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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. You're listening to the

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Speaker 1: Bloomberg Intelligence Podcast. Catch us live weekdays at ten am

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Speaker 1: Eastern on fo card Playing and broun Otto with the

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Speaker 1: Bloomberg Business App. Listen on demand wherever you get your podcasts,

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Speaker 1: or watch us live on YouTube.

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Speaker 2: Alex Deal, Paul Sweeney. We are live here at our

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Speaker 2: Bloomberg and Active.

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Speaker 1: You know where we are.

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Speaker 2: No, we're not, Yeah, yeah, we are messaging. We're broadcasting

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Speaker 2: live from the Wells Fargo Women in Leadership Summit at

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Speaker 2: Kea Island, South Carolina, where they've gathered prominent women in

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Speaker 2: leadership to engage in meaningful conversations. So we've had the

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Speaker 2: benefit of chatting with a lot of those leaders here,

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Speaker 2: both Wells Fargan from some of the other organizations gathered here.

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Speaker 2: So we have some good conversations. I'll tell you. The

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Speaker 2: other story of the day here from stock perspective is

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Speaker 2: Morgan Stanley's John Tucker was just reporting some really strong numbers.

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Speaker 2: I was looking at the results. I mean it was

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Speaker 2: like the advisory business did well, the capital markets business

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Speaker 2: did well. The wealth management business, which is such a

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Speaker 2: part of that company, that did well. So the stock's

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Speaker 2: up seven percent of fifty two week high. How about that,

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Speaker 2: Alison Williams, she joins us She's covered Morgan Stanley forever.

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Speaker 2: She used to work there back in the day, so

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Speaker 2: she knows this company better than anybody. Allison. Was it

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Speaker 2: as good as it appeared just reading through the you

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Speaker 2: know kind of the report. It was good.

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Speaker 3: But I think the real, uh, the real number that's

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Speaker 3: giving investors confidence in our opinion, you know, is the

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Speaker 3: wealth flows. So we've had some some uneven flows. Last

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Speaker 3: quarter was was relatively weak, and I think the rebound

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Speaker 3: this quarter maybe instilling a little bit of confidence. As

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Speaker 3: you know, they are strong institutionally, but they have shifted

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Speaker 3: their business over time to this, uh more towards the

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Speaker 3: wealth business. Gorman had sort of put some aggressive targets

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Speaker 3: out there before handing over the rains hits head pick and.

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Speaker 2: So and so.

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Speaker 3: To be clear, they really, you know, beat the numbers

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Speaker 3: across the board. It was led by the institutional business.

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Speaker 3: The equities trading business, in which they're relatively more skewed,

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Speaker 3: did very well, partly because they are skewed to that business,

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Speaker 3: and they did outperform. They had the best growth in

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Speaker 3: trading and fees across the big sixties US banks, so

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Speaker 3: upset across the board, benefiting from their mix, benefiting from

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Speaker 3: their performance. But the wealth flows are really what the

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Speaker 3: focus is for investors also because stocks are aiding their

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Speaker 3: asset values, aiding fees and so that pre tax margin

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Speaker 3: in the business. The other key metrics also doing better.

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Speaker 4: Allison, how much can we expect the wealth assets to

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Speaker 4: keep growing?

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Speaker 3: So, you know, that is the multiple trillion dollar question.

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Speaker 3: That is one of the aggressive targets that was put

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Speaker 3: out there was to you know, sort of aggressively grow

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Speaker 3: those assets, and it did seem like there were some

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Speaker 3: pretty healthy market gains priced in. So the markets are

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Speaker 3: delivering on those gains certainly this year, and the flows

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Speaker 3: are also helping. But you know, we would want to

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Speaker 3: see a couple more quarters of evidence that you know,

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Speaker 3: they've really built the momentum there. We would expect mortgage

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Speaker 3: family to have a strong quarter in wealth this quarter,

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Speaker 3: just where stocks are. I mean, the global market cap

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Speaker 3: reached a record high according to Bloomberg data at the

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Speaker 3: end of the third quarter. And I would keep in

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Speaker 3: mind that the pricing of those wealth fees really relates

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Speaker 3: to the beginning of quarter value. So that's helpful for

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Speaker 3: the bank for the fourth quarter as well. But you know,

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Speaker 3: to your question, Alex, when we're thinking about the overall

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Speaker 3: franchise and we're thinking about the growth, we should keep

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Speaker 3: in mind that there is a big talent to the

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Speaker 3: business this year from markets, and to some extent, the

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Speaker 3: future growth is sowhat dependent on that.

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Speaker 2: It just seems Alison, as I kind of read your

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Speaker 2: research and yeah, I know, you guys have great data

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Speaker 2: on market share across all business lines, it just seems

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Speaker 2: like Morgan, Stanley, Goldman, Sachs, JP, Morgan, they're just kind

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Speaker 2: of running away from everybody else on the planet. I mean,

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Speaker 2: is that in fact the case they have been?

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Speaker 3: And you know, whenever we expect you know that like okay,

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Speaker 3: who's gonna who's left that can you know, blow up

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Speaker 3: that's a technical term, if you will, and see some

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Speaker 3: more share to these banks who are kind of running

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Speaker 3: out of names. But if you think about, for example,

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Speaker 3: what's happening in prime brokerage, right, so a lot of

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Speaker 3: these larger institutional hedge funds that have you know, sort

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Speaker 3: of these multipod shops, et cetera. To the extent that

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Speaker 3: those bigger firms are gaining assets and doing better. That's

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Speaker 3: benefiting you know, the leaders Morgan, Stanley, Goldman and JP Morgan,

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Speaker 3: And so as the bigger clients get bigger, that's helping

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Speaker 3: those firms as well. Within the trading business. The other

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Speaker 3: thing I would point to is, you know, the investments

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Speaker 3: in technology. These companies have made the investments in technology,

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Speaker 3: and that's also helping them to win share in the

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Speaker 3: trading businesses.

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Speaker 4: I'm gonna steal Paul's comment slash question from earlier in

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Speaker 4: the show saying, what does this all mean about the

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Speaker 4: European banks? And are the US banks eating their lunch

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Speaker 4: or is the lunch being spread around?

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Speaker 3: So I think for this quarter the pie is getting bigger.

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Speaker 3: So you know, in terms of whether eating lunch or pie,

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Speaker 3: you know, the US banks have been gaining share against

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Speaker 3: the Europeans for many many years. We think that does continue,

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Speaker 3: but we think the pie is also bigger this quarter.

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Speaker 3: And what we heard specifically was, you know, for example,

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Speaker 3: JP Morgan, strength across regions, and what we heard from

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Speaker 3: these banks was strength across derivative, prime and cash equity.

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Speaker 3: So it is really broad based. The other thing that

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Speaker 3: we think is notable for for UBS in particular is

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Speaker 3: the strength in Asia. So not surprisingly we saw a

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Speaker 3: pickup in activity in Asia that really benefited the banks,

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Speaker 3: specifically called out by JP Morgan and Morgan Stanley. We

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Speaker 3: think that that is really going to be a help

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Speaker 3: to ubs.

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Speaker 2: So how about on the cost side, Alison, was there

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Speaker 2: any discussion about compensation? I feel like that's been less

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Speaker 2: of a discussion. Point is I guess Wall Street compensation

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Speaker 2: has become a little skewed, a little bit more towards

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Speaker 2: the fixed and a little bit less on the variable.

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Speaker 3: Yeah, so there's that element of it.

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Speaker 2: Paul.

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Speaker 3: You know, the two things I would point to is

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Speaker 3: keep in mind compensation is a cruel, a cruel through

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Speaker 3: the first three quarters, So to some extent it represents

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Speaker 3: the business trends, and to some extent it represents how

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Speaker 3: they think the full year we'll shake out. Secondly, you know,

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Speaker 3: compensation for the investment banking fee side of things sort

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Speaker 3: of was stickier than we would have expected on the downside,

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Speaker 3: and I think that's because there was such a scramble

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Speaker 3: to higher town in twenty twenty one, and investment banks

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Speaker 3: have been talking about a recovery in that fee business

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Speaker 3: for several quarters now, and so I think they that

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Speaker 3: that COMP didn't come down as much, so there might

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Speaker 3: not be as much of a search to the upside.

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Speaker 3: But if we looked at costs, if we looked at COMP,

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Speaker 3: you know, in general the profitability was good just because

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Speaker 3: the upside to revenue was so much. Now, is that

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Speaker 3: because the investment banks are keeping conservative and going to

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Speaker 3: see how the fourth quarter shakes out in terms of

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Speaker 3: the accrual basis?

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Speaker 2: Is part of it because of the.

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Speaker 3: Stickiness as I mentioned, But you did see COMP coming

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Speaker 3: in sort of above estimates, just not as much as

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Speaker 3: the revenue upside.

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Speaker 2: All right, that's another good news for investors in these

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Speaker 2: big investment banks. Alison Williams, thank you so much for

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Speaker 2: taking the time even so helpful today and then really

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Speaker 2: are the last week or so as she always is

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Speaker 2: a record on these big banks report because our viewers,

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Speaker 2: our listeners really want to get the latest on what's

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Speaker 2: happened with the global of Wall Street, and Allison is

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Speaker 2: the best out there. Alison Williams and Bloomberg Intelligence senior Aniold.

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Speaker 2: She covers the global banks and SAM managers giving us

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Speaker 2: the delay of the land on lorg Sally again a

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Speaker 2: blowout quarter in the stock, hitting a fifty two week high.

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Speaker 2: And you know in these big banks, investment banks report

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Speaker 2: earnings the next day, what do they do? They go

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Speaker 2: sell investment grade debt in the parkplace. And that is happening.

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Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live

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Speaker 1: weekdays at ten am Eastern on Apple car Play and

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Speaker 1: Android Auto with the Bloomberg Business app. You can also

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Speaker 1: listen live on Amazon Alexa from our flagship New York station,

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Speaker 1: Just say Alexa playing Bloomberg eleven thirty.

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Speaker 2: All right, we're broadcasting live from the Bolls Fargo Women

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Speaker 2: in Leadership something in Kiwa Islands, South Carolina.

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Speaker 5: You know me?

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Speaker 2: Well done here? Interesting? Oh yeah, I've been here once?

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Speaker 6: Is that why?

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Speaker 4: Yesterday so Wells we traveled.

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Speaker 2: Yes, exactly what happens. That's HAPs when you don't fly private.

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Speaker 4: Ah bummer, Yes, exactly, Paul's private was not working there.

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Speaker 2: Daniel Squier's joint sess Managing Director and head of Diverse

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Speaker 2: Segments at Wells Fargo, and Maria Menendez, a chief financial

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Speaker 2: officer at g L Homes of Florida, down in Sunrise.

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Speaker 2: Thanks for having us here. We appreciate it. Danielle, talk

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Speaker 2: to us about what you guys are trying to accomplish

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Speaker 2: here at this conference. I see, you know, a couple

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Speaker 2: of conference rooms full of people. You guys are engaged

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Speaker 2: in some big conversation. What are you trying to accomplish

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Speaker 2: here at your conference here in Cuba?

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Speaker 7: Awesome?

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Speaker 8: Well, first, i'd say, Paul and Alex, thank you so

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Speaker 8: much for joining us here and for having Marie and

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Speaker 8: I on this show this morning. And two quick things, Paul,

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Speaker 8: just from what you said before. One, I'd like you

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Speaker 8: to know that I would also take the journey in

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Speaker 8: that truck.

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Speaker 6: I think that sounds really awesome.

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Speaker 8: And two, I know First Union wheat first very well,

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Speaker 8: having been with the company for twenty five years. So

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Speaker 8: but with that, it's just such a wonderful event here

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Speaker 8: are women in leadership sum. It is really a chance

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Speaker 8: for all these women here today that come from various

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Speaker 8: industry across the financial and the economic and the business

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Speaker 8: space to really connect, to learn and to grow right.

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Speaker 8: Come here, get great content, make connections that they otherwise

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Speaker 8: wouldn't make with each other, meet people in different spaces

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Speaker 8: and circles, and really go out and come back to

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Speaker 8: their companies, come back to their communities and say, this

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Speaker 8: is what we can all do together, so promote them

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Speaker 8: as leaders and then also have Wells Fargo play their

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Speaker 8: part in making that happen.

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Speaker 4: So, Mario, what have you gotten out of it so far?

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Speaker 4: We are you looking forward to get out of it?

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Speaker 9: Well, I've really enjoyed meeting people outside of the industry

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Speaker 9: we have. The circle of home building is very tight,

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Speaker 9: so I've met people in other aspects of real estate

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Speaker 9: as well as other functional departments and areas that are

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Speaker 9: not just in the finance area. So that's been great,

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Speaker 9: and I'm just looking forward to the next couple of

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Speaker 9: days and getting to meet everybody else that I didn't

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Speaker 9: get to meet at last night to great dinner.

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Speaker 6: It was lovely, great weather, yeah.

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Speaker 2: Exactly beautiful down here, folks. And if you haven't been

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Speaker 2: to Kiwa, it is And if you kind of like

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Speaker 2: the game of golf, it's fun. But it's the low

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Speaker 2: country down here. Love it, this whole South Carolina kind

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Speaker 2: of North Georgia. It's awesome. There's unlike any place else.

