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Speaker 3: They also want to get back to the data as well,
Speaker 3: and that's Jolts number coming in a little lighter than estimated. Also,
Speaker 3: looking at the two year yield over the last five days,
Speaker 3: it's had a twenty three basis point move to the downside,
Speaker 3: and there's been a lot of money coming into the
Speaker 3: bond market. Is it short covering? Is it true buying?
Speaker 3: Is it really looking for a cut from the Fed?
Speaker 4: You know the person to ask for this, right, bloom
Speaker 4: It's not our Jersey.
Speaker 3: Bloomberg Intelligence TuS indust rate strategist standing by first job.
Speaker 5: Ira.
Speaker 3: Let me know what you think about the Jolts number
Speaker 3: so coming in a little lighter but nothing terrible.
Speaker 4: What's your reaction to it?
Speaker 6: Yeah, I don't think that you still have eight million
Speaker 6: job openings, right, So it's not like the it's completely
Speaker 6: fallen off a cliff, but we continue to see this
Speaker 6: modest pullback in the number of job openings, and you know,
Speaker 6: I was I was just trying to go through some
Speaker 6: of the data looking at things like quits rates and
Speaker 6: and the like, because I think that's the more interesting
Speaker 6: nuanced data that's comes with the joult report. We also
Speaker 6: have to remember it's a little bit it's a little
Speaker 6: bit dated compared to some of the more high frequency
Speaker 6: data that we get that's going to start being from
Speaker 6: May that that we start that we've already started to
Speaker 6: get with the ISM data yesterday. So this Joltz data,
Speaker 6: I think is interesting for trends looking at things like
Speaker 6: job leavers and and if job leavers are getting more
Speaker 6: higher wages when they leave, and and and the like.
Speaker 6: So you know, I need to dig into the data
Speaker 6: a little bit more. The dourables numbers were also kind
Speaker 6: of important because the durable goods orders had slipped in
Speaker 6: the second half of last year, and now they seem
Speaker 6: to be at a reasonably steady state now. So that's
Speaker 6: not a it's not showing that the economy is really
Speaker 6: falling off a cliff by any stretch, but maybe things
Speaker 6: are slung just a little.
Speaker 7: So I again, as Alex is pointing out, we've had
Speaker 7: a pullback, a noticeable pullback in rates here. I was
Speaker 7: looking at the ten year four point three four percent here,
Speaker 7: although the mortgage rate is still sitting stubbornly just above
Speaker 7: seven percent. Is this a technical move in the marketplace, Ira,
Speaker 7: or is this some fundamentals some folks kind of really
Speaker 7: putting some positions on one or the other.
Speaker 6: Yeah, people are definitely short covering a little bit, as
Speaker 6: well as maybe adding a little bit of duration risk here.
Speaker 6: You mentioned, Paul the twenty ishpass point rally in the
Speaker 6: in the two year note, and I think that s
Speaker 6: endemic of the idea that you know, we had basically
Speaker 6: priced out almost every cut this year, and we're now
Speaker 6: pricing in maybe the chance of a cut again, especially
Speaker 6: after yesterday's ism. Manufacturing numbers and the new orders numbers
Speaker 6: really slipped hard, and that has historically been a pretty
Speaker 6: decent indicator of where the economy's head it. So the
Speaker 6: market is getting in front of what it perceives, maybe
Speaker 6: as a deeper slow down than they had been expecting
Speaker 6: prior to seeing some of that data. You look at
Speaker 6: the tenure Yale and we're still we're at the bottom
Speaker 6: end of what's been a bit of a range talking
Speaker 6: about broadly speaking, four point three percent to maybe four
Speaker 6: point five four point six percent, And now that we're
Speaker 6: kind of at the lower end of that range, I
Speaker 6: suspect that you'll start to see the momentum slip. But
Speaker 6: but four point three percent is a pretty important technical level.
Speaker 6: We break below that, and we could wind up testing
Speaker 6: a low four percent kind of area once we do so,
Speaker 6: and it'll be interesting to see how many people have
Speaker 6: kind of stop losses there in terms of you know,
Speaker 6: once we break below that, the shorts might get really
Speaker 6: really nervous and wind up covering very dramatically, and you
Speaker 6: can often see pretty big moves on once that sorts
Speaker 6: of pickup.
Speaker 3: Steve, Well, yeah, that's what I was going to ask,
Speaker 3: because headed into jobs Friday.
Speaker 4: It's positioning.
Speaker 3: Is there one side or another in terms of too
Speaker 3: many longs, too many shorts?
Speaker 6: I don't think that there's too many at the moment.
Speaker 6: You know, the positioning data in treasuries is a little
Speaker 6: bit hard to come by because it's a matter of
Speaker 6: a matter of who actually owns it and aren't those hands,
Speaker 6: you know, sticky or not? And what you do see
Speaker 6: you look at things like the j p. Morgan Treasury
Speaker 6: Sentiment survey that they do with some of their customers,
Speaker 6: and that shows that that that investors are a little
Speaker 6: bit long, but not very long. You look at some
Speaker 6: futures positioning and certainly people have been lightening up their
Speaker 6: shorts in with using treasury futures. So all of those
Speaker 6: things really I think lead me to believe that we're
Speaker 6: probably not over our skis one way or the other.
Speaker 6: Unlike when we were at four point seven percent on
Speaker 6: the ten year yield, when a lot of people were
Speaker 6: really short and it seemed like, you know, if you
Speaker 6: got any pullback, it was going to wind up being
Speaker 6: pretty dramatic. So but but nonetheless, I think people are
Speaker 6: still a little bit skittish. People are still uncertain, and
Speaker 6: the the fact that people you know, aren't particularly in
Speaker 6: one risk or the other, then putting on that risk
Speaker 6: could wind up moving the market pretty dramatically. Because liquidity
Speaker 6: just isn't what it used to be in the treasury market.
Speaker 6: You could still see, you know, ten to fifteen basis
Speaker 6: point moves on things that you wouldn't expect there to
Speaker 6: be as dramatic of a movement. Yesterday's the Ism report
Speaker 6: as a case, in point, you know, a nine basis
Speaker 6: point movement in ten year treasuries on guess a bad report,
Speaker 6: but it wasn't like insanely bad by any stretch of
Speaker 6: the imagination.
Speaker 7: All right, Ira, next Wednesday, Fed Day, what are the
Speaker 7: smart people like you?
Speaker 5: What are you going to be listening for?
