Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside my co host Matt Miller.
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Madison Mills and Paul Sweeney here.
Madison is at the Bloomberg HQ the sixth floor link for the Bloomberg invest Conference, and I am down here or in Orlando the World Center Marriott at the BNY melon Pershing Insight Conference. Two thousand members of the financial advice community. They get together every year, learning, inspiration and networking. And they are here and I can tell you again last night they were networking their hearts out.
Last night.
People were going nuts having a good time. It's great to see. Joining us right now is Ben Harrison. He's had Wealth Solutions at BNY Mellon joining us here. Ben, Thanks so much for taking the time here. What I've noticed, I've been in the financial services business for over thirty years, and I've noticed just a continuous wave of successful wealth managers leaving some of the wirehouses going independent.
Where are we in that trend these days?
Yeah, thanks for having me, Paul, and I would say that we're still, believe it or not, in early days of that trend. I mean we've been experiencing it really the last fifteen years at BNYL and Pershing. And what is driving that I think is obviously a bull market for financial advice, but also the end investor really has aligned towards the fiduciary independent nature of advice, and there's just a ecosystem of providers these days that help make it a lot easier.
When did this switch start?
And where are we at? Like, whatch inning are we at in terms of seeing folks moving independent?
So Ben's not really catching you, so ye a little technical Isshia. Ben's not really hearing Madison from there. She was just asking just kind of when did this kind of start and why would a financial advisor want to go out on his or her own.
Sure.
So, one of the things that has absolutely powered the movement towards independence is obviously the democratization of tools and technology that really makes the ability to operate an independent practice so much more proficient today. For registered investment advisors
than it ever was. But I still think that you have to start with the investor, and the investor is looking for objective, independent advice, and that has really driven the community towards an opportunity for investors to really seek an advisor that is aligned with them, that sits on the same side of the table as them, and has access to a broad set of open architecture solutions to really provide holistic advice in planning across a spectrum of
services and move away from being a sales professional to one that's on the buy side and really accessing tools and solutions on behalf of their clients. One of the trends I've noticed just here at this conference this year is technology, and boy, if you're a register investment advisor at or service provider to them like a BNY melon, you've got to be on the cutting edge of technology. What are some of the investments that you guys are making,
some of the tools that you're bringing to the marketplace. Well, you're spot on, Paul, and we're in this exhibit hall and we're looking around where all these fintech solutions that are available and for advisors to be able to utilize and implement portfolios and planning and advice for clients. The challenge is there's almost so much of it these days that it needs to be streamlined, and that's one of the things that we are doing at BNY Melon Pershing.
We launched our Wove platform yesterday, which was really an advice platform that helps to bring all of those applications together in one common data layer so that we can stitch together the different applications to really make an elegant experience and really focus on the productivity of the because the advisor spends so much time spending their day in the in the tools that they're not spending as much
time as they potentially could with clients. And that's the problem that we're off trying Solveware.
What do you hear most from some of the folks you bump into here on the floor. What's a big one of the big issues that you're dealing with this week?
Look this week, I think that it's a common, you know, set of challenges that the industry is facing. Advisors really want to focus on growth, uh in where they can be you know, really gaining that next client. Uh They're really thinking about scale and experience scale for their own business experience, for their end investors, talent, you know, really looking for next generation talent bringing them into their practice.
We've got over one hundred students here at the event this year and that's one of the ways that that we help do that. And then there's no shortage of you know, challenges in the marketplace in terms of anything that could go bump in the night and they've got to navigate that.
Can you talk a little bit.
Sorry, this is Madison from New York coming back in. I hope you can hear me. I was wondering, amazing, Great, we're connected. This is great.
Can you talk to me a little bit about.
Some of the the clients that you're working with in terms of the demo for wove?
Is this for any advisor? Is it a specific advisor?
