Vega Minds | Invent | CogniCor Technologies

Transcription:

Diana Cabrices (00:11):

Now the moment that you've been waiting for. Up first we have Vega Minds. Vega Minds is your AI associated advisor allowing you to have natural interactions with your data, email responses, meeting notes, a versatile assistant and automated CRM data sync, all in one unified AI native solution where you'll never have to manually enter data into your CRM again, which sounds really exciting. Vega Minds, our audience is excited to see what you can do. Your time starts now.

Alex Mathé-Cathala (00:50):

Thank you, Diana. Can I be heard? Okay, awesome. Well, sounds like you've also described my full product, but I'll try to go a little more in depth here. I'm a Registered Advisor. I used to be a full-time advisor, so meeting with clients daily every day, sending emails as well. And I was facing mostly three challenges that I'm sure every advisor in the room can relate to. The first one would be I always found myself, not always, but very often, sending the same emails, talking about the same things over and over again to the same client. Some of them don't really listen to us. The second challenge was I was saying the same things over and over again about a specific topic, but to different clients.

(01:44):

Also, I had to pull data from different sources in a pretty inefficient way or from different people at the firm. And then after I pulled that data, I still had to connect the dots and type out my email, right? So I wished I had this personal database that could help me surface the right data points immediately and maybe even take a shot at my first drafts. So I built this at Vega Minds. We build and maintain effortlessly in the background for advisors, decentralized knowledge database. This has client knowledge as a top right CRM integration, but most importantly email integrations and meanings. Top left centralized knowledge as my personality, writing style, advising style investment style. Also my firm data, that's more of my brand philosophy, processes or offerings at the firm. And finally, connection to reliable third party data.

(02:57):

And then on top of this we have Vega, which we call your AI associated visor. The reality is Vega is a smart retrieval system, embeddings vectors that we've talked about yesterday, plus some trees of prompts. This is not rocket science, but retrieval system plus good, smart trees of prompt is what you call AI agents, which Charles Morris at Microsoft described pretty well yesterday. And those AI agents just save you time. So level one of this Vega, as an AI agent on top of your centralized knowledge is, maybe I should zoom in a little bit here. Hey Vega, explain what our firm's familiar strategic planning system is. This is really level one.

(04:00):

What Vega is doing here is it's going into your centralized knowledge, trying to retrieve the right documents. You may have website data, you may have internal PDFs at the firm. You may have client conversations about it. This one is anomaly long. Not sure what's happening here. It doesn't really help for a live demo. I'm not going to blame the wifi, I'm not going to blame connection. That's probably on our end. Okay, here we go. It's a call start to the API. So it's taking time. Okay, come on Vega, here we go. Thank you. So it should be so much faster usually, but within 10 or 15 seconds, Vega is going into your centralized knowledge ranking, the relevancy of different extracts of all chunks and making sense of them all. The good thing here is you can audit what data sources Vega is pulling from.

(05:17):

The reason I say level one here is that we have 10 agents, only one was activated here. From there you have extracts from the website, probably some articles or internal PDFs. Now level two, Hey Vega, write and update on stocks versus bonds. Recently this will go to my client Tom Everson. I say level two here because the retrieval work has to be a bit more complicated, right? First you have some clients slash relationship component. So you have to be kind of smart about the writing style. This cannot be any writing style. This cannot be any tone. Then you probably have hard market data and this cannot be simply a naked LLM completion. So let's see how Vega does this. Hey Tommy, hope you're doing well. Sounds pretty casual. Doesn't sound like your so AI probably because Vega is aware that there were emails between you and Tom Everson probably because he has a contact profile with a type of relationship market data here and some customization given your risk averse return.

(06:42):

If I added Vega again here, okay, Vega triggered three tools this time contacts. This is probably where Vega is learning, that is focused on capital preservation, market data, reliable, trusted third party data sources in TRI and News, Forbes, Bloomberg, and so on. And where it really start to make a lot of sense is level three, where you and you integrate that into your email clients Gmail or Outlook. So let's say I'm a client advisor here, which is myself. Thoughts. I'm in Vegas right now. I've heard people mention this box, ETF that you talked about too.

(07:42):

Can we chat about it again slash explain to me for taxes? Vega does three things for email. Step one is going to identify the contact type. We're going to draft a response for you for prospects and clients and ignore vendors like me, mutual fund vendors, spam, and so on. Step two, they ask to decide whether you need to respond. 30% of the time you just receive a confirmation email for a meeting. You don't want to respond to that 70% of the time advisors need to respond to emails. Third and final step, that guy would go into the centralized knowledge here, takes about 23 seconds and draft something customized. The draft is going to be appended to this thread. It takes you sometimes 40% of the weather, sometimes 70%, sometimes more, 80, 90.

