform. Well, 0:05:27.120 --> 0:05:30.520 I've seen some economist notes this morning questioning where that 0:05:30.560 --> 0:05:33.480 will go from here. It's obviously a Modi government, but 0:05:33.600 --> 0:05:38.159 the weekend Modi government so uncertainly on the domestic front. 0:05:38.520 --> 0:05:40.720 And then of course we don't know what it would 0:05:40.720 --> 0:05:44.360 mean for India on the world stage yet either. India 0:05:44.360 --> 0:05:46.640 has been the darling of the global economy, one of 0:05:46.640 --> 0:05:50.080 the fastest growing, emerging as kind of an alternative to 0:05:50.200 --> 0:05:54.040 China in the middle of the geopolitical arguing with the 0:05:54.200 --> 0:05:58.240 US playing a security role in the US led Quad 0:05:58.279 --> 0:06:01.960 for example, et cetera very confident place in the world 0:06:02.000 --> 0:06:05.880 stage for a prominent's remote in India. Will that direction 0:06:06.000 --> 0:06:08.920 now change, Will they carry on us as they wore 0:06:09.400 --> 0:06:11.800 I think, so, I think a lot of question marks 0:06:11.839 --> 0:06:14.680 on certainly over where this government goes over the months 0:06:14.680 --> 0:06:16.279 and years ahead. 0:06:17.839 --> 0:06:19.680 So and then with with you know, twenty four to 0:06:19.760 --> 0:06:23.640 forty eight hours here of hindsight, is there a decent 0:06:23.720 --> 0:06:28.240 narrative emerging about why mister Mody lost so much support 0:06:28.600 --> 0:06:30.080 that we find ourselves at this point where we have 0:06:30.200 --> 0:06:32.839 to form a coalition government like what happened. 0:06:34.520 --> 0:06:37.120 I think it'll probably take a little while for that 0:06:37.160 --> 0:06:39.880 to become fully clear. Just you know, from what our 0:06:39.920 --> 0:06:43.760 own colleagues New Delhi are saying, it sounds as though 0:06:44.279 --> 0:06:48.640 economic matters were certainly at least part of it, inflation 0:06:48.800 --> 0:06:52.920 and living costs, and this feeling that on the one hand, 0:06:53.120 --> 0:06:55.960 as I mentioned earlier, India had become this kind of 0:06:56.080 --> 0:07:00.719 global growth star, stand out on the world stage, a 0:07:00.760 --> 0:07:06.520 new confident kind of outlook, maybe capitalizing on the challenges 0:07:06.640 --> 0:07:10.880 China was facing. But underground, listening to our colleagues there, 0:07:11.000 --> 0:07:14.600 they're making the point that maybe that growth story wasn't 0:07:14.600 --> 0:07:17.400 trickling down, or perhaps people on the ground weren't necessarily 0:07:17.400 --> 0:07:22.520 feeling was trickling down. So clearly some degree of this affection, 0:07:23.520 --> 0:07:25.720 but it will take time for that to become clear. 0:07:26.000 --> 0:07:29.400 What is clear is that India had been benefiting from 0:07:29.440 --> 0:07:32.400 some of the shifts happening right now. FDI had been increasing, 0:07:32.480 --> 0:07:36.880 their markets were certainly on a chair. Companies and investors 0:07:36.880 --> 0:07:39.720 were looking at India or maybe wishing to look at 0:07:39.760 --> 0:07:43.360 India in a different light than they had been. But 0:07:43.400 --> 0:07:46.320 of course there are limitations so that it's still no China. 0:07:46.320 --> 0:07:49.320 It's it doesn't have anything like the scale infrastructure that 0:07:49.440 --> 0:07:51.800 China offers. So the economy has a long way to 0:07:51.840 --> 0:07:55.160 go in terms of development, and clearly people underground maybe 0:07:55.200 --> 0:07:56.160 reflecting that point. 0:07:58.720 --> 0:07:59.800 And now this was me yesterday. 0:07:59.840 --> 0:08:02.560 I was sitting by the pool here in Nashville, Tennessee 0:08:02.800 --> 0:08:04.880 with Damien Sassar on the phone being like, I don't 0:08:04.880 --> 0:08:05.200 get it. 0:08:05.240 --> 0:08:07.440 Break down India, South Africa and Mexico for me. 0:08:07.720 --> 0:08:09.800 The stuff you said about India was quite interesting in 0:08:09.840 --> 0:08:13.240 that now that we have a coalition, Mody is going 0:08:13.320 --> 0:08:15.800 to have to do something to get those. 