1 00:00:18,390 --> 00:00:20,789 Number on. The Doctor Relax. You're listening to 2 00:00:20,789 --> 00:00:22,469 episode 247 3 00:00:22,469 --> 00:00:23,989 of the W tech today podcast. 4 00:00:24,564 --> 00:00:25,282 Never Craig, 5 00:00:25,999 --> 00:00:28,733 founder of Ezra Group Consulting. And this podcast 6 00:00:28,791 --> 00:00:30,785 features interviews news and analysis on the trends 7 00:00:30,785 --> 00:00:31,662 and best practices, 8 00:00:32,141 --> 00:00:33,917 all around wealth management, technology. 9 00:00:34,866 --> 00:00:36,855 Now my guest for this episode was David 10 00:00:37,014 --> 00:00:39,798 Mc, head of Wealth Solutions at Asset mark. 11 00:00:40,355 --> 00:00:41,628 And that was a big coup for us. 12 00:00:41,866 --> 00:00:43,869 We're trying to get, David on the podcast 13 00:00:43,869 --> 00:00:46,118 for a while. And this recent announcement 14 00:00:47,048 --> 00:00:47,605 about them, 15 00:00:48,558 --> 00:00:51,419 buying some software from Tiff or donor advise 16 00:00:51,419 --> 00:00:53,907 funds was the on perfect opportunity to get, 17 00:00:54,467 --> 00:00:57,104 him on and talk about the the Asset 18 00:00:57,104 --> 00:00:57,903 mark platform, 19 00:00:58,702 --> 00:01:00,620 the growth of donor advice funds, 20 00:01:01,515 --> 00:01:03,594 or why they decided to add donor advise 21 00:01:03,594 --> 00:01:04,555 funds to their offering, 22 00:01:05,114 --> 00:01:07,194 of course, why they chose tip give as 23 00:01:07,194 --> 00:01:08,094 their Saas 24 00:01:08,395 --> 00:01:10,890 solution, and how it's being integrated into their 25 00:01:10,969 --> 00:01:12,170 Ew wealth manager platform. 26 00:01:13,530 --> 00:01:15,370 Now, Dave been at Asked mark for over 27 00:01:15,370 --> 00:01:15,770 9 years, 28 00:01:16,663 --> 00:01:18,577 Before that, he was at Charles Schwab for 29 00:01:18,577 --> 00:01:20,810 7 years where he was managing director of 30 00:01:20,810 --> 00:01:24,181 their investment platform. And before that, Franklin Temple 31 00:01:24,319 --> 00:01:26,325 for 9 years. So he said, quite 32 00:01:27,280 --> 00:01:27,780 ill 33 00:01:28,712 --> 00:01:30,859 a career in the Wealth management and asset 34 00:01:30,859 --> 00:01:31,496 management base. 35 00:01:32,783 --> 00:01:35,089 But before we get started with this episode, 36 00:01:35,645 --> 00:01:38,427 let's talk about tech stacks. And this could 37 00:01:38,427 --> 00:01:40,017 be the tech stack of an Ra, 38 00:01:40,669 --> 00:01:42,986 broker a dealer, a tampa like Asset mark 39 00:01:42,986 --> 00:01:46,023 an Asset manager or other firms. We've seen 40 00:01:46,023 --> 00:01:47,940 the tech stacks of hundreds of firms here 41 00:01:47,940 --> 00:01:50,024 at as group, Let me tell you most 42 00:01:50,024 --> 00:01:52,484 of them are loaded down with tech debt. 43 00:01:53,437 --> 00:01:55,659 Let's face it. Tech debt acts like an 44 00:01:55,659 --> 00:01:56,056 anchor. 45 00:01:56,468 --> 00:01:59,095 Holding down your firm's efficiency and ability to 46 00:01:59,095 --> 00:01:59,334 scale. 47 00:01:59,970 --> 00:02:01,642 So if you wanna free your farm whether 48 00:02:01,642 --> 00:02:03,893 you're an R, broker dealer or a tampa 49 00:02:04,124 --> 00:02:07,241 for exponential growth. You need to run. Not 50 00:02:07,241 --> 00:02:09,558 walk to our website ezra dot com and 51 00:02:09,558 --> 00:02:12,355 click the golden contact us button on the 52 00:02:12,355 --> 00:02:12,515 homepage. 53 00:02:13,168 --> 00:02:15,546 Once you do that, the experienced team at 54 00:02:15,625 --> 00:02:18,028 Ezra group can then evaluate your current tech 55 00:02:18,083 --> 00:02:21,986 ecosystem and deliver targeted recommendations. Such as optimizing 56 00:02:21,986 --> 00:02:22,861 your existing systems, 57 00:02:23,497 --> 00:02:25,802 and your operations or running an Rfp and 58 00:02:25,802 --> 00:02:28,902 helping new software to bring your firm to 59 00:02:28,902 --> 00:02:29,459 the next level, 60 00:02:30,269 --> 00:02:32,104 You can take advantage of our free consultation 61 00:02:32,104 --> 00:02:34,496 by going to ezra group dot com. 62 00:02:35,773 --> 00:02:38,027 Alright. So a couple of housekeeping 63 00:02:38,484 --> 00:02:39,920 notes before we continue. 64 00:02:40,652 --> 00:02:43,299 Please remember to subscribe to the show wherever 65 00:02:43,436 --> 00:02:45,583 you listen to podcasts, say you don't miss 66 00:02:45,583 --> 00:02:46,140 an episode. 67 00:02:47,590 --> 00:02:49,030 And when you get some time head over 68 00:02:49,030 --> 00:02:49,530 to 69 00:02:50,150 --> 00:02:50,310 our, 70 00:02:51,110 --> 00:02:53,430 are 1 of our sponsors, the invest in 71 00:02:53,430 --> 00:02:53,930 others 72 00:02:54,229 --> 00:02:54,729 charitable 73 00:02:55,110 --> 00:02:57,442 foundation. And you can find them at invest 74 00:02:57,442 --> 00:02:59,360 in others dot 0RG. 75 00:03:00,159 --> 00:03:01,518 Alright. Let's kick this thing off. 76 00:03:05,367 --> 00:03:07,361 Alright. I'm excited to introduce my next guest. 77 00:03:07,839 --> 00:03:11,349 It is. David Net, E of Wealth solutions 78 00:03:11,349 --> 00:03:13,901 from asset mark. David, welcome in the program. 79 00:03:15,429 --> 00:03:17,099 Thank you for having me. I appreciate I 80 00:03:17,099 --> 00:03:18,134 appreciate your time today, Craig? 81 00:03:18,929 --> 00:03:21,713 And I appreciate your time. David, where are 82 00:03:21,713 --> 00:03:22,509 you calling from? 83 00:03:23,557 --> 00:03:25,939 I am about 20 miles out of San 84 00:03:25,939 --> 00:03:27,686 francisco Bay area. A little bit east there. 85 00:03:28,480 --> 00:03:30,067 Thankfully. It's a lot cooler today, than it 86 00:03:30,067 --> 00:03:31,814 has been over the past week. We've been 87 00:03:31,814 --> 00:03:34,057 under a... Massive heat wave here on the 88 00:03:34,137 --> 00:03:35,252 West Coast. They gotta tell you. 89 00:03:36,287 --> 00:03:38,119 I I like visiting in California, but I 90 00:03:38,199 --> 00:03:39,712 I have to say that they... You have 91 00:03:39,712 --> 00:03:41,145 the the wildest weather. 92 00:03:41,637 --> 00:03:42,375 It's either 93 00:03:42,907 --> 00:03:43,407 storming 94 00:03:43,860 --> 00:03:46,320 or it's a drought or it's a mud 95 00:03:46,320 --> 00:03:49,257 slide or it's earthquake or it's smoke. It's 96 00:03:49,257 --> 00:03:50,942 always something. But In a couple of the... 97 00:03:51,181 --> 00:03:52,614 Like, this time of the year, you've got 98 00:03:52,614 --> 00:03:53,172 some nice weather. 99 00:03:54,048 --> 00:03:55,880 We do. We do. Especially in the bear, 100 00:03:56,039 --> 00:03:56,676 get you get 101 00:03:57,234 --> 00:03:59,225 carl the fog to roll that occasionally. But... 102 00:03:59,878 --> 00:04:01,315 Didn't do that this weekend. And it was 103 00:04:01,315 --> 00:04:03,390 a hot 1. So... But nice nice to 104 00:04:03,390 --> 00:04:05,225 spend some time with you today. Oh, absolutely. 105 00:04:05,465 --> 00:04:07,061 So we are talking about a, 106 00:04:07,873 --> 00:04:10,500 a new announcement you guys just made about 107 00:04:10,500 --> 00:04:11,614 donor advised funds, 108 00:04:12,251 --> 00:04:13,387 your your your 109 00:04:13,922 --> 00:04:14,957 collaboration with Tiff, 110 00:04:15,753 --> 00:04:17,208 there Tiff give 111 00:04:17,519 --> 00:04:18,657 product, which is a 112 00:04:19,113 --> 00:04:22,620 philanthropic platform, serving families employers, other cause based 113 00:04:22,620 --> 00:04:22,939 communities? 