Yeah, So the optimal client profile for a for our solution is really a growth minded registered investment advisor, advisor of an independent broker dealer that has clients with complexity that need a holistic advice deliverable. So anything from planning on the front end of the equation towards implementing models and separate accounts and advice solutions towards you know, all the way on the back end around what that feels like from a wealth reporting standpoint and how all of
the solutions get displayed for an end investor. So it actually plays really well to where Paul started, which was a advisor that's looking to come out and start their own entrepreneurial business to have an end to end solution that they can really consume a technology solution from bny Mel and Pershing. That's an optimal type of client for us.
Well, and stepping back a little bit, the wealth management space, as you know very well, is huge. Every bank is beefing up that side of the business and there's a lot of competition. Is this a move from you all to set yourselves apart and what do you think is the single biggest thing that you're able to point.
To to set yourselves apart for your offerings?
Sure?
Well, it is a differentiator strategy and it's something that the industry really hasn't had, which is a vertically integrated advisory platform and a custodian that Bnymel and Purshing provides. So that's a unique differentiator for us and it really allows for efficiency, productivity, and best of breed solutions not only proprietary solutions from bny Melon, but also open architecture access to the best investment managers and tools and technology
available in the marketplace. So it's kind of a special intersection of being open as well as leveraging the largest global custodian anywhere in the world, as well as including this new fintech type of feel that we have built with the advisory platform.
Do you find that some of the younger advisors, new advisors, they lean in more to the technical side of it, because, I mean you think about some of the traditional financial advisors, whether they're considered themselves stockbrokers from back in the day, to asset gatherers. I mean, how's the fintech kind of get I guess really integrated into that business.
Yeah, so I think.
That obviously the next generation is leaning into it, but I would I wouldn't necessarily confine it there. I would say that if you're not growing and evolving and moving into this digital space, then it's gonna you're gonna be left behind. So we find broad adoption from all walks of wealth management leaning into digital and the ability to really leverage these tools.
All right, Well, since you brought up innovation. I am forced to ask my favorite question, which is the AI elephant in the room. Have you all started discussing AI use cases for this technology?
Absolutely?
I mean AI is going to absolutely transform our industry in the long term. We're thinking about many use cases. Even if you think about the use case of our own professional staff and how we can build knowledge management and you know, really serve our clients more effectively and then expose the those tools to our to our advisors and to the wealth management firms that work with us.
It's just going to completely.
Transform the way in which we serve the business, the way in which we can scale and be more productive. And that's just scratching the surface on you know, kind of the low hanging fruit. Once you start to deploy that more, you know, intentionally into the tools, it really gets into into industring and you know, again very very very early days.
Yep.
Absolutely, all right, Ben, thanks so much for joining us. Really appreciate it. Ben Harrison, he's held of Wealth Solutions at B and Y melon joining us here to talk about some of the strategies that they're employing here with the financial services business in Madison.
It sounds like he got a good buzz up in New York on the sixth floor.
There is a great buzz.
Tom Keane is definitely holding court up here with folks in the office for Bloomberg invest Day. But it sounds like you guys ever having a a lot of activity down there in Orlando too.
Yeah.
Absolutely, And again I was talking to some of the event organizers down here at this Maria and they're like, so it is full blown pre pandemic in terms of their overall business, in terms of the conference business, the hotel business, as well as this conference.
So that is good to see.
You're listening to the team. Ken's are live program Bloomberg Markets weekdays at ten am Eastern on Bloomberg dot Com, the iHeartRadio app, and the Bloomberg Business app, or listen on demand wherever you get your podcasts.
Let's go right to our next guest here in Orlando. Robin Vince joins us. He's the CEO of BNY Mellon. He's responsible for this conference here and really has been a fantastic conference and we're getting a lot of energy down here. Robin, thanks so much for joining us here. I mean, I'm looking at it being one I'm old enough to remember B and Y standalone, Melon standalone, Pershing standalone. Now you guys are together. That sounds big to me. Then they read this silly, silly stat that just blew
me away. You guys touched like twenty percent of the investamble assets around the world.
It's just amazing.