Speaker 6: Well, certainly you know we get Friday's payrolls report first, Paul,
Speaker 6: But yeah, next next week, it's really going to be
Speaker 6: what is what is the propensity? And has anything change
Speaker 6: from the last meeting in terms of they're being on
Speaker 6: hold consensus, So we suspect that their base case is
Speaker 6: going to be where holding rates where they are until
Speaker 6: it's clear that the economy is falling out of bed
Speaker 6: or inflation has is healthily going toward their target of
Speaker 6: two percent. And you know that that ladder on the inflation,
Speaker 6: it doesn't seem likely that you're going to get a
Speaker 6: significant downtick and inflation over the next couple of months.
Speaker 6: So you know, quite frankly, if if they don't cut
Speaker 6: in July, I doubt that the Fed will make its
Speaker 6: first cut in September for a couple of reasons. The
Speaker 6: election certainly is part of that. In the back of
Speaker 6: their minds. They won't never admit that, but I suspect
Speaker 6: that it is. But but if the data is not
Speaker 6: that bad from their standpoint, look, waiting six weeks, you know,
Speaker 6: cutting in November, you know that's that That's probably what
Speaker 6: we're going to be listening for, is what's there? What's
Speaker 6: their triggers?
Speaker 8: Right?
Speaker 6: And and you've heard some speakers talk a little bit
Speaker 6: differently than what Jay Powell said in early May, like
Speaker 6: talking about the potential for hikes if inflation were to reaccelerate.
Speaker 6: So it would be interesting to hear Jay Powell in
Speaker 6: the Prescot difference if he actually says something about that,
Speaker 6: because you refuse to do that in May. And if
Speaker 6: he comes out and says, yeah, we're a little bit
Speaker 6: more symmetric. Certainly if inflation goes up, we'll we'll have
Speaker 6: to hike more. He was given every opportunity to May
Speaker 6: to say that and he just didn't.
Speaker 3: All Right, last question here for us Ayra. You mentioned
Speaker 3: what are the Central Bank triggers? And I'm wondering if
Speaker 3: the spotlight it puts on the.
Speaker 4: ECB on Thursday.
Speaker 3: It feels like the June cut has been widely telegraphed
Speaker 3: and I'm wondering how you see those differentials really playing out.
Speaker 6: Yeah, So if the ECB doesn't cut as as is anticipated,
Speaker 6: then that then I think you can wind up seeing
Speaker 6: some pretty dramatic market action. You probably see front end
Speaker 6: yields go up a little bit globally, not only in
Speaker 6: Europe but also here in the US. The global rates
Speaker 6: markets have been reasonably correlated, although the ECB, the europe
Speaker 6: boon market, and German yields have diverged a little bit
Speaker 6: from the US. It really comes down to I think
Speaker 6: that the big moves that you'll probably see if something
Speaker 6: like that happens, will be in Fax. And I do
Speaker 6: think that the euro could move pretty dramatically and it
Speaker 6: may be strengthen quite a lot if the if the
Speaker 6: the ECB doesn't cut interest rates.
Speaker 7: All right, Irack, thank you so much for We appreciate that.
Speaker 7: Ira Jersey, interest rate strategist for Bloomberg Intelligence.
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Speaker 3: The other big story we're keeping our eye on is
Speaker 3: India's election. The stock market is completely plummeted here, racing
Speaker 3: about three hundred and eighty six billion dollars in market value.
Speaker 3: The tally signal that Prime Minister in Norandom Mode's ruling
Speaker 3: party was struggling to win a majority of seats, and
Speaker 3: that was very much a surprise.
Speaker 4: And Neranda Mode is speaking right now as well.
Speaker 3: We've been waiting for this address to the nation and
Speaker 3: he's finally speaking, joining us dance from Bloomberg senior reporter
Speaker 3: in New Delhi.
Speaker 4: What do we know from what Random Modi is saying
Speaker 4: right now, Well.
Speaker 9: I mean it's looking like Mody, his BJP party, which
Speaker 9: has ruled India with quite a substantial majority for the
Speaker 9: last ten years, is going to be losing its majority
Speaker 9: in the parliament and is going to have to form
Speaker 9: a government with its coalition partners. So it's really a
Speaker 9: major electoral setback for Mody, an electoral setback for the BJP,
Speaker 9: and I mean, more than anything, just quite a surprise
Speaker 9: to everybody here today. I mean, the ruling party was
Speaker 9: going into this election very optimistic, very confident of expanding
Speaker 9: its majority in Parliament, of getting a two thirds majority
Speaker 9: with its alliance partners, and it's looking like a total
Speaker 9: reversal on all those fronts.
Speaker 5: So, Dan, what are the people saying here? What are
Speaker 5: the voters saying here? What don't they like?
Speaker 7: What are they pushing back on in terms of the
Speaker 7: Modi administration.
Speaker 9: Well, one message that's emerging is that there's a real
Speaker 9: sort of simmering discontent with the economy that propelled a
Speaker 9: lot of a lot of voters at the polls during
Speaker 9: during the selection. I mean, you know, we know that
Speaker 9: India's India is really a big economic success story, I
Speaker 9: mean eight percent economic growth in the most recent fiscal year,
Speaker 9: you know, a really a growing presence on the world
Speaker 9: stage and and a rising manufacturer. But below the surface,
Speaker 9: there's a lot of issues. There's issues with high levels
Speaker 9: of joblessness, rising inflation, widening inequality. I mean, these are
Speaker 9: all issues that have really you know, grown in in
Speaker 9: salience over the last ten years and that that Modi
Speaker 9: and the b JP have i have really struggled to address.
Speaker 9: And there these are issues that the opposition really seized
Speaker 9: upon in this campaign.
Speaker 4: All Right, Dan, thanks a lot.
Speaker 3: We really appreciate looking forward not to hear any more
Speaker 3: of what Dranda Movie will say in this national address.
Speaker 4: And Stump Bloomberg, Senior reporter in New Delhi.
Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live
Speaker 2: weekdays at ten am Eastern on Apple car Playing and
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Speaker 2: wherever you get your podcasts, or watch us live on YouTube.
Speaker 7: All right, Alix, here's the stuff that just gets me
Speaker 7: every time you come here. BNY Mellon is the world's
Speaker 7: largest custodian and Pershing is now the second largest business
Speaker 7: within BNY Melon.
Speaker 5: And I've done business.
