Most digital experiences clients interact with — including music, clothing, books, entertainment and social media — have become hyper-personalized. Despite this, investments are often managed with a "one-size-fits-all" approach. Learn how AI-powered technology can empower wealth managers to grow their businesses through investment personalization at scale.
Transcription:
Announcer (00:07):
Thank you. And good afternoon, we are here and back for part three of three in the AI track. And the title of this, uh, particular track is how AI powered platforms can help wealth managers close the growing personalization gap. So, as I said before, before the break, this session is all about the how, and it's being delivered by Jack swift, who is the president at Tiffin. Um, and this session really comes to life, um, in the Q and a sessions. So, you know, whatever questions you have around challenges you have faced, or specifically around the issue around how to do what we've been talking about in all of these sessions now would be a really good time. Jack's gonna go ahead and give the presentation and send, uh, save plenty of time at the end for your questions. So thank you very much. And I will welcome to the stage Jack Swift of TIFIN.
Jack Swift (01:10):
Hello everybody, thanks for sticking around this afternoon to talk about, uh, personalization and wealth at scale, I think I should start by, um, asking you a question and Sharon said, you're gonna ask me questions. You can do that later, but right now I'll ask you a question. How many times during the course of the day do you think your life intersects with Artificial Intelligence? Take a guess. One time? more than 10? More than 100? It starts the beginning of your day. You wake up, you look at your phone, facial recognition. You take a look and see what the weather like for take a look and see like how traffic's way work get stream. And again, that's or seven before you got down the nevermind. If you get on a platform like Amazon order something or Google to search something, all of these platforms are by AI survey this before, before there actually today using, um, so that people guess they interact. People say that they on a daily basis of the people, that the reality is over people interact, frankly.
Jack Swift (02:47):
It makes your life easier. It makes your life more efficient. It makes you more accurate. Uh, it's helping you in so many ways. So, uh, when AJ and I were working on this presentation at the bottom of the screen here, we see that the robot like human was a Terminator like robot. I don't intelligence better. Faster's think what's called, said this minute ago, too. Um, you know, humans achieve machines, train, and you know, some people would say that AI is unnecessary luxury. I think that's, it's a big part of what, and especially know clients, well, I don't need any in, right, but they use business strategy's strategy. So what AI is client and scaling.
Jack Swift (04:44):
This is concept, right? This whole tracks about AI, this something that's just happening for the first time. That's not true. It's been around for a long time. You know, Netflix has been around since 1997, Uber nine taxis been around longer than Uber has, but intelligent S how much has that changed a lot. How we buy our fix Zs, other platforms like that. They're using intelligence to create a better matching exercise between what you think you and what you really insight and signals by intelligence, Spotify, helping that playlist didn't existed
Jack Swift (05:25):
Are all ways that intelligence is improving our every day. These categories. Now, the funny thing is back to that wealth manager that said, Hey, I know my clients, I don't need well, they're just wrong. They do. Um, and you at the wrong reason that people
Jack Swift (05:44):
An advisor
Jack Swift (05:45):
Is because they trust them, they were hurt. Number two, they think they can add value, right? They're gonna increase return relatively. But third one is personalization. The only way you personalize a scale is to intelligence that inter artificial personal, but UN know investors, they'll switch. They're hope certainly on YouTube versus the rest of your life answer. So another survey, the new one and around, do you think personalization be a big part of advisor? The you definitely, you know what they'll tell you, I'm concerned about? I'm concerned about those are things, intelligence and platforms, technology, make it help you understand to do things like increase conversion rates across compliance referrals, technology here to help you do those, those very things. So find only that assets sell away that accountant someplace itself cause you as the wealth didn't the needs didn't signal are they're back and say you what, instead of being able personalized experience my benefit back in time experience or the democratizing intelligence.
