1 00:00:02,960 --> 00:00:08,680 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,960 --> 00:00:13,840 Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live 3 00:00:13,920 --> 00:00:17,040 Speaker 2: weekdays at ten am Eastern on Apple Cardplay and Android 4 00:00:17,040 --> 00:00:20,120 Speaker 2: Auto with the Bloomberg Business App. Listen on demand wherever 5 00:00:20,200 --> 00:00:24,560 Speaker 2: you get your podcasts, or watch us live on YouTube. 6 00:00:25,000 --> 00:00:27,120 Speaker 3: They also want to get back to the data as well, 7 00:00:27,200 --> 00:00:30,240 Speaker 3: and that's Jolts number coming in a little lighter than estimated. Also, 8 00:00:30,600 --> 00:00:33,280 Speaker 3: looking at the two year yield over the last five days, 9 00:00:33,320 --> 00:00:36,080 Speaker 3: it's had a twenty three basis point move to the downside, 10 00:00:36,120 --> 00:00:37,680 Speaker 3: and there's been a lot of money coming into the 11 00:00:37,680 --> 00:00:40,400 Speaker 3: bond market. Is it short covering? Is it true buying? 12 00:00:40,479 --> 00:00:42,880 Speaker 3: Is it really looking for a cut from the Fed? 13 00:00:42,960 --> 00:00:44,840 Speaker 4: You know the person to ask for this, right, bloom 14 00:00:45,520 --> 00:00:46,640 Speaker 4: It's not our Jersey. 15 00:00:46,400 --> 00:00:50,600 Speaker 3: Bloomberg Intelligence TuS indust rate strategist standing by first job. 16 00:00:50,760 --> 00:00:51,000 Speaker 5: Ira. 17 00:00:51,159 --> 00:00:52,800 Speaker 3: Let me know what you think about the Jolts number 18 00:00:52,880 --> 00:00:55,200 Speaker 3: so coming in a little lighter but nothing terrible. 19 00:00:55,800 --> 00:00:56,880 Speaker 4: What's your reaction to it? 20 00:00:57,880 --> 00:01:00,600 Speaker 6: Yeah, I don't think that you still have eight million 21 00:01:00,680 --> 00:01:03,840 Speaker 6: job openings, right, So it's not like the it's completely 22 00:01:03,880 --> 00:01:07,000 Speaker 6: fallen off a cliff, but we continue to see this 23 00:01:07,160 --> 00:01:11,080 Speaker 6: modest pullback in the number of job openings, and you know, 24 00:01:11,120 --> 00:01:12,600 Speaker 6: I was I was just trying to go through some 25 00:01:12,640 --> 00:01:15,200 Speaker 6: of the data looking at things like quits rates and 26 00:01:15,200 --> 00:01:17,200 Speaker 6: and the like, because I think that's the more interesting 27 00:01:17,560 --> 00:01:21,640 Speaker 6: nuanced data that's comes with the joult report. We also 28 00:01:21,720 --> 00:01:23,199 Speaker 6: have to remember it's a little bit it's a little 29 00:01:23,200 --> 00:01:25,880 Speaker 6: bit dated compared to some of the more high frequency 30 00:01:26,360 --> 00:01:28,280 Speaker 6: data that we get that's going to start being from 31 00:01:28,319 --> 00:01:30,840 Speaker 6: May that that we start that we've already started to 32 00:01:30,840 --> 00:01:33,720 Speaker 6: get with the ISM data yesterday. So this Joltz data, 33 00:01:33,720 --> 00:01:37,200 Speaker 6: I think is interesting for trends looking at things like 34 00:01:37,319 --> 00:01:41,080 Speaker 6: job leavers and and if job leavers are getting more 35 00:01:41,480 --> 00:01:44,560 Speaker 6: higher wages when they leave, and and and the like. 36 00:01:44,640 --> 00:01:46,440 Speaker 6: So you know, I need to dig into the data 37 00:01:46,440 --> 00:01:49,840 Speaker 6: a little bit more. The dourables numbers were also kind 38 00:01:49,840 --> 00:01:54,200 Speaker 6: of important because the durable goods orders had slipped in 39 00:01:54,240 --> 00:01:56,200 Speaker 6: the second half of last year, and now they seem 40 00:01:56,240 --> 00:01:59,320 Speaker 6: to be at a reasonably steady state now. So that's 41 00:01:59,440 --> 00:02:01,840 Speaker 6: not a it's not showing that the economy is really 42 00:02:01,880 --> 00:02:04,320 Speaker 6: falling off a cliff by any stretch, but maybe things 43 00:02:04,320 --> 00:02:05,360 Speaker 6: are slung just a little. 44 00:02:07,720 --> 00:02:10,480 Speaker 7: So I again, as Alex is pointing out, we've had 45 00:02:10,480 --> 00:02:13,040 Speaker 7: a pullback, a noticeable pullback in rates here. I was 46 00:02:13,040 --> 00:02:15,320 Speaker 7: looking at the ten year four point three four percent here, 47 00:02:15,680 --> 00:02:18,320 Speaker 7: although the mortgage rate is still sitting stubbornly just above 48 00:02:18,400 --> 00:02:21,920 Speaker 7: seven percent. Is this a technical move in the marketplace, Ira, 49 00:02:22,040 --> 00:02:25,480 Speaker 7: or is this some fundamentals some folks kind of really 50 00:02:25,520 --> 00:02:27,079 Speaker 7: putting some positions on one or the other. 51 00:02:27,680 --> 00:02:30,600 Speaker 6: Yeah, people are definitely short covering a little bit, as 52 00:02:30,600 --> 00:02:33,600 Speaker 6: well as maybe adding a little bit of duration risk here. 53 00:02:34,120 --> 00:02:38,560 Speaker 6: You mentioned, Paul the twenty ishpass point rally in the 54 00:02:39,560 --> 00:02:41,799 Speaker 6: in the two year note, and I think that s 55 00:02:41,840 --> 00:02:44,520 Speaker 6: endemic of the idea that you know, we had basically 56 00:02:44,520 --> 00:02:46,600 Speaker 6: priced out almost every cut this year, and we're now 57 00:02:46,639 --> 00:02:49,600 Speaker 6: pricing in maybe the chance of a cut again, especially 58 00:02:49,600 --> 00:02:54,280 Speaker 6: after yesterday's ism. Manufacturing numbers and the new orders numbers 59 00:02:54,320 --> 00:02:57,520 Speaker 6: really slipped hard, and that has historically been a pretty 60 00:02:57,560 --> 00:03:00,600 Speaker 6: decent indicator of where the economy's head it. So the 61 00:03:00,600 --> 00:03:03,400 Speaker 6: market is getting in front of what it perceives, maybe 62 00:03:03,520 --> 00:03:06,400 Speaker 6: as a deeper slow down than they had been expecting 63 00:03:06,680 --> 00:03:09,480 Speaker 6: prior to seeing some of that data. You look at 64 00:03:09,520 --> 00:03:11,919 Speaker 6: the tenure Yale and we're still we're at the bottom 65 00:03:12,040 --> 00:03:14,560 Speaker 6: end of what's been a bit of a range talking 66 00:03:14,600 --> 00:03:17,679 Speaker 6: about broadly speaking, four point three percent to maybe four 67 00:03:17,680 --> 00:03:20,799 Speaker 6: point five four point six percent, And now that we're 68 00:03:20,880 --> 00:03:22,920 Speaker 6: kind of at the lower end of that range, I 69 00:03:22,919 --> 00:03:25,679 Speaker 6: suspect that you'll start to see the momentum slip. But 70 00:03:26,040 --> 00:03:29,240 Speaker 6: but four point three percent is a pretty important technical level. 71 00:03:29,280 --> 00:03:31,680 Speaker 6: We break below that, and we could wind up testing 72 00:03:31,680 --> 00:03:35,880 Speaker 6: a low four percent kind of area once we do so, 73 00:03:36,160 --> 00:03:38,680 Speaker 6: and it'll be interesting to see how many people have 74 00:03:39,160 --> 00:03:43,080 Speaker 6: kind of stop losses there in terms of you know, 75 00:03:43,120 --> 00:03:45,680 Speaker 6: once we break below that, the shorts might get really 76 00:03:46,160 --> 00:03:49,160 Speaker 6: really nervous and wind up covering very dramatically, and you 77 00:03:49,200 --> 00:03:52,600 Speaker 6: can often see pretty big moves on once that sorts 78 00:03:52,600 --> 00:03:53,000 Speaker 6: of pickup. 79 00:03:53,000 --> 00:03:56,680 Speaker 3: Steve, Well, yeah, that's what I was going to ask, 80 00:03:56,720 --> 00:03:58,840 Speaker 3: because headed into jobs Friday. 81 00:03:58,960 --> 00:03:59,640 Speaker 4: It's positioning. 82 00:04:00,440 --> 00:04:02,800 Speaker 3: Is there one side or another in terms of too 83 00:04:02,840 --> 00:04:04,160 Speaker 3: many longs, too many shorts? 84 00:04:05,760 --> 00:04:07,600 Speaker 6: I don't think that there's too many at the moment. 85 00:04:08,200 --> 00:04:10,839 Speaker 6: You know, the positioning data in treasuries is a little 86 00:04:10,880 --> 00:04:12,960 Speaker 6: bit hard to come by because it's a matter of 87 00:04:13,840 --> 00:04:16,360 Speaker 6: a matter of who actually owns it and aren't those hands, 88 00:04:16,920 --> 00:04:19,440 Speaker 6: you know, sticky or not? And what you do see 89 00:04:19,440 --> 00:04:21,720 Speaker 6: you look at things like the j p. Morgan Treasury 90 00:04:21,720 --> 00:04:24,680 Speaker 6: Sentiment survey that they do with some of their customers, 91 00:04:24,720 --> 00:04:28,359 Speaker 6: and that shows that that that investors are a little 92 00:04:28,360 --> 00:04:30,680 Speaker 6: bit long, but not very long. You look at some 93 00:04:30,760 --> 00:04:33,760 Speaker 6: futures positioning and certainly people have been lightening up their 94 00:04:33,800 --> 00:04:38,080 Speaker 6: shorts in with using treasury futures. So all of those 95 00:04:38,080 --> 00:04:41,279 Speaker 6: things really I think lead me to believe that we're 96 00:04:41,320 --> 00:04:44,520 Speaker 6: probably not over our skis one way or the other. 97 00:04:44,960 --> 00:04:47,279 Speaker 6: Unlike when we were at four point seven percent on 98 00:04:47,320 --> 00:04:49,080 Speaker 6: the ten year yield, when a lot of people were 99 00:04:49,120 --> 00:04:51,039 Speaker 6: really short and it seemed like, you know, if you 100 00:04:51,080 --> 00:04:52,640 Speaker 6: got any pullback, it was going to wind up being 101 00:04:52,640 --> 00:04:56,640 Speaker 6: pretty dramatic. So but but nonetheless, I think people are 102 00:04:56,680 --> 00:04:59,719 Speaker 6: still a little bit skittish. People are still uncertain, and 103 00:04:59,760 --> 00:05:03,880 Speaker 6: the the fact that people you know, aren't particularly in 104 00:05:03,920 --> 00:05:06,719 Speaker 6: one risk or the other, then putting on that risk 105 00:05:06,720 --> 00:05:09,600 Speaker 6: could wind up moving the market pretty dramatically. Because liquidity 106 00:05:09,760 --> 00:05:12,000 Speaker 6: just isn't what it used to be in the treasury market. 107 00:05:12,520 --> 00:05:14,520 Speaker 6: You could still see, you know, ten to fifteen basis 108 00:05:14,520 --> 00:05:17,880 Speaker 6: point moves on things that you wouldn't expect there to 109 00:05:17,920 --> 00:05:22,080 Speaker 6: be as dramatic of a movement. Yesterday's the Ism report 110 00:05:22,120 --> 00:05:23,839 Speaker 6: as a case, in point, you know, a nine basis 111 00:05:23,839 --> 00:05:27,400 Speaker 6: point movement in ten year treasuries on guess a bad report, 112 00:05:27,440 --> 00:05:29,960 Speaker 6: but it wasn't like insanely bad by any stretch of 113 00:05:29,960 --> 00:05:30,560 Speaker 6: the imagination. 