Speaker 7: With Purging for thirty years, but every five years they
Speaker 7: have a different owner. It teams like, but it seems like
Speaker 7: they found a home here BNY. So we are in Nashville,
Speaker 7: Tennessee the Grand Gaylord oppuland Resort in Nashville for the
Speaker 7: bn Y Melon Insight Conference. Alex Steel and Paul Sweeney
Speaker 7: we're joined right now. We're very appreciative to get some
Speaker 7: time with Jim Crowley Global ahead of b and Y
Speaker 7: Mellon's perject business. He joins us here on site Jim,
Speaker 7: thanks so much for having us did this year. I
Speaker 7: know it's a you got two thousand financial advisors around here.
Speaker 7: They've all got their own agendas, But what's the theme
Speaker 7: you're trying to get across to the folks here?
Speaker 10: So two thousand advisors, correct and thought leadership people. So
Speaker 10: the theme that we're trying to get across is how
Speaker 10: do you take your business to the next level? Because
Speaker 10: we believe that scale, productivity, and growth are the lifeblood
Speaker 10: of our industry. And at bn Y Melon, who is
Speaker 10: by the way, celebrating its two hundred and fortieth year
Speaker 10: in business, we believe that there's so much value embedded
Speaker 10: in the bing Y Melon franchise that we can unlock
Speaker 10: and deliver these to financial advisors to help power their
Speaker 10: growth in the future.
Speaker 3: And what does that growth look like in the future?
Speaker 3: Like what's new today that wouldn't have been here a
Speaker 3: year ago?
Speaker 10: Well, I think what's new today is that people. People
Speaker 10: are more and more coming to the realization how complex
Speaker 10: this business is and becoming even more complex than the environment,
Speaker 10: whether it's macro things related to technology, regulation or just
Speaker 10: the economy and how much energy and how much investment
Speaker 10: dollars they have to invest in operating the business, So
Speaker 10: how can they outsource things to be more efficient, more productive,
Speaker 10: drive more scale, and sort of eliminate those binding constraints
Speaker 10: to their growth.
Speaker 7: You know, one of the great stories I think in
Speaker 7: personal wealth management is this whole transition or bequeathment, if
Speaker 7: you will, of the wealth of the baby boomer generation
Speaker 7: to the next generation. So, if I'm a financial advisor,
Speaker 7: I'm not just a stock and bond person.
Speaker 5: I got to think.
Speaker 7: About estates and wills and taxation and all that kind
Speaker 7: of stuff.
Speaker 5: How do you guys help them with that?
Speaker 10: Yeah, planning is certainly becoming more and more part of
Speaker 10: the formula, right, So investment management used to sort of
Speaker 10: be the core competency of a financial advisor, but now
Speaker 10: it's it's a different story.
Speaker 5: Right.
Speaker 10: You have to have a breath of large breath of
Speaker 10: services that you can offer to every one of your
Speaker 10: clients because their financial lives are becoming more and more complex.
Speaker 10: And so we put out in the marketplace a platform
Speaker 10: to offer all those things, whether it's planning, whether it's
Speaker 10: tax transition work, whether it's estate planning, and providing them
Speaker 10: with investment management tools and all the other products that
Speaker 10: they need in order to be successful with advisors.
Speaker 4: We were talking earlier about greyscale having a boost right
Speaker 4: behind you. Yeah, that's different, is it not?
Speaker 5: It is?
Speaker 10: It is different, And in fact, you know, if you
Speaker 10: take a three year sort of perspective on the business,
Speaker 10: we have this thought that almost every portfolio will have
Speaker 10: some tokenized asset in their portfolio in three years.
Speaker 3: Wow, how much of the portfolio well to be determined?
Speaker 10: Right, whether it's that five percent or that ten percent.
Speaker 4: That's a big difference if you're a bitcoin older.
Speaker 10: Big difference at yeah, sixty six or wherever we're at.
Speaker 5: Yeah, So tell us about security.
Speaker 7: If I think about a system, a financial system, I
Speaker 7: mean a Bloomberg. We take data security and the security
Speaker 7: of our system extraordinarily seriously, and I know that folks
Speaker 7: in the financial services industry have to do as well.
Speaker 7: So I'm a wealth manager out there trying to serve
Speaker 7: my clients. How do I feel secure about maybe your platform?
Speaker 7: We're just platforms in general.
Speaker 10: Yeah, So what comes along with being a two hundred
Speaker 10: and forty year old institution is this notion of resiliency
Speaker 10: and being a globally systematic important bank. We have a
Speaker 10: lot of help with making certain that all of our
Speaker 10: systems and all of our data are well protected and
Speaker 10: backed up. And so we take great pride in everything
Speaker 10: we do around cyber resiliency. And we also take great
Speaker 10: pride by the way and making data available to clients
Speaker 10: because these clients, these financial advisors, need those insights, and
Speaker 10: so we're working hard on trying to create the tools
Speaker 10: that they need to not only stay resilient in their
Speaker 10: operating environment, but also to create value with the data
Speaker 10: that we have.
Speaker 4: So, how many wealth advisors financial advisors are here? Two thousand?
Speaker 10: Well, give or take there are two thousand attendees. There
Speaker 10: are roughly one thousand, roughly fifty percent our advisors, and
Speaker 10: then you know, roughly the next half is going to
Speaker 10: be thought leaders exhibitors that are here, and then a
Speaker 10: group of us who are in client coverage business.
Speaker 3: Do we have too many wealth managers, too many financial advisors?
Speaker 10: Well, that's a very interesting question, you know, because I
Speaker 10: think this. I don't think we have enough wealth.
Speaker 5: Managers really in the US.
Speaker 10: The demand for I think wealth advice is only going
Speaker 10: higher given the complexity of the operating environment. And let's
Speaker 10: be let's be disorder, said the way it is, wealth
Speaker 10: managers are aging out of the industry, so we need
Speaker 10: to bring the next generation of wealth managers into the market.
Speaker 7: Sweeney Offspring number three is going into that business right now.
Speaker 4: Take Yeah, that's cool.
Speaker 7: Finally one out of forest following on Wall Street. I
Speaker 7: guess that's not a too bad of an average. How
Speaker 7: about consolidation in this business. There's a lot of you know,
Speaker 7: mom and pop advisors out there, and I would think,
Speaker 7: as you mentioned the complexity of the business, just managing
Speaker 7: the business getting so much more, is there going to
Speaker 7: see more consolidation do you think?
Speaker 10: I think the consolidation is going to continue, to call it,
Speaker 10: and we sort of see this separation happen. You have
Speaker 10: a large number of firms now who are becoming even
Speaker 10: larger as a result of not only organic growth, but
Speaker 10: inorganic growth, and that's going to continue to sort of happen,
Speaker 10: we believe. And then at the other end of the spectrum,
Speaker 10: there are several niche firms who are going to continue
Speaker 10: to operate as they do, who operate at scale in
Speaker 10: their market and stay at that size. But in order
Speaker 10: to get to that scale that I was just talking
Speaker 10: about a moment ago, as a result of M and A,
Speaker 10: you really do need more resiliency, more structure around what
Speaker 10: it is you're trying to do.