114 00:04:24,055 --> 00:04:25,352 And can we talk about 115 00:04:25,742 --> 00:04:25,980 the, 116 00:04:26,613 --> 00:04:27,113 this 117 00:04:27,564 --> 00:04:29,307 collaboration, how it's going to work, 118 00:04:30,020 --> 00:04:31,526 how you made the decision. And first of, 119 00:04:31,684 --> 00:04:32,660 let's start up with 120 00:04:32,969 --> 00:04:35,361 Why donor advise funds? Why did you see 121 00:04:35,361 --> 00:04:37,354 that as something you needed to add to 122 00:04:37,354 --> 00:04:38,471 the Asset mark platform? 123 00:04:39,507 --> 00:04:40,943 Yeah. It's a it's a great point. I 124 00:04:40,943 --> 00:04:42,471 mean, I think it all starts. There. Right? 125 00:04:42,709 --> 00:04:43,209 And 126 00:04:43,583 --> 00:04:46,363 what we've seen truly is a growing interest 127 00:04:46,363 --> 00:04:50,018 in a charitable giving across investor wealth tier. 128 00:04:50,669 --> 00:04:52,026 Over the past couple of years. 129 00:04:52,983 --> 00:04:55,297 And that's you know, consistent with the overall 130 00:04:55,297 --> 00:04:55,797 ba 131 00:04:56,175 --> 00:04:57,532 account and Au growth that you see in 132 00:04:57,532 --> 00:04:59,697 the industry, if you if you go back 133 00:04:59,697 --> 00:05:01,924 to, like, about 2008, what you see is 134 00:05:01,924 --> 00:05:05,583 that Au and donor bias programs is tripled 135 00:05:05,583 --> 00:05:06,537 during that time frame. 136 00:05:07,189 --> 00:05:09,663 And today, there's now more than 2000000 staff 137 00:05:09,663 --> 00:05:11,977 accounts in United States. And so we've just 138 00:05:11,977 --> 00:05:14,371 seen a lot of growing demand from the 139 00:05:14,371 --> 00:05:14,930 adviser base. 140 00:05:16,059 --> 00:05:18,921 Around helping clients with donor advice and charitable 141 00:05:18,921 --> 00:05:19,160 giving. 142 00:05:20,193 --> 00:05:22,261 You know, furthermore, I'd say that many of 143 00:05:22,261 --> 00:05:24,089 the advisors that we work with. And as 144 00:05:24,089 --> 00:05:26,037 you know, we work with more than 10000 145 00:05:26,175 --> 00:05:27,472 independent financial advisors 146 00:05:27,929 --> 00:05:30,162 across the United States. They could many of 147 00:05:30,162 --> 00:05:33,612 them consider themselves holistic planners or wealth planners 148 00:05:33,830 --> 00:05:35,752 more And I I I'd I'd say Charitable 149 00:05:35,752 --> 00:05:38,556 giving is often an integral part of 150 00:05:39,089 --> 00:05:39,589 clients 151 00:05:40,361 --> 00:05:40,837 financial plans. 152 00:05:41,808 --> 00:05:43,164 Particularly when they're working with the affluent and 153 00:05:43,164 --> 00:05:44,679 high net worth plan. And, you know, for 154 00:05:44,679 --> 00:05:45,636 many of these clients, 155 00:05:46,194 --> 00:05:47,332 a donor advised 156 00:05:47,709 --> 00:05:49,862 program provides a lot of benefits, 157 00:05:51,313 --> 00:05:52,431 instead of trying to go out and do 158 00:05:52,431 --> 00:05:54,266 some private foundation. You know, there's a lot 159 00:05:54,266 --> 00:05:56,741 of complexity to trying to form that. There's 160 00:05:56,741 --> 00:05:58,257 a lot of administrative burden and a lot 161 00:05:58,257 --> 00:05:58,896 of expense, 162 00:06:00,106 --> 00:06:00,504 and, 163 00:06:00,981 --> 00:06:03,448 you know, donor advise funds. On the other 164 00:06:03,448 --> 00:06:05,358 hand, offer a lot of these same benefits 165 00:06:05,358 --> 00:06:07,666 of a private foundation, but they're not subject 166 00:06:07,666 --> 00:06:08,701 to a lot of the cost. 167 00:06:09,750 --> 00:06:11,182 And a lot of the other issues that 168 00:06:11,182 --> 00:06:12,455 that that you had trying to do that. 169 00:06:16,289 --> 00:06:18,441 Yeah. That's something that I didn't know that 170 00:06:18,441 --> 00:06:21,471 the the Au tripled, and there's over 2000000 171 00:06:21,471 --> 00:06:23,544 of these accounts. It it's sort of kinda 172 00:06:23,544 --> 00:06:24,182 snuck up on us. 173 00:06:25,471 --> 00:06:27,454 You know, it did. And, you know, I 174 00:06:27,454 --> 00:06:28,906 mean, a lot of people hypo 175 00:06:29,357 --> 00:06:30,651 around maybe why 176 00:06:31,103 --> 00:06:32,372 that has happened. And 177 00:06:33,419 --> 00:06:35,809 Now, it it does feel as though it 178 00:06:35,809 --> 00:06:38,198 happened in kind of concert with some changes 179 00:06:38,198 --> 00:06:40,907 to tax laws, and and I I'd go 180 00:06:40,907 --> 00:06:42,283 back to the 2017 181 00:06:42,420 --> 00:06:44,749 tax. Cuts and Jobs Act. For example, You 182 00:06:44,749 --> 00:06:45,707 know, that time, 183 00:06:46,266 --> 00:06:49,299 standard deductions, they went up dramatically, and then 184 00:06:49,299 --> 00:06:50,496 you also had caps, 185 00:06:51,468 --> 00:06:54,736 being put on common itemized tax deductions like 186 00:06:54,736 --> 00:06:57,446 state taxes and mortgage interest were all those 187 00:06:57,446 --> 00:06:58,801 in California and New Jersey, 188 00:06:59,612 --> 00:07:01,999 we're all pretty familiar with those. What I'm 189 00:07:01,999 --> 00:07:03,033 the that familiar. 190 00:07:04,307 --> 00:07:05,978 Yes. Painfully familiar. 191 00:07:06,949 --> 00:07:09,110 But the result of those tandem actions 192 00:07:09,589 --> 00:07:11,110 was that a number of the number of 193 00:07:11,110 --> 00:07:14,069 taxpayers that qualify for itemized deductions, 194 00:07:14,883 --> 00:07:18,547 actually fell from 30 percent pre to 10 195 00:07:18,547 --> 00:07:19,184 percent post. 196 00:07:20,140 --> 00:07:22,529 Now with these caps on state taxes and 197 00:07:22,529 --> 00:07:23,587 mortgage interest 198 00:07:23,898 --> 00:07:27,164 Suddenly, the impact of charitable giving in terms 199 00:07:27,164 --> 00:07:30,213 of relative tax impact for many of item 200 00:07:30,430 --> 00:07:31,965 taxpayers it significantly 201 00:07:32,421 --> 00:07:32,660 increase. 202 00:07:33,233 --> 00:07:34,349 Now to be clear, I just wanna be 203 00:07:34,349 --> 00:07:36,683 clear, I'd say that, you know, taxpayers, 204 00:07:37,060 --> 00:07:39,212 they've been giving for decades. It's not been 205 00:07:39,212 --> 00:07:40,886 about tax. It's been about doing good. 206 00:07:41,459 --> 00:07:43,849 However, these new tax laws provided incentive for 207 00:07:43,849 --> 00:07:46,023 many taxpayers to think much more holistically 208 00:07:46,399 --> 00:07:48,891 and think about how to optimize their 209 00:07:49,825 --> 00:07:50,941 and philanthropic endeavors. 210 00:07:52,710 --> 00:07:54,465 Let's take a break from this interview to 211 00:07:54,465 --> 00:07:57,199 talk about the in invest in others charitable 212 00:07:57,417 --> 00:07:57,577 foundation. 213 00:07:58,788 --> 00:08:00,862 Does your firm give back to the community 214 00:08:00,862 --> 00:08:03,175 in a meaningful way. If it does, you 215 00:08:03,175 --> 00:08:06,205 should apply to the invest and others, charitable, 216 00:08:06,604 --> 00:08:07,481 champions list. 217 00:08:08,294 --> 00:08:11,588 What is this charitable champions list? It recognizes 218 00:08:11,646 --> 00:08:13,881 financial advisory firms that give back to the 219 00:08:13,881 --> 00:08:14,381 communities 220 00:08:14,759 --> 00:08:16,457 by promoting a cultural phil 221 00:08:16,835 --> 00:08:18,598 amongst their financial advisers and employees. 