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Vestorly's Wisz on Artificial Intelligence for Advisers (Audio) · Bloomberg Intelligence

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  Speaker 1: Broadcasting live to New York Boomberg eleven Rio to Washington,
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  Speaker 1: Got Gone. This is taking Stock. I'm Kathleen Haze along
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  Speaker 1: with Pam Fox, broadcasting live from Pershing's Inside Tent sixteen
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  Speaker 1: conference at the Higher Regency in Orlando. Technology Innovation. This
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  Speaker 1: is a very important theme, it's a very important reality
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  Speaker 1: now in the investment industry. With our I A S
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  Speaker 1: and financial advisors of our kind, all kinds. We're gonna
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  Speaker 1: be speaking shortly to a guy who's got a cool
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  Speaker 1: new tech startup PIM and this is this is the
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  Speaker 1: exact group it's targeting. Yes, it has to do with
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  Speaker 1: using artificial intelligence for client communications. We're gonna find out
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  Speaker 1: all the details right now. Let's get the details from
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  Speaker 1: Charlie Pellett in the Blomberg News for Bloomberg Business Flap
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  Speaker 1: and I thank you him, thank you, Kathleen, the Dal
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  Speaker 1: the SMP, NEZ Stack, all higher s and PETE five
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  Speaker 1: Jeff Blue shares up three point two percent. Oil is
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  Speaker 1: extending gains from the highest closed in more than ten months.
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  Speaker 1: West Texas Intermediate crude back above fifty dollars of barrel
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  Speaker 1: after rising two point two percent yesterday. That was the
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  Speaker 1: biggest gain in three weeks. But Gary Shilling, the president
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  Speaker 1: barrels a day short of supply. The tanks are filling
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  Speaker 1: and cushing Oklahoma, which is the delivery point for West
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  Speaker 1: Brent crude right now, nine Apparel up one and a
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  Speaker 1: sacks there's a says there's a chance the Fed will
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  Speaker 1: market projects. The tenure up nine thirty seconds, yield one
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  Speaker 1: point seven percent to thirty two on Wall Street. Now
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  Speaker 1: Charlie from the Bloomberg News Room. I'm Ramie in Essencio.
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  Speaker 1: n C. They're the future of fund administration. Democratic House
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  Speaker 1: We had two men over and over again for hundreds
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  Speaker 1: um that would be fabulous as well. Clinton has captured
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  Speaker 1: enough delegates to secure the Democratic presidential nomination. That's according
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  Speaker 1: Clinton is planning a celebration tonight in Brooklyn. Changes are
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  Speaker 1: you very much. We are looking at an update here
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  Speaker 1: with the S and P five up eight to a
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  Speaker 1: That's a Bloomberg Business flash. This is taking Stock with
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  Speaker 1: Gadlee Hayes and prim Box on Bloomberg Radio. We're broadcasting
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  Speaker 1: live and Pershing's Inside sixteen conference at the Highatt Regency
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  Speaker 1: in Orlando. More than two thousand investment professionals from across
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  Speaker 1: the country, even from around the world are here to
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  Speaker 1: learn about, among many things, about technology, the latest trends,
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  Speaker 1: how can you use social media better? How can you
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  Speaker 1: use data and artificial intelligence? Well. Sitting with us now
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  Speaker 1: is Justin Wise, co founder and CEO of Vesterly. He's
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  Speaker 1: located in New York, but since he and his co
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  Speaker 1: founder have gotten a technology platform off the ground that
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  Speaker 1: is unique and really gaining ground very quickly, Justin thank
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  Speaker 1: you for joining us. So what is Vesterly What does
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  Speaker 1: it do? Sure? Vesterally is an intelligent content marketing solution
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  Speaker 1: that enables financial professionals to automate personalized, real time and
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  Speaker 1: mobile experiences for their clients and prospects over the web
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  Speaker 1: on their sites, personal websites, social media profiles and in
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  Speaker 1: very intelligent email newsletters, um, and it runs itself. It
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  Speaker 1: uses data that the advisor doesn't even know about their clients, uh,
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  Speaker 1: to provide an experience that the advisor wouldn't be able
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  Speaker 1: to replicate on the human level. All right, So just
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  Speaker 1: I'm gonna I'm gonna take a stab at trying to
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  Speaker 1: put this into an example from my small brain here.
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  Speaker 1: The idea of being that let's say you are registered
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  Speaker 1: investment in advisor, you're in our a A, and you
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  Speaker 1: have a client who maybe uh posts something on their
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  Speaker 1: Facebook page. They've just taken their entire family on this
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  Speaker 1: incredibly lavish vacation. But at the same time, the last
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  Speaker 1: conversation you, as the i R A had but the client,
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  Speaker 1: was about maybe you should set aside some more money
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  Speaker 1: for your retirement, you shouldn't spend so much. Does what
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  Speaker 1: investor lead provide show the i R the registered investment advisor?