0:08:15.920 --> 0:08:17.920 People that are very disaffected by the. 0:08:17.840 --> 0:08:21.040 Government and sort of left behind, because all you're talking 0:08:21.040 --> 0:08:23.200 about is on capital investment in the stock market, but 0:08:23.200 --> 0:08:26.040 the people left behind, and that means larger budget deficits, 0:08:26.160 --> 0:08:28.840 bigger fiscal deficits, more borrowing. 0:08:29.480 --> 0:08:31.840 Do you see that in the market. Do you think 0:08:31.920 --> 0:08:32.840 that that's on the table. 0:08:34.280 --> 0:08:37.240 Well, that's the corollary. Our colleagues in New Delhi made 0:08:37.280 --> 0:08:40.160 point that the coalition partners he's signed up with are 0:08:40.280 --> 0:08:45.600 especially unreliable. So that would suggest that obviously any incumbent 0:08:45.600 --> 0:08:47.520 would want to try and do what they can to 0:08:47.559 --> 0:08:50.360 keep them onside. And if you're trying to keep them onside, 0:08:50.400 --> 0:08:54.199 that lends us healthy idea of everyone has their pet projects, 0:08:54.440 --> 0:08:57.640 everyone will want to investment in spending in their home state. 0:08:57.880 --> 0:09:01.120 And of course that suggests it would be more pressure 0:09:01.160 --> 0:09:05.719 on the on the public finances, being on welfare, being 0:09:05.800 --> 0:09:08.559 investment in infrastructure or whatever. But we have to wait 0:09:08.600 --> 0:09:11.240 and see what particular policy does come out of it. 0:09:11.280 --> 0:09:14.120 But at the very least, not just India, but any 0:09:14.160 --> 0:09:17.000 country where you have a coalition government, that means there 0:09:17.000 --> 0:09:18.839 has to be trade offs, That means there has to 0:09:18.880 --> 0:09:22.120 be compromised. That means everyone has a wish list, and 0:09:22.160 --> 0:09:23.800 when you have a wish list government to try and 0:09:23.880 --> 0:09:27.600 keep things together in that typically does mean more pressure 0:09:27.600 --> 0:09:30.120 and spending. We'll just have to see how that plays out. 0:09:30.320 --> 0:09:32.359 In the months ahead. 0:09:33.600 --> 0:09:35.480 All right, and so good to chat with you. 0:09:35.559 --> 0:09:38.200 Thank you so much for joining us and the current 0:09:38.280 --> 0:09:43.720 He is Bloomberg Global Economy reporter joining us from DC 0:09:44.200 --> 0:09:45.520 So I think that's quite interesting. 0:09:45.600 --> 0:09:46.959 We'll see, we'll see how much money is. 0:09:47.600 --> 0:09:49.600 But again we've all heard this pitch. I think over 0:09:49.640 --> 0:09:52.360 the last several years, as China has had its challenges, 0:09:52.360 --> 0:09:54.679 whether it's government cracking down on business or their economy 0:09:54.720 --> 0:09:57.120 slowing their you know, folks will come up to me 0:09:57.160 --> 0:10:00.640 and say, what you guys thought about China for the 0:10:00.720 --> 0:10:03.880 last ten twenty years, Take them and put it onto India. 0:10:03.920 --> 0:10:06.520 That's where the opportunity is and you have better rule 0:10:06.559 --> 0:10:11.439 of law, better you know, expectations of business, and that 0:10:11.480 --> 0:10:13.040 can be a real opportunity for the next ten to 0:10:13.040 --> 0:10:15.040 twenty years. We'll have to see how this change in 0:10:15.080 --> 0:10:16.000 government maybe impacts that. 0:10:17.559 --> 0:10:21.439 You're listening to the Bloomberg Intelligence podcast. Catch us live 0:10:21.520 --> 0:10:24.600 weekdays at ten am Eastern on Applecarplay and then Broud 0:10:24.600 --> 0:10:27.720 Auto with the Bloomberg Business app. Listen on demand wherever 0:10:27.760 --> 0:10:31.600 you get your podcasts, or watch us live on YouTube. 