222 00:08:19,869 --> 00:08:22,093 Now, not only is a chance to share 223 00:08:22,093 --> 00:08:24,237 the impact that your firm has had on 224 00:08:24,237 --> 00:08:27,300 the community. Their but it also 225 00:08:28,554 --> 00:08:28,953 recognizes, 226 00:08:30,548 --> 00:08:32,723 it is recognized by the invest and another's 227 00:08:32,861 --> 00:08:34,397 foundation. It can bring credibility, 228 00:08:35,109 --> 00:08:37,682 to these film philanthropic programs that you're running 229 00:08:37,980 --> 00:08:39,017 through peer recognition, 230 00:08:39,974 --> 00:08:42,447 improved employee morale, and also it can service 231 00:08:42,447 --> 00:08:44,520 a talking point with clients and prospective new 232 00:08:44,520 --> 00:08:44,680 hires. 233 00:08:45,492 --> 00:08:47,326 So if you wanna learn more about the 234 00:08:47,326 --> 00:08:50,116 invest of this charitable champions list, go to 235 00:08:50,116 --> 00:08:53,385 the website, invest in others dot 0RG. 236 00:08:53,719 --> 00:08:55,947 And remember, there's a... The deadline for applying 237 00:08:55,947 --> 00:08:58,095 is July twelfth. So which you now in 238 00:08:58,175 --> 00:09:00,880 July twelfth, go to invest in others dot 239 00:09:00,960 --> 00:09:04,319 Or g and apply. For your firm to 240 00:09:04,319 --> 00:09:06,870 be recognized as a charitable champion. 241 00:09:08,704 --> 00:09:10,776 What do you think about some reports that? 242 00:09:11,829 --> 00:09:14,789 A third of donor advice funds? Don't distribute 243 00:09:14,789 --> 00:09:15,350 any money. 244 00:09:16,230 --> 00:09:18,490 Are you putting in some guard rails to 245 00:09:19,362 --> 00:09:21,584 ensure that they are actually sending any money 246 00:09:21,584 --> 00:09:22,140 to charities. 247 00:09:23,251 --> 00:09:24,679 Great. I think it's a great question. 248 00:09:25,394 --> 00:09:27,060 And what I think I would point to 249 00:09:27,060 --> 00:09:27,219 is... 250 00:09:28,745 --> 00:09:30,498 1 of the advantages of a donor advice 251 00:09:30,498 --> 00:09:33,228 fund is that it allows you to 252 00:09:33,844 --> 00:09:36,330 give money away. And it's irr evo. Once 253 00:09:36,330 --> 00:09:37,606 you once you put that money in the 254 00:09:37,606 --> 00:09:39,520 fund, that's an they were irr evo donation 255 00:09:39,520 --> 00:09:42,870 to a charitable cause, But it doesn't it 256 00:09:42,870 --> 00:09:44,386 doesn't designate the timing. 257 00:09:45,039 --> 00:09:46,712 And so it allows you to get that 258 00:09:46,712 --> 00:09:49,659 tax benefit up upfront at the time of 259 00:09:49,659 --> 00:09:49,818 donation, 260 00:09:50,854 --> 00:09:53,881 but you have time to donate those assets. 261 00:09:54,532 --> 00:09:57,390 As you see causes that materialize that makes 262 00:09:57,390 --> 00:09:57,629 sense. 263 00:09:58,264 --> 00:10:00,249 And I think it's also important to realize 264 00:10:00,249 --> 00:10:01,836 too that the advantages of a dinner advice 265 00:10:01,836 --> 00:10:04,338 partner are very much focused on the assets 266 00:10:04,477 --> 00:10:04,977 within 267 00:10:05,434 --> 00:10:06,652 that fund 268 00:10:07,030 --> 00:10:09,583 being managed and growing over time so that 269 00:10:09,583 --> 00:10:10,381 your actual... 270 00:10:11,033 --> 00:10:12,089 Charitable and 271 00:10:12,700 --> 00:10:15,082 impact is actually greater over time, than if 272 00:10:15,082 --> 00:10:17,225 you just were to do cash donations, you 273 00:10:17,225 --> 00:10:18,893 know, at point in time at a given 274 00:10:18,893 --> 00:10:19,369 point in time. 275 00:10:20,099 --> 00:10:22,720 And so III wouldn't be surprised by the 276 00:10:22,720 --> 00:10:24,865 stat that that you just mentioned. But I 277 00:10:25,024 --> 00:10:26,375 I would also argue that... 278 00:10:27,344 --> 00:10:30,141 Charitable giving and, you know, foundations kinda operate 279 00:10:30,141 --> 00:10:32,059 many of the same ways. They don't just 280 00:10:32,059 --> 00:10:32,459 donate, 281 00:10:33,258 --> 00:10:35,416 you know, everything grants... It's kinda kinda gets 282 00:10:35,416 --> 00:10:35,895 it's granted, 283 00:10:36,549 --> 00:10:38,629 in that given year. There is sort of 284 00:10:38,629 --> 00:10:39,370 a process. 285 00:10:39,909 --> 00:10:41,589 There is sort of the needs of a 286 00:10:41,589 --> 00:10:42,709 charity over time, 287 00:10:43,429 --> 00:10:45,429 and I do think that Donor advice funds 288 00:10:45,429 --> 00:10:45,929 help 289 00:10:46,882 --> 00:10:47,382 families, 290 00:10:47,839 --> 00:10:48,339 honestly 291 00:10:48,717 --> 00:10:51,668 operate like small foundations and think about how 292 00:10:51,668 --> 00:10:54,699 to support charity over time and also how 293 00:10:54,699 --> 00:10:55,597 to support 294 00:10:56,309 --> 00:10:58,466 through more to more of a multi generational 295 00:10:58,466 --> 00:10:59,026 point of view, 296 00:10:59,905 --> 00:11:01,183 and we'll talk about that in a little 297 00:11:01,183 --> 00:11:02,621 bit, but I I really find that to 298 00:11:02,621 --> 00:11:03,600 be a really valuable 299 00:11:04,554 --> 00:11:06,012 tool in our charitable 300 00:11:06,551 --> 00:11:07,051 program 301 00:11:07,430 --> 00:11:10,486 where we provide multi generational tools so that 302 00:11:10,546 --> 00:11:11,046 the 303 00:11:11,759 --> 00:11:12,259 charitable, 304 00:11:13,677 --> 00:11:15,914 the money put into the da is thought 305 00:11:15,914 --> 00:11:18,231 through at the family level, not just at 306 00:11:18,231 --> 00:11:21,045 an individual level, and allows the family to 307 00:11:21,045 --> 00:11:21,785 share values 308 00:11:22,165 --> 00:11:25,384 and build legacy together and then support those 309 00:11:25,445 --> 00:11:26,644 those things over time. 310 00:11:29,129 --> 00:11:30,877 You made an excellent point there David that 311 00:11:30,877 --> 00:11:31,115 the... 312 00:11:32,147 --> 00:11:34,371 No ones were looking at the foundations and 313 00:11:34,371 --> 00:11:35,563 other the private, 314 00:11:36,615 --> 00:11:37,115 charitable, 315 00:11:37,735 --> 00:11:40,134 structures that very, very wealthy people have access 316 00:11:40,134 --> 00:11:42,615 to. No one's checking to see how much 317 00:11:42,615 --> 00:11:43,254 they're distributing, 318 00:11:43,747 --> 00:11:45,495 But I think da because they are new 319 00:11:45,495 --> 00:11:47,402 are generating some a little bit, at least 320 00:11:47,402 --> 00:11:49,785 in the philanthropic world are are getting some 321 00:11:49,785 --> 00:11:50,023 flack. 322 00:11:51,625 --> 00:11:53,450 Because of of they're that they're new and 323 00:11:53,450 --> 00:11:55,354 that more people can now take advantage of 324 00:11:55,354 --> 00:11:57,416 them. But as as you mentioned that they... 325 00:11:57,829 --> 00:12:00,457 That give these same benefits of private foundations 326 00:12:00,457 --> 00:12:02,868 without all a lot of the costs and 327 00:12:03,244 --> 00:12:04,996 why shouldn't, you know, people who may is 328 00:12:04,996 --> 00:12:06,452 are moderately wealthy have 329 00:12:06,764 --> 00:12:07,878 those same advantages. 330 00:12:08,914 --> 00:12:09,153 Agree. 331 00:12:10,267 --> 00:12:12,258 So now you've you've decided to to bring 332 00:12:12,258 --> 00:12:14,647 this in, you realize you have this need 333 00:12:14,647 --> 00:12:16,812 from your advisors and their clients. 334 00:12:18,006 --> 00:12:20,075 Why did you look for a software solution 335 00:12:20,075 --> 00:12:22,463 and why why not build it why go 336 00:12:22,463 --> 00:12:23,235 outside? For 337 00:12:24,068 --> 00:12:24,306 Yeah. 338 00:12:25,575 --> 00:12:27,400 There's a couple of reasons we've already established, 339 00:12:27,638 --> 00:12:29,249 you know that the 340 00:12:30,018 --> 00:12:31,287 demand was a big driver. 341 00:12:31,779 --> 00:12:33,213 I I think it's important. We did have 342 00:12:33,213 --> 00:12:33,952 a legacy 343 00:12:34,329 --> 00:12:36,103 solution on the platform 344 00:12:37,356 --> 00:12:38,790 for a host of years. 