01:59:28 · John Coogan, David Faugno, Jordi Hays
[01:59:28] S1: Yeah. Right before it [01:59:29] S2: was just the guys that were were big enough to be worthwhile going after. Yeah. When when the cost is auto... When it's automated and the cost is almost zero, really any standing access is a potential problem. Yeah. And so you really wanna make sure that that central control point, you know, is is the is the way that your agents or you get access to the things that are most important to you. [01:59:49] S1: Yeah. It used to be the most secure way was just writing down a sticky note, putting it on the desk. But now the smart TVs have cameras. They're spying on you. And so they'll see from the camera the pic... The picture picture of this of the sticky note with your password on it. And so there's no there's no other solution. You have to use one password. It's it's it's gonna be bad for the sticky note industry. I I It will. Knock on effect. You're if you're really as successful as I think you're gonna be. Some money to be made shorting sticky notes. I love the industry but it's it's it's bad news. Bad news, but your building's good. But thanks so much for coming on the show. Awesome. Awesome. Have a great rest of your day. [02:00:26] S0: Good stuff, David. [02:00:27] S1: Take you to the day. [02:00:28] S0: Thanks for the update.
02:00:28 · Jordi Hays, John Coogan, Mark Swan
[02:00:28] S0: Thanks for the update. [02:00:28] S1: Goodbye. Cheers. Let me tell you about the New York Stock Exchange. Wanna change the world, raise capital at the New York Stock Exchange. We're very excited to partner with the New York Stock Exchange. Our next guest is from the co founder and CEO of Netis, Mark Swan is with us with another Gong worthy moment. Welcome to the show, Mark. How are doing? [02:00:50] S3: Very, very good. Honored to be here, so thanks for having me. [02:00:53] S0: Honored to to have you. [02:00:54] S1: Thank you so much for coming on the show. Please introduce yourself and the company. [02:00:59] S3: Yeah. I'm Mark Swan. I'm the CEO and one of the cofounders of Nevis, and we're building an AI platform for wealth management. [02:01:06] S1: Very, very cool. Is there a particular scale of wealth manager that you're going after? Are you targeting the... Like, the big banks like UBS, JPMorgan to start or smaller firms, everything in between? How have you thought about Yes. Slicing up the market? [02:01:21] S3: So so our customers are primarily registered independent advisory firms, which make up the other big part of of the wealth management industry. And today, you know, our customers are some of the fastest growing, largest firms in the industry. There are about 700,000,000,000 of assets under management across all of them. And then that's... You know, we add about 50,000,000,000 of assets across those customers every single month. So it's it's a it's a big portion, but it's more on the RIA side rather than banks.
02:01:21 · Mark Swan, John Coogan
[02:01:21] S3: So so our customers are primarily registered independent advisory firms, which make up the other big part of of the wealth management industry. And today, you know, our customers are some of the fastest growing, largest firms in the industry. There are about 700,000,000,000 of assets under management across all of them. And then that's... You know, we add about 50,000,000,000 of assets across those customers every single month. So it's it's a it's a big portion, but it's more on the RIA side rather than banks. [02:01:46] S1: What is the killer feature that you're advertising to your customers? [02:01:52] S3: Yeah. So, like, we give financial advisers access to agents that help them automate pretty complex workflows end to end. So building investment strategies, tax strategies, all the way through to the operational things like moving money and open custody accounts. And so a financial adviser on Nevis can actually automate a lot of that work so they can grow their book of business and deliver more service that previously maybe wasn't possible without AI. [02:02:17] S1: And do you... Are you still working on, like, the intermediate artifacts of that? Like, there might be an Excel sheet or a or a spread or, a PowerPoint deck that gets sent to a client to say, hey. This is the strategy we're recommending. Here's a couple scenarios. We modeled it out all for you based on what we know about your financial position today.
02:02:17 · John Coogan, Mark Swan, Jordi Hays
[02:02:17] S1: And do you... Are you still working on, like, the intermediate artifacts of that? Like, there might be an Excel sheet or a or a spread or, a PowerPoint deck that gets sent to a client to say, hey. This is the strategy we're recommending. Here's a couple scenarios. We modeled it out all for you based on what we know about your financial position today. [02:02:34] S3: Yeah. We build actually a lot of that, like, in house. Okay. So so, like, there's tools, like, we'll build our own financial planning tools. We'll build our meeting prep materials. Sure. Like, more of that is actually getting, like, built vertically within Nevis. Yeah. But we also are, you know, obviously interacting with things like Excel and other systems as well. [02:02:52] S0: Yeah. You said meeting notes. Are you guys doing like a meeting? You have like Call a meeting recorder. Recordings? Like is that something that you brought in house? Exactly. It feels like... [02:03:01] S1: Exactly. Yeah. Yeah. You have an in house solution and not like... Because a lot of them might... A lot of wealth managers I imagine have like an ensemble of tools cobbled together, but you want to be more of like a compound startup?
02:03:01 · John Coogan, Mark Swan
[02:03:01] S1: Exactly. Yeah. Yeah. You have an in house solution and not like... Because a lot of them might... A lot of wealth managers I imagine have like an ensemble of tools cobbled together, but you want to be more of like a compound startup? [02:03:12] S3: Exactly. Like, our our our view of Nevis is like build a platform, not a point solution. So, you know, we we have our own notetaker, you know, we have our own document. Really, the benefit is like a financial adviser can use Nevis' notetaker, leave the call, Nevis has already, you know, pregenerated all the follow ups. So, you know, client might say, I need to withdraw $50,000 in cash, and we'll pick up on that, create the order form, and then one click, you know, complete that execution end to end. And so you can have this like fully connected system as opposed to just like a single point solution. [02:03:42] S1: Very how capable is the system currently of sort of like idea generation? I feel like a lot of the value that wealth managers bring is not just being a you know a point of contact for execution on all these things and operations but actually knowing that this is the right product. I have access to this hedge fund at this time or this venture fund and I want to get this in front of you because I know it's what you're interested in. That type of, you know, insider information that might not be on the open web yet is a lot of the value of these wealth management firms. Are you working on that type of idea generation as well?
02:03:42 · John Coogan, Mark Swan, Jordi Hays
[02:03:42] S1: Very how capable is the system currently of sort of like idea generation? I feel like a lot of the value that wealth managers bring is not just being a you know a point of contact for execution on all these things and operations but actually knowing that this is the right product. I have access to this hedge fund at this time or this venture fund and I want to get this in front of you because I know it's what you're interested in. That type of, you know, insider information that might not be on the open web yet is a lot of the value of these wealth management firms. Are you working on that type of idea generation as well? [02:04:20] S3: Yeah. So so we do a lot of, like, proactive next best action for advisers. I think, you know, we have agents running in the background constantly coming up with opportunities for financial advisers. So you should be waking up in the morning going on to Nevis and Nevis has proactively suggested, you know, maybe someone's, you know, move job. Right? And that and that as a result, you know, you need to, you know, change their financial plan, and we'll proactively do all of that work from drafting the email to the financial plan, give you that to the advisor, reach out to the client, as well as investment strategies and so on and so forth. So moving to being much more proactive, agent driven, so financial advisors are kind of given these superpowers as a result. [02:04:59] S0: When did you actually start the company?