114 00:05:32,720 --> 00:05:36,960 Speaker 7: All right, Ira, next Wednesday, Fed Day, what are the 115 00:05:37,000 --> 00:05:37,719 Speaker 7: smart people like you? 116 00:05:37,760 --> 00:05:39,400 Speaker 5: What are you going to be listening for? 117 00:05:40,800 --> 00:05:44,120 Speaker 6: Well, certainly you know we get Friday's payrolls report first, Paul, 118 00:05:44,160 --> 00:05:47,320 Speaker 6: But yeah, next next week, it's really going to be 119 00:05:47,440 --> 00:05:50,560 Speaker 6: what is what is the propensity? And has anything change 120 00:05:50,640 --> 00:05:54,000 Speaker 6: from the last meeting in terms of they're being on 121 00:05:54,080 --> 00:05:58,760 Speaker 6: hold consensus, So we suspect that their base case is 122 00:05:58,800 --> 00:06:00,839 Speaker 6: going to be where holding rates where they are until 123 00:06:00,839 --> 00:06:03,600 Speaker 6: it's clear that the economy is falling out of bed 124 00:06:03,760 --> 00:06:09,000 Speaker 6: or inflation has is healthily going toward their target of 125 00:06:09,080 --> 00:06:12,760 Speaker 6: two percent. And you know that that ladder on the inflation, 126 00:06:12,920 --> 00:06:15,159 Speaker 6: it doesn't seem likely that you're going to get a 127 00:06:15,200 --> 00:06:18,640 Speaker 6: significant downtick and inflation over the next couple of months. 128 00:06:18,680 --> 00:06:21,479 Speaker 6: So you know, quite frankly, if if they don't cut 129 00:06:21,480 --> 00:06:23,720 Speaker 6: in July, I doubt that the Fed will make its 130 00:06:23,760 --> 00:06:27,599 Speaker 6: first cut in September for a couple of reasons. The 131 00:06:27,640 --> 00:06:29,600 Speaker 6: election certainly is part of that. In the back of 132 00:06:29,640 --> 00:06:31,960 Speaker 6: their minds. They won't never admit that, but I suspect 133 00:06:32,000 --> 00:06:34,719 Speaker 6: that it is. But but if the data is not 134 00:06:34,800 --> 00:06:38,479 Speaker 6: that bad from their standpoint, look, waiting six weeks, you know, 135 00:06:38,560 --> 00:06:42,160 Speaker 6: cutting in November, you know that's that That's probably what 136 00:06:42,200 --> 00:06:45,520 Speaker 6: we're going to be listening for, is what's there? What's 137 00:06:45,560 --> 00:06:46,200 Speaker 6: their triggers? 138 00:06:46,279 --> 00:06:46,440 Speaker 8: Right? 139 00:06:46,520 --> 00:06:50,080 Speaker 6: And and you've heard some speakers talk a little bit 140 00:06:50,080 --> 00:06:53,200 Speaker 6: differently than what Jay Powell said in early May, like 141 00:06:53,320 --> 00:06:56,560 Speaker 6: talking about the potential for hikes if inflation were to reaccelerate. 142 00:06:57,120 --> 00:06:59,480 Speaker 6: So it would be interesting to hear Jay Powell in 143 00:06:59,520 --> 00:07:02,800 Speaker 6: the Prescot difference if he actually says something about that, 144 00:07:02,839 --> 00:07:05,240 Speaker 6: because you refuse to do that in May. And if 145 00:07:05,240 --> 00:07:06,919 Speaker 6: he comes out and says, yeah, we're a little bit 146 00:07:06,960 --> 00:07:09,680 Speaker 6: more symmetric. Certainly if inflation goes up, we'll we'll have 147 00:07:09,720 --> 00:07:13,120 Speaker 6: to hike more. He was given every opportunity to May 148 00:07:13,200 --> 00:07:14,239 Speaker 6: to say that and he just didn't. 149 00:07:17,040 --> 00:07:20,440 Speaker 3: All Right, last question here for us Ayra. You mentioned 150 00:07:20,840 --> 00:07:22,920 Speaker 3: what are the Central Bank triggers? And I'm wondering if 151 00:07:22,960 --> 00:07:24,120 Speaker 3: the spotlight it puts on the. 152 00:07:24,080 --> 00:07:25,320 Speaker 4: ECB on Thursday. 153 00:07:25,360 --> 00:07:28,560 Speaker 3: It feels like the June cut has been widely telegraphed 154 00:07:28,840 --> 00:07:31,760 Speaker 3: and I'm wondering how you see those differentials really playing out. 155 00:07:33,720 --> 00:07:38,160 Speaker 6: Yeah, So if the ECB doesn't cut as as is anticipated, 156 00:07:38,280 --> 00:07:40,560 Speaker 6: then that then I think you can wind up seeing 157 00:07:40,600 --> 00:07:43,800 Speaker 6: some pretty dramatic market action. You probably see front end 158 00:07:44,280 --> 00:07:46,600 Speaker 6: yields go up a little bit globally, not only in 159 00:07:46,640 --> 00:07:50,120 Speaker 6: Europe but also here in the US. The global rates 160 00:07:50,160 --> 00:07:55,200 Speaker 6: markets have been reasonably correlated, although the ECB, the europe 161 00:07:55,600 --> 00:07:59,000 Speaker 6: boon market, and German yields have diverged a little bit 162 00:07:59,000 --> 00:08:01,440 Speaker 6: from the US. It really comes down to I think 163 00:08:01,440 --> 00:08:03,360 Speaker 6: that the big moves that you'll probably see if something 164 00:08:03,360 --> 00:08:05,120 Speaker 6: like that happens, will be in Fax. And I do 165 00:08:05,200 --> 00:08:09,440 Speaker 6: think that the euro could move pretty dramatically and it 166 00:08:09,520 --> 00:08:13,040 Speaker 6: may be strengthen quite a lot if the if the 167 00:08:13,320 --> 00:08:15,760 Speaker 6: the ECB doesn't cut interest rates. 168 00:08:17,440 --> 00:08:19,360 Speaker 7: All right, Irack, thank you so much for We appreciate that. 169 00:08:19,440 --> 00:08:22,320 Speaker 7: Ira Jersey, interest rate strategist for Bloomberg Intelligence. 170 00:08:23,760 --> 00:08:27,640 Speaker 2: You're listening to the Bloomberg Intelligence podcast. Catch us live 171 00:08:27,720 --> 00:08:31,240 Speaker 2: weekdays at ten am Eastern on applecar Play and Android 172 00:08:31,280 --> 00:08:34,040 Speaker 2: Auto with the Bloomberg Business aff You can also listen 173 00:08:34,160 --> 00:08:37,240 Speaker 2: live on Amazon Alexa from our flagship New York station. 174 00:08:37,640 --> 00:08:40,400 Speaker 2: Just say Alexa Play Bloomberg eleven thirty. 175 00:08:42,360 --> 00:08:45,120 Speaker 3: The other big story we're keeping our eye on is 176 00:08:45,200 --> 00:08:48,480 Speaker 3: India's election. The stock market is completely plummeted here, racing 177 00:08:48,520 --> 00:08:51,199 Speaker 3: about three hundred and eighty six billion dollars in market value. 178 00:08:51,720 --> 00:08:54,240 Speaker 3: The tally signal that Prime Minister in Norandom Mode's ruling 179 00:08:54,280 --> 00:08:57,240 Speaker 3: party was struggling to win a majority of seats, and 180 00:08:57,280 --> 00:08:58,559 Speaker 3: that was very much a surprise. 181 00:08:58,600 --> 00:09:00,959 Speaker 4: And Neranda Mode is speaking right now as well. 182 00:09:01,000 --> 00:09:02,800 Speaker 3: We've been waiting for this address to the nation and 183 00:09:02,840 --> 00:09:06,600 Speaker 3: he's finally speaking, joining us dance from Bloomberg senior reporter 184 00:09:07,080 --> 00:09:07,960 Speaker 3: in New Delhi. 185 00:09:08,000 --> 00:09:10,440 Speaker 4: What do we know from what Random Modi is saying 186 00:09:10,520 --> 00:09:12,600 Speaker 4: right now, Well. 187 00:09:12,400 --> 00:09:16,840 Speaker 9: I mean it's looking like Mody, his BJP party, which 188 00:09:16,840 --> 00:09:21,160 Speaker 9: has ruled India with quite a substantial majority for the 189 00:09:21,240 --> 00:09:24,240 Speaker 9: last ten years, is going to be losing its majority 190 00:09:24,800 --> 00:09:27,520 Speaker 9: in the parliament and is going to have to form 191 00:09:27,559 --> 00:09:31,200 Speaker 9: a government with its coalition partners. So it's really a 192 00:09:31,280 --> 00:09:37,040 Speaker 9: major electoral setback for Mody, an electoral setback for the BJP, 193 00:09:37,760 --> 00:09:41,720 Speaker 9: and I mean, more than anything, just quite a surprise 194 00:09:41,920 --> 00:09:46,360 Speaker 9: to everybody here today. I mean, the ruling party was 195 00:09:46,360 --> 00:09:50,880 Speaker 9: going into this election very optimistic, very confident of expanding 196 00:09:50,880 --> 00:09:53,800 Speaker 9: its majority in Parliament, of getting a two thirds majority 197 00:09:53,840 --> 00:09:57,920 Speaker 9: with its alliance partners, and it's looking like a total 198 00:09:57,960 --> 00:10:00,200 Speaker 9: reversal on all those fronts. 199 00:10:01,720 --> 00:10:03,480 Speaker 5: So, Dan, what are the people saying here? What are 200 00:10:03,480 --> 00:10:05,680 Speaker 5: the voters saying here? What don't they like? 201 00:10:05,840 --> 00:10:07,720 Speaker 7: What are they pushing back on in terms of the 202 00:10:07,760 --> 00:10:09,080 Speaker 7: Modi administration. 203 00:10:10,040 --> 00:10:14,559 Speaker 9: Well, one message that's emerging is that there's a real 204 00:10:15,120 --> 00:10:20,760 Speaker 9: sort of simmering discontent with the economy that propelled a 205 00:10:20,760 --> 00:10:23,800 Speaker 9: lot of a lot of voters at the polls during 206 00:10:23,960 --> 00:10:27,480 Speaker 9: during the selection. I mean, you know, we know that 207 00:10:27,520 --> 00:10:30,400 Speaker 9: India's India is really a big economic success story, I 208 00:10:30,400 --> 00:10:33,960 Speaker 9: mean eight percent economic growth in the most recent fiscal year, 209 00:10:34,760 --> 00:10:37,680 Speaker 9: you know, a really a growing presence on the world 210 00:10:37,800 --> 00:10:42,360 Speaker 9: stage and and a rising manufacturer. But below the surface, 211 00:10:42,400 --> 00:10:45,600 Speaker 9: there's a lot of issues. There's issues with high levels 212 00:10:45,640 --> 00:10:50,800 Speaker 9: of joblessness, rising inflation, widening inequality. I mean, these are 213 00:10:50,840 --> 00:10:54,920 Speaker 9: all issues that have really you know, grown in in 214 00:10:55,120 --> 00:10:59,000 Speaker 9: salience over the last ten years and that that Modi 215 00:10:59,080 --> 00:11:01,320 Speaker 9: and the b JP have i have really struggled to address. 216 00:11:01,360 --> 00:11:04,320 Speaker 9: And there these are issues that the opposition really seized 217 00:11:04,400 --> 00:11:06,360 Speaker 9: upon in this campaign. 218 00:11:08,480 --> 00:11:09,480 Speaker 4: All Right, Dan, thanks a lot. 219 00:11:09,520 --> 00:11:11,800 Speaker 3: We really appreciate looking forward not to hear any more 220 00:11:11,800 --> 00:11:14,000 Speaker 3: of what Dranda Movie will say in this national address. 221 00:11:14,040 --> 00:11:16,680 Speaker 4: And Stump Bloomberg, Senior reporter in New Delhi. 222 00:11:18,120 --> 00:11:22,000 Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live 223 00:11:22,080 --> 00:11:24,720 Speaker 2: weekdays at ten am Eastern on Apple car Playing and 224 00:11:24,920 --> 00:11:27,800 Speaker 2: broyd Outo with the Bloomberg Business app. Listen on demand 225 00:11:27,840 --> 00:11:32,160 Speaker 2: wherever you get your podcasts, or watch us live on YouTube. 226 00:11:33,360 --> 00:11:35,240 Speaker 7: All right, Alix, here's the stuff that just gets me 227 00:11:35,280 --> 00:11:37,840 Speaker 7: every time you come here. BNY Mellon is the world's 228 00:11:37,920 --> 00:11:41,240 Speaker 7: largest custodian and Pershing is now the second largest business 229 00:11:41,240 --> 00:11:42,240 Speaker 7: within BNY Melon. 230 00:11:42,480 --> 00:11:43,839 Speaker 5: And I've done business. 