Jack Swift (10:48):
So how do personalization personal build personalization, easier format? So, first of all, just in retention, first, we do that is with prioritizing and grow as a sponsor. And that's then to people that were to really users we're this, and then prospect prospects prospect, the worst prospect based on thes current client base. So the first thing we on our to train our AI to for certain signals. And, and we look at that list, we look at a very specific lens, cause we've already ingested who your clients are, right? And your clients have certain key characteristics and they're here, but we're looking at like household income, we're you where live, they value value characteristics of your S and using the, you could say, who are your best S and that's the third here, which is the of key characteristics with your prioritize. We give back to you a, this is the prospect don't waste time develop the here platform, built space, deployed places to very customized first format. Every single day thought brings in hundreds of thousands of pieces of content thought leadership pieces bring in, runs our algorithms. And then you can use well to, uh, push out content to your prospects, your clients, that based on based that topic, or based on their holding, you can link link content to you, format you Facebook.
Jack Swift (15:12):
So you can meet your prospect or meet your clients where they want. And you can intelligent says, you know what? Article article. So with each of those, you the information, get engagement score back again. Number one, very Twitter score number. Just forget. So that's, so somebody asked question earlier about where industry's going and what's exciting, blah, automat. I think the most exciting that's space today is conversational AI, right? So we to, I recommend this is conversational AI platform for what we found was there's some amazing programs out there of question takes, but simple questions have saved for retirement. Retire have saved for college's prospect. You quickly convert question client. Wanna answer question quickly because they expect that in first from their plan, we about retirement, about buying about insurance, we call and the cooling and third party data. First, last name, address, mortgage, your mortgages, whether you're married from teaching hat, what you like to listen to on Spotify, what I you about examples? So that information with that information, we don't need to ask many questions. Don't how many questions do you think that we need to ask years? Give you, so that question retiring that's
Jack Swift (18:47):
So there's so much Pandora. I watch, oh, you cause you, these this really today, I think likefocus AI. And, and so with magnify, we build that platform for search produced, produced over hundred million search results. And we produced about a million every four days. So this thing is catching people are using a and so capability you, so advisor a lot easier, but there's a whole level of intelligence here to help personalization a portfolio into magnify through a integration, develop integration integration for good old fashion CSV file. We pull portfolio that ETFs, but they're expensive. And about the right. So normally research it'll go through portfolio in every other alternative in the marketplace, come back and say, know what, but what lower and ACI there, I'm gonna stop there and open up to questions. But I think the key piece that I'm trying to express here is this technology may newer to this space, but space. And it's certainly around for a long, in many ways, we've already decided it makes it easier like using, I like use these intelligent technology platforms to easier we're space.
Speaker 4 (23:07):
Yeah. I'll just go ahead and ask what, what, what questions do we have?
Speaker 5 (23:17):
Hi. Hey, um, on the magnify use past data, historical data to like, let's say, you know, let's improve Bob's return, right? Use past, you know, data, or do you do any analysis for future expected returns
Jack Swift (23:35):
On the projecting? We're just saying, um, we're just saying he wants,
Speaker 6 (24:18):
So I did say eight and full disclosure. I did not see your demo yet, but it was a lucky guess. So, um, I'm a big fan of the 80 20 rule and things like this. Uh, there's no question that they're just crushing the 80%. I mean, they are solving it and I think they're actually turning the 80 20 into the 90 10, but at some point, I guess my question is a, a client is gonna need to talk to an advisor. There's gonna be those exceptions. Right. So what would your answer be to that scenario?
Jack Swift (25:01):
There are, so the experience, the be much more, or we're
Speaker 6 (25:53):
When you say, are you lit, are you literally saying it to the software? Like, is it like, how are, how is the advisor, are you setting parameters? Like what's the interface look like to actually get this going?
Jack Swift (26:12):
And the, and then the mentor would say, well, are you about like, know the last three years, there have been nine times greater experience and do a series of questions and insights to make more custom recommendations, essentially want, basically
Speaker 7 (27:28):
This is a bit abstract, but do you think that with the way that AI and hyperpersonalization is going is kind of nudging us into an echo chamber in terms of our perceptions as investors
Jack Swift (27:39):
That's for them to learn what's wrong and what's right today really uses that. I think it's very important key. So it's not a certain, just a, um, its easier that over time question. Thank you.