345 00:12:39,522 --> 00:12:40,500 Com And 346 00:12:41,591 --> 00:12:43,343 what what we found is 1 is it 347 00:12:43,343 --> 00:12:44,298 was highly manual. 348 00:12:45,651 --> 00:12:48,057 And, you know, just... In today's modern age, 349 00:12:48,217 --> 00:12:49,734 that's just frankly not acceptable. 350 00:12:50,852 --> 00:12:53,028 And what we found is it was incredibly 351 00:12:53,087 --> 00:12:55,083 important for a couple things to happen. 1 352 00:12:55,083 --> 00:12:56,541 is this needed to be easy 353 00:12:56,934 --> 00:12:58,208 for the retail wealth space. 354 00:12:59,642 --> 00:13:01,474 You know, they can manage their wealth. Through 355 00:13:01,474 --> 00:13:03,306 a very digitally enabled experience, 356 00:13:04,182 --> 00:13:05,798 advisors work in that environment 357 00:13:06,188 --> 00:13:08,733 they expect the charitable side of this to 358 00:13:08,733 --> 00:13:10,505 equally be as easy, 359 00:13:11,278 --> 00:13:14,140 feasible in terms of the account opening, the 360 00:13:14,140 --> 00:13:15,277 grant making process 361 00:13:16,224 --> 00:13:18,698 processing times, etcetera. That that was a big 362 00:13:18,698 --> 00:13:20,295 thing and technology enables that. 363 00:13:22,210 --> 00:13:24,546 At the same time, technology and enables scale 364 00:13:25,019 --> 00:13:28,050 and it scale benefits for asset mark, but 365 00:13:28,050 --> 00:13:30,283 also scale benefits for the investor as a 366 00:13:30,283 --> 00:13:33,553 result of, working with, our Saas partner, tip 367 00:13:33,553 --> 00:13:34,590 and give in this instance, 368 00:13:35,644 --> 00:13:37,085 we were able to bring down the investment 369 00:13:37,085 --> 00:13:39,884 minimums and really democrat a solution to your 370 00:13:39,884 --> 00:13:40,865 point, making, 371 00:13:41,245 --> 00:13:43,651 know what was previous, a hundred k minimum 372 00:13:43,651 --> 00:13:46,356 solution, really available for as as a little 373 00:13:46,356 --> 00:13:48,902 as 10000 dollars to open a new account, 374 00:13:49,300 --> 00:13:49,434 obviously 375 00:13:50,192 --> 00:13:52,266 and then, you know, again, another... Another thing 376 00:13:52,266 --> 00:13:54,121 that was, I think, really important for us 377 00:13:54,339 --> 00:13:57,210 in enabling this solution is that right level 378 00:13:57,210 --> 00:13:58,566 of education support. 379 00:13:59,933 --> 00:14:00,093 You know, 380 00:14:01,285 --> 00:14:04,387 investor charitable giving is a highly intentional act. 381 00:14:05,023 --> 00:14:06,795 It's connected to people's values. 382 00:14:07,504 --> 00:14:09,578 Their desire to do good, they have a 383 00:14:09,578 --> 00:14:12,291 positive impact. When we find it's important to 384 00:14:12,291 --> 00:14:15,440 help advisors have these personalized 385 00:14:15,980 --> 00:14:18,240 conversations and empower them with the knowledge of 386 00:14:18,299 --> 00:14:20,700 how a donor buys fun can simply be 387 00:14:20,700 --> 00:14:23,832 a smarter way for many people, to affect 388 00:14:23,832 --> 00:14:25,586 their charitable getting aspirations. 389 00:14:27,102 --> 00:14:29,255 Those were the primary main things. And I 390 00:14:29,255 --> 00:14:31,169 think the reason we primary went with Sas 391 00:14:31,169 --> 00:14:32,547 is that it really enabled 392 00:14:32,939 --> 00:14:33,738 client experience, 393 00:14:34,296 --> 00:14:35,254 advisor experience, 394 00:14:36,132 --> 00:14:39,666 drove scale, and really empowered and helped visualize 395 00:14:40,363 --> 00:14:41,720 through digital tools, 396 00:14:42,374 --> 00:14:43,273 many of those 397 00:14:43,651 --> 00:14:47,483 education and engagement points that are very important 398 00:14:47,483 --> 00:14:49,160 and what I again remind people is a 399 00:14:49,160 --> 00:14:50,996 very intentional act or pete Juice do. 400 00:14:52,766 --> 00:14:55,799 Now this is a Saas deal. So you're 401 00:14:55,799 --> 00:14:58,352 basically hiring Tiff to provide you with this 402 00:14:58,352 --> 00:14:59,230 cloud based software. 403 00:14:59,643 --> 00:15:01,703 And are you integrating it into the platform? 404 00:15:02,100 --> 00:15:03,843 Will it be white labeled? How it's gonna 405 00:15:03,843 --> 00:15:04,794 be delivered to advisors? 406 00:15:05,904 --> 00:15:08,383 Exactly. So... No. We went with a Saas 407 00:15:08,383 --> 00:15:09,577 solution as I mentioned earlier, 408 00:15:10,135 --> 00:15:12,285 what we have decided to do what we 409 00:15:12,285 --> 00:15:14,457 work with Tip and give to do is 410 00:15:14,594 --> 00:15:16,282 integrate that into the platform. Form. Through a 411 00:15:16,282 --> 00:15:18,193 single sign on. So all advisers that are 412 00:15:18,193 --> 00:15:19,649 signing in to 413 00:15:20,503 --> 00:15:21,401 their advisor 414 00:15:21,778 --> 00:15:23,530 workstation, we call that e wealth manager here 415 00:15:23,530 --> 00:15:24,779 at asset mark formed 416 00:15:25,851 --> 00:15:28,313 there's a single sign on. They'll immediately have 417 00:15:28,313 --> 00:15:28,551 access, 418 00:15:29,345 --> 00:15:30,933 we'll need to sign in to the Tiff 419 00:15:30,933 --> 00:15:31,672 and give 420 00:15:32,045 --> 00:15:32,363 portal. 421 00:15:33,092 --> 00:15:35,635 But they'll have access to open a account. 422 00:15:36,032 --> 00:15:39,607 There'll be Api transfers of, of course, data 423 00:15:39,607 --> 00:15:41,037 that makes opening new accounts. 424 00:15:42,166 --> 00:15:43,521 Charitable accounts much easier. 425 00:15:44,557 --> 00:15:47,666 Api fees and data back to consolidate reporting 426 00:15:47,666 --> 00:15:49,834 with the wealth side as well. So that 427 00:15:49,834 --> 00:15:52,631 the client has a holistic view of both 428 00:15:52,631 --> 00:15:55,109 their wealth assets as well as their charitable 429 00:15:55,109 --> 00:15:55,828 account assets. 430 00:15:56,387 --> 00:15:58,865 So it is a fully integrated solution here, 431 00:15:59,199 --> 00:16:00,233 the asset mark platform. 432 00:16:01,347 --> 00:16:02,301 It is white labeled. 433 00:16:03,574 --> 00:16:05,506 The name is Asset mark charitable 434 00:16:05,960 --> 00:16:06,095 on the 435 00:16:06,854 --> 00:16:09,011 and we're very excited again work with Tiffany 436 00:16:09,011 --> 00:16:10,870 and I can go into some of the 437 00:16:10,930 --> 00:16:13,087 differentiator of of of some of the capabilities 438 00:16:13,087 --> 00:16:14,926 that they offered in the marketplace, but we're 439 00:16:14,926 --> 00:16:15,725 very excited to work with. 440 00:16:17,580 --> 00:16:19,019 I mean, I wanna hear that. This this 441 00:16:19,019 --> 00:16:21,259 is a technology podcast. So I'm I'm I'm 442 00:16:21,259 --> 00:16:23,179 interested to hear. So now we're getting to 443 00:16:23,179 --> 00:16:25,100 the point of... You've you've decided to do 444 00:16:25,100 --> 00:16:27,348 this. You're getting rid of your legacy solution. 445 00:16:27,667 --> 00:16:29,023 You're evaluating vendors. 446 00:16:30,298 --> 00:16:33,089 So why why did you select Tiff give? 447 00:16:34,620 --> 00:16:36,779 Yeah. So, you know what I'd say is 448 00:16:36,779 --> 00:16:38,480 there are several large 449 00:16:39,100 --> 00:16:39,600 charitable 450 00:16:39,980 --> 00:16:43,030 foundations and program providers out there. And many 451 00:16:43,030 --> 00:16:45,730 of them provide perfectly acceptable services. 