231 00:11:43,600 --> 00:11:45,880 Speaker 7: With Purging for thirty years, but every five years they 232 00:11:45,880 --> 00:11:47,319 Speaker 7: have a different owner. It teams like, but it seems like 233 00:11:47,320 --> 00:11:50,680 Speaker 7: they found a home here BNY. So we are in Nashville, 234 00:11:50,679 --> 00:11:54,280 Speaker 7: Tennessee the Grand Gaylord oppuland Resort in Nashville for the 235 00:11:54,280 --> 00:11:57,000 Speaker 7: bn Y Melon Insight Conference. Alex Steel and Paul Sweeney 236 00:11:57,320 --> 00:11:59,679 Speaker 7: we're joined right now. We're very appreciative to get some 237 00:11:59,720 --> 00:12:01,440 Speaker 7: time with Jim Crowley Global ahead of b and Y 238 00:12:01,480 --> 00:12:04,880 Speaker 7: Mellon's perject business. He joins us here on site Jim, 239 00:12:04,880 --> 00:12:06,960 Speaker 7: thanks so much for having us did this year. I 240 00:12:07,040 --> 00:12:09,640 Speaker 7: know it's a you got two thousand financial advisors around here. 241 00:12:09,640 --> 00:12:11,760 Speaker 7: They've all got their own agendas, But what's the theme 242 00:12:11,800 --> 00:12:14,360 Speaker 7: you're trying to get across to the folks here? 243 00:12:14,679 --> 00:12:19,720 Speaker 10: So two thousand advisors, correct and thought leadership people. So 244 00:12:20,240 --> 00:12:22,920 Speaker 10: the theme that we're trying to get across is how 245 00:12:22,920 --> 00:12:25,600 Speaker 10: do you take your business to the next level? Because 246 00:12:25,600 --> 00:12:30,240 Speaker 10: we believe that scale, productivity, and growth are the lifeblood 247 00:12:30,440 --> 00:12:35,320 Speaker 10: of our industry. And at bn Y Melon, who is 248 00:12:35,400 --> 00:12:38,440 Speaker 10: by the way, celebrating its two hundred and fortieth year 249 00:12:39,160 --> 00:12:43,679 Speaker 10: in business, we believe that there's so much value embedded 250 00:12:43,880 --> 00:12:47,040 Speaker 10: in the bing Y Melon franchise that we can unlock 251 00:12:47,320 --> 00:12:50,640 Speaker 10: and deliver these to financial advisors to help power their 252 00:12:50,679 --> 00:12:51,560 Speaker 10: growth in the future. 253 00:12:51,920 --> 00:12:54,120 Speaker 3: And what does that growth look like in the future? 254 00:12:54,160 --> 00:12:57,000 Speaker 3: Like what's new today that wouldn't have been here a 255 00:12:57,080 --> 00:12:57,439 Speaker 3: year ago? 256 00:12:57,760 --> 00:13:00,200 Speaker 10: Well, I think what's new today is that people. People 257 00:13:00,280 --> 00:13:03,720 Speaker 10: are more and more coming to the realization how complex 258 00:13:03,840 --> 00:13:07,360 Speaker 10: this business is and becoming even more complex than the environment, 259 00:13:07,400 --> 00:13:11,960 Speaker 10: whether it's macro things related to technology, regulation or just 260 00:13:12,000 --> 00:13:15,960 Speaker 10: the economy and how much energy and how much investment 261 00:13:16,080 --> 00:13:19,240 Speaker 10: dollars they have to invest in operating the business, So 262 00:13:19,320 --> 00:13:23,040 Speaker 10: how can they outsource things to be more efficient, more productive, 263 00:13:23,240 --> 00:13:27,880 Speaker 10: drive more scale, and sort of eliminate those binding constraints 264 00:13:27,880 --> 00:13:28,480 Speaker 10: to their growth. 265 00:13:28,760 --> 00:13:30,720 Speaker 7: You know, one of the great stories I think in 266 00:13:31,440 --> 00:13:36,400 Speaker 7: personal wealth management is this whole transition or bequeathment, if 267 00:13:36,400 --> 00:13:38,760 Speaker 7: you will, of the wealth of the baby boomer generation 268 00:13:39,400 --> 00:13:41,880 Speaker 7: to the next generation. So, if I'm a financial advisor, 269 00:13:42,360 --> 00:13:44,360 Speaker 7: I'm not just a stock and bond person. 270 00:13:44,440 --> 00:13:45,080 Speaker 5: I got to think. 271 00:13:45,000 --> 00:13:47,360 Speaker 7: About estates and wills and taxation and all that kind 272 00:13:47,400 --> 00:13:47,800 Speaker 7: of stuff. 273 00:13:48,320 --> 00:13:49,720 Speaker 5: How do you guys help them with that? 274 00:13:49,960 --> 00:13:52,920 Speaker 10: Yeah, planning is certainly becoming more and more part of 275 00:13:52,960 --> 00:13:56,560 Speaker 10: the formula, right, So investment management used to sort of 276 00:13:56,600 --> 00:13:59,720 Speaker 10: be the core competency of a financial advisor, but now 277 00:13:59,760 --> 00:14:01,160 Speaker 10: it's it's a different story. 278 00:14:01,240 --> 00:14:01,400 Speaker 5: Right. 279 00:14:01,440 --> 00:14:04,200 Speaker 10: You have to have a breath of large breath of 280 00:14:04,280 --> 00:14:07,200 Speaker 10: services that you can offer to every one of your 281 00:14:07,200 --> 00:14:09,840 Speaker 10: clients because their financial lives are becoming more and more complex. 282 00:14:09,880 --> 00:14:13,079 Speaker 10: And so we put out in the marketplace a platform 283 00:14:13,120 --> 00:14:16,160 Speaker 10: to offer all those things, whether it's planning, whether it's 284 00:14:16,280 --> 00:14:21,480 Speaker 10: tax transition work, whether it's estate planning, and providing them 285 00:14:21,480 --> 00:14:24,240 Speaker 10: with investment management tools and all the other products that 286 00:14:24,240 --> 00:14:26,280 Speaker 10: they need in order to be successful with advisors. 287 00:14:26,360 --> 00:14:28,880 Speaker 4: We were talking earlier about greyscale having a boost right 288 00:14:28,920 --> 00:14:32,000 Speaker 4: behind you. Yeah, that's different, is it not? 289 00:14:32,480 --> 00:14:32,880 Speaker 5: It is? 290 00:14:33,040 --> 00:14:36,240 Speaker 10: It is different, And in fact, you know, if you 291 00:14:36,320 --> 00:14:39,560 Speaker 10: take a three year sort of perspective on the business, 292 00:14:40,000 --> 00:14:44,040 Speaker 10: we have this thought that almost every portfolio will have 293 00:14:44,160 --> 00:14:49,920 Speaker 10: some tokenized asset in their portfolio in three years. 294 00:14:50,280 --> 00:14:54,239 Speaker 3: Wow, how much of the portfolio well to be determined? 295 00:14:54,320 --> 00:14:57,680 Speaker 10: Right, whether it's that five percent or that ten percent. 296 00:14:57,640 --> 00:14:59,920 Speaker 4: That's a big difference if you're a bitcoin older. 297 00:15:00,120 --> 00:15:02,720 Speaker 10: Big difference at yeah, sixty six or wherever we're at. 298 00:15:03,080 --> 00:15:05,440 Speaker 5: Yeah, So tell us about security. 299 00:15:05,480 --> 00:15:07,320 Speaker 7: If I think about a system, a financial system, I 300 00:15:07,360 --> 00:15:10,080 Speaker 7: mean a Bloomberg. We take data security and the security 301 00:15:10,120 --> 00:15:13,880 Speaker 7: of our system extraordinarily seriously, and I know that folks 302 00:15:13,880 --> 00:15:15,960 Speaker 7: in the financial services industry have to do as well. 303 00:15:16,160 --> 00:15:18,160 Speaker 7: So I'm a wealth manager out there trying to serve 304 00:15:18,200 --> 00:15:21,800 Speaker 7: my clients. How do I feel secure about maybe your platform? 305 00:15:21,840 --> 00:15:22,960 Speaker 7: We're just platforms in general. 306 00:15:23,120 --> 00:15:26,360 Speaker 10: Yeah, So what comes along with being a two hundred 307 00:15:26,360 --> 00:15:30,040 Speaker 10: and forty year old institution is this notion of resiliency 308 00:15:30,640 --> 00:15:34,440 Speaker 10: and being a globally systematic important bank. We have a 309 00:15:34,440 --> 00:15:36,520 Speaker 10: lot of help with making certain that all of our 310 00:15:36,560 --> 00:15:39,440 Speaker 10: systems and all of our data are well protected and 311 00:15:39,600 --> 00:15:43,440 Speaker 10: backed up. And so we take great pride in everything 312 00:15:43,440 --> 00:15:46,800 Speaker 10: we do around cyber resiliency. And we also take great 313 00:15:46,840 --> 00:15:49,680 Speaker 10: pride by the way and making data available to clients 314 00:15:50,720 --> 00:15:54,120 Speaker 10: because these clients, these financial advisors, need those insights, and 315 00:15:54,120 --> 00:15:57,040 Speaker 10: so we're working hard on trying to create the tools 316 00:15:57,040 --> 00:16:00,280 Speaker 10: that they need to not only stay resilient in their 317 00:16:00,400 --> 00:16:03,880 Speaker 10: operating environment, but also to create value with the data 318 00:16:03,920 --> 00:16:04,360 Speaker 10: that we have. 319 00:16:04,880 --> 00:16:08,320 Speaker 4: So, how many wealth advisors financial advisors are here? Two thousand? 320 00:16:08,560 --> 00:16:11,640 Speaker 10: Well, give or take there are two thousand attendees. There 321 00:16:11,720 --> 00:16:16,040 Speaker 10: are roughly one thousand, roughly fifty percent our advisors, and 322 00:16:16,080 --> 00:16:19,560 Speaker 10: then you know, roughly the next half is going to 323 00:16:19,600 --> 00:16:24,760 Speaker 10: be thought leaders exhibitors that are here, and then a 324 00:16:24,800 --> 00:16:26,880 Speaker 10: group of us who are in client coverage business. 325 00:16:27,040 --> 00:16:30,320 Speaker 3: Do we have too many wealth managers, too many financial advisors? 326 00:16:30,360 --> 00:16:32,920 Speaker 10: Well, that's a very interesting question, you know, because I 327 00:16:33,000 --> 00:16:35,479 Speaker 10: think this. I don't think we have enough wealth. 328 00:16:35,240 --> 00:16:36,920 Speaker 5: Managers really in the US. 329 00:16:37,160 --> 00:16:41,080 Speaker 10: The demand for I think wealth advice is only going 330 00:16:41,280 --> 00:16:44,960 Speaker 10: higher given the complexity of the operating environment. And let's 331 00:16:45,000 --> 00:16:47,680 Speaker 10: be let's be disorder, said the way it is, wealth 332 00:16:47,720 --> 00:16:50,840 Speaker 10: managers are aging out of the industry, so we need 333 00:16:50,880 --> 00:16:54,760 Speaker 10: to bring the next generation of wealth managers into the market. 334 00:16:55,360 --> 00:16:58,800 Speaker 7: Sweeney Offspring number three is going into that business right now. 335 00:16:59,080 --> 00:16:59,960 Speaker 4: Take Yeah, that's cool. 336 00:17:00,440 --> 00:17:02,960 Speaker 7: Finally one out of forest following on Wall Street. I 337 00:17:03,000 --> 00:17:05,119 Speaker 7: guess that's not a too bad of an average. How 338 00:17:05,119 --> 00:17:09,199 Speaker 7: about consolidation in this business. There's a lot of you know, 339 00:17:09,320 --> 00:17:12,200 Speaker 7: mom and pop advisors out there, and I would think, 340 00:17:12,200 --> 00:17:14,720 Speaker 7: as you mentioned the complexity of the business, just managing 341 00:17:14,760 --> 00:17:17,280 Speaker 7: the business getting so much more, is there going to 342 00:17:17,320 --> 00:17:18,640 Speaker 7: see more consolidation do you think? 