Aidan Shue

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Episode Transcript

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[paul_tyler]: hi this is paul tyler and welcome

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[aidan_shue]: m

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[paul_tyler]: to another episode of that annuity show
ramsey how are you

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[ramsey_d_smith]: i’m fantastic

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[paul_tyler]: was your labor day weekend

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[ramsey_d_smith]: it was great

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[paul_tyler]: yeah

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[ramsey_d_smith]: to spent some time down in florida
turned fifty five other than that no big

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[ramsey_d_smith]: deal m

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[aidan_shue]: i

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[paul_tyler]: excellent excellent yeah well i you know
my wife

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[ramsey_d_smith]: oh

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[paul_tyler]: had a lot of work cut out
for

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[ramsey_d_smith]: yeah

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[paul_tyler]: me and you wonder why i’m this
shirt were actually i’m actually volunteering

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[ramsey_d_smith]: oh

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[paul_tyler]: at our food bank with our with
our our crew so

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[aidan_shue]: wow

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[ramsey_d_smith]: nice

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[aidan_shue]: for you

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[paul_tyler]: yeah i was telling ben before i
don’t know if i’m

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[aidan_shue]: m

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[paul_tyler]: going to sort potatoes or carrots this
time but whatever it is all be good

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[Ben Jones]: it’s good

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[aidan_shue]: m

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[Ben Jones]: work

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[ramsey_d_smith]: yeah

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[paul_tyler]: yeah so hey listen we’ve got we’ve
got a

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[ramsey_d_smith]: m

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[paul_tyler]: great team back with us today from
our partners and friends at nasdack and today

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[paul_tyler]: we have aidenshoe and ben jones

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[aidan_shue]: yeah

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[paul_tyler]: with the nasdack fun network and aidan
did i i pronounced it correctly right

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[aidan_shue]: that is correct aidan

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[paul_tyler]: okay

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[aidan_shue]: shoe thanks a lot for having

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[paul_tyler]: okay

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[aidan_shue]: me on

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[paul_tyler]: good yeah

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[ramsey_d_smith]: oh

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[paul_tyler]: willen and ben good to see you

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[Ben Jones]: likewise ramsey happy birthday first of

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[paul_tyler]: oh

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[Ben Jones]: all but now it’s it’s great to

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[ramsey_d_smith]: thank you very much appreciate

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[Ben Jones]: now

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[ramsey_d_smith]: it

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[Ben Jones]: it’s good to be on we have
a lot of great things to discuss

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[aidan_shue]: ah

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[paul_tyler]: h

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[Ben Jones]: today so thanks

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[paul_tyler]: yeah

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[Ben Jones]: for

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[ramsey_d_smith]: oh

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[Ben Jones]: having f n on today

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[ramsey_d_smith]: yeah

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[paul_tyler]: yeah so

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[ramsey_d_smith]: m

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[paul_tyler]: so let me let me just

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[aidan_shue]: oh

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[paul_tyler]: state the

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[ramsey_d_smith]: oh

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[paul_tyler]: most obvious question is what is n
f n and then maybe talk about both

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[paul_tyler]: of your roles and aid and i’ll
throw the question over to you to start

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[aidan_shue]: definitely i’ll dig right in so the
nasdac fund network is actually one of nazdak’s

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[aidan_shue]: longest

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[ramsey_d_smith]: oh

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[aidan_shue]: standing data services

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[paul_tyler]: oh

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[aidan_shue]: so we provide search able symbols and
price discover ability for mutual funds twenty nine

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[paul_tyler]: oh

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[aidan_shue]: club savings plans collective investment trust models

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[paul_tyler]: oh

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[aidan_shue]: utes and more so we receive

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[paul_tyler]: m

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[aidan_shue]: that nightly pricing information from these funds
custodians

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[paul_tyler]: yeah

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[aidan_shue]: or pricing agents like your state street
then we disseminate

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[paul_tyler]: m

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[aidan_shue]: that n v data downstream to hundreds
of different platforms so that’s yeah who finance

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[aidan_shue]: definitive bloom burg both retail institutional platforms

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[paul_tyler]: oh

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[aidan_shue]: so now you can search up any
of these products you know five twenty nine

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[aidan_shue]: or a c i t in the
exact same way you would mutual fund stock

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[aidan_shue]: or any

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[ramsey_d_smith]: oh

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[aidan_shue]: tfyuknowusing that search able symbol and you
know we really find that that transparency and

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[aidan_shue]: distribution it really helps validate some of
these growing asset classes like like a model

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[paul_tyler]: oh

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[aidan_shue]: for example i know ben’s kind of
a history buff so he can dig in

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[aidan_shue]: a little bit more on

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[paul_tyler]: m yeah

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[aidan_shue]: the on the nazdacfunnetwork

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[Ben Jones]: yeah

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[aidan_shue]: history

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[ramsey_d_smith]: ah

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[Ben Jones]: yeah

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[aidan_shue]: all of them

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[ramsey_d_smith]: and tell us a little

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[aidan_shue]: take

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[ramsey_d_smith]: bit

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[aidan_shue]: a go

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[ramsey_d_smith]: on that journey tell us a little
bit about you know

