Pamela Cytron's Fintech Relationships.How Entrepreneurs Build Fintech Realtionships.

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Hello, welcome everybody to
another episode of Arthur's

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Round Table.
Thank you for everybody for

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joining in today and listening
to some of the other podcasts we

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have.
Super appreciate it.

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So I'm really happy to have
Pamela with us today.

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We're going to talk about some
very interesting things and also

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she has an accelerator and she
is going to speak about some

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Wellness issues as well in the
context of business and, and

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otherwise I, I imagine, right.
Yes, absolutely.

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Thank you, Martha.
You're.

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Welcome, Pamela.
Please, please start it from the

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beginning.
Well, I, I'll, I'll, I'll, I'll

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keep that as brief as possible
because I've been around a long

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time.
So by accident, I fell into

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fintech in my late teens while I
was out trying to figure out a

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way to support myself early in
my early in my journey.

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So I have been blessed to be in
the financial services

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technology space.
I, I like to tell people I was

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in there before there was a
hashtag.

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I was also in there when I was
selling 4050 enterprise systems

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a year before all the
regulations caught up with, with

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us.
And in terms of selling

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technology, that was.
Sun right or sun guard or

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something, right?
Yeah, well, I funny enough,

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Arthur Sun Guard spun out of an
oil company many, many moons ago

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and the first one of their first
financial technology

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acquisitions was a company in
Chicago called Catalactics.

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And that was kind of the
beginning of what became the

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financial services empire at
Sungard.

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I said my first 100% club, there
were like 10 people there.

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I had three tours of duty at
Sungard.

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I had to leave as a young person
to come back to do a bigger job,

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to go somewhere else where they
where they saw me a little bit

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differently.
The last 100% club I was at at

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like 5000.
So I kind of started my career

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in the early stage and I found a
place for that.

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I was also one of the early
employees at s s and C

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Technologies, which is now a
very large billion dollar

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company.
So but I was always in at the

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early part.
So I have a bit of a passion for

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early stage companies, but
because I've been able to see

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the life cycle, not just from
acquiring them, I've seen the

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good and bad what happens with
acquisitions coming in that

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aren't the right fit at the
right time.

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So I've got to see a lot.
But I've also always been on the

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sales side on business
development.

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I mean, I ultimately, you know,
ran sales teams, ran operation,

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ran companies, started my own.
But I do believe that the sales

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mentality that I started with
from telemarketing when I was

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like, I was very young is
probably the best foundation

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that one could get.
Because to be an entrepreneur,

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there are many things that we
can talk about there, but I

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think you got to be a little bit
crazy, right?

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We build things, we spend our
own money, we work crazy hours.

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We we build things for people
that they're not even sure they

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want.
And then we try to get money

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from people who want to put us
through the trenches.

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So I think anybody that's an
entrepreneur needs to be a

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little bit crazy.
Take Wild.

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Risks, right?
Yes.

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But most recently I had exited
my last company in 2020 and it

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was really an interesting time
because it was right as this

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Covic thing was starting.
Mental health was already on the

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rise massively before that,
right?

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The headlines, the foundations.
And then we run into this COVID

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thing and, you know, how do you
sustain your, your, yourself

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through that?
And the new innovations were

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coming out of it.
But I was at a point of getting

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a lot of calls from a lot of
founders because I'm a little

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bit older than a lot of the
founders are today.

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And I found myself, you know,
always focusing because what

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COVID demonstrated was you have
to have a pipeline.

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Those that had revenue, those
that had pipeline business did

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not stop, it just got.
Also, did you find it to be true

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that had you been pressing the
flesh and building relationships

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that you didn't need to meet
those people through COVID

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because you already knew them
and so they were accustomed to

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to who you were and they would
be willing to do a Zoom call and

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do business with you?
A. 100%, yeah, 100%.

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There was also, you know, they
spend more time.

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But what I loved about it was if
I took the insights out of that,

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one of the things that I think
is slowly missing and part of

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the reason we started the
nonprofit Founders during

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accelerator, which I'll come to
in a second, was we, we have

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gotten so focused behind a
screen, right?

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Whether it's this screen,
whether it's the screen you and

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I are on.
But people that haven't ever had

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to pick up a phone and cold call
are really kind of got it out,

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right?
You know, rejection is, you

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know, the biggest part of life,
right?

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And, and So what I found was, is
that we were getting lazy in our

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pipeline development.
We were getting lazy and asking,

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right?
We we keep because information

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is so plentiful, right?
And money was cheap for a long

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time too, right?
Say that again.

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Money was cheap for a long time
also.

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It was cheap, it was spread
around, but people lost the art

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of creating relationships.
I went back in time and I looked

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at all of my my biggest deals
and my worst deals and I

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dissected them and said, what
did they all have in common?

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And an interesting thing for me
as a woman on Wall Street, the

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most successful deals I did were
with men, with daughters, hands

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down, all the way across the
board, right?

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It's not a girl or a boy thing.
It's just a behavioral thing,

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right?
But you know, the other thing

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that's been lost is setting up
meetings, right?

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The art of a meeting when you
used to have to go through the

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assistant or go back and forth
with the calendar, that was the

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part of the sales cycle that you
learned something about them.

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Maybe they were on vacation,
maybe they were there, maybe

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they had another meeting.
But you also were able to create

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formidable relationships with,
you know, the number twos or

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whoever was setting up the
meeting.

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And I believe more so than ever
that we have to shift back to

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some of those traditional sales
skills because how in the world

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are we going to sell artificial
intelligence if we're not using

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authentic intelligence?
Because artificial intelligence

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will be rolling the dice.
Does it work right?

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Even all the banks and wealth
managers and family office

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surveys, all that stuff that
they do right at the end of the

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day, they're going to they still
buy who they trust.

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And I, I believe in my heart and
maybe it's wishful thinking, but

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I do think that that ability to
have one-on-one conversations,

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be in environments with people,
more curated events and how we

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go back to a little bit of that
personalized personalization

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when we're selling something
because, you know, products are

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almost becoming commoditized.
There's a family office, I don't

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know if you saw it, that came
out the family office, you know,

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chart accounting, performance,
all management, trust in

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estates, kind of all in one
platforms, your bill pay, your

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cash management, right?
We've got all these different

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things and there'll be many,
many more, right?

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But it's still going to
fundamentally be the

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relationships behind those
things that will get them sold,

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in my in my humble opinion.
No doubt.

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I I don't think it's wishful
thinking.

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I think that there's a
generation of people that

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haven't taken a few arrows to
their back or had to collect 150

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no's to get a yes.
And so I think there's there's

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some things have come too easy.
But I will tell you, the

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engineers who build the products
that also might be the

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entrepreneur think that the
product comes first.

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The salespeople say that until
something's sold, nothing

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happens.
So it depends on where you sit,

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right?
It does fit on any way you sit.

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But as I tell the engineering
founders, right, anytime I meet

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them, they think that they can
hire somebody like me or you

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people have been selling, right?
They don't know how to sell.

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So they're building the best and
the brightest and they're gonna

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they're gonna hire somebody or
they're gonna do a fractional

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sales manager, a fractional
sales person.

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And I encourage them that's the
worst decision they can make too

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early.
I agree because because it's not

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necessarily they can get through
the quirkiness, we can work

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through that, but at the end of
the day, it's what they miss

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because no one's going to be
able to articulate the question

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back to the engineer that he's
going to get it quite as well.

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So whether you're the sales
founder or the engineering

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founder, those early meetings
need to be the direct feedback.

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That's not going through a
feedback loop, that's going

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directly to that person.
And you know, and I tell

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technical people, listen,
they'll know you're technical,

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OK?
They'll actually trust you more

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than they'll trust someone like
me, right?

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Because you're not making it up.
But what they don't know.

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And actually, I don't think many
people, our, our younger

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generation knows very much.
They, they don't understand how

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to take rejection.
OK, the Hundred knows.

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Exactly.
Because everything they can take

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their feet to only hear what
they want to hear.

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There's no controversy.
I think it's part of the

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environment and COVID had an
impact in a lot of ways.

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And I think a lot of people were
sitting home and trying to make

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sense.
I mean, COVID was sea change in

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many ways for people, but a lot
of people sat home and said,

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wait a minute, what am I toiling
away for every day?

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Maybe I can do something
different.

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And you know that that clearly
manifested itself in a lot of

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people starting businesses and
that sort of thing.

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But I, I don't, I, I'd like to
share with you a little story.

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I, I'm a New Yorker, but I ended
up spending a lot of time during

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COVID travelling across the
country and internationally, but

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spent a fair amount of time in
Utah.

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And I didn't know anything about
Utah except I'd been there a few

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times.
And what was really interesting

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is that I met dozens and dozens
of really smart people who were

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former LDS Mormons and current
Mormons.

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And one of the things that came
through loud and clear was the

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people who went on mission,
which is part of your obligation

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as an LDS person, are the ones
that are, that are not only the

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best salesman, but the best
build business builders because

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they are selling something so
amorphous that you can't wrap

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your your hands around it, never
mind your mind.

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And you know, they're knocking
on doors and trying to convert

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people to LDS and they know what
it's like to take rejection and

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they never take it personally.
So it was an interesting dynamic

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that was built as a result of
being part of that community.

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Yeah, I tell people, and they
probably have a whole white

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paper on this, right.
But you know, I tell people view

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totally messed up your call.
You're cold calling somebody or

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you were meeting them, right?
You could call them the next day

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and they're not going to
remember you called them, OK,

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Like you're not that important.
They're not going over to the

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water fountain.
They're not calling their

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friends.
And this idiot Pam just called

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me and messed up all our words,
you know, Oh my God, I said, and

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if that happened, Hallelujah,
because they're talking about

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you, right?
But I, I, I, I think these tools

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of communication and authentic
communication is kind of what

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the wave is.
And I also believe because

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technology, you know, as much as
everything's moving at the speed

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of light, technology is and to
the point of the byproduct of

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COVID, of people realizing I can
start my business.

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I've got more independence than
I thought I did.

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I can work from all these things
that they, you know, you, you

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graduate college, you go to you,
you go to a job, you work, you

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do your things right.
And so it really did allow

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people to reframe a bit of their
life cycle and what they were

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good at and what they weren't
good at and find other things to

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do that coupled with AI now
where everybody thinks they can

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be a founder and create their
next thing on ChatGPT or Claude,

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right?
So that ability evaluate

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software and businesses is going
to be a different skill set

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going forward because you can
build much faster.