343 00:17:18,720 --> 00:17:21,359 Speaker 10: I think the consolidation is going to continue, to call it, 344 00:17:21,480 --> 00:17:24,640 Speaker 10: and we sort of see this separation happen. You have 345 00:17:25,920 --> 00:17:28,400 Speaker 10: a large number of firms now who are becoming even 346 00:17:28,560 --> 00:17:31,679 Speaker 10: larger as a result of not only organic growth, but 347 00:17:31,760 --> 00:17:34,280 Speaker 10: inorganic growth, and that's going to continue to sort of happen, 348 00:17:34,359 --> 00:17:37,720 Speaker 10: we believe. And then at the other end of the spectrum, 349 00:17:37,760 --> 00:17:40,400 Speaker 10: there are several niche firms who are going to continue 350 00:17:40,400 --> 00:17:44,240 Speaker 10: to operate as they do, who operate at scale in 351 00:17:44,359 --> 00:17:48,600 Speaker 10: their market and stay at that size. But in order 352 00:17:48,640 --> 00:17:50,760 Speaker 10: to get to that scale that I was just talking 353 00:17:50,760 --> 00:17:52,879 Speaker 10: about a moment ago, as a result of M and A, 354 00:17:53,680 --> 00:17:58,439 Speaker 10: you really do need more resiliency, more structure around what 355 00:17:58,560 --> 00:17:59,439 Speaker 10: it is you're trying to do. 356 00:18:00,040 --> 00:18:02,560 Speaker 3: So took the point if you put these points together, 357 00:18:02,920 --> 00:18:05,400 Speaker 3: Lisa Mantaya, I was just talking about game Stop and 358 00:18:05,440 --> 00:18:08,200 Speaker 3: Paul was horrified and rolled his eyes. But the idea 359 00:18:08,280 --> 00:18:10,480 Speaker 3: that a lot of young people and not even young people, 360 00:18:10,480 --> 00:18:12,959 Speaker 3: but people think they can do this themselves, that they 361 00:18:13,000 --> 00:18:15,320 Speaker 3: don't need help, and that they have the tools online 362 00:18:15,359 --> 00:18:18,480 Speaker 3: to manage their own money. How do you what do 363 00:18:18,520 --> 00:18:19,439 Speaker 3: you tell them with that? 364 00:18:20,119 --> 00:18:22,680 Speaker 10: I think that the tools are getting much much better 365 00:18:22,720 --> 00:18:25,560 Speaker 10: for people to manage their own money, and the product 366 00:18:25,600 --> 00:18:29,320 Speaker 10: availability and the education material is becoming much more prevalent 367 00:18:29,320 --> 00:18:33,840 Speaker 10: in the marketplace. However, money is very emotional, and when 368 00:18:33,840 --> 00:18:36,520 Speaker 10: you get to a certain asset level or wealth level, 369 00:18:36,720 --> 00:18:41,520 Speaker 10: or your life complexity changes, having another person sitting there 370 00:18:41,560 --> 00:18:44,400 Speaker 10: alongside of you to coach you through that and even 371 00:18:44,440 --> 00:18:48,720 Speaker 10: out those emotional spikes is super important. So I think 372 00:18:48,760 --> 00:18:51,880 Speaker 10: the wealth industry is really well positioned over the next 373 00:18:51,960 --> 00:18:54,879 Speaker 10: number of years, as wealth expands and it is the 374 00:18:54,880 --> 00:18:58,560 Speaker 10: fastest growing marketplace, that there's going to be a need 375 00:18:58,600 --> 00:19:03,359 Speaker 10: for wealth advisors, more of them and their role and 376 00:19:03,440 --> 00:19:05,880 Speaker 10: their value in the relationship is only going to get 377 00:19:05,880 --> 00:19:07,600 Speaker 10: greater as more complexity ners. 378 00:19:08,119 --> 00:19:10,520 Speaker 7: So since I've been on Wall Street more than thirty years, 379 00:19:10,840 --> 00:19:14,440 Speaker 7: the story has been brokers leaving financial advisors, leaving the 380 00:19:14,480 --> 00:19:16,000 Speaker 7: wirehouses and going out on their own. 381 00:19:16,160 --> 00:19:17,959 Speaker 5: Yeah, that hasn't changed, has it. 382 00:19:18,240 --> 00:19:22,560 Speaker 10: I don't think that has changed. I mean there is. Look, 383 00:19:22,600 --> 00:19:25,880 Speaker 10: there's a shift in the industry. From when we started 384 00:19:25,880 --> 00:19:28,080 Speaker 10: in the business, one hundred percent of the things that 385 00:19:28,119 --> 00:19:31,679 Speaker 10: we did were commission based. Today the majority of the 386 00:19:31,720 --> 00:19:34,800 Speaker 10: business that we have on our platform is advisory based. 387 00:19:35,480 --> 00:19:39,920 Speaker 10: And so I think this idea of financial advisors, more 388 00:19:39,960 --> 00:19:42,199 Speaker 10: and more of them needed for the industry, and the 389 00:19:42,320 --> 00:19:44,639 Speaker 10: idea that some of them want to run their own 390 00:19:44,720 --> 00:19:48,320 Speaker 10: business will continue to sort of be a trend. But 391 00:19:48,440 --> 00:19:51,320 Speaker 10: I think more of those firms now, Paul, are looking 392 00:19:51,359 --> 00:19:55,600 Speaker 10: to land someplace as opposed to start of building something 393 00:19:55,680 --> 00:19:58,400 Speaker 10: fresh from the start, because it's pretty it's pretty hard. 394 00:19:59,400 --> 00:20:02,280 Speaker 4: Jim, wonderful to chat with you. Thank you so much. 395 00:20:02,320 --> 00:20:04,760 Speaker 3: I learned a ton Jim Crowley, Global head of b 396 00:20:04,840 --> 00:20:07,760 Speaker 3: and Yatt Melling's pershing and good luck on your keynotes. 397 00:20:07,840 --> 00:20:11,120 Speaker 10: You haven't given it yet, right, No, it's nott there all. 398 00:20:11,080 --> 00:20:14,280 Speaker 4: Right deep teas there enjoy that as well. 399 00:20:14,480 --> 00:20:17,720 Speaker 3: We have to wonder though, as people become more confident 400 00:20:17,760 --> 00:20:21,600 Speaker 3: in their way of trading or operating, like are they how. 401 00:20:21,480 --> 00:20:23,880 Speaker 4: Long are they able to put off a financial advisor? 402 00:20:23,920 --> 00:20:26,320 Speaker 3: Does it come with the kid your first house? Like 403 00:20:26,400 --> 00:20:29,320 Speaker 3: what is that trigger point to move the Yeah? 404 00:20:29,720 --> 00:20:30,080 Speaker 5: Exactly. 405 00:20:30,200 --> 00:20:32,480 Speaker 7: I mean I think this Jim was mentioning the complexity 406 00:20:32,520 --> 00:20:36,520 Speaker 7: of managing money, whether it be you know, wealth management, taxes, 407 00:20:37,080 --> 00:20:38,520 Speaker 7: you know, wills and estates on all. 408 00:20:38,440 --> 00:20:39,200 Speaker 5: Those types of things. 409 00:20:39,200 --> 00:20:41,400 Speaker 7: On the legal side of it as well, it gets 410 00:20:41,400 --> 00:20:44,160 Speaker 7: pretty complex pretty quickly, and you start talking about real 411 00:20:44,160 --> 00:20:49,160 Speaker 7: dollars and still met you that that is a big issue. 412 00:20:49,640 --> 00:20:53,520 Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live 413 00:20:53,600 --> 00:20:56,640 Speaker 2: weekdays at ten am Eastern on Apple card Play and 414 00:20:56,640 --> 00:20:59,560 Speaker 2: Android Auto with the Bloomberg Business app. You can also 415 00:20:59,600 --> 00:21:02,840 Speaker 2: listen live on Amazon Alexa from our flagship New York 416 00:21:02,880 --> 00:21:05,840 Speaker 2: station just say Alexa playing Bloomberg eleven. 417 00:21:08,240 --> 00:21:09,879 Speaker 4: This is Bloomberg Intelligence Radio. 418 00:21:10,160 --> 00:21:12,240 Speaker 3: We cover all the top news and business and finance 419 00:21:12,280 --> 00:21:14,640 Speaker 3: through our lens of our Bloomberg Intelligence analysts. They cover 420 00:21:14,720 --> 00:21:17,719 Speaker 3: two thousand companies and one hundred and thirty industries worldwide 421 00:21:17,720 --> 00:21:19,080 Speaker 3: and every once in a while. 422 00:21:19,119 --> 00:21:21,040 Speaker 4: He let us take the show on the road. 423 00:21:21,240 --> 00:21:24,600 Speaker 3: We get to broaden our outlook, particularly in the areas 424 00:21:24,600 --> 00:21:27,080 Speaker 3: that really concern you as an investor. And we are 425 00:21:27,160 --> 00:21:32,480 Speaker 3: here from the unbelievably huge Gaylord opry landa resort in Nashville, Tennessee, 426 00:21:32,560 --> 00:21:36,000 Speaker 3: for B and Y Melons twenty six Annual Insight Conference, 427 00:21:36,040 --> 00:21:39,680 Speaker 3: speaking about two thousand over two thousand financial intermediaries from 428 00:21:39,760 --> 00:21:44,159 Speaker 3: top asset management firms will be here. And joining us 429 00:21:44,200 --> 00:21:46,720 Speaker 3: now to discuss all of it is Emily Schlosser. She's 430 00:21:46,800 --> 00:21:49,600 Speaker 3: chief operating officer B and Y Melons Pershing and she 431 00:21:49,720 --> 00:21:50,680 Speaker 3: joins us here on set. 432 00:21:50,720 --> 00:21:51,600 Speaker 4: Wonderful to see you. 433 00:21:51,720 --> 00:21:53,040 Speaker 11: Thanks a that it's going to be here now. 434 00:21:53,040 --> 00:21:56,600 Speaker 4: The highlight is that you're talking to Keith Urban on stage. 435 00:21:56,840 --> 00:21:58,760 Speaker 4: Is that that's happening today. 436 00:21:58,600 --> 00:22:02,080 Speaker 12: That's happening on Thursday Thursday? Yes, and I agree it 437 00:22:02,080 --> 00:22:02,879 Speaker 12: will be at the highlight. 438 00:22:03,280 --> 00:22:05,280 Speaker 4: So are you interviewing or is he interviewing you? 439 00:22:05,480 --> 00:22:05,640 Speaker 10: Oh? 440 00:22:05,720 --> 00:22:08,760 Speaker 11: For sure, I'm interviewing him, just checking. Yes, Yes, he 441 00:22:08,880 --> 00:22:09,720 Speaker 11: is the star of the show. 442 00:22:10,080 --> 00:22:11,520 Speaker 4: And what do you guys to talk about? 443 00:22:11,800 --> 00:22:13,200 Speaker 11: They're handful of things that we're going to cover. 444 00:22:13,359 --> 00:22:16,600 Speaker 12: He has really interesting stories about his creative process, about 445 00:22:16,640 --> 00:22:17,880 Speaker 12: overcoming diversity. 446 00:22:18,400 --> 00:22:21,320 Speaker 11: He is a real emphasis on putting in. 447 00:22:21,280 --> 00:22:23,199 Speaker 12: The hard work, which is something that we're sort of 448 00:22:23,240 --> 00:22:25,880 Speaker 12: all about here at Bank of New York Mellon. So 449 00:22:26,280 --> 00:22:27,960 Speaker 12: there are a lot of things that are analogous, and 450 00:22:28,200 --> 00:22:31,119 Speaker 12: he will be giving us a little bit of a 451 00:22:31,119 --> 00:22:32,359 Speaker 12: show too, So that'll be great. 452 00:22:32,600 --> 00:22:34,240 Speaker 7: Hey, Emily, and we're looking around here, there's you know, 453 00:22:34,359 --> 00:22:38,840 Speaker 7: lots of financial advisors, registered investment advisors, lots of asset 454 00:22:38,880 --> 00:22:40,400 Speaker 7: management providers. 455 00:22:40,760 --> 00:22:42,600 Speaker 5: What are some of the I guess it's operationally. 456 00:22:42,600 --> 00:22:45,840 Speaker 7: What are the challenges that these rias deal with every 457 00:22:45,880 --> 00:22:49,640 Speaker 7: day when they're trying to establish relationships with clients, bring 458 00:22:49,680 --> 00:22:51,560 Speaker 7: in new assets, manage the assets that they have. 459 00:22:51,600 --> 00:22:52,880 Speaker 5: What are some of the challenges they face? 460 00:22:53,080 --> 00:22:58,320 Speaker 12: Yeah, I think ultimately it comes down to productivity and scale. Really, 461 00:22:58,680 --> 00:23:01,879 Speaker 12: their biggest challenge is to free up advisors so that 462 00:23:01,920 --> 00:23:06,560 Speaker 12: the advisors can spend more time with their clients. At Pershing, 463 00:23:06,680 --> 00:23:09,679 Speaker 12: we've made it our mission to help advisors help more people, 464 00:23:09,840 --> 00:23:13,320 Speaker 12: and we're doing that by creating the most connected and 465 00:23:13,359 --> 00:23:16,959 Speaker 12: productive platform to power the future of wealth management and 466 00:23:16,960 --> 00:23:22,160 Speaker 12: that notion of automation and allowing ris and broker dealers 467 00:23:22,160 --> 00:23:25,160 Speaker 12: to operate at scales so that their advisors are spending 468 00:23:25,560 --> 00:23:29,160 Speaker 12: less time doing administrative tasks and systems and more time 469 00:23:29,240 --> 00:23:30,200 Speaker 12: out with their clients. 