Force forty six point six trillion assets under custody. That amounts to nearly half the world's GDP at the end of twenty twenty two. You guys see everything. What are you seeing out there in terms of the macro economy and kind of where this thing is going?
Well, Paul, first of all, it's great to be with you, and it's great to have you here and the team here at our Insight conference because this really is our premiere conference for our investor clients. And we're very excited because at this conference we've launched some important new products. Look, you talk about our breadth, and that really is the hallmark of BNY Melon. You reeled off some of the stats. I could reel off a ton more. We are relevant
to our clients. We're all around the world where global were deeply penetrated. We power capital markets, both domestically and around the world, and what we see and hear from our clients is there really is some underlying optimism in terms of the medium long term. I hear that internationally as well when I talk to international CEOs, particularly about the US going forward.
So but by the way, my favorite fun fact about the Bank of New York has the best address on Global War Street, which is number one War Street. It's such a great, great old institution. Two hundred and thirty nine years.
As your anniversary on yeah Friday, it's our birthday on Friday, as we look forward to our two hundred and fortieth year founded by Alexander Hamilton, America's all this bank first ever company to be listened on the New York Stock Exchange. It really is a super exciting history. But we're also very much looking to the forward because one of the things that we've seen across our franchise is we have this incredible client base.
We have all of these incredible assets.
You reeled off a few of the stats, but two and a half trillion dollars a day, we have two payments, we have two point three trillion dollars of invested assets on our pershing platform. We're a one point nine trillion dollar asset manager. We have all of these hidden facets to ourselves that we haven't fully leveraged as a breadth of a company, and we are now unlocking that for
our clients. And right here as we sit here today in Orlando at our Insight conference, we are launching new product capabilities because that's the innovation for the future that'll power us for the next two hundred and thirty nine years.
Talk to us about some of these new products and services. We've had a lot of your folks and Bny Melon Pershing on here talking about a lot of different things. What from your perspective some of the interesting new products and services you guys are launching.
Well, as a whole company, we're doing a whole bunch of different things. We've recently launched an outsource trading capability. We are innovating in real time payments. That's going to be part of the new payment ecosystem of the United States. But right here in Pershing, what we're most excited about is our first product launch in our new business, Pershing X. Pershing X is a business where we hired the first person employee number one twenty months ago and from that
starting point. We had hands on keyboards in April of last year, and now we are in market with wove, which we've launched here at the conference. That's an exciting new capability for advisors, making wealth advisors lives easier by connecting the various dots of their ecosystem.
Super exciting product.
It seems like when you talk to the financial advisors that you have here or talk to some of the people at at BNY Melon Purshing, it's kind of all about technology. If you're not on the front end of that technology curve, whether you're a provider like BNY Melon Purging or a registered investment advisor out there, you're really putting yourself kind of behind the apall.
A little bit.
The ability to spend on technology is clearly a competitive differentiated these days. We spend about three and a half billion dollars on tech every year as a company, and one of the things that we give our clients is that the benefit of that scale. And so if you're a wealth advisor client, here is just one example of that client base. We have AI running on the platform giving our wealth advisors next best advice for our clients so that they can be smart with their clients. They
can give them good advice. We predict fails in different parts of the market. We have other innovations, but and we spend a lot of money on the resid brilliancy of our tech infrastructure as well. These days, you've got to be able to be resilient, and so the scale of being a jesib as we are a globally systemic bank, and the scale of breadth.
Of our products really allows us to do that.
And it allows us to wrap ourselves around our clients and help them so they don't have to go spend all that money themselves.
Some investors in the banks are a little concerned about what maybe a creeping regulatory headwind for the banks. How do you think about it for your business, whether it's more capital needed to be put up or just you know, tighter regulations. We had some of the regional banks have some trouble several weeks ago, and that kind of I guess just renewed some interesting concern among maybe some regulators.
Well, I think we've got to do to start with on this.