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But if you're talking about
building solutions for the

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00:12:41,080 --> 00:12:44,360
family offices or wealth
management or finance, right,

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00:12:44,720 --> 00:12:47,720
you know, yeah, you can start in
your garage, but there is a lot

228
00:12:47,720 --> 00:12:49,720
behind that.
So the person that just says,

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well, I don't like this cash
app, I can build a better cash

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00:12:52,800 --> 00:12:55,920
app, right?
You know, maybe you can from a

231
00:12:55,920 --> 00:12:59,560
user experience point of view,
but there's a lot of rails that

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go on behind.
So that's why I think this

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ability of, of, of a new class
of, of, of craft coming back to

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00:13:11,480 --> 00:13:15,600
truly, I think the sales
profession has been lost and

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that makes me sad.
I, I did a, do one of my

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projects during COVID.
I went back and dissected all my

237
00:13:24,680 --> 00:13:27,960
sales cycles from the time I
started, and I believe that I've

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lived through 6 transformational
sales cycles and we're in the

239
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7th and this 7th 1 is like
nothing I've ever seen.

240
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So I'm really excited.
I'm here to see it, right?

241
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And some of them were based on
different things changing.

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Some were, you know, the
mainframe to the Microsofts, to

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00:13:43,120 --> 00:13:45,160
the apps.
I mean, there's technology

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00:13:45,160 --> 00:13:48,720
things, there's changes in the
market, there's changes in

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00:13:48,720 --> 00:13:50,960
globalization.
I mean, there were, you know,

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00:13:50,960 --> 00:13:55,000
fundamentally real issues that
did that.

247
00:13:55,200 --> 00:14:00,240
But the one thing along the way
that changed and the more

248
00:14:00,240 --> 00:14:04,760
capital people got and the more
they were less scrappy.

249
00:14:05,360 --> 00:14:08,520
Right.
The art of the relationship got

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00:14:08,520 --> 00:14:09,960
lost.
I mean, my first start up I had

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00:14:09,960 --> 00:14:12,320
no money.
I'd been in multiple companies.

252
00:14:12,640 --> 00:14:16,920
You know, I did a deal with a
global bank for a 7 figure check

253
00:14:17,240 --> 00:14:19,480
without any money in the bank,
right?

254
00:14:19,880 --> 00:14:22,840
I tell people that they think
I'm I'm smoking crack or

255
00:14:22,840 --> 00:14:23,760
something.
It's like what?

256
00:14:24,120 --> 00:14:26,280
Right.
But they didn't, they bought,

257
00:14:26,280 --> 00:14:28,680
they knew the team, they knew
the problem.

258
00:14:29,520 --> 00:14:32,560
I was able to show them the
ability that it worked, right?

259
00:14:32,760 --> 00:14:35,760
It wasn't, you know, it wasn't
just, Oh my gosh, they liked it

260
00:14:35,760 --> 00:14:37,840
and they bought it.
But it was the courting of the

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00:14:37,840 --> 00:14:40,680
relationship.
It was the fact that that system

262
00:14:40,680 --> 00:14:43,320
that I built, I had sold when I
was 18 years old.

263
00:14:43,320 --> 00:14:45,480
So it wasn't like something I
just built came up with.

264
00:14:46,560 --> 00:14:49,480
So I think the origins of
people's stories.

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00:14:49,480 --> 00:14:54,040
So when I look at, so the
emphasis of the founders arena

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00:14:54,560 --> 00:14:59,640
was I believe that one we have
to start looking at the sector

267
00:14:59,640 --> 00:15:02,880
and the sector, OK.
And what I mean by that is

268
00:15:02,880 --> 00:15:05,400
fintech has been the catch all
bucket for anything having to do

269
00:15:05,400 --> 00:15:09,000
with finance, whether it's
payments, buy side, sell side

270
00:15:09,000 --> 00:15:10,720
asset, it just became this big
thing.

271
00:15:10,920 --> 00:15:13,560
It started out as payments,
right?

272
00:15:15,000 --> 00:15:18,920
But in there you've got banking,
credit unions, family offices,

273
00:15:18,920 --> 00:15:22,000
wealth management, front office,
back office, consumer, you've

274
00:15:22,000 --> 00:15:24,080
got all this.
So I believe that we really had

275
00:15:24,080 --> 00:15:29,240
to focus, look at opportunities
where we were the sector, in the

276
00:15:29,240 --> 00:15:31,560
sector.
And so I started with wealth

277
00:15:31,560 --> 00:15:36,880
management and I started with
wealth management for a number,

278
00:15:37,120 --> 00:15:40,840
a number of reasons.
First and foremost, the theory

279
00:15:40,840 --> 00:15:44,600
that wealth is only for the
rich, OK, So the tools and

280
00:15:44,600 --> 00:15:48,320
automation and services that
were available or not available

281
00:15:48,320 --> 00:15:52,960
across the board.
So, and while you know, there's,

282
00:15:52,960 --> 00:15:54,840
you know, your big wealth
management areas, your big

283
00:15:54,840 --> 00:15:58,120
family offices, also what's
happening to create wealth?

284
00:15:58,120 --> 00:16:01,800
Because all of a sudden these
influencers and I owe money, OK,

285
00:16:01,920 --> 00:16:05,320
You got money floating around to
young people that if they just

286
00:16:05,320 --> 00:16:09,480
put a little bit away, if not
all of it, right, they've

287
00:16:09,560 --> 00:16:13,480
they're set for retirement in a
way that there may not be Social

288
00:16:13,480 --> 00:16:14,880
Security.
Another opportunity.

289
00:16:15,040 --> 00:16:17,320
There may not be another
opportunity like the one they

290
00:16:17,320 --> 00:16:19,480
have to make money, right?
Right.

291
00:16:20,120 --> 00:16:23,240
And if you're an influencer, you
got some product, right and

292
00:16:23,240 --> 00:16:27,720
you're going at it, that might
have less of a life cycle,

293
00:16:28,160 --> 00:16:29,480
right?
If you're young and you're

294
00:16:29,480 --> 00:16:32,040
wrapping young products or
you're, you know, so I, but I

295
00:16:32,040 --> 00:16:35,200
felt that we were, we were so
focused on the transformation of

296
00:16:35,200 --> 00:16:38,160
wealth, the greatest transfer of
wealth of all time.

297
00:16:39,040 --> 00:16:41,440
How long have we heard that?
That's been happening for 20

298
00:16:41,480 --> 00:16:44,520
years, right?
He was talking for 20 years.

299
00:16:44,720 --> 00:16:48,480
Anyway, the wealth creation is
happening, but we do not have

300
00:16:48,480 --> 00:16:51,440
tools and we do not have
guardrails for that.

301
00:16:51,600 --> 00:16:54,560
So it was how do we look at
wealth management in the sector?

302
00:16:54,560 --> 00:16:57,520
In the sector, certainly in the
traditional ways where we're,

303
00:16:57,560 --> 00:17:01,600
you know, we're, you know, that
the, the, the S, S and CS and

304
00:17:01,600 --> 00:17:03,920
the other, you know, products
that have been servicing for so

305
00:17:03,920 --> 00:17:07,960
long Advent years ago, which is
now, you know, SSNC, you know,

306
00:17:08,200 --> 00:17:11,160
I'm, you know, the institutional
side is there and it still needs

307
00:17:11,160 --> 00:17:12,800
improvement, as you and I both
know.

308
00:17:13,920 --> 00:17:18,200
But I, there was this missing
market for, you know, and we've

309
00:17:18,200 --> 00:17:22,280
also lost, you know, financial
education in, in schools, for

310
00:17:22,280 --> 00:17:24,560
the most part, financial
literacy is down.

311
00:17:24,800 --> 00:17:28,040
So it was wealth management
shouldn't just be for what we

312
00:17:28,040 --> 00:17:31,520
perceive as the rich.
Wealth management should be a

313
00:17:31,520 --> 00:17:35,880
category that's for wealth
creation for what that means to

314
00:17:35,920 --> 00:17:39,600
you, right?
And it also went in, but it was

315
00:17:39,880 --> 00:17:43,640
as much about being able to
create that community.

316
00:17:43,920 --> 00:17:46,880
So if you're in a sector, in the
sector, right?

317
00:17:47,080 --> 00:17:52,560
So, and my mission was to create
product makers and product

318
00:17:52,560 --> 00:17:55,600
buyers in the room.
Now, our organizations have

319
00:17:55,600 --> 00:17:57,720
raised a lot of capital that
have come through the program,

320
00:17:58,200 --> 00:18:00,160
but that's because we invite
people around.

321
00:18:00,320 --> 00:18:02,920
But when they come to the
program, there's no curriculum,

322
00:18:03,600 --> 00:18:06,320
OK?
It's purely built on what we

323
00:18:06,320 --> 00:18:10,920
call VIP visits.
So you're a startup founder, you

324
00:18:10,920 --> 00:18:13,120
have to be in market.
So they have to have sold

325
00:18:13,120 --> 00:18:16,920
something to someone, OK?
This is not seed, right?

326
00:18:17,120 --> 00:18:19,920
The average AR in our program is
about two and a half million.

327
00:18:19,920 --> 00:18:22,640
When they come in, there's been
higher, there's been lower.

328
00:18:22,640 --> 00:18:27,040
We've had a public company, but
we've put 30 companies through

329
00:18:27,040 --> 00:18:28,840
our program in the 1st 2 1/2
years.

330
00:18:28,840 --> 00:18:33,160
We're about to do our 6th
program in 2 1/2 years.

331
00:18:33,160 --> 00:18:36,760
We've had five formidable exits
out of these companies that have

332
00:18:36,760 --> 00:18:41,520
come through and millions of
dollars of revenue that has been

333
00:18:41,520 --> 00:18:45,200
made, right.
And I mean, these aren't, you

334
00:18:45,200 --> 00:18:49,200
know, Unicorn exits.
But as you and I know, there's

335
00:18:49,200 --> 00:18:50,920
not a lot of unicorns built from
scratch.

336
00:18:51,360 --> 00:18:54,280
It's mainly that it's rare and
it takes time.

337
00:18:54,680 --> 00:18:57,520
So was it fair to call it an
accelerator?

338
00:18:58,240 --> 00:19:00,840
I do call an accelerator, call
something else if I couldn't, if

339
00:19:00,840 --> 00:19:04,400
I could, but it is an
accelerator, but it is a growth

340
00:19:04,400 --> 00:19:09,160
accelerator, OK.
And so the whole program is if

341
00:19:09,160 --> 00:19:12,880
you go, you know you come in and
we do what's called one-on-one

342
00:19:12,880 --> 00:19:14,800
VIP visits.
So our next score, it's going to

343
00:19:14,800 --> 00:19:19,000
kick off in April and the day
they show up, they've got

344
00:19:19,000 --> 00:19:22,720
everyone from UBS to an SEI to
all these people that are there

345
00:19:22,720 --> 00:19:25,520
to meet them one-on-one to go
through that.

346
00:19:25,520 --> 00:19:28,800
So they get that one-on-one and
then we get the back feedback.

347
00:19:28,800 --> 00:19:31,600
They get a lot of feedback, but
then we can get the feedback

348
00:19:32,200 --> 00:19:34,600
right.
Guys, this isn't a fit for you,

349
00:19:34,960 --> 00:19:36,880
but that's OK.
You know, you're going here.

350
00:19:37,160 --> 00:19:39,200
So they're shrinking the sales
cycle.

