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Come on and sit back and relax. We

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listen to Episode 248

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of the Wealth tech today podcast.

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I'm your host, Greg It's Founder of Ezra

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Group consulting. And this podcast features interviews news

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and analysis on the trends of best practices,

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all around wealth management technology.

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And this is our news roundup for July,

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we've got a jam packed show for you.

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In this episode of, news. We're going deeper

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rather than broader. So fewer stories, but a

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lot more detail, a lot more to analysis

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on those stories. So only 3 stories this

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month. 1,

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invest not going private,

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2,

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Orion breaking off their eclipse rebalance as a

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standalone application.

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3, Nitrogen goes back to basics with A99

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dollar risk wise,

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and then finally, of course, the adviser tech

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map and integration scores.

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But before we get started, A few quick

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housekeeping items that we always do before the

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interview,

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please subscribe to the show... Ever you listen

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to podcasts. So you don't miss an episode.

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Check out

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invest in others of Or g. That's the

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invest in others charitable

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foundation. They do a lot of good work

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in our industry, raising money to donate to

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charities that are, either run by or helped

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by financial advisors.

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Alright. First story of the day

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is a big 1. En is going private.

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En announced, they are being taken private,

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being acquired by a consortium,

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led by Bain Capital and reverence capital.

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What promises be a seismic take private deal

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according to investment news,

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According to the press release,

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the valuation of the company's is 4500000000.0,

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they're offering 63 dollars and 15 cents a

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share.

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And reference Capital and May capital, and the

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strategic partners who were also in on the

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deal include a who's who in the asset

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management business, Black rock.

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Fidelity,

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Franklin Temple,

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and State Street. So that's quite the the

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rundown. So... If I'm sure, I'm sure Everyone

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with systems podcast knows who invest is. But

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in case you don't,

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with the largest players in the Wealth Techs

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and tam space.

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Over 6000000000000 in assets under advise and management,

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20000000 accounts, hundred thousand advisors,

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17 to the top

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something the largest Us banks, 40 of the

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50 largest wealth management and Brokerage company. So

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a huge deal, big announcement, and joining me

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to discuss the implications of this deal is

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longtime

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industry consultant and partner at Ic Strategies, Felix

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Rivera, Felix. How doing, man. Hey. Not bad.

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How's it going, Greg? Excellent. Thanks for getting

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up early in the morning here to talk

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about this deal. So, I just gave the

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the rundown, which you knew, of course.

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What are your thoughts, So let's start with

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the financing and the and the and the

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strategic partners?

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I I think it's kinda interesting some of

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the... Strategic partners that are involved in this

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deal

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because, several of them had in some way

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or another, some interest in

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either acquiring investment or buying segments of en.

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So

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it's interesting how this deal structured in that,

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at least 3 of the 4 main

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investor cited that a part of the deal

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have some vested in interest in en, meaning

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either

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they were interested at some point and looking

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at the platform and acquiring them or there

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are segments of the en net business that

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they would like to take on.

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Black rock had had invested a hundred and

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23000000 dollars a while back. And a much

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higher valuation. So they... They've been... They've been

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under underwater for a while.

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Yeah. I think I think the Black white

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1 is more of an investment a strategic

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investment for Black black to protect its assets

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that are on that platform because

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Black rock obviously with that initial investment,

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when that stock, the last November hit 36

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dollars. I I thought Black rock would be

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in there kinda trying to strip. Direct the

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deal. If they were really interested in buying

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the Whole platform.

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When they didn't do that then,

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considering they were under water and that initial

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investment, like it it just kinda at least

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from my perspective kind of

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kinda signaled that they weren't the the with

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the bidding. They weren't the ones so we're

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looking to really...

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Interested in buying En net or wiring en

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net. But it... So so to me there,

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the more a strategic investment on Black rocks

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behalf,

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Remember what year that was?

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I believe that was

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3 and a half years ago. I think

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it was a... Maybe you know what? It

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was... It was right around the pandemic. Maybe

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was it was 20 18.

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Wow. Has it club? I was on guess

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the same thing with 20 20. But no.

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So.

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6 years, almost 6 years. You know what's

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funny? It's it's ironically, because I think about

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it and it's like I was looking at...

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Some of the news pressing, some of the

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clipping that came out on this deal. And

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when it pointed out that Judd had passed

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away in 19.

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Mh.

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This doesn't seem like 5 years since he

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passed, but, I guess, he be flying by

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something... It's it's it's it's horrible. I, he

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was an incredible human being and but

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Not Him to to realize like that was

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just such a shock.

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What's interesting. So there's there's article in, 1

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of my favorite publications R biz. From 20

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18 about the Black rock investment. And it

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says the 6000000000000 dollar New york mega manager

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buys 5 percent thing. Oh they're talking about

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Black rocket at 6000000000000. Okay. Although they're saying

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invest at 6000000000000. Like, it couldn't be 6000000000000

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then there's 6000000000000 now.

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Right. Black rocket at 6000000000000. So investment had

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2000000000020

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18. So they've tripled

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their assets under advise in the last 6

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years.

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Mh. Yes. Pretty just pretty big growth. I

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didn't realize that there was it was that

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that much growth since then.

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Yeah. No. They found substantial growth. The problem

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is, you know, obviously,

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publicly traded company pressures from shareholders

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to... And, you know, like, even when it

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went public, had been on a run, but

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the company was growing at, like, 40, 50,

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60 percent a year. Mh. Continuously for 4

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to 5 to 6, to 7, 8 years

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later,

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Ko public

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still has significant growth rate. But the street

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really punished to start punishing the stock because

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it wasn't seen 20 plus percent growth rate.

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Even though they dominated the market sharing, and

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really,

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it was once Judd passed, kinda trying to

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understand what the strategy was.

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To where the growth was gonna come from,

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that wasn't very clear to the street. And

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as a result, the shareholders

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started to get impatient and Wall Street in

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general started getting patient. And unfortunately,

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private was the only real option for En.

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At least, if you're looking at a very

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viable company that dominates the market in its

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particular space

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has an ecosystem that is pretty much second

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on on the industry level.

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And has a rich clientele tell There's pretty

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much broad brush across the R and broker

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dealer space in the independent space. Mh. So

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it's kind of an interesting situation that we

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you we kind find ourselves standing with this

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company going now from a public company to

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a private company, but I think, you know,

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obviously, the prospects looks really

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interesting for investment down the road, depending on,

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you know, what the capital commitment is

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and what the strategic vision is going forward.

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Where you think of Fidelity being part of

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this deal?

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I think, you know, Fidelity is very interesting

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in that Boston based firm,

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like Bain Capital

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like Ta and associates.

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So, you know,

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obviously, they've been about the... You know, they

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get involved in a lot of deals with

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these Pe firms.

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What's interesting about the Fidelity side of it

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is

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Fidelity core wealth management platform

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is F max and F max

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at the end of the day is really

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a white label version of investment name. Which

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just announced recently of of an extension of

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their

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strategic partnership with investment for F max. Yeah.

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Yeah. So, you know, that all bode well

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for, obviously for Bain and those that invest

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in are taking investment

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private, but

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I think it it kinda raises the question,

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you know, down the road, what does it

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mean for en at a year from now?

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How does it look? How it different? And

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I think that will be interesting to watch?

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Because, obviously,

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we know what Fidelity typically does.

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When they go out and purchase someone if

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they do.

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And

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most notably,

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the the acquisition that they made that really

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kinda shows you what their strategy is is

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when they purchased emo money.

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And, basically, emo money went from a brand

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that was really building a lot of momentum

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in the financial planning space and as a

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terrific Ui for client facing.

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An adviser facing

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solution.

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And once

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Fidelity bought emo money, you basically hardly hear

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emo money anymore. They've embedded money is the

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core it's part of their pork platform.

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And I guess the feeling is is if

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if down the road, they were to actually

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getting the business of taking on En nets

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platform. It's somewhere down the road.

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That would be an interesting

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you know, to take on that piece of

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biz. I I kinda struggle with them taking

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over that the the the core legacy platform

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only because

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the clientele tell the on, and obviously, they're

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being a clearing firm as well.

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You know, it could it it would be

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very disruptive at the industry level. So that's...

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That one's gonna be interesting to watch.

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And that's a little known fact that Fidelity

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drives a lot of business to invest in

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it through their white label

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partnership, which they've they've had for 20 years

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at least.

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Yeah. Yeah. Fidelity was pretty much investments for

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it to really pick wine.

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And

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en

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was able to get

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unprecedented

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integration with fidelity at the start. And that

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created for such seamless

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equal,

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experience

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to their platform that

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it was unrivaled in the industry for a

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long time.

273
00:10:28,134 --> 00:10:30,281
And now now when you look around that

274
00:10:30,281 --> 00:10:31,554
type of integrations is going on,

275
00:10:32,364 --> 00:10:33,882
with some of the other custodian.

276
00:10:34,601 --> 00:10:36,439
And I think it's... At the end of

277
00:10:36,439 --> 00:10:37,258
day, what

278
00:10:37,957 --> 00:10:40,607
world is striving for. On the per side

279
00:10:40,607 --> 00:10:42,602
where they're gonna have a super tight integration

280
00:10:42,602 --> 00:10:45,316
obviously with purging. Mh. But the goal is

281
00:10:45,316 --> 00:10:47,811
to also have that level of integration with

282
00:10:48,365 --> 00:10:49,264
with fidelity

283
00:10:49,565 --> 00:10:52,684
and trial before that remains to be... Actually

284
00:10:52,684 --> 00:10:54,044
gotta come to fruition. Well what's a hold

285
00:10:54,044 --> 00:10:55,779
on there. So you mentioned Whoa. So let's

286
00:10:55,978 --> 00:10:57,966
So like, that is a good segue into

287
00:10:57,966 --> 00:10:58,284
competitors.

288
00:10:58,840 --> 00:11:00,612
So how does this deal

289
00:11:01,066 --> 00:11:04,110
affect en nets market position, their competitors

290
00:11:04,484 --> 00:11:04,984
like

291
00:11:05,695 --> 00:11:06,575
move like,

292
00:11:07,455 --> 00:11:10,014
invest cloud Ap like V mark on the

293
00:11:10,014 --> 00:11:12,835
enterprise side, or on the Ra side, like

294
00:11:13,134 --> 00:11:13,535
Orion,

295
00:11:14,426 --> 00:11:15,164
black Diamond

296
00:11:15,618 --> 00:11:16,493
advise on and others.

297
00:11:17,924 --> 00:11:18,719
Well, I think

298
00:11:19,593 --> 00:11:20,785
I think it it... You have to kind

299
00:11:20,785 --> 00:11:23,273
of segment that audience and understand a different

300
00:11:23,504 --> 00:11:26,374
core components that or different markets that they

301
00:11:26,374 --> 00:11:29,346
operate against en or compete with en. So

302
00:11:29,643 --> 00:11:31,078
when I think a like on Orion, I

303
00:11:31,078 --> 00:11:32,090
don't think Orion ever

304
00:11:32,608 --> 00:11:35,559
competed with en at the enterprise level. But

305
00:11:35,719 --> 00:11:36,915
I think they've done a nice job in

306
00:11:36,915 --> 00:11:37,792
the R side.

307
00:11:38,670 --> 00:11:40,504
Obviously, they they've they got... Kinda they're 1

308
00:11:40,504 --> 00:11:41,541
of the market leaders there.

309
00:11:42,194 --> 00:11:44,190
But when I look at who who were

310
00:11:44,190 --> 00:11:46,287
the 2 main competitors for the small R

311
00:11:46,345 --> 00:11:48,421
space, I really see Ryan and I see

312
00:11:48,501 --> 00:11:48,980
Tamara.

313
00:11:49,538 --> 00:11:51,316
And I think Tamara has a

314
00:11:51,710 --> 00:11:53,250
and really compelling platform.

315
00:11:53,710 --> 00:11:55,950
I think to complete very well against Orion.

316
00:11:56,589 --> 00:11:58,190
I think some of the enhancements that were

317
00:11:58,190 --> 00:12:00,509
made with Tamara, some of the integration with

318
00:12:00,509 --> 00:12:02,038
the legacy investment platform,

319
00:12:02,912 --> 00:12:05,139
make it really interesting down the road.

320
00:12:06,411 --> 00:12:08,637
If you were thinking about a piece that

321
00:12:08,637 --> 00:12:10,250
you might wanna sell off

322
00:12:11,038 --> 00:12:13,032
because you might have some redundant pieces.

323
00:12:13,671 --> 00:12:15,664
Tamara might be that piece sell off from

324
00:12:15,664 --> 00:12:17,898
the en deal. Hey, Don't jump. We're talking

325
00:12:17,898 --> 00:12:19,254
about competitors. We have... I get the breakup

326
00:12:19,254 --> 00:12:19,754
up

327
00:12:20,131 --> 00:12:21,736
conversation next. Don't when we look get it.

328
00:12:21,894 --> 00:12:23,006
I know you're anxious to get to the

329
00:12:23,006 --> 00:12:25,624
breakup or keep it at breaking up, conversation.

330
00:12:26,180 --> 00:12:27,767
Oh, looks like just let's not get through

331
00:12:27,767 --> 00:12:30,247
it. Talk about market position. What what does

332
00:12:30,247 --> 00:12:31,226
this impact

333
00:12:31,604 --> 00:12:33,200
any use of other companies at all? So

334
00:12:33,200 --> 00:12:34,976
they'd be afraid? They'd be happy

335
00:12:35,354 --> 00:12:36,791
or no or does it?

336
00:12:37,444 --> 00:12:39,196
I think you know what? I think Orion

337
00:12:39,196 --> 00:12:41,108
get a lot of competition from Tamara, and

338
00:12:41,188 --> 00:12:43,600
I think that that will remain, especially within

339
00:12:43,977 --> 00:12:45,729
the integration they've done to bring in the

340
00:12:45,729 --> 00:12:48,398
third party managers that are offered through Pm

341
00:12:49,097 --> 00:12:50,935
into the Tamara platform. That was the, like,

342
00:12:51,254 --> 00:12:53,412
the 1 missing piece tamara Had and now

343
00:12:53,412 --> 00:12:54,930
they have and now they could compete up

344
00:12:54,930 --> 00:12:56,878
with that. So I think that will remain

345
00:12:57,014 --> 00:12:59,479
competition remain fierce. You're talking about the the

346
00:12:59,479 --> 00:13:02,102
the investments we're integrating the ability for giving

347
00:13:02,102 --> 00:13:04,646
the ability for Tamara clients to access their

348
00:13:04,646 --> 00:13:05,718
match major marketplace,

349
00:13:06,333 --> 00:13:06,493
build

350
00:13:07,210 --> 00:13:09,201
Sma, and which is what in that manager

351
00:13:09,201 --> 00:13:11,352
marketplace has also been sort of a hidden

352
00:13:11,352 --> 00:13:11,852
gen

353
00:13:12,163 --> 00:13:14,622
in the en net ecosystem and that a

354
00:13:14,622 --> 00:13:16,154
lot of larger broker dealers

355
00:13:16,765 --> 00:13:18,510
love that ability because,

356
00:13:19,224 --> 00:13:20,359
it gives them

357
00:13:21,309 --> 00:13:23,790
a way to bring on advisors some other

358
00:13:23,790 --> 00:13:26,190
firms but without having to re re repay

359
00:13:26,190 --> 00:13:28,269
their accounts or move an out of the

360
00:13:28,350 --> 00:13:30,461
Sma that they might be in going especially

361
00:13:30,755 --> 00:13:34,115
advisors. So they're huge month manager marketplace with

362
00:13:34,251 --> 00:13:36,101
hunt, I think, 400 or 500 managers,

363
00:13:37,047 --> 00:13:38,501
in many many thousands of strategies

364
00:13:38,955 --> 00:13:41,103
is just as huge benefit for them on

365
00:13:41,103 --> 00:13:43,568
the enterprise side. Yeah. I think that's a

366
00:13:43,568 --> 00:13:46,053
massive and massive. Now As as it relates

367
00:13:46,053 --> 00:13:48,131
to the best mark... Best mark has had

368
00:13:48,131 --> 00:13:49,830
a hard time competing with En

369
00:13:50,529 --> 00:13:53,006
because while Best mark Best mark application is

370
00:13:53,006 --> 00:13:54,939
really more geared toward the asset management my

371
00:13:54,939 --> 00:13:55,338
community,

372
00:13:55,817 --> 00:13:57,333
the way it is today. It's not as

373
00:13:57,333 --> 00:13:59,488
user friendly on the adviser side. And they

374
00:13:59,488 --> 00:14:00,547
they don't really have

375
00:14:00,925 --> 00:14:02,701
real... It's not a a comprehensive

376
00:14:03,651 --> 00:14:05,084
platform port advisors she use.