You've got to look back fifteen years we had a very significant event with a global financial crisis, and I think regulators and policymakers did a really good job investing in the resilience of the financial markets, and particularly in the JESIBS, and so being one of the eight gesibs in the US, you know, we are subject to those higher capital standards, those high liquidity standards, and you've seen the benefit fit of all of that resiliency play out over the course of the next few of the past
few months, and so you know, I think what we'll likely see is is reaction to what's happened, and policymakers and regulators will be thoughtful about where in the system maybe those same protections didn't exist, and I imagine there'll be new policies, but sort of reacting to that. But for us as we sit here today, you know, we
viewed resilience as a commercial asset. I talked about it in the context of technology being able to invest in scale, but it's true for the balance sheet as well, you know, highly liquid, highly rated, conservative on these things.
It makes a difference.
One of the things we've heard as a just a theme here over the last couple of days here in Orlando is diversity. Diversity and the financial services industry broadly define whether it's at the advisory level or with a corporate level. You guys actually did a bond that kind of brought that home a bond issue and talk to us about that.
Yeah, it's a super super thing that we that we did with our clients, and it was really our clients who did it and actually had its origins at our Pershing conference last year when we when we have a group of our Pershing clients who are minority owned, women owned, and veteran owned institutions who said to us that they could lead one of our bonds. And it wasn't just participating as a co manager, it was left lead. It was lead managers and they solely led this deal and
just did a terrific job. And what we've done in that together is they have become credentialized even more that they can lead a transaction and now when they go out to their other corporate clients, the credentialized with that and it was our ability to help them do that.
That's how we lift everybody up. That's important.
Good stuff.
Robin, thanks so much for taking the time. I know you're busy here at this big conference. Robert Vince, he's the CEO of b n y Mellon joining us to talk about all things Melon. Lots of technology changes, lots of technology investments. BNY Melling Purging Insight Conference twenty three.
Twenty five hundred financial advisors gathered here to kind of get the latest on the new trends in the business, maybe learn a thing or two from colleague in from the speakers here, and kind of stay make sure they have the best service for their clients.
You're listening to the tape. Catch our live program Bloomberg Markets weekdays at ten am Eastern on Bloomberg Radio, the tune in app, Bloomberg dot Com, and the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa Play Bloomberg eleven thirty.
Madison Mills and York.
Paul Sweeney in Orlando to BNY Mellon Purshing Insight Conference. We just heard from Robin Vince, the CEO of BNY Mellon. He did a pretty good job. We'll have him back, I think. But now we get to the people who actually get stuff done. Jim Crowley, Chief executive Officer and Chair of the Executive Committee for Pershing and Emmy Schlosser, COO for Pershing join us here at the down in Orlando. Thanks folks for stopping by here. Hey, Jim, I remember
when Pershing was a standalone company. I remember when deal J bought it, and then I was a credit Swiss first Boston when we bought that. That lasted about fifteen minutes. But I'm glad you guys are all now together with Bny and Mel. Good stuff, Jim, talk to me about this conference here, A lot of new project product launches for you guys, you know, servicing your financial services clients. Talk to us about WHOA that's a name I've heard a lot about just about that.
What does it mean for you? What does it mean for your clients?
Yeah, this is the moment for WOVE.
It has been a couple of years in the making, and we're so excited to be launching this new advisory tool and platform too. You know, as Ainsley has spoken about, to create the interoperability of all the disconnected technology that's out there and having advisors productivity be their.
KPI is such a cool thing for us.
And to have such a great welcome from everyone here at Insight.
So is Wolf here kind of Emily, just is it a way for financial advisors? There's so many things I have to think about, and you know, different asset classes, a different reporting requirements.
So what does wolve kind of do for them?
Yeah, it's essentially the technology tool in which they can live. Advisors spend seventy percent of their time today doing administrative tasks across disjointed tools, and Wove is out to solve that problem. It is a single place where they'll have applications for everything that they need to do, from CRM to financial planning, portfolio construction and management, data insights, reporting, billing all comes together through WOVE. All of those applications
I just mentioned are fully interoperable, interconnected. Data is shared across all of them. You will only enter data once and it feeds across all the applications. So it really is out to help advisors be more productive. Its mission is to help advisors help more people.