(08:54):

Okay, here we go, Tom, hope you're having a great time in Vegas. Box is derives and so on. This is probably LM completion. Vega doesn't do anything special here. However, as we've discussed, you're in a high tax bracket this year. CRM notes, past ER conversations, meeting notes, it is in Nevada. And this matters for the purpose of responding to that query. The guys also integrated with your calendar. A lot of emails with clients involve scheduling. Vega just saves you 30 seconds on finding the right slots in your calendar and giving your scheduling link. Currently for example, we draft 3000 emails for advisors every day. I think that makes us the number one email writer for advisors probably behind ChatGPT. But those ChatGPT emails are probably pretty bad. That is for me. Thank you Diana.

Diana Cabrices (10:05):

Thank you so very much. That accent alone, I'm like, I want to get Vega Minds. Love your accent. Yes, agai, something I said yesterday over and over a second brain. At some point we have to start asking who is really in charge here, because that was extremely impressive. Thank you again to Vega Minds. Okay, next up we have Invent. With Invent you can stand up your own integrated technology stack, leveraging leading third party applications through invents powerful pre-configured templates, tools, and cloud native platform. Unify all of your critical applications into one powerful, scalable, and secure super app. Invent, show us your innovation starting now. Whenever you're ready.

Oleg Tishkevich (10:57):

Can you guys see me okay? Alright. So we did a demo. We tried to do a PowerPoint yesterday. Technology did not work very well. So we're going to try to see if the one works. I'm keeping my fingers crossed. Hopefully it works better than the PowerPoint. Here we go. On the wrong screen, one sec. So while we're figuring this out, I want to talk a little bit about what our platform allows you to do. So all the great tech that you guys saw today, all the different technology. We're an open platform. We are created to serve advisors to make it easier for advisors to consume all the different technology. So we want to encourage every one of you to really speak to all of your technology providers. Our platform is free to build on, literally we're cheaper than Apple officially. So anybody who would like to experiment or try to build their own apps that are fully integrated into every other application that you use within your office, whether it's CRM, like Redtail or Salesforce or Wealth Box, or your Orion Black Diamond, add APAR in Investnet, Tamarack, your financial planning tools, the money guide, and any other type of tech that you see today.

(12:21):

Innovation, like we're open to every single technology. A number of different firms already build that technology on Invent, they can build whatever apps they own their code. We make it very secure and very efficient and all the applications are integrated. So magically this thing worked. I dunno how we navigate this thing, but watch it. We just watched this here. Okay, cool. So this works kind of like Pinterest. Okay, so each one of these little apps that you guys see here, little rectangles, they're actually a micro app. So they're function completely, excuse me, completely separately. You have capabilities like alerts so that you can aggregate all the alerts across different systems and they will bring that information to you real time from your custodian systems, from your compliance systems, et cetera. And anybody could publish any of these micro apps. And then you have this magic capability to completely rearrange everything that you see.

(13:30):

You can start from scratch. You can start with a template or we're going to do an example here when we're going to create a new, we call them boards, just like Pinterest boards. Yesterday we talked about the data piece of it. Now how do you actually visualize all this data, how you create workflows and how do you create systems that now can interact with those data, with the applications that you use in your everyday? So when I create new board called AI board, since we're in this conference, right, okay, it's going to have, I can't type. You can tell, right? That's all right. We'll just hit the button. Notice by the way, we can select the scope. So the system automatically knows whether your information is relevant to on the account level, on the household level, on the financial professional level, or on the top level.

(14:27):

So that depending on the context that you provide within this micro app, this application that services the data, if it's information about client notes, it needs to be about a specific client you select. You can put it in a client context so that whenever any app shows up in a client context, they'll be able to see it. And we're going to just do a generic one, create a board. I couldn't spell it so I apologize for the upper lower case here, but we have here capability to do this edit. So here are all the different apps, micro apps that are published that you can choose from here, you can scroll, you can search, we can go grab an account opening one and drop it up here. And I can just simply, any application that basically published on invent ecosystem, literally just be dragged and dropped like this by you.

(15:24):

And whether we have a multi custodian experience that any other custodian can sign up to and basically build their own UI so it's secure. So they don't even need to expose APIs to general public, but just build your UI using this tool. And we're going to drop another one. One's Lotus Markets. So it's a solution that provides essentially a marketplace data so you can resize it where you want it and yeah, we're good. We're going to save this thing. And now this is live. So we now just created an account opening experience and I see some investments on the side that I can pick from or you can pull those notes, you can pull any kind of information. It's all functional. So let's select a custodian. Let's basically select a rep code that we want to apply to it. By the way, all the entitlements that we talked about in the previous session, that's all taken care of.