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  Speaker 1: Does it show them this information from Facebook so that
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  Speaker 1: they understand what the clients doing so they can have
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  Speaker 1: that conversation. What vest really does is it aggregates data
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  Speaker 1: on the activity of that particular client from across the
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  Speaker 1: web on what they're reading, what they're sharing him with
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  Speaker 1: whom uh, and so this would show up. So so
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  Speaker 1: this would show up for the for the type of
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  Speaker 1: data that Google has on you meet in terms of
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  Speaker 1: our our activity online. Whenever someone's interacting with the advisor
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  Speaker 1: through email, social, or web, it takes that data that
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  Speaker 1: interaction and it reports it back to the advisor so
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  Speaker 1: that the advisor can make a strategic decision about what
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  Speaker 1: to to to put out to that particular individual, or
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  Speaker 1: trust our algorithms to do it for them, or a
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  Speaker 1: mixture of both, which is something we're talking about a
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  Speaker 1: little bit here at this conference, which isn't just replacing
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  Speaker 1: advisors with algorithms. What sort of a man machine symbiosis.
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  Speaker 1: So what four or five years ago, you were working
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  Speaker 1: for Ken Fisher, legendary money manager, author, etcetera. You got
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  Speaker 1: this idea to how did this how this line up? Well?
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  Speaker 1: After working at Fisher, I launched my own marketing consulting
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  Speaker 1: agency with my co founder, Ralph paul Meyer. And while
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  Speaker 1: we're trying all kinds of fancy tools and tricks to
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  Speaker 1: do content marketing for advisors, do advertising and lead generation,
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  Speaker 1: the bottom line is what they really needed was a relationship.
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  Speaker 1: They didn't eat page views, they didn't need click through rates,
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  Speaker 1: they didn't need Google polytics, they didn't need total reach
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  Speaker 1: or total engagement rates or whatever that stuff means. They
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  Speaker 1: need names, emails. How is this person connected to me?
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  Speaker 1: Which client do they know? What are they interested in?
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  Speaker 1: And what do they read and share when they're interacting
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  Speaker 1: with me? How can I use that information to form
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  Speaker 1: a real relationship with this person and sit down at
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  Speaker 1: a table and sign paperwork with them sometime and and
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  Speaker 1: that's really what our system is attempting to to to
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  Speaker 1: to enable for them. It's not a strategic replacement of
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  Speaker 1: the advisor. It's it's a it's a way for the
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  Speaker 1: advisor to use data and make strategic decisions faster. What
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  Speaker 1: not to focus on, what to focus on. It really
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  Speaker 1: came down to that, how do we get real r
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  Speaker 1: o I out of social media, email, blogging and other
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  Speaker 1: digital stuff. And the real r o Y to an
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  Speaker 1: advisor is a relationship. How do you deal with the
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  Speaker 1: privacy issues? Well, advisors are all sending out email newsletters.
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  Speaker 1: They all have their names and an email addresses of
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  Speaker 1: clients and prospects, so they use I'm a client. I
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  Speaker 1: might not necessarily welcome an email or a telephone call
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  Speaker 1: from my advisor who's questioning my purchase. So let's say
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  Speaker 1: an expensive automobile. Uh, because I just told you that
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  Speaker 1: I've wanted to plan more from my retirement. So this,
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  Speaker 1: this mechanism of tracking only occurs when the individual is
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  Speaker 1: specifically interacting with the advisor. It doesn't follow them around
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  Speaker 1: the web. So if if you're within the advisor's reading portal,
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  Speaker 1: within their newsletters or within their website, it'll it'll tell
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  Speaker 1: the advisor what you're doing when you're interacting with them.
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  Speaker 1: It's not going to tell you what you're shopping for
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  Speaker 1: on Amazon or what you're searching for on Google. So
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  Speaker 1: how does the business model work? How do you make money? How?
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  Speaker 1: How is it is a fee based thing? How how
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  Speaker 1: do you stass business? So we we charge software as
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  Speaker 1: a software as a service. We uh charge per sit
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  Speaker 1: um and we work with large institutions. Um, we're looking
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  Speaker 1: to roll it out in the in the hundreds or that.
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  Speaker 1: How many clients do you have now? We work with
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  Speaker 1: over nine hundred institutions right now that are supporting well
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  Speaker 1: over a hundred thousand financial advisors. Is this supposed to
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  Speaker 1: also enhance that relationship so that you can actually have
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  Speaker 1: that conversation or have the specific emails something. And that
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  Speaker 1: goes back to the last question that you had, which
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  Speaker 1: is do people like being tracked? You know what the
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  Speaker 1: feedback actually is from clients who've been working with these
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  Speaker 1: are as for ten, fifteen, or twenty years, is that
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  Speaker 1: thank you for that interesting article from the Economist or
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  Speaker 1: Bloomberg or Wall Street Journal. How did you know? How
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  Speaker 1: did you remember that you I was into rock climbing
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  Speaker 1: or fly fishing. And also I forwarded that to my
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  Speaker 1: kid um, who now has a personalized experience and a
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  Speaker 1: personalized email in this letter coming from you that the
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  Speaker 1: advisor is able to track. So it actually comes across
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  Speaker 1: as a as a modern consumer friendly, uh and very
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  Speaker 1: professional enhancement to the advisor's relationship with their clients who
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  Speaker 1: before and we're just getting all the same email, newsletter
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  Speaker 1: or the same can content. Thanks very much for joining
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  Speaker 1: us and likening us. So Justin Wise is the co
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  Speaker 1: founder and the chief executive officer of invest League. You're
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  Speaker 1: listening to Taking Stock were broadcasting live at Pershing's Insight conference.
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