So, Jim, I've been just amazed really over last I don't know, twenty twenty five years to see this constant flow of financial advisors leave some of the bigger shops, the wirehouses for example, go out on their own here and at Pershing that's you serve those people.
So what are you seeing in a current trends today?
I see twenty five hundred these folks roaming around the hall here today.
What are you seeing in terms of those trends?
Well, the breakaway trend is still on the upswing. We believe, we still believe that there's great opportunity for people who want to own and operate their own business and have
more freedom of choice. In fact, it's one of the principles of how we operate our platform, Paul, which is we provide advisors with a turnkey platform so they can break away land here safely, be on a technology stack that Emily just well described with Wove, and have freedom of choice around product selection that they as fiduciaries and as advisors need in order to serve their clients.
And am I on sorry guys, okay, perfect, perfect, Sorry about that, Emily. I want to go back to you because you were talking about the time savings that this is allowing for some of your clients.
Do you have any examples of something.
That you know one of your advisors has been able to do more effectively because of the time saving.
Yeah, Look, you can go within WOVE right from a financial plan to directly creating the portfolio that's going to allow you to reach the goals that you've set with your client. That then, by the way, automatically takes into account tax optimization and gives you access to all of the financial solutions that you want to feed into that portfolio. I mean, it follows right on the path without having
to swivel between different tools and technology. It's a much more seamless experience, and it encourages advisors to use all aspects so that they're not just focused on portfolio construction. That they are taking the time to do that planning with their clients, which is so valuable to the end investor.
And TEX optimization is a great example when an advisor wants to transition a client to a new portfolio, what is that client's tolerance level from a tax perspective, and Wolf gives them the tools in order to model that very efficiently.
So looking you know here Pershing X, we've heard a lot about that, and you guys have a strategy I guess for this year simply scale and serve.
What does that mean, Emily?
Yeah, So at Pershing our mission is to simplify, scale and serve to build on that a little bit. We are working to simplify the complex. A large part of how we're doing that is through technology. I think Wolve is a really good example of that. We've just talked about the productivity that it drives because it is a simplified, single ecosystem for advisors to live in. We're looking to scale to grow. We have the most kind of stable,
resilient platform. Last year, on a single day, we processed four point eight million trades, and our commitment to our clients is that they will never outgrow our platform. And then finally, we're looking to serve to delight. We think it's a critical differentiator for us to really be at the cutting edge of service. Quite honestly, I think it's an area where our whole industry lags, and I think it's it's really what our clients ultimately deserve a need.
And Paul, if you just looked around the expo here, you can see all the exhibitors and see the complexity in the system. And so when Emily speaks about simplifying the complex, that's exactly what.
She's speaking about.
And if you really pull back and want and take a look at what we do on an annual basis. Our capex in twenty twenty three is reinvesting seventy five percent of our capex into simplifying the complex, So we believe it really is one of the key pillar source strategy.
Well, on that note, Jim, sticking with you here, what are you hearing on the ground in Orlando that is changing your thinking is at all about Wove and what you want to do next?
Well, it's what we're hearing on the ground is.
And that's a great comment because we really want to listen to what our clients are saying.
They're giving us feedback constantly.
On the order of operation of how we introduce new technology into the Wove platform. And what we believe in is we believe in this connectivity, we believe in this interoperability, we believe in having data moved seamlessly across these different
applications with an ecosystem. And we're not going to be fullhearted or chase the hot dot, if you will, by adding new things unless we believe they do other things that Emily just spoke about simplifying the complex and scaling and enhancing the service model.
And Emily, one of the terms that every single company in the S and P five hundred mentioned on their conference call last quarter was AI. Whether you an ice cream company or a technology company, you have to weave AI into your conversation if no other reason, to get your stock multiple up Artificial intelligence for your business. I would think there are so many applications. I mean, it's super early days.
I guess, how are you guys thinking about that?