Speaker 3: So took the point if you put these points together,
Speaker 3: Lisa Mantaya, I was just talking about game Stop and
Speaker 3: Paul was horrified and rolled his eyes. But the idea
Speaker 3: that a lot of young people and not even young people,
Speaker 3: but people think they can do this themselves, that they
Speaker 3: don't need help, and that they have the tools online
Speaker 3: to manage their own money. How do you what do
Speaker 3: you tell them with that?
Speaker 10: I think that the tools are getting much much better
Speaker 10: for people to manage their own money, and the product
Speaker 10: availability and the education material is becoming much more prevalent
Speaker 10: in the marketplace. However, money is very emotional, and when
Speaker 10: you get to a certain asset level or wealth level,
Speaker 10: or your life complexity changes, having another person sitting there
Speaker 10: alongside of you to coach you through that and even
Speaker 10: out those emotional spikes is super important. So I think
Speaker 10: the wealth industry is really well positioned over the next
Speaker 10: number of years, as wealth expands and it is the
Speaker 10: fastest growing marketplace, that there's going to be a need
Speaker 10: for wealth advisors, more of them and their role and
Speaker 10: their value in the relationship is only going to get
Speaker 10: greater as more complexity ners.
Speaker 7: So since I've been on Wall Street more than thirty years,
Speaker 7: the story has been brokers leaving financial advisors, leaving the
Speaker 7: wirehouses and going out on their own.
Speaker 5: Yeah, that hasn't changed, has it.
Speaker 10: I don't think that has changed. I mean there is. Look,
Speaker 10: there's a shift in the industry. From when we started
Speaker 10: in the business, one hundred percent of the things that
Speaker 10: we did were commission based. Today the majority of the
Speaker 10: business that we have on our platform is advisory based.
Speaker 10: And so I think this idea of financial advisors, more
Speaker 10: and more of them needed for the industry, and the
Speaker 10: idea that some of them want to run their own
Speaker 10: business will continue to sort of be a trend. But
Speaker 10: I think more of those firms now, Paul, are looking
Speaker 10: to land someplace as opposed to start of building something
Speaker 10: fresh from the start, because it's pretty it's pretty hard.
Speaker 4: Jim, wonderful to chat with you. Thank you so much.
Speaker 3: I learned a ton Jim Crowley, Global head of b
Speaker 3: and Yatt Melling's pershing and good luck on your keynotes.
Speaker 10: You haven't given it yet, right, No, it's nott there all.
Speaker 4: Right deep teas there enjoy that as well.
Speaker 3: We have to wonder though, as people become more confident
Speaker 3: in their way of trading or operating, like are they how.
Speaker 4: Long are they able to put off a financial advisor?
Speaker 3: Does it come with the kid your first house? Like
Speaker 3: what is that trigger point to move the Yeah?
Speaker 5: Exactly.
Speaker 7: I mean I think this Jim was mentioning the complexity
Speaker 7: of managing money, whether it be you know, wealth management, taxes,
Speaker 7: you know, wills and estates on all.
Speaker 5: Those types of things.
Speaker 7: On the legal side of it as well, it gets
Speaker 7: pretty complex pretty quickly, and you start talking about real
Speaker 7: dollars and still met you that that is a big issue.
Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live
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Speaker 2: station just say Alexa playing Bloomberg eleven.
Speaker 4: This is Bloomberg Intelligence Radio.
Speaker 3: We cover all the top news and business and finance
Speaker 3: through our lens of our Bloomberg Intelligence analysts. They cover
Speaker 3: two thousand companies and one hundred and thirty industries worldwide
Speaker 3: and every once in a while.
Speaker 4: He let us take the show on the road.
Speaker 3: We get to broaden our outlook, particularly in the areas
Speaker 3: that really concern you as an investor. And we are
Speaker 3: here from the unbelievably huge Gaylord opry landa resort in Nashville, Tennessee,
Speaker 3: for B and Y Melons twenty six Annual Insight Conference,
Speaker 3: speaking about two thousand over two thousand financial intermediaries from
Speaker 3: top asset management firms will be here. And joining us
Speaker 3: now to discuss all of it is Emily Schlosser. She's
Speaker 3: chief operating officer B and Y Melons Pershing and she
Speaker 3: joins us here on set.
Speaker 4: Wonderful to see you.
Speaker 11: Thanks a that it's going to be here now.
Speaker 4: The highlight is that you're talking to Keith Urban on stage.
Speaker 4: Is that that's happening today.
Speaker 12: That's happening on Thursday Thursday? Yes, and I agree it
Speaker 12: will be at the highlight.
Speaker 4: So are you interviewing or is he interviewing you?
Speaker 10: Oh?
Speaker 11: For sure, I'm interviewing him, just checking. Yes, Yes, he
Speaker 11: is the star of the show.
Speaker 4: And what do you guys to talk about?
Speaker 11: They're handful of things that we're going to cover.
Speaker 12: He has really interesting stories about his creative process, about
Speaker 12: overcoming diversity.
Speaker 11: He is a real emphasis on putting in.
Speaker 12: The hard work, which is something that we're sort of
Speaker 12: all about here at Bank of New York Mellon. So
Speaker 12: there are a lot of things that are analogous, and
Speaker 12: he will be giving us a little bit of a
Speaker 12: show too, So that'll be great.
Speaker 7: Hey, Emily, and we're looking around here, there's you know,
Speaker 7: lots of financial advisors, registered investment advisors, lots of asset
Speaker 7: management providers.
Speaker 5: What are some of the I guess it's operationally.
Speaker 7: What are the challenges that these rias deal with every
Speaker 7: day when they're trying to establish relationships with clients, bring
Speaker 7: in new assets, manage the assets that they have.
Speaker 5: What are some of the challenges they face?
Speaker 12: Yeah, I think ultimately it comes down to productivity and scale. Really,
Speaker 12: their biggest challenge is to free up advisors so that
Speaker 12: the advisors can spend more time with their clients. At Pershing,
Speaker 12: we've made it our mission to help advisors help more people,
Speaker 12: and we're doing that by creating the most connected and
Speaker 12: productive platform to power the future of wealth management and
Speaker 12: that notion of automation and allowing ris and broker dealers
Speaker 12: to operate at scales so that their advisors are spending
Speaker 12: less time doing administrative tasks and systems and more time
Speaker 12: out with their clients.
