Broadcasting live to New York Boomberg eleven Rio to Washington, d C. Bloomberg to Boston, Bloomberg twelve hundred to San Francisco, Bloomberg Ninez to the countries, Zoies Exam General one nine and around the globe the Bloomberg Radio plus Appen Bloomberg Got Gone. This is taking Stock. I'm Kathleen Haze along with Pam Fox, broadcasting live from Pershing's Inside Tent sixteen
conference at the Higher Regency in Orlando. Technology Innovation. This is a very important theme, it's a very important reality now in the investment industry. With our I A S and financial advisors of our kind, all kinds. We're gonna be speaking shortly to a guy who's got a cool new tech startup PIM and this is this is the exact group it's targeting. Yes, it has to do with using artificial intelligence for client communications. We're gonna find out
all the details right now. Let's get the details from Charlie Pellett in the Blomberg News for Bloomberg Business Flap and I thank you him, thank you, Kathleen, the Dal the SMP, NEZ Stack, all higher s and PETE five hundred index within one percent of a record rally, and energy producers and airline operators offsetting slumping healthcare shares, chevron X on Mobile having at least one point six percent.
Right now, we've got crude at fifty thirty five of barrel, up one point four percent, hard by sixty seven cents. The Bloomberg US Airlines index heading for the biggest gain in six months after JP Morgan Chase said Jeff Blue Airways raised its domestic fairs by three dollars each way, spurring other airlines to match in competing markets. Right now, Jeff Blue shares up three point two percent. Oil is extending gains from the highest closed in more than ten months.
West Texas Intermediate crude back above fifty dollars of barrel after rising two point two percent yesterday. That was the biggest gain in three weeks. But Gary Shilling, the president of A. Gary Shilling and Company, told Tom Keane on Boomberg surveillance this morning there is still just too much oil out there. Man is about one to two million barrels a day short of supply. The tanks are filling and cushing Oklahoma, which is the delivery point for West
Texas Intermediate. They're filling in Rotterdam, Amsterdam, Antwerp, which is the big entry point for oil into the continent and Brent crude right now, nine Apparel up one and a half percent. West Texas Intermediate, the fifty four barrel Goldman sacks there's a says there's a chance the Fed will raise interest rates in July, almost double what the bond market projects. The tenure up nine thirty seconds, yield one point seven percent to thirty two on Wall Street. Now
we'll look at other news from around the world. Thank you, Charlie from the Bloomberg News Room. I'm Ramie in Essencio. This news update is brought to you by s s n see more experienced, superior technology, independence and expertise. That's how SSNC drives the future of fund administration. S s n C. They're the future of fund administration. Democratic House Minority Leader Nancy Pelosi is throwing her support behind Hillary
Clinton for president. Speaking on ABC's Good Morning America, Pelosi added she would welcome a female vice presidential pick for Clinton. We had two men over and over again for hundreds of years. I think that two women, whoever they may be, um that would be fabulous as well. Clinton has captured enough delegates to secure the Democratic presidential nomination. That's according to the Associated Press. Voters in six states are headed to the post today, including the crucial state of California.
Clinton is planning a celebration tonight in Brooklyn. Changes are being made to Louisville's weeklong tributes to boxing legend Muhammad Ali. Spokesman Bob Guttle says special accommodations are being made for those wanting to pay their respects at her traditional Muslim service Thursday. Mohammed's casket will be present at the Gennazza, and understanding the importance of the event to the Muslim faith, we will make every effort for all Muslims to attend.