377
00:14:05,880 --> 00:14:08,108
So... And it doesn't offer the full array

378
00:14:08,108 --> 00:14:11,308
of wealth offering and services that the best

379
00:14:11,308 --> 00:14:13,382
that platform can. So I don't need to

380
00:14:13,382 --> 00:14:15,216
see them competing there. I think that'll remain

381
00:14:15,216 --> 00:14:17,370
status quo. I think they're continue, you know,

382
00:14:17,449 --> 00:14:19,763
west continue to go after that Ap business

383
00:14:19,763 --> 00:14:20,241
and that

384
00:14:20,974 --> 00:14:24,247
asset management type business and Invest continue to

385
00:14:24,247 --> 00:14:26,664
cater to the enterprise the larger Bd

386
00:14:27,361 --> 00:14:29,437
and the largest R in the market as

387
00:14:29,437 --> 00:14:30,315
well as banks.

388
00:14:31,765 --> 00:14:33,440
Iso assume it relates to, you know, some

389
00:14:33,440 --> 00:14:34,556
of the other competitors. I think a lot

390
00:14:34,556 --> 00:14:36,150
of the other competitors have all been falling

391
00:14:36,150 --> 00:14:38,143
in short, relative to invest that.

392
00:14:39,513 --> 00:14:41,027
Because of the fact that the offering is

393
00:14:41,027 --> 00:14:42,938
so broad, and it has so many services

394
00:14:42,938 --> 00:14:43,576
they can offer...

395
00:14:44,213 --> 00:14:45,727
I mean, when you go to invest in

396
00:14:45,727 --> 00:14:47,320
that today, it's pretty much you're getting an

397
00:14:47,399 --> 00:14:48,196
A la carte menu.

398
00:14:48,769 --> 00:14:52,115
And you're basically creating your own wealth experience

399
00:14:52,115 --> 00:14:53,788
and you're just picking which services you want.

400
00:14:54,346 --> 00:14:56,019
And they're the only platform on the street

401
00:14:56,019 --> 00:14:57,851
that you can really make that claim for.

402
00:14:58,503 --> 00:14:59,774
Where they can offer for the broad array

403
00:14:59,774 --> 00:15:01,681
of services. There's really no 1 out there.

404
00:15:02,079 --> 00:15:04,940
That offers the breadth of services that investment

405
00:15:04,940 --> 00:15:06,608
destiny. Yeah. And you and I partnered on

406
00:15:06,608 --> 00:15:07,220
some deals

407
00:15:07,816 --> 00:15:09,725
especially this... 1 that was announced, this is

408
00:15:09,725 --> 00:15:11,157
not a secret. It was announced last year

409
00:15:11,157 --> 00:15:13,782
that first command based in Fort worth, Texas,

410
00:15:14,498 --> 00:15:15,953
40000000000 dollar broker dealer

411
00:15:16,264 --> 00:15:18,337
is moving on to the investment platform and

412
00:15:18,337 --> 00:15:20,570
we're we're helping that. We're spear heading that

413
00:15:21,208 --> 00:15:23,521
that project. And and there really wasn't any

414
00:15:23,521 --> 00:15:25,116
other vendor that they were looking at.

415
00:15:25,928 --> 00:15:27,519
At the time. That that could handle that

416
00:15:27,519 --> 00:15:29,509
as you mentioned, the scale and breadth and

417
00:15:29,509 --> 00:15:32,693
depth of not only the platform, but the

418
00:15:32,693 --> 00:15:33,193
outsourced

419
00:15:33,823 --> 00:15:36,239
capabilities to run it as well

420
00:15:36,617 --> 00:15:37,335
besides investment.

421
00:15:38,293 --> 00:15:39,970
That's that's correct. I mean, at the end

422
00:15:39,970 --> 00:15:41,986
of the day, everybody else is still falling

423
00:15:42,539 --> 00:15:43,417
short. And,

424
00:15:43,896 --> 00:15:45,732
unfortunately, that's kinda like where we refine ourselves

425
00:15:45,732 --> 00:15:48,605
at the industry level and En has the

426
00:15:48,605 --> 00:15:50,441
most complete solution in the marketplace.

427
00:15:51,732 --> 00:15:53,720
Orion been trying for years. I know Tn

428
00:15:53,720 --> 00:15:55,709
and Associates has made a big investment into

429
00:15:55,947 --> 00:15:56,106
Orion.

430
00:15:56,981 --> 00:15:59,447
They have made up some ground.

431
00:16:00,178 --> 00:16:02,110
The problem they've had is getting

432
00:16:02,486 --> 00:16:04,634
enterprises to take a chance on adopting them.

433
00:16:05,669 --> 00:16:07,499
Until they get a couple of enterprises to

434
00:16:07,499 --> 00:16:09,113
really adopt them and kinda

435
00:16:09,424 --> 00:16:11,579
take on their new version of Orion. I

436
00:16:11,739 --> 00:16:14,134
I don't think they're gaining any traction in

437
00:16:14,134 --> 00:16:16,369
the marketplace other than they continue to get

438
00:16:16,369 --> 00:16:18,779
the smaller R, which they've always had. So...

439
00:16:19,097 --> 00:16:20,691
They've got some larger R and also their

440
00:16:20,850 --> 00:16:22,523
R that they have are growing.

441
00:16:23,160 --> 00:16:26,029
So firms like private advisor group, started with

442
00:16:26,029 --> 00:16:27,702
invest. Started with a sorry, Orion,

443
00:16:28,354 --> 00:16:30,185
when they were 4000000000, I think, 4 years

444
00:16:30,185 --> 00:16:32,015
ago. And now they're at 8000000000, well, maybe

445
00:16:32,015 --> 00:16:33,073
9000000000. So

446
00:16:33,528 --> 00:16:35,438
now they've they're... They they do have experience

447
00:16:35,438 --> 00:16:37,125
now with clients that getting close to the

448
00:16:37,125 --> 00:16:39,193
10000000000, you know, plateau and above.

449
00:16:39,989 --> 00:16:41,102
And I I know they work with a

450
00:16:41,102 --> 00:16:41,659
number of other,

451
00:16:42,694 --> 00:16:43,171
large

452
00:16:43,808 --> 00:16:46,760
nationwide R. So their their experience in the

453
00:16:46,760 --> 00:16:48,583
enterprise space is growing, but it's a it's

454
00:16:48,583 --> 00:16:49,454
a different business,

455
00:16:50,009 --> 00:16:50,563
a different

456
00:16:51,197 --> 00:16:52,490
issue to

457
00:16:52,798 --> 00:16:55,291
help firm growth from 4 to 10

458
00:16:56,066 --> 00:16:57,920
as opposed to converting

459
00:16:58,536 --> 00:17:01,424
a 10000000000 dollar client. 20000000000 dollar client,

460
00:17:02,544 --> 00:17:04,144
from 1 vendor to another, that's a very

461
00:17:04,144 --> 00:17:05,744
different experience. Which is why firms hire us.

462
00:17:05,904 --> 00:17:06,304
Right? So,

463
00:17:07,105 --> 00:17:08,325
because it is so complicated

464
00:17:09,275 --> 00:17:11,207
and it's it's just it's not an easy

465
00:17:11,423 --> 00:17:12,935
lift to do. Alright. But let's let's scale

466
00:17:12,935 --> 00:17:14,765
if that's ways we talk with competitors. We

467
00:17:14,765 --> 00:17:15,719
talked about the financing.

468
00:17:16,197 --> 00:17:17,525
Now let's get to the meat

469
00:17:18,362 --> 00:17:20,356
run it as it is, Keep en. Keep

470
00:17:20,356 --> 00:17:21,712
it growing or break it up.

471
00:17:22,430 --> 00:17:25,062
What are your thoughts on on what the...

472
00:17:26,179 --> 00:17:26,896
These guys gonna do?

473
00:17:27,869 --> 00:17:29,627
You know, it's... I think it... Obviously, you

474
00:17:29,627 --> 00:17:31,305
can go 1 of the either 1 of

475
00:17:31,305 --> 00:17:32,264
those paths, but

476
00:17:33,223 --> 00:17:35,061
I'm inclined to think that there are pieces

477
00:17:35,061 --> 00:17:36,752
of this that you're gonna have to you're

478
00:17:36,752 --> 00:17:38,048
probably gonna wanna sell

479
00:17:38,504 --> 00:17:41,450
and then the... I think the core platform,

480
00:17:41,609 --> 00:17:44,157
the legacy platform. I think that'll remain intact.

481
00:17:44,968 --> 00:17:46,876
Or you package it and sell it somewhere

482
00:17:46,876 --> 00:17:47,672
down the road. But,

483
00:17:49,580 --> 00:17:51,329
initially, I I think they, you know, obviously,

484
00:17:51,488 --> 00:17:52,999
the way it's being positioned and it's gonna

485
00:17:52,999 --> 00:17:55,162
be posture. It's gonna be that you know,

486
00:17:55,559 --> 00:17:57,571
they're gonna come in. They're gonna help managing

487
00:17:57,707 --> 00:17:59,776
and developing the strategy and they're gonna continue

488
00:17:59,776 --> 00:18:02,162
to run it, and it's, you know, to

489
00:18:02,162 --> 00:18:04,088
market. If it is dumb market leader or

490
00:18:04,088 --> 00:18:05,922
continue to be the market leader and nothing

491
00:18:05,922 --> 00:18:06,401
will change.

492
00:18:07,996 --> 00:18:09,591
But those of us that have been kinda

493
00:18:09,591 --> 00:18:10,070
watching,

494
00:18:10,867 --> 00:18:12,781
typically when Pe firms get involved.

495
00:18:13,992 --> 00:18:15,108
What typically happens,

496
00:18:15,825 --> 00:18:16,940
the deal will close at the end of

497
00:18:16,940 --> 00:18:17,339
the year.

498
00:18:18,295 --> 00:18:19,251
Then after that, I think,

499
00:18:19,968 --> 00:18:21,881
it's gonna be interesting. And again, this is

500
00:18:21,881 --> 00:18:23,369
why we were kind of going having that

501
00:18:23,489 --> 00:18:25,245
discussion about some of these strategic partners that

502
00:18:25,245 --> 00:18:27,580
are involved in this deal. Mh. And invested

503
00:18:27,639 --> 00:18:28,538
interest in

504
00:18:29,235 --> 00:18:30,831
the outcome down the road.

505
00:18:31,644 --> 00:18:32,760
So you... At the end of the day,

506
00:18:32,920 --> 00:18:34,673
we don't know what deals have struck behind

507
00:18:34,673 --> 00:18:35,072
the scenes.

508
00:18:35,789 --> 00:18:36,289
And

509
00:18:37,782 --> 00:18:39,457
obviously, we'll find out in the near future.

510
00:18:40,348 --> 00:18:42,598
But it kinda makes sense to me

511
00:18:43,371 --> 00:18:45,836
that at some point, if you really look

512
00:18:45,836 --> 00:18:46,075
at it,

513
00:18:47,684 --> 00:18:49,202
en is been really focused the last couple

514
00:18:49,202 --> 00:18:50,800
of years and doing a lot of integration

515
00:18:50,800 --> 00:18:53,676
work, with all these acquisitions they had made.

516
00:18:55,049 --> 00:18:56,882
Prior to 20 19.

517
00:18:58,157 --> 00:18:58,657
And

518
00:18:59,033 --> 00:19:01,127
some of that work has paid off, and

519
00:19:01,584 --> 00:19:02,562
I obviously this

520
00:19:02,874 --> 00:19:04,491
still work that needs to be done

521
00:19:05,426 --> 00:19:07,021
that and... They're still working through.

522
00:19:08,617 --> 00:19:09,117
So

523
00:19:09,494 --> 00:19:11,887
that's that's that's part of the story.

524
00:19:13,099 --> 00:19:14,377
But when you really look at it and

525
00:19:14,377 --> 00:19:16,215
you look at it, kinda like, where there

526
00:19:16,215 --> 00:19:17,573
are a lot of redundancy, you know, where

527
00:19:17,573 --> 00:19:20,723
there where there is redundancy. Yeah. The legacy

528
00:19:20,859 --> 00:19:23,882
platform supported all the audience is meaning the

529
00:19:23,882 --> 00:19:24,780
enterprise the B,

530
00:19:25,234 --> 00:19:26,189
the light and the small.

531
00:19:27,318 --> 00:19:27,558
What...

532
00:19:28,755 --> 00:19:30,351
When you think about Tamara rack and the

533
00:19:30,351 --> 00:19:32,266
reasons why you acquired Tamara, it was really

534
00:19:32,266 --> 00:19:34,101
because you were looking for a better solution.

535
00:19:34,833 --> 00:19:36,340
For the 8 Apm side of the business.

536
00:19:36,499 --> 00:19:37,372
So the advisor,

537
00:19:38,403 --> 00:19:40,649
management side of the business where the advisor

538
00:19:40,863 --> 00:19:42,608
discretion is managing the assets. Mh.

539
00:19:43,179 --> 00:19:45,252
Because they had a much more cleaner solution,

540
00:19:45,890 --> 00:19:48,544
more efficient a lot more streamlined

541
00:19:49,080 --> 00:19:51,552
than what the core legacy platform offered.

542
00:19:52,604 --> 00:19:54,921
The reality is is that, with, some of

543
00:19:54,921 --> 00:19:57,478
the trading enhancements that investments doing escalated slated

544
00:19:57,478 --> 00:19:57,878
to do,

545
00:19:59,796 --> 00:20:00,515
down the road,

546
00:20:01,089 --> 00:20:03,187
If you if you're looking at 1 aspect

547
00:20:03,406 --> 00:20:03,906
of

548
00:20:04,605 --> 00:20:06,123
1 of the components of the Investment that

549
00:20:06,123 --> 00:20:08,540
platform that you could potentially sell off

550
00:20:08,934 --> 00:20:11,327
and get a nice premium for it. It

551
00:20:11,327 --> 00:20:13,161
would be, I would I would venture a

552
00:20:13,161 --> 00:20:14,118
guess would be Tamara.

553
00:20:15,155 --> 00:20:17,229
Because I think Tamara is a pretty complete

554
00:20:17,229 --> 00:20:18,799
solution. It caters to a very

555
00:20:19,240 --> 00:20:21,320
to the small R marketplace. I think there

556
00:20:21,320 --> 00:20:22,360
are a lot of players out there that

557
00:20:22,360 --> 00:20:23,720
they're looking for a good solution for the

558
00:20:23,799 --> 00:20:24,700
R marketplace.

559
00:20:25,880 --> 00:20:28,471
Some of which are some of the strategic

560
00:20:28,690 --> 00:20:29,727
investors in this deal.

561
00:20:30,526 --> 00:20:32,361
So, like, if I think about a Charles

562
00:20:32,441 --> 00:20:34,676
River, and it's owned by State Street,

563
00:20:35,968 --> 00:20:37,804
kinda how weird that States treats investing and

564
00:20:37,804 --> 00:20:40,598
they own a competitor, not a direct competitor.

565
00:20:40,758 --> 00:20:43,312
Like the Charles river has been... Does have

566
00:20:43,312 --> 00:20:45,641
a wealth management business. If they were looking

567
00:20:45,641 --> 00:20:47,656
to address a smaller a marketplace,

568
00:20:48,671 --> 00:20:50,983
the the tamara is a very elegant solution,

569
00:20:51,302 --> 00:20:53,216
that would play really well and they can

570
00:20:53,216 --> 00:20:54,346
develop that over time.