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[aidan_shue]: oh

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[ramsey_d_smith]: what

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[paul_tyler]: m

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[ramsey_d_smith]: what a model is an example of
a model and why those are also important

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[ramsey_d_smith]: to be helpful

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[aidan_shue]: ben you ben’s kind of our model
expert

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[Ben Jones]: so

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[aidan_shue]: you

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[Ben Jones]: history

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[aidan_shue]: want to dig in with

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[ramsey_d_smith]: m

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[aidan_shue]: the

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[Ben Jones]: and

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[aidan_shue]: models

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[Ben Jones]: models i love it i

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[paul_tyler]: m

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[Ben Jones]: mean this is why i’m on this
call gets me

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[ramsey_d_smith]: hm

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[Ben Jones]: excited right so

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[paul_tyler]: yeah

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[Ben Jones]: okay thanks for having

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[ramsey_d_smith]: m

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[Ben Jones]: ben jones senior director

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[ramsey_d_smith]: yeah

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[Ben Jones]: kind of a project product

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[ramsey_d_smith]: m

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[Ben Jones]: manage roll at the naz fun network
and we get into that in a second

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[Ben Jones]: but

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[paul_tyler]: oh

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[Ben Jones]: let’s talk history right i mean it
in said it’s one of the oldest data

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[Ben Jones]: service

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[paul_tyler]: oh

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[Ben Jones]: products at naa so what does that

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[paul_tyler]: yeah

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[Ben Jones]: mean right so the nazacfun network used
to

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[aidan_shue]: oh

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[Ben Jones]: be called the mutual un quotation service
and its history goes back

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[aidan_shue]: yeah

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[Ben Jones]: to nineteen eighty four um it’s at
that time

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[ramsey_d_smith]: yeah

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[paul_tyler]: yeah

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[Ben Jones]: right you had you know large and
growing

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[paul_tyler]: m

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[Ben Jones]: mutual fun

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[ramsey_d_smith]: oh

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[Ben Jones]: opening complex right but there was

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[paul_tyler]: oh

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[Ben Jones]: some friction there were some issues you
know you had kind of a hodge podge

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[Ben Jones]: of different identifiers and

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[ramsey_d_smith]: oh

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[Ben Jones]: symbols that some of the issues would
provide or some of the data platforms would

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[Ben Jones]: provide there was no central registration service

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[paul_tyler]: oh

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[Ben Jones]: for mutual funds to provide a standardized

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[ramsey_d_smith]: m

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[Ben Jones]: identification or symbology for all those opening
funds and

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[ramsey_d_smith]: m

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[Ben Jones]: why is that important because at that
time what was the dominant mode of communication

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[ramsey_d_smith]: m

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[Ben Jones]: what

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[paul_tyler]: oh

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[Ben Jones]: was the medium

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[ramsey_d_smith]: oh

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[Ben Jones]: that was being used newspapers

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[ramsey_d_smith]: yeah

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[paul_tyler]: oh

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[aidan_shue]: yeah

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[Ben Jones]: right you had a lot of retail
investors who were lying on that daily

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[ramsey_d_smith]: m

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[Ben Jones]: newspaper or that sunday

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[ramsey_d_smith]: m

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[Ben Jones]: newspaper to see the mutual funds that
he may own in a retirement plan or

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[Ben Jones]: their investment account um you would open

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[paul_tyler]: m

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[Ben Jones]: up the financial

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[paul_tyler]: yeah

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[Ben Jones]: section you would go down and find
your fund and you

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[aidan_shue]: m

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[Ben Jones]: can look at

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[aidan_shue]: hm

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[Ben Jones]: the fun symbol the identifier to see
it right and

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[paul_tyler]: oh

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[Ben Jones]: so the service started as a way
of disseminating those mutual fund quotes and symbol

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[Ben Jones]: was identified as out to all those

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[paul_tyler]: yeah

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[Ben Jones]: newspapers and the funny thing there again
you got the history guy on so newspapers

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[Ben Jones]: are actually kind of the center

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[aidan_shue]: uh

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[ramsey_d_smith]: yeah

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[Ben Jones]: for a lot of

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[aidan_shue]: huh

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[Ben Jones]: financial innovation right so back in the
eighties i mean that was fin tech that

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[Ben Jones]: was like what

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[paul_tyler]: m

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[Ben Jones]: financial technology

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[paul_tyler]: yeah

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[Ben Jones]: was all about getting data out there

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[paul_tyler]: yeah

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[Ben Jones]: you know you had the blomberg terminal

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[paul_tyler]: yes

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[Ben Jones]: was beginning the morning star was founded
i think in the same year

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[ramsey_d_smith]: yeah

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[aidan_shue]: yeah

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[Ben Jones]: but you also

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[paul_tyler]: m

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[Ben Jones]: found indexes

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[ramsey_d_smith]: yeah

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[paul_tyler]: oh

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[Ben Jones]: were created because

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[ramsey_d_smith]: yeah

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[Ben Jones]: of newspapers

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[aidan_shue]: yeah

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[Ben Jones]: and technical analysis

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[ramsey_d_smith]: ah

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[Ben Jones]: really was revolutionized because

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[paul_tyler]: m

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[Ben Jones]: of newspaper all because of charles do
so that’s a little history nut for you