Speaker 11: That's really what it's all about.
Speaker 3: How hard it is to do all that to create
Speaker 3: that environment where people can just talk to their clients more.
Speaker 12: It's very challenging, and there's a reason why it's taken
Speaker 12: us kind of this long in the maturity of our
Speaker 12: industry to get to a point where we can really
Speaker 12: do that. We've seen studies that say advisors spend as
Speaker 12: much as sixty or seventy percent of their time doing
Speaker 12: administrative tasks, and so part of what we've done in
Speaker 12: rolling out a new advisory platform, which we launched at
Speaker 12: this conference last year, so it's the one year birthday
Speaker 12: of Wove, which is our advisory platform, is built from
Speaker 12: a from the ground up, an interconnected suite of tools
Speaker 12: for advisors to use to manage their day to day.
Speaker 12: So it's not a patchwork of stuff that we've bought
Speaker 12: and tried to sort of stitch together.
Speaker 11: This is really from the ground up. From its inception.
Speaker 12: It was designed to be totally interconnected so that data
Speaker 12: flows seamlessly across the applications. Everything works together and advisors
Speaker 12: no longer have to kind of swivel between different applications,
Speaker 12: which just consumes an enormous amount of their time.
Speaker 7: From a competitive perspective, from B and Y, Melon, how
Speaker 7: do you compete? What is it spending more on technology?
Speaker 7: How do you guys compete against your competitors out there?
Speaker 12: Yeah, well, none of our competitors have the force like
Speaker 12: we have with.
Speaker 5: This that the the world thopes.
Speaker 12: Of Fidelity Schwag or some of the big players in
Speaker 12: our space. And really what we have with the entire
Speaker 12: ecosystem of of New York Melon is completely unique because
Speaker 12: we do have a massive technology organization that we can
Speaker 12: bring to bear with incredible amounts of investment spent on
Speaker 12: things like resiliency, cybersecurity, as well as the latest and
Speaker 12: greatest in innovative tech generative AI. So we have this
Speaker 12: whole kind of force behind us from a technology perspective,
Speaker 12: and then we also have a world class investment management arm.
Speaker 11: We have world class treasury services and payments capabilities.
Speaker 12: So it really creates this whole wrapper around our core
Speaker 12: custody offering that amplifies what we can bring to the
Speaker 12: market in a way that nobody else can.
Speaker 3: I judge myself for asking this question, but I'm going
Speaker 3: to ask it anyway. As chief operating officer. How do
Speaker 3: you use AI?
Speaker 9: Oh?
Speaker 4: Generative AI?
Speaker 5: Oh?
Speaker 11: Interesting?
Speaker 12: So we are using AI in a lot of different ways.
Speaker 12: It's been available on our platform from some time, with
Speaker 12: natural language search and greater ability to navigate. All of
Speaker 12: our navigation prompts are customized based on what consumers use most.
Speaker 12: So it is learning along with the user to make
Speaker 12: the experience more user friendly and personalized.
Speaker 11: And we are.
Speaker 12: Leveraging tools that help us automate things like processing documents
Speaker 12: and running more of our operations straight through. We are
Speaker 12: we are playing quite heavily with generative AI, particularly internally
Speaker 12: for now, where we're able to kind of access information
Speaker 12: much more quickly and have the help of tools as
Speaker 12: we're kind of creating intel for our clients.
Speaker 7: How about cybersecurity just data security in general. I'm guessing
Speaker 7: that's a constant source of investment for you guys.
Speaker 5: How do you think about that? Yeah?
Speaker 11: Constant.
Speaker 12: It is one of the most impactful things that we
Speaker 12: can spend time on because the threats just keep amplifying
Speaker 12: kind of day over day. We see increasing threats from
Speaker 12: cyber challenges, and it's one of the reasons why having
Speaker 12: the Bank of New York Mellon behind Persians brand is
Speaker 12: so powerful. I mean, we are a two hundred and
Speaker 12: forty year old bank. We pride ourselves on being incredibly resilient,
Speaker 12: and we really are at the cutting edge of what's
Speaker 12: happening in the cybersecurity world.
Speaker 4: What are you most excited about for the rest of
Speaker 4: this year.
Speaker 12: I'm really excited about what some of the new technologies
Speaker 12: can bring in terms of productivity and scale. I mean,
Speaker 12: at its core, Generative AI is a productivity tool. Productivity
Speaker 12: is what we're all about, and I think it's one
Speaker 12: of the most kind of the biggest step changes in innovation.
Speaker 11: That we've seen in recent history.
Speaker 12: So I'm really excited to see what we can do
Speaker 12: with it.
Speaker 7: If you lose a group of advisors from your platform,
Speaker 7: why do they leave?
Speaker 11: Interesting? It doesn't happen often.
Speaker 12: I Sometimes it's because they have chosen to consolidate go
Speaker 12: through M and A with a company that uses a
Speaker 12: different provider, So that's often what would drive the change.
Speaker 12: Sometimes it's a change engine model, or they're looking for
Speaker 12: an exit strategy, so they sell their firm.
Speaker 11: Those would be the biggest drivers.
Speaker 3: Well, what are the biggest questions that you're getting right
Speaker 3: now new advisors?
Speaker 12: Yeah, the biggest questions I think do revolve around how
Speaker 12: do we just make ourselves more productive, more efficient? But
Speaker 12: then we also do have a lot of questions around
Speaker 12: how do we get more into the alternative space, how
Speaker 12: do we become more effective in providing investment offerings to
Speaker 12: our clients. So historically many advisors have also been portfolio managers.
Speaker 12: I think more and more we're seeing clients looking towards
Speaker 12: that centralized office of investment that can be leveraged as
Speaker 12: more of a central utility, so that each advisor is
Speaker 12: not trying to be a portfolio manager on their own right,
Speaker 12: but are spending more time on things like financial planning
Speaker 12: and building relationships with clients.
Speaker 4: Emily, we really appreciate it. Thank you so much.
Speaker 3: Emily Schlosser, a chief operating officer at Bmy Melon's person.
Speaker 4: Good luck with Keith Urban.
Speaker 11: Thank you be super exciting, excited.
Speaker 4: I love this for you. I want to get that.
Speaker 4: Thank you.
Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live
Speaker 2: weekdays at ten am Eastern on Applecar Play and Android
Speaker 2: Auto with the Bloomberg Business. You can also listen live
Speaker 2: on Amazon Alexa from our flagship New York station Just
Speaker 2: Say Alexa playing Bloomberg eleven thirty.