571
00:20:55,062 --> 00:20:56,972
And I I think, you know,

572
00:20:57,768 --> 00:20:59,837
relatively speaking, that could be a nice.

573
00:21:00,713 --> 00:21:02,963
That could be a nice little adjunct for

574
00:21:03,513 --> 00:21:05,505
Charles river side of the equation. It feel

575
00:21:05,505 --> 00:21:06,939
a hole for them that they haven't been

576
00:21:06,939 --> 00:21:09,409
able to grow. So that's a nice next

577
00:21:09,409 --> 00:21:09,489
edition.

578
00:21:10,938 --> 00:21:12,395
If you look at a F,

579
00:21:13,092 --> 00:21:14,687
and the states reached restarted where we're still

580
00:21:14,687 --> 00:21:17,479
there. You got a custodial platform that's greek

581
00:21:17,479 --> 00:21:19,393
done well on the international side it's been

582
00:21:19,393 --> 00:21:22,351
coming states side. Going through the registration process.

583
00:21:23,225 --> 00:21:24,098
They have an interest.

584
00:21:24,733 --> 00:21:27,195
They've always have... They forged that strategic alliance

585
00:21:27,195 --> 00:21:27,910
with En that.

586
00:21:28,799 --> 00:21:30,155
We don't know where that stands at the

587
00:21:30,155 --> 00:21:31,590
moment, but we know it's, you know, the...

588
00:21:31,750 --> 00:21:33,664
We know that work been done, integrate the

589
00:21:33,664 --> 00:21:34,302
2 platforms,

590
00:21:34,861 --> 00:21:37,014
assuming they come out of registration sometime within

591
00:21:37,014 --> 00:21:37,892
the next 12 months.

592
00:21:38,944 --> 00:21:41,261
It'll be interesting to see how this plays

593
00:21:41,261 --> 00:21:42,300
out relative to that,

594
00:21:43,019 --> 00:21:45,096
oh, or or what may happen. But the

595
00:21:45,096 --> 00:21:46,635
1 that I think is the most

596
00:21:47,189 --> 00:21:48,647
interesting is definitely the

597
00:21:49,105 --> 00:21:51,579
the fidelity investment in this, and, you know,

598
00:21:51,978 --> 00:21:53,277
starting F max

599
00:21:53,815 --> 00:21:55,991
and their investment into their wealth offering

600
00:21:56,542 --> 00:21:58,769
as well as what it could potentially mean

601
00:21:58,769 --> 00:22:00,223
down the road, even though

602
00:22:00,677 --> 00:22:03,539
I think the likelihood of fidelity actually, you,

603
00:22:03,937 --> 00:22:05,550
somewhere down the road acquiring

604
00:22:06,892 --> 00:22:08,878
invested that is is small because

605
00:22:10,069 --> 00:22:11,578
I'm not sure they wanna get into that

606
00:22:11,578 --> 00:22:14,358
business, you know, Mh. Scale that en has

607
00:22:14,358 --> 00:22:14,517
it.

608
00:22:15,804 --> 00:22:18,361
Alright. So wrapping things up here, we're just

609
00:22:18,361 --> 00:22:19,480
about a time? The...

610
00:22:21,557 --> 00:22:22,835
What do you think about the offering price?

611
00:22:23,489 --> 00:22:25,883
There... Or was right now to closed, yesterday

612
00:22:25,883 --> 00:22:27,319
at 61 56.

613
00:22:28,356 --> 00:22:31,565
There's almost no premium. Why is there's... I

614
00:22:31,644 --> 00:22:33,005
I would have expected the 15 percent to

615
00:22:33,005 --> 00:22:35,164
20 percent premium at least. Is this gonna

616
00:22:35,164 --> 00:22:37,005
be a problem will there be investors who

617
00:22:37,005 --> 00:22:37,884
are gonna push back on this?

618
00:22:39,417 --> 00:22:40,633
I think there's a possibility

619
00:22:41,167 --> 00:22:43,553
of that because it's kinda like when you

620
00:22:43,553 --> 00:22:45,302
look at the... What's happened to the stock

621
00:22:45,302 --> 00:22:47,608
price of investment and where the pressures come

622
00:22:47,608 --> 00:22:48,562
from from the board and.

623
00:22:49,293 --> 00:22:49,793
And

624
00:22:50,169 --> 00:22:52,158
the, you know, some of the shareholders,

625
00:22:53,750 --> 00:22:55,660
it it kind of... You you kinda have

626
00:22:55,660 --> 00:22:57,808
to wonder why there wasn't a much bigger

627
00:22:57,808 --> 00:22:58,308
premium

628
00:22:58,939 --> 00:23:00,934
into this deal. I mean, at the end

629
00:23:00,934 --> 00:23:03,249
of the day, you know, they do have,

630
00:23:03,887 --> 00:23:06,861
as you stated earlier, they're dominant market leader

631
00:23:07,414 --> 00:23:08,051
in the space.

632
00:23:08,689 --> 00:23:10,465
Granted they're not getting you the multiple

633
00:23:11,400 --> 00:23:13,632
that you would typically associate with the Fintech

634
00:23:13,632 --> 00:23:14,030
company.

635
00:23:14,668 --> 00:23:15,168
So

636
00:23:15,879 --> 00:23:17,791
you know, you're not gonna pay up. If

637
00:23:17,791 --> 00:23:19,623
company not growing at 20 plus percent a

638
00:23:19,623 --> 00:23:19,862
year,

639
00:23:20,897 --> 00:23:23,946
but they have a solid revenue based. Their

640
00:23:24,083 --> 00:23:24,583
behemoth

641
00:23:25,293 --> 00:23:27,844
and they built a strong foundation. They're solid.

642
00:23:28,323 --> 00:23:29,200
I mean, at the end of the day,

643
00:23:29,359 --> 00:23:31,294
they're look, you know, they're a solid company

644
00:23:31,990 --> 00:23:33,207
that you would thought

645
00:23:33,678 --> 00:23:36,218
would command a slight, some premium over where

646
00:23:36,218 --> 00:23:38,044
the more where it has been training for

647
00:23:38,044 --> 00:23:40,028
the last 2 months. Do you think that

648
00:23:40,028 --> 00:23:42,664
there's any, talking turn interrupt to you Do

649
00:23:42,664 --> 00:23:43,564
you think there's any

650
00:23:44,422 --> 00:23:47,378
synergies there or any, maybe reason reverence Scott

651
00:23:47,378 --> 00:23:49,536
in the deal since they also own Oz

652
00:23:49,536 --> 00:23:49,935
mosaic?

653
00:23:51,145 --> 00:23:52,418
Well, they actually... They they own a 10

654
00:23:52,418 --> 00:23:54,009
percent a a 10 percent stake in Mosaic.

655
00:23:54,804 --> 00:23:56,316
No the the Ola, they have a 10

656
00:23:56,316 --> 00:23:57,191
percent stake in case.

657
00:23:58,162 --> 00:24:00,156
So the Own Mosaic formerly known as advisor

658
00:24:00,156 --> 00:24:01,592
1 the largest broker deals in the country,

659
00:24:01,991 --> 00:24:04,224
which is also 1 of invest largest clients

660
00:24:04,224 --> 00:24:06,457
and longest clients over 15 years on the

661
00:24:06,457 --> 00:24:06,856
platform.

662
00:24:07,509 --> 00:24:09,430
So is that... Also some reason why they

663
00:24:09,430 --> 00:24:09,910
wanted to get in?

664
00:24:11,349 --> 00:24:13,269
Yeah. I I would think there it's protecting

665
00:24:13,269 --> 00:24:14,390
their interest. Right? Because

666
00:24:15,684 --> 00:24:17,199
it's a lot of these... Like, if you

667
00:24:17,199 --> 00:24:18,555
look at all these players, there's just so

668
00:24:18,555 --> 00:24:20,230
many of them on this deal with so

669
00:24:20,230 --> 00:24:20,868
unusual, I think.

670
00:24:21,825 --> 00:24:23,681
And I a lot of them are just

671
00:24:23,740 --> 00:24:26,702
literally protecting their interest because they know how

672
00:24:26,702 --> 00:24:27,917
disruptive. And it would be

673
00:24:28,451 --> 00:24:30,541
depending on where depending on swings

674
00:24:31,314 --> 00:24:33,301
with it with legacy investment down the road,

675
00:24:34,111 --> 00:24:35,304
I think 1 more idea, you.

676
00:24:36,179 --> 00:24:37,610
We've we talked about keeping it as it

677
00:24:37,610 --> 00:24:38,961
is and into the growing the business.

678
00:24:39,757 --> 00:24:40,552
Obviously, if if

679
00:24:41,919 --> 00:24:44,388
They're not their... Bane in in reverence didn't

680
00:24:44,388 --> 00:24:46,699
buy this to hold it forever as a

681
00:24:46,699 --> 00:24:48,930
nice little shiny object. They bought it because

682
00:24:48,930 --> 00:24:50,842
they think they can clean it up and

683
00:24:50,842 --> 00:24:52,934
improve it and then sell it in 5

684
00:24:52,934 --> 00:24:55,335
to 7 years or so. In order to

685
00:24:55,335 --> 00:24:57,035
do that, they would really need to grow

686
00:24:57,255 --> 00:24:59,827
their their their revenue of the business, and

687
00:24:59,827 --> 00:25:02,138
invested as already a market leader in so

688
00:25:02,138 --> 00:25:03,492
many parts of our business.

689
00:25:04,210 --> 00:25:05,724
How can they do that? What... So we

690
00:25:05,724 --> 00:25:07,331
talk about breaking it up talked about what

691
00:25:07,331 --> 00:25:08,841
I'm running as it is, what about them

692
00:25:08,841 --> 00:25:10,533
do some sort of crazy merger

693
00:25:10,986 --> 00:25:13,291
like going it and buying something else and

694
00:25:13,291 --> 00:25:15,693
emerging invest? Here's a crazy idea. They're gonna

695
00:25:15,693 --> 00:25:17,604
go out and buy f ed and merge

696
00:25:17,604 --> 00:25:19,595
it with investment. They're gonna go by, you

697
00:25:19,595 --> 00:25:21,426
know, ts been looking to to take a

698
00:25:21,506 --> 00:25:23,592
Orion public or sell Orion. They take Orion.

699
00:25:23,751 --> 00:25:25,503
They merge that even... They don't sell time

700
00:25:25,583 --> 00:25:27,893
They buy Orion. Are they need crazy ideas

701
00:25:27,893 --> 00:25:29,327
like that eats you see down the road.

702
00:25:30,615 --> 00:25:32,681
You know, the only crazy idea that I

703
00:25:32,681 --> 00:25:33,873
could see down the road is

704
00:25:35,541 --> 00:25:36,041
is

705
00:25:37,940 --> 00:25:40,724
You know, for... The 1 thing investment doesn't

706
00:25:40,724 --> 00:25:42,872
has never really participated in is the asset

707
00:25:42,872 --> 00:25:44,799
management side of the business. Which is if

708
00:25:44,799 --> 00:25:45,700
you think about

709
00:25:46,000 --> 00:25:48,319
how investment was gonna grow that business if

710
00:25:48,319 --> 00:25:49,599
they were gonna keep up with the Jones

711
00:25:49,599 --> 00:25:51,039
is and continue to grow their business at

712
00:25:51,039 --> 00:25:53,048
20 percent a year. It would have been

713
00:25:53,048 --> 00:25:55,511
to make a significant strategic investment into the

714
00:25:55,511 --> 00:25:57,737
asset management side of the business and grow

715
00:25:57,737 --> 00:25:59,405
that out and get their fair share of

716
00:25:59,405 --> 00:26:00,280
that market share.

717
00:26:01,489 --> 00:26:02,527
So having said that,

718
00:26:04,203 --> 00:26:07,337
I guess if somebody's out there aggregate collecting

719
00:26:07,476 --> 00:26:07,976
platforms

720
00:26:08,354 --> 00:26:10,031
or from an investment perspective,

721
00:26:10,923 --> 00:26:12,058
I think a powerhouse.

722
00:26:13,146 --> 00:26:14,735
And again, this is just off the top

723
00:26:14,735 --> 00:26:16,244
of the head. It's not really well thought

724
00:26:16,244 --> 00:26:17,061
out, but

725
00:26:17,673 --> 00:26:20,000
I think a powerhouse and investment would be

726
00:26:20,549 --> 00:26:22,947
you're buying investment in what term, you know,

727
00:26:23,186 --> 00:26:24,625
at a very modest price.

728
00:26:25,743 --> 00:26:28,381
Why not go out and and and buy

729
00:26:28,381 --> 00:26:29,200
best marketing

730
00:26:29,594 --> 00:26:32,067
put the 2 together. And they'll dominate 2

731
00:26:32,067 --> 00:26:33,743
sides of the the both sides of the

732
00:26:33,743 --> 00:26:35,759
fence and you can get that all reasonable

733
00:26:35,817 --> 00:26:36,535
bias here,

734
00:26:37,505 --> 00:26:39,570
invest that has... I'm assuming, West has a

735
00:26:39,570 --> 00:26:40,705
lot of tentacles

736
00:26:41,078 --> 00:26:43,643
all the Pe money that's already in so

737
00:26:43,857 --> 00:26:45,544
to unwind that would Yes.

738
00:26:46,103 --> 00:26:47,541
And marks been on the on the block

739
00:26:47,541 --> 00:26:49,459
for many years. That's a room been trying

740
00:26:49,459 --> 00:26:52,016
to sell best for a long time. Although

741
00:26:52,016 --> 00:26:53,948
there's a lot of overlap. On the on

742
00:26:53,948 --> 00:26:54,586
the wealth side,

743
00:26:55,385 --> 00:26:57,939
and there'd be some... There be some any

744
00:26:57,939 --> 00:27:00,174
antitrust issues, but maybe they sell off that,

745
00:27:00,334 --> 00:27:02,410
but just keep the. The the asset management

746
00:27:02,410 --> 00:27:02,545
tech

747
00:27:03,943 --> 00:27:06,419
side is something you find as as a

748
00:27:06,419 --> 00:27:07,298
as a as a gap.

749
00:27:08,097 --> 00:27:10,349
Yeah. I I think I think they're... I

750
00:27:10,349 --> 00:27:12,429
think Benchmark is interesting in that there asset

751
00:27:12,429 --> 00:27:14,589
a management side can really,

752
00:27:15,230 --> 00:27:17,389
I think can really compete and really...

753
00:27:18,282 --> 00:27:21,140
Really make a dent into the Ap business.

754
00:27:21,378 --> 00:27:24,316
Mh. And really go after that old F

755
00:27:24,316 --> 00:27:24,792
business

756
00:27:25,189 --> 00:27:28,066
Cloud don't now invest cloud Ap. So Ap

757
00:27:28,066 --> 00:27:30,958
has a significant footprint on the asset management

758
00:27:31,016 --> 00:27:32,451
side for portfolio accounting.

759
00:27:33,328 --> 00:27:34,763
I also have the network. That that was

760
00:27:34,763 --> 00:27:35,481
how Ap got.

761
00:27:36,134 --> 00:27:38,287
Really the their dominant position in that their

762
00:27:38,287 --> 00:27:40,861
their galaxy network, connecting managers

763
00:27:41,318 --> 00:27:44,110
and sponsors on the managed account side, West

764
00:27:44,110 --> 00:27:45,306
mark has something similar.

765
00:27:46,197 --> 00:27:48,981
Right. Exactly. But again, that's kinda high in

766
00:27:48,981 --> 00:27:50,913
the sky. I don't see it

767
00:27:51,368 --> 00:27:53,452
to be candid with you. I... I kinda

768
00:27:53,452 --> 00:27:57,061
see keeping core legacy investment together. Mh. And

769
00:27:57,437 --> 00:27:59,749
potentially, the 1 I really feel like if

770
00:27:59,749 --> 00:28:00,466
you're gonna sell...