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[Ben Jones]: guys so

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[aidan_shue]: oh

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[Ben Jones]: over time

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[paul_tyler]: m

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[ramsey_d_smith]: m

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[aidan_shue]: oh

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[Ben Jones]: mutual quotational service involved right it expanded
outside of just mutual

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[aidan_shue]: yeah

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[Ben Jones]: funds right so

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[ramsey_d_smith]: oh

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[Ben Jones]: you had

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[paul_tyler]: oh

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[Ben Jones]: u ts you had some different annuities
you had some kind of alternative

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[aidan_shue]: m

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[paul_tyler]: m

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[Ben Jones]: investments collective investment in trust and that
expand

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[aidan_shue]: m

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[Ben Jones]: and

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[aidan_shue]: oh

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[Ben Jones]: so we re branded a few years

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[paul_tyler]: oh

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[Ben Jones]: ago from m f q s to
the nazdack fund network right and i think

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[Ben Jones]: that’s important guys because you know

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[ramsey_d_smith]: oh

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[Ben Jones]: the the last word

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[paul_tyler]: m

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[Ben Jones]: network crucial because what we do

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[ramsey_d_smith]: m

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[Ben Jones]: is we are a two sided network
connecting data from the asset managers so i

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[Ben Jones]: think you’re your mutfun companies ts

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[aidan_shue]: oh

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[Ben Jones]: collective investment trust manage accounts

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[ramsey_d_smith]: yeah

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[Ben Jones]: structure products

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[aidan_shue]: m

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[Ben Jones]: connecting it with the market place which

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[paul_tyler]: oh

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[Ben Jones]: is your data platforms your vendors your
broker dealers who finances you know touching institutional

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[Ben Jones]: investors as well as retail investors

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[paul_tyler]: you now just for listeners you know
where we’re usually

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[ramsey_d_smith]: yeah

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[paul_tyler]: talking about annuities

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[ramsey_d_smith]: oh

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[paul_tyler]: retirement flying

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[ramsey_d_smith]: oh

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[paul_tyler]: how does this how does his impact

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[ramsey_d_smith]: oh

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[paul_tyler]: or our space now discover ability has
been enormously important in driving f i a

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[paul_tyler]: sales and you know ramsey if you
think back to the first

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[ramsey_d_smith]: oh

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[paul_tyler]: fixed into excanuities i think everybody

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[ramsey_d_smith]: oh

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[paul_tyler]: is kind of like you know buying
one of these things was like buying a

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[paul_tyler]: model t ford right you got the
s and p five hundred you had you

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[ramsey_d_smith]: oh

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[paul_tyler]: a hundred different ways to calculate

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[ramsey_d_smith]: yeah

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[paul_tyler]: performance but it really was built around
one fun now along come some innovators in

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[paul_tyler]: this space and we start to introduce
some of these bespoke funds and the first

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[paul_tyler]: thing you know first complaint we heard
advisers in the space was their clients couldn’t

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[paul_tyler]: find the values you know it was
it was you know some of these earlier

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[paul_tyler]: newer products had you know

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[ramsey_d_smith]: yeah

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[paul_tyler]: ramsey like i don’t know is it
fair to call them undiscoverable disease to start

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[ramsey_d_smith]: well i mean they were they were
industries that were built from scratch and so

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[ramsey_d_smith]: we built them from just

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[paul_tyler]: yeah

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[ramsey_d_smith]: for the for the benefit of the
audience this is a business that i was

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[ramsey_d_smith]: involved in at my in a prior
career but so we had to come up

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[ramsey_d_smith]: with an index and we had to
come up with a way of sharing the

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[ramsey_d_smith]: values of that index sort of

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[paul_tyler]: a

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[ramsey_d_smith]: audley and so that was not a
trivial thing so ultimately the service that that

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[ramsey_d_smith]: that aden and ben are providing with
n f n are really quite

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[paul_tyler]: m

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[ramsey_d_smith]: crucial because it was not an easy
thing get the visibility

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[paul_tyler]: yeah

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[ramsey_d_smith]: in a lot of different places for

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[Ben Jones]: and that’s

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[ramsey_d_smith]: sure

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[Ben Jones]: what we’re trying to solve right the
nail on the head is how

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[ramsey_d_smith]: yeah

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[Ben Jones]: do you discover you know these important

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[ramsey_d_smith]: m

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[Ben Jones]: investment vehicles

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[paul_tyler]: m

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[ramsey_d_smith]: yeah

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[Ben Jones]: that individual investors that are listening who
are managing there before when k rely on

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[Ben Jones]: all the

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[ramsey_d_smith]: oh

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[Ben Jones]: way up to you know you know
institutional you know portfolio manager a large firm

312
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[Ben Jones]: in wall street right there relying on
you know these identifiers and so

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[paul_tyler]: oh

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[Ben Jones]: by having a

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[ramsey_d_smith]: yeah

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[Ben Jones]: standardize identify so ramsey like

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[paul_tyler]: yeah

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[Ben Jones]: using

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[paul_tyler]: oh

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[Ben Jones]: the index example like as an index
provider you create

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00:07:34,872 –> 00:07:34,913
[ramsey_d_smith]: m

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[Ben Jones]: the index you might have an internal
code