351
00:19:39,680 --> 00:19:43,120
They're finding out a better
angle of who their ideal

352
00:19:43,120 --> 00:19:47,120
customer profile is.
They're getting, you know, very

353
00:19:47,120 --> 00:19:49,400
good feedback.
And when they do get it on the

354
00:19:49,400 --> 00:19:53,080
hook, right, if it starts to
slow down, I can call them up

355
00:19:53,080 --> 00:19:55,480
and say, wait a second, you were
pretty ambitious about this

356
00:19:55,480 --> 00:19:58,840
company, right?
And in the other part of that,

357
00:20:00,200 --> 00:20:04,000
you know, process is it's making
companies realize that if you

358
00:20:04,000 --> 00:20:08,280
run through a better process, it
does not have to take two years.

359
00:20:09,640 --> 00:20:14,960
Is that there was a time,
Pamela, that big companies like

360
00:20:14,960 --> 00:20:20,440
that, especially in the
regulated business would

361
00:20:20,600 --> 00:20:27,960
hesitate to do pilots because
the the legacy systems were too

362
00:20:27,960 --> 00:20:31,720
antiquated.
They upset the incumbent people.

363
00:20:32,400 --> 00:20:37,120
But then they started opening up
and doing pilots because their

364
00:20:37,440 --> 00:20:41,120
technology was easier to
implement and they could do a

365
00:20:41,120 --> 00:20:45,520
side project and see if it would
help and then the investor or

366
00:20:46,000 --> 00:20:47,600
take over the company for that
matter.

367
00:20:48,600 --> 00:20:53,560
Has it become even easier for
these big companies to digest

368
00:20:53,560 --> 00:20:56,480
something that might help them
in processes?

369
00:20:57,040 --> 00:20:58,480
Now I.
Don't think it's become that

370
00:20:58,480 --> 00:21:00,720
much easier honestly, but what I
think is.

371
00:21:01,600 --> 00:21:03,200
Bad, right?
The sales cycle.

372
00:21:04,040 --> 00:21:06,320
But it doesn't have to be.
And the problem is, is the sales

373
00:21:06,320 --> 00:21:10,720
cycle is has gotten longer and
longer, not because they don't

374
00:21:10,720 --> 00:21:13,880
know how to buy, but because
we've said, OK, now we got to go

375
00:21:13,880 --> 00:21:15,960
Infosec and now we got to go
here.

376
00:21:16,160 --> 00:21:19,400
And after Dodd Frank, we got all
these rules about under, you

377
00:21:19,400 --> 00:21:21,680
know, stability and what are you
in, right.

378
00:21:21,880 --> 00:21:25,320
So what I encourage founders to
do, and I do, and I do it

379
00:21:25,320 --> 00:21:27,680
myself.
I mean, no matter how what, no

380
00:21:27,880 --> 00:21:29,760
matter what my title is, I've
always carried a bag.

381
00:21:30,280 --> 00:21:33,080
Because if you don't carry a
bag, you don't know how the

382
00:21:33,080 --> 00:21:35,120
world's buying.
And how are you tell what to

383
00:21:35,120 --> 00:21:39,720
tell people how to sell.
But you know, my process is, is

384
00:21:39,720 --> 00:21:43,040
if you get them on the hook
before you start spending your

385
00:21:43,040 --> 00:21:45,160
resources and your money doing
pilots or all of that.

386
00:21:45,160 --> 00:21:46,440
And I'll come to that in a
second.

387
00:21:47,200 --> 00:21:50,120
You know, the people that have
the ability to make or break you

388
00:21:50,120 --> 00:21:53,640
coming into the bank aren't
necessarily your economic buyer,

389
00:21:54,280 --> 00:21:56,480
OK?
It's some guy in technology

390
00:21:56,880 --> 00:22:00,160
who's not got any skin in this
game or any money, or it's the

391
00:22:00,160 --> 00:22:03,760
person in procurement who's
checking the boxes, right?

392
00:22:04,120 --> 00:22:07,800
So now this is in the larger
firms, you know, I mean in the

393
00:22:07,880 --> 00:22:10,840
in in the major ones.
But I said to people, go ask

394
00:22:10,840 --> 00:22:14,960
them, OK, can I talk to
procurement and can I get

395
00:22:14,960 --> 00:22:17,840
through the infosec?
Because if you're going to get

396
00:22:17,840 --> 00:22:21,160
shut down there, what is 4 or
five or six more weeks of a

397
00:22:21,160 --> 00:22:24,640
stale cycle?
And another, you know, if it's a

398
00:22:24,640 --> 00:22:29,880
pilot, a 90 day pilot, right?
So what I encourage people to do

399
00:22:29,880 --> 00:22:33,480
and I don't like, I don't like
PO CS because I'll tell you the

400
00:22:33,480 --> 00:22:36,440
mentality, it's behavioral.
It has nothing to do.

401
00:22:37,000 --> 00:22:40,240
You know, words, verbs, they all
map, right?

402
00:22:41,000 --> 00:22:44,760
But I asked people up front in
an early sale when you're not in

403
00:22:44,760 --> 00:22:47,960
market, I call it a commitment
fee and I call it a trial

404
00:22:47,960 --> 00:22:53,000
license instead of a POCPOC for
whatever reason behaviorally

405
00:22:53,000 --> 00:22:56,160
makes people think I'm supposed
to figure out what's wrong with

406
00:22:56,160 --> 00:23:00,600
this instead of saying this is a
trial license.

407
00:23:00,840 --> 00:23:03,600
And when you sell it as a trial
license, and I'm only asking you

408
00:23:03,600 --> 00:23:06,960
for a minimal commitment fee
that you can, you know, you have

409
00:23:06,960 --> 00:23:10,720
to pay me because, you know,
small software companies don't

410
00:23:10,720 --> 00:23:12,000
understand.
They already know you don't need

411
00:23:12,000 --> 00:23:13,320
money.
They already know you're risky.

412
00:23:13,320 --> 00:23:15,560
OK.
So showing bad financial

413
00:23:15,560 --> 00:23:18,480
responsibility early in the
sales cycle really is an

414
00:23:18,480 --> 00:23:21,880
endorsement to your skills.
So if they're not willing to pay

415
00:23:21,880 --> 00:23:25,520
you, I'm not saying millions of
dollars of course, but no

416
00:23:25,520 --> 00:23:27,640
commitment.
Fees you, you've termed it the

417
00:23:27,640 --> 00:23:30,840
right thing.
It's your willingness to commit

418
00:23:31,240 --> 00:23:33,520
something that we don't have
that you do.

419
00:23:33,520 --> 00:23:38,760
You've got cash, we've Got
Talent OR some sort of

420
00:23:38,760 --> 00:23:41,000
innovation.
So why don't you share some of

421
00:23:41,000 --> 00:23:45,120
your cash to to make so we're
more responsible entrepreneurs,

422
00:23:45,120 --> 00:23:47,840
right?
And you know, the two things I

423
00:23:47,840 --> 00:23:51,440
would do if they asked, would
you, will you credit this

424
00:23:51,440 --> 00:23:55,640
against our purchase?
And I would always say yes, but

425
00:23:55,640 --> 00:23:58,240
I'm going to credit you in year
3, OK?

426
00:23:58,560 --> 00:24:00,800
Because if you credit them
immediately, you've just taken

427
00:24:00,800 --> 00:24:03,120
from Peter to pay Paul, you know
you've just formed that

428
00:24:03,120 --> 00:24:05,720
financial model.
And I've never had anyone say

429
00:24:05,720 --> 00:24:10,280
no, right, right.
But when they're testing as if

430
00:24:10,280 --> 00:24:15,000
they think it's a trial license
versus APOC, one goes from

431
00:24:15,000 --> 00:24:19,600
trying to break it and find all
the flaws to seeing what works

432
00:24:19,600 --> 00:24:21,760
for them Today.
Some mysteries should be.

433
00:24:22,440 --> 00:24:24,760
It's really simple.
Yeah, I like that.

434
00:24:25,080 --> 00:24:28,880
Is there still didn't get built
here.

435
00:24:28,880 --> 00:24:31,720
Push back from the tech
department.

436
00:24:34,680 --> 00:24:38,000
You still got, you know, I, I,
I, I, I, I have a word for them.

437
00:24:38,000 --> 00:24:39,720
I won't say it because we don't
edit this.

438
00:24:39,720 --> 00:24:43,600
So there are still some of those
old timers out there that think

439
00:24:43,600 --> 00:24:47,520
that they can build it all, you
know, and then they went through

440
00:24:47,520 --> 00:24:51,440
a little bit of a, a cycle where
they all created an innovation

441
00:24:51,440 --> 00:24:53,400
group, right?
And then run innovation contests

442
00:24:53,400 --> 00:24:55,400
and then they bring all these
start-ups in, right?

443
00:24:55,840 --> 00:24:57,240
And then they say we'll pilot
you.

444
00:24:57,280 --> 00:24:59,880
I mean, it was freaking, I'm
like, you're doing the research

445
00:24:59,880 --> 00:25:04,880
for them guys.
It's like, you know, but I think

446
00:25:04,880 --> 00:25:08,800
you're getting I I think that
they've realized a bit.

447
00:25:08,800 --> 00:25:12,400
So I don't think the pushback is
as bad as it is.

448
00:25:12,680 --> 00:25:19,880
You still have the subconscious
ego that's there, but they can't

449
00:25:20,040 --> 00:25:21,640
give up.
I mean, because the bureaucracy

450
00:25:21,640 --> 00:25:24,200
inside some of the even the
middle market companies, right?

451
00:25:24,440 --> 00:25:26,480
They can't hire the people fast
enough.

452
00:25:26,480 --> 00:25:30,120
They can't keep the talent.
And you know, and they can't

453
00:25:30,120 --> 00:25:33,160
create the same kind of
collaboration as earlier stage

454
00:25:33,160 --> 00:25:36,800
companies can because you need
some of the wisdom that you and

455
00:25:36,800 --> 00:25:40,320
I might bring to the table.
But you need the youth and you

456
00:25:40,320 --> 00:25:44,200
need the new tool and you need
the guys that know the new tools

457
00:25:44,720 --> 00:25:50,120
that don't know anything about
Fortran or COBOL, right, to be

458
00:25:50,120 --> 00:25:52,200
able to say that's not
sustainable.

459
00:25:52,200 --> 00:25:55,000
So I, I, I, I I think it's much
better to answer your question.

460
00:25:56,080 --> 00:26:00,280
And and what there's also an
element for the incumbents to

461
00:26:00,280 --> 00:26:04,600
worry about their jobs, right?
There's some small company comes

462
00:26:04,600 --> 00:26:06,600
in and says, you know, we can
eliminate half your IT

463
00:26:06,640 --> 00:26:09,840
department.
I know that's a extreme example.

464
00:26:10,400 --> 00:26:14,360
Then the guy heading up that
department, it's got to explain

465
00:26:14,360 --> 00:26:17,200
to the board why he hadn't done
that prior, right?