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Speaker 2: They're deer here everywhere, dear like deer, and there are

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Speaker 2: property humongous bugs. I'm just saying I or may have

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Speaker 2: seen a few of them this morning in the hotel room. Mari,

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Speaker 2: you talk to us about your business, talked us about

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Speaker 2: the home building business. It's we hear so much about

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Speaker 2: a housing shortage and housing affordability problem in this country.

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Speaker 2: I'm not sure necessarily how we got here, but boy,

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Speaker 2: you were here. How do you guys think about your business?

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Speaker 2: Tell us about your business.

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Speaker 9: Well, you can debate how many million, but the truth

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Speaker 9: is there is a housing shortage, whether it's two million

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Speaker 9: or four million. We are a very niche builder. We

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Speaker 9: build only in Florida. We've just been through Hurricane Helene

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Speaker 9: and Hurricane Milton, and we've come through it beautifully. Unlike

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Speaker 9: what you see in the news new construction away from

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Speaker 9: you know, the coastal era is very different when you're

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Speaker 9: ten fifteen miles in and the home building industry, you know,

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Speaker 9: like Wells Fargo has been with us through when we

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Speaker 9: were a couple hundred million dollar company to being a

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Speaker 9: two billion dollar company. So home building has gone through,

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Speaker 9: you know, periods of normal growth. We survived the Great

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Speaker 9: Recession and the frenzy that it was, the pandemic and

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Speaker 9: post pandemic, and now we're hitting kind of a normalization

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Speaker 9: period again. Interest rates have finally made the FED has

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Speaker 9: made the first cut. Of course, that cut impacted bed

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Speaker 9: funds rate. It's not the third year thirty year mortgage

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Speaker 9: rates because people keep on making that connection. And of

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Speaker 9: course that runs off the ten year treasury because that's

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Speaker 9: kind of the normal life of somebody in a home.

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Speaker 9: But what it did do is psychologically it's set the

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Speaker 9: stage interest rates are coming down. We don't know the

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Speaker 9: pace or the how quickly that if those are going

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Speaker 9: to be twenty five basis point fifty, But what it

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Speaker 9: does do for the home building industry is it says

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Speaker 9: at some point that spread between the ten year treasury

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Speaker 9: and the thirty year mortgage rates should normalize from being

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Speaker 9: instead of being a one and a half percent to

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Speaker 9: two percent, now that it's almost two point seven two

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Speaker 9: point nine. So as demand comes down, the certainty around

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Speaker 9: rates comes down, we'll see interest rates come down on

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Speaker 9: the mortgage rates, and I think that'll be a period

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Speaker 9: where we'll be able to see affordability come back a

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Speaker 9: little bit. And it'll also take those people that are

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Speaker 9: in that three percent golden handcuffs kind of mortgage and

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Speaker 9: let them start thinking about Okay, maybe if rates are

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Speaker 9: five and a quarter, five and a half, five point

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Speaker 9: seventy five, I finally start making that move and they

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Speaker 9: puts more houses into the market.

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Speaker 4: So talk to us a little bit, Danielle about the

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Speaker 4: relationship that you guys may have, you know, taking a

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Speaker 4: company from you know, two hundred million dollars the two

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Speaker 4: billion dollars, Like, what does that relationship look like?

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Speaker 6: How do you support it?

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Speaker 4: How do you have like the faith that it's gonna

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Speaker 4: work in that relationship?

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Speaker 8: Oh, I just appreciate that question so much. For first

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Speaker 8: of all, working with Gil Homes and somebody like Marie,

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Speaker 8: it's easy to have the faith because in addition to faith,

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Speaker 8: you've seen the execution, You've seen the impact that they

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Speaker 8: can have, and it's a fabulous business. I think also

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Speaker 8: if we take a little step back, think about just

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Speaker 8: what the role of women in business today, it is

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Speaker 8: certainly grown, it continues to grow.

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Speaker 6: It is our future.

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Speaker 8: And I think some of what we look at is

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Speaker 8: if you looked at between twenty nineteen and twenty twenty three,

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Speaker 8: women own businesses, we're growing at more than double of

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Speaker 8: other businesses that we're starting, and that number has just

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Speaker 8: continued to grow and to expand.

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Speaker 6: Over t Why is that what? Why do you think

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Speaker 6: that happens?

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Speaker 8: Well, I think the power of the purse is changing,

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Speaker 8: and I think it's one of those things where we

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Speaker 8: take a look at and say, these are amazing people

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Speaker 8: who are now in the right spaces, in the right places,

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Speaker 8: with the right support, right talent and prowess and engenuity.

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Speaker 6: We're never lacking.

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Speaker 8: It was opportunity, and so now that there is a

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Speaker 8: focus on opportunity, there is a focus on how we

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Speaker 8: as a firm and many financial firms can support these

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Speaker 8: businesses and growth from the first inkling of an idea

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Speaker 8: right in our small business space and our ingenuity and

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Speaker 8: our accelerated programs all the way through how we work

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Speaker 8: with them. In our commercial real estate. We are fortunate

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Speaker 8: at Wells Fargo to be the number one platform in

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Speaker 8: commercial real estate, and as such we have the ability

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Speaker 8: to look in each and every one of our markets

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Speaker 8: and say, where can we do more, where can we better,

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Speaker 8: how can we push the system, and how can we

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Speaker 8: be responsible around that. Maria and her company are just

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Speaker 8: a gem of the companies that we work with. Looking

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Speaker 8: at being value. Add having the right people seeing trends

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Speaker 8: just I think it's constant communication with.

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Speaker 9: Right I think what's one of the things that Wells

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Speaker 9: Fargo's done really well is we are a family owned business,

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Speaker 9: so they know not only the finance team, but the ownership.

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Speaker 9: They know our CEO, who's a woman, and they know

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Speaker 9: our chief marketing officers and women. They make it a

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Speaker 9: point to go out to our communities and meet the

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Speaker 9: people that are actually excavating lakes and doing the construction

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Speaker 9: and viewing the product and viewing our clubhouses. So it's

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Speaker 9: a it's a very collaborative kind of growth. So they've

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Speaker 9: seen our growth and they have been really into our

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Speaker 9: culture as well as our business model, which is very

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Speaker 9: different from a large national homebuilder. So that kind of

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Speaker 9: collaboration is what made it. It's great for two and

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Speaker 9: a half decades.

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Speaker 2: Two and a half decades interesting Daniel's and Dukeratz and

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Speaker 2: that's one another reason. But that's it. I think for

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Speaker 2: the rest of the day, they're Carolina people coming through.

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Speaker 6: Oh, I'm so happy you said that.

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Speaker 2: Carolina people will far I get the whole Carolina thing.

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Speaker 2: It's tough stuff going the real estate business. Is tough

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Speaker 2: enough Florida. I mean, every time I turn on the news,

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Speaker 2: you guys are rebuilding in How do you deal with that.

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Speaker 6: Risk day to day?

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Speaker 9: Well, one of the things, I mean, Florida's hadmendous growth.

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Speaker 9: You know, during the pandemic, We've had so many people

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Speaker 9: come into Florida. But the fact is new communities aren't

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Speaker 9: really like our communities that are single family home communities

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Speaker 9: a couple hundred acres. They are not built on the coast,

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Speaker 9: so you're ten to fifteen miles inland. Some storm surge,

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Speaker 9: it's in an issue. On top of that, you know,

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Speaker 9: finished floors are eight to twelve feet in Tampa, they're

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Speaker 9: sixty feet above sea level, so flooding is not an issue.

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Speaker 9: Then you've got concrete block construction, the latest Florida kind

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Speaker 9: of building code. It's impact glass and tremendous amount of

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Speaker 9: focus around water intrusion. So my heart goes out to

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Speaker 9: everybody impacted by Helene and by Milton, and you know,

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Speaker 9: the devastation, it's super scary and the preparations are important.

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Speaker 9: But what you see in the news of the coast

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Speaker 9: and older construction, it really shows that where you live

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Speaker 9: and how the home build is different, and I think

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Speaker 9: what we'll see in home building is people moving to

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Speaker 9: new construction.

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Speaker 4: Because of that, Danielle, I wanted to talk to you

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Speaker 4: more about how the relationship that you may have with

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Speaker 4: women business owners changes as the business grows. Right, So

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Speaker 4: Maria was talking about how they went from a couple

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Speaker 4: hundred million dollar business to a two billion dollar business.

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Speaker 4: What does that mean that they ask of you?

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Speaker 6: That's different?

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Speaker 8: So you know, we're really fortunate as a company to

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Speaker 8: have such talented people who work with all types of companies,

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Speaker 8: different shape, sizes and industries. And so we have actually

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Speaker 8: a platform where we have a head of diverse segments

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Speaker 8: both for our consumer and small business banking, for our

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Speaker 8: commercial business banking, for home lending businesses. So think of

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Speaker 8: the mortgages that we do for a wealth and investment

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Speaker 8: management platform as well as corporate and investment banking.

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Speaker 6: And really what we want to see folks is.

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Speaker 8: Sort of their ability to travel and swim throughout all

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Speaker 8: of the offerings that we have at Wells Fargo and

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Speaker 8: wherever their need is, we can meet them. So if

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Speaker 8: we have a client who's looking for their first credit

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Speaker 8: line ever, right, we can work with the small business administration. Well,

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Speaker 8: I love to say that small businesses become big, great businesses,

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Speaker 8: and so the needs are different at that point in time, Right,

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Speaker 8: the facility sizes get larger, the way in which they

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Speaker 8: issued at might get larger. And then imagine the founder

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Speaker 8: of a company after six, seven, ten years has.

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Speaker 6: The ability to IPO.

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Speaker 8: What I really love is that one we can meet

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Speaker 8: all those needs too, we can advise along the way.

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Speaker 8: And three to watch generational wealth grow. That has to

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Speaker 8: be one of the most rewarding things to see, especially

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Speaker 8: women in business, as they learn, as they grow, as

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Speaker 8: they execute and achieve. It's actually an honor to be

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Speaker 8: part of that. And I think we can along the way. Yeah,

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Speaker 8: that's nae Eryria at.

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Speaker 2: Your company gl homes here he talks about it. I

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Speaker 2: mean the growth you guys must be dealing with it.

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Speaker 2: We think about South Carolina, Georgia, Florida, Texas being these

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Speaker 2: great growth markets, which they've always been quite frankly for

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Speaker 2: the forty years I've been in investment bank business. That's

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Speaker 2: where the growth has been. Then comes pandemic and then

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Speaker 2: it takes to another level.

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Speaker 6: Yeah, it explodes.

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Speaker 2: Talk to us about the last four to five years

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Speaker 2: for you guys, How is your business change, How is

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Speaker 2: your planning change? How is maybe your banking needs changed?

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Speaker 9: Our business has changed dramatically. We went through some really

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Speaker 9: difficult times. Getting a house built during the pandemic used

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Speaker 9: to took six to twelve months before and it could

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Speaker 9: go from nine to eighteen months. And now we're seeing

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Speaker 9: it kind of come back to normal. You know, supply

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Speaker 9: chain issues have kind of normalized. But during that time

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Speaker 9: it was kind of all hands out deck. We reached

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Speaker 9: out to like Wells Fargo when the market was struggling

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Speaker 9: in Florida. You're you're building a million dollar homes, So

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Speaker 9: we reached out to Wells Fargo and said, we need

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Speaker 9: help on the mortgage side of the equation, particularly for

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Speaker 9: jumbo loans. So we reached out to all of our contacts.

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Speaker 9: We actually grew our facility from being you know, we

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Speaker 9: were in bilateral agreements. We have now a corporate facility

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Speaker 9: and Wells Fargo helped us with that. Grew three hundred

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Speaker 9: million dollars during the pandemic, and it's just, you know,

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Speaker 9: a very different business. Also, demand is really different and

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Speaker 9: trends changed a lot. We went through a period of

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Speaker 9: time kind of pre pandemic that everybody wanted a media room,

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Speaker 9: designated spaces. During the pandemic, they was like, I need

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Speaker 9: flex space. I need to use it for yoga one day.

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Speaker 9: I need to use it for an office for a

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Speaker 9: different day. People were home more, laundry rooms got bigger,

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Speaker 9: kitchens got bigger, and now they're kind of coming back

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Speaker 9: to like maybe even formal dining is coming back a

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Speaker 9: little bit. So the product changed a great deal and

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Speaker 9: what people wanted in the communities. The pools had to

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Speaker 9: be bigger, the dining had to be bigger, the outdoor

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Speaker 9: had been you know sports. We went one community as

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Speaker 9: thirty seven pickleball course.

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Speaker 2: Oh my god.

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Speaker 9: Yeah, and they're building fifteen more and Padel's coming on.

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Speaker 9: So the activities that had to be provided are completely different.

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Speaker 9: So it's about knowing your customer and what they want.

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Speaker 4: So when you have to grow that fast, Maria, what's

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Speaker 4: the biggest struggle in growing that fast and having to

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Speaker 4: pivot that quickly.

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Speaker 9: It's getting people trained and inculcated in your culture or

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Speaker 9: a very detailed oriented company privately held. One of the

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Speaker 9: great things about Wells Fargo, Danielle talked about an IPO.