452 00:16:46,762 --> 00:16:48,747 However, when we were doing our search, what 453 00:16:48,747 --> 00:16:50,359 we found is some of them 454 00:16:50,748 --> 00:16:51,248 were 455 00:16:51,701 --> 00:16:55,458 developed to serve the needs of the traditional 456 00:16:55,752 --> 00:16:58,317 institutional giving entities. Those larger 457 00:16:58,770 --> 00:16:59,883 foundations as an example, 458 00:17:00,854 --> 00:17:02,212 And then we looked at a few others 459 00:17:02,212 --> 00:17:03,811 that were sort of mainstream in the space 460 00:17:03,811 --> 00:17:05,649 that geared more to the retail wealth space, 461 00:17:06,608 --> 00:17:09,165 we really liked their focus on automation and 462 00:17:09,165 --> 00:17:11,259 scale. Many of them were focused on that, 463 00:17:11,740 --> 00:17:13,740 but that was kind of their sole objective. 464 00:17:14,779 --> 00:17:17,100 We wanted a Saas solution that we could 465 00:17:17,100 --> 00:17:19,667 1 white label and then course integrate into 466 00:17:19,667 --> 00:17:21,815 our adviser ecosystem as I mentioned earlier. 467 00:17:22,929 --> 00:17:24,759 We really focused very much on it providing 468 00:17:24,759 --> 00:17:25,498 a modern 469 00:17:26,206 --> 00:17:26,683 frictionless, 470 00:17:27,875 --> 00:17:30,499 adviser and investor experience. It was very important 471 00:17:30,499 --> 00:17:32,987 that having a an investor portal as well 472 00:17:33,044 --> 00:17:34,793 that investors can see their activity. 473 00:17:35,523 --> 00:17:37,270 And I'll say that through 474 00:17:37,985 --> 00:17:38,882 Tiff technology, 475 00:17:39,493 --> 00:17:41,717 we were able to fully automate the account 476 00:17:41,717 --> 00:17:42,614 opening process. 477 00:17:43,479 --> 00:17:46,185 You know, completely enhance the grant the grant 478 00:17:46,185 --> 00:17:48,891 making process, bringing that down to being a 479 00:17:48,891 --> 00:17:50,562 matter of days versus weeks, 480 00:17:51,851 --> 00:17:54,477 and then just significantly reduce the processing time. 481 00:17:55,830 --> 00:17:57,343 Another important point that 482 00:17:58,377 --> 00:17:59,196 that Tip, 483 00:18:00,288 --> 00:18:02,214 provided was they were able to use our 484 00:18:02,214 --> 00:18:04,683 investment menu do. What we also found with 485 00:18:04,683 --> 00:18:07,094 advisors is they're talking with the clients 486 00:18:07,629 --> 00:18:09,643 and and building goals based portfolios 487 00:18:10,033 --> 00:18:11,166 on their wealth side 488 00:18:11,538 --> 00:18:14,707 and using specific investment solutions that are available 489 00:18:14,707 --> 00:18:15,896 through the asset mark platform. 490 00:18:17,179 --> 00:18:18,845 They didn't wanna go over to the charitable 491 00:18:18,845 --> 00:18:20,273 side and have to learn a whole new 492 00:18:20,273 --> 00:18:22,970 set of investment solutions, and and then have 493 00:18:22,970 --> 00:18:25,113 a different conversation with the investor there. 494 00:18:25,764 --> 00:18:28,501 So, Tip in solution was very, 495 00:18:29,280 --> 00:18:31,517 agnostic to that and allowed us to to 496 00:18:31,517 --> 00:18:33,355 use and import over our investment menu. 497 00:18:34,247 --> 00:18:36,713 Also include values oriented strategies. 498 00:18:37,110 --> 00:18:39,258 They allowed us to really set the investment 499 00:18:39,258 --> 00:18:41,406 minimums. There's just a lot of flexibility on 500 00:18:41,406 --> 00:18:43,731 the feature setting. They also allowed us to 501 00:18:43,731 --> 00:18:46,123 play a much larger role in the client 502 00:18:46,123 --> 00:18:46,623 servicing 503 00:18:47,079 --> 00:18:48,276 education support process. 504 00:18:48,754 --> 00:18:50,269 As you know, we're a leader in the 505 00:18:50,269 --> 00:18:53,495 industry when it comes to... Premium service, premium 506 00:18:53,553 --> 00:18:55,785 support, and, premium education. 507 00:18:56,503 --> 00:18:58,735 So it really was sort of a compliment, 508 00:18:58,974 --> 00:19:02,338 I would say, of of of strengths of 509 00:19:02,338 --> 00:19:04,093 the 2 firms and I think best made 510 00:19:04,093 --> 00:19:06,086 this work. The final thing, I I will 511 00:19:06,086 --> 00:19:07,123 say I think it was 512 00:19:07,761 --> 00:19:09,697 maybe the icing on the cake, but 513 00:19:10,009 --> 00:19:11,609 it kinda ties back to something we're talking 514 00:19:11,609 --> 00:19:13,049 about earlier. 1 of the things that I 515 00:19:13,049 --> 00:19:15,609 thought was differentiated I didn't see anywhere else 516 00:19:15,609 --> 00:19:16,109 was 517 00:19:17,210 --> 00:19:18,190 the tip technology 518 00:19:19,143 --> 00:19:22,736 it has tools that empower multi generational, charitable 519 00:19:22,791 --> 00:19:23,188 objectives. 520 00:19:23,823 --> 00:19:26,044 So what we find when we talk to 521 00:19:26,044 --> 00:19:28,628 advisers is that It's often not just an 522 00:19:28,688 --> 00:19:31,265 individual. It's families that are thinking about phil. 523 00:19:31,644 --> 00:19:34,601 They often have a collective exercise, a collective 524 00:19:34,601 --> 00:19:35,400 way of thinking. 525 00:19:35,813 --> 00:19:37,085 And many of the, you know, 526 00:19:37,721 --> 00:19:38,039 you know, 527 00:19:39,072 --> 00:19:41,457 leaders in the family, they wanna instill, and 528 00:19:41,457 --> 00:19:43,603 they wanna pass along those values and and 529 00:19:43,603 --> 00:19:45,527 and build a legacy with that net generation. 530 00:19:46,164 --> 00:19:48,075 And they had a lot of education and 531 00:19:48,075 --> 00:19:50,544 tools that allow that. You can grant access 532 00:19:50,544 --> 00:19:52,398 to family members to also 533 00:19:52,854 --> 00:19:55,653 allow for grant, next you can do grant 534 00:19:55,653 --> 00:19:56,789 raising activities 535 00:19:57,958 --> 00:20:00,445 that where you invite people to also contribute 536 00:20:00,740 --> 00:20:02,489 to to causes that are, 537 00:20:03,698 --> 00:20:04,256 to, you know, 538 00:20:05,132 --> 00:20:05,929 charitable causes. 539 00:20:06,646 --> 00:20:08,899 And that sort of social dynamic, 540 00:20:10,072 --> 00:20:12,701 and multi generational dynamic was a pretty unique 541 00:20:12,701 --> 00:20:14,633 feature that and give offered that we didn't 542 00:20:14,633 --> 00:20:15,133 see 543 00:20:15,512 --> 00:20:15,752 anywhere else. 544 00:20:17,989 --> 00:20:19,588 1 of the things I like about this 545 00:20:19,588 --> 00:20:21,766 whole project here is 546 00:20:22,798 --> 00:20:23,456 you're really 547 00:20:25,255 --> 00:20:27,079 walking the walk when it comes to or 548 00:20:27,079 --> 00:20:29,219 walking the talk when it comes to holistic 549 00:20:29,219 --> 00:20:29,774 wealth management. 550 00:20:30,744 --> 00:20:32,982 And that charitable giving is usually been part 551 00:20:32,982 --> 00:20:36,818 of the tax conversation and advisers full. Usually 552 00:20:36,818 --> 00:20:38,576 they're involved with that, well, we'll transfer some 553 00:20:38,576 --> 00:20:39,775 money for you, then you can open up 554 00:20:39,775 --> 00:20:42,026 your. You can do charitable giving. Now you're 555 00:20:42,026 --> 00:20:43,462 really taking the lead on that, say, we're 556 00:20:43,462 --> 00:20:44,820 gonna do the whole thing With open account 557 00:20:44,820 --> 00:20:46,576 for you. We're gonna manage the money for 558 00:20:46,576 --> 00:20:48,332 you. We're gonna, you know, help you figure 559 00:20:48,332 --> 00:20:49,471 all this out. So 560 00:20:49,784 --> 00:20:52,102 it's it's really expanding the role of an 561 00:20:52,102 --> 00:20:52,602 adviser 562 00:20:53,061 --> 00:20:54,819 in their client's financial lots. 563 00:20:56,497 --> 00:20:58,175 Yeah. It it's, you know, 564 00:20:58,989 --> 00:21:01,162 there's so many reasons that I think advisers 565 00:21:01,618 --> 00:21:04,327 should be paying attention that if you you 566 00:21:04,327 --> 00:21:05,761 mentioned it's holistic wealth. Right? 