Yeah, it's early.
Days for some of the newer aspects of AI around large language models and generative AI. But AI has been around for a while and it's very heavily embedded in our platforms. When you use our custodial application, it is embedded in the search. You can actually navigate our whole platform using natural language. It is heavily embedded in pershing X, and if you think about the possibilities of it, it's almost mind blowing. I mean, I talked about serve as
being one of our big pillars. If you could imagine a world in which our service model was very self service for our clients and they were almost pulling up something like a chat GPT and being able to kind of find whatever answers they want from all the data that they have on our platform. It's not that far away, and that's pretty awesome.
Jim, we've got about a minute left here. You're the CEO here. What's the biggest challenge for you when you go talk to the big boss? What do you tell him is kind of something that you're a little concerned about going forward?
Well, it's my focus is really on two things. It's talent and execution.
So when I talk to the big Boss, he really is asking me how are we doing because we are making a pretty significant investment in this particular product launch with Wove and in our platform most specifically. So he's focused on execution, and I'm really focused on talent as well. I need to have a team around me that is not only diverse, but really focused on all the things that we need to do and very complimentary to the skills that I have.
All right, guys, really appreciate you taking the time. Guys throw a good conference here. Appreciate it. Jim Crowley, chief executive Officer and Chair of the Executive Committee for Pershing and Emily Schlosser, COO of person joining us life here on site here, So some good stuff here. Lots of you know, twenty five hundred financial advisors run and around here, trying to get a little bit smarter about their business, doing a little networking, and I contellue they do some
serious networking at night down here in Orlando, Florida. So the good stuff there, market's not much happening.
What else is new? S and P five hundred absolutely unched on the day.
You're listening to the team Ken's are Live program Bloomberg Markets weekdays at ten am Eastern on Bloomberg dot Com, the iHeartRadio app, and the Bloomberg Business App, or listen on demand wherever you get your podcasts.
Madison Mills in New York City at the Bloomberg invest Conference at the sixth floor of Bloomberg Global HQ.
Interviewing a lot of great people there.
I'm down here in Orlando, live from the World Center Maria in Orlando, Florida.
BNY Melon Pershing Insight Conference.
Lots of financial advisors running around here, trying to get a little bit smarter about the wealth management business.
One of the businesses that these.
Folks at BNY Melon Pershing are talking a lot about at this conference is Pershing X. I need to know a little bit more about what's going on in Pershing X and how it's working for these wealth managers. So I figured let's get employeed number one at Pershing X. Ainsley Simmons, president of Pershing X Droids, is here. Ainsley, what is Pershing X. What are you guys trying to what need in the market you trying to fill?
Yeah?
So Pershing X is a fintech inside of the Bank of New York Mellon that was started about a year and a half ago. And as you said, I was employee number one, so I know the whole journey. It is here to build and continuously improve a new wealth management platform, which we actually announced yesterday, okay, called Wolf And what Wolve is here to do is to make an advisor's day more productive by providing a way to connect applications so they don't have to swell a chair.
And jumping in here from New York, Ainsley, talk to me about how you are measuring success for the platform, given that you were part of the founding of it.
What is success looking like for you?
Yeah, So we center all of our decisions around what we put in woe of and how it works and how it's going to scale around advisor productivity. You know, I said yesterday from the stage, and it's absolutely true. Our KPI, what we are going to measure our success on is how much time we give back to advisors so that they can help their clients or just use that time to prospect or grow revenue or you know,
work on their practice. You know, there's so many more productive things that they could be doing then, you know, retyping data and you know, learning new systems. So we're really focused on that productivity KPI. We've built the measurement of that into the platform and as advisors adopt, we'll be able to help share with them how they're doing and help them with new ideas on how to be
more productive. You know, we think the promise of software hasn't resulted in the leverage business leverage that advisors had hoped for because of this lack of interconnectivity.
So that's that's one hundred percent what we're focused on.
Do financial advisors buy and large, do they embrace technology?