Speaker 3: Hey, Alex Deel alongside Paul sw We need. This is
Speaker 3: Bloomberg Intelligence Radio. We bring you all the top news
Speaker 3: and analysts from our Bloomberg Intelligence arm. They cover two
Speaker 3: thousand companies and one hundred and thirty industries around the world.
Speaker 3: And for now we are lucky because they're broadcasting live
Speaker 3: from Nashville, Tennessee, at the Gaylord Opryland Resort for B
Speaker 3: and Y Melons twenty six annual Inside Conference with over
Speaker 3: two thousand financial intermediaries from top asset management firms and
Speaker 3: joining us right here on set. Ben Harrison, head of
Speaker 3: Wealth Solutions at B and Y Melons, pershings.
Speaker 4: Good to have you here, Ben, Thanks for stopping by.
Speaker 8: More thanks for having me.
Speaker 3: So your panel, which is Thursday is the future of
Speaker 3: financial Advice, Perspectives on the evolution of wealth management.
Speaker 4: That seems nice and broad for you. What are you
Speaker 4: going to say? What's on the docket, what's on your mind?
Speaker 8: Yeah, So it's going to be a great panel.
Speaker 13: We've got a number of industry experts that are going
Speaker 13: to join me, and what we're going to talk about
Speaker 13: is there's really been a bull.
Speaker 8: Market for financial advice.
Speaker 13: If you look back over the last ten years, the
Speaker 13: wealth business has grown from twenty three trillion to fifty
Speaker 13: two trillion. It's really fueling the need for investors to
Speaker 13: have great advice from advisors. The conundrum is we're not
Speaker 13: creating more advisors. So there's about three hundred thousand advisors,
Speaker 13: so it's really teeing up this productivity of imperative that
Speaker 13: advisors need to deliver more for their clients and do
Speaker 13: so with more scale.
Speaker 7: So we're speaking with Ben Harrison, head of Wealth Solutions
Speaker 7: at BNY Melon's Pershing here in Nashville. Ben, can you
Speaker 7: explain the different Can you explain to reason why I
Speaker 7: would leave a wirehouse like Merrill Lynch and become a
Speaker 7: registered investment advisor at an independent place.
Speaker 13: Sure, so a lot of that demand is being driven
Speaker 13: by investors. Investors really are seeking fiduciary advice, comprehensive, holistic advice,
Speaker 13: an advisor that sits on the same side of the
Speaker 13: table as them and isn't sold products, but really it
Speaker 13: purchases products to fulfill a goal based financial plan. So
Speaker 13: advisors are seeking an opportunity to be aligned with their
Speaker 13: clients and that gives them the opportunity to go out
Speaker 13: establish a registered investment advisor and have full control in
Speaker 13: order to complate experience.
Speaker 7: There's no more Maryland stockbrokers there, aren't they advisors too?
Speaker 5: Haven't they involved that business?
Speaker 13: Yeah, we've definitely seen a convergence in the business models
Speaker 13: towards this goal oriented, holistic advice. So there's there's absolutely
Speaker 13: you know, we're seeing that from both sides of the
Speaker 13: market right now, and that's creating a lot of competition
Speaker 13: in the space.
Speaker 3: Okay, so what is your advice for wealth managers say
Speaker 3: in the back half of this year?
Speaker 13: Yeah, so we've been experiencing a market that you know,
Speaker 13: continues to have tailwinds, but clients have a ton of
Speaker 13: complexity in their lives. So it's all about focusing on
Speaker 13: the client needs and having a very clear, optimal client
Speaker 13: profile and delivering the solutions that an investor needs in
Speaker 13: order to solve anything that they may need to deal
Speaker 13: with in their personal lives.
Speaker 7: Every town USA has a Smith Barney office. You know,
Speaker 7: are more in Stanley office size I should say a
Speaker 7: Merrill Lynch office.
Speaker 5: Plus three or four registered advisors offices.
Speaker 7: Does there need to be consolidation among the rias or
Speaker 7: is it better to be able to Hey, we're small,
Speaker 7: we're local, we know our clients.
Speaker 5: How's that trend evolving?
Speaker 13: Yeah, we're seeing a tremendous amount of solidation in the space.
Speaker 13: The mergers and acquisitions that we see in terms of
Speaker 13: aggregators and roll ups coming into the space and taking
Speaker 13: out some of the smaller firms and rolling them into
Speaker 13: wealth practices is absolutely happening. It's not slowing down. That's
Speaker 13: going to continue to accelerate. But at the same time,
Speaker 13: there is room for advisors to have unique value propositions
Speaker 13: for clients in communities. And what we've seen is that
Speaker 13: clients have a propensity to.
Speaker 8: Work with people.
Speaker 13: Despite the fact there are so many digital solutions and
Speaker 13: ways to leverage AI and other unique capabilities in the marketplace.
Speaker 13: Investors want to work with a person and if you
Speaker 13: can deliver a great value proposition, then you've got a
Speaker 13: business to be had.
Speaker 3: So what is the right ARIA model, the registered investment
Speaker 3: advisor model? Like, what is the right model for someone.
Speaker 13: I think it all depends on what the client need is.
Speaker 13: It depends on where they are in their in their
Speaker 13: life cycle. Are they at the stage of their life
Speaker 13: where they are accumulating assets.
Speaker 8: Are they at the stage of life where.
Speaker 13: They're planning for retirement or drawing down. Are they a
Speaker 13: massiffluent investor, are they a high net worth investor?
Speaker 8: Are they ultra high net worth investor? And there are.
Speaker 13: Flavors of registered investment advisors as well as broker dealers
Speaker 13: and as you mentioned, other financial professionals that solve for
Speaker 13: a variety of those different needs.
Speaker 5: We've been coming to this event for several years now.
Speaker 7: In a common theme has been you want your advisors
Speaker 7: to be able to spend more time with their clients,
Speaker 7: less time on the administrative work. Is that just a
Speaker 7: function of technology, integrating technology more into the everyday work
Speaker 7: of an advisor.
Speaker 13: Yeah, that's we've talked a little bit about that. In
Speaker 13: terms of this productivity imperative. We know that there's a
Speaker 13: you know, significant demand for advice. There is not as
Speaker 13: many advisors to fulfill that demand. So it's really incumbent
Speaker 13: that we have the right tools in technology so that
Speaker 13: advisors can spend more of their time with clients and
Speaker 13: less of their time working on the back office or
Speaker 13: the tools in which to do so. That's a big
Speaker 13: focus on our strategy at Pershing in our mission to
Speaker 13: help advisors help more people, and a lot of the
Speaker 13: tools and technology that we are showcasing at this event
Speaker 13: does just that. We're excited about rolling out some of
Speaker 13: the new things that we have with our Wove platform.