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Speaker 9: If you also say I want to own this in

439
00:22:20,840 --> 00:22:25,000
Speaker 9: my family for next ten generations, Okay, we're there for that,

440
00:22:25,359 --> 00:22:27,880
Speaker 9: and let's let us help you with that. So it's

441
00:22:27,920 --> 00:22:32,000
Speaker 9: really getting people trained. There's such a shortage of plumbers

442
00:22:32,000 --> 00:22:36,720
Speaker 9: and electricians and getting out to people, getting the trades

443
00:22:37,200 --> 00:22:39,840
Speaker 9: kind of up and going and getting the training done.

444
00:22:40,000 --> 00:22:43,760
Speaker 9: Those would be really great women owned businesses. I'd love

445
00:22:43,800 --> 00:22:47,520
Speaker 9: to see more women owning them because they're kind of

446
00:22:47,640 --> 00:22:52,080
Speaker 9: detail oriented to scheduling the details of what the work

447
00:22:52,119 --> 00:22:54,879
Speaker 9: needs to like reaching out to the customers afterwards. So

448
00:22:54,920 --> 00:22:59,320
Speaker 9: it's just getting all the trades up, people internally trained

449
00:22:59,480 --> 00:23:02,320
Speaker 9: to do higher volume because you went from maybe had

450
00:23:02,359 --> 00:23:04,560
Speaker 9: to help start four houses a week to happening start

451
00:23:04,560 --> 00:23:07,480
Speaker 9: twelve a week to meet demand. So it's just the

452
00:23:07,760 --> 00:23:10,479
Speaker 9: ramping up is just an immense effort.

453
00:23:11,040 --> 00:23:13,880
Speaker 2: Danielle, I've been in the financial services career all my life.

454
00:23:13,920 --> 00:23:16,040
Speaker 2: In diversity has always been, i would say, challenge on

455
00:23:16,119 --> 00:23:19,879
Speaker 2: Global Wall Street. What happens I've seen in managing businesses.

456
00:23:20,240 --> 00:23:23,920
Speaker 2: The incoming analyst class, the incoming associate class is diverse.

457
00:23:24,240 --> 00:23:27,640
Speaker 2: Every box is ticked, every boxing tick, every year at

458
00:23:27,680 --> 00:23:30,480
Speaker 2: every firm. Seven years, eight years later, it comes to

459
00:23:30,480 --> 00:23:33,680
Speaker 2: the managing director of partnership discussion, it ain't so diverse anymore.

460
00:23:34,040 --> 00:23:34,680
Speaker 2: What happens.

461
00:23:35,160 --> 00:23:36,960
Speaker 8: You know, It's interesting because they used to talk about

462
00:23:37,000 --> 00:23:38,879
Speaker 8: sort of the off ramps and on ramps that people

463
00:23:38,920 --> 00:23:41,760
Speaker 8: see both because of what's in their lives and potentially

464
00:23:41,840 --> 00:23:44,880
Speaker 8: as people grow and the opportunities that are afforded to them.

465
00:23:44,920 --> 00:23:47,679
Speaker 8: And I can say what I'm really proud of at

466
00:23:47,680 --> 00:23:50,960
Speaker 8: Wells Fargo is that we actually focus very well, very

467
00:23:51,000 --> 00:23:54,720
Speaker 8: specifically in on that how do we keep people excited, energized,

468
00:23:54,760 --> 00:23:57,320
Speaker 8: and growing. And it's equally as important to how do

469
00:23:57,359 --> 00:23:59,439
Speaker 8: we keep you doing exactly what you want to be

470
00:23:59,480 --> 00:24:01,399
Speaker 8: doing and what you're good at doing, and sometimes that

471
00:24:01,520 --> 00:24:03,879
Speaker 8: means moving within. So some of the programs that we

472
00:24:03,920 --> 00:24:06,480
Speaker 8: have from a D and I perspective are some of

473
00:24:06,520 --> 00:24:11,000
Speaker 8: our sponsorship program, some of our you know, our Building

474
00:24:11,560 --> 00:24:15,720
Speaker 8: Organizational Leadership Diversity or BOLD program, which really takes different

475
00:24:15,760 --> 00:24:18,040
Speaker 8: leaders across all of our bank and puts them in

476
00:24:18,080 --> 00:24:20,960
Speaker 8: a development program and something that we've been running the

477
00:24:21,000 --> 00:24:24,679
Speaker 8: last few years with a great success from a promotion perspective.

478
00:24:25,280 --> 00:24:27,280
Speaker 8: But what I've also say, I'm really proud that we've

479
00:24:27,280 --> 00:24:29,159
Speaker 8: also been successful in a lot of ways. And so

480
00:24:30,400 --> 00:24:32,080
Speaker 8: if you look at and we were talking about our

481
00:24:32,080 --> 00:24:36,000
Speaker 8: real estate business again being number one, Karen McShane is

482
00:24:36,160 --> 00:24:38,639
Speaker 8: a phenomenal woman also a Duke grad to throw it

483
00:24:38,640 --> 00:24:43,000
Speaker 8: out there, who actually runs that business right, And so

484
00:24:43,080 --> 00:24:46,800
Speaker 8: that's a powerful platform. Our co head of Equities who

485
00:24:46,880 --> 00:24:49,280
Speaker 8: is moderating a panel with our women in leadership today

486
00:24:49,280 --> 00:24:51,880
Speaker 8: at Wells Fargo, Judith Barry. We have the co head

487
00:24:51,880 --> 00:24:55,359
Speaker 8: of our equity capital Markets is chill Ford. Fifty one

488
00:24:55,400 --> 00:24:57,760
Speaker 8: percent of our employees our women. Our board is made

489
00:24:57,840 --> 00:24:59,960
Speaker 8: up of thirty percent of our Board of Directors or women,

490
00:25:00,080 --> 00:25:03,119
Speaker 8: and twenty seven percent of our operating committee. These are

491
00:25:03,160 --> 00:25:05,880
Speaker 8: the people who report directly to our CEO. And then

492
00:25:05,920 --> 00:25:09,480
Speaker 8: forty one percent of all executives at Wells Fargo are women.

493
00:25:10,200 --> 00:25:12,879
Speaker 8: So Paul, I'm happy to say that trend is moving

494
00:25:12,920 --> 00:25:14,199
Speaker 8: in exactly the right direction.

495
00:25:14,680 --> 00:25:17,560
Speaker 4: To then Mary, but both of you guys, when it

496
00:25:17,560 --> 00:25:20,760
Speaker 4: comes to diversity, how do you on Wells Fargo, how

497
00:25:20,800 --> 00:25:23,480
Speaker 4: do you help housing affordabilities? Danielli's start with you and

498
00:25:23,520 --> 00:25:25,159
Speaker 4: then Rio, I'd love to get your thoughts on that.

499
00:25:25,280 --> 00:25:28,320
Speaker 8: So housing affordability is obviously a great one concern of

500
00:25:28,359 --> 00:25:29,639
Speaker 8: ours and a great focus of ours.

501
00:25:29,600 --> 00:25:32,400
Speaker 4: Especially how you build well like that's a really it's

502
00:25:32,400 --> 00:25:33,680
Speaker 4: a huge way to.

503
00:25:33,640 --> 00:25:36,679
Speaker 8: Do the single largest component and it's it's something we

504
00:25:36,760 --> 00:25:40,919
Speaker 8: focus on both from the foundation perspective and we do

505
00:25:40,960 --> 00:25:43,600
Speaker 8: it actually in the whole ecosystem, so both for people

506
00:25:43,680 --> 00:25:46,240
Speaker 8: to afford it, right, the ability to understand what a

507
00:25:46,280 --> 00:25:48,600
Speaker 8: credit score is, the ability to understand how we grow

508
00:25:48,600 --> 00:25:52,120
Speaker 8: the credit score, to the ability to understand the mortgage process.

509
00:25:52,920 --> 00:25:54,520
Speaker 6: So that's all at one stage.

510
00:25:54,640 --> 00:25:58,240
Speaker 8: What we've also done is actually work with diverse housing developers, right,

511
00:25:58,280 --> 00:26:00,359
Speaker 8: So how do we get more diversity in the housing

512
00:26:00,400 --> 00:26:03,040
Speaker 8: development space? How do we get more diversity in the

513
00:26:03,040 --> 00:26:06,000
Speaker 8: housing appraisal space? So think of a giant circle in

514
00:26:06,040 --> 00:26:09,639
Speaker 8: an ecosystem. We actually have to attack every single piece

515
00:26:09,640 --> 00:26:09,840
Speaker 8: of it.

516
00:26:09,920 --> 00:26:10,080
Speaker 2: Right.

517
00:26:10,119 --> 00:26:13,520
Speaker 8: How do we support the consumers as they grow for

518
00:26:13,600 --> 00:26:16,919
Speaker 8: the wealth. How do we help build more affordable housing.

519
00:26:17,400 --> 00:26:20,080
Speaker 8: We have an amazing Vanessa Rodriquez as a woman who

520
00:26:20,160 --> 00:26:24,080
Speaker 8: runs our affordable housing and community lending and investment. How

521
00:26:24,119 --> 00:26:26,320
Speaker 8: do we get more money into the cities, into the

522
00:26:26,320 --> 00:26:28,879
Speaker 8: states where affordable housing needs to be built. How do

523
00:26:28,920 --> 00:26:31,120
Speaker 8: we get the hands and loans and financing into those

524
00:26:31,119 --> 00:26:33,080
Speaker 8: of the diverse developers and then how do we have

525
00:26:33,119 --> 00:26:36,520
Speaker 8: summits like this that connect people Because what we can

526
00:26:36,600 --> 00:26:38,800
Speaker 8: do is a lot, but what we can all do

527
00:26:38,920 --> 00:26:41,280
Speaker 8: together is far greater, and that's the real answer, And

528
00:26:41,320 --> 00:26:44,360
Speaker 8: so how do we get everybody together? Affording affordable housing

529
00:26:44,560 --> 00:26:48,080
Speaker 8: is something we're actually one of the leading lenders on

530
00:26:49,359 --> 00:26:51,119
Speaker 8: and that's something we're going to continue to focus on.

531
00:26:51,600 --> 00:26:55,199
Speaker 9: Yeah, when you think of affordability, it comes with a

532
00:26:55,200 --> 00:26:58,719
Speaker 9: lot of different shades. There's workforce housing, there's affordable housing,

533
00:26:58,960 --> 00:27:02,200
Speaker 9: and there's market housing that's on the lower scale and

534
00:27:02,200 --> 00:27:06,120
Speaker 9: affordable to people that are a nurse and a firefighter.

535
00:27:06,520 --> 00:27:10,000
Speaker 9: And that's about having to design product that we can

536
00:27:10,040 --> 00:27:13,680
Speaker 9: actually build at the right cost. So that might mean

537
00:27:14,119 --> 00:27:18,960
Speaker 9: that flex space becomes very important to them, the design

538
00:27:19,040 --> 00:27:23,320
Speaker 9: might have a little less few windows than the four

539
00:27:23,359 --> 00:27:27,360
Speaker 9: thousand square foot house someplace else. So coming to design

540
00:27:27,560 --> 00:27:31,040
Speaker 9: product that works at a price point, because we all

541
00:27:31,080 --> 00:27:35,840
Speaker 9: can't be an affordable housing or workforce housing, there's market

542
00:27:35,920 --> 00:27:39,560
Speaker 9: rate pricing that can be available at a price point.

543
00:27:39,600 --> 00:27:43,240
Speaker 9: So that means that there's going to be more duplexes

544
00:27:43,320 --> 00:27:45,919
Speaker 9: and villas and the whole world kind of needs to

545
00:27:45,920 --> 00:27:51,280
Speaker 9: get a kind of a adjustment around density because that

546
00:27:51,520 --> 00:27:55,240
Speaker 9: is one of the biggest issues that we have today.

547
00:27:55,280 --> 00:27:59,320
Speaker 9: We can build more affordable housing and things that people

548
00:27:59,840 --> 00:28:02,639
Speaker 9: have afford, but we need a little bit more density,

549
00:28:02,840 --> 00:28:05,239
Speaker 9: and with the price of land and how hard it

550
00:28:05,280 --> 00:28:08,439
Speaker 9: is to get entitled, we really have to work toward

551
00:28:08,480 --> 00:28:11,080
Speaker 9: that to find the right mix and then put the

552
00:28:11,200 --> 00:28:12,160
Speaker 9: right product on it.

553
00:28:12,560 --> 00:28:14,520
Speaker 2: Guys, thank you very much for joining us. Really appreciate

554
00:28:14,560 --> 00:28:17,200
Speaker 2: getting some of your time. Danielle Squire's managing director ahead

555
00:28:17,200 --> 00:28:20,280
Speaker 2: of Diverse Segments at Wells Fargo and Maria Merenendez, chief

556
00:28:20,320 --> 00:28:23,240
Speaker 2: financial officer at g L. Holmes of Florida Holding Corporation

557
00:28:23,720 --> 00:28:30,960
Speaker 2: Sunrise Florida. So good conversation on real estate, affordable housing, banking, diversity,

558
00:28:31,040 --> 00:28:34,840
Speaker 2: all kind of intertwining in there as well. So in

559
00:28:34,880 --> 00:28:36,520
Speaker 2: depth conversation with good stuff there.