470 00:23:30,200 --> 00:23:31,280 Speaker 11: That's really what it's all about. 471 00:23:31,400 --> 00:23:33,720 Speaker 3: How hard it is to do all that to create 472 00:23:33,720 --> 00:23:36,280 Speaker 3: that environment where people can just talk to their clients more. 473 00:23:36,720 --> 00:23:40,280 Speaker 12: It's very challenging, and there's a reason why it's taken 474 00:23:40,359 --> 00:23:42,840 Speaker 12: us kind of this long in the maturity of our 475 00:23:42,880 --> 00:23:45,320 Speaker 12: industry to get to a point where we can really 476 00:23:45,440 --> 00:23:49,840 Speaker 12: do that. We've seen studies that say advisors spend as 477 00:23:49,880 --> 00:23:52,160 Speaker 12: much as sixty or seventy percent of their time doing 478 00:23:52,200 --> 00:23:55,600 Speaker 12: administrative tasks, and so part of what we've done in 479 00:23:55,800 --> 00:23:58,760 Speaker 12: rolling out a new advisory platform, which we launched at 480 00:23:58,760 --> 00:24:02,480 Speaker 12: this conference last year, so it's the one year birthday 481 00:24:02,680 --> 00:24:06,520 Speaker 12: of Wove, which is our advisory platform, is built from 482 00:24:06,600 --> 00:24:10,160 Speaker 12: a from the ground up, an interconnected suite of tools 483 00:24:10,200 --> 00:24:12,920 Speaker 12: for advisors to use to manage their day to day. 484 00:24:13,000 --> 00:24:15,800 Speaker 12: So it's not a patchwork of stuff that we've bought 485 00:24:15,840 --> 00:24:17,359 Speaker 12: and tried to sort of stitch together. 486 00:24:17,880 --> 00:24:20,680 Speaker 11: This is really from the ground up. From its inception. 487 00:24:21,000 --> 00:24:24,840 Speaker 12: It was designed to be totally interconnected so that data 488 00:24:24,920 --> 00:24:29,560 Speaker 12: flows seamlessly across the applications. Everything works together and advisors 489 00:24:29,600 --> 00:24:32,359 Speaker 12: no longer have to kind of swivel between different applications, 490 00:24:32,400 --> 00:24:34,600 Speaker 12: which just consumes an enormous amount of their time. 491 00:24:34,880 --> 00:24:39,760 Speaker 7: From a competitive perspective, from B and Y, Melon, how 492 00:24:39,760 --> 00:24:44,040 Speaker 7: do you compete? What is it spending more on technology? 493 00:24:44,119 --> 00:24:47,000 Speaker 7: How do you guys compete against your competitors out there? 494 00:24:47,119 --> 00:24:50,040 Speaker 12: Yeah, well, none of our competitors have the force like 495 00:24:50,119 --> 00:24:50,880 Speaker 12: we have with. 496 00:24:50,920 --> 00:24:53,080 Speaker 5: This that the the world thopes. 497 00:24:52,720 --> 00:24:55,359 Speaker 12: Of Fidelity Schwag or some of the big players in 498 00:24:55,400 --> 00:24:59,040 Speaker 12: our space. And really what we have with the entire 499 00:24:59,119 --> 00:25:02,679 Speaker 12: ecosystem of of New York Melon is completely unique because 500 00:25:02,720 --> 00:25:05,960 Speaker 12: we do have a massive technology organization that we can 501 00:25:06,000 --> 00:25:09,959 Speaker 12: bring to bear with incredible amounts of investment spent on 502 00:25:10,040 --> 00:25:14,960 Speaker 12: things like resiliency, cybersecurity, as well as the latest and 503 00:25:15,000 --> 00:25:18,199 Speaker 12: greatest in innovative tech generative AI. So we have this 504 00:25:18,320 --> 00:25:21,600 Speaker 12: whole kind of force behind us from a technology perspective, 505 00:25:22,040 --> 00:25:26,040 Speaker 12: and then we also have a world class investment management arm. 506 00:25:26,160 --> 00:25:29,720 Speaker 11: We have world class treasury services and payments capabilities. 507 00:25:30,119 --> 00:25:34,000 Speaker 12: So it really creates this whole wrapper around our core 508 00:25:34,080 --> 00:25:37,840 Speaker 12: custody offering that amplifies what we can bring to the 509 00:25:37,840 --> 00:25:39,200 Speaker 12: market in a way that nobody else can. 510 00:25:39,280 --> 00:25:41,159 Speaker 3: I judge myself for asking this question, but I'm going 511 00:25:41,200 --> 00:25:43,560 Speaker 3: to ask it anyway. As chief operating officer. How do 512 00:25:43,600 --> 00:25:44,359 Speaker 3: you use AI? 513 00:25:44,760 --> 00:25:44,960 Speaker 9: Oh? 514 00:25:45,080 --> 00:25:45,879 Speaker 4: Generative AI? 515 00:25:46,080 --> 00:25:46,280 Speaker 5: Oh? 516 00:25:46,400 --> 00:25:46,920 Speaker 11: Interesting? 517 00:25:47,440 --> 00:25:50,879 Speaker 12: So we are using AI in a lot of different ways. 518 00:25:50,880 --> 00:25:53,639 Speaker 12: It's been available on our platform from some time, with 519 00:25:53,920 --> 00:25:58,320 Speaker 12: natural language search and greater ability to navigate. All of 520 00:25:58,359 --> 00:26:04,440 Speaker 12: our navigation prompts are customized based on what consumers use most. 521 00:26:04,520 --> 00:26:07,200 Speaker 12: So it is learning along with the user to make 522 00:26:07,240 --> 00:26:09,720 Speaker 12: the experience more user friendly and personalized. 523 00:26:10,359 --> 00:26:11,159 Speaker 11: And we are. 524 00:26:11,080 --> 00:26:16,080 Speaker 12: Leveraging tools that help us automate things like processing documents 525 00:26:16,119 --> 00:26:20,720 Speaker 12: and running more of our operations straight through. We are 526 00:26:20,960 --> 00:26:25,919 Speaker 12: we are playing quite heavily with generative AI, particularly internally 527 00:26:26,040 --> 00:26:30,440 Speaker 12: for now, where we're able to kind of access information 528 00:26:31,320 --> 00:26:34,960 Speaker 12: much more quickly and have the help of tools as 529 00:26:35,000 --> 00:26:37,200 Speaker 12: we're kind of creating intel for our clients. 530 00:26:37,440 --> 00:26:41,520 Speaker 7: How about cybersecurity just data security in general. I'm guessing 531 00:26:41,560 --> 00:26:43,480 Speaker 7: that's a constant source of investment for you guys. 532 00:26:43,480 --> 00:26:45,640 Speaker 5: How do you think about that? Yeah? 533 00:26:45,760 --> 00:26:46,240 Speaker 11: Constant. 534 00:26:46,600 --> 00:26:49,760 Speaker 12: It is one of the most impactful things that we 535 00:26:49,800 --> 00:26:52,720 Speaker 12: can spend time on because the threats just keep amplifying 536 00:26:52,800 --> 00:26:56,480 Speaker 12: kind of day over day. We see increasing threats from 537 00:26:56,600 --> 00:27:00,400 Speaker 12: cyber challenges, and it's one of the reasons why having 538 00:27:00,440 --> 00:27:03,119 Speaker 12: the Bank of New York Mellon behind Persians brand is 539 00:27:03,160 --> 00:27:05,199 Speaker 12: so powerful. I mean, we are a two hundred and 540 00:27:05,240 --> 00:27:09,879 Speaker 12: forty year old bank. We pride ourselves on being incredibly resilient, 541 00:27:10,119 --> 00:27:13,120 Speaker 12: and we really are at the cutting edge of what's 542 00:27:13,119 --> 00:27:14,680 Speaker 12: happening in the cybersecurity world. 543 00:27:14,960 --> 00:27:16,720 Speaker 4: What are you most excited about for the rest of 544 00:27:16,720 --> 00:27:17,120 Speaker 4: this year. 545 00:27:17,960 --> 00:27:21,080 Speaker 12: I'm really excited about what some of the new technologies 546 00:27:21,160 --> 00:27:23,679 Speaker 12: can bring in terms of productivity and scale. I mean, 547 00:27:23,760 --> 00:27:27,920 Speaker 12: at its core, Generative AI is a productivity tool. Productivity 548 00:27:28,000 --> 00:27:29,960 Speaker 12: is what we're all about, and I think it's one 549 00:27:30,000 --> 00:27:34,320 Speaker 12: of the most kind of the biggest step changes in innovation. 550 00:27:34,440 --> 00:27:36,159 Speaker 11: That we've seen in recent history. 551 00:27:36,240 --> 00:27:38,119 Speaker 12: So I'm really excited to see what we can do 552 00:27:38,160 --> 00:27:38,359 Speaker 12: with it. 553 00:27:38,960 --> 00:27:41,840 Speaker 7: If you lose a group of advisors from your platform, 554 00:27:41,920 --> 00:27:42,680 Speaker 7: why do they leave? 555 00:27:43,960 --> 00:27:46,800 Speaker 11: Interesting? It doesn't happen often. 556 00:27:47,480 --> 00:27:52,439 Speaker 12: I Sometimes it's because they have chosen to consolidate go 557 00:27:52,520 --> 00:27:55,080 Speaker 12: through M and A with a company that uses a 558 00:27:55,080 --> 00:27:58,560 Speaker 12: different provider, So that's often what would drive the change. 559 00:27:59,000 --> 00:28:02,000 Speaker 12: Sometimes it's a change engine model, or they're looking for 560 00:28:02,040 --> 00:28:04,600 Speaker 12: an exit strategy, so they sell their firm. 561 00:28:05,480 --> 00:28:06,840 Speaker 11: Those would be the biggest drivers. 562 00:28:07,080 --> 00:28:09,000 Speaker 3: Well, what are the biggest questions that you're getting right 563 00:28:09,040 --> 00:28:10,200 Speaker 3: now new advisors? 564 00:28:10,760 --> 00:28:14,840 Speaker 12: Yeah, the biggest questions I think do revolve around how 565 00:28:14,880 --> 00:28:18,800 Speaker 12: do we just make ourselves more productive, more efficient? But 566 00:28:18,840 --> 00:28:21,080 Speaker 12: then we also do have a lot of questions around 567 00:28:21,119 --> 00:28:24,160 Speaker 12: how do we get more into the alternative space, how 568 00:28:24,160 --> 00:28:28,720 Speaker 12: do we become more effective in providing investment offerings to 569 00:28:29,160 --> 00:28:35,359 Speaker 12: our clients. So historically many advisors have also been portfolio managers. 570 00:28:35,440 --> 00:28:38,280 Speaker 12: I think more and more we're seeing clients looking towards 571 00:28:38,280 --> 00:28:43,760 Speaker 12: that centralized office of investment that can be leveraged as 572 00:28:43,760 --> 00:28:46,440 Speaker 12: more of a central utility, so that each advisor is 573 00:28:46,480 --> 00:28:49,080 Speaker 12: not trying to be a portfolio manager on their own right, 574 00:28:49,120 --> 00:28:52,280 Speaker 12: but are spending more time on things like financial planning 575 00:28:52,480 --> 00:28:54,520 Speaker 12: and building relationships with clients. 576 00:28:54,720 --> 00:28:56,640 Speaker 4: Emily, we really appreciate it. Thank you so much. 577 00:28:56,680 --> 00:28:59,920 Speaker 3: Emily Schlosser, a chief operating officer at Bmy Melon's person. 578 00:29:00,120 --> 00:29:01,200 Speaker 4: Good luck with Keith Urban. 579 00:29:01,360 --> 00:29:04,440 Speaker 11: Thank you be super exciting, excited. 580 00:29:04,560 --> 00:29:07,000 Speaker 4: I love this for you. I want to get that. 581 00:29:07,240 --> 00:29:09,200 Speaker 4: Thank you. 582 00:29:09,200 --> 00:29:13,120 Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live 583 00:29:13,160 --> 00:29:16,680 Speaker 2: weekdays at ten am Eastern on Applecar Play and Android 584 00:29:16,720 --> 00:29:19,880 Speaker 2: Auto with the Bloomberg Business. You can also listen live 585 00:29:20,000 --> 00:29:23,160 Speaker 2: on Amazon Alexa from our flagship New York station Just 586 00:29:23,240 --> 00:29:25,840 Speaker 2: Say Alexa playing Bloomberg eleven thirty. 