466
00:26:18,600 --> 00:26:21,280
Yeah, that, that goes back to my
sales philosophy, though.

467
00:26:21,280 --> 00:26:23,240
It depends on who you're selling
to, right.

468
00:26:23,520 --> 00:26:25,720
And This is why you have to have
real conversations with real

469
00:26:25,720 --> 00:26:27,600
people.
I mean, I I've had buyers, guys

470
00:26:27,600 --> 00:26:29,680
that I've known for years.
They're like, Pam, I'm buying

471
00:26:29,680 --> 00:26:31,040
this, I'm retiring in five
years.

472
00:26:31,040 --> 00:26:33,520
No way.
Ain't taking this under my wing

473
00:26:33,680 --> 00:26:36,600
right now, right.
So you have to be able to

474
00:26:36,600 --> 00:26:41,880
understand not what they need,
not what they want, but you have

475
00:26:41,880 --> 00:26:44,400
to be able to get into the
behavioral aspects of the buyer,

476
00:26:44,920 --> 00:26:46,800
right?
And if your buyer is like that,

477
00:26:46,960 --> 00:26:48,680
right?
And so, and it's not just one

478
00:26:48,680 --> 00:26:50,880
buyer, it's your coach in that
organization.

479
00:26:50,880 --> 00:26:53,400
I'm a Miller Hyman girl, right?
So you got your coach, your

480
00:26:53,400 --> 00:26:58,560
economic buyer, all of those.
But in an enterprise, you, you

481
00:26:58,560 --> 00:27:02,560
have to find the people that are
looking at it and, you know,

482
00:27:02,720 --> 00:27:05,640
it's about productivity.
And I think I, I don't believe

483
00:27:05,640 --> 00:27:07,600
that that's going to be as big
of a factor anymore because

484
00:27:07,600 --> 00:27:09,600
everybody thinks a is going to
take their jobs anyway.

485
00:27:10,160 --> 00:27:14,440
OK, well, that it, it, it
happened a little bit, right?

486
00:27:14,760 --> 00:27:17,320
But you know, in large
organizations, and I say this

487
00:27:17,440 --> 00:27:21,680
slightly tongue in cheek, I have
never seen anyone in implement a

488
00:27:21,680 --> 00:27:25,840
bunch of software in a huge bank
that saw some big redundancy

489
00:27:25,840 --> 00:27:28,960
action going on 'cause they
don't know how to do it right,

490
00:27:29,240 --> 00:27:30,840
'cause they keep all that old
stuff running.

491
00:27:31,560 --> 00:27:35,520
But I, but I think in the AI
world, right, I, you know, these

492
00:27:35,520 --> 00:27:37,400
kids talk about, oh, there's no
entry level jobs.

493
00:27:37,400 --> 00:27:40,840
They're taking my jobs.
I'm like, we got to really stop,

494
00:27:40,840 --> 00:27:44,520
pause and think about this.
Because if we eliminate all

495
00:27:44,520 --> 00:27:46,640
entry level jobs.
Right.

496
00:27:48,040 --> 00:27:50,760
I think the jobs that'll be the
most impacted are going to be

497
00:27:50,760 --> 00:27:54,040
mid market jobs.
I, I, I just, that's going to be

498
00:27:54,040 --> 00:27:56,680
the thing because if we stop
hiring new people, we have no

499
00:27:56,680 --> 00:28:00,280
succession planning and still
humans need to run

500
00:28:00,280 --> 00:28:03,640
organizations.
So if, if we only use what we've

501
00:28:03,640 --> 00:28:07,760
gotten above, well, there's
going to be an end to that

502
00:28:07,760 --> 00:28:10,800
fairly in, in, in not the so
distant future.

503
00:28:11,160 --> 00:28:13,680
So I think, you know, when I
talk to people about it is we

504
00:28:13,680 --> 00:28:18,680
need to put, depending on what
the AI is, it needs to go on the

505
00:28:18,680 --> 00:28:21,560
orchard.
And once you put it on the

506
00:28:21,560 --> 00:28:25,600
orchard and the people around
it, that's how you will start to

507
00:28:25,600 --> 00:28:31,040
really see where the redundancy
will come from, what the human

508
00:28:31,040 --> 00:28:34,400
in the loop has to do versus
what the technology's going to

509
00:28:34,400 --> 00:28:35,560
do.
But I don't.

510
00:28:35,800 --> 00:28:37,520
Yeah, I have a son.
He graduated college.

511
00:28:37,520 --> 00:28:42,640
He got a job at Emy.
He's doing early stage EMY work.

512
00:28:43,200 --> 00:28:47,720
You know, I haven't seen I, I
was so happy my daughter went a

513
00:28:47,720 --> 00:28:50,240
different route.
She went more the, you know, the

514
00:28:50,240 --> 00:28:50,960
Gen.
Z route.

515
00:28:50,960 --> 00:28:53,480
I'm, you know, I do influencing
and all that.

516
00:28:53,480 --> 00:28:55,840
She took a little different
route, but my son kind of went

517
00:28:55,840 --> 00:29:00,720
to college, got a job, but it
gave me such a breath of fresh

518
00:29:00,720 --> 00:29:04,560
air to see that he's actually
learning baseline stuff.

519
00:29:05,320 --> 00:29:07,880
He's learning it faster,
perhaps.

520
00:29:07,880 --> 00:29:10,880
I mean, what he's done in six
months, it's crazy, but there's

521
00:29:10,880 --> 00:29:14,440
still that learning that they're
doing to get critical thinking.

522
00:29:14,680 --> 00:29:16,480
That's great.
Now, critical thinking is

523
00:29:16,600 --> 00:29:22,000
woefully missing in in in many
of the generations, I think.

524
00:29:22,000 --> 00:29:24,800
But that's a subject for another
time.

525
00:29:24,800 --> 00:29:29,880
Yeah.
What do you think is the, you,

526
00:29:30,040 --> 00:29:34,880
you mentioned it in kind of in a
different way, but the way I've

527
00:29:34,880 --> 00:29:40,000
been told and, and agree with is
that there's the AI is going to

528
00:29:40,000 --> 00:29:45,920
accelerate a lot of things, but
you can't program AI for wisdom

529
00:29:46,640 --> 00:29:50,040
and that people need to check
everything.

530
00:29:50,280 --> 00:29:55,000
And so that skill set of
checking everything that the AI

531
00:29:55,000 --> 00:29:57,520
spits out, I think is going to
be highly valuable.

532
00:29:59,280 --> 00:30:02,880
Yeah, in fact, you know, the the
shift, it's funny when my when

533
00:30:02,880 --> 00:30:06,680
my my son was going to school
and he did a lot with computers

534
00:30:06,680 --> 00:30:09,240
and this and that.
And I said, listen, you're more

535
00:30:09,240 --> 00:30:11,240
of an outside guy than you are
an inside guy.

536
00:30:12,040 --> 00:30:16,760
But learn the baseline because
it's going to be the the, the

537
00:30:16,800 --> 00:30:20,520
people that can be on the front
forwarding side, not just the

538
00:30:20,520 --> 00:30:22,120
tech guy.
That's the brilliant brains

539
00:30:22,120 --> 00:30:24,280
behind it.
But it's going to be the

540
00:30:24,280 --> 00:30:29,160
translator between the AI and
the customer and all of that.

541
00:30:29,440 --> 00:30:31,800
I said, but if you don't have, I
mean, I didn't have a computer,

542
00:30:31,800 --> 00:30:33,640
I can't read a line of code.
And I built multiple software

543
00:30:33,640 --> 00:30:35,800
companies, right?
And I've always had the first

544
00:30:35,800 --> 00:30:37,440
thing I've done is put my code
in escrow.

545
00:30:37,720 --> 00:30:40,320
But I had said to him that
fundamental knowledge of the

546
00:30:40,320 --> 00:30:44,720
baseline of what you learn to be
a computer engineer, if you

547
00:30:44,720 --> 00:30:46,800
keep, if you go into the
business side, I think it'll be

548
00:30:46,800 --> 00:30:48,520
an interesting skill set to
have.

549
00:30:48,800 --> 00:30:51,360
So I think that it's going to be
the translator, the communicator

550
00:30:51,360 --> 00:30:57,520
that's going to sit between that
AI from sales to implementation

551
00:30:57,520 --> 00:31:00,680
to customer facing.
I mean, you know, everybody on

552
00:31:00,680 --> 00:31:04,200
the planet is not going to be
able to onboard to a system with

553
00:31:04,200 --> 00:31:05,840
AI.
I mean, there's still people at

554
00:31:05,840 --> 00:31:08,600
various capabilities and
they're, you know, we're in it.

555
00:31:08,600 --> 00:31:12,280
We live it every day.
The AI capabilities that people

556
00:31:12,280 --> 00:31:17,520
are seeing in their everyday
lives, OK, We're not even close

557
00:31:17,520 --> 00:31:22,320
to what we, what has to happen
in a bank, a manufacturing

558
00:31:22,320 --> 00:31:23,880
company.
And I'm not talking

559
00:31:23,880 --> 00:31:25,600
manufacturing company billing
robots.

560
00:31:25,840 --> 00:31:28,160
I'm talking about the back
office of the manufacturing

561
00:31:28,160 --> 00:31:31,480
company, supply chain, all of
that stuff.

562
00:31:31,480 --> 00:31:36,360
There is an incredibly valuable
role for AI in it, but that's

563
00:31:36,360 --> 00:31:38,800
the stuff that's much further
down the path and the stuff that

564
00:31:38,800 --> 00:31:40,240
we're seeing in front of us
every moment.

565
00:31:40,440 --> 00:31:42,960
Totally.
It's far more sophisticated and

566
00:31:43,040 --> 00:31:45,320
AI, let's face it, has been
going on for a long time.

567
00:31:45,760 --> 00:31:53,640
It's just gotten a lot better.
What do you see in your, Well,

568
00:31:53,640 --> 00:31:57,280
let me first ask you this.
How do you express your feelings

569
00:31:57,280 --> 00:32:02,480
about relationship building and
salesmanship in the context of

570
00:32:02,480 --> 00:32:04,600
your business?
Is it primarily through the

571
00:32:04,600 --> 00:32:12,880
accelerator?
My my business itself or I I

572
00:32:12,920 --> 00:32:16,360
must have answered the question.
Either 1 So you have a, you have

573
00:32:16,360 --> 00:32:20,520
an opinion about, you know, you
have to build relationships, you

574
00:32:20,520 --> 00:32:23,840
have to learn a skill set.
So how do you how do you impart

575
00:32:23,840 --> 00:32:26,680
that to people?
I That's a big part of our

576
00:32:26,680 --> 00:32:29,680
program, right?
So as, as our founders are

577
00:32:29,680 --> 00:32:31,840
coming in, right?
You know, one of the things I

578
00:32:31,840 --> 00:32:34,360
ask when they first come in, and
we certainly have our favorites

579
00:32:34,360 --> 00:32:36,640
and people that come around and
love our program, they've bought

580
00:32:36,640 --> 00:32:38,440
from, you know, many of our
vendors.