560
00:28:37,920 --> 00:28:41,800
Speaker 1: You're listening to the Bloomberg Intelligence Podcast. Catch us live

561
00:28:41,880 --> 00:28:44,520
Speaker 1: weekdays at ten am Eastern on Appo car Playing and

562
00:28:44,680 --> 00:28:47,600
Speaker 1: broyd Otto with the Bloomberg Business app. Listen on demand

563
00:28:47,640 --> 00:28:51,960
Speaker 1: wherever you get your podcasts, or watch us live on YouTube.

564
00:28:53,200 --> 00:28:56,520
Speaker 2: We are broadcasting Alex Steel and myself. You're broadcasting line

565
00:28:56,520 --> 00:28:59,320
Speaker 2: from the Wells Fargo Women in Leadership Summit at Kiwa

566
00:28:59,400 --> 00:29:01,640
Speaker 2: Island in South Carolina, where they've gathered prominent women in

567
00:29:01,680 --> 00:29:05,440
Speaker 2: leadership to engage in meaningful conversation, and we were fortunate

568
00:29:05,440 --> 00:29:07,920
Speaker 2: to have two more of those guests here joining the

569
00:29:07,960 --> 00:29:09,880
Speaker 2: stage whether us here this morning, Susanne Marson, head of

570
00:29:09,920 --> 00:29:13,680
Speaker 2: Commercial Banking and Wealth Partnerships and Executive VP at Wells Fargo,

571
00:29:13,680 --> 00:29:18,240
Speaker 2: and Jessica Murphy, Managing director for the Southeast Division, Executive

572
00:29:18,240 --> 00:29:20,760
Speaker 2: Commercial Banking at Wells Fargo Commercial Banking. Tommy, when I

573
00:29:20,800 --> 00:29:23,840
Speaker 2: think of Wells Fargo, I think of the strength of

574
00:29:23,920 --> 00:29:26,719
Speaker 2: the commercial and the corporate bank I kind of envisioned

575
00:29:26,760 --> 00:29:30,680
Speaker 2: you guys talking to everybody from big multi corp multi

576
00:29:30,720 --> 00:29:33,280
Speaker 2: international corporates all the way down to the small business here.

577
00:29:33,680 --> 00:29:36,120
Speaker 2: So let's just start with you, Jessica, just give me

578
00:29:36,120 --> 00:29:39,120
Speaker 2: a sense of I could be a successful banker down

579
00:29:39,120 --> 00:29:41,080
Speaker 2: here in the Southeast. I mean, come on, this market

580
00:29:41,120 --> 00:29:43,440
Speaker 2: is growing like crazy. It has for thirty or forty years.

581
00:29:43,800 --> 00:29:46,400
Speaker 2: Talk to us about the market today when we've had

582
00:29:46,400 --> 00:29:49,480
Speaker 2: this influx of people even more than the usual post pandemic,

583
00:29:49,600 --> 00:29:52,440
Speaker 2: We've got rates coming down. How is business? Yeah?

584
00:29:52,480 --> 00:29:55,560
Speaker 7: So I've been in my role just over six months now,

585
00:29:55,640 --> 00:29:58,400
Speaker 7: and when I have the opportunity to move into the Southeast.

586
00:29:58,480 --> 00:30:02,200
Speaker 7: I've thought about it exactly like you outlined, Paul, how

587
00:30:02,200 --> 00:30:04,720
Speaker 7: can you not get excited about the demographics, the economic

588
00:30:04,760 --> 00:30:07,720
Speaker 7: trajectory of the Southeast. Of the eight states that I'm responsible,

589
00:30:08,360 --> 00:30:11,800
Speaker 7: everyone except one is growing above the national GDP level.

590
00:30:11,920 --> 00:30:15,560
Speaker 7: That employment statistics are fantastic, and the business environment is

591
00:30:15,640 --> 00:30:17,920
Speaker 7: very productive. We have a lot of swing states here.

592
00:30:17,960 --> 00:30:20,160
Speaker 7: We just got out of a real time political panel,

593
00:30:20,440 --> 00:30:23,560
Speaker 7: a very dynamic and vibrant part of the economy. And

594
00:30:23,600 --> 00:30:26,320
Speaker 7: then to where you started. With Wells Fargo Commercial Bank,

595
00:30:26,600 --> 00:30:30,360
Speaker 7: it is an critical and thriving part of our franchise.

596
00:30:30,440 --> 00:30:33,640
Speaker 7: We intersect businesses about twenty five million in sales or

597
00:30:33,640 --> 00:30:36,000
Speaker 7: revenue all the way up to two to five billion,

598
00:30:36,120 --> 00:30:38,840
Speaker 7: So one of the most exciting parts of the US

599
00:30:38,840 --> 00:30:40,920
Speaker 7: economy and something we do very well at Wells Fargo.

600
00:30:41,080 --> 00:30:43,120
Speaker 4: What's the biggest question that they have, Like they call

601
00:30:43,160 --> 00:30:44,800
Speaker 4: you up and be like, look, I need you to

602
00:30:44,880 --> 00:30:48,920
Speaker 4: answer this. Suzia is actually and nodding, so clearly you

603
00:30:48,960 --> 00:30:49,840
Speaker 4: want to get into that too.

604
00:30:50,280 --> 00:30:51,000
Speaker 6: Well, I'll tell you.

605
00:30:51,080 --> 00:30:54,200
Speaker 5: I think our clients have just a massive range, Paul,

606
00:30:54,240 --> 00:30:56,480
Speaker 5: you said it. We're working with companies between twenty five

607
00:30:56,520 --> 00:31:00,160
Speaker 5: million and multiple billion. They're mostly privately owned, we have

608
00:31:00,200 --> 00:31:02,959
Speaker 5: an election coming up, we have potential, you know, changing

609
00:31:03,000 --> 00:31:05,920
Speaker 5: economic landscapes, and so really they come to us and

610
00:31:05,960 --> 00:31:07,760
Speaker 5: we just try to listen to what are they trying

611
00:31:07,760 --> 00:31:09,840
Speaker 5: to achieve to grow the business, and think about their

612
00:31:09,840 --> 00:31:12,840
Speaker 5: family dynamics and then try to match off no matter

613
00:31:12,840 --> 00:31:14,920
Speaker 5: what this scenario is. But uncertainty, it is hard for

614
00:31:14,960 --> 00:31:17,320
Speaker 5: businesses to think about those decisions. And I think we're

615
00:31:17,320 --> 00:31:19,960
Speaker 5: always trying to be really dynamic with them on how

616
00:31:19,960 --> 00:31:21,920
Speaker 5: do we help them navigate that? And I think that's

617
00:31:22,000 --> 00:31:23,800
Speaker 5: it's top of mind for a lot of business owners.

618
00:31:23,920 --> 00:31:25,880
Speaker 2: And one of the things that I've noticed just in

619
00:31:25,920 --> 00:31:28,520
Speaker 2: my career is when you've got these privately owned companies

620
00:31:28,760 --> 00:31:30,520
Speaker 2: and they've created a lot of asset, that a lot

621
00:31:30,520 --> 00:31:32,680
Speaker 2: of wealth, and then they have a liquidity event, whether

622
00:31:32,720 --> 00:31:34,760
Speaker 2: they sell the company or sell a portion of the company,

623
00:31:35,760 --> 00:31:37,280
Speaker 2: then they don't know what to do with the money.

624
00:31:37,480 --> 00:31:40,280
Speaker 2: How do you guys? Like that's a wealth management discussion,

625
00:31:40,480 --> 00:31:41,040
Speaker 2: And that's what we.

626
00:31:41,000 --> 00:31:44,760
Speaker 4: Go to you, right, is that's why you straddle both areas.

627
00:31:44,480 --> 00:31:46,560
Speaker 5: We do, and we work really closely together in this

628
00:31:46,720 --> 00:31:49,160
Speaker 5: in this way at Wells Fargo, and we think about

629
00:31:49,160 --> 00:31:51,680
Speaker 5: clients on a life cycle, so they have a personal

630
00:31:51,720 --> 00:31:54,360
Speaker 5: life cycle as they're building that business and the value

631
00:31:54,440 --> 00:31:56,680
Speaker 5: and their business life cycle, and we're really focused on

632
00:31:56,720 --> 00:31:58,680
Speaker 5: how do they stay ready no matter what they want

633
00:31:58,680 --> 00:32:01,080
Speaker 5: to do, right, so they're prepared if it's a generational

634
00:32:01,160 --> 00:32:05,320
Speaker 5: change inside in generational ownership and leadership change, or preparing

635
00:32:05,320 --> 00:32:07,760
Speaker 5: for the liquidity event. So hopefully we're having really good

636
00:32:07,760 --> 00:32:10,440
Speaker 5: conversations Paul before they get to that event so that

637
00:32:10,480 --> 00:32:12,680
Speaker 5: they can really lay the found work of all the planning,

638
00:32:13,240 --> 00:32:16,640
Speaker 5: filmthropic trust, and a state type of dynamics that they

639
00:32:16,680 --> 00:32:19,040
Speaker 5: need to think about to maximize that value for their family.

640
00:32:19,120 --> 00:32:22,560
Speaker 5: So it's a whole range of decisions that they make

641
00:32:22,600 --> 00:32:24,760
Speaker 5: on those events and what they do depending on their

642
00:32:24,840 --> 00:32:25,840
Speaker 5: values and priorities.

643
00:32:25,880 --> 00:32:28,360
Speaker 4: And that's obviously the longer term. In the short term, Jessica,

644
00:32:28,400 --> 00:32:30,360
Speaker 4: we're talking about that uncertainty, right, and the two that's

645
00:32:30,360 --> 00:32:32,400
Speaker 4: going to affect small businesses are going to be tariffs

646
00:32:32,440 --> 00:32:35,200
Speaker 4: and taxes. So when they call you up and they're like,

647
00:32:35,240 --> 00:32:37,440
Speaker 4: I don't know what to do. How do I understand

648
00:32:37,560 --> 00:32:39,440
Speaker 4: where I should be investing my money in the next

649
00:32:39,440 --> 00:32:40,120
Speaker 4: twelve months?

650
00:32:40,360 --> 00:32:42,720
Speaker 7: What do you say to them, well, I think Suzanne

651
00:32:42,720 --> 00:32:45,120
Speaker 7: answered it really well. It's very specific to what are

652
00:32:45,160 --> 00:32:47,040
Speaker 7: the capital needs you have in your term? What are

653
00:32:47,040 --> 00:32:48,600
Speaker 7: you trying to do with this business. Are you just

654
00:32:48,600 --> 00:32:51,240
Speaker 7: trying to survive because you've been very impacted by say

655
00:32:51,280 --> 00:32:54,240
Speaker 7: a hurricane or something, or are you thinking strategically for

656
00:32:54,320 --> 00:32:56,680
Speaker 7: the future in trying to scale at a rapid rate.

657
00:32:56,720 --> 00:32:59,800
Speaker 7: And the vice will be different. But you touched on taxes,

658
00:33:00,080 --> 00:33:03,840
Speaker 7: touched on the election, but certainly economics is highly relevant

659
00:33:03,840 --> 00:33:05,920
Speaker 7: and rates has been the theme. So most of our

660
00:33:05,920 --> 00:33:09,000
Speaker 7: clients were surprised, even though I think the fud was

661
00:33:09,080 --> 00:33:11,280
Speaker 7: very clear with rates rising as fast as they did,

662
00:33:11,360 --> 00:33:14,200
Speaker 7: and now turn around we've had a fifty bass point cut.

663
00:33:14,320 --> 00:33:16,520
Speaker 7: Our clients are wondering is that going to continue? And

664
00:33:16,560 --> 00:33:19,160
Speaker 7: how do we take advantage? And Wells Fargo we're not

665
00:33:19,200 --> 00:33:21,320
Speaker 7: really in the business of predicting. We have a few

666
00:33:21,320 --> 00:33:23,480
Speaker 7: people on our business that are traders, et cetera, and

667
00:33:23,520 --> 00:33:25,840
Speaker 7: they try to anticipate that. But what Susanna and I

668
00:33:25,880 --> 00:33:29,080
Speaker 7: do is help people be prepared regardless, So no matter

669
00:33:29,120 --> 00:33:31,000
Speaker 7: what the policy is, we want to make sure your

670
00:33:31,000 --> 00:33:33,360
Speaker 7: business is successful throughout those cycles.

671
00:33:33,640 --> 00:33:36,360
Speaker 2: When I think Wells Fargo I think North Carolina, I

672
00:33:36,360 --> 00:33:39,040
Speaker 2: think Charlotte, but I also think of now our good

673
00:33:39,040 --> 00:33:42,640
Speaker 2: friends in the western part of the state, devastation. Devastation,

674
00:33:42,680 --> 00:33:44,719
Speaker 2: I mean people moved there from all over the country

675
00:33:44,720 --> 00:33:47,920
Speaker 2: because there weren't earthquakes, there weren't far as fire.

676
00:33:48,040 --> 00:33:48,880
Speaker 7: It was a climate haven.

677
00:33:49,000 --> 00:33:51,800
Speaker 2: It was a climate haven. Then they got just crushed.

678
00:33:52,320 --> 00:33:54,080
Speaker 2: How did your bank respond to that, because again, when

679
00:33:54,080 --> 00:33:56,040
Speaker 2: I think of North Carolina, I think of Wells Fargo.