We are going to be using uh other overflow rooms if necessary to make sure that those that want to attend can attend. A nineteen mile procession will take place Friday and pass by Ali's childhood home. Global News twenty four hours a day, powered by our journalists in more than one news via rose around the world from the Bloomberg Newsroom. I'm Rami in essentio, Charlie, all right, thank you very much. We are looking at an update here with the S and P five up eight to a
gain of four tenths of one percent. I'm Charlie Peloton. That's a Bloomberg Business flash. This is taking Stock with Gadlee Hayes and prim Box on Bloomberg Radio. We're broadcasting live and Pershing's Inside sixteen conference at the Highatt Regency in Orlando. More than two thousand investment professionals from across the country, even from around the world are here to learn about, among many things, about technology, the latest trends, how can you use social media better? How can you
use data and artificial intelligence? Well. Sitting with us now is Justin Wise, co founder and CEO of Vesterly. He's located in New York, but since he and his co founder have gotten a technology platform off the ground that is unique and really gaining ground very quickly, Justin thank you for joining us. So what is Vesterly What does
it do? Sure? Vesterally is an intelligent content marketing solution that enables financial professionals to automate personalized, real time and mobile experiences for their clients and prospects over the web on their sites, personal websites, social media profiles and in very intelligent email newsletters, um, and it runs itself. It uses data that the advisor doesn't even know about their clients, uh, to provide an experience that the advisor wouldn't be able
to replicate on the human level. All right, So just I'm gonna I'm gonna take a stab at trying to put this into an example from my small brain here. The idea of being that let's say you are registered investment in advisor, you're in our a A, and you have a client who maybe uh posts something on their Facebook page. They've just taken their entire family on this
incredibly lavish vacation. But at the same time, the last conversation you, as the i R A had but the client, was about maybe you should set aside some more money for your retirement, you shouldn't spend so much. Does what investor lead provide show the i R the registered investment advisor? Does it show them this information from Facebook so that they understand what the clients doing so they can have
that conversation. What vest really does is it aggregates data on the activity of that particular client from across the web on what they're reading, what they're sharing him with whom uh, and so this would show up. So so this would show up for the for the type of data that Google has on you meet in terms of
our our activity online. Whenever someone's interacting with the advisor through email, social, or web, it takes that data that interaction and it reports it back to the advisor so that the advisor can make a strategic decision about what to to to put out to that particular individual, or trust our algorithms to do it for them, or a mixture of both, which is something we're talking about a little bit here at this conference, which isn't just replacing
advisors with algorithms. What sort of a man machine symbiosis. So what four or five years ago, you were working for Ken Fisher, legendary money manager, author, etcetera. You got this idea to how did this how this line up? Well? After working at Fisher, I launched my own marketing consulting
agency with my co founder, Ralph paul Meyer. And while we're trying all kinds of fancy tools and tricks to do content marketing for advisors, do advertising and lead generation, the bottom line is what they really needed was a relationship. They didn't eat page views, they didn't need click through rates, they didn't need Google polytics, they didn't need total reach or total engagement rates or whatever that stuff means. They need names, emails. How is this person connected to me?
Which client do they know? What are they interested in? And what do they read and share when they're interacting with me? How can I use that information to form a real relationship with this person and sit down at a table and sign paperwork with them sometime and and that's really what our system is attempting to to to to enable for them. It's not a strategic replacement of the advisor. It's it's a it's a way for the advisor to use data and make strategic decisions faster. What
not to focus on, what to focus on. It really came down to that, how do we get real r o I out of social media, email, blogging and other digital stuff. And the real r o Y to an advisor is a relationship. How do you deal with the privacy issues? Well, advisors are all sending out email newsletters. They all have their names and an email addresses of clients and prospects, so they use I'm a client. I might not necessarily welcome an email or a telephone call
from my advisor who's questioning my purchase. So let's say an expensive automobile. Uh, because I just told you that I've wanted to plan more from my retirement. So this, this mechanism of tracking only occurs when the individual is specifically interacting with the advisor. It doesn't follow them around the web. So if if you're within the advisor's reading portal, within their newsletters or within their website, it'll it'll tell the advisor what you're doing when you're interacting with them.
It's not going to tell you what you're shopping for on Amazon or what you're searching for on Google. So how does the business model work? How do you make money? How? How is it is a fee based thing? How how do you stass business? So we we charge software as a software as a service. We uh charge per sit um and we work with large institutions. Um, we're looking to roll it out in the in the hundreds or that.
How many clients do you have now? We work with over nine hundred institutions right now that are supporting well over a hundred thousand financial advisors. Is this supposed to also enhance that relationship so that you can actually have that conversation or have the specific emails something. And that goes back to the last question that you had, which
is do people like being tracked? You know what the feedback actually is from clients who've been working with these are as for ten, fifteen, or twenty years, is that thank you for that interesting article from the Economist or Bloomberg or Wall Street Journal. How did you know? How did you remember that you I was into rock climbing or fly fishing. And also I forwarded that to my kid um, who now has a personalized experience and a personalized email in this letter coming from you that the
advisor is able to track. So it actually comes across as a as a modern consumer friendly, uh and very professional enhancement to the advisor's relationship with their clients who before and we're just getting all the same email, newsletter or the same can content. Thanks very much for joining us and likening us. So Justin Wise is the co founder and the chief executive officer of invest League. You're listening to Taking Stock were broadcasting live at Pershing's Insight conference.
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