581
00:32:39,160 --> 00:32:42,920
But I also, the first thing I
always ask them is who, who's

582
00:32:42,920 --> 00:32:45,280
not in your universe that you
want to be in your universe,

583
00:32:46,360 --> 00:32:48,280
right?
We all have these how I want to

584
00:32:48,280 --> 00:32:51,320
sell the Morgan Stanley, I want
to sell the, you know, Goldman.

585
00:32:51,320 --> 00:32:53,520
I mean, you know that, you know,
my favorite is JP Morgan.

586
00:32:53,520 --> 00:32:56,680
Everyone else I want to sell.
I'm like, no, you don't, You

587
00:32:56,680 --> 00:32:58,960
really don't.
No, right.

588
00:33:00,240 --> 00:33:04,400
But I, that's part of the train
that we, yes, we set them up

589
00:33:04,400 --> 00:33:07,600
one-on-one meetings, but the
time I personally spend with

590
00:33:07,600 --> 00:33:10,320
them or any founder, right?
If I'm going to spend time with

591
00:33:10,320 --> 00:33:16,040
the founder, I, I like to spend
my time explaining to them, you

592
00:33:16,040 --> 00:33:18,720
know, your ideal customer
profile, Who is it?

593
00:33:18,800 --> 00:33:21,720
How do you get to them?
But how are you authentically

594
00:33:21,720 --> 00:33:24,560
getting these relationships?
You can't have any more stuff in

595
00:33:24,560 --> 00:33:26,560
your inbox.
I mean, there's just so much

596
00:33:26,560 --> 00:33:28,680
stuff.
Do not, I think the worst

597
00:33:28,680 --> 00:33:33,760
invention on the planet next to
23andMe was calendarly.

598
00:33:35,240 --> 00:33:38,200
Now I realize that is pretty.
Offensive, right?

599
00:33:38,280 --> 00:33:42,600
It's a it's a great tool, but
it's offensive in the context

600
00:33:42,600 --> 00:33:46,040
of, you know, you're not so
important that I don't want to

601
00:33:46,040 --> 00:33:48,840
go back and forth.
You just right, right.

602
00:33:49,320 --> 00:33:52,160
Yeah, but it it's.
Like people say, how do you

603
00:33:52,160 --> 00:33:52,680
reach me?
I said.

604
00:33:52,680 --> 00:33:54,120
I'm going to tell you how not to
reach me.

605
00:33:54,440 --> 00:33:57,720
Don't ever send me a calendar
lately anywhere because, you

606
00:33:57,720 --> 00:34:00,760
know, now I get it.
If I I I use it for myself, I'll

607
00:34:00,760 --> 00:34:03,480
look at my calendar right.
And and do that.

608
00:34:03,840 --> 00:34:07,320
But the art of scheduling a
meeting is part of building that

609
00:34:07,320 --> 00:34:09,400
relationship.
Oh, I can't do Tuesday.

610
00:34:09,400 --> 00:34:13,520
I gotta my kids playing soccer.
It just it gives you small talk

611
00:34:13,520 --> 00:34:17,719
that people have totally missed
exists in getting to know

612
00:34:17,719 --> 00:34:21,520
someone.
Yeah, super interesting and so

613
00:34:21,520 --> 00:34:23,080
over.
I mean, the other thing is my

614
00:34:23,080 --> 00:34:25,560
favorite thing right now with
outreach, cold outreach from

615
00:34:25,560 --> 00:34:26,719
people.
OK.

616
00:34:27,199 --> 00:34:29,920
You know, I think people don't
realize that none of these AI

617
00:34:29,920 --> 00:34:32,639
apps have time.
They don't know time.

618
00:34:33,199 --> 00:34:36,760
OK, so I will put back in an
e-mail I cannot do Tuesday or

619
00:34:36,760 --> 00:34:40,639
Wednesday and then it
automatically comes back because

620
00:34:40,639 --> 00:34:43,440
it's answering with AI.
It says Tuesday at 2:00.

621
00:34:44,400 --> 00:34:46,199
Yeah, right.
It doesn't understand time.

622
00:34:46,320 --> 00:34:52,480
Yeah, yeah, Super interesting.
But yes, I like to coach around

623
00:34:52,480 --> 00:34:55,239
the fundamentals, just
introducing people to people for

624
00:34:55,239 --> 00:34:57,280
the sake of introducing them,
right.

625
00:34:57,560 --> 00:35:00,760
But so if you can start to work
with founders in terms of, you

626
00:35:00,760 --> 00:35:04,560
know, understanding what they
know about the sales process

627
00:35:05,280 --> 00:35:09,600
because you know, engineers and
and product people, OK, the

628
00:35:09,600 --> 00:35:13,400
sales cycle is just as
disciplined of a process is

629
00:35:13,400 --> 00:35:16,920
building your system.
And it should have the same

630
00:35:16,920 --> 00:35:20,280
level of commitment, the same
level of research, the same

631
00:35:20,280 --> 00:35:23,720
level of MVP, the same level of
trials and errors.

632
00:35:24,000 --> 00:35:28,840
Before you go out sending an
e-mail or running an ad or

633
00:35:28,840 --> 00:35:31,560
showing up at a conference that
you're spending $10,000 to put a

634
00:35:31,560 --> 00:35:36,000
booth at.
Before you understand what the

635
00:35:36,000 --> 00:35:38,400
discipline of your sales cycle
needs to look like.

636
00:35:39,400 --> 00:35:41,240
Do you do you get pushed back on
that?

637
00:35:42,200 --> 00:35:44,920
Oh, yeah, Well, I don't get
pissed, but I got eye rolls,

638
00:35:46,080 --> 00:35:47,840
right?
People think it's just, you

639
00:35:47,840 --> 00:35:50,480
know, I call enough.
I mean, yeah, the philosophy is

640
00:35:50,480 --> 00:35:53,640
if you throw enough stuff up
against the wall, it will stick.

641
00:35:53,840 --> 00:35:56,640
Yes, you still have to be
building Rapid Pipeline, but

642
00:35:56,640 --> 00:36:00,400
rapid pipeline is not creating a
list of 1000 companies in AI

643
00:36:00,640 --> 00:36:02,960
with their buyers and their
LinkedIn profiles and then go

644
00:36:02,960 --> 00:36:05,200
blast it out.
That's that's that's not

645
00:36:05,200 --> 00:36:07,840
curating your first go to market
list.

646
00:36:08,000 --> 00:36:11,680
Totally right.
Are you focused on tech for

647
00:36:11,680 --> 00:36:17,280
these fintech companies or are
you focused just on technology

648
00:36:17,920 --> 00:36:23,520
businesses that are looking to
have those banks etcetera become

649
00:36:23,520 --> 00:36:26,960
customers of theirs?
No, I am.

650
00:36:26,960 --> 00:36:32,960
I am focused on finding the best
cool things out there, right?

651
00:36:33,240 --> 00:36:34,840
And one of the things that
you're seeing in wealth

652
00:36:34,840 --> 00:36:37,760
management and, and, and this
will, you know, wealth

653
00:36:37,760 --> 00:36:40,240
management, people think that
wealth management and family

654
00:36:40,240 --> 00:36:43,160
office sit in the same bucket.
Many people do when they start

655
00:36:43,160 --> 00:36:45,720
building wealth tech systems,
OK, when they're starting to

656
00:36:45,720 --> 00:36:49,680
build, but there is there are
they are aligned and they are

657
00:36:49,680 --> 00:36:53,160
cousins, if you will.
But there are very different

658
00:36:53,440 --> 00:36:56,080
things within the wealth
management and a pure wealth

659
00:36:56,080 --> 00:36:58,800
management play that's going to
an advisor versus a product

660
00:36:58,800 --> 00:37:00,880
that's going to a family office.
Yeah, right.

661
00:37:01,440 --> 00:37:04,480
But what I'm seeing a lot of I I
think money, money is going to

662
00:37:04,480 --> 00:37:06,800
be table stakes.
That was part of the reason I

663
00:37:06,800 --> 00:37:09,000
was, you know, focusing on
wealth management.

664
00:37:09,000 --> 00:37:10,440
So it doesn't become an elite
issue.

665
00:37:10,560 --> 00:37:14,360
It's an it's an area of
abundance, OK, but running money

666
00:37:14,360 --> 00:37:17,960
is table stakes, right?
So what are the other things,

667
00:37:17,960 --> 00:37:20,200
right?
And while family offices do this

668
00:37:20,200 --> 00:37:22,520
pretty well, right?
They've got their legacy,

669
00:37:22,520 --> 00:37:25,080
they've got succession, they've
got, you know, they they look at

670
00:37:25,080 --> 00:37:28,800
other things.
But you know, in the advisor

671
00:37:28,800 --> 00:37:31,320
world, you know, the straight
advisor world is not as much.

672
00:37:31,320 --> 00:37:33,560
But I'm seeing behavioral
products.

673
00:37:34,320 --> 00:37:37,200
OK, what behavioral things are
right?

674
00:37:37,520 --> 00:37:42,240
I've seen, you know, different
products relative to starting to

675
00:37:42,240 --> 00:37:45,200
collect one of the things I'm
working on, right.

676
00:37:45,440 --> 00:37:51,400
How do you start keeping all of
your Wellness and and vis A vis

677
00:37:51,400 --> 00:37:56,520
health data in the privacy of
your own vault and not someone

678
00:37:56,520 --> 00:37:59,000
else's?
Because we know how disconnected

679
00:37:59,000 --> 00:38:00,920
it is and everyone's trying to
solve them.

680
00:38:00,920 --> 00:38:04,800
That's right.
Everyone says the master health

681
00:38:04,800 --> 00:38:08,880
record.
And the point is, is that maybe

682
00:38:08,880 --> 00:38:10,960
it'll be done, probably not in
my lifetime, right?

683
00:38:11,200 --> 00:38:13,240
But people should start doing
it, right?

684
00:38:13,240 --> 00:38:16,240
They're getting influenced by
Wellness products on Instagram

685
00:38:16,240 --> 00:38:17,920
that they don't even use these
products, right?

686
00:38:18,240 --> 00:38:21,240
So I think that the ability to
start creating that personalized

687
00:38:21,240 --> 00:38:24,160
vault that represents your
health and your wealth and

688
00:38:24,160 --> 00:38:25,680
something in the family office
market, right?

689
00:38:25,960 --> 00:38:29,520
They can look at, you know,
genetics and things like that.

690
00:38:29,520 --> 00:38:33,800
Not at 23andMe, but they'll be
able with technology, right?

691
00:38:34,000 --> 00:38:37,800
To be able to start collapsing
this in a way that's private to

692
00:38:37,800 --> 00:38:41,720
us as a person or a family,
right?

693
00:38:42,000 --> 00:38:45,640
And be able to give it to who we
want with the permissioning

694
00:38:45,920 --> 00:38:48,200
versus everyone else giving it
to whoever they want.

695
00:38:48,720 --> 00:38:51,600
It started pretty hot and heavy
in the family office world.