587 00:29:27,200 --> 00:29:28,920 Speaker 3: Hey, Alex Deel alongside Paul sw We need. This is 588 00:29:28,920 --> 00:29:31,360 Speaker 3: Bloomberg Intelligence Radio. We bring you all the top news 589 00:29:31,400 --> 00:29:34,880 Speaker 3: and analysts from our Bloomberg Intelligence arm. They cover two 590 00:29:34,880 --> 00:29:37,760 Speaker 3: thousand companies and one hundred and thirty industries around the world. 591 00:29:37,800 --> 00:29:40,920 Speaker 3: And for now we are lucky because they're broadcasting live 592 00:29:40,920 --> 00:29:44,760 Speaker 3: from Nashville, Tennessee, at the Gaylord Opryland Resort for B 593 00:29:44,840 --> 00:29:48,000 Speaker 3: and Y Melons twenty six annual Inside Conference with over 594 00:29:48,040 --> 00:29:51,880 Speaker 3: two thousand financial intermediaries from top asset management firms and 595 00:29:51,960 --> 00:29:54,400 Speaker 3: joining us right here on set. Ben Harrison, head of 596 00:29:54,400 --> 00:29:57,040 Speaker 3: Wealth Solutions at B and Y Melons, pershings. 597 00:29:57,080 --> 00:29:59,240 Speaker 4: Good to have you here, Ben, Thanks for stopping by. 598 00:29:59,760 --> 00:30:01,000 Speaker 8: More thanks for having me. 599 00:30:01,160 --> 00:30:04,680 Speaker 3: So your panel, which is Thursday is the future of 600 00:30:04,800 --> 00:30:08,640 Speaker 3: financial Advice, Perspectives on the evolution of wealth management. 601 00:30:09,000 --> 00:30:11,240 Speaker 4: That seems nice and broad for you. What are you 602 00:30:11,280 --> 00:30:13,400 Speaker 4: going to say? What's on the docket, what's on your mind? 603 00:30:14,040 --> 00:30:15,440 Speaker 8: Yeah, So it's going to be a great panel. 604 00:30:15,480 --> 00:30:18,760 Speaker 13: We've got a number of industry experts that are going 605 00:30:18,800 --> 00:30:21,760 Speaker 13: to join me, and what we're going to talk about 606 00:30:21,840 --> 00:30:23,200 Speaker 13: is there's really been a bull. 607 00:30:23,000 --> 00:30:24,400 Speaker 8: Market for financial advice. 608 00:30:24,480 --> 00:30:27,440 Speaker 13: If you look back over the last ten years, the 609 00:30:28,440 --> 00:30:31,280 Speaker 13: wealth business has grown from twenty three trillion to fifty 610 00:30:31,280 --> 00:30:35,240 Speaker 13: two trillion. It's really fueling the need for investors to 611 00:30:35,320 --> 00:30:39,480 Speaker 13: have great advice from advisors. The conundrum is we're not 612 00:30:39,720 --> 00:30:42,640 Speaker 13: creating more advisors. So there's about three hundred thousand advisors, 613 00:30:42,680 --> 00:30:46,760 Speaker 13: so it's really teeing up this productivity of imperative that 614 00:30:46,920 --> 00:30:50,080 Speaker 13: advisors need to deliver more for their clients and do 615 00:30:50,240 --> 00:30:51,320 Speaker 13: so with more scale. 616 00:30:52,280 --> 00:30:54,720 Speaker 7: So we're speaking with Ben Harrison, head of Wealth Solutions 617 00:30:54,720 --> 00:30:58,280 Speaker 7: at BNY Melon's Pershing here in Nashville. Ben, can you 618 00:30:58,320 --> 00:31:00,880 Speaker 7: explain the different Can you explain to reason why I 619 00:31:00,920 --> 00:31:04,720 Speaker 7: would leave a wirehouse like Merrill Lynch and become a 620 00:31:04,800 --> 00:31:08,440 Speaker 7: registered investment advisor at an independent place. 621 00:31:08,800 --> 00:31:13,560 Speaker 13: Sure, so a lot of that demand is being driven 622 00:31:13,600 --> 00:31:19,720 Speaker 13: by investors. Investors really are seeking fiduciary advice, comprehensive, holistic advice, 623 00:31:21,120 --> 00:31:22,960 Speaker 13: an advisor that sits on the same side of the 624 00:31:22,960 --> 00:31:27,560 Speaker 13: table as them and isn't sold products, but really it 625 00:31:27,840 --> 00:31:32,320 Speaker 13: purchases products to fulfill a goal based financial plan. So 626 00:31:33,080 --> 00:31:36,760 Speaker 13: advisors are seeking an opportunity to be aligned with their 627 00:31:36,760 --> 00:31:41,080 Speaker 13: clients and that gives them the opportunity to go out 628 00:31:41,520 --> 00:31:44,800 Speaker 13: establish a registered investment advisor and have full control in 629 00:31:44,880 --> 00:31:46,720 Speaker 13: order to complate experience. 630 00:31:46,760 --> 00:31:50,200 Speaker 7: There's no more Maryland stockbrokers there, aren't they advisors too? 631 00:31:50,440 --> 00:31:51,600 Speaker 5: Haven't they involved that business? 632 00:31:51,680 --> 00:31:54,560 Speaker 13: Yeah, we've definitely seen a convergence in the business models 633 00:31:54,600 --> 00:31:59,360 Speaker 13: towards this goal oriented, holistic advice. So there's there's absolutely 634 00:32:00,080 --> 00:32:01,720 Speaker 13: you know, we're seeing that from both sides of the 635 00:32:01,760 --> 00:32:04,560 Speaker 13: market right now, and that's creating a lot of competition 636 00:32:04,600 --> 00:32:05,440 Speaker 13: in the space. 637 00:32:05,720 --> 00:32:08,720 Speaker 3: Okay, so what is your advice for wealth managers say 638 00:32:08,760 --> 00:32:09,920 Speaker 3: in the back half of this year? 639 00:32:10,240 --> 00:32:14,200 Speaker 13: Yeah, so we've been experiencing a market that you know, 640 00:32:14,280 --> 00:32:17,640 Speaker 13: continues to have tailwinds, but clients have a ton of 641 00:32:17,680 --> 00:32:21,160 Speaker 13: complexity in their lives. So it's all about focusing on 642 00:32:21,240 --> 00:32:26,360 Speaker 13: the client needs and having a very clear, optimal client 643 00:32:26,440 --> 00:32:32,120 Speaker 13: profile and delivering the solutions that an investor needs in 644 00:32:32,240 --> 00:32:36,400 Speaker 13: order to solve anything that they may need to deal 645 00:32:36,440 --> 00:32:37,560 Speaker 13: with in their personal lives. 646 00:32:38,000 --> 00:32:41,000 Speaker 7: Every town USA has a Smith Barney office. You know, 647 00:32:41,000 --> 00:32:43,360 Speaker 7: are more in Stanley office size I should say a 648 00:32:43,360 --> 00:32:44,840 Speaker 7: Merrill Lynch office. 649 00:32:44,560 --> 00:32:47,320 Speaker 5: Plus three or four registered advisors offices. 650 00:32:47,360 --> 00:32:50,520 Speaker 7: Does there need to be consolidation among the rias or 651 00:32:50,640 --> 00:32:53,280 Speaker 7: is it better to be able to Hey, we're small, 652 00:32:53,600 --> 00:32:56,120 Speaker 7: we're local, we know our clients. 653 00:32:56,480 --> 00:32:58,120 Speaker 5: How's that trend evolving? 654 00:32:58,320 --> 00:33:01,120 Speaker 13: Yeah, we're seeing a tremendous amount of solidation in the space. 655 00:33:01,200 --> 00:33:04,160 Speaker 13: The mergers and acquisitions that we see in terms of 656 00:33:04,640 --> 00:33:08,160 Speaker 13: aggregators and roll ups coming into the space and taking 657 00:33:08,200 --> 00:33:11,400 Speaker 13: out some of the smaller firms and rolling them into 658 00:33:11,440 --> 00:33:16,200 Speaker 13: wealth practices is absolutely happening. It's not slowing down. That's 659 00:33:16,240 --> 00:33:19,640 Speaker 13: going to continue to accelerate. But at the same time, 660 00:33:19,720 --> 00:33:24,360 Speaker 13: there is room for advisors to have unique value propositions 661 00:33:24,400 --> 00:33:28,960 Speaker 13: for clients in communities. And what we've seen is that 662 00:33:29,400 --> 00:33:31,680 Speaker 13: clients have a propensity to. 663 00:33:31,680 --> 00:33:32,520 Speaker 8: Work with people. 664 00:33:32,760 --> 00:33:36,080 Speaker 13: Despite the fact there are so many digital solutions and 665 00:33:36,360 --> 00:33:40,480 Speaker 13: ways to leverage AI and other unique capabilities in the marketplace. 666 00:33:41,560 --> 00:33:44,240 Speaker 13: Investors want to work with a person and if you 667 00:33:44,240 --> 00:33:46,920 Speaker 13: can deliver a great value proposition, then you've got a 668 00:33:46,960 --> 00:33:47,800 Speaker 13: business to be had. 669 00:33:48,120 --> 00:33:51,200 Speaker 3: So what is the right ARIA model, the registered investment 670 00:33:51,200 --> 00:33:55,520 Speaker 3: advisor model? Like, what is the right model for someone. 671 00:33:54,480 --> 00:33:57,320 Speaker 13: I think it all depends on what the client need is. 672 00:33:58,200 --> 00:34:00,520 Speaker 13: It depends on where they are in their in their 673 00:34:00,520 --> 00:34:03,560 Speaker 13: life cycle. Are they at the stage of their life 674 00:34:03,560 --> 00:34:05,400 Speaker 13: where they are accumulating assets. 675 00:34:06,280 --> 00:34:08,080 Speaker 8: Are they at the stage of life where. 676 00:34:07,880 --> 00:34:13,719 Speaker 13: They're planning for retirement or drawing down. Are they a 677 00:34:13,760 --> 00:34:16,480 Speaker 13: massiffluent investor, are they a high net worth investor? 678 00:34:16,480 --> 00:34:18,640 Speaker 8: Are they ultra high net worth investor? And there are. 679 00:34:18,560 --> 00:34:23,040 Speaker 13: Flavors of registered investment advisors as well as broker dealers 680 00:34:23,080 --> 00:34:28,080 Speaker 13: and as you mentioned, other financial professionals that solve for 681 00:34:28,160 --> 00:34:29,640 Speaker 13: a variety of those different needs. 682 00:34:29,840 --> 00:34:32,399 Speaker 5: We've been coming to this event for several years now. 683 00:34:32,440 --> 00:34:35,360 Speaker 7: In a common theme has been you want your advisors 684 00:34:35,440 --> 00:34:38,080 Speaker 7: to be able to spend more time with their clients, 685 00:34:38,239 --> 00:34:41,719 Speaker 7: less time on the administrative work. Is that just a 686 00:34:41,760 --> 00:34:47,000 Speaker 7: function of technology, integrating technology more into the everyday work 687 00:34:47,040 --> 00:34:47,680 Speaker 7: of an advisor. 688 00:34:48,040 --> 00:34:50,319 Speaker 13: Yeah, that's we've talked a little bit about that. In 689 00:34:50,400 --> 00:34:53,560 Speaker 13: terms of this productivity imperative. We know that there's a 690 00:34:53,640 --> 00:34:57,680 Speaker 13: you know, significant demand for advice. There is not as 691 00:34:57,719 --> 00:35:01,680 Speaker 13: many advisors to fulfill that demand. So it's really incumbent 692 00:35:02,040 --> 00:35:04,719 Speaker 13: that we have the right tools in technology so that 693 00:35:05,280 --> 00:35:09,160 Speaker 13: advisors can spend more of their time with clients and 694 00:35:09,320 --> 00:35:12,600 Speaker 13: less of their time working on the back office or 695 00:35:13,760 --> 00:35:16,000 Speaker 13: the tools in which to do so. That's a big 696 00:35:16,160 --> 00:35:20,520 Speaker 13: focus on our strategy at Pershing in our mission to 697 00:35:20,560 --> 00:35:23,359 Speaker 13: help advisors help more people, and a lot of the 698 00:35:23,440 --> 00:35:26,400 Speaker 13: tools and technology that we are showcasing at this event 699 00:35:26,520 --> 00:35:29,160 Speaker 13: does just that. We're excited about rolling out some of 700 00:35:29,239 --> 00:35:31,799 Speaker 13: the new things that we have with our Wove platform. 