Speaker 4: Here's something just broader.
Speaker 3: You know, everyone's just living longer and there's a question
Speaker 3: as to sort of like when should.
Speaker 4: You retire, how much money do you really need for retirement?
Speaker 4: And nobody really knows the answer to any of this.
Speaker 3: How do you talk to clients about that? Because I
Speaker 3: have to think that that is.
Speaker 4: A huge worry.
Speaker 3: And when you normally retire at like sixty five, but
Speaker 3: then you're dying at seventy, that's one thing, but that's
Speaker 3: not happening anymore.
Speaker 13: Yeah, you're absolutely right, and this is something that advisors
Speaker 13: really need to work with and investors need to really
Speaker 13: consider the lifespan that they potentially have in front of them,
Speaker 13: including health benefits and healthcare. That we see this idea
Speaker 13: of advisors delivering more, it's getting well beyond just investments.
Speaker 8: It used to be an investment game.
Speaker 13: Now it is a planning game of all the complexities
Speaker 13: of one's lives, whether it be healthcare, whether it be
Speaker 13: long term care, whether it be benefits that.
Speaker 8: Advisors need to think about.
Speaker 13: So we're seeing lifetime income becoming a very important tool
Speaker 13: that's utilized in a comprehensive portfolio, insurance, tax, all of
Speaker 13: these things.
Speaker 3: I have permanent life insurance, Like I got that when
Speaker 3: I was like thirty six, because I'm so terrified of
Speaker 3: like what happens when there is no social security and
Speaker 3: I'm like eighty and I need assisted.
Speaker 13: Living absolutely, And for the emerging population coming up to
Speaker 13: be completely different for us than it was for generations
Speaker 13: ahead of us.
Speaker 4: Well, what are some other big themes that you guys
Speaker 4: talk about a lot?
Speaker 3: Like what's the next year? What are we gonna be
Speaker 3: talking about next year at this conference?
Speaker 13: So there's a there's a lot on the horizon that
Speaker 13: we think about each and every day in our business.
Speaker 13: We see artificial intelligence, you know, playing a big role
Speaker 13: in the marketplace right now. We see alternative investments continuing
Speaker 13: to emerge and rise in terms of getting into the
Speaker 13: retail investing population. You hit on a couple of the
Speaker 13: other things in terms of the longevity of portfolios and
Speaker 13: that people are living longer. So there's there's a tremendous
Speaker 13: amount of things that people are thinking about in terms
Speaker 13: of navigating how you how you contend with that with
Speaker 13: your personal finances.
Speaker 3: What do you think about alternative investing in terms of
Speaker 3: the conversation with well both managers right now.
Speaker 13: Yeah, we've definitely seen an uptick in terms of the
Speaker 13: appetite for alts in retail investors portfolios.
Speaker 8: We know that they've been utilized.
Speaker 13: In institutional portfolios for years and years, and now they
Speaker 13: are taking a strong place in the individual investor portfolio.
Speaker 8: And we're moving away from.
Speaker 13: Sixty forty type of allocation to one that includes alternative
Speaker 13: investments as an important part of the individual investor portfolio.
Speaker 3: Ben, thanks so much. We really appreciate you stopping by.
Speaker 3: I know it's quite busy for you, but thank you.
Speaker 3: Ben Harrison, head of Wealth Solutions at BNY Mellon's Pershing
Speaker 3: and joining us right here in Nashville, Tennessee.
Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live
Speaker 2: weekdays at ten am Eastern on applecar Play and Androud
Speaker 2: Auto with the Bloomberg Business App. You can also listen
Speaker 2: live on Amazon Alexa from our flagship New York's Just
Speaker 2: Say Alexa playing Bloomberg eleven.
Speaker 5: Out Steal. Paul Sweeney. We are live in Nashville, Tennessee.
Speaker 7: We are at the Gaylord Opryland Resort and National here
Speaker 7: for the BNY Mellon Insight Conference. I've got about two
Speaker 7: thousand financial advisors here and they're talking about the future
Speaker 7: of the wealth management business. Our next guest is Serena
Speaker 7: Dollar book Bookshire. She is the chief product officer for
Speaker 7: B and Y Melling's Purge and joining us live here.
Speaker 7: What kind of products are you hearing from your wealth
Speaker 7: advisors about?
Speaker 5: Digital?
Speaker 11: Absolutely so on the digital.
Speaker 5: Side, crypto.
Speaker 7: I'm thinking generally broadly defined, you know, what kind of
Speaker 7: do they are they asking you about crypto?
Speaker 1: I think that there is you know, maybe reduced interest
Speaker 1: in that at the moment, but I think that you know, overall,
Speaker 1: you know, there we we we we exist to serve
Speaker 1: a wide variety of products that's on our shelves, and
Speaker 1: so as we continue to monitor the regulatory landscape around that,
Speaker 1: you know, we we you know, that's that's something that
Speaker 1: you know, we can school in the future. But as
Speaker 1: I would say from a broader digital standpoint, really, you
Speaker 1: know what we hear the most of is around productivity
Speaker 1: and scale and ultimately, really how do we help our
Speaker 1: advisors do their best work by ultimately giving them time
Speaker 1: back through connected tech, connected data and connected experiences.
Speaker 3: And we're speaking with Serena and Dalla Brookshire, chief product
Speaker 3: officer at BNY. Melon's pershing which time about product innovation.
Speaker 3: So what's the product that you've launched, say in the
Speaker 3: last year that has really helped those issues that you're
Speaker 3: trying to address, just making wealth advisors more efficient and
Speaker 3: more able to spend time.
Speaker 4: With their clients.
Speaker 1: Yeah, so some of them you'll hear about later this afternoon.
Speaker 1: But what I can share where I feel like there's
Speaker 1: a lot of really good energy around this is within
Speaker 1: our net next three sixty platform. We've built a lot
Speaker 1: around personalization and so how that takes shape investing in
Speaker 1: aimergent capabilities is ultimately personalized menus, personalized navigation. We actually
Speaker 1: recently implemented a feature around asking a question to really
Speaker 1: reduce the time spent on reporting and compliance related analytics,
Speaker 1: and ultimately something that took upwards to twenty to thirty
Speaker 1: minutes now takes a mere matter of seconds. So that's
Speaker 1: one innovation that we're really excited about and want to
Speaker 1: continue to press on as we think about different ways
Speaker 1: for our advisors and their teams to do more with less.