0:10:32.800 --> 0:10:36.439 Cara Malex Steel alongside Paul Sweeney. This is Bloomberg Intelligence Radio. 0:10:36.720 --> 0:10:39.280 We bring you all the top news with our analyst 0:10:39.320 --> 0:10:41.880 Lens from Bloomberg Intelligence. They cover two thousand companies and 0:10:41.880 --> 0:10:44.520 one hundred and thirty industries worldwide, and occasionally they let 0:10:44.600 --> 0:10:46.880 us go on the road and do stuff. So today 0:10:46.920 --> 0:10:51.200 we are broadcasting live from that magnificent Gaylord Opu Land 0:10:51.240 --> 0:10:55.120 Resort in Nashville for BNY Melon's twenty six annual Inside Conference. 0:10:55.120 --> 0:10:58.520 They have over two thousand financial intermediaries from top asset 0:10:58.640 --> 0:11:01.480 management firms. And I'm grateful that someone is here now 0:11:01.520 --> 0:11:04.760 from Pershing who's going to give us some insight into technology. 0:11:05.520 --> 0:11:07.240 Joining us now is Avesley Simmons. 0:11:07.280 --> 0:11:10.120 She's president of Pushing X, head of strategy for B 0:11:10.160 --> 0:11:13.000 and Y Melons Pershing, and head of product management for 0:11:13.080 --> 0:11:13.920 BNY Melons. 0:11:14.040 --> 0:11:15.120 You do a lot of stuff. 0:11:15.280 --> 0:11:18.200 Yeah, that's a lot of titles there you go. 0:11:18.400 --> 0:11:20.120 So first off, what is Pushing X. 0:11:20.280 --> 0:11:22.880 Yeah, Pushing X is a fintech inside of the Bank 0:11:22.920 --> 0:11:24.640 of New York Mellon that was started about two and 0:11:24.640 --> 0:11:26.760 a half years ago. So I was the first employee. 0:11:26.800 --> 0:11:29.719 My background's in FinTechs and I came to be and 0:11:29.720 --> 0:11:33.880 why to really drive innovation inside this story two hundred 0:11:33.880 --> 0:11:36.920 and forty year old institution, so we're never resting on 0:11:36.960 --> 0:11:37.600 our laurels. 0:11:37.600 --> 0:11:38.800 We're always moving. 0:11:38.520 --> 0:11:41.160 Forward, and doing it with a fintech inside of the 0:11:41.160 --> 0:11:43.200 bank has been a super efficient way to go. 0:11:43.880 --> 0:11:46.640 So what are some of the initial products that you 0:11:46.640 --> 0:11:48.240 guys have been bringing to market for your clients. 0:11:48.400 --> 0:11:50.760 Yeah, so last year we launched our first product, which 0:11:50.800 --> 0:11:53.600 is called Wove Advisory, and that really. 0:11:53.360 --> 0:11:55.840 Is WOV Wove Wove. 0:11:55.920 --> 0:11:56.160 Yeah. 0:11:56.360 --> 0:11:58.520 The reason we call it Wove is it brings together 0:11:58.679 --> 0:12:01.800 a lot of disconnected technolog and really that's kind of 0:12:01.840 --> 0:12:05.360 an advisor workstation if you think about it. Let's advisors 0:12:05.400 --> 0:12:08.800 sort of build portfolios, trade them, report on them everything 0:12:08.840 --> 0:12:13.320 they need to service a client. This year we launched 0:12:13.400 --> 0:12:18.160 three more products, so we've been busy. We launched Wove Data, 0:12:18.480 --> 0:12:22.520 which is a cloud based data aggregation service so that 0:12:22.559 --> 0:12:25.040 advisors can have access to all the data they need 0:12:25.120 --> 0:12:28.280 to service their clients across any custodian and any firm. 0:12:28.720 --> 0:12:31.840 We launched Wove Connect, which is a suite of APIs. 0:12:31.920 --> 0:12:34.720 Lots of people need to build through APIs and so 0:12:34.800 --> 0:12:37.760 we've offered that. And then the third product is probably 0:12:38.080 --> 0:12:40.360 the one I think people are most excited about, which 0:12:40.440 --> 0:12:43.640 is wove Investor, which is an investor portal that can 0:12:43.679 --> 0:12:47.880 be configured to any firms branding so that they can 0:12:47.960 --> 0:12:50.280 have their investors log into a really simple. 