696
00:38:51,800 --> 00:38:55,160
Concierge medicine.
I mean, there's, I know 22

697
00:38:55,160 --> 00:38:59,240
doctors that they're making $30
million a year just on the

698
00:38:59,480 --> 00:39:04,200
twenty, $30,000 a year per
person just to make sure they're

699
00:39:04,200 --> 00:39:06,520
on call when it's needed.
And it's like a rounding error.

700
00:39:06,800 --> 00:39:11,000
Rate's free, you know it.
It doesn't really amount to that

701
00:39:11,120 --> 00:39:12,880
much money.
Yeah.

702
00:39:12,920 --> 00:39:16,440
So to close up, yes, I look at
solutions that are either front,

703
00:39:16,440 --> 00:39:20,960
middle, back office or you know,
client onboarding, client

704
00:39:20,960 --> 00:39:24,120
generation, compliance, risk,
all you know.

705
00:39:24,320 --> 00:39:28,080
So we look across the sector
from back office performance,

706
00:39:28,520 --> 00:39:31,680
you know, private assets, trust
in estates.

707
00:39:31,680 --> 00:39:35,480
So we look across all of the
verticals that sit within the

708
00:39:35,480 --> 00:39:40,280
wealth management universe, but
there's also new ones, you know,

709
00:39:40,520 --> 00:39:43,440
starting which are more in
behavioral and how people are

710
00:39:43,440 --> 00:39:45,840
looking at things that they buy
and how their minds working.

711
00:39:45,840 --> 00:39:48,960
I mean, you know you got 14 year
old kids recommending stocks on

712
00:39:48,960 --> 00:39:52,160
Instagram.
That's it.

713
00:39:52,160 --> 00:39:58,960
It just it signs at times.
How about I'm asking this for

714
00:39:58,960 --> 00:40:03,120
selfish reasons?
So I've been involved in a

715
00:40:03,120 --> 00:40:06,480
financial service roll up.
It was wildly successful.

716
00:40:07,960 --> 00:40:14,160
And there's a fair amount of
interest in private equity

717
00:40:14,160 --> 00:40:16,800
aggregating registered
investment of virus because of

718
00:40:16,800 --> 00:40:20,520
the sticky recurring revenue.
Do you see a lot of those

719
00:40:20,520 --> 00:40:22,360
transactions continue to be
done?

720
00:40:23,240 --> 00:40:27,440
I do, but I think what you
should talk about, right, is

721
00:40:27,440 --> 00:40:32,400
that, you know, when that whole
trend started, if you think

722
00:40:32,400 --> 00:40:35,160
about the catalyst that they
were talking about, right,

723
00:40:36,400 --> 00:40:39,560
technology, you know, there's a
big technology I'm gonna merge

724
00:40:39,840 --> 00:40:42,360
and my technology spend, you
know, that was one of the

725
00:40:42,360 --> 00:40:44,400
motivators in the roll ups,
right, financially speaking.

726
00:40:44,840 --> 00:40:45,400
Yeah.
OK.

727
00:40:45,720 --> 00:40:47,360
That has not happened as much as
they think.

728
00:40:47,600 --> 00:40:49,480
So I have been saying this for
decades.

729
00:40:50,120 --> 00:40:55,760
If you're doing a roll up, that
is the best time to plant in new

730
00:40:55,760 --> 00:40:59,640
infrastructure, OK, Because you
think about it, you know, I'm

731
00:40:59,760 --> 00:41:02,360
going to go from this old dog to
that old dog or that old dog to

732
00:41:02,360 --> 00:41:05,160
that, you know, whoever's got
the power in the transaction

733
00:41:05,360 --> 00:41:08,600
usually win the the technology
war, right?

734
00:41:09,160 --> 00:41:13,480
But how about we've got a new
stack that's for the future with

735
00:41:13,480 --> 00:41:18,520
this roll up business and start
putting new clients on the new

736
00:41:18,520 --> 00:41:22,360
platform and then slowly
migrating over the other ones.

737
00:41:23,000 --> 00:41:25,240
Because what's happening is
they're not taking out the costs

738
00:41:25,240 --> 00:41:27,600
that they thought, right?
And they're still winding up

739
00:41:27,600 --> 00:41:29,960
with different reports and
they're still lining up with

740
00:41:29,960 --> 00:41:31,960
different onboarding.
And they're still doing that.

741
00:41:32,160 --> 00:41:36,360
So I, I, I don't see it
stopping, but I do think that

742
00:41:36,360 --> 00:41:39,520
they can start to look at like
laying this new foundation of

743
00:41:39,520 --> 00:41:42,560
tech that new clients come on to
and stop this.

744
00:41:42,600 --> 00:41:46,800
I'm going to convert you to me
or me to you, because that's

745
00:41:46,800 --> 00:41:50,240
what doesn't give it the economy
and the scalability that those

746
00:41:50,240 --> 00:41:53,480
mergers could do, in my opinion.
Yeah, that makes sense.

747
00:41:53,720 --> 00:41:57,720
How about the succession in that
industry where few people are

748
00:41:57,720 --> 00:42:01,600
getting into the registered
investment advisor or wealth

749
00:42:01,600 --> 00:42:04,360
management business out of
school?

750
00:42:04,520 --> 00:42:08,200
Is that still trending down?
I don't know.

751
00:42:08,200 --> 00:42:12,360
I, I've met some of the most
interesting, like I met one of

752
00:42:12,360 --> 00:42:14,560
the guys that I associated with.
He's got a wealth management

753
00:42:14,560 --> 00:42:19,680
firm in Atlanta and he started
in his parents basement during

754
00:42:19,680 --> 00:42:22,680
COVID going after startup
founders.

755
00:42:23,160 --> 00:42:24,920
Now you think if you're starting
a wealth management practice,

756
00:42:24,920 --> 00:42:26,680
you're going to go with somebody
who's only spending their money,

757
00:42:26,680 --> 00:42:31,160
not collecting it.
OK, you know, but he's scaled so

758
00:42:31,160 --> 00:42:34,760
well because founders don't know
about, you know, like in my

759
00:42:34,760 --> 00:42:37,800
first company, the first thing I
divested in was my, I bought

760
00:42:37,800 --> 00:42:41,320
whole life when I was 20 because
my buddy was selling it and it

761
00:42:41,320 --> 00:42:44,760
accumulated no penalties, no
nothing, pay myself back, right.

762
00:42:45,080 --> 00:42:49,360
So he really built his practice
around what do you already have

763
00:42:49,360 --> 00:42:51,160
how to use that money?
Why is it, and I'll tell you in

764
00:42:51,160 --> 00:42:55,960
my first start up, I made a
million mistakes about using my

765
00:42:55,960 --> 00:42:58,160
own money.
Mm hmm, right.

766
00:42:58,440 --> 00:43:03,120
I've seen other ones.
So I still I I see it, but I

767
00:43:03,120 --> 00:43:06,200
think where the supply is going
down.

768
00:43:06,200 --> 00:43:08,920
If you think about how that
worked, right, people were going

769
00:43:08,920 --> 00:43:11,440
out, there would be insurance
brokers, right?

770
00:43:11,520 --> 00:43:14,320
They were selling disability
whole life, those kind of

771
00:43:14,320 --> 00:43:16,960
products, the kind of that
retirement end of wealth

772
00:43:16,960 --> 00:43:19,240
management.
And many of the people that I

773
00:43:19,240 --> 00:43:21,280
know that have incredibly
successful wealth management

774
00:43:21,280 --> 00:43:24,200
businesses, you know, moved out
of that.

775
00:43:24,200 --> 00:43:27,880
But that was their getting their
hands dirty, building their

776
00:43:27,880 --> 00:43:30,520
list.
So I don't think as many people

777
00:43:30,520 --> 00:43:33,480
are going into that profession
because that profession is

778
00:43:33,480 --> 00:43:34,920
getting highly automate.
MM Hmm.

779
00:43:35,800 --> 00:43:38,320
Right.
So I think that the the landing

780
00:43:38,320 --> 00:43:41,880
pad or the, you know, where you
seed yourself out isn't there as

781
00:43:41,880 --> 00:43:43,560
much.
So I think we can do more

782
00:43:43,560 --> 00:43:45,880
education in that.
And I also think that younger

783
00:43:45,880 --> 00:43:48,320
people think that this is just
something that we do on Weeble

784
00:43:48,320 --> 00:43:50,680
or or Robin Hood.
Yeah, I know, right?

785
00:43:50,800 --> 00:43:54,200
Yeah.
Or not understand what it's

786
00:43:54,320 --> 00:43:56,880
about.
Say it again.

787
00:43:58,400 --> 00:44:05,360
I said, you know that, yes, but
but advice is still a necessary

788
00:44:05,360 --> 00:44:07,280
part of that.
You have different ginges in

789
00:44:07,280 --> 00:44:08,320
life.
You have a baby.

790
00:44:08,320 --> 00:44:10,440
I mean, just the whole circle of
life.

791
00:44:10,440 --> 00:44:12,440
And we used to get our wealth
management boards and they'd

792
00:44:12,440 --> 00:44:15,120
come in with a little circle and
put all the bots there.

793
00:44:15,120 --> 00:44:17,480
Right.
And and say that you're never

794
00:44:17,480 --> 00:44:19,360
going to get that from a robo.
Yeah.

795
00:44:19,360 --> 00:44:22,000
But I also think that's why the
robo thing went up and basically

796
00:44:22,000 --> 00:44:25,480
tanked it it.
It went flat and wealth was it.

797
00:44:25,480 --> 00:44:29,680
Wealthfront was probably one of
the first technology driven and

798
00:44:29,680 --> 00:44:32,320
then it got acquired by Fidelity
or something like that.

799
00:44:32,840 --> 00:44:37,080
Usually the case, right, they
saw something in in the customer

800
00:44:37,080 --> 00:44:39,640
base.
So what do you, what do you,

801
00:44:40,600 --> 00:44:45,760
what would be helpful to you and
the accelerator from the

802
00:44:45,760 --> 00:44:50,840
audience, for example?
Well, what I, you know, people

803
00:44:50,840 --> 00:44:53,520
meet founders all over the
place, right?

804
00:44:53,560 --> 00:44:56,840
And what every founder needs, no
matter if you've done it once,

805
00:44:56,840 --> 00:45:01,920
twice or three times, right?
You're always, you always want

806
00:45:01,920 --> 00:45:05,360
to meet new people.
But what I, what I find is, is

807
00:45:05,360 --> 00:45:09,080
that the, the, there's not a
shortage of founders.

808
00:45:09,080 --> 00:45:12,440
In fact, this exercise that we
recently went through with our,

809
00:45:12,440 --> 00:45:17,320
our qualification process, I got
more applications than ever

810
00:45:17,320 --> 00:45:22,240
before, but the quality of them
was AI generated.

811
00:45:22,920 --> 00:45:25,760
OK.
So I think all of us and what I

812
00:45:25,760 --> 00:45:30,160
like to see is when you meet a
good founder, right?