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[paul_tyler]: m

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[ramsey_d_smith]: m

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[Ben Jones]: that you use then you distribute it
out

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[paul_tyler]: yah

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[Ben Jones]: to the market place bloom burg efinitive
morning star

328
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[paul_tyler]: oh

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[Ben Jones]: you know goldman

330
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[ramsey_d_smith]: m

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[Ben Jones]: sacks you know dodging cox they might
use their own internal identifiers right

332
00:07:47,201 –> 00:07:47,381
[ramsey_d_smith]: yeah

333
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[Ben Jones]: and so and then that doesn’t

334
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[paul_tyler]: oh

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[Ben Jones]: even include the retail investor who’s

336
00:07:50,256 –> 00:07:50,338
[ramsey_d_smith]: ah

337
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[Ben Jones]: like i just want to go on
some

338
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[paul_tyler]: m

339
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[Ben Jones]: search engine and search for it to
find it whatever this investment is tracking and

340
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[Ben Jones]: they can’t

341
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[ramsey_d_smith]: my

342
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[Ben Jones]: do it and so what the naze
fun network

343
00:07:59,832 –> 00:07:59,853
[paul_tyler]: m

344
00:07:59,859 –> 00:08:05,008
[Ben Jones]: does is that we provide the infrastructure
to create a standardized identify

345
00:08:06,093 –> 00:08:07,023
[paul_tyler]: oh

346
00:08:06,110 –> 00:08:07,552
[Ben Jones]: and we start with the investment vehicles
right

347
00:08:07,573 –> 00:08:07,697
[ramsey_d_smith]: start

348
00:08:07,612 –> 00:08:08,955
[Ben Jones]: so you know you can pull up
a mutual

349
00:08:08,951 –> 00:08:09,152
[ramsey_d_smith]: oh

350
00:08:09,035 –> 00:08:10,497
[Ben Jones]: fund using the same identifyer

351
00:08:11,021 –> 00:08:11,321
[ramsey_d_smith]: yeah

352
00:08:11,178 –> 00:08:12,260
[Ben Jones]: on your charles save

353
00:08:12,124 –> 00:08:12,226
[paul_tyler]: ah

354
00:08:12,280 –> 00:08:15,105
[Ben Jones]: account or when you’re searching it on
yahoo

355
00:08:14,771 –> 00:08:15,052
[ramsey_d_smith]: oh

356
00:08:15,003 –> 00:08:15,287
[paul_tyler]: oh

357
00:08:15,546 –> 00:08:20,253
[Ben Jones]: or google right you know we that
service for other instruments as well you see

358
00:08:20,293 –> 00:08:21,696
[Ben Jones]: that in other areas

359
00:08:21,522 –> 00:08:21,543
[paul_tyler]: m

360
00:08:22,397 –> 00:08:24,420
[Ben Jones]: you know we mentioned models right so
a model

361
00:08:24,223 –> 00:08:24,388
[ramsey_d_smith]: yeah

362
00:08:24,500 –> 00:08:25,522
[Ben Jones]: portfolio is basically

363
00:08:25,443 –> 00:08:25,463
[paul_tyler]: m

364
00:08:25,562 –> 00:08:26,063
[Ben Jones]: like a paper

365
00:08:26,060 –> 00:08:26,081
[ramsey_d_smith]: m

366
00:08:26,183 –> 00:08:31,532
[Ben Jones]: portfolio that a strategist or portfolio manager
creates to kind of create a strategy that

367
00:08:31,552 –> 00:08:32,173
[Ben Jones]: they’re able to track

368
00:08:32,073 –> 00:08:32,763
[paul_tyler]: yeah

369
00:08:32,273 –> 00:08:36,561
[Ben Jones]: over time that has performance that they’re
able to update these models are then often

370
00:08:36,717 –> 00:08:37,353
[paul_tyler]: oh

371
00:08:37,081 –> 00:08:41,228
[Ben Jones]: track via manage accounts right so i
think like a unified manage account or separately

372
00:08:41,268 –> 00:08:44,876
[Ben Jones]: manage account um and so you know
a lot of

373
00:08:44,922 –> 00:08:44,943
[paul_tyler]: m

374
00:08:44,956 –> 00:08:45,898
[Ben Jones]: portfolio managers

375
00:08:45,761 –> 00:08:46,005
[ramsey_d_smith]: oh

376
00:08:46,219 –> 00:08:46,680
[Ben Jones]: and asset

377
00:08:46,563 –> 00:08:46,583
[paul_tyler]: m

378
00:08:46,700 –> 00:08:47,341
[Ben Jones]: managers have

379
00:08:47,343 –> 00:08:47,588
[paul_tyler]: oh

380
00:08:47,602 –> 00:08:48,223
[Ben Jones]: hundreds if not

381
00:08:48,131 –> 00:08:48,940
[ramsey_d_smith]: yea

382
00:08:48,323 –> 00:08:49,746
[Ben Jones]: thousands of these models model

383
00:08:49,644 –> 00:08:49,725
[ramsey_d_smith]: ah

384
00:08:49,806 –> 00:08:53,573
[Ben Jones]: portfolios and they don’t have an identity
identify

385
00:08:53,253 –> 00:08:54,273
[paul_tyler]: oh

386
00:08:53,794 –> 00:08:58,281
[Ben Jones]: right so if you have a someone
who’s talking about a model strategy and the