0:12:50.080 --> 0:12:54.960 And easy to use experience. Wow, that's fintech man, right there, 0:12:55.720 --> 0:12:56.080 you do? 0:12:56.200 --> 0:12:58.080 I think? Well, I think what happened during the pandemic? 0:12:58.679 --> 0:13:01.840 You're you weren't going into yourinancial advisor, you weren't going 0:13:01.880 --> 0:13:05.600 into your commercial right local brand. So people were forced 0:13:05.760 --> 0:13:08.480 to get yeah, tech savvy, and I think probably from 0:13:08.520 --> 0:13:11.240 the provider perspective, you guys were probably forced by the 0:13:11.280 --> 0:13:15.800 marketplace to make up more investments. So what are you 0:13:15.840 --> 0:13:18.439 hearing from your advisors? What do they what do they 0:13:18.480 --> 0:13:20.319 really need? Do they want to empower their clients? So 0:13:20.360 --> 0:13:21.960 they just want to be smarter when they're talking to 0:13:22.000 --> 0:13:22.360 the clients. 0:13:22.400 --> 0:13:24.440 Well all of the above, right, Like, so they really 0:13:24.480 --> 0:13:27.359 want their clients to have a very easy to use experience. 0:13:27.480 --> 0:13:30.679 And today, just given the way the industry has grown up, 0:13:31.320 --> 0:13:33.880 they are usually having to ask their and investor to 0:13:33.920 --> 0:13:37.040 log into multiple accounts, one for financial planning, one for 0:13:37.120 --> 0:13:38.840 performance reporting, one for trading. 0:13:39.040 --> 0:13:39.800 Nobody wants that. 0:13:39.800 --> 0:13:43.200 Anymore, So you remember that now, I can't remember that 0:13:43.320 --> 0:13:46.080 many passwords. So Wove Investor brings all that together, and 0:13:46.120 --> 0:13:48.679 that's why I think people are super excited about that product. 0:13:48.960 --> 0:13:49.880 But you can't pull. 0:13:49.760 --> 0:13:52.200 Together a really great investor experience unless you have all 0:13:52.280 --> 0:13:55.080 the data pulled together. So Wolf Data is also a 0:13:55.080 --> 0:13:58.800 really important product. So Wolf Connect, Wove Advisory, Wove Data, 0:13:58.920 --> 0:14:01.320 Wolve Investor, they all create a suite. And the way 0:14:01.320 --> 0:14:03.559 to think about it is kind of like the Microsoft suite. 0:14:03.679 --> 0:14:05.600 You know, you got your outlook, you got your teams, 0:14:05.640 --> 0:14:06.680 and they all work together. 0:14:07.040 --> 0:14:08.360 That's what we're doing here in wealth. 0:14:08.400 --> 0:14:12.080 So when I log onto my wealth management MIENT site, yeah, 0:14:12.240 --> 0:14:14.840 and I can see my investments and my bank accounts 0:14:14.840 --> 0:14:16.840 and my savings and my furrow one K and then 0:14:16.840 --> 0:14:18.080 I see like what the planning is. 0:14:18.120 --> 0:14:19.440 That's all that. 0:14:19.560 --> 0:14:23.360 Stuff stuff, and we're putting it all together for any firm, right. 0:14:23.480 --> 0:14:26.520 So a lot of large firms have made those investments 0:14:26.560 --> 0:14:30.120 if you're working with you know, like a large wirehouse 0:14:30.440 --> 0:14:35.040 or something like that. But these are independent, mostly independent 0:14:35.440 --> 0:14:37.440 wealth advisors, and they don't have that kind of capital 0:14:37.520 --> 0:14:40.280 right to build something that end to end, So we're 0:14:40.280 --> 0:14:42.920 doing it for them and they can own it fractionally 0:14:43.600 --> 0:14:46.000 and not have to make that massive investment that the 0:14:46.040 --> 0:14:48.200 Bank of New York Mellon is making on their behalf. 