567 00:21:06,333 --> 00:21:06,833 And 568 00:21:07,602 --> 00:21:09,744 you know, it's specific to donor or revised 569 00:21:09,744 --> 00:21:10,062 funds, 570 00:21:11,014 --> 00:21:13,315 it's just another way for them to differentiate 571 00:21:13,315 --> 00:21:14,211 themselves in the marketplace. 572 00:21:14,917 --> 00:21:16,505 It's a way for them to service and 573 00:21:16,505 --> 00:21:17,855 win more high net worth clients. 574 00:21:18,728 --> 00:21:22,064 And importantly, it's a tool that helps connect 575 00:21:22,064 --> 00:21:23,731 them to that next generation of clients. 576 00:21:25,017 --> 00:21:26,289 You know, it totally get it. We work 577 00:21:26,289 --> 00:21:28,276 with advisors all day about growing and scaling 578 00:21:28,276 --> 00:21:30,444 their practices. As you know, Asset marks a 579 00:21:30,739 --> 00:21:32,487 a business solution for advisors. 580 00:21:33,138 --> 00:21:34,964 And we understand that there's a revenue weighted 581 00:21:34,964 --> 00:21:38,220 bias to advice today and we're constantly encouraging 582 00:21:38,220 --> 00:21:40,443 advisors to kind of prepare their businesses for 583 00:21:40,443 --> 00:21:40,602 that. 584 00:21:41,255 --> 00:21:44,214 Massive wealth transfer, which we know... Which was 585 00:21:44,214 --> 00:21:45,494 frankly already underway. 586 00:21:46,134 --> 00:21:48,214 I I think I read a survey from 587 00:21:48,214 --> 00:21:49,994 fidelity just recently where 588 00:21:50,388 --> 00:21:52,324 people under 40 are already inheriting 589 00:21:52,781 --> 00:21:53,600 500 590 00:21:53,738 --> 00:21:55,812 plus billion dollars every year in the United 591 00:21:56,051 --> 00:21:56,371 States. 592 00:21:57,248 --> 00:21:59,742 And then this next generation 593 00:22:00,134 --> 00:22:02,212 is much more apt to stay with that 594 00:22:02,212 --> 00:22:03,192 family advisor 595 00:22:03,810 --> 00:22:05,989 if they've embraced things like technology, 596 00:22:07,327 --> 00:22:09,585 personalization, and they're able to support them 597 00:22:10,136 --> 00:22:11,113 and their values 598 00:22:11,487 --> 00:22:13,870 and charitable giving endeavors and preferences. 599 00:22:14,347 --> 00:22:17,461 That same study noted that 13 that 13... 600 00:22:17,700 --> 00:22:20,008 Only 13 percent of advisors are actually engaging 601 00:22:20,008 --> 00:22:21,043 with that next generation, 602 00:22:21,998 --> 00:22:23,988 but that 13 percent that's doing it. 603 00:22:24,799 --> 00:22:26,873 They're already seeing 1.6 604 00:22:26,873 --> 00:22:30,063 times revenue growth and 2.7 times profit growth. 605 00:22:30,542 --> 00:22:32,855 So we see this again, as you said, 606 00:22:33,014 --> 00:22:34,290 part of holistic wealth, 607 00:22:34,863 --> 00:22:36,855 as well as part of connecting with that 608 00:22:36,855 --> 00:22:37,731 next gen client. 609 00:22:41,236 --> 00:22:42,988 Those are pretty powerful statistics, David. 610 00:22:44,276 --> 00:22:45,864 I wanna roll back to something you mentioned, 611 00:22:46,817 --> 00:22:49,121 where on the platform on the E wealth 612 00:22:49,121 --> 00:22:49,518 manager, 613 00:22:50,312 --> 00:22:51,424 being single sign on, 614 00:22:52,233 --> 00:22:54,403 to not only Tip and give, but 615 00:22:55,573 --> 00:22:57,799 being able to build out goals based portfolios. 616 00:22:58,196 --> 00:23:01,456 Now Asset mark acquired a company called, Buoyant, 617 00:23:01,949 --> 00:23:03,960 number of years ago with a full featured 618 00:23:04,097 --> 00:23:05,131 venture planning application. 619 00:23:06,007 --> 00:23:08,792 Is that something that can link into Tiff 620 00:23:08,792 --> 00:23:10,622 and give that... If I if I a 621 00:23:10,622 --> 00:23:12,547 goal that I set up in v of, 622 00:23:13,263 --> 00:23:16,288 phil or donations, can I then link that 623 00:23:16,288 --> 00:23:18,676 over to open up a the the Da 624 00:23:18,676 --> 00:23:19,049 account, 625 00:23:20,128 --> 00:23:21,807 you know, inside the same platform? 626 00:23:22,925 --> 00:23:25,243 That is where we wanna go, Hi craig, 627 00:23:25,403 --> 00:23:28,120 so it's great. You're... You definitely understand the 628 00:23:28,120 --> 00:23:30,609 vision. That that we have here. What I'd 629 00:23:30,609 --> 00:23:31,486 say is today, 630 00:23:32,364 --> 00:23:34,539 I would say v is, you know, certainly 631 00:23:34,756 --> 00:23:35,394 industry leading, 632 00:23:36,112 --> 00:23:36,852 financial planning 633 00:23:37,229 --> 00:23:37,468 tool, 634 00:23:38,919 --> 00:23:40,997 it's very much goals and objective based, 635 00:23:41,716 --> 00:23:44,352 and it's certainly handle modeling and it does 636 00:23:44,352 --> 00:23:45,252 handle modeling 637 00:23:46,110 --> 00:23:46,610 for 638 00:23:46,924 --> 00:23:49,578 tax implications and as well as charitable giving 639 00:23:49,796 --> 00:23:52,109 and very much supports buyers use in terms 640 00:23:52,109 --> 00:23:53,546 of thinking about a state as well. 641 00:23:54,118 --> 00:23:54,618 So 642 00:23:55,073 --> 00:23:57,699 that's that is definitely something that many of 643 00:23:57,699 --> 00:23:59,688 our advisors a tool that they use today. 644 00:24:00,722 --> 00:24:02,711 It'd be a phase 2 development for us. 645 00:24:03,124 --> 00:24:04,712 To sort of take that and say, okay. 646 00:24:05,189 --> 00:24:09,104 We've this plan suggest x percentage of donations 647 00:24:09,477 --> 00:24:12,598 in your this given year to charitable getting 648 00:24:12,749 --> 00:24:14,903 Now let's click that button and immediately link 649 00:24:14,903 --> 00:24:17,855 over. It doesn't do that today, but you 650 00:24:17,855 --> 00:24:18,972 certainly understand our vision. 651 00:24:20,344 --> 00:24:21,543 Yeah. I can see the writing on the 652 00:24:21,543 --> 00:24:22,821 wall. It's definitely where you're going with that. 653 00:24:23,061 --> 00:24:24,440 And I think buying 654 00:24:24,819 --> 00:24:26,098 acquiring volume was 655 00:24:26,577 --> 00:24:28,016 something that I think a lot surprised a 656 00:24:28,016 --> 00:24:29,945 lot of people in the industry, but not 657 00:24:29,945 --> 00:24:31,931 me. It's... It made perfect sense based on 658 00:24:31,931 --> 00:24:34,075 what I know about your platform and how 659 00:24:34,075 --> 00:24:35,608 you work with clients that 660 00:24:36,141 --> 00:24:37,491 it's something you need to do. If you're 661 00:24:37,491 --> 00:24:39,103 really going to be understanding 662 00:24:39,413 --> 00:24:41,796 how clients think and and looking at their 663 00:24:41,796 --> 00:24:43,861 overall, and we keep using holistic the buzz 664 00:24:43,861 --> 00:24:46,324 word, but that's an aspect of saying, hey, 665 00:24:46,483 --> 00:24:48,644 We've see the need to be more holistic 666 00:24:48,644 --> 00:24:50,554 well we need to have a financial planning 667 00:24:50,554 --> 00:24:52,305 tool in house that we can control, we 668 00:24:52,305 --> 00:24:55,170 can deliver a bespoke experience that is only 669 00:24:55,170 --> 00:24:56,603 available on the asset mark platform. 670 00:24:57,653 --> 00:24:59,962 Yeah. I, you know, I I intentionally use 671 00:24:59,962 --> 00:25:01,896 the word that asset marks a wealth management 672 00:25:02,193 --> 00:25:02,693 platform. 