771
00:28:01,119 --> 00:28:02,799
Some of the component It's it's, you know,

772
00:28:02,880 --> 00:28:04,320
it's public knowledge They've been trying to get

773
00:28:04,320 --> 00:28:06,880
a sell y for years now. So I

774
00:28:06,880 --> 00:28:07,039
think,

775
00:28:07,759 --> 00:28:08,720
eventually that happens.

776
00:28:09,533 --> 00:28:10,888
Let's see what kind deal these guys can

777
00:28:10,888 --> 00:28:13,837
get. But the 1 that I think, if

778
00:28:13,837 --> 00:28:16,626
you wanted to recover some of that capital,

779
00:28:17,278 --> 00:28:18,074
in the near term,

780
00:28:18,711 --> 00:28:21,496
I think Tamara is in a really good

781
00:28:21,496 --> 00:28:23,565
position where you could sell get a nice

782
00:28:23,565 --> 00:28:26,214
premium for it. It's a nice package product.

783
00:28:26,694 --> 00:28:29,674
Yep. It has a nice audience, and it

784
00:28:29,815 --> 00:28:31,194
caters to a market

785
00:28:31,654 --> 00:28:33,824
that's really only being it's being served by

786
00:28:33,824 --> 00:28:36,211
a lot of small point solution. Interrupt you

787
00:28:36,211 --> 00:28:38,199
1 more time. So boy before I finish

788
00:28:38,199 --> 00:28:40,758
up, what about this Id idea This crazy

789
00:28:40,758 --> 00:28:42,266
idea, but we're talking about pie in the

790
00:28:42,266 --> 00:28:43,218
sky, crazy idea ideas.

791
00:28:43,933 --> 00:28:45,544
Make investment at a global

792
00:28:45,996 --> 00:28:47,266
wealth management powerhouse.

793
00:28:47,678 --> 00:28:50,060
Like buying F ed. Because F has very

794
00:28:50,060 --> 00:28:53,078
little footprint in the Us. Alright? So that's

795
00:28:53,078 --> 00:28:54,983
1 crazy option They're they're a crazy large

796
00:28:54,983 --> 00:28:56,119
company. T

797
00:28:57,222 --> 00:28:58,730
No there... Another company that they they could

798
00:28:58,730 --> 00:29:01,191
buy that has a large footprint overseas and

799
00:29:01,191 --> 00:29:02,779
not much in the, not much the Us.

800
00:29:03,414 --> 00:29:03,890
Ava lock.

801
00:29:04,939 --> 00:29:06,216
When do you think of that that turns

802
00:29:06,216 --> 00:29:09,009
investing into a global player and gives them

803
00:29:09,009 --> 00:29:10,605
access to that other market?

804
00:29:11,722 --> 00:29:12,575
I think that's,

805
00:29:13,011 --> 00:29:15,076
you know, I think investment has 2 paths

806
00:29:15,076 --> 00:29:16,028
to go to grow.

807
00:29:16,664 --> 00:29:18,649
1 is go after that asset management business,

808
00:29:18,808 --> 00:29:19,840
2 is to go global.

809
00:29:21,127 --> 00:29:23,756
I think before he passed, that was something

810
00:29:23,756 --> 00:29:25,110
that Judd had been exploring.

811
00:29:26,146 --> 00:29:27,022
I know it's fallen.

812
00:29:27,500 --> 00:29:29,173
You know, I haven't heard of mention any

813
00:29:29,173 --> 00:29:29,651
of it, now.

814
00:29:30,383 --> 00:29:33,254
Passing, but that was the next logical step

815
00:29:33,254 --> 00:29:35,269
for investment to go. And I think

816
00:29:35,646 --> 00:29:38,436
with their ecosystem... I mean, we're not saying

817
00:29:38,436 --> 00:29:40,769
it's simple, we're saying because, you know, there

818
00:29:40,769 --> 00:29:42,369
are a lot of challenges that get introduced

819
00:29:42,369 --> 00:29:43,890
when you go into these different markets how

820
00:29:43,890 --> 00:29:44,529
they operate.

821
00:29:46,049 --> 00:29:46,549
And

822
00:29:46,945 --> 00:29:49,684
it's significant amount of chain between the languages,

823
00:29:50,225 --> 00:29:52,865
the cultures, the... And you need multi currency.

824
00:29:53,585 --> 00:29:55,605
So there's a lot there, but

825
00:29:55,919 --> 00:29:57,759
that that was gonna be the next big,

826
00:29:58,640 --> 00:30:00,799
obstacle they. And we've been working with a

827
00:30:00,799 --> 00:30:02,559
a lot of Latin American banks, and none

828
00:30:02,559 --> 00:30:04,253
of them are looking at En. For that

829
00:30:04,253 --> 00:30:05,926
reason that they're not multi currency. They're not

830
00:30:05,926 --> 00:30:08,953
multi language on their platform. So that's. So

831
00:30:08,953 --> 00:30:10,467
that's an area that investment that can't really

832
00:30:10,467 --> 00:30:12,299
get into now, but could if they had

833
00:30:12,299 --> 00:30:13,437
an acquisition of

834
00:30:13,748 --> 00:30:15,421
another firm that did have that capability.

835
00:30:15,978 --> 00:30:18,367
Well, they... You know, it's funny. They started

836
00:30:18,367 --> 00:30:18,845
dabbling,

837
00:30:19,482 --> 00:30:21,313
but it's you a, on a very limited

838
00:30:21,313 --> 00:30:23,325
basis. So what they have is to have

839
00:30:23,325 --> 00:30:25,644
an offering that they they offer investment in

840
00:30:25,805 --> 00:30:27,484
Canada now in Canadian dollars,

841
00:30:28,365 --> 00:30:30,684
but that's just more single currency there as

842
00:30:30,684 --> 00:30:32,932
well. So you have Us and you have

843
00:30:33,092 --> 00:30:33,410
Canadian.

844
00:30:33,968 --> 00:30:35,561
And that's it. But, I mean, I think

845
00:30:35,561 --> 00:30:38,132
it shows that they're they're kinda looking at

846
00:30:38,604 --> 00:30:40,939
what it's gonna take to really bring on

847
00:30:41,555 --> 00:30:43,332
full multi currency, but I think

848
00:30:43,789 --> 00:30:45,247
I think going global

849
00:30:45,719 --> 00:30:47,634
is the right answer for investment because of

850
00:30:47,634 --> 00:30:50,905
its sheer size. It's the logical... It's the

851
00:30:50,905 --> 00:30:52,841
1 logical way you can grow this business

852
00:30:53,473 --> 00:30:53,973
So

853
00:30:54,749 --> 00:30:56,344
I... But it it does introduce a lot

854
00:30:56,344 --> 00:30:58,656
of challenges, but I think that's where the

855
00:30:58,656 --> 00:31:00,810
opportunity set lives. You're heard hear first folks.

856
00:31:00,969 --> 00:31:03,056
Feels rivera. Thanks so much. We talk every

857
00:31:03,056 --> 00:31:04,249
day, and anyway I thought we record it.

858
00:31:04,886 --> 00:31:06,477
Right? Okay. We we've we talk about... We've

859
00:31:06,477 --> 00:31:07,670
been talking about this every day. So let's

860
00:31:07,670 --> 00:31:09,659
just get it on on on on on

861
00:31:09,659 --> 00:31:11,663
the on the podcast and and make make

862
00:31:11,663 --> 00:31:13,890
some product productivity out of our conversations. Alright.

863
00:31:13,970 --> 00:31:16,596
Thanks, Felix. Thank you. Thank you, Craig. You.

864
00:31:17,948 --> 00:31:20,908
Alright. Let me introduce our special guest for

865
00:31:20,908 --> 00:31:23,538
this episode of the news. It's Kristen Schmidt

866
00:31:23,538 --> 00:31:26,329
again from R I Oasis. Hey, Chris. How's

867
00:31:26,329 --> 00:31:28,242
going. I am good how you.

868
00:31:29,611 --> 00:31:31,997
Fantastic here. We're enjoying the summer here in

869
00:31:32,077 --> 00:31:34,145
New. I know you you enjoy the summer

870
00:31:34,145 --> 00:31:35,338
there in Wisconsin.

871
00:31:36,069 --> 00:31:37,588
As short as it is, we go enjoy

872
00:31:37,588 --> 00:31:39,586
it. Absolutely. In the 2 weeks of summer,

873
00:31:39,746 --> 00:31:42,463
then he'll be... If might it'll be snowing

874
00:31:42,463 --> 00:31:44,141
again in the least another the 2 weeks.

875
00:31:45,754 --> 00:31:47,749
Right. So our our new story we've got

876
00:31:47,749 --> 00:31:51,579
now, Orion unveil new stand trading to empower

877
00:31:51,579 --> 00:31:53,197
advisors with greater flexibility.

878
00:31:53,987 --> 00:31:55,681
So it looks like Orion is

879
00:31:56,454 --> 00:31:59,820
breaking out their eclipse platform into a stand

880
00:32:00,036 --> 00:32:00,536
offering.

881
00:32:01,803 --> 00:32:04,276
As according to the press release to equip

882
00:32:04,276 --> 00:32:06,269
advisors with the resources and support. They need

883
00:32:06,269 --> 00:32:08,822
to succeed at every stage of their firm's

884
00:32:08,822 --> 00:32:10,337
growth journey. So Yeah.

885
00:32:11,389 --> 00:32:12,745
And I worked with a lot of Orion

886
00:32:12,745 --> 00:32:14,101
clients and you work with we both work

887
00:32:14,101 --> 00:32:16,813
with Orion directly on and off. So what's

888
00:32:16,813 --> 00:32:18,647
your thoughts about this? Why they do it?

889
00:32:19,046 --> 00:32:21,773
What's the driving factor behind this? Sure.

890
00:32:23,210 --> 00:32:23,710
Interesting

891
00:32:24,089 --> 00:32:24,488
release,

892
00:32:25,526 --> 00:32:27,761
let's set the stage of what's happened in

893
00:32:27,761 --> 00:32:30,316
the industry because sometimes I feel like in

894
00:32:30,316 --> 00:32:33,124
tech we fast forward to new trends and

895
00:32:33,124 --> 00:32:34,960
then we rewind and we're right back to

896
00:32:34,960 --> 00:32:35,598
the old trends.

897
00:32:36,316 --> 00:32:38,892
So the facts of the case are

898
00:32:40,081 --> 00:32:41,596
Craig, I don't know if you degrees. Maybe

899
00:32:41,596 --> 00:32:42,712
7 years ago,

900
00:32:43,589 --> 00:32:46,379
all of the independent trading tools that we

901
00:32:46,379 --> 00:32:49,423
used to have, like, T x, red, black,

902
00:32:51,337 --> 00:32:52,852
all of the other tools that were out

903
00:32:52,852 --> 00:32:53,649
there at the time,

904
00:32:54,287 --> 00:32:56,041
they were all standalone alone themselves.

905
00:32:56,773 --> 00:32:59,319
And the portfolio management systems did not have

906
00:32:59,319 --> 00:33:02,421
their own proprietary tools. So it was for

907
00:33:02,421 --> 00:33:04,649
an r job to kind of piece mail

908
00:33:04,649 --> 00:33:05,126
it together.

909
00:33:05,940 --> 00:33:06,259
Then,

910
00:33:06,820 --> 00:33:09,940
Orion Tamara and Black Diamond, although Tamara always

911
00:33:09,940 --> 00:33:11,700
had their own, and that's how they enter

912
00:33:11,700 --> 00:33:12,259
the industry,

913
00:33:13,460 --> 00:33:16,349
developed their own tool. And rolled it into

914
00:33:16,349 --> 00:33:19,060
a package a bundled offering where it was

915
00:33:19,060 --> 00:33:20,974
included. And now for the past, I would

916
00:33:20,974 --> 00:33:22,808
say 5 years or so that has been

917
00:33:22,808 --> 00:33:23,366
the standard.

918
00:33:24,258 --> 00:33:24,758
So

919
00:33:25,770 --> 00:33:27,999
fast forward to today, we're rewind.

920
00:33:28,716 --> 00:33:30,865
Now we're un that and they're the first

921
00:33:30,865 --> 00:33:33,111
ones to do so. If we're talking about

922
00:33:33,111 --> 00:33:35,984
trend, Orion does things first most of the

923
00:33:35,984 --> 00:33:37,500
time. So we'll see if the rest of

924
00:33:37,500 --> 00:33:40,708
the vendors start to offer that. Deborah, has

925
00:33:40,708 --> 00:33:43,345
offered their trading and rebalancing tool separately.

926
00:33:43,824 --> 00:33:45,662
They don't necessarily advertise it

927
00:33:46,221 --> 00:33:48,786
in a majority way. But you can still

928
00:33:48,786 --> 00:33:50,774
get that from them, but the question is,

929
00:33:50,853 --> 00:33:52,920
will Black Diamond also do this. Why are

930
00:33:52,920 --> 00:33:54,908
they doing it? And where's is the competition?

931
00:33:55,703 --> 00:33:56,021
So,

932
00:33:57,229 --> 00:33:59,860
There's a couple reasons, And I actually true

933
00:33:59,860 --> 00:34:02,092
transparency talked with them this morning, based on

934
00:34:02,092 --> 00:34:03,686
their release just so that I could get

935
00:34:03,686 --> 00:34:05,654
the facts straight as we discussed

936
00:34:06,171 --> 00:34:09,033
the functionality of what they're releasing, and actually

937
00:34:09,033 --> 00:34:10,543
how it works, so I can get into

938
00:34:10,543 --> 00:34:11,100
that as well.

939
00:34:12,213 --> 00:34:14,380
They are doing this so that they can

940
00:34:14,380 --> 00:34:15,920
be competitive in the market

941
00:34:16,380 --> 00:34:17,199
in a

942
00:34:17,900 --> 00:34:18,400
non

943
00:34:18,780 --> 00:34:19,980
all in 1 fashion.

944
00:34:20,699 --> 00:34:23,074
Because now as you know, Craig, you and

945
00:34:23,673 --> 00:34:26,228
and everyone else is considering Orion to be

946
00:34:26,228 --> 00:34:27,606
and all in 1 platform

947
00:34:27,984 --> 00:34:31,017
as they have Crm, portfolio management trading rebalancing,

948
00:34:31,336 --> 00:34:33,427
client portal, all of those fun things.

949
00:34:34,065 --> 00:34:37,257
So they're trying to be versatile in offering

950
00:34:37,257 --> 00:34:38,316
an all in 1 platform

951
00:34:38,693 --> 00:34:39,911
or in offering

952
00:34:40,783 --> 00:34:41,900
bundling packages.

953
00:34:42,618 --> 00:34:46,148
So on the Orion platform, what is standalone

954
00:34:46,286 --> 00:34:46,786
now

955
00:34:47,244 --> 00:34:49,317
is what was announced today, trading and rebalancing

956
00:34:49,317 --> 00:34:50,329
the eclipse tool

957
00:34:50,768 --> 00:34:53,260
Red tail and their risk

958
00:34:53,797 --> 00:34:54,115
I

959
00:34:54,673 --> 00:34:55,173
Ips

960
00:34:55,869 --> 00:34:57,782
proposal statement software.

961
00:34:58,673 --> 00:35:00,581
Which we know was hidden lovers is now

962
00:35:00,581 --> 00:35:01,456
called Orion risk.

963
00:35:02,569 --> 00:35:04,478
So they're starting to un bundle.

964
00:35:04,955 --> 00:35:06,704
And the first thing that came to my

965
00:35:06,704 --> 00:35:08,056
mind as a consultant was why.

966
00:35:08,869 --> 00:35:10,965
1, they're trying to all lure

967
00:35:11,822 --> 00:35:12,322
R

968
00:35:13,498 --> 00:35:16,931
that might be mid contract with their competitors.

969
00:35:17,664 --> 00:35:18,465
To bring them over.

970
00:35:19,265 --> 00:35:20,625
And we see that happen a lot.

971
00:35:21,344 --> 00:35:23,585
Contracts with these vendors are long term because

972
00:35:23,585 --> 00:35:26,724
these are not systems you transition to often

973
00:35:27,119 --> 00:35:27,598
quickly,

974
00:35:28,954 --> 00:35:31,506
or without cost. So when you make an

975
00:35:31,506 --> 00:35:33,899
investment in these systems, you're making what I

976
00:35:33,899 --> 00:35:35,813
call a forever home investment.