813
00:45:30,720 --> 00:45:34,600
And, and, and your audience is
in is in the space that I play

814
00:45:34,600 --> 00:45:38,040
in all day long, right?
But when you meet a good

815
00:45:38,040 --> 00:45:42,280
founder, even if you don't want
to do business with them, right,

816
00:45:42,880 --> 00:45:46,960
you know, send them to me or I
would know who to send them to

817
00:45:46,960 --> 00:45:50,720
because I think that our ability
to find the qualification is

818
00:45:50,720 --> 00:45:52,320
going to continue to get harder
and harder.

819
00:45:53,160 --> 00:45:56,240
I agree.
And so that's finding the good

820
00:45:56,240 --> 00:45:58,760
founder.
And it takes a village to prop

821
00:45:58,760 --> 00:46:01,000
up a good founder.
It's not just one person or two

822
00:46:01,000 --> 00:46:03,880
people, right?
It's how you give them access

823
00:46:03,880 --> 00:46:06,680
and how we vet them from all
angles because I think it's

824
00:46:06,680 --> 00:46:11,400
going to take the community for
these next companies to succeed

825
00:46:11,400 --> 00:46:14,680
at the level that we need them
to, to continue to automate the

826
00:46:14,680 --> 00:46:16,840
industry because of all the
noise.

827
00:46:17,480 --> 00:46:21,320
So how do we, how do we send
each other the proper signals?

828
00:46:21,320 --> 00:46:22,680
Yeah.
Exactly.

829
00:46:22,680 --> 00:46:26,280
But in bad, yeah.
And these are later stage

830
00:46:26,280 --> 00:46:28,160
companies that you're interested
in?

831
00:46:28,640 --> 00:46:31,720
I like to see companies that
have already demonstrated, you

832
00:46:31,720 --> 00:46:35,400
know, product market fit.
They sold something to someone

833
00:46:35,400 --> 00:46:37,800
and got some money, not
consulting money, right?

834
00:46:37,800 --> 00:46:39,880
And I don't care for a dollar or
$1,000,000.

835
00:46:40,120 --> 00:46:42,280
OK, they got someone to pay
them.

836
00:46:42,280 --> 00:46:44,640
I, I have a great story.
It's probably going to be in our

837
00:46:44,640 --> 00:46:48,200
next cohort, but I gotta, I, I
wrote an article about selling

838
00:46:48,200 --> 00:46:51,000
and this guy called me up.
He reached out to me on LinkedIn

839
00:46:51,000 --> 00:46:52,760
and I answer all my Linkedins by
the way.

840
00:46:53,200 --> 00:46:56,480
And I and, and, and he wrote to
me and I wrote back and I did a

841
00:46:56,480 --> 00:47:02,560
call with him and he says to me,
I've got 5 prospects.

842
00:47:02,560 --> 00:47:04,440
They want to buy for me, blah
blah blah blah blah.

843
00:47:05,200 --> 00:47:08,120
I just need money.
I'm like, well, what kind of

844
00:47:08,120 --> 00:47:08,920
money?
He goes, well, I just need

845
00:47:08,920 --> 00:47:11,880
capital because as soon as I get
the capital, they'll buy from me

846
00:47:12,840 --> 00:47:15,240
and I'm like, OK, do they really
like what you're doing?

847
00:47:15,240 --> 00:47:17,600
Yeah, those.
Those weren't real buyers, yeah.

848
00:47:18,040 --> 00:47:20,080
No, they actually they were
because what happened was I

849
00:47:20,080 --> 00:47:22,520
said, OK, I'm going to tell you
if they're real buyers.

850
00:47:23,040 --> 00:47:26,720
They'll give you the money.
Go ask them all for a commitment

851
00:47:26,720 --> 00:47:27,920
fee.
Yeah, OK.

852
00:47:29,000 --> 00:47:30,840
Four out of the five gave him
the money.

853
00:47:31,080 --> 00:47:32,280
I got this big box.
He just.

854
00:47:32,280 --> 00:47:34,600
Didn't know enough to ask,
that's all.

855
00:47:34,720 --> 00:47:36,120
He didn't know enough to ask,
right?

856
00:47:36,480 --> 00:47:37,720
Yeah.
Right.

857
00:47:37,880 --> 00:47:40,160
He's programmed now these
younger people are programmed to

858
00:47:40,160 --> 00:47:44,800
say I got a start up this I I
got people that like it, but now

859
00:47:44,800 --> 00:47:46,720
I got to go get money for them
to buy it from me.

860
00:47:47,120 --> 00:47:48,360
It's a myth.
It's not true.

861
00:47:49,000 --> 00:47:51,760
And he called me, I mean, and
literally 3 weeks later, he sent

862
00:47:51,760 --> 00:47:56,400
me a gift in the mail, you know,
and said and, and he wasn't

863
00:47:56,400 --> 00:47:59,080
ready for our program, but I
think he's going to be this

864
00:47:59,080 --> 00:47:59,360
time.
Yeah.

865
00:48:00,840 --> 00:48:05,000
You know, it's interesting, we
have, we get about 200

866
00:48:05,000 --> 00:48:10,600
applicants a month, which is
wild that it's that much.

867
00:48:11,960 --> 00:48:15,280
We've been doing the deal flow
for the Family Office Insights

868
00:48:15,280 --> 00:48:26,520
investors for a long time.
And what's encouraging is now a

869
00:48:26,520 --> 00:48:30,720
lot of them are better.
But I attribute that to two

870
00:48:30,720 --> 00:48:34,280
things.
One is the the way they get to

871
00:48:34,280 --> 00:48:37,560
us is largely through the family
offices who are already invested

872
00:48:37,560 --> 00:48:40,880
in them.
So our filter's pretty good.

873
00:48:42,000 --> 00:48:47,600
But even Even so, of the 200, we
say no immediately to 100.

874
00:48:48,960 --> 00:48:53,800
Bad idea, Dumb idea?
Doesn't make any sense, right?

875
00:48:54,680 --> 00:48:56,520
Well, a lot of people come out,
they think they've got to.

876
00:48:56,680 --> 00:48:59,480
And I always tell people there's
a difference between a product

877
00:48:59,480 --> 00:49:01,600
and a feature.
That's true.

878
00:49:02,280 --> 00:49:04,920
And a lot of people build
features, particularly those

879
00:49:04,920 --> 00:49:07,560
that have come out of an
organization, a big

880
00:49:07,560 --> 00:49:09,480
organization.
They're the best at building

881
00:49:09,480 --> 00:49:10,120
them.
They come out of an

882
00:49:10,120 --> 00:49:12,040
organization, They've been there
for a long time and they were

883
00:49:12,040 --> 00:49:13,920
doing this one thing every
single day.

884
00:49:14,120 --> 00:49:17,280
But that was their own job.
And so they want to automate

885
00:49:17,280 --> 00:49:17,920
that.
But they didn't.

886
00:49:18,080 --> 00:49:21,000
They never understood the
workflow, that they were only a

887
00:49:21,000 --> 00:49:23,480
piece.
That's a very good point.

888
00:49:23,840 --> 00:49:28,480
Yeah, it's a very good point.
And then the second thing that

889
00:49:28,480 --> 00:49:35,400
we see, it's little counter to
what you said only because

890
00:49:35,680 --> 00:49:40,560
there's some really brilliant
stuff going on, not only in sort

891
00:49:40,560 --> 00:49:45,000
of new innovation type things,
but old school stuff like real

892
00:49:45,000 --> 00:49:47,040
estate.
Like, there's some brilliant

893
00:49:47,160 --> 00:49:50,320
stuff going on that we see for
people that have been around a

894
00:49:50,320 --> 00:49:55,640
long time or reasonably long
time that are leveraging the

895
00:49:55,640 --> 00:50:00,600
Dickens out of data and are able
to narrow their scope into

896
00:50:00,960 --> 00:50:04,560
assets that make so much more
sense than sort of winging it,

897
00:50:05,560 --> 00:50:07,880
you know, and hoping that the
asset class is going to produce

898
00:50:07,880 --> 00:50:09,400
all the goodies that it normally
does.

899
00:50:10,240 --> 00:50:13,680
Well, and, and those kind of
assets being made more generally

900
00:50:13,680 --> 00:50:16,720
available to people outside of
just the people who knew how to

901
00:50:16,720 --> 00:50:18,200
buy them.
That's right.

902
00:50:18,560 --> 00:50:20,400
I think it's a huge asset,
right.

903
00:50:20,640 --> 00:50:25,000
I have to believe, I think that
we should completely do away

904
00:50:25,000 --> 00:50:28,480
with the venture capital market.
And I think I, I, I, you know,

905
00:50:28,520 --> 00:50:30,520
there's a new Stock Exchange
starting here in Texas.

906
00:50:30,520 --> 00:50:34,320
And by the way, I live in New
York and in Texas, but just

907
00:50:34,320 --> 00:50:36,960
think if you could organize
startups, right?

908
00:50:37,640 --> 00:50:42,120
And so, you know, crowdfunding,
we funder, which is a, is a more

909
00:50:42,120 --> 00:50:44,040
of an institutional funding
platform, right?

910
00:50:44,320 --> 00:50:46,640
But then it's the pipeline for
the exchange, right?

911
00:50:46,800 --> 00:50:50,600
So it's just like, you know,
because the the seed money and

912
00:50:50,600 --> 00:50:53,960
I'll probably piss a big bunch
of people off, but you know,

913
00:50:54,320 --> 00:50:56,080
seed money.
That's why I've like, get your

914
00:50:56,080 --> 00:51:00,800
early money from your clients,
because seed money isn't the

915
00:51:00,800 --> 00:51:05,920
smartest money, right?
Depending on depending on.

916
00:51:06,600 --> 00:51:12,480
The newer than just a seed fund.
Yeah, yeah.

917
00:51:12,800 --> 00:51:18,600
The the venture business has
suffered from flushing 93% or

918
00:51:18,600 --> 00:51:22,920
more just so the hope that in
two or three years you get a

919
00:51:22,920 --> 00:51:27,400
Unicorn and it's not a good
model and they've suffered that.

920
00:51:27,400 --> 00:51:29,840
On the other hand, you've got
the big venture capital firms

921
00:51:30,120 --> 00:51:33,040
that are in a completely
different world because

922
00:51:33,040 --> 00:51:35,280
institutional money's going to
throw money at them no matter

923
00:51:35,280 --> 00:51:36,920
what because they have to check
on the box.

924
00:51:37,360 --> 00:51:39,200
But that's a different world all
together.

925
00:51:39,600 --> 00:51:44,440
You know, what we're seeing is
that the tokenizing things is

926
00:51:44,440 --> 00:51:47,120
not what people think, at least
my opinion.

927
00:51:47,280 --> 00:51:52,400
People think it's crypto now,
it's blockchain.