673 00:25:03,308 --> 00:25:06,096 And we have evolved that over over the 674 00:25:06,096 --> 00:25:09,291 past 10:15 years, you know, by we have 675 00:25:09,291 --> 00:25:11,756 a very strong heritage in investment management, diligence, 676 00:25:12,073 --> 00:25:12,948 portfolio construction, 677 00:25:13,822 --> 00:25:16,948 but know, we have added lots of point 678 00:25:16,948 --> 00:25:20,299 solutions to help advisors with everything from, you 679 00:25:20,299 --> 00:25:21,916 know, tax management services, 680 00:25:22,309 --> 00:25:25,496 to cash management services to securities back lending 681 00:25:25,496 --> 00:25:28,524 programs and and now charitable getting programs. And 682 00:25:28,524 --> 00:25:30,451 as you mentioned to at the same time, 683 00:25:30,690 --> 00:25:32,522 advisor all you using more and more of 684 00:25:32,522 --> 00:25:35,866 our tools to develop plans, the the holy 685 00:25:35,866 --> 00:25:37,459 grail that we're driving to, of course, as 686 00:25:37,459 --> 00:25:39,541 you said is making this... Super easy for 687 00:25:39,541 --> 00:25:40,891 advisors because at the end of the day, 688 00:25:41,368 --> 00:25:43,988 from we're wanting to empower them for growth, 689 00:25:44,465 --> 00:25:46,053 make them be able to scale their business, 690 00:25:46,624 --> 00:25:48,300 And so we need to connect all of 691 00:25:48,300 --> 00:25:50,933 those point solutions to the plan. Right? You 692 00:25:50,933 --> 00:25:53,007 got the plan, now let's put that plan 693 00:25:53,007 --> 00:25:53,486 into action. 694 00:25:54,138 --> 00:25:55,809 And we gotta make that a little bit 695 00:25:55,809 --> 00:25:57,957 easier for advisors, and that is definitely a 696 00:25:57,957 --> 00:25:58,514 key objectives. 697 00:25:59,708 --> 00:26:00,583 Yeah. And you mentioned... 698 00:26:01,315 --> 00:26:02,434 I don't know wanna I wanna to re 699 00:26:02,434 --> 00:26:04,755 highlight that you talking about, the V tax 700 00:26:04,755 --> 00:26:06,194 capabilities. We had a demo, I think back 701 00:26:06,194 --> 00:26:06,595 in March. 702 00:26:07,315 --> 00:26:09,075 And we impressed with the with the the 703 00:26:09,075 --> 00:26:09,954 goals based planning. 704 00:26:10,449 --> 00:26:12,222 The cash flow analysis, 705 00:26:13,154 --> 00:26:15,143 you know, the net worth, you know, the 706 00:26:15,143 --> 00:26:17,744 the the the balance sheet capability capabilities. So 707 00:26:18,183 --> 00:26:20,439 I I see the being able to then 708 00:26:20,657 --> 00:26:21,934 in in the future, say, hey, now, I've 709 00:26:22,014 --> 00:26:23,929 I've got my charitable giving. Now, boom, open 710 00:26:23,929 --> 00:26:24,567 up a death account. 711 00:26:25,779 --> 00:26:27,617 Is gonna be hugely valuable to advisors. 712 00:26:28,176 --> 00:26:30,254 And on along those lines, you mentioned, as 713 00:26:30,254 --> 00:26:32,811 you say you reduced the grant process, the 714 00:26:32,811 --> 00:26:35,063 opening the the account, and getting the grants 715 00:26:35,063 --> 00:26:36,422 going from weeks to days. 716 00:26:37,540 --> 00:26:39,058 That's right. Instantaneously, 717 00:26:39,457 --> 00:26:42,029 anyone that was in that legacy solution They 718 00:26:42,029 --> 00:26:44,906 often experienced, you know, for a grant to 719 00:26:44,906 --> 00:26:47,623 happen, it might taken 3 weeks. We've taken 720 00:26:47,623 --> 00:26:49,141 that down to 2 to 3 days on 721 00:26:49,141 --> 00:26:51,391 average now. So you know, it just shows 722 00:26:51,391 --> 00:26:52,609 the power of technology, 723 00:26:53,226 --> 00:26:54,342 a technology brings. 724 00:26:55,060 --> 00:26:56,256 It's probably not gonna, 725 00:26:57,372 --> 00:26:59,526 shock your your audience here. 726 00:27:00,497 --> 00:27:02,806 But for advisors, I mean, the delight that 727 00:27:02,806 --> 00:27:05,832 brings to them to their clients. Right? That 728 00:27:05,832 --> 00:27:07,584 just makes them what, like, a hero in 729 00:27:07,584 --> 00:27:08,381 front of their clients. 730 00:27:09,112 --> 00:27:10,386 It's it's really powerful tool. 731 00:27:12,138 --> 00:27:13,970 Indeed, and it's also gonna increase the number 732 00:27:13,970 --> 00:27:14,470 of, 733 00:27:15,006 --> 00:27:16,758 da that are open. Once it becomes easier? 734 00:27:17,729 --> 00:27:19,323 Why it open. Know if... If it's... It's 735 00:27:19,323 --> 00:27:20,758 not... No brand doesn't take a long time. 736 00:27:20,837 --> 00:27:23,069 It's all electronic, no paperwork required. 737 00:27:23,786 --> 00:27:25,595 I would expect to see AAA 738 00:27:25,714 --> 00:27:27,620 spike in number of deaths that get opened 739 00:27:27,620 --> 00:27:29,924 from Ass mark clients by Mark advisors? 740 00:27:31,115 --> 00:27:33,578 Yes. We're already seeing increased activity and it's 741 00:27:33,578 --> 00:27:36,140 only been a matter of weeks. It's you 742 00:27:36,140 --> 00:27:38,619 know, people think of, charitable getting is sort 743 00:27:38,619 --> 00:27:39,119 of 744 00:27:40,299 --> 00:27:41,579 into the year exercise. 745 00:27:43,432 --> 00:27:45,583 Again, as I think about it, is the 746 00:27:45,583 --> 00:27:47,495 thing about donor advice fund is we're always, 747 00:27:47,575 --> 00:27:49,647 we're getting throughout the year. Right? 748 00:27:50,379 --> 00:27:53,013 And so it it actually is is is 749 00:27:53,332 --> 00:27:55,247 there is an element of into the year 750 00:27:55,247 --> 00:27:57,162 planning. I do agree with that there is 751 00:27:57,162 --> 00:27:57,960 some seasonality. 752 00:27:58,454 --> 00:28:00,366 But what we actually see is that this 753 00:28:00,366 --> 00:28:01,481 is a much more... 754 00:28:02,436 --> 00:28:04,667 We are teaching people to better opt... Use 755 00:28:04,667 --> 00:28:07,056 a da to better optimize their charitable giving. 756 00:28:07,949 --> 00:28:10,985 In terms of their planning. Their overall financial 757 00:28:10,985 --> 00:28:13,462 planning and their their life. And what that's 758 00:28:13,462 --> 00:28:15,400 doing is is actually, creating 759 00:28:15,953 --> 00:28:17,948 activity throughout the year not just in that 760 00:28:17,948 --> 00:28:18,905 q 4 of time period. 761 00:28:20,421 --> 00:28:21,480 Is there any 762 00:28:21,857 --> 00:28:22,735 connection or any... 763 00:28:23,470 --> 00:28:23,789 Planned, 764 00:28:24,509 --> 00:28:24,750 future, 765 00:28:25,470 --> 00:28:27,230 deployment with the 766 00:28:27,950 --> 00:28:30,529 family office giving program that Tiff 767 00:28:30,923 --> 00:28:33,555 acquired called giving place back in February which 768 00:28:33,555 --> 00:28:36,188 was a solution for family offices and and 769 00:28:36,188 --> 00:28:38,580 private foundations. Is that something that that uc 770 00:28:38,580 --> 00:28:40,016 see asset mark getting involved with? 771 00:28:41,148 --> 00:28:42,344 You know, they they 772 00:28:42,903 --> 00:28:43,301 Tiff, 773 00:28:44,099 --> 00:28:45,933 the the give program and they work with 774 00:28:46,093 --> 00:28:48,884 Clearing is the actual foundation that that they're 775 00:28:48,884 --> 00:28:50,501 they're sort of the Saas and then 776 00:28:51,050 --> 00:28:53,512 they have the actual charitable foundation itself. 777 00:28:54,544 --> 00:28:56,687 They they support more than donor advice funds, 778 00:28:56,846 --> 00:28:58,355 and we have talked to them about the 779 00:28:58,355 --> 00:28:59,490 other types of 780 00:28:59,878 --> 00:29:00,117 of, 781 00:29:01,549 --> 00:29:03,776 clients that they... And and solutions that they 782 00:29:03,776 --> 00:29:06,900 can bring. Certainly, they can bring true private 783 00:29:07,037 --> 00:29:07,934 foundational services 784 00:29:08,484 --> 00:29:11,205 and democrat that to clients, 785 00:29:12,164 --> 00:29:14,724 think they also provide charitable lead trust, 786 00:29:15,684 --> 00:29:18,096 charitable gift annuities, So there are a host 787 00:29:18,096 --> 00:29:20,350 of other things under that realm of 788 00:29:21,525 --> 00:29:22,344 in charitable 789 00:29:22,721 --> 00:29:23,598 that they support. 