701 00:35:32,600 --> 00:35:34,000 Speaker 4: Here's something just broader. 702 00:35:34,080 --> 00:35:37,040 Speaker 3: You know, everyone's just living longer and there's a question 703 00:35:37,080 --> 00:35:38,520 Speaker 3: as to sort of like when should. 704 00:35:38,320 --> 00:35:41,360 Speaker 4: You retire, how much money do you really need for retirement? 705 00:35:41,400 --> 00:35:43,520 Speaker 4: And nobody really knows the answer to any of this. 706 00:35:44,200 --> 00:35:46,360 Speaker 3: How do you talk to clients about that? Because I 707 00:35:46,440 --> 00:35:47,440 Speaker 3: have to think that that is. 708 00:35:47,400 --> 00:35:48,440 Speaker 4: A huge worry. 709 00:35:48,960 --> 00:35:51,279 Speaker 3: And when you normally retire at like sixty five, but 710 00:35:51,320 --> 00:35:53,439 Speaker 3: then you're dying at seventy, that's one thing, but that's 711 00:35:53,520 --> 00:35:54,680 Speaker 3: not happening anymore. 712 00:35:55,320 --> 00:35:59,120 Speaker 13: Yeah, you're absolutely right, and this is something that advisors 713 00:35:59,160 --> 00:36:04,520 Speaker 13: really need to work with and investors need to really 714 00:36:04,560 --> 00:36:09,759 Speaker 13: consider the lifespan that they potentially have in front of them, 715 00:36:09,880 --> 00:36:14,920 Speaker 13: including health benefits and healthcare. That we see this idea 716 00:36:15,080 --> 00:36:19,920 Speaker 13: of advisors delivering more, it's getting well beyond just investments. 717 00:36:19,920 --> 00:36:21,279 Speaker 8: It used to be an investment game. 718 00:36:21,320 --> 00:36:24,520 Speaker 13: Now it is a planning game of all the complexities 719 00:36:24,560 --> 00:36:27,279 Speaker 13: of one's lives, whether it be healthcare, whether it be 720 00:36:27,400 --> 00:36:30,560 Speaker 13: long term care, whether it be benefits that. 721 00:36:31,120 --> 00:36:32,800 Speaker 8: Advisors need to think about. 722 00:36:32,840 --> 00:36:37,040 Speaker 13: So we're seeing lifetime income becoming a very important tool 723 00:36:37,080 --> 00:36:43,680 Speaker 13: that's utilized in a comprehensive portfolio, insurance, tax, all of 724 00:36:43,760 --> 00:36:44,320 Speaker 13: these things. 725 00:36:44,360 --> 00:36:47,080 Speaker 3: I have permanent life insurance, Like I got that when 726 00:36:47,080 --> 00:36:50,839 Speaker 3: I was like thirty six, because I'm so terrified of 727 00:36:50,880 --> 00:36:52,960 Speaker 3: like what happens when there is no social security and 728 00:36:53,040 --> 00:36:55,200 Speaker 3: I'm like eighty and I need assisted. 729 00:36:54,880 --> 00:37:00,200 Speaker 13: Living absolutely, And for the emerging population coming up to 730 00:37:00,239 --> 00:37:03,360 Speaker 13: be completely different for us than it was for generations 731 00:37:03,360 --> 00:37:03,920 Speaker 13: ahead of us. 732 00:37:04,400 --> 00:37:06,359 Speaker 4: Well, what are some other big themes that you guys 733 00:37:06,400 --> 00:37:07,120 Speaker 4: talk about a lot? 734 00:37:07,160 --> 00:37:08,880 Speaker 3: Like what's the next year? What are we gonna be 735 00:37:08,920 --> 00:37:10,400 Speaker 3: talking about next year at this conference? 736 00:37:11,080 --> 00:37:13,680 Speaker 13: So there's a there's a lot on the horizon that 737 00:37:13,760 --> 00:37:16,640 Speaker 13: we think about each and every day in our business. 738 00:37:16,719 --> 00:37:20,879 Speaker 13: We see artificial intelligence, you know, playing a big role 739 00:37:21,040 --> 00:37:25,879 Speaker 13: in the marketplace right now. We see alternative investments continuing 740 00:37:25,920 --> 00:37:31,200 Speaker 13: to emerge and rise in terms of getting into the 741 00:37:31,280 --> 00:37:36,400 Speaker 13: retail investing population. You hit on a couple of the 742 00:37:36,440 --> 00:37:42,040 Speaker 13: other things in terms of the longevity of portfolios and 743 00:37:42,520 --> 00:37:45,880 Speaker 13: that people are living longer. So there's there's a tremendous 744 00:37:45,920 --> 00:37:50,560 Speaker 13: amount of things that people are thinking about in terms 745 00:37:50,640 --> 00:37:54,160 Speaker 13: of navigating how you how you contend with that with 746 00:37:54,200 --> 00:37:55,799 Speaker 13: your personal finances. 747 00:37:56,280 --> 00:37:58,360 Speaker 3: What do you think about alternative investing in terms of 748 00:37:58,400 --> 00:38:01,160 Speaker 3: the conversation with well both managers right now. 749 00:38:01,480 --> 00:38:04,040 Speaker 13: Yeah, we've definitely seen an uptick in terms of the 750 00:38:04,840 --> 00:38:10,240 Speaker 13: appetite for alts in retail investors portfolios. 751 00:38:10,360 --> 00:38:13,360 Speaker 8: We know that they've been utilized. 752 00:38:12,920 --> 00:38:17,520 Speaker 13: In institutional portfolios for years and years, and now they 753 00:38:17,560 --> 00:38:23,040 Speaker 13: are taking a strong place in the individual investor portfolio. 754 00:38:23,160 --> 00:38:25,520 Speaker 8: And we're moving away from. 755 00:38:25,520 --> 00:38:30,000 Speaker 13: Sixty forty type of allocation to one that includes alternative 756 00:38:30,040 --> 00:38:34,400 Speaker 13: investments as an important part of the individual investor portfolio. 757 00:38:34,480 --> 00:38:36,680 Speaker 3: Ben, thanks so much. We really appreciate you stopping by. 758 00:38:36,680 --> 00:38:38,279 Speaker 3: I know it's quite busy for you, but thank you. 759 00:38:38,640 --> 00:38:42,040 Speaker 3: Ben Harrison, head of Wealth Solutions at BNY Mellon's Pershing 760 00:38:42,040 --> 00:38:46,040 Speaker 3: and joining us right here in Nashville, Tennessee. 761 00:38:46,800 --> 00:38:50,680 Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live 762 00:38:50,760 --> 00:38:54,280 Speaker 2: weekdays at ten am Eastern on applecar Play and Androud 763 00:38:54,320 --> 00:38:57,080 Speaker 2: Auto with the Bloomberg Business App. You can also listen 764 00:38:57,200 --> 00:39:00,719 Speaker 2: live on Amazon Alexa from our flagship New York's Just 765 00:39:00,800 --> 00:39:03,319 Speaker 2: Say Alexa playing Bloomberg eleven. 766 00:39:04,719 --> 00:39:07,600 Speaker 5: Out Steal. Paul Sweeney. We are live in Nashville, Tennessee. 767 00:39:07,960 --> 00:39:12,040 Speaker 7: We are at the Gaylord Opryland Resort and National here 768 00:39:12,120 --> 00:39:14,440 Speaker 7: for the BNY Mellon Insight Conference. I've got about two 769 00:39:14,440 --> 00:39:17,040 Speaker 7: thousand financial advisors here and they're talking about the future 770 00:39:17,040 --> 00:39:19,960 Speaker 7: of the wealth management business. Our next guest is Serena 771 00:39:20,040 --> 00:39:22,840 Speaker 7: Dollar book Bookshire. She is the chief product officer for 772 00:39:22,880 --> 00:39:24,959 Speaker 7: B and Y Melling's Purge and joining us live here. 773 00:39:25,280 --> 00:39:27,680 Speaker 7: What kind of products are you hearing from your wealth 774 00:39:27,719 --> 00:39:29,520 Speaker 7: advisors about? 775 00:39:29,560 --> 00:39:30,000 Speaker 5: Digital? 776 00:39:31,440 --> 00:39:33,880 Speaker 11: Absolutely so on the digital. 777 00:39:33,480 --> 00:39:34,240 Speaker 5: Side, crypto. 778 00:39:34,280 --> 00:39:36,719 Speaker 7: I'm thinking generally broadly defined, you know, what kind of 779 00:39:36,760 --> 00:39:38,440 Speaker 7: do they are they asking you about crypto? 780 00:39:39,640 --> 00:39:43,440 Speaker 1: I think that there is you know, maybe reduced interest 781 00:39:43,480 --> 00:39:46,520 Speaker 1: in that at the moment, but I think that you know, overall, 782 00:39:46,680 --> 00:39:49,399 Speaker 1: you know, there we we we we exist to serve 783 00:39:49,440 --> 00:39:51,719 Speaker 1: a wide variety of products that's on our shelves, and 784 00:39:51,760 --> 00:39:55,279 Speaker 1: so as we continue to monitor the regulatory landscape around that, 785 00:39:56,080 --> 00:39:59,160 Speaker 1: you know, we we you know, that's that's something that 786 00:39:59,280 --> 00:40:01,239 Speaker 1: you know, we can school in the future. But as 787 00:40:01,239 --> 00:40:04,120 Speaker 1: I would say from a broader digital standpoint, really, you 788 00:40:04,160 --> 00:40:06,919 Speaker 1: know what we hear the most of is around productivity 789 00:40:07,040 --> 00:40:09,640 Speaker 1: and scale and ultimately, really how do we help our 790 00:40:09,640 --> 00:40:12,959 Speaker 1: advisors do their best work by ultimately giving them time 791 00:40:13,040 --> 00:40:16,919 Speaker 1: back through connected tech, connected data and connected experiences. 792 00:40:17,040 --> 00:40:19,600 Speaker 3: And we're speaking with Serena and Dalla Brookshire, chief product 793 00:40:19,600 --> 00:40:22,760 Speaker 3: officer at BNY. Melon's pershing which time about product innovation. 794 00:40:22,960 --> 00:40:26,719 Speaker 3: So what's the product that you've launched, say in the 795 00:40:26,800 --> 00:40:29,400 Speaker 3: last year that has really helped those issues that you're 796 00:40:29,440 --> 00:40:33,279 Speaker 3: trying to address, just making wealth advisors more efficient and 797 00:40:33,400 --> 00:40:34,600 Speaker 3: more able to spend time. 798 00:40:34,480 --> 00:40:35,200 Speaker 4: With their clients. 799 00:40:35,320 --> 00:40:37,960 Speaker 1: Yeah, so some of them you'll hear about later this afternoon. 800 00:40:38,280 --> 00:40:40,239 Speaker 1: But what I can share where I feel like there's 801 00:40:40,280 --> 00:40:42,439 Speaker 1: a lot of really good energy around this is within 802 00:40:42,480 --> 00:40:45,120 Speaker 1: our net next three sixty platform. We've built a lot 803 00:40:45,160 --> 00:40:49,360 Speaker 1: around personalization and so how that takes shape investing in 804 00:40:49,360 --> 00:40:55,720 Speaker 1: aimergent capabilities is ultimately personalized menus, personalized navigation. We actually 805 00:40:55,719 --> 00:41:00,359 Speaker 1: recently implemented a feature around asking a question to really 806 00:41:00,400 --> 00:41:05,000 Speaker 1: reduce the time spent on reporting and compliance related analytics, 807 00:41:05,280 --> 00:41:07,840 Speaker 1: and ultimately something that took upwards to twenty to thirty 808 00:41:07,880 --> 00:41:10,879 Speaker 1: minutes now takes a mere matter of seconds. So that's 809 00:41:10,920 --> 00:41:13,360 Speaker 1: one innovation that we're really excited about and want to 810 00:41:13,400 --> 00:41:15,680 Speaker 1: continue to press on as we think about different ways 811 00:41:16,040 --> 00:41:19,480 Speaker 1: for our advisors and their teams to do more with less. 812 00:41:19,800 --> 00:41:23,160 Speaker 7: But they always open to technology, or to some folks 813 00:41:23,200 --> 00:41:25,520 Speaker 7: just like in life, you know, less open to me 814 00:41:25,560 --> 00:41:27,600 Speaker 7: maybe if you haven't older or something like that. 815 00:41:27,719 --> 00:41:30,480 Speaker 1: I mean, product adoption certainly has a spectrum of early 816 00:41:30,560 --> 00:41:33,560 Speaker 1: to late adopters, but ultimately, right as you think about 817 00:41:33,640 --> 00:41:37,080 Speaker 1: ways that actually benefit you, we've seen a lot of adoption, 818 00:41:37,239 --> 00:41:39,840 Speaker 1: right because ultimately, as you've probably heard in some of 819 00:41:39,880 --> 00:41:43,280 Speaker 1: these other segments, right, there's a finite amount of advisors today, 820 00:41:43,600 --> 00:41:47,280 Speaker 1: a proliferation of high quality advice, and we just advisors 821 00:41:47,320 --> 00:41:49,880 Speaker 1: need to adapt their practices and how they work to 822 00:41:49,920 --> 00:41:50,640 Speaker 1: meet those demands. 