977
00:35:36,371 --> 00:35:39,035
But When you're signing 3 or 5 year

978
00:35:39,171 --> 00:35:40,601
contracts, which is pretty common.

979
00:35:41,715 --> 00:35:43,861
Oftentimes if a firm is not happy, 1

980
00:35:43,861 --> 00:35:45,928
of those spaces is the trading and rebalancing

981
00:35:45,928 --> 00:35:49,695
tool. Either it cannot handle the specific needs

982
00:35:49,750 --> 00:35:50,463
of the firm,

983
00:35:51,811 --> 00:35:55,403
specific features and functions or Sometimes these tools

984
00:35:55,403 --> 00:35:57,641
are just too archaic or too hard to

985
00:35:57,641 --> 00:35:59,959
use. And so we need something different.

986
00:36:00,518 --> 00:36:02,756
So instead of moving your entire all in

987
00:36:02,756 --> 00:36:06,042
1 platform, they're off the opportunity to test,

988
00:36:06,201 --> 00:36:09,229
drive them in a training rebalancing setting. So

989
00:36:09,389 --> 00:36:11,062
I think that's the number 1 reason they're

990
00:36:11,062 --> 00:36:11,460
doing it.

991
00:36:12,433 --> 00:36:14,748
The other reason is is that and this

992
00:36:14,748 --> 00:36:15,626
is my opinion.

993
00:36:17,143 --> 00:36:20,337
These platforms are very overwhelming, no matter how

994
00:36:20,337 --> 00:36:22,427
big or small you are. As an R.

995
00:36:23,066 --> 00:36:23,885
And so

996
00:36:24,582 --> 00:36:28,014
trading and rebalancing becomes the last thing that's

997
00:36:28,014 --> 00:36:29,313
adopted on these platforms

998
00:36:30,422 --> 00:36:33,283
Firms can still survive by using Excel and

999
00:36:33,283 --> 00:36:36,484
using the custodian to trade and pseudo

1000
00:36:37,017 --> 00:36:39,757
rebalance in quotes. Right? By

1001
00:36:40,528 --> 00:36:42,911
rebalancing 1 to account at a time. Yes.

1002
00:36:43,229 --> 00:36:46,422
Or yes. Or manually manipulating data to see

1003
00:36:46,422 --> 00:36:48,010
what actions you need to take using a

1004
00:36:48,010 --> 00:36:50,789
block account and such. So it's not that

1005
00:36:50,789 --> 00:36:53,433
it's efficient or easy, but it's doable

1006
00:36:53,965 --> 00:36:56,228
to if a firm has not established,

1007
00:36:56,760 --> 00:36:59,245
the best practice of their model management

1008
00:36:59,936 --> 00:37:02,342
of their rules based

1009
00:37:02,874 --> 00:37:05,750
automation which is rebalancing. I talk about that

1010
00:37:05,750 --> 00:37:07,261
a lot with my clients and say,

1011
00:37:08,453 --> 00:37:11,179
this type of tool does not magically

1012
00:37:11,713 --> 00:37:12,030
work.

1013
00:37:13,239 --> 00:37:15,476
It's not a plug and play. You actually

1014
00:37:15,476 --> 00:37:18,133
have to feed it all of the rules

1015
00:37:18,752 --> 00:37:22,515
or in better words if then scenarios. If

1016
00:37:22,515 --> 00:37:24,426
this happens with this holding,

1017
00:37:24,824 --> 00:37:25,541
this ticker,

1018
00:37:26,178 --> 00:37:26,678
this

1019
00:37:27,133 --> 00:37:30,569
higher low medium of cash balance, whatever that

1020
00:37:30,569 --> 00:37:31,205
if is,

1021
00:37:32,000 --> 00:37:34,726
then I need the system to do something.

1022
00:37:35,736 --> 00:37:36,713
Place trades

1023
00:37:37,023 --> 00:37:38,607
create trades for me to approve,

1024
00:37:39,479 --> 00:37:42,118
notify my team, whatever that then

1025
00:37:42,568 --> 00:37:42,965
outcome is.

1026
00:37:44,169 --> 00:37:46,159
So firms need to build it. So these

1027
00:37:46,159 --> 00:37:49,660
systems become very, very hard to manage, but

1028
00:37:49,660 --> 00:37:51,889
also to define. And that's where I think

1029
00:37:52,127 --> 00:37:54,292
Orion is trying to say, even if you

1030
00:37:54,292 --> 00:37:56,284
don't use this as a platform, maybe this

1031
00:37:56,284 --> 00:37:57,958
is a stepping stone for you to do

1032
00:37:57,958 --> 00:37:58,117
so.

1033
00:37:59,392 --> 00:38:00,668
So the question is,

1034
00:38:01,719 --> 00:38:03,957
what do you think the driver... With were

1035
00:38:03,957 --> 00:38:07,633
they losing business to stand balance? Were they

1036
00:38:07,633 --> 00:38:09,871
losing business were they couldn't come in with

1037
00:38:09,871 --> 00:38:12,199
a single solution I mean, they're they're pretty

1038
00:38:12,199 --> 00:38:14,030
big company now. They've they've got Pe backing.

1039
00:38:14,269 --> 00:38:15,463
I'm sure they've got a lot of data.

1040
00:38:16,020 --> 00:38:17,532
Do you think that's what drove of this?

1041
00:38:19,380 --> 00:38:20,439
Yeah. So

1042
00:38:21,377 --> 00:38:23,635
I think because of what has happened

1043
00:38:25,532 --> 00:38:27,550
in the industry where stand

1044
00:38:27,944 --> 00:38:30,094
are now actually very minimal.

1045
00:38:30,731 --> 00:38:32,961
If we look at that tech stack and

1046
00:38:32,961 --> 00:38:34,315
we really look at the vendors,

1047
00:38:35,590 --> 00:38:36,567
we have blaze

1048
00:38:36,959 --> 00:38:39,112
and red black, which has a very small

1049
00:38:39,112 --> 00:38:41,606
percentage of the market and hasn't necessarily

1050
00:38:42,463 --> 00:38:45,594
stepped it up to be standalone alone leads

1051
00:38:45,653 --> 00:38:46,451
in the industry.

1052
00:38:47,103 --> 00:38:50,069
We have Eye rebound. Obviously, you know, created

1053
00:38:50,285 --> 00:38:53,092
purchase excuse me and optimized by Td Am

1054
00:38:53,149 --> 00:38:53,627
and now,

1055
00:38:54,436 --> 00:38:56,739
a schwab product, which is kind of in

1056
00:38:56,739 --> 00:38:57,239
question

1057
00:38:57,613 --> 00:38:58,510
as to whether

1058
00:38:59,281 --> 00:39:00,178
that product

1059
00:39:00,552 --> 00:39:03,037
is going to still be free

1060
00:39:03,824 --> 00:39:05,445
and still be

1061
00:39:05,985 --> 00:39:09,025
sole custodian to schwab. Right? That's the pluses

1062
00:39:09,025 --> 00:39:11,277
and the minuses. It's a great tool but

1063
00:39:11,277 --> 00:39:13,500
it stands with its custodian that owns it.

1064
00:39:14,294 --> 00:39:16,302
So the question is, will it become multi

1065
00:39:16,358 --> 00:39:18,581
custodial in a sense of becoming competitive.

1066
00:39:19,152 --> 00:39:20,899
And then you have kind of that that

1067
00:39:20,899 --> 00:39:24,075
stand of flyer, which traditionally is used for

1068
00:39:24,075 --> 00:39:27,347
a lot more complex, larger firms. Who are

1069
00:39:27,347 --> 00:39:29,573
also looking to in house a lot of

1070
00:39:29,573 --> 00:39:31,027
the feature function capability

1071
00:39:31,402 --> 00:39:31,720
instead of.

1072
00:39:32,595 --> 00:39:34,344
And that's usually for a lot of the

1073
00:39:34,344 --> 00:39:34,844
larger

1074
00:39:35,714 --> 00:39:37,712
Ra that we see in the industry, while

1075
00:39:37,712 --> 00:39:39,710
you're also tagging on other tools.

1076
00:39:40,669 --> 00:39:41,169
So

1077
00:39:41,548 --> 00:39:44,665
with that said, the standalone market is pretty

1078
00:39:44,665 --> 00:39:44,905
small.

1079
00:39:45,640 --> 00:39:49,240
And not very competitive. The competitive market that's

1080
00:39:49,240 --> 00:39:53,079
out there still is Orion eclipse, Black Diamond

1081
00:39:53,079 --> 00:39:54,925
owns their own just doesn't have a name.

1082
00:39:55,242 --> 00:39:58,175
Tamara has their own, and they're traditionally used

1083
00:39:58,175 --> 00:39:59,705
within the full platform

1084
00:40:00,394 --> 00:40:01,107
package offering.

1085
00:40:01,678 --> 00:40:03,905
Orion the first 1 to disconnect it and

1086
00:40:03,905 --> 00:40:04,541
un bundle it.

1087
00:40:05,655 --> 00:40:07,724
You do have Mornings star, which bought T

1088
00:40:07,724 --> 00:40:10,605
x many, many years ago, a great tool,

1089
00:40:10,845 --> 00:40:13,485
but owned by them. So a little behold

1090
00:40:13,485 --> 00:40:15,724
to that platform in a sense.

1091
00:40:16,445 --> 00:40:18,365
And then you kind of have that standalone

1092
00:40:18,365 --> 00:40:20,778
alone story. We got... We heard about while

1093
00:40:20,778 --> 00:40:23,815
back of adviser peak, which was bought out

1094
00:40:23,815 --> 00:40:25,652
by, At par, but it's pretty much put

1095
00:40:25,652 --> 00:40:27,090
on hold from what we've heard.

1096
00:40:27,983 --> 00:40:29,815
On their platform as as far as a

1097
00:40:29,815 --> 00:40:32,466
full rollout. So not a lot of stand

1098
00:40:32,682 --> 00:40:35,565
left, but it's an interesting piece to have

1099
00:40:35,803 --> 00:40:38,111
Orion become standalone and we'll have to see

1100
00:40:38,111 --> 00:40:40,339
what everybody else decides to do in the

1101
00:40:40,339 --> 00:40:43,143
industry. Now, what about up coming firm that's

1102
00:40:43,143 --> 00:40:45,700
been having a gathering a lot of market

1103
00:40:45,700 --> 00:40:48,916
share. Advise. They built their own rebalance.

1104
00:40:50,186 --> 00:40:53,069
They did. They did build their own rebalance.

1105
00:40:53,919 --> 00:40:54,896
Advise on is

1106
00:40:55,269 --> 00:40:58,606
traditionally hitting this the smaller market currently just

1107
00:40:58,606 --> 00:41:00,608
as they grow. They certainly do have a

1108
00:41:00,608 --> 00:41:02,757
lot of larger R, But in a sense

1109
00:41:02,757 --> 00:41:03,552
of market share,

1110
00:41:04,586 --> 00:41:06,257
is just kind of branching out.

1111
00:41:06,989 --> 00:41:10,030
This does come down to feature function within

1112
00:41:10,030 --> 00:41:12,030
these tools. So you'll hear a lot of

1113
00:41:12,030 --> 00:41:14,190
firms say, it doesn't fit for me because

1114
00:41:14,269 --> 00:41:16,602
I have alternatives. It doesn't fit for me

1115
00:41:16,602 --> 00:41:18,830
because I have Reits. It doesn't fit because

1116
00:41:18,830 --> 00:41:20,422
of... I mean, we could go on to

1117
00:41:20,422 --> 00:41:22,252
penny stocks and all the things we like

1118
00:41:22,252 --> 00:41:25,038
to do. Also depending upon how you trade

1119
00:41:25,038 --> 00:41:27,697
in a sense of household level, account level

1120
00:41:28,150 --> 00:41:29,023
holding level,

1121
00:41:30,690 --> 00:41:33,882
like registration level. So the recipes of how

1122
00:41:33,882 --> 00:41:36,426
you trade and your intentions of using are

1123
00:41:36,426 --> 00:41:38,834
very important for a firm to identify

1124
00:41:39,288 --> 00:41:41,833
before they start making decisions on what system

1125
00:41:41,833 --> 00:41:42,707
is best for them.

1126
00:41:43,280 --> 00:41:44,319
But to your point,

1127
00:41:44,880 --> 00:41:47,539
this allows a firm to cross poll

1128
00:41:48,000 --> 00:41:49,859
their decision. They can be

1129
00:41:50,159 --> 00:41:51,619
a black diamond user

1130
00:41:52,731 --> 00:41:53,231
potentially

1131
00:41:53,606 --> 00:41:54,106
and

1132
00:41:54,878 --> 00:41:58,455
utilize the Orion trading tools standalone if interested.

1133
00:41:58,693 --> 00:42:00,601
Now real quick on the side of how

1134
00:42:00,601 --> 00:42:01,420
this works

1135
00:42:01,969 --> 00:42:04,521
I'm a logistics and implementation person. So how

1136
00:42:04,521 --> 00:42:05,159
does this work?

1137
00:42:06,036 --> 00:42:06,536
Technically,

1138
00:42:06,914 --> 00:42:08,828
you can be on another platform and use

1139
00:42:08,828 --> 00:42:11,141
the Orion trading and rebalancing tool called eclipse.

1140
00:42:11,874 --> 00:42:13,469
By tapping into your custodian.

1141
00:42:14,027 --> 00:42:16,021
So it's not as if any integration needs

1142
00:42:16,021 --> 00:42:18,255
to be made by the competitors. They tap

1143
00:42:18,255 --> 00:42:21,206
in directly to schwab Fidelity per,

1144
00:42:21,779 --> 00:42:24,496
And, ultimately, all they need are your holdings,

1145
00:42:24,816 --> 00:42:27,453
right? In order to make these executions, S

1146
00:42:27,453 --> 00:42:29,930
t straight through processing and other features available.

1147
00:42:30,583 --> 00:42:33,555
They will be onboarding you just like any

1148
00:42:33,693 --> 00:42:36,564
vendor would be. But, you know, they estimate

1149
00:42:36,564 --> 00:42:38,637
it's a 6 to 8 week onboarding that

1150
00:42:38,637 --> 00:42:40,243
depends on how much you have your room

1151
00:42:40,243 --> 00:42:42,885
in order, your rules in order and everything

1152
00:42:43,020 --> 00:42:43,258
find.

1153
00:42:44,210 --> 00:42:46,353
So they onboard you in what they call

1154
00:42:46,353 --> 00:42:47,306
household trading.

1155
00:42:48,274 --> 00:42:50,507
That means you need to set up your

1156
00:42:50,507 --> 00:42:51,724
accounts within households

1157
00:42:52,102 --> 00:42:54,994
or within buckets in order to identify then

1158
00:42:55,212 --> 00:42:57,068
the modeling and the rules based

1159
00:42:58,731 --> 00:43:01,113
functions that need to be built. Mh. But

1160
00:43:01,113 --> 00:43:03,337
it does create a little bit of freedom,

1161
00:43:04,051 --> 00:43:05,878
keep in mind though. What are the negatives?

1162
00:43:06,354 --> 00:43:06,854
1

1163
00:43:07,164 --> 00:43:09,710
you're at the mercy of having multiple custodian

1164
00:43:09,710 --> 00:43:11,323
and needing to manage

1165
00:43:11,858 --> 00:43:13,608
or excuse me, multiple vendors and needing to

1166
00:43:13,608 --> 00:43:14,881
manage those relationships.

1167
00:43:16,249 --> 00:43:16,749
Also,

1168
00:43:17,523 --> 00:43:19,993
currently with... Let's use Black Diamond as an

1169
00:43:19,993 --> 00:43:22,382
example, you are paying for their trading tool

1170
00:43:22,382 --> 00:43:24,454
because it's ban bundled. Whether you use it

1171
00:43:24,454 --> 00:43:24,932
or not.

