The WealthStack Podcast
00:32:38 · Shannon Rosic, Mark Swan
[00:32:38] S1: Amazing. Sounds like you have a very clear vision on where you want Nevis to go, which is great. But, Mark, we have made it to my favorite and final segment that I affectionately call stack it or whack it. So what that means is I'm gonna throw out a few technologies, tools, trends, whatever it may be, and you tell me if we should stack it or whack it, meaning love it or lose it. This is a safe space for hot takes. So if you're ready, I'm gonna throw a bunch of things at you. [00:33:04] S2: Yeah. Go for it. Go for it. [00:33:05] S1: Alright. First one. And, again, this is meant to be fun, light. It could... It's... Some of this might sound crazy. I was dabbling in Black Mirror recently again just watching some old episodes. [00:33:17] S2: Yeah. [00:33:17] S1: And so what are your thoughts on an AI credit scoring system? Are we headed into a Black Mirror episode, stack, or whack? [00:33:24] S2: Yeah. Good question. I think whack it. You gotta whack it. You gotta whack it. Black Mirror style, whack it. But, yeah, I think whack that one. [00:33:32] S1: Fair enough. Since we talked about it a fair amount on this episode, I have to ask then, AI note taking solutions, stack or whack?
00:33:32 · Shannon Rosic, Mark Swan
[00:33:32] S1: Fair enough. Since we talked about it a fair amount on this episode, I have to ask then, AI note taking solutions, stack or whack? [00:33:39] S2: Yeah. I... Look. I think it depends. Point solution, notetaker, I think you've got a whack. I think it's a commodity product. I don't think it's a... I don't think... We won't be talking about companies that are just notetakers. Right? I think it's just a it's just a feature. But as a feature within a larger platform, you gotta stack it. It's a super important productivity tool, but it's a feature, not a company. [00:34:00] S1: Yep. I would agree with you there. Copilots, stack or whack?
00:34:00 · Shannon Rosic, Mark Swan
[00:34:00] S1: Yep. I would agree with you there. Copilots, stack or whack? [00:34:05] S2: Copilot. It's actually a similar thing. So I I think that... I think, you know, your quads and chat GPTs, I would actually be saying for the particular enterprise adviser workflows of, like, mid market RIAs or enterprise RIAs, it's probably actually... It's it's actually a hard one. I think there's my gut tells me whack, right? Because I think that there's parts where you actually just want it connected to a wider system. I think a lot of the things that you might be using it for today, redrafting emails and so on, you will actually just find, like within a platform like Nevis, Right. And that Delta, like today, it's we're in that kind of transition where you can do everything you can on OpenAI and Thropic, but within Nevis, but we have more because you can trigger workflows and do more operational work within your business. But in general, I would say stack, I think that like OpenAI and Claude are just phenomenal products. And particularly for smaller RIAs, I think that you can do a lot with Claude or Claude CoWork and so on today. But I think for, again, for mid and enterprise, I think you you need something that bigger. [00:35:05] S1: And last one we have for you, and this might be more specific to larger firms, but data lakes, stack or WACC in their current state?
00:35:14 · Mark Swan, Shannon Rosic
[00:35:14] S2: Yeah. It's a great question. I think that you need some level of centralization on data. Right? So you need something that is taking all of this connectivity into one system, and then that one system should be able to push everything back. When you update a client address, it should be once and it goes into everything, right? And so for that, I think the essence of a data lake is incredibly important, right? But the counter to that is I would say stack a data lake, like you do need something something where all of that is coming through. But the nuance is that I speak with every single day with different RIAs. And I have conversations with firms who are a billion of assets under management. And they say, Hey, I'm going to go get a snowflake data lake. I'm like, it's what requires them that is a lot of technical overhead, a lot of management. Are you managing your custodial feeds? What if something breaks? And one of the arguments is that you can have a data lake then point it to a new front end. But reality, someone needs to maintain this data lake solution. And so unless you're a enterprise REA, I don't think a data lake, you know, standalone is the right idea. Think it's much better to, again, work with a firm like Nevis, who is doing a lot of that data piping and maintenance for you and actually also providing the front end. My question is always just who is maintaining the data lake? Right? If you have a team, great. If you don't, it's maybe not for you. [00:36:36] S1: Yep. Alright. So that's a hybrid stack whack. It's a hybrid
00:36:36 · Shannon Rosic, Mark Swan, S0
[00:36:36] S1: Yep. Alright. So that's a hybrid stack whack. It's a hybrid [00:36:40] S2: stack whack. Yeah. Well Again, it depends. Depends. Depends. Yeah. [00:36:43] S1: Depends. Mark, just as I suspected, this conversation absolutely lived up to the hype. So really appreciate you coming on. Quickly before we get off here, just tell listeners where they can learn more about you and what you're building over at Nevis. [00:36:56] S2: Yeah. So you can reach over to our website. It's neviswealth.com, and then we're also on all the socials as well. But schedule a call, schedule a demo directly on our website. We'd love to hear from you and speak with you. [00:37:07] S1: Fantastic. Well, thank you again, Mark, and be sure to like and subscribe to the Wealth Stack Podcast on all major podcasting platforms and follow all things stockandwealthmanagement.com, LinkedIn, and x. Thank you all for tuning in. [00:37:25] S0: Don't let busy work crowd out what matters most. Serve your clients better and grow AUM with help from Valet's US based client services assistants who bring real financial industry experience and handle the day to day details. And they're offering a free resource, 15 ways to deliver more value to your clients. Text stack, s t a c k, to 55123 to get your guide from Belay.