0:14:47.960 --> 0:14:50.680 What's the business case for the investments that you get? 0:14:50.720 --> 0:14:53.040 So when you go to your CFO and Astra Capital 0:14:53.160 --> 0:14:55.720 to make some of these investments, what's the business case 0:14:55.760 --> 0:14:56.640 you make to your CFO. 0:14:56.800 --> 0:15:00.360 Yeah, so it's pretty easy to make the case for 0:15:00.400 --> 0:15:04.760 this platform because this helps our Persian custody business, it 0:15:04.920 --> 0:15:09.520 helps our investment management business, it helps our wealth management business, 0:15:09.640 --> 0:15:12.280 and it helps our asset manage our clients. So because 0:15:12.360 --> 0:15:15.200 Bank of New York Mellon runs across all of those 0:15:15.240 --> 0:15:17.880 different business lines. 0:15:18.080 --> 0:15:19.160 This pulls it all together. 0:15:19.280 --> 0:15:23.000 So it's i'm the best dollar to spend because it's 0:15:23.040 --> 0:15:26.600 really lifting all these different business lines across B and Y. 0:15:26.800 --> 0:15:29.080 And that really was the reason that we've made the 0:15:29.120 --> 0:15:30.360 investment in this platform. 0:15:30.400 --> 0:15:31.960 So what else then do you work on? And this 0:15:32.000 --> 0:15:32.480 sounds great? 0:15:32.520 --> 0:15:34.880 Yeah, yeah, done and done? No, never done. 0:15:35.040 --> 0:15:38.680 So we'll be driving forward with a lot more and 0:15:38.720 --> 0:15:40.480 I'll be back here on the stage next year with 0:15:40.520 --> 0:15:41.760 more releases on WOVE. 0:15:42.160 --> 0:15:44.840 But we've also been working on strategy. 0:15:45.000 --> 0:15:47.800 So I took over the head of Persian strategy back 0:15:47.800 --> 0:15:50.720 in November, and what was really exciting is here we 0:15:50.720 --> 0:15:52.720 were able to release our new mission and our new 0:15:52.800 --> 0:15:54.600 vision and let me just quickly run through it. Our 0:15:54.640 --> 0:15:58.560 new mission is to help advisors help more people. So 0:15:58.600 --> 0:16:02.200 we believe that there's not enough advisors in the in 0:16:02.320 --> 0:16:05.000 the United States to serve all the clients that need service. 0:16:05.560 --> 0:16:09.000 So there's not many more people, you know, coming into 0:16:09.040 --> 0:16:10.680 the industry. So our job is to make the ones 0:16:10.720 --> 0:16:12.640 that are here more productive so that it can just 0:16:12.680 --> 0:16:13.280 help more people. 0:16:13.280 --> 0:16:14.160 So it's pretty simple. 0:16:14.640 --> 0:16:16.320 And then our new vision is to create the most 0:16:16.320 --> 0:16:19.280 connected and productive platform for the future of wealth. We 0:16:19.360 --> 0:16:22.160 really see a world now where everything has to be connected, 0:16:22.520 --> 0:16:23.760 and that's the mission we're on. 0:16:23.880 --> 0:16:26.240 So why aren't more young people coming into the business 0:16:26.240 --> 0:16:28.640 Because all I read about is the big macro story 0:16:28.680 --> 0:16:30.800 of all this wealth from the boomers has to be 0:16:30.840 --> 0:16:33.280 transferred and has to be managing. It seems like a 0:16:33.480 --> 0:16:35.080 twenty thirty year runway. 0:16:35.160 --> 0:16:35.520 It is. 0:16:35.600 --> 0:16:38.280 So my number three offspring is going into that part 0:16:38.320 --> 0:16:39.080 of their business scheme. 0:16:39.200 --> 0:16:39.360 Yeah. 0:16:39.880 --> 0:16:41.880 Why, I've heard from a lot of your colleagues that 0:16:41.880 --> 0:16:43.160 that's a challenge, right, Yeah, it. 0:16:43.160 --> 0:16:45.520 Is a challenge. I think there's some structural challenges. 0:16:45.600 --> 0:16:47.640 A lot of part of this business is still very 0:16:48.200 --> 0:16:52.000 you know, kind of commission based, and young people want 0:16:52.440 --> 0:16:55.800 potentially a different kind of onboarding model. But I also 0:16:55.880 --> 0:16:57.600 just think we have a bit of a pr problem. 