1172
00:43:25,663 --> 00:43:27,489
So you have to look at your costs

1173
00:43:27,489 --> 00:43:29,077
and see if the extra cost of a

1174
00:43:29,077 --> 00:43:32,490
standalone tool is worth it for your firm.

1175
00:43:33,618 --> 00:43:36,085
Alright. So I... I've been by our our

1176
00:43:36,085 --> 00:43:36,324
producer,

1177
00:43:36,960 --> 00:43:38,950
Alana that we need to keep our sessions...

1178
00:43:39,188 --> 00:43:42,054
Our segments look shorter because you might never

1179
00:43:42,054 --> 00:43:44,372
stop talking. I know. Last month we do

1180
00:43:44,372 --> 00:43:46,595
like. Great habit. Isn't it? Oh, it is.

1181
00:43:47,071 --> 00:43:47,230
Well,

1182
00:43:48,023 --> 00:43:50,246
the problem. Alright. So wrapping this segment up,

1183
00:43:50,563 --> 00:43:51,540
do you see

1184
00:43:52,090 --> 00:43:54,969
this being a trend will en that well,

1185
00:43:55,609 --> 00:43:58,090
make time. Time are available, make the rebalance

1186
00:43:58,090 --> 00:43:59,344
or available stand

1187
00:43:59,784 --> 00:44:01,779
Will, mornings star make T x standalone alone,

1188
00:44:02,258 --> 00:44:04,173
will Black diamond and do... Well, other vendors

1189
00:44:04,173 --> 00:44:06,248
follow suit with what Orion is doing or

1190
00:44:06,248 --> 00:44:07,446
it's just but what they're doing.

1191
00:44:08,178 --> 00:44:09,289
I think it's a wait and see. I

1192
00:44:09,289 --> 00:44:10,718
wish I have my magic ball.

1193
00:44:11,671 --> 00:44:14,132
As make guess. Guess. Yeah. What do I

1194
00:44:14,132 --> 00:44:14,847
guess? Shake it up.

1195
00:44:16,054 --> 00:44:18,292
As we've seen in the trend, we have

1196
00:44:18,292 --> 00:44:21,169
seen everybody else follow slowly, but surely. I

1197
00:44:21,169 --> 00:44:23,886
don't think it'll be immediate. For example, Orion

1198
00:44:23,886 --> 00:44:25,498
was the first to release a clip. As

1199
00:44:25,498 --> 00:44:28,290
their own proprietary trading tool and within 18

1200
00:44:28,290 --> 00:44:31,161
months black diamond released. There's... Tamara Already had

1201
00:44:31,161 --> 00:44:33,634
theirs, but they bundled it accordingly. So we

1202
00:44:33,634 --> 00:44:34,990
have seen the trickle effect.

1203
00:44:36,523 --> 00:44:38,042
I don't know if this will be a

1204
00:44:38,042 --> 00:44:39,640
trend or if this is just a way

1205
00:44:39,640 --> 00:44:42,378
for Orion to differentiate themselves as a platform

1206
00:44:42,517 --> 00:44:43,577
versus stand

1207
00:44:44,275 --> 00:44:44,675
opportunities.

1208
00:44:45,409 --> 00:44:48,126
Already hear first folks. Okay. Awesome. Thank you,

1209
00:44:48,365 --> 00:44:48,685
Kristen.

1210
00:44:49,324 --> 00:44:50,203
Absolutely. Thank you.

1211
00:44:52,041 --> 00:44:53,080
Okay. The next story.

1212
00:44:53,652 --> 00:44:54,152
Nitrogen

1213
00:44:54,606 --> 00:44:55,106
simultaneously

1214
00:44:55,798 --> 00:44:58,658
launches integrated software products for financial planning,

1215
00:44:59,294 --> 00:45:01,439
investment research and risk alignment.

1216
00:45:02,487 --> 00:45:03,784
So Nitrogen formally.

1217
00:45:04,398 --> 00:45:06,945
Today announced what today. Sorry. Last week, announced

1218
00:45:06,945 --> 00:45:09,992
the availability of an integrated client engagement platform

1219
00:45:10,462 --> 00:45:12,604
featuring 3 products from the Wealth Tech innovator.

1220
00:45:13,160 --> 00:45:14,112
Nitrogen risk Center,

1221
00:45:14,747 --> 00:45:17,231
Nitrogen planning Center, and Nitrogen

1222
00:45:17,604 --> 00:45:18,318
research center.

1223
00:45:19,208 --> 00:45:20,563
This is from the press release of products

1224
00:45:20,563 --> 00:45:22,078
are available to sole advisors,

1225
00:45:22,636 --> 00:45:25,506
A la carte as an annual subscription, or

1226
00:45:25,506 --> 00:45:28,308
as a team solution with accounts based pricing

1227
00:45:28,308 --> 00:45:29,342
for growing R.

1228
00:45:30,296 --> 00:45:32,602
Nitrogen also announced the availability of the risk

1229
00:45:32,602 --> 00:45:35,543
plan, the industry standard risk tolerance in proposal

1230
00:45:35,543 --> 00:45:38,206
generation tool for financial advisors at 99

1231
00:45:38,263 --> 00:45:39,059
dollars a month.

1232
00:45:39,855 --> 00:45:41,708
So this is the first of big announcement

1233
00:45:41,845 --> 00:45:44,710
slash product launch since C founder and Ceo

1234
00:45:44,869 --> 00:45:46,723
Aaron Klein left the company

1235
00:45:47,273 --> 00:45:50,166
last year, and was replaced by current Ceo

1236
00:45:50,384 --> 00:45:51,341
Dan Z.

1237
00:45:52,378 --> 00:45:55,271
So while very interested in breaking down this

1238
00:45:55,409 --> 00:45:56,307
this announcement

1239
00:45:57,178 --> 00:45:59,724
So the last year, of course, was a

1240
00:45:59,724 --> 00:46:02,908
big year for nitrogen as they rebranded for

1241
00:46:02,908 --> 00:46:06,385
eyes, last May at there, then announced that

1242
00:46:06,504 --> 00:46:08,971
big launch, and then Aaron Klein stepping down

1243
00:46:08,971 --> 00:46:09,528
as Ceo,

1244
00:46:10,085 --> 00:46:12,233
who the, as well as after Sip as

1245
00:46:12,233 --> 00:46:12,711
a Ceo.

1246
00:46:13,268 --> 00:46:13,586
He

1247
00:46:14,078 --> 00:46:15,902
we announced him as an executive in residence

1248
00:46:15,902 --> 00:46:17,489
here as a group. Yeah. Yes.

1249
00:46:18,282 --> 00:46:20,820
And so so we're still working with Aaron

1250
00:46:20,820 --> 00:46:21,954
there. And

1251
00:46:22,421 --> 00:46:24,323
So last was a big year, and this

1252
00:46:24,323 --> 00:46:25,671
year's turning out to all be a big

1253
00:46:25,671 --> 00:46:28,286
year, because there's a lot to this announcement.

1254
00:46:29,649 --> 00:46:32,202
The the firm has been really slowly morph

1255
00:46:32,202 --> 00:46:36,132
over time away from their core risk tolerance

1256
00:46:36,923 --> 00:46:37,423
software

1257
00:46:37,876 --> 00:46:39,860
into really an all purpose application that does

1258
00:46:39,860 --> 00:46:42,322
a whole lot more. They've constantly been releasing

1259
00:46:42,322 --> 00:46:45,759
new applications, new tools that are all around

1260
00:46:46,550 --> 00:46:49,269
the different aspects of the beginning of the

1261
00:46:49,269 --> 00:46:51,910
client relationship and and the onboarding process.

1262
00:46:52,470 --> 00:46:53,965
They've always been doing things like

1263
00:46:54,481 --> 00:46:56,650
sending out messages there have that their email

1264
00:46:56,945 --> 00:46:59,329
function where they can do a... A quick

1265
00:46:59,329 --> 00:47:01,078
client survey and gain

1266
00:47:01,729 --> 00:47:04,120
some information about the sentiment of clients,

1267
00:47:04,917 --> 00:47:08,424
meeting tools. They've built some some light financial

1268
00:47:08,424 --> 00:47:08,982
planning tools,

1269
00:47:10,432 --> 00:47:13,006
so solely solely adding more features and functionality

1270
00:47:13,463 --> 00:47:15,378
to their platform. And then last year when

1271
00:47:15,378 --> 00:47:17,371
they rebranded as nitrogen wealth.

1272
00:47:18,488 --> 00:47:19,126
And, by the way,

1273
00:47:20,175 --> 00:47:22,817
I predicted this name change back in February

1274
00:47:23,030 --> 00:47:23,848
20 17.

1275
00:47:24,458 --> 00:47:26,996
That's way back when it's 7 years when

1276
00:47:26,996 --> 00:47:27,631
risk lies,

1277
00:47:28,202 --> 00:47:31,954
launched their autopilot platform and, a model marketplace.

1278
00:47:32,643 --> 00:47:34,071
I predict they're gonna have to change the

1279
00:47:34,071 --> 00:47:35,602
name because they can't be risk,

1280
00:47:36,388 --> 00:47:38,060
anymore than ever doing so much more. And

1281
00:47:38,060 --> 00:47:39,334
now I was a little 7 years of

1282
00:47:39,334 --> 00:47:41,405
6 years early, but I did predict that.

1283
00:47:42,679 --> 00:47:45,084
Now, I've also noticed a slight pivot in

1284
00:47:45,084 --> 00:47:47,800
that they've in this... In the announcement last

1285
00:47:47,800 --> 00:47:51,315
week, they claim they are a... They pushed

1286
00:47:51,315 --> 00:47:53,874
themselves as a client engagement platform whereas last

1287
00:47:53,874 --> 00:47:56,177
year when they announced the re brand, they

1288
00:47:56,177 --> 00:47:58,719
were a growth platform. So not unusual to

1289
00:47:58,719 --> 00:47:59,036
do that,

1290
00:47:59,831 --> 00:48:00,943
I was a little confused about what a

1291
00:48:00,943 --> 00:48:03,506
growth growth platform was, but I do know

1292
00:48:03,506 --> 00:48:06,057
what a client engagement platform does. And you

1293
00:48:06,057 --> 00:48:08,447
can see the the growth in in the

1294
00:48:08,447 --> 00:48:08,947
expansion

1295
00:48:09,418 --> 00:48:11,984
of their messaging and their platform

1296
00:48:12,993 --> 00:48:15,217
as they've as it as they've expanded, whereas

1297
00:48:15,217 --> 00:48:16,385
now when you look at

1298
00:48:16,824 --> 00:48:19,936
their their website, their their platform was described

1299
00:48:19,936 --> 00:48:22,250
as a client engagement platform, and the use

1300
00:48:22,250 --> 00:48:23,867
cases right on the homepage

1301
00:48:24,499 --> 00:48:26,972
Number 1 use cases generate leads, not risk,

1302
00:48:27,211 --> 00:48:30,162
but generate leads. Number 2 is quantified risk

1303
00:48:30,162 --> 00:48:32,018
tolerance. Number 3, ref

1304
00:48:32,395 --> 00:48:34,284
ref framing client expedition. So

1305
00:48:35,597 --> 00:48:38,166
Nitrogen is 1 of the best

1306
00:48:38,621 --> 00:48:39,121
marketers

1307
00:48:39,734 --> 00:48:42,599
of software in the Wealth tech space. So

1308
00:48:42,599 --> 00:48:45,563
if they're putting generate leads as the first

1309
00:48:45,563 --> 00:48:48,275
use case, that must mean they really believe

1310
00:48:48,275 --> 00:48:50,668
that the power of the platform, 1 of

1311
00:48:50,668 --> 00:48:51,864
the 1 of the most important parts of

1312
00:48:51,864 --> 00:48:53,140
the platform is generating leads.

1313
00:48:54,829 --> 00:48:56,286
See, the platform has

1314
00:48:57,300 --> 00:48:59,794
morph over the years as I mentioned. And

1315
00:49:00,170 --> 00:49:01,866
now their product set

1316
00:49:02,335 --> 00:49:04,476
is listed says 6 different products. 1 is

1317
00:49:04,476 --> 00:49:07,411
risk wise, 2 Risk center. 3 is a

1318
00:49:07,411 --> 00:49:09,393
research center, horse planning center,

1319
00:49:09,964 --> 00:49:12,118
5 is command center and 6 marketing center.

1320
00:49:12,516 --> 00:49:14,032
That's listed on the website as the 6

1321
00:49:14,032 --> 00:49:15,409
product. So interesting

1322
00:49:16,265 --> 00:49:17,084
allocation and

1323
00:49:17,541 --> 00:49:19,536
consolidation and and bundling of these products.

1324
00:49:20,028 --> 00:49:21,140
And full disclosure,

1325
00:49:22,490 --> 00:49:23,601
Nitrogen Wealth has hired,

1326
00:49:24,237 --> 00:49:26,063
ezra Group, our a company, a number of

1327
00:49:26,063 --> 00:49:27,572
times for product strategy,

1328
00:49:28,143 --> 00:49:30,446
competitive analysis, pricing analysis, things like that.

1329
00:49:31,558 --> 00:49:32,829
So we can see a little bit of

1330
00:49:32,829 --> 00:49:35,213
our handy work in this announcements and the

1331
00:49:35,213 --> 00:49:35,769
recommendations we made.

1332
00:49:36,738 --> 00:49:38,333
So really proud that we got to

1333
00:49:39,290 --> 00:49:42,161
to provide some input there. So risk tool

1334
00:49:42,161 --> 00:49:44,074
which we all know and love as the

1335
00:49:44,074 --> 00:49:46,718
the the risk tones platform has now... They've

1336
00:49:46,718 --> 00:49:49,739
pushed the the proposal generation and bonded it

1337
00:49:49,739 --> 00:49:51,886
into the risk tool, as they mentioned for

1338
00:49:51,886 --> 00:49:53,769
99 dollars a month, which is a great

1339
00:49:54,766 --> 00:49:56,598
great number to have It's it's that kind

1340
00:49:56,598 --> 00:49:57,895
of pricing

1341
00:49:58,272 --> 00:49:59,807
really jumps out of people

1342
00:50:00,344 --> 00:50:02,507
as a fixed price for Ra to get

1343
00:50:02,507 --> 00:50:04,574
the risk class platform as well as the

1344
00:50:04,574 --> 00:50:07,060
proposal generation tool. So they're bundling those together

1345
00:50:07,434 --> 00:50:08,706
under the risk name.

1346
00:50:09,677 --> 00:50:11,588
And then the risk center, which is something

1347
00:50:11,588 --> 00:50:12,327
we saw

1348
00:50:12,782 --> 00:50:15,331
as moving them in as another feature they

1349
00:50:15,331 --> 00:50:18,373
added for the enterprise platform, enterprise clients. Which

1350
00:50:18,373 --> 00:50:20,229
they have really done a great job

1351
00:50:20,686 --> 00:50:21,324
expanding from,

1352
00:50:22,122 --> 00:50:23,797
small R into enterprises.

1353
00:50:24,834 --> 00:50:27,226
Risk 10 looks across the platform across your

1354
00:50:27,226 --> 00:50:27,705
your company,

1355
00:50:28,277 --> 00:50:29,255
and highlights

1356
00:50:29,709 --> 00:50:32,253
clients that are... Where their portfolios are moving

1357
00:50:32,253 --> 00:50:34,321
away from their risk score. So if when

1358
00:50:34,321 --> 00:50:35,991
they did a risk tolerance, their score came

1359
00:50:35,991 --> 00:50:37,342
in as you know, 52,

1360
00:50:37,994 --> 00:50:40,061
if now their portfolio was a 65.

1361
00:50:41,174 --> 00:50:43,003
That's a problem. But it's hard to see

1362
00:50:43,003 --> 00:50:44,911
that from the old way risk looking at

1363
00:50:44,911 --> 00:50:46,757
1 clan in a time, the risk center

1364
00:50:46,757 --> 00:50:49,150
can look across all of your clients, all

1365
00:50:49,150 --> 00:50:51,223
the risk scores in highlight areas where there

1366
00:50:51,223 --> 00:50:53,615
are economies or or dispersion from from what

1367
00:50:53,615 --> 00:50:54,173
you're looking for.