928
00:51:52,720 --> 00:51:55,600
And the reason why Blackstone
and State Street want to

929
00:51:55,760 --> 00:52:00,760
tokenize thing is because they
want to get rid of 150 analysts,

930
00:52:01,120 --> 00:52:04,680
because if they put it on a
smart contract, then it's

931
00:52:04,680 --> 00:52:07,480
immutable and you don't have to
have everybody checking all the

932
00:52:07,480 --> 00:52:10,960
numbers all the time.
And if you do that, it's that.

933
00:52:11,120 --> 00:52:15,800
That really to me is the benefit
of why people have adopted these

934
00:52:15,800 --> 00:52:18,400
big firms have come out and said
we want to tokenize stuff.

935
00:52:18,720 --> 00:52:22,760
It's not because of the the
crypto Bros that are tokenizing

936
00:52:22,760 --> 00:52:25,160
things just to pull the rug on
people.

937
00:52:25,160 --> 00:52:28,080
It's a whole different thing.
No, it's a technology.

938
00:52:28,080 --> 00:52:30,480
I started looking at blockchain
around data years ago.

939
00:52:30,840 --> 00:52:33,520
Right.
And there's still the issue with

940
00:52:33,720 --> 00:52:37,320
how much data can go on the
chain, but the token can go on

941
00:52:37,320 --> 00:52:40,400
the chain, right.
So I, I think that, you know,

942
00:52:40,400 --> 00:52:42,920
I've just built a platform
around privacy for Wellness for

943
00:52:42,920 --> 00:52:46,800
that using the chain, but you
know, giving a human a whole

944
00:52:47,200 --> 00:52:51,000
immutable record of, of their
data right on that way.

945
00:52:51,000 --> 00:52:54,600
But it got it got caught up in
all of that stuff.

946
00:52:54,600 --> 00:52:57,720
Crypto and blockchain became
synonyms.

947
00:52:58,200 --> 00:53:01,280
Yeah, it's true.
You know, the Wellness thing.

948
00:53:03,200 --> 00:53:07,880
It's totally books and I'm not
promoting it in the just wanted

949
00:53:07,880 --> 00:53:10,600
to mention to you since we
talked about it before the

950
00:53:11,360 --> 00:53:16,640
podcast and currently there's a
heightened awareness and desire

951
00:53:16,640 --> 00:53:20,920
to figure out what to do about
your Wellness and longevity

952
00:53:20,920 --> 00:53:24,520
across the board, especially in
the family offices that we're

953
00:53:24,520 --> 00:53:27,640
dealing with.
And, for example, old school,

954
00:53:28,360 --> 00:53:32,760
you know, Canyon Ranch is
holding a reception in New York

955
00:53:32,760 --> 00:53:37,360
City this week.
And in that room is a panel of

956
00:53:37,360 --> 00:53:42,360
family office executives in
single family offices talking

957
00:53:42,360 --> 00:53:47,920
about what they're doing for the
matriarch and patriarch in the

958
00:53:47,920 --> 00:53:54,240
family to accelerate their
ability to execute on a Wellness

959
00:53:54,240 --> 00:53:58,240
paradigm that makes sense.
And of course, Canyon Ranch is

960
00:53:58,240 --> 00:54:00,680
interested because they had been
around for so long and they're

961
00:54:00,680 --> 00:54:03,920
actually building a new place in
Texas and they're friends of

962
00:54:03,920 --> 00:54:05,680
mine.
So that's another thing, you

963
00:54:05,680 --> 00:54:11,160
know, But we put a serious
Family Office principles on the

964
00:54:11,160 --> 00:54:14,280
panel and filled the room with
those type of people as well

965
00:54:14,280 --> 00:54:16,640
because they're super interested
in knowing what's going on.

966
00:54:18,160 --> 00:54:22,280
I was at a Wellness resort a
couple months ago and I kid you,

967
00:54:22,280 --> 00:54:25,680
I was down in Mexico and you got
there.

968
00:54:25,680 --> 00:54:28,560
You didn't realize it, but this
was a family place and so, but

969
00:54:28,560 --> 00:54:31,480
there was no Elmo vibe.
OK, No Elmo vibe.

970
00:54:31,720 --> 00:54:35,480
Yeah, yeah, yeah.
They had meditation for children

971
00:54:35,520 --> 00:54:39,280
and a spa for the children that
was in the jungle.

972
00:54:39,680 --> 00:54:44,160
And I was looking and I'm saying
I, you know it, you know, but it

973
00:54:44,160 --> 00:54:46,760
wasn't it was beautiful.
It was like a Canyon.

974
00:54:46,760 --> 00:54:49,560
I mean, you know what I mean?
I mean it was, but it had a

975
00:54:49,560 --> 00:54:51,360
water park.
But it was very tasteful and it

976
00:54:51,360 --> 00:54:53,400
was off, right?
You didn't know that it was

977
00:54:53,400 --> 00:54:58,440
there, but it really went in my
mind that says this is for kids.

978
00:54:58,440 --> 00:55:00,000
I mean, they're trying to find
ways.

979
00:55:00,000 --> 00:55:02,000
I mean, my kids just got the
phone, right?

980
00:55:02,000 --> 00:55:03,400
They were the first ones that
got the phone.

981
00:55:03,400 --> 00:55:04,920
We didn't know what to do,
right.

982
00:55:05,680 --> 00:55:08,640
I think that there's things
being put into the Wellness

983
00:55:08,640 --> 00:55:12,160
thing of people that are mindful
to it about how they are going

984
00:55:12,160 --> 00:55:15,440
to adjust these kids from a
mental Wellness as much as a

985
00:55:15,440 --> 00:55:19,000
physical Wellness around the
tools and what their life's

986
00:55:19,000 --> 00:55:20,440
going to make.
And I think it's more important

987
00:55:20,440 --> 00:55:24,720
than ever that we have we're
present in our Wellness journey

988
00:55:25,800 --> 00:55:27,520
a little bit more than we have
been in the past.

989
00:55:28,000 --> 00:55:29,480
Yeah, there's a big trend for
that.

990
00:55:29,480 --> 00:55:31,920
There's no doubt about it.
In fact, what somebody, you

991
00:55:31,920 --> 00:55:37,600
know, I'm sure Carson, the
Carson Group, huge roll up he's

992
00:55:37,600 --> 00:55:39,200
done.
He's, you know, he built a big

993
00:55:39,200 --> 00:55:44,440
business.
He financed a part of a 465 acre

994
00:55:44,600 --> 00:55:51,920
Wellness ranch in in Virginia.
He's just starting to build now.

995
00:55:51,920 --> 00:55:57,040
Yeah.
Well, I think that we all have

996
00:55:57,040 --> 00:56:01,160
opportunities, but I do think
that conversations like ours,

997
00:56:02,000 --> 00:56:04,440
you know, sitting down and
meeting people, but I think

998
00:56:04,440 --> 00:56:08,080
they'll be smaller, not the big
money twenty 20s.

999
00:56:08,720 --> 00:56:12,360
I think they could be more
curated and being able to be,

1000
00:56:12,360 --> 00:56:14,800
you know, authentic.
So instead of thousands of

1001
00:56:14,800 --> 00:56:17,520
people going to something, I
think that we'll find.

1002
00:56:17,520 --> 00:56:21,040
I've been running in New York.
I called the innovators table

1003
00:56:21,920 --> 00:56:26,720
and a maximum of 22, usually 18
to 22, and just different people

1004
00:56:26,720 --> 00:56:28,400
in the ecosystem.
No one's selling anything.

1005
00:56:29,040 --> 00:56:33,280
But you got the banks and a
couple founders and venture

1006
00:56:33,280 --> 00:56:36,920
money people, right?
And even family style and nice

1007
00:56:36,920 --> 00:56:38,400
family restaurants in New York,
right?

1008
00:56:38,880 --> 00:56:41,600
But that way people can move and
they can talk to people.

1009
00:56:41,880 --> 00:56:45,120
And so far, the return on those
dinners for the people that have

1010
00:56:45,120 --> 00:56:47,120
attended have been pretty
extraordinary.

1011
00:56:47,120 --> 00:56:49,280
I mean, even the last one, I
invited somebody at the last

1012
00:56:49,280 --> 00:56:53,280
minute that was in a different
industry from from financial

1013
00:56:53,280 --> 00:56:55,560
services that she's a good
friend and she was in from

1014
00:56:55,560 --> 00:56:57,680
Canada and I ran into her in New
York and somebody had cancelled.

1015
00:56:58,000 --> 00:56:59,520
So I said, oh, come to my dinner
tonight.

1016
00:57:00,040 --> 00:57:01,640
And even at that dinner, she got
funded.

1017
00:57:03,880 --> 00:57:06,640
Well, yeah.
So I think those those kind of

1018
00:57:08,120 --> 00:57:10,480
meetings are going to be really
important and we have to be able

1019
00:57:10,480 --> 00:57:12,680
to put multi generational people
in the room.

1020
00:57:13,040 --> 00:57:17,200
No doubt.
Yeah, Yeah, there's, there's, I

1021
00:57:17,200 --> 00:57:21,120
think that having and the the
skill of building the

1022
00:57:21,120 --> 00:57:23,920
relationships and actually
putting small groups of people

1023
00:57:23,920 --> 00:57:26,840
together will be exponentially
more valuable than it's been in

1024
00:57:26,840 --> 00:57:30,200
the past.
And it's been very valuable in

1025
00:57:30,200 --> 00:57:31,880
the past.
Yes.

1026
00:57:33,080 --> 00:57:35,000
Pamela, anything else you'd like
to share?

1027
00:57:35,160 --> 00:57:37,400
Share before we wrap it.
Up I would just like to tell you

1028
00:57:37,440 --> 00:57:39,240
it's pleasure.
It's more like I was on a zoom

1029
00:57:39,240 --> 00:57:43,920
conversation with you.
So I, I appreciate that.

1030
00:57:43,920 --> 00:57:50,000
I hope that some of my thoughts
and, and perspectives can help

1031
00:57:50,000 --> 00:57:54,400
some of your, your viewers.
And if anyone has, you know,

1032
00:57:54,400 --> 00:57:57,840
questions about my crazy
thinking, you know, I answer all

1033
00:57:57,840 --> 00:58:01,720
my Linkedins and I'm, I'm pretty
accessible out there, but I only

1034
00:58:01,720 --> 00:58:03,480
learned from having
conversations like this.

1035
00:58:03,520 --> 00:58:05,840
So I thank you for having me on
today.

1036
00:58:06,240 --> 00:58:09,720
Yeah, I'm super grateful you're
doing this, and we'll make sure

1037
00:58:09,720 --> 00:58:11,800
that we push it out to everybody
and share it with you.

1038
00:58:11,840 --> 00:58:14,840
And I'm super grateful that we
did this together.

1039
00:58:14,920 --> 00:58:17,360
Thank you, Pamela.
Thank you, Arthur.

1040
00:58:17,360 --> 00:58:18,920
Thank you everybody for joining
us today.

1041
00:58:20,120 --> 00:58:24,840
Bye, bye.
OK, that was awesome.