680
00:33:56,200 --> 00:33:58,160
Speaker 7: Well, I think there's probably two ways. I'll start with

681
00:33:58,240 --> 00:34:01,600
Speaker 7: just the charitable and outpouring of time and resources into

682
00:34:01,640 --> 00:34:05,120
Speaker 7: the region. We have, like you said, deep connectivity. We

683
00:34:05,160 --> 00:34:07,640
Speaker 7: have bankers in that community, we have people that represent it,

684
00:34:07,680 --> 00:34:10,160
Speaker 7: and then we also have many people that spend vacation

685
00:34:10,280 --> 00:34:13,480
Speaker 7: and other family time there. So whilst Fargo Foundation donated

686
00:34:13,480 --> 00:34:16,359
Speaker 7: over a million dollars almost immediately, we have a WEE

687
00:34:16,400 --> 00:34:19,560
Speaker 7: Care Foundation where employees that were directly impacted can receive

688
00:34:20,320 --> 00:34:23,760
Speaker 7: resources to combat like just the personal devastation that they've

689
00:34:23,880 --> 00:34:28,319
Speaker 7: reacted to. Our ATMs have a safe and secure and

690
00:34:28,360 --> 00:34:31,279
Speaker 7: no service fees donation to the Red Cross, and so

691
00:34:31,360 --> 00:34:34,400
Speaker 7: I think that's you know, expected and immediate and appreciated.

692
00:34:34,520 --> 00:34:36,920
Speaker 7: But at a business level. One of the first things

693
00:34:36,960 --> 00:34:39,640
Speaker 7: that happens when you have a natural disaster is you

694
00:34:39,719 --> 00:34:42,120
Speaker 7: lose power, you don't have your cell service, and you

695
00:34:42,160 --> 00:34:45,000
Speaker 7: immediately moved to a cash economy. And so we had

696
00:34:45,040 --> 00:34:47,360
Speaker 7: a very important role in getting our own branches and

697
00:34:47,400 --> 00:34:49,480
Speaker 7: employees they are safe and up and running, so that

698
00:34:49,520 --> 00:34:52,040
Speaker 7: we could support the economy. We had to get cash

699
00:34:52,040 --> 00:34:56,120
Speaker 7: in to have people make payroll and meet their basic needs.

700
00:34:56,120 --> 00:34:58,200
Speaker 7: But then we also have clients that are convenience stores,

701
00:34:58,280 --> 00:35:00,600
Speaker 7: grocery stores, and they need a safe place to move

702
00:35:00,640 --> 00:35:02,480
Speaker 7: their cash so that they can get it back into

703
00:35:02,520 --> 00:35:04,279
Speaker 7: the system and account for things. So we play a

704
00:35:04,320 --> 00:35:07,239
Speaker 7: really critical role in that in the communities that were impacted,

705
00:35:07,360 --> 00:35:09,640
Speaker 7: both both in West Florida and the western part of

706
00:35:09,719 --> 00:35:10,480
Speaker 7: North Carolina.

707
00:35:10,520 --> 00:35:11,759
Speaker 4: How long do you think it's going to take for

708
00:35:11,800 --> 00:35:13,360
Speaker 4: everything to sort itself out.

709
00:35:13,560 --> 00:35:16,320
Speaker 7: Well, I'm told most of Tampa will have power by Thursday.

710
00:35:16,440 --> 00:35:18,440
Speaker 7: I am not an expert. And then on the western

711
00:35:18,520 --> 00:35:20,520
Speaker 7: part of the state, I mean, this is a massive rebuild,

712
00:35:20,560 --> 00:35:24,000
Speaker 7: the destruction of the infrastructure of the water system. I'm

713
00:35:24,040 --> 00:35:26,080
Speaker 7: not an expert here, but what I will say is

714
00:35:26,080 --> 00:35:28,279
Speaker 7: there's a meaningful role for banks to play in the

715
00:35:28,320 --> 00:35:31,279
Speaker 7: rebuild and to rebuild in a more resilient way.

716
00:35:31,600 --> 00:35:34,640
Speaker 4: Yeah, how do you talk to clients about how to

717
00:35:34,680 --> 00:35:38,000
Speaker 4: build up their business and then monetize that wealth at

718
00:35:38,000 --> 00:35:38,600
Speaker 4: the same time.

719
00:35:39,000 --> 00:35:41,600
Speaker 5: Yeah, I think it's a fantastic conversation. So most of

720
00:35:41,600 --> 00:35:45,399
Speaker 5: our clients are private or privately controlled public companies. Half

721
00:35:45,400 --> 00:35:48,280
Speaker 5: of their mindset is absolutely focused on growing the business,

722
00:35:48,520 --> 00:35:50,520
Speaker 5: and half of their mindset is thinking about growing that

723
00:35:50,560 --> 00:35:53,200
Speaker 5: business and the value for a legacy for some reason,

724
00:35:53,239 --> 00:35:56,560
Speaker 5: generational transition or otherwise. And I think we just our

725
00:35:56,640 --> 00:36:00,000
Speaker 5: teams deliver in an excellent passion. So when it's business growth,

726
00:36:00,040 --> 00:36:03,360
Speaker 5: we're talking about growing through acquisitions or growing organically or

727
00:36:03,440 --> 00:36:05,480
Speaker 5: all of the things we'd naturally talk about with our

728
00:36:05,560 --> 00:36:08,920
Speaker 5: executive teams. And then what we're translating that back into

729
00:36:08,960 --> 00:36:12,319
Speaker 5: for their business is preparing for that event, right, and

730
00:36:12,360 --> 00:36:13,799
Speaker 5: so what do you want to do with this great

731
00:36:13,840 --> 00:36:17,120
Speaker 5: business that you have built? And we have teams oriented

732
00:36:17,200 --> 00:36:20,000
Speaker 5: just around that conversation, So we don't we're indifferent if

733
00:36:20,000 --> 00:36:22,600
Speaker 5: it's an exit or a generational change. We just want

734
00:36:22,600 --> 00:36:24,640
Speaker 5: them to be ready and it matches against what their

735
00:36:24,640 --> 00:36:27,359
Speaker 5: personal objectives and values are to do it, and so

736
00:36:27,400 --> 00:36:29,879
Speaker 5: we deliver that through great teams on our commercial bank

737
00:36:29,920 --> 00:36:32,480
Speaker 5: and our great teams in the wealth platform as well.

738
00:36:32,680 --> 00:36:35,080
Speaker 2: And Jessica, when I banked the Southeast way back in

739
00:36:35,080 --> 00:36:37,279
Speaker 2: the day and week for securities, again the source of

740
00:36:37,280 --> 00:36:40,640
Speaker 2: your broker dealer light license. Thank you, You're welcome. We

741
00:36:40,800 --> 00:36:47,319
Speaker 2: banked trucking companies, furniture companies, broadcasting companies. I think it's

742
00:36:47,360 --> 00:36:49,479
Speaker 2: probably changed a lot since then. Talk to us about

743
00:36:49,560 --> 00:36:52,200
Speaker 2: kind of the companies, the areas of opportunity that you

744
00:36:52,239 --> 00:36:53,719
Speaker 2: guys see in the Southeast.

745
00:36:53,840 --> 00:36:55,960
Speaker 7: Well, it's changed, and it hasn't. I mean, those companies

746
00:36:55,960 --> 00:36:58,200
Speaker 7: are still the backbone of the economy here. But what

747
00:36:58,280 --> 00:37:01,120
Speaker 7: we have seen is our end Tree expertise in the

748
00:37:01,160 --> 00:37:05,840
Speaker 7: tech sector, in healthcare, in some of our kind of

749
00:37:05,880 --> 00:37:09,520
Speaker 7: other verticals have been exploding. And what we've done is

750
00:37:09,520 --> 00:37:12,200
Speaker 7: try to pull all those threads together to support the economy.

751
00:37:12,239 --> 00:37:14,920
Speaker 7: But certainly women led businesses, obviously this would be an

752
00:37:14,960 --> 00:37:17,480
Speaker 7: example of an event like that. In twenty twenty three,

753
00:37:17,560 --> 00:37:20,839
Speaker 7: women started two point seven or created two point seven

754
00:37:20,880 --> 00:37:24,359
Speaker 7: trillion dollars in revenue from businesses that they lead. So

755
00:37:24,560 --> 00:37:26,880
Speaker 7: that's just that's not just in the Southeast though, but

756
00:37:28,200 --> 00:37:31,240
Speaker 7: we recently I'll just highlight a cool event. We sponsored

757
00:37:31,239 --> 00:37:33,560
Speaker 7: a film called Show Her the Money, and it shines

758
00:37:33,640 --> 00:37:36,919
Speaker 7: light on the fact that female entrepreneurs receive significantly less

759
00:37:36,960 --> 00:37:40,800
Speaker 7: venture capital than their male counterparts, despite their very successful

760
00:37:40,840 --> 00:37:43,799
Speaker 7: track record and according to a BCG study, better return

761
00:37:43,840 --> 00:37:45,880
Speaker 7: on investment. And so we show the film in a

762
00:37:45,920 --> 00:37:49,440
Speaker 7: community we are in Raleigh, and we had centers of influence,

763
00:37:49,480 --> 00:37:52,600
Speaker 7: clients and other important leaders in the community talk about

764
00:37:52,640 --> 00:37:55,680
Speaker 7: how to address that, not just because it's a good idea,

765
00:37:56,000 --> 00:37:57,240
Speaker 7: but because of the great investment.

766
00:37:57,640 --> 00:37:59,879
Speaker 4: Right exactly, it's not just like support it because it's nice,

767
00:38:00,080 --> 00:38:01,520
Speaker 4: do it because it makes money. And we're going to

768
00:38:01,880 --> 00:38:05,440
Speaker 4: put that out there. Suzanne, are you talking to businesses

769
00:38:05,520 --> 00:38:07,520
Speaker 4: right now in terms of their long term trajectory? I

770
00:38:07,560 --> 00:38:10,600
Speaker 4: know it's a curated process, but is it more private

771
00:38:10,640 --> 00:38:11,200
Speaker 4: for longer?

772
00:38:11,640 --> 00:38:11,800
Speaker 6: Is it?

773
00:38:12,440 --> 00:38:16,880
Speaker 4: Is it conversation IPO? How has that type of conversation changed?

774
00:38:17,160 --> 00:38:20,200
Speaker 5: Yeah, And I think over the last decade, you know,

775
00:38:20,239 --> 00:38:23,760
Speaker 5: the evolution of private equity and private capital has changed

776
00:38:23,760 --> 00:38:27,120
Speaker 5: the landscape on alternatives for private business owners. But I

777
00:38:27,120 --> 00:38:29,520
Speaker 5: also think even in the last five years, if someone

778
00:38:29,560 --> 00:38:32,440
Speaker 5: wants to stay private for longer, you know, partnerships between

779
00:38:32,440 --> 00:38:37,040
Speaker 5: family offices and investors that might have a longer time horizon.

780
00:38:37,480 --> 00:38:41,799
Speaker 5: The landscape has changed for alternatives for exits or continuation

781
00:38:41,880 --> 00:38:44,759
Speaker 5: of involvement and minority fashion. So I think what we

782
00:38:44,880 --> 00:38:47,080
Speaker 5: have tried to do is continue to adapt, again being

783
00:38:47,160 --> 00:38:49,239
Speaker 5: very indifferent to how they want to exit, but making

784
00:38:49,239 --> 00:38:52,040
Speaker 5: sure that they know their alternatives, and I think the

785
00:38:52,080 --> 00:38:54,400
Speaker 5: size of the company, the industry that they're in, you know,

786
00:38:54,440 --> 00:38:58,120
Speaker 5: we try to just deliver it into that conversation. There's

787
00:38:58,160 --> 00:39:01,080
Speaker 5: absolutely continues to be a lot of great streamategic activity too,

788
00:39:01,120 --> 00:39:04,239
Speaker 5: and so somebody's best client may be their best acquirer

789
00:39:04,760 --> 00:39:07,759
Speaker 5: down the road. And so I think the opportunity to

790
00:39:07,760 --> 00:39:10,319
Speaker 5: just continue to open up for private business owners in

791
00:39:10,360 --> 00:39:11,520
Speaker 5: that conversation.

792
00:39:11,080 --> 00:39:12,600
Speaker 7: Maybe just to add in because it ties to the

793
00:39:12,680 --> 00:39:15,640
Speaker 7: question that you are asking. Ultimately, building a business or

794
00:39:15,719 --> 00:39:18,520
Speaker 7: leading a meaningful business is still one of them to

795
00:39:18,560 --> 00:39:21,880
Speaker 7: create wealth. And when women do that successfully, it changes

796
00:39:21,880 --> 00:39:24,239
Speaker 7: their famili's financial trajectory, but it also gives them a

797
00:39:24,239 --> 00:39:28,360
Speaker 7: platform for impact. And so we're constantly thinking of those things.

798
00:39:28,360 --> 00:39:31,080
Speaker 7: And people just because they build a successful business, the

799
00:39:31,080 --> 00:39:33,759
Speaker 7: families we talk to are very keen to think about that.

800
00:39:34,080 --> 00:39:36,719
Speaker 7: It's part of the family in many cases, but they

801
00:39:36,760 --> 00:39:38,600
Speaker 7: want it like a child to grow up, stand on

802
00:39:38,600 --> 00:39:40,600
Speaker 7: its own, have a board, these kinds of things. So

803
00:39:40,640 --> 00:39:42,399
Speaker 7: that those are some of the discussions we get into.