790 00:29:24,395 --> 00:29:26,724 We just focused on the donor advice. Piece 791 00:29:26,724 --> 00:29:27,525 for for, 792 00:29:28,085 --> 00:29:30,565 the the first year, but we will probably 793 00:29:30,565 --> 00:29:32,404 continue to have conversations with them as an 794 00:29:32,404 --> 00:29:34,244 as our client needs continue to evolve. 795 00:29:36,098 --> 00:29:38,483 It's all technology. Just making everything easier and 796 00:29:38,483 --> 00:29:40,731 easier and giving people more and more 797 00:29:41,264 --> 00:29:43,251 capabilities to deploy their assets. 798 00:29:43,744 --> 00:29:46,376 In the way they see fit and without 799 00:29:46,376 --> 00:29:47,333 requiring a lot of headache. 800 00:29:49,247 --> 00:29:52,199 It's... Yeah. It's trying to build this, you 801 00:29:52,199 --> 00:29:53,336 know, for a 802 00:29:53,649 --> 00:29:55,478 subset it in your population. It's just really 803 00:29:55,478 --> 00:29:57,704 hard to do that. And I think it's 804 00:29:57,704 --> 00:29:58,682 important for firms 805 00:30:00,010 --> 00:30:02,078 to really just be honest with themselves sometimes 806 00:30:02,078 --> 00:30:02,873 about what they're good at. 807 00:30:03,684 --> 00:30:05,762 And, you know, and then partner more in 808 00:30:05,762 --> 00:30:07,760 the industry. I mean, as, Mark, we are 809 00:30:07,760 --> 00:30:10,557 open architecture in terms of our custody services, 810 00:30:10,717 --> 00:30:12,315 we have a custodian in the open architecture 811 00:30:12,315 --> 00:30:12,875 and custody. 812 00:30:13,368 --> 00:30:15,117 We're open architecture on the investments. 813 00:30:15,673 --> 00:30:18,057 We have many wealth solutions that we offer 814 00:30:18,057 --> 00:30:20,521 to to to clients to today into platform. 815 00:30:20,934 --> 00:30:23,088 That are white labeled solutions with third party 816 00:30:23,088 --> 00:30:26,039 tech providers today. So, you know, just knowing 817 00:30:26,039 --> 00:30:27,714 what we're trying to do, We we know 818 00:30:27,714 --> 00:30:30,027 who we are. We're trying to empower advisors 819 00:30:30,027 --> 00:30:33,093 to grow. And better serve their clients. It 820 00:30:33,230 --> 00:30:34,984 sometimes that means that we should just partner 821 00:30:34,984 --> 00:30:36,578 with people rather than build solutions then this 822 00:30:36,578 --> 00:30:38,092 is definitely 1 of those cases. 823 00:30:40,900 --> 00:30:43,853 It's a great goal, David, and wish all 824 00:30:43,853 --> 00:30:45,449 the best luck. I think we are out 825 00:30:45,449 --> 00:30:46,008 of time. 826 00:30:46,886 --> 00:30:49,786 Please, tell everyone where they can find more 827 00:30:49,842 --> 00:30:50,954 information about asset mark. 828 00:30:51,906 --> 00:30:54,130 Yep. So easiest place to start out is 829 00:30:54,130 --> 00:30:56,531 at asset mark dot com. And I would 830 00:30:56,531 --> 00:30:58,125 just encourage you to go there, find out 831 00:30:58,125 --> 00:30:59,183 a lot about 832 00:31:00,038 --> 00:31:02,110 how to work with the platform meeting an 833 00:31:02,110 --> 00:31:03,226 adviser with the platform. 834 00:31:04,038 --> 00:31:05,314 And then also just figure out all the 835 00:31:05,314 --> 00:31:07,706 different services that we provide there. Thanks for 836 00:31:07,706 --> 00:31:10,178 having me today. I really appreciate it. David, 837 00:31:10,337 --> 00:31:11,613 Thanks for being here. 838 00:31:13,934 --> 00:31:15,838 Hey, it's Greg again. Here are my top 839 00:31:15,838 --> 00:31:19,116 3 takeaways from this episode with David Mc. 840 00:31:20,124 --> 00:31:20,600 As you heard. 841 00:31:21,489 --> 00:31:25,334 S mark has acquired software from Tiff Give 842 00:31:25,392 --> 00:31:28,020 to run their toner advice fund program as 843 00:31:28,020 --> 00:31:31,483 a white label solution inside their e wealth 844 00:31:31,541 --> 00:31:32,657 manager platform. 845 00:31:33,614 --> 00:31:36,485 Donor advise funds are growing tremendously having their 846 00:31:36,485 --> 00:31:38,080 asset tripled since 2008, 847 00:31:38,399 --> 00:31:39,616 Now over 2000000 848 00:31:39,929 --> 00:31:41,309 donor advised funds 849 00:31:41,609 --> 00:31:42,410 accounts in the Us. 850 00:31:43,450 --> 00:31:46,009 They chose the Tiff give platform because of 851 00:31:46,009 --> 00:31:49,061 its feature functionality, such as automation, scale, and 852 00:31:49,061 --> 00:31:50,173 lower investment minimums. 853 00:31:51,205 --> 00:31:52,000 1 interesting point, 854 00:31:52,714 --> 00:31:55,653 I've heard about the complexities of opening donor 855 00:31:55,653 --> 00:31:58,371 advised fund accounts and according to David, they 856 00:31:58,371 --> 00:32:00,280 have reduced them amount of time required from 857 00:32:00,280 --> 00:32:02,507 weeks to just days. That should be a 858 00:32:02,507 --> 00:32:05,053 big boo for advisors and their clients. 859 00:32:06,263 --> 00:32:08,496 And the the platform out the software is 860 00:32:08,496 --> 00:32:11,128 being integrated into the Ew wealth manager platform 861 00:32:11,128 --> 00:32:13,441 white labeled, there's gonna be Apis that enabled 862 00:32:13,441 --> 00:32:16,807 data sharing, consolidated reporting. And on their road 863 00:32:16,807 --> 00:32:18,642 map, not available now, but available in the 864 00:32:18,642 --> 00:32:21,834 future, they're gonna be integrating this da solution 865 00:32:21,834 --> 00:32:23,371 with their v 866 00:32:24,001 --> 00:32:24,953 financial planning software. 867 00:32:25,430 --> 00:32:27,970 So it'll be 1 great seamless experience end 868 00:32:27,970 --> 00:32:29,819 to end, you can do a financial plan 869 00:32:29,954 --> 00:32:31,542 with your clients and part of that plan 870 00:32:31,542 --> 00:32:34,025 might be a goal of Charitable giving, and 871 00:32:34,025 --> 00:32:35,620 then I'm imagine can just click a button, 872 00:32:36,019 --> 00:32:37,614 and open up a donor advise fund through 873 00:32:37,614 --> 00:32:40,086 the Tiff give platform that the assets will 874 00:32:40,086 --> 00:32:42,320 then be managed by Ass mark. 875 00:32:42,972 --> 00:32:43,610 A great 876 00:32:44,088 --> 00:32:46,478 vision and a solution which we're looking forward 877 00:32:46,478 --> 00:32:47,036 to seeing. 878 00:32:47,912 --> 00:32:49,346 And that's it you made it to the 879 00:32:49,346 --> 00:32:51,418 end of the episode of the Wealth Tech 880 00:32:51,418 --> 00:32:52,215 today podcast. 881 00:32:52,628 --> 00:32:54,535 Thanks listing. But before you go, head over 882 00:32:54,535 --> 00:32:57,078 to our website. S dot com. Scroll to 883 00:32:57,078 --> 00:32:58,906 the bottom of the homepage and sign up 884 00:32:58,906 --> 00:33:01,154 for our newsletter. Once a month, you receive 885 00:33:01,154 --> 00:33:03,234 an email. Chuck for the Wealth management goodness, 886 00:33:03,555 --> 00:33:06,755 news information, maybe some summer planning tips for 887 00:33:06,755 --> 00:33:08,194 vacations. You never know might be snuck in 888 00:33:08,194 --> 00:33:11,080 there. You will not be disappointed. Thanks again 889 00:33:11,080 --> 00:33:13,313 listening and talk to you all again next 890 00:33:13,313 --> 00:33:13,472 time.