823 00:41:50,719 --> 00:41:52,279 Speaker 3: How does it usually work, Like do your clients come 824 00:41:52,360 --> 00:41:53,839 Speaker 3: to you and say, hey, I really need help with 825 00:41:53,880 --> 00:41:56,279 Speaker 3: this or is it you being like you really need 826 00:41:56,280 --> 00:41:56,799 Speaker 3: help with that. 827 00:41:56,719 --> 00:41:57,680 Speaker 4: You just don't know it yet. 828 00:41:58,120 --> 00:42:01,200 Speaker 1: Great question, and actually part of one of the one 829 00:42:01,200 --> 00:42:03,440 Speaker 1: of the things that we instituted in this new Product 830 00:42:03,520 --> 00:42:06,520 Speaker 1: organization was really around how we work, and so part 831 00:42:06,520 --> 00:42:08,880 Speaker 1: of our philosophy is you need to be client obsessed, 832 00:42:09,080 --> 00:42:11,319 Speaker 1: data driven, and we need to have direct sort of 833 00:42:11,360 --> 00:42:14,120 Speaker 1: co creation with our client base, and so that's something 834 00:42:14,280 --> 00:42:17,239 Speaker 1: that we've been really kind of pushing towards. And so 835 00:42:17,360 --> 00:42:19,960 Speaker 1: ultimately it's a combination of us looking at market data, 836 00:42:20,120 --> 00:42:23,200 Speaker 1: monitoring the trends, working hand in hand with our advisors 837 00:42:23,200 --> 00:42:25,920 Speaker 1: to understand kind of the pain points, observing them directly, 838 00:42:26,320 --> 00:42:28,520 Speaker 1: you know, looking at say do gaps, what do you say, 839 00:42:28,520 --> 00:42:30,440 Speaker 1: what do we hear, what do we observe? And then 840 00:42:30,560 --> 00:42:32,719 Speaker 1: and figuring out ways to kind of build solutions that 841 00:42:33,000 --> 00:42:34,959 Speaker 1: really are steeped in that problem space. 842 00:42:35,000 --> 00:42:36,880 Speaker 4: So what's a say do gap? I've never heard this before, 843 00:42:36,960 --> 00:42:38,760 Speaker 4: and you know, it's it's like when we say. 844 00:42:38,560 --> 00:42:40,640 Speaker 1: You want to lose weight, but then you're you know, 845 00:42:40,680 --> 00:42:42,759 Speaker 1: your pantry is full of potato chips, right, So it's 846 00:42:42,800 --> 00:42:44,520 Speaker 1: sort of that say do gap around what you say 847 00:42:44,560 --> 00:42:46,000 Speaker 1: and what you actually do and sort of a. 848 00:42:45,960 --> 00:42:47,960 Speaker 4: GAPTI and I want more sleep, but then I don't 849 00:42:47,960 --> 00:42:51,840 Speaker 4: go to betterly correct Okay, yeah, okay. 850 00:42:51,760 --> 00:42:53,680 Speaker 7: So I talk to us about like, what are some 851 00:42:53,760 --> 00:42:55,960 Speaker 7: of the trends you're seeing there in products? 852 00:42:56,000 --> 00:42:58,920 Speaker 5: What do you what are your clients asking you for 853 00:42:59,160 --> 00:43:01,279 Speaker 5: more of better of that kind of thing. 854 00:43:01,960 --> 00:43:04,839 Speaker 1: Yeah, So on the digital side, as I mentioned, right, 855 00:43:04,920 --> 00:43:07,920 Speaker 1: they want you know, streamlined workflows. They want more efficient 856 00:43:07,960 --> 00:43:10,319 Speaker 1: ways to onboard clients. They want ways to sort of 857 00:43:10,320 --> 00:43:14,319 Speaker 1: scale their practice. They want new tools to connect all 858 00:43:14,360 --> 00:43:17,120 Speaker 1: of the various systems and data so that they have 859 00:43:17,160 --> 00:43:19,279 Speaker 1: a swivel chair so they don't have to sort of 860 00:43:19,680 --> 00:43:23,040 Speaker 1: context switch in the moment. And we're finding that on 861 00:43:23,120 --> 00:43:25,919 Speaker 1: average that saves almost about two plus hours a day. 862 00:43:26,960 --> 00:43:29,799 Speaker 1: And then from an investment standpoint, right, there's a lot 863 00:43:29,880 --> 00:43:33,839 Speaker 1: around you know, alternatives being sort of a growth area, right, 864 00:43:33,960 --> 00:43:36,680 Speaker 1: especially with the expansion of the private markets and just 865 00:43:37,000 --> 00:43:41,320 Speaker 1: overall impact on investment outcomes and then clearly right growth 866 00:43:41,320 --> 00:43:44,040 Speaker 1: and ETF So looking for different flavors to fill the portfolio. 867 00:43:44,960 --> 00:43:45,880 Speaker 4: Maybe one lass. 868 00:43:45,719 --> 00:43:49,879 Speaker 1: Single add is just you know, we we see more 869 00:43:49,920 --> 00:43:56,120 Speaker 1: and more investors driving the conversation son of investors want 870 00:43:56,120 --> 00:43:59,319 Speaker 1: an advisor that quote unquote gets me, right, and so 871 00:43:59,640 --> 00:44:02,920 Speaker 1: what that means and seventy percent actually want an advisor 872 00:44:02,960 --> 00:44:06,080 Speaker 1: that shares their personal values and so what that means 873 00:44:05,719 --> 00:44:08,200 Speaker 1: As an advisor, you got to know your clients. 874 00:44:07,840 --> 00:44:08,439 Speaker 4: Really, really well. 875 00:44:08,440 --> 00:44:09,759 Speaker 1: And you got to be able to spend the time 876 00:44:09,800 --> 00:44:12,400 Speaker 1: with them. And so ultimately, what we're trying to do 877 00:44:12,480 --> 00:44:15,640 Speaker 1: here is help help advisors help more people. And so 878 00:44:15,719 --> 00:44:17,840 Speaker 1: we believe that the combination of these sort of investment 879 00:44:17,880 --> 00:44:22,200 Speaker 1: solutions and connected digital solutions gets advisors closer to that 880 00:44:22,600 --> 00:44:23,279 Speaker 1: What are some of. 881 00:44:23,200 --> 00:44:26,400 Speaker 3: The problems that you foresee that product will need to 882 00:44:26,440 --> 00:44:29,439 Speaker 3: solve for that just don't have answers yet. 883 00:44:30,960 --> 00:44:32,880 Speaker 1: That doesn't have answers yet. I mean, I think that 884 00:44:33,080 --> 00:44:37,480 Speaker 1: you know, looking at broader sort of access, you know, 885 00:44:37,520 --> 00:44:39,600 Speaker 1: I think we're starting to see a lot of democratization 886 00:44:39,800 --> 00:44:43,120 Speaker 1: of products and sort of bringing institutional products more down market. 887 00:44:43,400 --> 00:44:45,399 Speaker 1: I think that you'll continue to see more of that 888 00:44:45,760 --> 00:44:48,120 Speaker 1: as a trend, just so more and more people have 889 00:44:48,239 --> 00:44:52,080 Speaker 1: access to high quality advice and high quality products. And 890 00:44:52,120 --> 00:44:54,360 Speaker 1: then I think, you know, as you look at managed 891 00:44:54,400 --> 00:44:56,800 Speaker 1: accounts and advice more generally, like how do you ensure 892 00:44:57,520 --> 00:44:59,440 Speaker 1: the most efficient way to deliver that? I think those 893 00:44:59,440 --> 00:45:01,840 Speaker 1: are some areas and then maybe one more is just 894 00:45:02,400 --> 00:45:05,759 Speaker 1: we're seeing more and more clients really want to have 895 00:45:06,040 --> 00:45:08,800 Speaker 1: like their full balance sheet together. They want the ease 896 00:45:08,840 --> 00:45:10,960 Speaker 1: of seeing if you are an advised client to have 897 00:45:11,000 --> 00:45:14,560 Speaker 1: your wealth solutions and your banking together makes sense, and 898 00:45:14,640 --> 00:45:16,920 Speaker 1: so that's where you're going to start to see some 899 00:45:17,040 --> 00:45:18,680 Speaker 1: of that also come together over time. 900 00:45:19,120 --> 00:45:20,480 Speaker 5: Serena, thanks so much for joining us. 901 00:45:20,560 --> 00:45:24,040 Speaker 7: Really appreciate it, Serena Dala Brokshire, Chief product Officer bny 902 00:45:24,160 --> 00:45:27,160 Speaker 7: Melling's purge and joining us live here in this vast 903 00:45:27,440 --> 00:45:29,680 Speaker 7: what do we call them? This room here, like I just, oh, 904 00:45:29,680 --> 00:45:31,280 Speaker 7: my goshitorium. 905 00:45:31,280 --> 00:45:32,280 Speaker 4: It is enormous. 906 00:45:32,480 --> 00:45:33,120 Speaker 10: It is huge. 907 00:45:33,160 --> 00:45:35,840 Speaker 7: It's huge, and this is where it's all happening. So 908 00:45:35,920 --> 00:45:39,920 Speaker 7: here we're Nashville where the Gaylord grand Old Opry. I 909 00:45:40,000 --> 00:45:41,800 Speaker 7: did some business with the Gaylord family back in the 910 00:45:41,840 --> 00:45:45,440 Speaker 7: day when they owned TNN to cable network and they 911 00:45:45,440 --> 00:45:49,040 Speaker 7: owned country music television. So in addition to all these 912 00:45:49,080 --> 00:45:52,120 Speaker 7: resorts they have here, so some good times stand here. 913 00:45:52,120 --> 00:45:53,799 Speaker 5: But this place is massive. It's got everything you want 914 00:45:53,800 --> 00:45:54,120 Speaker 5: down here. 915 00:45:54,160 --> 00:45:56,200 Speaker 7: It's a great place to have a conference because plus 916 00:45:56,200 --> 00:45:58,680 Speaker 7: you also have access to Nashville when all the stuff 917 00:45:58,680 --> 00:45:59,000 Speaker 7: that's there. 918 00:45:59,040 --> 00:46:01,120 Speaker 3: I feel like resort is like an understatement though, Like 919 00:46:01,160 --> 00:46:03,120 Speaker 3: I literally have an app that I had to use 920 00:46:03,239 --> 00:46:05,399 Speaker 3: to get directions somewhere to get from my hotel room 921 00:46:05,400 --> 00:46:07,640 Speaker 3: to hear like Google Maps. 922 00:46:07,640 --> 00:46:08,520 Speaker 4: That's not resorts. 923 00:46:08,719 --> 00:46:12,000 Speaker 5: That's I don't know's it's Vegas. It's kind of like Vegas. 924 00:46:12,080 --> 00:46:12,480 Speaker 5: It's like. 925 00:46:14,080 --> 00:46:16,880 Speaker 4: We will certainly hit your step count. Yes, I'm hoping. 926 00:46:17,040 --> 00:46:18,239 Speaker 4: I'll check on that for you. 927 00:46:18,840 --> 00:46:23,360 Speaker 2: This is the Bloomberg Intelligence Podcast, available on Apple, Spotify, 928 00:46:23,560 --> 00:46:27,200 Speaker 2: and anywhere else you'll get your podcasts. Listen live each weekday, 929 00:46:27,360 --> 00:46:30,320 Speaker 2: ten am to noon Eastern on Bloomberg dot com, the 930 00:46:30,440 --> 00:46:33,880 Speaker 2: iHeartRadio app, tune In, and the Bloomberg Business app. You 931 00:46:33,920 --> 00:46:37,080 Speaker 2: can also watch us live every weekday on YouTube and 932 00:46:37,239 --> 00:46:38,880 Speaker 2: always on the Bloomberg terminal