387
00:08:58,301 –> 00:08:59,002
[Ben Jones]: individual investor

388
00:08:59,090 –> 00:08:59,111
[ramsey_d_smith]: m

389
00:08:59,203 –> 00:08:59,964
[Ben Jones]: or the advisor

390
00:08:59,742 –> 00:08:59,763
[paul_tyler]: m

391
00:09:00,004 –> 00:09:02,809
[Ben Jones]: wants to go find it they can’t
right and so what we want to do

392
00:09:02,909 –> 00:09:03,731
[Ben Jones]: is create identify

393
00:09:03,453 –> 00:09:04,563
[paul_tyler]: yeah

394
00:09:03,761 –> 00:09:03,944
[ramsey_d_smith]: oh

395
00:09:04,452 –> 00:09:05,093
[Ben Jones]: an identifier

396
00:09:04,658 –> 00:09:04,781
[ramsey_d_smith]: yeah

397
00:09:05,153 –> 00:09:06,757
[Ben Jones]: for these strategies that

398
00:09:06,663 –> 00:09:07,623
[paul_tyler]: oh

399
00:09:06,817 –> 00:09:07,438
[Ben Jones]: can be found

400
00:09:07,331 –> 00:09:07,593
[ramsey_d_smith]: oh

401
00:09:07,498 –> 00:09:10,104
[Ben Jones]: in access across other mediums

402
00:09:10,083 –> 00:09:11,253
[paul_tyler]: yeah

403
00:09:10,184 –> 00:09:10,264
[Ben Jones]: and

404
00:09:10,241 –> 00:09:11,021
[ramsey_d_smith]: yeah

405
00:09:10,324 –> 00:09:12,428
[Ben Jones]: other platforms that is standardized

406
00:09:13,255 –> 00:09:13,275
[paul_tyler]: a

407
00:09:13,964 –> 00:09:17,189
[ramsey_d_smith]: so let me ask you a quick
question about that so if if i have

408
00:09:17,229 –> 00:09:19,333
[ramsey_d_smith]: a model i have something that’s identifiable

409
00:09:18,972 –> 00:09:19,620
[Ben Jones]: hm

410
00:09:19,473 –> 00:09:20,775
[ramsey_d_smith]: it’s a fund it’s a model would
have

411
00:09:20,793 –> 00:09:22,083
[paul_tyler]: oh

412
00:09:20,815 –> 00:09:23,480
[ramsey_d_smith]: you and i come to you and
i say you know i want it to

413
00:09:23,540 –> 00:09:26,785
[ramsey_d_smith]: be i want it to be listed
on your now on your network

414
00:09:26,964 –> 00:09:27,106
[paul_tyler]: yes

415
00:09:27,660 –> 00:09:28,000
[Ben Jones]: yeah

416
00:09:27,727 –> 00:09:31,653
[ramsey_d_smith]: where does it automatically end up being
visible like do i do i need to

417
00:09:32,174 –> 00:09:34,258
[ramsey_d_smith]: i need to ask you to put
it in certain places or

418
00:09:34,260 –> 00:09:34,501
[Ben Jones]: oh

419
00:09:34,318 –> 00:09:39,595
[ramsey_d_smith]: if once i’m on the network universally
available everywhere where you publish tell me a

420
00:09:39,615 –> 00:09:42,505
[ramsey_d_smith]: little bit about that oh

421
00:09:42,552 –> 00:09:43,773
[aidan_shue]: we have because we’ve

422
00:09:43,719 –> 00:09:43,841
[ramsey_d_smith]: yeah

423
00:09:43,793 –> 00:09:45,715
[aidan_shue]: had this you know the mutual fund
business

424
00:09:45,710 –> 00:09:45,731
[ramsey_d_smith]: m

425
00:09:45,835 –> 00:09:47,516
[aidan_shue]: for so long since the midnigheteen

426
00:09:47,192 –> 00:09:47,233
[ramsey_d_smith]: hm

427
00:09:47,576 –> 00:09:48,497
[aidan_shue]: ighthas been providing

428
00:09:48,380 –> 00:09:48,401
[ramsey_d_smith]: m

429
00:09:48,898 –> 00:09:51,280
[aidan_shue]: you know these searchable symbols for mutual
funds we have all

430
00:09:51,425 –> 00:09:51,446
[ramsey_d_smith]: i

431
00:09:51,440 –> 00:09:53,602
[aidan_shue]: kind of the pipes already already

432
00:09:53,490 –> 00:09:53,710
[Ben Jones]: oh

433
00:09:53,682 –> 00:09:55,365
[aidan_shue]: outlined so when a new asset

434
00:09:55,290 –> 00:09:55,451
[ramsey_d_smith]: yeh

435
00:09:55,425 –> 00:09:56,166
[aidan_shue]: class comes in

436
00:09:56,171 –> 00:09:56,191
[ramsey_d_smith]: m

437
00:09:56,627 –> 00:09:57,729
[aidan_shue]: like like a model

438
00:09:57,663 –> 00:09:57,945
[paul_tyler]: yeah

439
00:09:57,789 –> 00:09:57,889
[aidan_shue]: for

440
00:09:57,946 –> 00:09:58,511
[ramsey_d_smith]: hm

441
00:09:57,989 –> 00:09:59,552
[aidan_shue]: example it comes in the exact

442
00:09:59,463 –> 00:09:59,725
[paul_tyler]: oh

443
00:09:59,632 –> 00:10:00,453
[aidan_shue]: same way the mutual

444
00:10:00,359 –> 00:10:00,540
[Ben Jones]: yeah

445
00:10:00,534 –> 00:10:01,776
[aidan_shue]: funds come in it

446
00:10:01,803 –> 00:10:01,945
[ramsey_d_smith]: yeah

447
00:10:01,836 –> 00:10:03,178
[aidan_shue]: takes a little bit a little bit
of