804
00:39:42,680 --> 00:39:45,440
Speaker 2: Susan, it's head of a business here. How do you

805
00:39:45,440 --> 00:39:49,480
Speaker 2: think about talent, tracting and retaining talent? Every business owner,

806
00:39:49,520 --> 00:39:51,520
Speaker 2: every manager I talk to, when almost every industry that

807
00:39:51,560 --> 00:39:53,960
Speaker 2: alex Line talked to, they say that as a challenge.

808
00:39:53,960 --> 00:39:56,920
Speaker 2: It's not just a pandemic, it's just in general sourcing

809
00:39:56,920 --> 00:39:58,840
Speaker 2: and retaining talent. How do you guys approach that.

810
00:39:58,719 --> 00:40:00,840
Speaker 5: We are a people business still. We just had a

811
00:40:00,880 --> 00:40:03,479
Speaker 5: really great conversation about AI, but we also talked about

812
00:40:03,480 --> 00:40:06,760
Speaker 5: the whole human element to delivering what we do across

813
00:40:06,760 --> 00:40:09,640
Speaker 5: the board. Wells Fargo is invested all the way from

814
00:40:09,680 --> 00:40:11,880
Speaker 5: sophomores in college where we start to take them at

815
00:40:11,880 --> 00:40:14,600
Speaker 5: a very very early stage and help them evolve through

816
00:40:14,600 --> 00:40:16,720
Speaker 5: their career. And we look at that, we think about

817
00:40:16,719 --> 00:40:19,040
Speaker 5: all the investment in our people, because if we're investing

818
00:40:19,080 --> 00:40:21,680
Speaker 5: in them, they're investing in our clients and caring for

819
00:40:21,719 --> 00:40:24,320
Speaker 5: our clients. So there's a lot of robust training programs

820
00:40:24,360 --> 00:40:26,960
Speaker 5: and development that we have still continued to invest in

821
00:40:27,000 --> 00:40:29,239
Speaker 5: a great deal. And then I think Wells Fargo also

822
00:40:29,320 --> 00:40:31,799
Speaker 5: is really supportive of like bringing in talent from a

823
00:40:31,800 --> 00:40:34,919
Speaker 5: lot of other directions, traditional and non traditional. I think

824
00:40:34,960 --> 00:40:36,960
Speaker 5: that makes up and then we all kind of come

825
00:40:37,000 --> 00:40:40,759
Speaker 5: together under a culture that's very very client centric and

826
00:40:40,880 --> 00:40:44,440
Speaker 5: team oriented team members, so helping people grow and develop.

827
00:40:44,480 --> 00:40:46,480
Speaker 5: But I couldn't agree with you more. Our clients are

828
00:40:46,520 --> 00:40:48,640
Speaker 5: focused on the same challenge on how do we grow

829
00:40:48,680 --> 00:40:51,439
Speaker 5: and develop? Being in the Southeast. We have a really

830
00:40:51,440 --> 00:40:55,040
Speaker 5: great presence in the Carolinas in Charlotte, North Carolina, as

831
00:40:55,080 --> 00:40:57,080
Speaker 5: well as other major hub cities around the country. But

832
00:40:57,600 --> 00:40:59,440
Speaker 5: not only is there a great economic region for our

833
00:40:59,480 --> 00:41:01,640
Speaker 5: company to you, we're investing a tremendous amount here in

834
00:41:01,680 --> 00:41:03,120
Speaker 5: people on talent in the Southeast.

835
00:41:03,200 --> 00:41:04,839
Speaker 4: We thank you both so much. It was a really

836
00:41:04,840 --> 00:41:08,720
Speaker 4: great conversation. Thank you very very much, Susanne Morrison, Executive

837
00:41:08,760 --> 00:41:11,640
Speaker 4: vice president, head of Commercial and well Partnership and Jessica Murphy,

838
00:41:11,680 --> 00:41:15,160
Speaker 4: Managing director of Southeast Division executives for talking through that

839
00:41:15,239 --> 00:41:17,640
Speaker 4: relationship with commercial banking and private wealth and how to

840
00:41:17,640 --> 00:41:20,600
Speaker 4: help small businesses really grow.

841
00:41:20,880 --> 00:41:24,760
Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live

842
00:41:24,840 --> 00:41:28,360
Speaker 1: weekdays at ten am Eastern on applecar Play and Android

843
00:41:28,400 --> 00:41:31,160
Speaker 1: Otto with the Bloomberg Business App. You can also listen

844
00:41:31,280 --> 00:41:34,359
Speaker 1: live on Amazon Alexa from our flagship New York station.

845
00:41:34,760 --> 00:41:37,520
Speaker 1: Just say Alexa play Bloomberg eleven thirty.

846
00:41:38,960 --> 00:41:41,200
Speaker 4: Well after you've been saying, We are here in South Carolina,

847
00:41:41,280 --> 00:41:44,880
Speaker 4: a Kiwa Island at the Wells Fargo Women Leadership Summit,

848
00:41:44,880 --> 00:41:47,440
Speaker 4: where we gather lots of different people in Wells Fargo

849
00:41:47,480 --> 00:41:49,359
Speaker 4: who helped build up women leaders and then the women

850
00:41:49,440 --> 00:41:53,480
Speaker 4: leaders themselves. And we're very pleased to welcome the filmthraffic

851
00:41:53,640 --> 00:41:58,960
Speaker 4: arm of this. Kwansa Jones is CEO and a philanthropist.

852
00:41:59,040 --> 00:42:01,239
Speaker 4: She joins us, let me just get the name here

853
00:42:01,320 --> 00:42:02,239
Speaker 4: real quick for you.

854
00:42:03,280 --> 00:42:05,319
Speaker 2: There we go found of Kwanza.

855
00:42:05,080 --> 00:42:07,640
Speaker 4: Jones and jose Fliciano Initiative. I wanted to make sure

856
00:42:07,680 --> 00:42:10,120
Speaker 4: I got that whole title. And Julie Caperton, head of

857
00:42:10,200 --> 00:42:12,759
Speaker 4: the private bank in Wells Fargo Partnership for Wealth and

858
00:42:12,800 --> 00:42:16,680
Speaker 4: Investment Management. Now, apparently Juliet was on stage and we

859
00:42:16,760 --> 00:42:18,480
Speaker 4: had Kwansa come in and was sitting and then when

860
00:42:18,560 --> 00:42:21,080
Speaker 4: Julie came running to the set, they hugged and they

861
00:42:21,080 --> 00:42:23,480
Speaker 4: were chatting and they like seriously love each other.

862
00:42:23,520 --> 00:42:25,280
Speaker 2: What is your relationship.

863
00:42:25,600 --> 00:42:27,920
Speaker 6: Well, you want to start, Julie, Absolutely so.

864
00:42:28,120 --> 00:42:31,600
Speaker 10: Kwansa is one of our clients and a good friend

865
00:42:31,760 --> 00:42:35,720
Speaker 10: and an inspiration to me and to really our entire team.

866
00:42:36,600 --> 00:42:39,279
Speaker 4: Did the relationship start first or did this close relationship

867
00:42:39,360 --> 00:42:42,759
Speaker 4: happen over time as you were building a business once?

868
00:42:43,080 --> 00:42:45,640
Speaker 11: The latter is what it did, and you know, it's

869
00:42:45,760 --> 00:42:49,200
Speaker 11: just been I'm incredibly just overjoyed to be here with

870
00:42:49,280 --> 00:42:51,359
Speaker 11: Wells and to be here with you, Alex as well

871
00:42:51,400 --> 00:42:54,799
Speaker 11: as Paul. And the thing that's amazing is that that's

872
00:42:54,840 --> 00:42:57,800
Speaker 11: what this Woman in Leadership conference is about. It's about connecting,

873
00:42:57,880 --> 00:43:01,640
Speaker 11: it's about community, and that's what having partners and really

874
00:43:01,680 --> 00:43:04,440
Speaker 11: strong partners does, really really well. So thank you all.

875
00:43:04,680 --> 00:43:07,800
Speaker 2: Quanta. Talk to us about your initiative, the Kwansa Jones

876
00:43:07,840 --> 00:43:09,360
Speaker 2: and jose Feliciano initiative.

877
00:43:09,440 --> 00:43:11,080
Speaker 11: Tell us about that, Okay, I'll tell you a little

878
00:43:11,080 --> 00:43:16,040
Speaker 11: bit about it. There are four key pillars, and it's education, entrepreneurship, equity,

879
00:43:16,160 --> 00:43:18,680
Speaker 11: and empowerment. And I like to say that those are

880
00:43:18,960 --> 00:43:22,480
Speaker 11: the common denominator of things that help elevate humanity and

881
00:43:22,520 --> 00:43:25,960
Speaker 11: elevate society. When you have people more educated, when there

882
00:43:26,040 --> 00:43:32,600
Speaker 11: are more equitable opportunities when people are entrepreneurial, which means

883
00:43:32,920 --> 00:43:36,240
Speaker 11: innovative ideas, and I say, you can do those three things.

884
00:43:36,560 --> 00:43:38,520
Speaker 11: But if you're not empowered, if you don't get off

885
00:43:38,560 --> 00:43:41,239
Speaker 11: your tush and do something, then nothing happens. So that's

886
00:43:41,239 --> 00:43:44,680
Speaker 11: what the initiative does. It really invests in those four

887
00:43:44,800 --> 00:43:48,760
Speaker 11: key areas. And by investment, it's not just for profit investment.

888
00:43:48,840 --> 00:43:51,839
Speaker 11: It's actually not for profit investment too. And that's where

889
00:43:51,880 --> 00:43:53,560
Speaker 11: a lot of the things comes into play with some

890
00:43:53,560 --> 00:43:54,600
Speaker 11: of the partnership that we have.

891
00:43:55,000 --> 00:43:56,880
Speaker 4: So how did this relationship want it's working out. So

892
00:43:57,040 --> 00:43:58,920
Speaker 4: you started a foundation and you're like, hey, I want

893
00:43:58,960 --> 00:44:00,319
Speaker 4: to grow it. This is what I want to do.

894
00:44:01,160 --> 00:44:02,160
Speaker 4: Quansa talk to me about that.

895
00:44:02,320 --> 00:44:05,399
Speaker 11: Okay, well I have to go really really really really

896
00:44:05,520 --> 00:44:06,359
Speaker 11: really far back.

897
00:44:06,400 --> 00:44:06,920
Speaker 6: We got time.

898
00:44:07,360 --> 00:44:09,560
Speaker 11: Okay, here it is, We've got But do you have

899
00:44:09,600 --> 00:44:13,560
Speaker 11: decades because what I like to say is, okay, decades

900
00:44:13,560 --> 00:44:17,200
Speaker 11: and nine minutes ago. I like to say that I

901
00:44:17,320 --> 00:44:21,600
Speaker 11: dream in decades, and I've always dreamed in decades. Undergraduate,

902
00:44:21,640 --> 00:44:25,600
Speaker 11: I went to Princeton and there at school it's always

903
00:44:25,600 --> 00:44:28,759
Speaker 11: about service and Princeton being in the nation service and

904
00:44:28,800 --> 00:44:31,439
Speaker 11: in the service of all nations. And for me, being

905
00:44:31,480 --> 00:44:34,359
Speaker 11: a longtime client of Wells, and I mean a long, long,

906
00:44:34,400 --> 00:44:37,480
Speaker 11: long time client back when I was in high school

907
00:44:38,200 --> 00:44:41,920
Speaker 11: and then it's just followed me throughout all my endeavors

908
00:44:41,920 --> 00:44:44,160
Speaker 11: in pursuits and that's what's been really great. So I

909
00:44:44,200 --> 00:44:47,280
Speaker 11: think it wasn't about starting the foundation and then finding

910
00:44:47,320 --> 00:44:50,200
Speaker 11: the partners. It was about dreaming and having the vision

911
00:44:50,360 --> 00:44:52,360
Speaker 11: and knowing what it was it wanted to be accomplished,

912
00:44:52,400 --> 00:44:55,000
Speaker 11: and then finding the partners along the way and Wells

913
00:44:55,040 --> 00:44:57,000
Speaker 11: and just happened to be a partner along the way.

914
00:44:57,239 --> 00:45:00,960
Speaker 2: Julie, talk to us about your side of the what's

915
00:45:00,960 --> 00:45:03,920
Speaker 2: a typical client for you? What types of services do

916
00:45:03,960 --> 00:45:05,479
Speaker 2: you try to bring to them.

917
00:45:05,920 --> 00:45:07,920
Speaker 10: So, as the head of the private bank, I work

918
00:45:07,960 --> 00:45:10,680
Speaker 10: with our high net worth client segment, but that really spans,

919
00:45:11,000 --> 00:45:13,960
Speaker 10: you know, from people who have investable assets around ten

920
00:45:14,000 --> 00:45:15,840
Speaker 10: million dollars, you know, all the way up to the

921
00:45:15,920 --> 00:45:19,439
Speaker 10: multi multi billionaires that we work with and really our

922
00:45:19,600 --> 00:45:22,239
Speaker 10: mantra and what I like to say is we like

923
00:45:22,320 --> 00:45:25,560
Speaker 10: to meet our clients where they are. We have every

924
00:45:25,640 --> 00:45:27,920
Speaker 10: product and service that you could ever need as a

925
00:45:28,000 --> 00:45:31,719
Speaker 10: large financial institution. But the reality is that's not what

926
00:45:31,760 --> 00:45:35,240
Speaker 10: it's all about. It's about the personal relationships. It's about listening.