(16:29):

So the scoping of the data, the making sure the data is clean, making sure that you have everything merged the right way, that you're not missing data. AI is watching if you have any kind of issues. So we'll do like an individual account. So anyway, we're going to go ahead and now start creating an account. I made it kind of really big so everybody could see it, but obviously if we zoom out, it'll automatically resize to whatever steps you want and you can augment the steps, you can set it up all through invent platform so that this could work. I'll just make this a little smaller. If we could go down on this one so you guys could see how it scales. So I can, as I change the layout, as I change the size, it'll automatically resize to whatever size what I want to do. And then you can resize it, rearrange it so it works on any kind of form that you present. And another thing I wanted to show you, so we talked a lot about AI. So ARQA is created some really cool technology they've built on invent their micro app. And I want to invite Haik to talk about that a little bit.

Haik Sahakyan (17:44):

Thanks Oleg. So I'm going to try to drive this down here. So one of the boards we have is actually the ARQA AI chat that sits on top of the invent database. So we have access from Adipar, Orion, other places as well. But this one is the data lake from Invent. So I can come in here, I can ask a couple of questions. Basically what it'll do, it'll, it'll go into the data lake, retrieve the data that I want, bring it back out to me, and then here it'll say, Hey, here's the largest account you have. And then I can actually start going, Hey, what is the average value of my holding accounts? Now it'll go through the entire database, pull that data out, give it back to me. It has smart prompts that'll come back and tell me these are the other things you might want to ask, but I can also drive it this way.

(18:29):

Give me a list of all my clients now it'll go out, retrieve the entire ownership structure, bring it back in. And I can see it this way. I can also say, give me my top 10. I want to see pie chart of it, my top 10 clients by value. So it'll retrieve that data, bring it back into me. I'll have the visualizations, I can see it as bar charts, I can see 'em as pie charts. And then the data essentially is running across the entire platform. So I can go in and actually see that data monitoring as well to see where I should be paying attention to, what stocks, what holdings, what are the larger things that I care about, whether that's by sector, industry on the weekly or daily. And then the other product that you guys saw yesterday was actually our data parsing tool Core script, which will the most exciting thing that we've done more recently is pulling out full brokerage accounts.

(19:20):

So if you have equities, things like this that you're pulling out manually having to do it, we'll be able to pull out all those values even down to the tax lot, verify it for you, tell you if all the data is there, whatever is missing, like the ones you're seeing here with the error, it'll actually highlight that for you and it'll say, I'm not sure about this. Go take a look and we'll be able to actually see exactly what it's pulling and we can say this looks good and we can pull out of it. So essentially we're using your portfolio data with our AI on top of it.

Oleg Tishkevich (19:48):

It's very important. I just want to make sure everybody understands how to use this technology. So if you're doing any type of transition, so you're bringing in new advisors into the firm, they have client files with the statements. This saves probably if not hours, but probably weeks of time depending on how many accounts I need to bring over by using this technology and then turnkey, basically plugging into the data lake and then pre-populating your account opening capability right there on the platform. So I think very powerful stuff that Ike and accompany built out on event. Thank you. Thank you,

Diana Cabrices (20:32):

Thank you so much, gentlemen. Now I did mention I gambled a little bit last night, but I also got to hang out with these two guys. They're great technologists and Oleg is a heck of a dancer. Sorry if you don't want me sharing that. I love the idea of a super app. I think interoperability between data and technology is key. As the technology optionality grows and the different use cases in your practice grows, we need a centralized place in order to manage and control everything. So I love what you guys are building. Now up next, we have the last technology demo, although certainly not the least, and I'd love to introduce you to CogniCor. Did I say that right? Cool. So CogniCor is the AI copilot built for wealth management firms, optimizing client interactions and enhancing advisor productivity. That's been a buzzword, a keyword this entire showcase. So it helps advisors provide timely personalized service leveraging smart AI to transform the way that they work, the way that all of you in this room work. So show us what you got. Your eight minutes starts now.

Sindhu Joseph (21:40):

Thank you so much. Very excited to be here. My name is Sindhu Joseph. I'm the CEO and Founder at Cogni Core Roche.

Rosh Cherian (21:49):

Hi, my name is Rosh Cherian. I'm the CTO and Co-Founder of CogniCor.