1368
00:50:55,210 --> 00:50:58,334
So the next product, the research center was

1369
00:50:58,334 --> 00:51:01,444
launched a call discovery in November 21, which

1370
00:51:01,603 --> 00:51:03,198
I see that as there... That... Which is

1371
00:51:03,198 --> 00:51:03,916
their investment

1372
00:51:04,646 --> 00:51:06,416
research and data analytics tool

1373
00:51:07,502 --> 00:51:09,034
that encompasses their

1374
00:51:09,406 --> 00:51:11,072
proprietary risk Gpa,

1375
00:51:11,801 --> 00:51:12,277
which

1376
00:51:12,833 --> 00:51:16,326
evaluates expected performance and expected downside risk in

1377
00:51:16,326 --> 00:51:18,889
any given investment. So that's their proprietary

1378
00:51:19,501 --> 00:51:20,001
data

1379
00:51:20,547 --> 00:51:22,452
scoring that they can then roll that into

1380
00:51:22,452 --> 00:51:24,278
their discovery product, which is not called research

1381
00:51:24,278 --> 00:51:27,080
center, which is why I full featured investment

1382
00:51:27,294 --> 00:51:28,747
data analytics platform

1383
00:51:29,775 --> 00:51:31,375
I... Which I think they, I would if

1384
00:51:31,454 --> 00:51:33,295
I would venture guests that they're looking to

1385
00:51:33,295 --> 00:51:35,795
target Mornings star advisor workstation

1386
00:51:36,414 --> 00:51:37,454
overall. If you can... If you look at

1387
00:51:37,454 --> 00:51:39,387
some of the the tools, that they've bundled

1388
00:51:39,387 --> 00:51:39,627
together,

1389
00:51:40,265 --> 00:51:42,819
especially proposal generation, which is a big use

1390
00:51:42,819 --> 00:51:45,373
case for Mornings star adviser workstation and of

1391
00:51:45,373 --> 00:51:45,533
course,

1392
00:51:46,411 --> 00:51:46,911
investment

1393
00:51:47,543 --> 00:51:50,174
analytics and data. So those 2 together,

1394
00:51:51,370 --> 00:51:53,921
place that tool directly in the target of

1395
00:51:53,921 --> 00:51:55,277
what what risk wise is selling,

1396
00:51:56,405 --> 00:51:58,548
The fourth product is planning center, which is

1397
00:51:58,548 --> 00:52:01,326
their light financial planning, then command center, I

1398
00:52:01,326 --> 00:52:03,231
find to be a very interesting product.

1399
00:52:03,804 --> 00:52:07,015
In that, it is AAA firm wide dashboard

1400
00:52:07,711 --> 00:52:08,211
that

1401
00:52:08,908 --> 00:52:11,380
companies can use beyond just risk and beyond

1402
00:52:11,380 --> 00:52:12,257
just investing.

1403
00:52:12,736 --> 00:52:14,419
But can look across,

1404
00:52:15,132 --> 00:52:17,273
many aspects. And we've we've v actually built

1405
00:52:17,273 --> 00:52:19,201
some of these kind dashboards as 1 offs

1406
00:52:19,414 --> 00:52:21,492
more firms. Now you can get it from

1407
00:52:21,492 --> 00:52:23,474
risk rises an off the shelf plot product,

1408
00:52:24,030 --> 00:52:26,330
looking at risk alignment across the firm, total

1409
00:52:26,330 --> 00:52:27,703
number of accounts, total Au,

1410
00:52:28,963 --> 00:52:30,233
and things like that. So you can kinda

1411
00:52:30,233 --> 00:52:32,296
see it in a dashboard that the business

1412
00:52:32,296 --> 00:52:33,034
can use

1413
00:52:33,407 --> 00:52:36,026
to to manage and monitor what's going on

1414
00:52:36,026 --> 00:52:36,661
across the firm,

1415
00:52:37,635 --> 00:52:39,554
slicing and d it many different ways. And

1416
00:52:39,554 --> 00:52:41,635
this is just the first release. I I

1417
00:52:41,635 --> 00:52:43,074
would imagine there there'll be a lot more

1418
00:52:43,074 --> 00:52:46,039
features functionality coming, in this command center,

1419
00:52:46,753 --> 00:52:50,328
which which really pushes risk away from just

1420
00:52:50,328 --> 00:52:52,814
the, you know, these these are standalone tools

1421
00:52:53,283 --> 00:52:55,912
into more of managing the business, having,

1422
00:52:56,948 --> 00:52:58,222
aria, broker dealers,

1423
00:52:58,780 --> 00:52:59,599
rely and risk,

1424
00:53:00,548 --> 00:53:02,064
as a business intelligence tool,

1425
00:53:02,861 --> 00:53:05,254
and a business management tool more than just

1426
00:53:05,254 --> 00:53:07,328
even client engagement. So there's a lot of

1427
00:53:07,328 --> 00:53:09,481
room for them to run with the command

1428
00:53:09,481 --> 00:53:09,800
center.

1429
00:53:10,849 --> 00:53:13,151
And finally, marketing center. I also take a

1430
00:53:13,151 --> 00:53:13,706
little bit of

1431
00:53:14,739 --> 00:53:16,803
credit for this III was talking to Aaron

1432
00:53:16,803 --> 00:53:19,120
his c cofounder. At least 5 years ago.

1433
00:53:19,597 --> 00:53:20,097
And

1434
00:53:20,470 --> 00:53:22,931
basically, you know, loans smoke that you guys

1435
00:53:22,931 --> 00:53:23,724
are great at marketing,

1436
00:53:24,598 --> 00:53:26,662
and we see a lot of applications out

1437
00:53:26,662 --> 00:53:28,434
there lot... A software vendors who are very

1438
00:53:28,434 --> 00:53:29,554
bad. If great products.

1439
00:53:30,194 --> 00:53:31,474
But if you don't not to market it,

1440
00:53:32,194 --> 00:53:33,875
no one's gonna really understand what you do

1441
00:53:33,875 --> 00:53:36,447
and understand why you are better, about So

1442
00:53:36,447 --> 00:53:38,036
it's not a build and and and they

1443
00:53:38,036 --> 00:53:40,101
will come. If you have to build it

1444
00:53:40,101 --> 00:53:42,642
and know how to market it. So I

1445
00:53:42,642 --> 00:53:45,622
always saw risk now nitrogen. As being premier

1446
00:53:45,680 --> 00:53:46,180
marketing

1447
00:53:47,514 --> 00:53:47,753
experts.

1448
00:53:48,710 --> 00:53:50,645
So I suggested why don't they

1449
00:53:51,261 --> 00:53:53,668
blend some of their marketing expertise to their

1450
00:53:53,668 --> 00:53:55,744
clients. And they laughed about it, but then

1451
00:53:55,744 --> 00:53:57,579
they thought about it, and they launched marketing

1452
00:53:57,579 --> 00:53:57,899
center.

1453
00:53:58,697 --> 00:54:00,612
And that this is a a tool again

1454
00:54:00,852 --> 00:54:02,025
It's a light marketing tool

1455
00:54:02,862 --> 00:54:05,972
enables firms to brand and white label marketing

1456
00:54:05,972 --> 00:54:08,843
assets, a lot of content, like, emails and

1457
00:54:08,843 --> 00:54:10,996
newsletters and and 1 pager and and things.

1458
00:54:11,235 --> 00:54:13,319
So Again this is also expanding, and a

1459
00:54:13,319 --> 00:54:14,933
lot of other vendors are are launching

1460
00:54:15,308 --> 00:54:16,842
these kind of a marketing platforms

1461
00:54:17,376 --> 00:54:20,257
that don't directly compete. With the standalone alone

1462
00:54:20,257 --> 00:54:23,307
digital marketing tools, but sort of lightweight for

1463
00:54:23,365 --> 00:54:23,684
for

1464
00:54:24,242 --> 00:54:26,711
firms that maybe can't afford to bring in

1465
00:54:26,711 --> 00:54:28,146
a full digital marketing platform.

1466
00:54:30,236 --> 00:54:31,853
So I don't expect

1467
00:54:32,551 --> 00:54:34,867
a nitrogen to rest on their laurel. They've

1468
00:54:34,867 --> 00:54:35,585
they've done a lot.

1469
00:54:36,304 --> 00:54:38,949
We really like their their announcement with these

1470
00:54:38,949 --> 00:54:41,569
different rebranding of their their tools into these

1471
00:54:41,569 --> 00:54:42,204
different centers,

1472
00:54:42,998 --> 00:54:43,633
the pricing,

1473
00:54:44,268 --> 00:54:46,333
the availability of risk now a la carte.

1474
00:54:46,571 --> 00:54:47,420
I know a lot of

1475
00:54:48,095 --> 00:54:50,163
firms were asking for that and that they

1476
00:54:50,163 --> 00:54:51,673
didn't want the full platform, that that it

1477
00:54:51,673 --> 00:54:53,820
isn't a great platform, but not everyone wants

1478
00:54:53,820 --> 00:54:55,092
that, all in 1 solution.

1479
00:54:55,982 --> 00:54:57,334
We see this a lot when we get

1480
00:54:57,334 --> 00:54:58,390
asked about pricing

1481
00:54:58,844 --> 00:55:01,548
analysis and go to market strategies. Sometimes that

1482
00:55:01,548 --> 00:55:02,980
it's better to go with an all in

1483
00:55:02,980 --> 00:55:06,177
1 price depending on who you're client target

1484
00:55:06,177 --> 00:55:09,146
audiences and what your capabilities are. And sometimes

1485
00:55:09,443 --> 00:55:11,616
it's better to have a la carte pricing

1486
00:55:11,673 --> 00:55:14,222
and give your clients the ability to pick

1487
00:55:14,222 --> 00:55:14,621
and choose,

1488
00:55:15,193 --> 00:55:17,420
what features and functionalities they want if they

1489
00:55:17,420 --> 00:55:19,170
only want specific ones. It also gives you

1490
00:55:19,170 --> 00:55:21,340
the ability to plug into

1491
00:55:22,210 --> 00:55:23,730
a clients and get your foot in the

1492
00:55:23,730 --> 00:55:23,969
door,

1493
00:55:24,769 --> 00:55:26,050
where you may not have been able to

1494
00:55:26,050 --> 00:55:27,170
in the past. If you only have an

1495
00:55:27,170 --> 00:55:28,929
all in 1, that's it. If a client

1496
00:55:28,929 --> 00:55:30,943
only has a gap here or there, you

1497
00:55:30,943 --> 00:55:33,441
can help them. If you do offer some

1498
00:55:33,501 --> 00:55:35,999
a la carte features, you can plug in

1499
00:55:36,058 --> 00:55:38,536
and they're very well integrated, which which nitrogen

1500
00:55:38,536 --> 00:55:39,710
has always been very strong

1501
00:55:40,067 --> 00:55:42,050
in their integrations, which you can see at

1502
00:55:42,050 --> 00:55:42,550
the

1503
00:55:43,637 --> 00:55:45,065
as a group wealth tech integration score.

1504
00:55:46,017 --> 00:55:48,104
So we expect them to continue to grow

1505
00:55:48,254 --> 00:55:50,489
and continue to grow wallet share because I'm

1506
00:55:50,568 --> 00:55:52,244
I'm sure a lot of their risk clients,

1507
00:55:52,404 --> 00:55:54,181
which I know was over 25000

1508
00:55:54,559 --> 00:55:55,995
advisors using the risk class platform.

1509
00:55:56,650 --> 00:55:59,610
Don't have necessarily these client engagement platforms of

1510
00:55:59,610 --> 00:56:02,250
the tools, the research center, the planning center,

1511
00:56:02,570 --> 00:56:04,421
the command center. So lot of roof for

1512
00:56:04,421 --> 00:56:07,152
them to run in cross selling and growing

1513
00:56:07,449 --> 00:56:09,600
wallet share from their existing client base.

1514
00:56:11,926 --> 00:56:13,839
Alright. Now with my favorite part of the

1515
00:56:13,839 --> 00:56:16,230
news, when Talk about the Adviser tech map

1516
00:56:16,230 --> 00:56:18,860
and the Az Buff tech integration scores.

1517
00:56:19,590 --> 00:56:22,763
Now, this month, for this news update, I

1518
00:56:22,763 --> 00:56:24,508
actually don't have any news for the adviser

1519
00:56:24,508 --> 00:56:26,015
tech map because I read it last month.

1520
00:56:26,989 --> 00:56:27,969
Michael and I

1521
00:56:28,349 --> 00:56:30,369
meet once a month to review

1522
00:56:30,909 --> 00:56:33,069
new applications that wanna get into the map.

1523
00:56:33,404 --> 00:56:35,181
Also talk about changes to categories

1524
00:56:35,798 --> 00:56:36,617
and other,

1525
00:56:37,075 --> 00:56:38,990
aspects of making them map more of a

1526
00:56:38,990 --> 00:56:41,225
useful tool for, wealth Management firms,

1527
00:56:42,038 --> 00:56:43,952
but we don't always line up with what

1528
00:56:44,112 --> 00:56:45,309
I'm doing by news and when we have

1529
00:56:45,309 --> 00:56:45,787
our meetings.

1530
00:56:46,505 --> 00:56:48,260
So we had our meeting later last month,

1531
00:56:49,072 --> 00:56:50,743
and it lined up with my June news,

1532
00:56:50,902 --> 00:56:53,767
so I reported it then. So our Michael

1533
00:56:53,767 --> 00:56:56,632
on my... Our July meeting hasn't happened yet,

1534
00:56:56,791 --> 00:56:58,559
and I'm record the news now. So we

1535
00:56:58,559 --> 00:56:59,699
don't have any updates

1536
00:57:00,000 --> 00:57:01,760
for the August map. I'll have them for

1537
00:57:01,760 --> 00:57:03,039
the August news report.

1538
00:57:03,760 --> 00:57:06,019
But we do have integration score

1539
00:57:06,320 --> 00:57:09,440
updates, we have done a full review,

1540
00:57:10,077 --> 00:57:12,623
and now an overview of all of the

1541
00:57:12,623 --> 00:57:14,556
applications over 524

1542
00:57:14,771 --> 00:57:17,170
products in our database. We had made some

1543
00:57:17,170 --> 00:57:19,867
changes to the methodology over time. We've we

1544
00:57:19,867 --> 00:57:20,661
launched this

1545
00:57:21,057 --> 00:57:23,437
research 2 over 2 years ago back in

1546
00:57:23,437 --> 00:57:23,992
20 22.

1547
00:57:24,484 --> 00:57:27,195
And since then, we have done some tweaking

1548
00:57:27,195 --> 00:57:29,269
to the methodology, but we didn't do it

1549
00:57:29,269 --> 00:57:31,742
across the board to all applications because it

1550
00:57:31,742 --> 00:57:32,699
was a lot of work We only did

1551
00:57:32,699 --> 00:57:34,055
it as new applications came in.

1552
00:57:35,023 --> 00:57:36,555
But since then, we

1553
00:57:37,086 --> 00:57:39,149
realized things were diver a bit, so we

1554
00:57:39,149 --> 00:57:40,735
did a full review, had the team go

1555
00:57:40,735 --> 00:57:43,450
through all 500 plus applications. And make sure

1556
00:57:43,450 --> 00:57:45,199
they were updated with the latest methodology. So

1557
00:57:45,278 --> 00:57:46,789
I'm gonna go through a quick couple of

1558
00:57:46,789 --> 00:57:49,173
changes that we made, so you can understand.

1559
00:57:49,492 --> 00:57:51,422
Number 1, breath criteria

1560
00:57:52,369 --> 00:57:54,921
So since when we launched the research less

1561
00:57:54,921 --> 00:57:55,900
than 400

1562
00:57:55,958 --> 00:57:58,111
applications on the adviser tech map. And since

1563
00:57:58,111 --> 00:57:59,866
then, we've added over a hundred and 20

1564
00:57:59,866 --> 00:58:02,614
of applications, hundred and 30 applications and

1565
00:58:03,233 --> 00:58:05,709
expanded 12 more categories or 20 more categories.