Yeah, I mean I think you know, listen, I've been in this business for a while on the tech side, and you know what has gone from and if we need technology in our practice, it is now to and absolutely we need technology in our practice, and I think advisors very much see the value clients are demanding, you know, really good and elegant client experiences. So they're there, They're
one hundred percent there. I think what's so frustrating for them though, as they have to hop across seven, eight, nine, ten, sometimes fifteen different pieces of technology. And I mean, imagine your own life if you didn't have an operating system on your phone and every app you went to look at was so one hundred percent completely different. There was no common alerts, there were no common search elements like it.
Just that's exhausting.
It takes too hard to it takes too much to learn, you know, adoption is hard. You know, they feel like they need a manual, and you know, that's just not where we are in technology in our daily life, and it's not where they should be in technology, in serving clients and helping them create wealth in their lives.
When we talk about technology, it feels like we always have the same conversation whenever there's a new innovation. We worried that the internet was going to take jobs away. Now we're doing the same thing with AI. What's your thinking on the cost benefit analysis of AI as a tool versus as something that's going to be a headwind.
Yeah, you know, I think obviously goes without saying we're in very early days of what AI can do. But you know, if there is a tool that can help you parse through large data sets or help you, you know, get smart about a topic in a very short period of time, I mean I see people wanting to adopt that kind of thing, just because nobody wants to have to work as hard as we have to work sometimes just to get you know, marketing for me, or get inform,
you know, get prepared for a client meeting. So I think there's going to be lots of terrific applications in our business.
You know, I don't think and I've maintained this.
View for many, many, many many years, and I believe I've gone on record saying this many times. I don't think there is a disintermediation disintermediation of advisors anytime in our near future, because money is incredibly personal and people have to have a really high which most advisors, almost all advisors do, are really high eq to help people through financial decisions, and a computer just can't do that.
Talk to us a little bit about diversity in the wealth management business. How do you guys think about that, because we've heard a couple of folks raise that as a them need to do a better job in terms of the diversity within the wealth management side of financial services.
Yeah, I mean, I think the leading firms out there understand that, you know, their clients are diverse, and so their firms need to be diverse. I've met, you know, lots and lots and lots of different clients over the next over the last few days, and you know, the ones that I know are really leading, are leading, leading into women as investors, leading into other communities as investors, and they're really seeing that wealth is not being concentrated
in the ways it was in the past. And I think those firms ultimately will win because that, you know, I hate to say it, you got to go where the money is, and the money is shifting, and you know, the face of an investor is shifted. I mean, if if you're an advisor and you haven't realized that most of the billionaires that are being created in America right now are tech founders and they probably don't look anything like your traditional client, you're missing the boat.
In our final forty five seconds, or so with you, Ainsley, can you talk to me about some of the challenges that might lie ahead for that inclusion and diversity and do you think that there's been adoption across the board. Does everybody get it by now or are you still seeing some challenge on that.
Yeah?
No, I mean not everybody gets anything, so you know, I think that would be sort of hyperbolic to say that, you know, you could expect everybody to get something.
But again, as I said, I think they're really smart.
Firms see where wealth is, they see where it's headed, and you know, they want to prepare so that their business continue continue to grow and develop in the future.
You know.
Robin our, CEO of the Bank of New York Mellon, talked about some things we're doing to you know, bring new bond issuances from you know, different communities into the marketplace. I mean, there's so many ways in which the capital markets can can be reflecting, frankly, the face of America, and I think, you know, good things are happening in a lot of places.
There's obviously more to be done.
Angeie, thank you so much for joining us. Really appreciate it.
Angeley Simmons Pershing ex president the Fintech within the B and Y Melon Pershing.
Thanks for listening to the Bloomberg Markets podcast. You can subscribe and listen to interviews at Apple Podcasts or whatever podcast platform you prefer. I'm Matt Miller. I'm on Twitter at Matt Miller nineteen seventy three.
And I'm Fall Sweeney. I'm on Twitter at pt Sweeney.
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