Sindhu Joseph (21:54):

So we are a copilot platform for the wealth industry. Our focus is providing a personalized, highly trained assistant that you always wanted but never had. So that's what we are going to present next. So we have three copilots. One is geared towards the advisors, all of you. We also have couple of others which is geared towards the home office, taking care of the advisors, different functionalities and investors, which are for the retail investor clients. I am hoping that they would become more active part of our ecosystem. We are touching almost 30,000 advisors today. We work with some of the top independent broker dealers, RIAs, we integrate thoroughly within all of the platforms. We are one of some winners of Wellies last year this year as well as great mentions for us. Can you just go back to the presentation? Yeah, just go to the advisor copilot.

(22:54):

I just want to highlight that. So today's demo, we are only going to focus on the advisor co-pilot because we don't have time. So here we focus on three things. One is client advisor engagement. So how can we streamline that engagement? We automate all of the client servicing activities for you, be it opening accounts, changing beneficiary, all of those up to the custodial platform. So we push all of the data into Schwab, Pershing, fidelity, et cetera. And the third thing is providing client insights when you need it. Proactively reactively all of those and guiding you with any policy process questions. So that's why I call it all in one platform. Two things that differentiate us from all of the demos that you have seen today is one is of course we are an all in one platform. We want to be the intelligence layer about the data layer as well as the infrastructure layer.

(23:50):

And I believe that's how we should think of AI. My background is in AI. I have a PhD in artificial intelligence spend around 20 years building AI solutions. Second is we don't provide you a platform. I think advisors have 20,000 platforms out there and they cannot switch between platforms. So we sit where you are going to spend most of your time, be it a CRM, be it custodial platforms, be it invent any of those platforms. We are on top of that platforms providing you guidance when you need it. But if you don't need it, we are a little small bot out there. Okay, let's go to the demo. So we have today our advisor. I'm Jessica and I am starting my day. I just want to understand where should I start my day. So let me start with getting some insights and recommendations from the copilot.

(24:48):

So starting with some of the market insights for today so we can connect to different external systems to pull this information for you. Some of it is here, like the October market watch, there are volatility in the market, there are selections coming and what are the growth stock value, stock opportunities. So all of that market insights are presented here. We also have some of the most, so this is analyzing the book of business for the advisor. So what are the most discussed topics that between all of your clients, what are you discussing? And also some of the least discussed topics. This might be like you forgot to talk about insurance products to your clients that would come up there. And as a firm you can also decide these are things that your advisors needs to talk about. We also segment provide insights on the client satisfaction.

(25:44):

So you can basically configure any of such insights and it'll show up there. You can also ask questions just going into the trending clients. So from these insights you can go into down into any of the specific clients that you really need to focus on today. So it could be the clients that are impacted by market or it could be these are the to-do lists that I have today and these are the top clients that I need to focus. Or maybe these are clients that is coming up for RMD distribution. There are some life events that happened or these are my top AUM clients that I haven't touched in three months. So all of those can come up. I get why this is presented here. And I can take different actions such as scheduling a meeting or sending an email or any other actions that I want to do that.

(26:43):

So if I dig down deep into one of the clients, maybe like Michael and Lisa family, they have a birth of a new child and I can just click on it and it goes in a assuming view, which is about the client information. So I start with, this is kind of an overview of the family. So here I not really look at all of the email communications, meeting notes and text messages, whatnot, but also the structured information, portfolio information. So somebody asked this morning, how good is this data? We make sure this data is good because we also analyze the portfolio information and all that. You can see down to the details of the family structure and all of those things. And all of this you can interact with specific questions. These are some of the highlights that we are showing here. But you can actually interact with the system going to the, so once you understand this is kind of the base of the client household, you can get areas of opportunities from the perspective of what should I do as a next best action or from specifically from tax awareness standpoint, we are not tax recommendations, but we can provide certain strategies for tax optimization.

(28:04):

And you can capture all of this and send to the client CPA. They can take action, not take action. So all of this is embedded here, right here. It'll create the email, send it to whomever you want. You can also schedule a meeting from here. So I'm not going into the details of that, but you can schedule a meeting, prepare agenda and take meeting notes. Sitting in the meeting we transcribe, we provide multiple options. You can transcribe the meeting, but we make sure everybody's aware. Anytime somebody wants to say that, okay, I don't want this board in the meeting, you can quit. And also we take meeting notes. So if somebody doesn't want to transcribe the meeting at all, you can go to analyze meeting notes there and then click on record or type in and you can just type in the meeting notes. And what is interesting is right from here you can go into executing that task.