448
00:10:03,162 –> 00:10:03,971
[ramsey_d_smith]: yeah

449
00:10:03,218 –> 00:10:04,640
[aidan_shue]: time just to work with the vendors

450
00:10:04,271 –> 00:10:04,531
[ramsey_d_smith]: oh

451
00:10:04,741 –> 00:10:04,841
[aidan_shue]: to

452
00:10:05,142 –> 00:10:05,163
[paul_tyler]: m

453
00:10:05,483 –> 00:10:06,936
[aidan_shue]: up this you know this new feed

454
00:10:07,300 –> 00:10:07,421
[ramsey_d_smith]: yeah

455
00:10:08,233 –> 00:10:10,436
[aidan_shue]: but you know it’s going to go
down to yah finance

456
00:10:10,519 –> 00:10:10,659
[Ben Jones]: yah

457
00:10:10,717 –> 00:10:11,298
[aidan_shue]: and bloomburg

458
00:10:11,163 –> 00:10:12,273
[paul_tyler]: oh

459
00:10:11,358 –> 00:10:16,647
[aidan_shue]: and refinitive so both you know over
seven hundred different platforms that you can now

460
00:10:16,747 –> 00:10:17,929
[aidan_shue]: do you know model

461
00:10:18,123 –> 00:10:18,783
[paul_tyler]: oh

462
00:10:18,350 –> 00:10:20,759
[aidan_shue]: do diligence on you’ve never been

463
00:10:20,620 –> 00:10:20,640
[paul_tyler]: a

464
00:10:20,799 –> 00:10:21,060
[aidan_shue]: able to

465
00:10:21,060 –> 00:10:21,320
[Ben Jones]: yeah

466
00:10:21,101 –> 00:10:21,262
[aidan_shue]: do in

467
00:10:21,275 –> 00:10:21,521
[paul_tyler]: okay

468
00:10:21,291 –> 00:10:21,351
[ramsey_d_smith]: so

469
00:10:21,302 –> 00:10:21,664
[aidan_shue]: the past

470
00:10:21,431 –> 00:10:21,652
[ramsey_d_smith]: so that’s

471
00:10:21,885 –> 00:10:21,986
[aidan_shue]: so

472
00:10:22,213 –> 00:10:22,393
[ramsey_d_smith]: that’s

473
00:10:22,227 –> 00:10:22,449
[aidan_shue]: you know

474
00:10:22,433 –> 00:10:24,536
[ramsey_d_smith]: meaningful because we had a situation

475
00:10:24,213 –> 00:10:24,579
[paul_tyler]: oh

476
00:10:24,617 –> 00:10:25,698
[ramsey_d_smith]: once we created an index

477
00:10:25,629 –> 00:10:25,830
[Ben Jones]: yeah

478
00:10:26,199 –> 00:10:27,682
[ramsey_d_smith]: and we were calling who financed

479
00:10:27,363 –> 00:10:28,000
[paul_tyler]: ye

480
00:10:27,722 –> 00:10:30,987
[ramsey_d_smith]: separately and we were calling market watch
separately

481
00:10:30,810 –> 00:10:31,070
[Ben Jones]: oh

482
00:10:30,963 –> 00:10:31,773
[paul_tyler]: oh

483
00:10:31,187 –> 00:10:33,551
[ramsey_d_smith]: and like you know it was

484
00:10:33,510 –> 00:10:33,818
[Ben Jones]: oh

485
00:10:33,672 –> 00:10:34,954
[ramsey_d_smith]: very difficult to get somebody

486
00:10:34,800 –> 00:10:35,022
[Ben Jones]: yeah

487
00:10:34,994 –> 00:10:35,795
[ramsey_d_smith]: that actually could make

488
00:10:35,760 –> 00:10:35,940
[Ben Jones]: oh

489
00:10:35,835 –> 00:10:40,062
[ramsey_d_smith]: a decision to push the information through
and so you

490
00:10:40,020 –> 00:10:40,541
[Ben Jones]: oh

491
00:10:40,122 –> 00:10:42,286
[ramsey_d_smith]: guys are a short cut through all
that across

492
00:10:42,342 –> 00:10:42,363
[paul_tyler]: m

493
00:10:43,187 –> 00:10:44,049
[ramsey_d_smith]: it the whole spectrum

494
00:10:43,788 –> 00:10:43,908
[Ben Jones]: that

495
00:10:44,109 –> 00:10:44,149
[ramsey_d_smith]: of

496
00:10:45,150 –> 00:10:45,310
[Ben Jones]: that’s

497
00:10:45,213 –> 00:10:45,721
[ramsey_d_smith]: of publishers

498
00:10:45,350 –> 00:10:47,053
[Ben Jones]: why we’re here right i think but
but it