927
00:45:35,520 --> 00:45:39,239
Speaker 10: It's about understanding what your clients need and bringing those

928
00:45:39,239 --> 00:45:42,319
Speaker 10: products and services to help them achieve their goals. Lots

929
00:45:42,320 --> 00:45:44,759
Speaker 10: of people have products and services. The reality is that

930
00:45:44,920 --> 00:45:48,240
Speaker 10: piece of the business has really been commoditized over time,

931
00:45:48,680 --> 00:45:52,360
Speaker 10: and what the business is about is understanding our clients,

932
00:45:52,520 --> 00:45:55,960
Speaker 10: understanding their goals and needs, helping them achieve them in

933
00:45:56,000 --> 00:45:58,200
Speaker 10: a way that feels comfortable for them, and then a

934
00:45:58,200 --> 00:46:02,480
Speaker 10: way that adds value to them. The most important and

935
00:46:02,520 --> 00:46:05,440
Speaker 10: precious commodity is time. It's the one thing that you

936
00:46:05,480 --> 00:46:08,480
Speaker 10: can't replace. So when I think about what we can

937
00:46:08,520 --> 00:46:12,120
Speaker 10: do for our clients, it's really how can they leverage

938
00:46:12,200 --> 00:46:14,400
Speaker 10: us so that they can have more time to do

939
00:46:14,440 --> 00:46:15,799
Speaker 10: the things that they want to do.

940
00:46:16,400 --> 00:46:18,520
Speaker 4: So, what are some of the typical questions that you're

941
00:46:18,560 --> 00:46:21,719
Speaker 4: getting right now from your clients at Kwanso or the

942
00:46:22,000 --> 00:46:24,560
Speaker 4: or high networth individuals. What are they asking you?

943
00:46:24,840 --> 00:46:28,120
Speaker 10: Yeah, so a lot of focus right now on tax

944
00:46:28,200 --> 00:46:31,560
Speaker 10: planning and estate planning, particularly as it relates to the

945
00:46:31,680 --> 00:46:34,600
Speaker 10: estate tax. You know, we have a sunset, you know,

946
00:46:34,640 --> 00:46:36,360
Speaker 10: coming at the end of the year, regardless of what

947
00:46:36,400 --> 00:46:39,640
Speaker 10: happens with the election, you can you know sort of

948
00:46:40,080 --> 00:46:43,200
Speaker 10: prognosticate on where that's going to go. But a lot

949
00:46:43,200 --> 00:46:47,040
Speaker 10: of people are thinking about philanthropy as a way to

950
00:46:47,239 --> 00:46:50,400
Speaker 10: think decades forward, right, Like I love the way Kwanza

951
00:46:50,440 --> 00:46:53,799
Speaker 10: talks about dreaming in decades when when she and jose

952
00:46:54,000 --> 00:46:58,680
Speaker 10: are thinking about their foundation, they're not necessarily thinking about

953
00:46:58,680 --> 00:47:01,440
Speaker 10: ten years from now, they're thinking about one hundred years. Correct,

954
00:47:01,880 --> 00:47:03,560
Speaker 10: And we have a lot of clients that really are

955
00:47:03,600 --> 00:47:05,200
Speaker 10: thinking about that paying it forward.

956
00:47:05,680 --> 00:47:09,160
Speaker 2: So, Quanta, what's a typical effort that you guys get

957
00:47:09,200 --> 00:47:12,040
Speaker 2: involved with at your initiative. If it's a typical company

958
00:47:12,080 --> 00:47:13,160
Speaker 2: or typical client.

959
00:47:13,160 --> 00:47:16,840
Speaker 11: Grant, oh, my goodness, all of the above. Where's the boxer?

960
00:47:16,920 --> 00:47:18,719
Speaker 11: You check all of the above, because it is. But

961
00:47:18,719 --> 00:47:20,440
Speaker 11: I would like to say that it's a it's in

962
00:47:20,480 --> 00:47:24,080
Speaker 11: a really focused way, and it's not only at times.

963
00:47:24,080 --> 00:47:25,319
Speaker 11: And I'm going to say this, and I don't want

964
00:47:25,360 --> 00:47:31,040
Speaker 11: to be dismissive of anyone's place in space at all,

965
00:47:31,320 --> 00:47:33,960
Speaker 11: is that money can be the easy part. And when

966
00:47:34,040 --> 00:47:36,759
Speaker 11: Julie is talking about, hey, certain things have been commoditized

967
00:47:37,440 --> 00:47:39,160
Speaker 11: for all, say and I it can be the easy part,

968
00:47:39,239 --> 00:47:42,319
Speaker 11: but it's not the most impactful part. What can be

969
00:47:42,400 --> 00:47:45,680
Speaker 11: done is there, but it's actually doing programming along with

970
00:47:45,920 --> 00:47:48,680
Speaker 11: doing the money and the financial and the capital support.

971
00:47:48,960 --> 00:47:51,240
Speaker 11: So what we do and we're getting involved in something,

972
00:47:51,280 --> 00:47:56,799
Speaker 11: it could be businesses like diverse businesses, and I'd like

973
00:47:56,880 --> 00:48:00,759
Speaker 11: to say that we invest intentionally but not exclusively and

974
00:48:00,840 --> 00:48:04,400
Speaker 11: underrepresented businesses. So being here at a women's event that

975
00:48:04,480 --> 00:48:08,560
Speaker 11: could look like we are investing in women's sports businesses.

976
00:48:08,600 --> 00:48:12,160
Speaker 11: It could be look like we're investing. For example, at Princeton,

977
00:48:13,320 --> 00:48:16,040
Speaker 11: there was a pretty significant gift that we did a

978
00:48:16,120 --> 00:48:18,760
Speaker 11: number of years ago and they're actually dorms named after

979
00:48:18,960 --> 00:48:22,440
Speaker 11: Julse as well as named after me, because it's representation

980
00:48:22,560 --> 00:48:25,200
Speaker 11: also matters. So we do a lot of things, but

981
00:48:25,239 --> 00:48:28,000
Speaker 11: the programming element is what we're really excited about, as

982
00:48:28,040 --> 00:48:31,840
Speaker 11: well as the philanthropic gunderwriting financial capital element.

983
00:48:32,040 --> 00:48:36,920
Speaker 4: How has that vision or donation or grants where businesses

984
00:48:37,080 --> 00:48:39,680
Speaker 4: changed throughout the decades that you've been working on us.

985
00:48:39,719 --> 00:48:44,279
Speaker 11: Oh my goodness. I will say it's interesting because how

986
00:48:44,320 --> 00:48:46,439
Speaker 11: we go about doing some of those things, and Welles

987
00:48:46,520 --> 00:48:48,719
Speaker 11: has been a great partner in this is there are

988
00:48:48,760 --> 00:48:50,839
Speaker 11: many ways you can give. You can say, Okay, I'm

989
00:48:50,840 --> 00:48:53,840
Speaker 11: going to send a wire, Okay, I'm going to or

990
00:48:53,880 --> 00:48:56,560
Speaker 11: write a check or oh, I'm going to do stocks

991
00:48:56,600 --> 00:48:59,359
Speaker 11: and do things in that way. So it really is

992
00:48:59,440 --> 00:49:01,879
Speaker 11: how do we go in and try to be strategic

993
00:49:01,960 --> 00:49:04,480
Speaker 11: because again, as I say, dreaming in decades, we're not

994
00:49:04,520 --> 00:49:08,359
Speaker 11: thinking about just our generation, We're thinking about centuries from now.

995
00:49:08,600 --> 00:49:11,960
Speaker 11: How are we going in and changing things so that

996
00:49:12,440 --> 00:49:15,280
Speaker 11: one hundred years from now, when we know our organization

997
00:49:15,360 --> 00:49:17,080
Speaker 11: is still going to be around, two hundred years from now,

998
00:49:17,080 --> 00:49:18,600
Speaker 11: when it's still going to be around. How do you

999
00:49:18,680 --> 00:49:21,680
Speaker 11: set things up a state planning? We just had an

1000
00:49:21,800 --> 00:49:25,600
Speaker 11: estate planning various meeting last week with some of our lawyers.

1001
00:49:25,719 --> 00:49:27,520
Speaker 11: But how do we do it? We do it by

1002
00:49:27,760 --> 00:49:31,480
Speaker 11: carefully partnering with people and thinking beyond the here and

1003
00:49:31,520 --> 00:49:33,600
Speaker 11: the now. So I think it's important for us to

1004
00:49:33,760 --> 00:49:37,440
Speaker 11: just again highlight who we're partnering with and focused on

1005
00:49:37,520 --> 00:49:38,360
Speaker 11: those sorts of things.

1006
00:49:38,600 --> 00:49:40,520
Speaker 2: Julie, Alex and I talked to a lot of investors

1007
00:49:40,840 --> 00:49:42,960
Speaker 2: on our program, and a lot of folks just recently

1008
00:49:42,960 --> 00:49:45,080
Speaker 2: are saying, you know what, there's a lot of uncertainty

1009
00:49:45,080 --> 00:49:46,880
Speaker 2: out there, the election coming up, we don't know how

1010
00:49:46,880 --> 00:49:49,440
Speaker 2: things are going to play out. We've got geopolitical risk overseas,

1011
00:49:49,480 --> 00:49:51,319
Speaker 2: We're gonna take a little risk off the table. Are

1012
00:49:51,360 --> 00:49:53,200
Speaker 2: you seeing that in the private bank as well?

1013
00:49:53,320 --> 00:49:56,719
Speaker 10: Absolutely, saying yeah, absolutely so. I think we've seen risk

1014
00:49:56,760 --> 00:50:02,120
Speaker 10: off really for q some time. I think in some ways,

1015
00:50:02,160 --> 00:50:04,080
Speaker 10: you know, people have missed a lot of opportunities because

1016
00:50:04,120 --> 00:50:05,560
Speaker 10: they've been a little too risk off.

1017
00:50:06,040 --> 00:50:08,440
Speaker 6: Definitely right now, everyone right.

1018
00:50:08,760 --> 00:50:11,400
Speaker 4: I raised my hand for that because I'm just sitting

1019
00:50:11,360 --> 00:50:12,799
Speaker 4: in a fund.

1020
00:50:12,920 --> 00:50:19,799
Speaker 10: Exactly exactly exactly, But the reality is right now, I

1021
00:50:19,800 --> 00:50:23,320
Speaker 10: would say, starting about two months ago, you're really seeing

1022
00:50:23,360 --> 00:50:26,919
Speaker 10: everyone just hit the pause button, right, so not make

1023
00:50:26,960 --> 00:50:31,160
Speaker 10: any major moves, get you know, into a really risk

1024
00:50:31,200 --> 00:50:33,520
Speaker 10: off position, and just wait and see what happens. I

1025
00:50:33,520 --> 00:50:38,200
Speaker 10: think even more than other election cycles that I've seen,

1026
00:50:38,719 --> 00:50:42,759
Speaker 10: people are much more nervous now, and there's so much uncertainty,

1027
00:50:43,000 --> 00:50:46,240
Speaker 10: not just because it's so close, but because it's such

1028
00:50:46,880 --> 00:50:49,640
Speaker 10: you know, we're we're in such a polarized environment right

1029
00:50:49,680 --> 00:50:51,919
Speaker 10: now that it's that it's you know, there's a lot

1030
00:50:52,000 --> 00:50:52,440
Speaker 10: at stake.

1031
00:50:52,880 --> 00:50:55,840
Speaker 4: What do you think, Julie, the role of cash and

1032
00:50:55,920 --> 00:50:58,560
Speaker 4: liquidity kind of short term is going to be so.

1033
00:50:58,560 --> 00:50:59,840
Speaker 6: I think it's incredibly important.

1034
00:51:00,120 --> 00:51:03,000
Speaker 10: I think I think in every way cash and liquidity

1035
00:51:03,200 --> 00:51:05,839
Speaker 10: is more important than it's been in many, many years.

1036
00:51:05,920 --> 00:51:08,560
Speaker 10: Right when you think about the confluence of events that's

1037
00:51:08,560 --> 00:51:14,520
Speaker 10: happening geopolitically as well as environmentally, right, like when we're

1038
00:51:14,560 --> 00:51:19,000
Speaker 10: seeing hurricanes devastating parts of the country that have never

1039
00:51:19,040 --> 00:51:22,520
Speaker 10: had to worry about hurricanes before. Having liquidity, having cash

1040
00:51:22,560 --> 00:51:25,800
Speaker 10: on hand is so important when you're thinking about cybersecurity,

1041
00:51:25,800 --> 00:51:28,799
Speaker 10: when you're thinking about AI like the you know, we

1042
00:51:28,840 --> 00:51:31,719
Speaker 10: are in such a digital world now that all of

1043
00:51:31,760 --> 00:51:36,040
Speaker 10: our access to cash and liquidity is so tied up

1044
00:51:36,160 --> 00:51:39,879
Speaker 10: in systems that can be hacked. You know, you see

1045
00:51:39,880 --> 00:51:42,799
Speaker 10: things all the time that just make you really want

1046
00:51:42,840 --> 00:51:46,040
Speaker 10: to make sure that you have adequate liquidity in an

1047
00:51:46,120 --> 00:51:46,800
Speaker 10: uncertain world.