(29:01):

So these meeting notes are analyzed and specific wealth specific tasks are created. So let's say it's opening a Roth IRA account. I can from directly from here all will go into the CRM. And in addition, I can also say, okay, let me start opening an account. So we will kickstart that workflow, orchestrate that, and push all of those data into the custodial platforms. So that is really the kind of end-to-end experience. And all this sitting in your CRM, this is a Salesforce CRM as you can see, and you can anytime do or not do, make us disappear and focus on your CRM. Let's say during my meeting, Michael has a question. She has a daughter who who's getting some tips is tips taxable. So you can ask that question. We not really provide an answer, but also give you a reference of the IRS document.

(30:02):

You can connect to a content management system within your enterprise and we will only source from those documents. Or you can say, okay, specific information from specific sites like IRS, ACC, Fin Brand, all that. And we will highlight where this information is coming from. So you can read more on that. You can also do more things like form filling. What form should I use for ACH setup? And it would not only bring the form, but it will also help you fill it up, send it for DocuSign, push it to the back office for verification validation and push it all off to the custodian. So can we do that or we have one more minute? Can we do that?

(30:46):

What form should I use for an ACH setup? And it would go through that entire process as well. So that yeah, yeah, you can say assist me in filling out that form. It would open the form right there. It would pick up the data from the CRM or if you have an account statement, yeah, it's Peter and 6, 6, 8, 7 is the account number and it would pull up the data from the CRM. Click on that and open the form. It'll also fill out the data automatically if you have an account statement, we can actually extract all the information from the statement, fill out this form and get the client onboarded. And all this data will go into the custodial platforms as well. So this is like a break Next bid demo there is much more both for the contact center as for the investors. So I hope you all enjoyed it and if you want to talk to us, please reach out to us on this QR code. Thank you.

Diana Cabrices (32:10):

Thank you both. I got to say I'm really impressed with the coordination between the two of you, so thank you so much. I think we can all appreciate having a copilot embedded directly within the CRM, not another tool that we have to log into. Okay, what a showcase. I cannot believe that it is coming to an end because I have thoroughly enjoyed standing here and getting to hang out with all of you and watching all of these technology demos. So as we wrap up the first ever advise AI technology demo showcase, I'd love to hear from our audience at this point. You've sat through over nine different technology demos spanning over the last two days. And personally I've done enough talking. So I want to hear from you. So I think we're going to try to pass around some mics. The way this is going to work is I'll ask a question and if you'd like to respond, just raise your hand and don't be shy. If I can get up here and do this for two days, you can raise your hand and share what's on your mind. Okay, so my first question is, what feature or idea do you think will have the biggest impact on financial planning based on what you've seen here today? Who would like to share?

(33:18):

We better have one person that wants to share something. Okay, we'll go to another question. Maybe that's something you don't want to answer. What's your top takeaway from these two days that you'd like to share with other people in the room? What's something that just sparked your brain, it really inspired you and you're ready to go home, you're ready to go back to your office and just put it into action. Thank you. I know I'm between you and lunch, so you probably hate me right now.

Audience Member 1 (33:54):

I'm going to help sister out.

Diana Cabrices (33:55):

Thank you.

Audience Member 1 (33:56):

So I'll answer your first question in terms of the technology or what I've seen here today that I think is going to be most transformative and I think it's going to be AI applied to prospect development. Michael Kits has talked about it this morning in a keynote address and spent a lot of time discussing ways it's going to be revolutionary and make this industry more productive and growth oriented.

Diana Cabrices (34:24):

I love that. I couldn't agree more. I've done some webinars on this topic and I love what the folks over at Wealth Hawk are building and there's a lot of other tools that are also coming out in this space and kittie's created a whole category on the map for that. So thank you so much for sharing. Alright, I'll ask one more question and we'll go for lunch. So I want to talk about pain points. What pain point in your business do you think you're most excited to tackle with AI with whether it's one of the tools that you saw on stage or something that you've been talking about, there has to be some big pain point or several. Just share one that you're excited to tackle.

Audience Member 2 (35:04):

The meeting prep is a big deal for me. It takes me three times as long to prepare for a meeting as to have a meeting.

Diana Cabrices (35:11):

Yep. I couldn't agree more. Does anyone else want to share?

Audience Member 3 (35:17):

I agree. It would be the meeting prep and the follow up on the meetings. The three products look really interesting.

Diana Cabrices (35:26):

Awesome. Well I encourage all of you to go check them out. They're all in the exhibit hall over to the right, I guess to your left, and I'm Diana Cabrices, it has been a total honor to be your host. Thank you so.