499
00:10:47,042 –> 00:10:47,427
[aidan_shue]: exactly

500
00:10:47,133 –> 00:10:47,734
[Ben Jones]: does open

501
00:10:47,501 –> 00:10:48,671
[ramsey_d_smith]: yeah

502
00:10:47,814 –> 00:10:48,896
[Ben Jones]: up some some questions

503
00:10:49,031 –> 00:10:49,051
[ramsey_d_smith]: m

504
00:10:49,036 –> 00:10:50,458
[Ben Jones]: right because you know

505
00:10:50,758 –> 00:10:51,341
[ramsey_d_smith]: hm

506
00:10:50,959 –> 00:10:51,680
[Ben Jones]: a managed account

507
00:10:51,701 –> 00:10:52,751
[ramsey_d_smith]: oh

508
00:10:51,741 –> 00:10:53,063
[Ben Jones]: is very different than less say a
structured

509
00:10:52,871 –> 00:10:53,076
[ramsey_d_smith]: oh

510
00:10:53,123 –> 00:10:55,887
[Ben Jones]: product a structure product is very different
than a mutual fund a mutual

511
00:10:55,841 –> 00:10:55,861
[ramsey_d_smith]: m

512
00:10:55,948 –> 00:10:57,090
[Ben Jones]: fund is even different

513
00:10:57,053 –> 00:10:57,761
[ramsey_d_smith]: hm

514
00:10:57,230 –> 00:11:00,736
[Ben Jones]: another now let’s a investment company which
is a u i t right so you

515
00:11:00,816 –> 00:11:03,721
[Ben Jones]: do have some data points and characteristics
that

516
00:11:03,761 –> 00:11:03,922
[ramsey_d_smith]: oh

517
00:11:03,761 –> 00:11:08,468
[Ben Jones]: are specific to each investment vehicle so
it is the job of the product team

518
00:11:08,482 –> 00:11:08,543
[ramsey_d_smith]: the

519
00:11:08,549 –> 00:11:09,691
[Ben Jones]: as well as the opera tiens team

520
00:11:09,551 –> 00:11:09,733
[ramsey_d_smith]: yeah

521
00:11:09,871 –> 00:11:12,275
[Ben Jones]: as well as the technology teams to
make sure that we

522
00:11:12,663 –> 00:11:12,964
[paul_tyler]: oh

523
00:11:12,796 –> 00:11:16,322
[Ben Jones]: you know capturing the right data points
and more importantly

524
00:11:16,323 –> 00:11:17,193
[paul_tyler]: oh

525
00:11:16,482 –> 00:11:18,685
[Ben Jones]: that our sales and relatioship managers

526
00:11:18,731 –> 00:11:18,931
[ramsey_d_smith]: oh

527
00:11:18,786 –> 00:11:22,151
[Ben Jones]: who are working with these accounts make
sure that the stream clients

528
00:11:21,941 –> 00:11:22,931
[ramsey_d_smith]: yeah

529
00:11:22,512 –> 00:11:23,033
[Ben Jones]: know these data

530
00:11:23,051 –> 00:11:24,191
[ramsey_d_smith]: oh

531
00:11:23,113 –> 00:11:23,413
[Ben Jones]: vendors

532
00:11:23,163 –> 00:11:24,363
[paul_tyler]: yeah

533
00:11:23,674 –> 00:11:24,836
[Ben Jones]: are able to pick up these new

534
00:11:25,001 –> 00:11:25,901
[ramsey_d_smith]: yeah

535
00:11:25,176 –> 00:11:25,377
[Ben Jones]: data

536
00:11:25,242 –> 00:11:25,263
[paul_tyler]: m

537
00:11:25,437 –> 00:11:27,560
[Ben Jones]: points right because that’s important is that

538
00:11:27,536 –> 00:11:27,556
[ramsey_d_smith]: m

539
00:11:27,781 –> 00:11:28,081
[Ben Jones]: you know we

540
00:11:28,370 –> 00:11:28,391
[ramsey_d_smith]: m

541
00:11:28,682 –> 00:11:32,108
[Ben Jones]: to make sure that the the infrastructure
is flexible that we can ingest all these

542
00:11:32,433 –> 00:11:33,633
[paul_tyler]: yes

543
00:11:32,488 –> 00:11:32,989
[Ben Jones]: different data

544
00:11:32,885 –> 00:11:33,277
[ramsey_d_smith]: jeff

545
00:11:33,250 –> 00:11:34,752
[Ben Jones]: via structure products are mutual

546
00:11:34,751 –> 00:11:34,972
[ramsey_d_smith]: yeah

547
00:11:34,772 –> 00:11:36,716
[Ben Jones]: funds and make sure that our downstream
clients