Speaker 7: But they always open to technology, or to some folks
Speaker 7: just like in life, you know, less open to me
Speaker 7: maybe if you haven't older or something like that.
Speaker 1: I mean, product adoption certainly has a spectrum of early
Speaker 1: to late adopters, but ultimately, right as you think about
Speaker 1: ways that actually benefit you, we've seen a lot of adoption,
Speaker 1: right because ultimately, as you've probably heard in some of
Speaker 1: these other segments, right, there's a finite amount of advisors today,
Speaker 1: a proliferation of high quality advice, and we just advisors
Speaker 1: need to adapt their practices and how they work to
Speaker 1: meet those demands.
Speaker 3: How does it usually work, Like do your clients come
Speaker 3: to you and say, hey, I really need help with
Speaker 3: this or is it you being like you really need
Speaker 3: help with that.
Speaker 4: You just don't know it yet.
Speaker 1: Great question, and actually part of one of the one
Speaker 1: of the things that we instituted in this new Product
Speaker 1: organization was really around how we work, and so part
Speaker 1: of our philosophy is you need to be client obsessed,
Speaker 1: data driven, and we need to have direct sort of
Speaker 1: co creation with our client base, and so that's something
Speaker 1: that we've been really kind of pushing towards. And so
Speaker 1: ultimately it's a combination of us looking at market data,
Speaker 1: monitoring the trends, working hand in hand with our advisors
Speaker 1: to understand kind of the pain points, observing them directly,
Speaker 1: you know, looking at say do gaps, what do you say,
Speaker 1: what do we hear, what do we observe? And then
Speaker 1: and figuring out ways to kind of build solutions that
Speaker 1: really are steeped in that problem space.
Speaker 4: So what's a say do gap? I've never heard this before,
Speaker 4: and you know, it's it's like when we say.
Speaker 1: You want to lose weight, but then you're you know,
Speaker 1: your pantry is full of potato chips, right, So it's
Speaker 1: sort of that say do gap around what you say
Speaker 1: and what you actually do and sort of a.
Speaker 4: GAPTI and I want more sleep, but then I don't
Speaker 4: go to betterly correct Okay, yeah, okay.
Speaker 7: So I talk to us about like, what are some
Speaker 7: of the trends you're seeing there in products?
Speaker 5: What do you what are your clients asking you for
Speaker 5: more of better of that kind of thing.
Speaker 1: Yeah, So on the digital side, as I mentioned, right,
Speaker 1: they want you know, streamlined workflows. They want more efficient
Speaker 1: ways to onboard clients. They want ways to sort of
Speaker 1: scale their practice. They want new tools to connect all
Speaker 1: of the various systems and data so that they have
Speaker 1: a swivel chair so they don't have to sort of
Speaker 1: context switch in the moment. And we're finding that on
Speaker 1: average that saves almost about two plus hours a day.
Speaker 1: And then from an investment standpoint, right, there's a lot
Speaker 1: around you know, alternatives being sort of a growth area, right,
Speaker 1: especially with the expansion of the private markets and just
Speaker 1: overall impact on investment outcomes and then clearly right growth
Speaker 1: and ETF So looking for different flavors to fill the portfolio.
Speaker 4: Maybe one lass.
Speaker 1: Single add is just you know, we we see more
Speaker 1: and more investors driving the conversation son of investors want
Speaker 1: an advisor that quote unquote gets me, right, and so
Speaker 1: what that means and seventy percent actually want an advisor
Speaker 1: that shares their personal values and so what that means
Speaker 1: As an advisor, you got to know your clients.
Speaker 4: Really, really well.
Speaker 1: And you got to be able to spend the time
Speaker 1: with them. And so ultimately, what we're trying to do
Speaker 1: here is help help advisors help more people. And so
Speaker 1: we believe that the combination of these sort of investment
Speaker 1: solutions and connected digital solutions gets advisors closer to that
Speaker 1: What are some of.
Speaker 3: The problems that you foresee that product will need to
Speaker 3: solve for that just don't have answers yet.
Speaker 1: That doesn't have answers yet. I mean, I think that
Speaker 1: you know, looking at broader sort of access, you know,
Speaker 1: I think we're starting to see a lot of democratization
Speaker 1: of products and sort of bringing institutional products more down market.
Speaker 1: I think that you'll continue to see more of that
Speaker 1: as a trend, just so more and more people have
Speaker 1: access to high quality advice and high quality products. And
Speaker 1: then I think, you know, as you look at managed
Speaker 1: accounts and advice more generally, like how do you ensure
Speaker 1: the most efficient way to deliver that? I think those
Speaker 1: are some areas and then maybe one more is just
Speaker 1: we're seeing more and more clients really want to have
Speaker 1: like their full balance sheet together. They want the ease
Speaker 1: of seeing if you are an advised client to have
Speaker 1: your wealth solutions and your banking together makes sense, and
Speaker 1: so that's where you're going to start to see some
Speaker 1: of that also come together over time.
Speaker 5: Serena, thanks so much for joining us.
Speaker 7: Really appreciate it, Serena Dala Brokshire, Chief product Officer bny
Speaker 7: Melling's purge and joining us live here in this vast
Speaker 7: what do we call them? This room here, like I just, oh,
Speaker 7: my goshitorium.
Speaker 4: It is enormous.
Speaker 10: It is huge.
Speaker 7: It's huge, and this is where it's all happening. So
Speaker 7: here we're Nashville where the Gaylord grand Old Opry. I
Speaker 7: did some business with the Gaylord family back in the
Speaker 7: day when they owned TNN to cable network and they
Speaker 7: owned country music television. So in addition to all these
Speaker 7: resorts they have here, so some good times stand here.
Speaker 5: But this place is massive. It's got everything you want
Speaker 5: down here.
Speaker 7: It's a great place to have a conference because plus
Speaker 7: you also have access to Nashville when all the stuff
Speaker 7: that's there.
Speaker 3: I feel like resort is like an understatement though, Like
Speaker 3: I literally have an app that I had to use
Speaker 3: to get directions somewhere to get from my hotel room
Speaker 3: to hear like Google Maps.
Speaker 4: That's not resorts.
Speaker 5: That's I don't know's it's Vegas. It's kind of like Vegas.
Speaker 5: It's like.
Speaker 4: We will certainly hit your step count. Yes, I'm hoping.
Speaker 4: I'll check on that for you.
Speaker 2: This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,
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