1048
00:51:47,239 --> 00:51:50,920
Speaker 2: Quanta, you mentioned earlier women in sports, and boy, it's

1049
00:51:50,960 --> 00:51:54,719
Speaker 2: I've just sensed a real increased level of excitement and

1050
00:51:54,760 --> 00:51:57,000
Speaker 2: attention to women's sports in the last several years. And

1051
00:51:57,040 --> 00:51:59,160
Speaker 2: maybe the most recent round might have been Kaitlin Clark

1052
00:51:59,200 --> 00:52:03,280
Speaker 2: that that kind of thing. Yeah, great ratings, basketball, soccer,

1053
00:52:03,320 --> 00:52:05,799
Speaker 2: all kinds of stuff. How do you guys look at

1054
00:52:05,840 --> 00:52:06,720
Speaker 2: that part of the world.

1055
00:52:07,000 --> 00:52:09,560
Speaker 11: Oh wow, So you know the four pillars I was

1056
00:52:09,600 --> 00:52:13,400
Speaker 11: talking about, one of them being equity. Women's sports fits

1057
00:52:13,440 --> 00:52:15,839
Speaker 11: under that umbrella, and when I look at it, and

1058
00:52:15,920 --> 00:52:18,880
Speaker 11: we've all heard the news throughout the years about women

1059
00:52:19,000 --> 00:52:22,440
Speaker 11: not having equitable compensation in terms of the sports world,

1060
00:52:22,719 --> 00:52:24,560
Speaker 11: when we look at now the rise and interest, and

1061
00:52:24,680 --> 00:52:27,319
Speaker 11: I would argue that the interest has been there, it's

1062
00:52:27,400 --> 00:52:30,640
Speaker 11: now just there's more attention. Like you all, the media

1063
00:52:30,760 --> 00:52:34,120
Speaker 11: is now casting more of a lens there, and we

1064
00:52:34,160 --> 00:52:36,000
Speaker 11: look at it as it's important, which is why the

1065
00:52:36,000 --> 00:52:39,040
Speaker 11: program and element for us is still do sorts of

1066
00:52:39,040 --> 00:52:41,200
Speaker 11: things like this to continue to be able to bring

1067
00:52:41,239 --> 00:52:44,000
Speaker 11: greater light to it and invest not just with our

1068
00:52:44,000 --> 00:52:46,600
Speaker 11: mouths and not just lip service, but our dollars into

1069
00:52:46,640 --> 00:52:49,719
Speaker 11: these areas, and not only in the for profit scene,

1070
00:52:49,760 --> 00:52:51,240
Speaker 11: but also in the not for profit scene.

1071
00:52:51,280 --> 00:52:52,880
Speaker 7: So those are some of the things.

1072
00:52:52,680 --> 00:52:53,160
Speaker 6: We look at.

1073
00:52:53,560 --> 00:52:56,160
Speaker 4: So it's a big deal to create an organization like

1074
00:52:56,200 --> 00:52:58,719
Speaker 4: you guys did. How did that start? Is it like

1075
00:52:58,800 --> 00:53:01,239
Speaker 4: a pen and paper thing? And then like you go

1076
00:53:01,400 --> 00:53:03,160
Speaker 4: and you go to Wellsborg, You're like, hey, I have

1077
00:53:03,200 --> 00:53:05,040
Speaker 4: this idea, here's my pen and paper.

1078
00:53:05,440 --> 00:53:06,239
Speaker 6: Tell to me about it.

1079
00:53:06,320 --> 00:53:09,359
Speaker 11: Okay, I'll give you a little bit about how it started. Again,

1080
00:53:09,480 --> 00:53:12,960
Speaker 11: both I'll say and I met at Princeton and he

1081
00:53:13,040 --> 00:53:15,160
Speaker 11: went to Wall Street I went to become a lawyer.

1082
00:53:15,239 --> 00:53:17,200
Speaker 11: You know, we just figured you got to have a

1083
00:53:17,239 --> 00:53:19,720
Speaker 11: family with some lawyers in there. And both my parents

1084
00:53:19,719 --> 00:53:22,279
Speaker 11: were lawyers too. But I remember we did a day

1085
00:53:22,280 --> 00:53:25,040
Speaker 11: off in Central Park and that was a day to dream,

1086
00:53:25,160 --> 00:53:26,920
Speaker 11: and he was like, why are we doing this? And

1087
00:53:27,560 --> 00:53:29,640
Speaker 11: just go with me, just to just go with it,

1088
00:53:29,960 --> 00:53:33,560
Speaker 11: and literally, instead of asking questions, which is what I

1089
00:53:33,600 --> 00:53:36,160
Speaker 11: was asking about, Oh what does your next one year

1090
00:53:36,200 --> 00:53:39,640
Speaker 11: look like, five years, ten years, I said what does

1091
00:53:39,719 --> 00:53:42,399
Speaker 11: impact look like? What's the impact that you want to make.

1092
00:53:42,560 --> 00:53:46,759
Speaker 11: And again, if you sell yourself short by saying, oh,

1093
00:53:46,840 --> 00:53:49,000
Speaker 11: well I want to make I don't know, a million dollars,

1094
00:53:49,360 --> 00:53:51,480
Speaker 11: well you could be leaving money on the table, as

1095
00:53:51,480 --> 00:53:53,920
Speaker 11: opposed to I want to be able to create homes

1096
00:53:54,080 --> 00:53:57,240
Speaker 11: for one hundred people, or I want to be able

1097
00:53:57,400 --> 00:54:01,360
Speaker 11: to create an organization that can help underwrite and fund

1098
00:54:01,560 --> 00:54:04,440
Speaker 11: some of these other smaller organizations that are already in communities.

1099
00:54:04,560 --> 00:54:05,160
Speaker 6: So that's what it.

1100
00:54:05,120 --> 00:54:06,640
Speaker 11: Looked like a bit of a pen and paper, but

1101
00:54:06,680 --> 00:54:09,120
Speaker 11: actually it was a sketchbook because I said, let's draw it,

1102
00:54:09,200 --> 00:54:11,040
Speaker 11: let's draw it out. What does it look like? In

1103
00:54:11,080 --> 00:54:14,120
Speaker 11: that way and then asking the question again, an impact

1104
00:54:14,200 --> 00:54:15,120
Speaker 11: not dollars and then did.

1105
00:54:15,080 --> 00:54:15,800
Speaker 6: You take it to Julie.

1106
00:54:16,239 --> 00:54:20,640
Speaker 11: Ah, Well, at that point, Julie well Wells Fargo had

1107
00:54:20,640 --> 00:54:22,600
Speaker 11: been around at that point because again I had been

1108
00:54:22,640 --> 00:54:25,800
Speaker 11: a long term client of Wells Fargo, and again as

1109
00:54:26,000 --> 00:54:29,680
Speaker 11: our networth increased and our means continued to increase and

1110
00:54:29,719 --> 00:54:34,400
Speaker 11: we gained in a lot more zeros behind our bank account,

1111
00:54:34,640 --> 00:54:36,600
Speaker 11: they were able to partner with us with a number

1112
00:54:36,600 --> 00:54:39,719
Speaker 11: of different things. So it did then one point shift

1113
00:54:39,800 --> 00:54:42,960
Speaker 11: to Okay, hey, here are these other lines of businesses

1114
00:54:43,000 --> 00:54:45,439
Speaker 11: you all have. We're curious about this what is able

1115
00:54:45,440 --> 00:54:45,960
Speaker 11: to be done?

1116
00:54:46,040 --> 00:54:46,920
Speaker 6: So that's how it.

1117
00:54:46,880 --> 00:54:48,759
Speaker 2: Came a Julie. One of the issues I think are

1118
00:54:48,800 --> 00:54:51,880
Speaker 2: one of the challenges and opportunities in private wealth management

1119
00:54:52,000 --> 00:54:55,560
Speaker 2: is this whole transition of wealth from the baby boomers

1120
00:54:56,239 --> 00:55:00,000
Speaker 2: to like my kids. And I know that's a huge

1121
00:55:00,080 --> 00:55:04,680
Speaker 2: opportunity for private wealth managers and view that because the

1122
00:55:04,760 --> 00:55:07,520
Speaker 2: numbers I'm hearing is just amazingly large.

1123
00:55:07,680 --> 00:55:08,000
Speaker 6: It is.

1124
00:55:08,200 --> 00:55:10,160
Speaker 10: It's an amazing opportunity, and we think about it in

1125
00:55:10,200 --> 00:55:13,400
Speaker 10: a couple of different ways. One is the way the

1126
00:55:13,440 --> 00:55:15,400
Speaker 10: client likes to be served and the way the client

1127
00:55:15,480 --> 00:55:18,080
Speaker 10: likes to be reached, and more and more you know

1128
00:55:18,120 --> 00:55:20,120
Speaker 10: that's in a digital format and it's in a self

1129
00:55:20,160 --> 00:55:24,720
Speaker 10: serve format, and it's just you know, the different generations

1130
00:55:24,840 --> 00:55:30,279
Speaker 10: think differently. A baby boomer is distrustful sometimes of you know,

1131
00:55:30,440 --> 00:55:34,960
Speaker 10: online accounting. You know, our next generation doesn't know anything

1132
00:55:34,960 --> 00:55:38,640
Speaker 10: other than that. So really investing in technology and having

1133
00:55:38,640 --> 00:55:41,480
Speaker 10: that digitization is one thing that we spend a lot

1134
00:55:41,520 --> 00:55:44,000
Speaker 10: of time on and think about. The other is just

1135
00:55:44,040 --> 00:55:46,560
Speaker 10: the ways in which we add value because again, you know,

1136
00:55:46,600 --> 00:55:50,160
Speaker 10: I was talking about products getting commoditized, so much of

1137
00:55:50,239 --> 00:55:52,920
Speaker 10: the investment advice is.

1138
00:55:52,920 --> 00:55:53,959
Speaker 6: Available to all.

1139
00:55:54,960 --> 00:55:57,200
Speaker 10: We really like to think about the fact that you know,

1140
00:55:57,360 --> 00:56:00,000
Speaker 10: we can provide help in so many different ways, whether

1141
00:56:00,160 --> 00:56:02,600
Speaker 10: it's on the financing side. It could be you know,

1142
00:56:02,640 --> 00:56:05,319
Speaker 10: starting your career with a mortgage or with a loan

1143
00:56:05,360 --> 00:56:08,000
Speaker 10: that's going to allow for you to invest in your

1144
00:56:08,000 --> 00:56:11,359
Speaker 10: business moving all the way through to you know, even

1145
00:56:11,400 --> 00:56:13,440
Speaker 10: if you're not in a position to have a foundation

1146
00:56:14,160 --> 00:56:17,600
Speaker 10: like Kwanza, you know, having a donor advised fund and

1147
00:56:17,640 --> 00:56:19,200
Speaker 10: making your impact in that way.

1148
00:56:19,520 --> 00:56:22,480
Speaker 6: You know, we really think about things in the ways.

1149
00:56:22,160 --> 00:56:25,280
Speaker 10: That we can add value to the client as opposed

1150
00:56:25,320 --> 00:56:27,640
Speaker 10: to a product specific kind of thing.

1151
00:56:27,920 --> 00:56:30,479
Speaker 11: And I'd actually like to add and you can do both. Yes,

1152
00:56:30,560 --> 00:56:32,480
Speaker 11: and that's what's great about all of that too.

1153
00:56:32,960 --> 00:56:33,160
Speaker 6: Well.

1154
00:56:33,200 --> 00:56:34,920
Speaker 4: We really appreciate it, both of you. This was a

1155
00:56:34,920 --> 00:56:37,439
Speaker 4: great conversation. I learned so much. Thank you so much,

1156
00:56:37,440 --> 00:56:40,120
Speaker 4: and good luck. Kwanza Jones, CEO and co founder of

1157
00:56:40,120 --> 00:56:43,640
Speaker 4: the Quanta Jones and Jose Finiciano Initiative. And Julie Kaperton

1158
00:56:43,719 --> 00:56:46,680
Speaker 4: ahead of a private bank and Wells Fargo Partnerships for

1159
00:56:46,800 --> 00:56:48,680
Speaker 4: Wealth and Investment Management.

1160
00:56:48,680 --> 00:56:49,200
Speaker 2: Great stuff.

1161
00:56:49,239 --> 00:56:52,040
Speaker 4: We love being here on the ground in South Carolina

1162
00:56:52,080 --> 00:56:54,480
Speaker 4: for the Wells Fargo Women's Leadership Conference.

1163
00:56:54,840 --> 00:56:59,320
Speaker 1: This is the Bloomberg Intelligence Podcast, available on apples, Spotify,

1164
00:56:59,520 --> 00:57:02,719
Speaker 1: and anywhere else you get your podcasts. Listen live each

1165
00:57:02,760 --> 00:57:06,160
Speaker 1: weekday ten am to nooon Eastern on Bloomberg dot com,

1166
00:57:06,239 --> 00:57:09,640
Speaker 1: the iHeartRadio app, tune In, and the Bloomberg Business app.

1167
00:57:09,760 --> 00:57:12,760
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1168
00:57:13,000 --> 00:57:14,840
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