0:16:57.720 --> 0:17:00.600 You know, people don't realize how mission driven a financial 0:17:00.600 --> 0:17:03.560 advisor is. You know, you really are helping families create 0:17:04.240 --> 0:17:07.440 a different future, and I think if we can sort 0:17:07.440 --> 0:17:09.080 of change the narrative a little bit, I mean, I 0:17:09.160 --> 0:17:11.160 hate to use that term, but it is a really 0:17:11.200 --> 0:17:14.800 noble ambition, and I think a lot of kids don't 0:17:14.840 --> 0:17:16.440 see it that way. They sort of see it as 0:17:16.560 --> 0:17:19.040 like yuckie Wall Street, but it's not that at all. 0:17:19.160 --> 0:17:24.879 Financial advice is really a community based, heartfelt type of occupation, 0:17:25.240 --> 0:17:26.120 especially if. 0:17:26.040 --> 0:17:29.600 You're able to touch families and lives that aren't multi billion. 0:17:29.800 --> 0:17:33.240 Yeah, that's the whole thing, right, Like everybody's like, okay, cool. 0:17:33.920 --> 0:17:36.840 But the reason our help advisors help more people. Ambition 0:17:37.000 --> 0:17:39.560 is so strong is, you know, the more we can 0:17:39.560 --> 0:17:42.880 help advisors be more productive, the more sort of lower 0:17:43.000 --> 0:17:46.400 down the economic chain they can go, and we can 0:17:46.440 --> 0:17:47.639 really truly change lives. 0:17:47.640 --> 0:17:50.000 So I'm super passionate. 0:17:49.480 --> 0:17:52.080 About it, and I think that you know, we're just 0:17:52.119 --> 0:17:55.080 going to keep working until we can get millions more internally. 0:17:55.960 --> 0:17:59.439 You know, change for such a large institution that's been 0:17:59.480 --> 0:18:03.439 around for hundreds of years, especially in the technology sense, 0:18:03.600 --> 0:18:04.600 can be really hard. 0:18:04.760 --> 0:18:06.960 Yeah, what kind of mandate do you feel like you 0:18:07.000 --> 0:18:07.720 were able. 0:18:07.480 --> 0:18:08.520 To have an execute? 0:18:08.520 --> 0:18:08.600 Like? 0:18:08.680 --> 0:18:11.040 Yeah, I'm how on bored? Is everybody with all the change? 0:18:11.160 --> 0:18:13.919 I feel so so privileged because this has been a 0:18:14.440 --> 0:18:18.080 you know, kind of top of the house embraced initiative, 0:18:18.240 --> 0:18:21.000 right so, our our CEO, Robin Vince, this is one 0:18:21.040 --> 0:18:25.800 of his key initiatives, our CFO, our whole executive's office, 0:18:26.119 --> 0:18:29.359 and people are so supportive. And what they love about 0:18:29.359 --> 0:18:32.800 this kind of fintech model that we've put together is 0:18:33.320 --> 0:18:36.000 we're actually now going to start to adopt this whole 0:18:36.080 --> 0:18:38.800 model firm wide. And I think it's going to make 0:18:38.960 --> 0:18:42.200 the future of Bank of pre Yorick Mellon as as 0:18:42.240 --> 0:18:43.480 bright as its past has been. 0:18:44.320 --> 0:18:49.680 And Bank of New York the best address global financial services? Okay, 0:18:49.920 --> 0:18:50.919 number one Wall Street? 0:18:51.359 --> 0:18:51.639 Yeah? 0:18:51.920 --> 0:18:52.840 How cool is that? 0:18:52.880 --> 0:18:55.960 I mean that's a good is that good? Pr rom 0:18:56.440 --> 0:18:57.359 in right now? 0:18:57.080 --> 0:18:59.480 I always think it's pretty cool when I think about 0:18:59.480 --> 0:19:03.440 Alexander Hamilton as our founder, I mean, what a visionary, 0:19:03.480 --> 0:19:04.600 what a revolutionary? 0:19:04.760 --> 0:19:06.960 So I I don't mind sharing. 0:19:07.040 --> 0:19:09.200 And what would you think of b and why Melonson? 0:19:09.520 --> 0:19:13.920 I think it'd be pretty proud. Yeah, I certainly hope 0:19:13.920 --> 0:19:14.480 he would be. 0:19:14.520 --> 0:19:16.080 Well, I think that that's a good recruiting tool. You 0:19:16.160 --> 0:19:18.280 go go on campuses. You know that Hamilton musical that 0:19:18.320 --> 0:19:21.720 you have eyes. 0:19:22.359 --> 0:19:23.040 Such a good point. 0:19:23.080 --> 0:19:25.760 Ainsley, thanks, love, really appreciate thanks for stopping by with us. 0:19:25.920 --> 0:19:28.480 Ainsley Simmons, President of Pershing X, head of Strategy for 0:19:28.480 --> 0:19:31.040 Being y Melon's Perching and head of product management for 0:19:31.119 --> 0:19:31.639