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?
02:04:59 · Jordi Hays, Mark Swan, John Coogan
[02:04:59] S0: When did you actually start the company? [02:05:02] S3: We started the company two years ago. Very cool. We were... Myself and my two co founders were at Revolut before this, founded the business two years ago, got backed by Sequoia Capital in our seed brand, then, you know, past two years, yeah, we've scaled. You know, this year alone, we've gone from, 50,000,000,000 of assets to to over 700,000,000,000 of assets now across our customers. And it's been, you know, an amazing journey so far. [02:05:24] S0: Massive progress. Feels like... [02:05:28] S1: You should raise money too. [02:05:29] S0: Oh, I know. I know. [02:05:30] S3: Yeah. And Actually, yeah. And and 70. And today, we raised, yeah, 70,000,000. Yeah. Exactly. [02:05:37] S0: Wealth management, there's, [02:05:38] S1: like seven different levels of [02:05:39] S0: It's interesting because, like, the the concept of, like, AI for wealth management Mhmm. I I feel like you guys are maybe probably the hundredth company to come at this with that pitch. Yeah. But you guys had this massive advantage in that you started like two years ago. Yeah. And that you could be like, we're gonna be able to build all these features. We can do it and really think about this platform at one time versus like companies that have taken cracks at this category historically were like... Are now like, oh, okay. Like, what's our... They were AI for wealth management, but it was really like they were having that same moment two years ago being like, what's... Well, what are we really gonna do with, like, AI?
02:06:16 · Mark Swan, John Coogan
[02:06:16] S3: I I think also though, like, you know, people people got it wrong. Right? They they said that AI will replace financial advisers, and and they're just wrong. Right? I mean, like, the wealth management is a highly trust first service intensive relationship business. And so, I think the core thesis of Nevis is, how do we use AI to help advisors not replace them? And you have this... Like, you look at the market, right, like the demand for financial advice is also exploding. Right? Like, the number of millionaires in The US is growing about eight times faster than the rate of the population. And at the same time, the number of financial advisers is actually decreasing. And so the question is, like, how do you use AI to make the adviser... The human adviser more efficient as opposed to things like robo or you know, trying to you know, replace the advisor which I think just misses the whole point. [02:07:04] S1: Yeah. What's the strategic... What's the nature of the strategic investment from Charles Schwab? How how... Like, are you already working with Charles Schwab? Is there someone there that has a vision of how this evolves and you can fit your your company in there? [02:07:20] S3: Yeah. We we worked very closely with Charles Schwab for for the past two years, but their investment in our series b helps us accelerate what we can actually do with what we call authorized agents on top of Schwab. [02:07:31] S1: Oh, So a lot of the work I that saw financial advisers do... Okay.
02:07:31 · John Coogan, Mark Swan, Jordi Hays
[02:07:31] S1: Oh, So a lot of the work I that saw financial advisers do... Okay. [02:07:34] S3: Yeah. Yeah. So what a lot of financial advisers do is actually, like, operational work on top of those custody platforms. So things like moving money open custody accounts take up the vast majority of the manual work. And so through our partnership with Schwab, we can unlock new opportunities to help automate those workflows and, you know, benefit our mutual customers, which are these RIA firms. [02:07:56] S1: Yeah. You're the anointed one. Well well, Muse and all the other agents are getting banned from Charles Schwab. Are... Yeah. Like, come on in. [02:08:03] S0: Come on in. [02:08:04] S1: You get to go into Schwab, which is very cool. [02:08:07] S0: Love the business. Make... [02:08:08] S1: Congrats on the progress. [02:08:09] S0: Yeah. Thank you so [02:08:10] S3: much for hopping on the show. I appreciate it. Thanks for [02:08:12] S1: having me on. [02:08:12] S0: Great to meet you, Mark. Sure. See you
02:08:12 · Jordi Hays, John Coogan, Christa Pitts, Chanda A. Bell
[02:08:12] S0: Great to meet you, Mark. Sure. See you [02:08:13] S1: at Let me tell you about Railway. Railway is the all in one intelligent cloud provider. Use your favorite agent to deploy web app service databases more while Railway automatically takes care of scaling, monitoring, and security. Up next, you know it's the road to Christmas, and we have a Christmas deep dive with Chanda Bell and Christa Pitts, the cofounders and co CEOs of the Luisa Stela Company. The company behind the elf on the shelf, We are going to bring in these twin sisters and talk about this incredible business. Welcome to the show. What's Thank you so much for joining us. How are you doing? [02:08:48] S4: Great. Hi. [02:08:49] S1: Thank you for joining. I'd love to get an introduction to kick this off from both of you and take us on a little bit of the journey of the company and the Sorry. Love Christmas around here. We have been counting down the days to Christmas trying to interview as many people. I'll take [02:09:06] S0: it down a notch [02:09:07] S1: But a little the economy, we have multiple levels of Christmas adornments on the Chiron. But I'll let you kick it off... [02:09:14] S0: A little more mild. [02:09:16] S1: Let's do a little bit of Christmas. [02:09:17] S0: Yeah. A little [02:09:17] S1: bit of Christmas. [02:09:18] S0: But... Working working on it. Working on it. It. That's better. That's better. We can... Thank you. [02:09:23] S5: Christa, we finally find people like fashioned out of our own heart. Yes. Like the love of Christmas is real here. We love it.