1566
00:58:06,668 --> 00:58:08,425
So we've got I think 50 categories now.

1567
00:58:09,237 --> 00:58:10,668
On 524

1568
00:58:10,668 --> 00:58:12,916
applications. So that changes the breath criteria,

1569
00:58:13,449 --> 00:58:15,458
and this might be a little bit confusing

1570
00:58:15,673 --> 00:58:17,501
because breath is a relative score.

1571
00:58:18,072 --> 00:58:21,483
Because each category has unique breadth needs, some

1572
00:58:21,483 --> 00:58:24,893
categories require more integration, some require less. We

1573
00:58:24,893 --> 00:58:25,290
don't want to...

1574
00:58:26,898 --> 00:58:28,816
Compare them to each other. So we only

1575
00:58:28,816 --> 00:58:30,834
compare applications in the breath... Criteria

1576
00:58:31,453 --> 00:58:32,492
inside each category.

1577
00:58:32,971 --> 00:58:34,190
What this means is

1578
00:58:34,983 --> 00:58:35,483
when

1579
00:58:36,576 --> 00:58:39,284
we... Sometimes, Michael and I merge categories or

1580
00:58:39,284 --> 00:58:41,196
move applications into different categories,

1581
00:58:41,753 --> 00:58:44,399
that can change your integration score even though

1582
00:58:44,399 --> 00:58:46,077
the number of integrations you have may not

1583
00:58:46,077 --> 00:58:46,637
have changed.

1584
00:58:47,276 --> 00:58:49,754
Your breath criteria because it's relative to the

1585
00:58:49,754 --> 00:58:51,452
other applications in your category

1586
00:58:51,911 --> 00:58:54,642
may change. Now, breath is only 25 percent

1587
00:58:54,642 --> 00:58:56,636
of the score, which is 2.5 out of

1588
00:58:56,636 --> 00:58:58,709
10. So it should be a minor change

1589
00:58:58,709 --> 00:59:00,862
if an application is moved to a different

1590
00:59:00,862 --> 00:59:02,537
category, but it will change the score.

1591
00:59:04,305 --> 00:59:05,601
We adjusted the

1592
00:59:06,055 --> 00:59:09,101
breakdown in the criteria when we first launched

1593
00:59:09,397 --> 00:59:12,443
the scoring, it was 60 percent depth

1594
00:59:12,754 --> 00:59:15,572
25 percent breath and 15 percent usability.

1595
00:59:16,510 --> 00:59:19,807
And we realized that wasn't quite the right

1596
00:59:20,027 --> 00:59:20,266
breakdown,

1597
00:59:20,986 --> 00:59:22,125
because use usability

1598
00:59:22,995 --> 00:59:25,161
really encompasses how well,

1599
00:59:25,773 --> 00:59:28,232
a vendor is has built out their Apis.

1600
00:59:28,470 --> 00:59:29,605
And all the supporting

1601
00:59:30,474 --> 00:59:31,752
information around Apis.

1602
00:59:32,311 --> 00:59:34,469
And we felt that Apis is becoming much

1603
00:59:34,469 --> 00:59:36,947
more, a part of more firms,

1604
00:59:37,666 --> 00:59:40,158
capabilities and more firms are relying on Apis

1605
00:59:40,158 --> 00:59:43,514
that are building out dashboards and workflows and

1606
00:59:43,514 --> 00:59:45,911
other tools. So we felt Apis needed a

1607
00:59:45,911 --> 00:59:48,720
bit more weight. So we took 10 percent

1608
00:59:48,720 --> 00:59:50,230
away from depth and put it onto to

1609
00:59:50,230 --> 00:59:52,774
usability. It's now the breakdown is 50 percent

1610
00:59:52,774 --> 00:59:53,807
25 25.

1611
00:59:56,445 --> 00:59:59,225
And we expanded the usability questions. So we

1612
00:59:59,225 --> 01:00:00,655
forget, when we first started, We only had

1613
01:00:00,655 --> 01:00:02,640
a couple of questions around usability, and we

1614
01:00:02,640 --> 01:00:04,093
thought that wasn't really capturing

1615
01:00:04,546 --> 01:00:05,474
all of the

1616
01:00:06,070 --> 01:00:06,467
robust

1617
01:00:07,103 --> 01:00:09,882
support that is required for Api to be

1618
01:00:09,882 --> 01:00:12,901
useful. And as consultants in the industry for

1619
01:00:12,901 --> 01:00:14,663
almost 20 years, We have seen a lot

1620
01:00:14,663 --> 01:00:17,126
of vendors who shall remain nameless who claim

1621
01:00:17,126 --> 01:00:19,113
they have Apis, but when we go to

1622
01:00:19,113 --> 01:00:21,258
try to use them, we find out either

1623
01:00:21,258 --> 01:00:23,521
a, They haven't been tested, b there's no

1624
01:00:23,816 --> 01:00:25,882
documentation for them, or there's no sample code.

1625
01:00:26,121 --> 01:00:27,869
There's no developer sandbox where we can test

1626
01:00:27,869 --> 01:00:29,777
things, which makes it very difficult.

1627
01:00:30,268 --> 01:00:32,014
For us to get usage out of those

1628
01:00:32,173 --> 01:00:32,490
Apis.

1629
01:00:33,046 --> 01:00:34,418
So we added more questions

1630
01:00:34,871 --> 01:00:35,371
in

1631
01:00:35,744 --> 01:00:36,640
our questionnaire

1632
01:00:37,013 --> 01:00:40,209
about how the the vendor is supporting their

1633
01:00:40,447 --> 01:00:42,834
Apis what documentation they have, what the platform

1634
01:00:42,834 --> 01:00:44,447
is. So those questions

1635
01:00:44,996 --> 01:00:47,542
will drive the usability score, which is as

1636
01:00:47,701 --> 01:00:49,292
I mentioned earlier, 2.5

1637
01:00:49,292 --> 01:00:49,769
out of 10.

1638
01:00:51,694 --> 01:00:54,565
If you, are a vendor, and you have

1639
01:00:54,565 --> 01:00:56,958
not filled out a vendor scoring survey integration

1640
01:00:56,958 --> 01:00:59,750
scoring server recently, please reach out to us

1641
01:00:59,750 --> 01:01:02,158
at the integrations at Ezra group, l c

1642
01:01:02,158 --> 01:01:04,473
dot com, and we will get back to

1643
01:01:04,473 --> 01:01:05,989
you with a link to the survey, and

1644
01:01:05,989 --> 01:01:08,065
you can update that, and that will almost

1645
01:01:08,065 --> 01:01:10,140
always increase your score because there's probably some

1646
01:01:10,140 --> 01:01:12,789
integrations or some capabilities, we don't know about

1647
01:01:12,789 --> 01:01:15,182
if they're not on your website. So giving

1648
01:01:15,182 --> 01:01:17,496
us that information will usually increase your score.

1649
01:01:19,422 --> 01:01:21,274
There is a part of the

1650
01:01:21,649 --> 01:01:22,047
methodology,

1651
01:01:23,319 --> 01:01:24,592
around key applications.

1652
01:01:25,244 --> 01:01:27,398
Reason we created the key applications list is

1653
01:01:27,398 --> 01:01:28,615
we wanted to encourage

1654
01:01:29,152 --> 01:01:31,965
vendors to build integrations to the most popular

1655
01:01:32,263 --> 01:01:34,655
applications, which just makes sense. Do these applications

1656
01:01:34,655 --> 01:01:37,060
are the most popular, then building integrations to

1657
01:01:37,060 --> 01:01:38,573
them, we'll give you the most

1658
01:01:39,449 --> 01:01:41,860
breadth we'll give you the most, access to

1659
01:01:42,235 --> 01:01:44,719
other other firms. And make it easier for

1660
01:01:44,719 --> 01:01:45,197
you to,

1661
01:01:45,913 --> 01:01:48,700
for for clients like our clients, ra and

1662
01:01:48,700 --> 01:01:50,929
broker dealers to build out better,

1663
01:01:52,378 --> 01:01:55,648
internal applications or or dashboards or portals and

1664
01:01:55,648 --> 01:01:58,121
things. So the more integrations are integrated... Systems

1665
01:01:58,121 --> 01:01:59,338
are integrated with each other

1666
01:01:59,876 --> 01:02:01,072
in a big mesh the better.

1667
01:02:02,044 --> 01:02:04,199
So we built a a list of what

1668
01:02:04,199 --> 01:02:06,833
we call key applications, which... How many it

1669
01:02:06,833 --> 01:02:08,748
is? I think it's 20 second. Let me

1670
01:02:08,748 --> 01:02:09,726
just do my

1671
01:02:10,278 --> 01:02:12,108
Me just add this number up here, Changes

1672
01:02:12,108 --> 01:02:12,427
to

1673
01:02:13,779 --> 01:02:17,223
numeric rather than bullets. And there are 24

1674
01:02:17,454 --> 01:02:19,678
key applications, and you can see the list

1675
01:02:19,678 --> 01:02:21,210
on our website as group

1676
01:02:21,743 --> 01:02:22,140
dot com.

1677
01:02:23,094 --> 01:02:23,832
And so

1678
01:02:24,603 --> 01:02:26,192
applications of the 524

1679
01:02:26,192 --> 01:02:28,619
that integrate with these 24 applications

1680
01:02:29,079 --> 01:02:30,199
will get a higher score.

1681
01:02:31,559 --> 01:02:33,179
The reason we have the key

1682
01:02:33,480 --> 01:02:33,980
applications

1683
01:02:34,359 --> 01:02:36,219
is because we felt that

1684
01:02:36,854 --> 01:02:37,673
having them

1685
01:02:38,692 --> 01:02:41,729
would make it more transparent as to why

1686
01:02:41,729 --> 01:02:42,788
we're trying to drive

1687
01:02:43,407 --> 01:02:45,745
connections to them, and we

1688
01:02:46,457 --> 01:02:48,311
increase the scores

1689
01:02:48,926 --> 01:02:50,701
slightly. There's a little bit of a weighting

1690
01:02:51,077 --> 01:02:53,966
towards the key application. So if you had

1691
01:02:54,342 --> 01:02:56,508
integrations and they... You didn't integrate to any

1692
01:02:56,508 --> 01:02:57,862
of the key applications,

1693
01:02:58,579 --> 01:03:00,890
another vendor that had the same mode of

1694
01:03:00,890 --> 01:03:01,686
integrations as you have,

1695
01:03:02,419 --> 01:03:04,994
but maybe half of them with key applications

1696
01:03:05,133 --> 01:03:06,989
would get a higher score. Even if those

1697
01:03:07,048 --> 01:03:09,123
integrations are at the exact same levels because

1698
01:03:09,123 --> 01:03:10,321
they are with key applications.

1699
01:03:11,053 --> 01:03:14,226
So, the key applications is going into effect,

1700
01:03:14,543 --> 01:03:16,074
so that will slightly change

1701
01:03:16,923 --> 01:03:19,401
product scores. Whether or not they integrate with

1702
01:03:19,401 --> 01:03:21,628
these 24 key applications. So check them out

1703
01:03:21,628 --> 01:03:23,776
auto our website as dot com.

1704
01:03:25,304 --> 01:03:25,942
And finally,

1705
01:03:26,980 --> 01:03:30,115
a couple minor points. We added Zapier integrations

1706
01:03:30,173 --> 01:03:31,850
into our scoring since more and more vendors

1707
01:03:31,850 --> 01:03:34,325
are leveraging the power of Zapier. I know

1708
01:03:34,325 --> 01:03:35,858
we We use it a lot here at

1709
01:03:35,858 --> 01:03:38,735
as group, both for our clients, products, integration

1710
01:03:38,735 --> 01:03:40,173
products could do for our clients as well

1711
01:03:40,173 --> 01:03:42,251
as internally. We've been using a bunch of,

1712
01:03:42,651 --> 01:03:43,370
of, Zapier period

1713
01:03:44,344 --> 01:03:45,403
integrations, much as apps

1714
01:03:46,101 --> 01:03:47,401
to connect into

1715
01:03:48,179 --> 01:03:50,256
outlook in into and out of outlook into

1716
01:03:50,256 --> 01:03:51,135
and out of Asana,

1717
01:03:51,789 --> 01:03:53,623
into and out of our marketing platform, which

1718
01:03:53,623 --> 01:03:54,580
is called Sharp spring,

1719
01:03:55,218 --> 01:03:57,771
super useful tool. So we felt that it

1720
01:03:57,771 --> 01:03:59,765
needed to be captured. So there is an

1721
01:03:59,765 --> 01:04:02,332
integration score for a affirm that connect with

1722
01:04:02,492 --> 01:04:02,890
Zapier.

1723
01:04:03,688 --> 01:04:06,320
And finally, if you are a vendor out

1724
01:04:06,320 --> 01:04:09,032
there with We'll tech product, and you have

1725
01:04:09,032 --> 01:04:10,945
a score that we have scored you, and

1726
01:04:10,945 --> 01:04:12,237
it's 6

1727
01:04:12,237 --> 01:04:12,954
or above,

1728
01:04:13,672 --> 01:04:15,666
you are eligible for the Wealth tech integration

1729
01:04:15,666 --> 01:04:17,283
score recognition program.

1730
01:04:17,900 --> 01:04:19,835
What this program gives you is the licensing

1731
01:04:20,213 --> 01:04:21,224
ability to use

1732
01:04:21,663 --> 01:04:24,215
a beautiful badge that says azure group, you

1733
01:04:24,215 --> 01:04:26,848
know, certified integration score that you can use

1734
01:04:26,848 --> 01:04:29,799
on your website, marketing materials, email, social media,

1735
01:04:30,118 --> 01:04:30,597
anywhere you like.

1736
01:04:31,489 --> 01:04:34,605
As well as getting access to other exclusive

1737
01:04:34,605 --> 01:04:36,123
program benefits such as,

1738
01:04:36,842 --> 01:04:39,250
time with our integration team, so you'll get

1739
01:04:39,250 --> 01:04:41,478
quarterly meetings with them to help you understand

1740
01:04:41,478 --> 01:04:44,103
more about integrations and help you improve your

1741
01:04:44,103 --> 01:04:44,342
integrations.

1742
01:04:45,217 --> 01:04:47,148
You'll also get access to our quarterly

1743
01:04:47,539 --> 01:04:48,998
private research webinars,

1744
01:04:49,617 --> 01:04:50,975
only recognition program,

1745
01:04:52,174 --> 01:04:55,550
members get access to that, plus discounts on

1746
01:04:56,103 --> 01:04:57,619
consulting. So if you hire as a group

1747
01:04:57,619 --> 01:05:00,968
for any consulting projects, competitive analysis, partnership analysis,

1748
01:05:01,287 --> 01:05:03,920
go to market strategies, pricing analysis, you will

1749
01:05:03,920 --> 01:05:06,248
get a discount on that. And there's also

1750
01:05:06,248 --> 01:05:09,521
more capabilities coming to the recognition program. So

1751
01:05:09,521 --> 01:05:11,378
you can get more information about that by

1752
01:05:11,517 --> 01:05:15,364
content at integrations at Az group Llc dot

1753
01:05:15,364 --> 01:05:15,524
com.

1754
01:05:16,802 --> 01:05:19,359
Right. You've made it the end of the

1755
01:05:19,359 --> 01:05:21,516
episode of all tech podcast. Thanks for listening.

1756
01:05:21,836 --> 01:05:23,527
But before you go, Please scroll to the

1757
01:05:23,527 --> 01:05:25,281
bottom of the homepage at ezra group dot

1758
01:05:25,281 --> 01:05:27,993
com and sign up for newsletter. Once a

1759
01:05:27,993 --> 01:05:29,588
month, you will receive an email, chuck for

1760
01:05:29,588 --> 01:05:32,789
the Wealth Management goodness. News information updates. You

1761
01:05:32,789 --> 01:05:35,328
will not be disappointed. Thanks, again listening and

1762
01:05:35,328 --> 01:05:36,755
talk to you all again next time.