548
00:11:36,671 –> 00:11:37,571
[ramsey_d_smith]: yeah

549
00:11:36,756 –> 00:11:37,817
[Ben Jones]: can pick them up as well so

550
00:11:37,902 –> 00:11:37,923
[paul_tyler]: m

551
00:11:38,111 –> 00:11:38,331
[ramsey_d_smith]: yeah

552
00:11:38,398 –> 00:11:38,699
[Ben Jones]: it’s you

553
00:11:38,643 –> 00:11:39,363
[paul_tyler]: yeah

554
00:11:38,739 –> 00:11:43,847
[Ben Jones]: know is constantly having those conversation it’s
constantly innovating and it’s constantly making sure that

555
00:11:43,908 –> 00:11:45,009
[Ben Jones]: we are putting the right data

556
00:11:45,063 –> 00:11:46,083
[paul_tyler]: yeah

557
00:11:45,210 –> 00:11:47,418
[Ben Jones]: there for each investment vehicle or asset
class

558
00:11:47,372 –> 00:11:47,599
[aidan_shue]: oh

559
00:11:49,140 –> 00:11:49,360
[Ben Jones]: yah

560
00:11:49,183 –> 00:11:53,270
[paul_tyler]: there’s tremendous value today i don’t care
what business you are being

561
00:11:53,089 –> 00:11:53,250
[Ben Jones]: yah

562
00:11:53,671 –> 00:11:59,460
[paul_tyler]: found some place in the web so
let me pull that thread a little farther

563
00:11:59,520 –> 00:12:00,722
[paul_tyler]: that ramsey

564
00:12:01,571 –> 00:12:01,871
[ramsey_d_smith]: oh

565
00:12:01,604 –> 00:12:05,530
[paul_tyler]: uh kind of started taking us down
we have a lot of investment

566
00:12:05,501 –> 00:12:05,805
[ramsey_d_smith]: oh

567
00:12:05,570 –> 00:12:09,197
[paul_tyler]: advisors who listen to this program they
do retirement planning maybe they sell some annuities

568
00:12:09,317 –> 00:12:10,799
[paul_tyler]: maybe they’ve got their their they’ve

569
00:12:10,661 –> 00:12:10,866
[ramsey_d_smith]: yeah

570
00:12:10,839 –> 00:12:15,888
[paul_tyler]: got an r a or their an
i some place suppose imagine i’m an an

571
00:12:16,128 –> 00:12:22,759
[paul_tyler]: r a and i’ve got my own
model that’s running some place uh can i

572
00:12:22,839 –> 00:12:25,764
[paul_tyler]: get this up on the n f
n can i get it my client could

573
00:12:26,360 –> 00:12:26,381
[ramsey_d_smith]: m

574
00:12:26,405 –> 00:12:27,628
[paul_tyler]: actually find their

575
00:12:27,551 –> 00:12:30,131
[ramsey_d_smith]: yeah

576
00:12:27,728 –> 00:12:33,819
[paul_tyler]: portfolio performance and track a track the
performance on their their eye phone on their

577
00:12:33,859 –> 00:12:35,161
[paul_tyler]: favorite stock tracker

578
00:12:36,281 –> 00:12:39,226
[Ben Jones]: the answer is yes right you were
able to take

579
00:12:39,191 –> 00:12:39,471
[ramsey_d_smith]: oh

580
00:12:39,266 –> 00:12:39,426
[Ben Jones]: that

581
00:12:39,303 –> 00:12:39,692
[paul_tyler]: uh

582
00:12:39,586 –> 00:12:44,434
[Ben Jones]: that model value you know be able
to track a value for and then

583
00:12:44,360 –> 00:12:44,480
[ramsey_d_smith]: yeah

584
00:12:44,494 –> 00:12:45,356
[Ben Jones]: be able to distribute that data

585
00:12:45,350 –> 00:12:45,371
[ramsey_d_smith]: m

586
00:12:45,456 –> 00:12:48,802
[Ben Jones]: out there right kind of it’s wrong
now we’re not distributing

587
00:12:48,941 –> 00:12:49,245
[ramsey_d_smith]: oh

588
00:12:49,082 –> 00:12:49,743
[Ben Jones]: holdings or

589
00:12:49,772 –> 00:12:49,792
[aidan_shue]: m

590
00:12:49,803 –> 00:12:51,065
[Ben Jones]: anything like that it’s just

591
00:12:51,011 –> 00:12:51,989
[ramsey_d_smith]: ye

592
00:12:51,126 –> 00:12:52,067
[Ben Jones]: really kind of tracking a

593
00:12:52,064 –> 00:12:52,266
[paul_tyler]: right

594
00:12:52,107 –> 00:12:53,309
[Ben Jones]: value for this hypothetical

595
00:12:53,313 –> 00:12:53,577
[paul_tyler]: oh

596
00:12:53,429 –> 00:12:55,793
[Ben Jones]: portfolio m and so the answer is

597
00:12:55,842 –> 00:12:55,863
[paul_tyler]: m

598
00:12:56,054 –> 00:12:56,655
[Ben Jones]: yes now

599
00:12:57,243 –> 00:12:57,669
[paul_tyler]: yeah

600
00:12:57,817 –> 00:12:58,438
[Ben Jones]: you know we don’t have to

601
00:12:58,443 –> 00:12:58,710
[paul_tyler]: yeah

602
00:12:58,478 –> 00:13:00,281
[Ben Jones]: get into today but you know the
relator

603
00:13:00,093 –> 00:13:00,375
[paul_tyler]: oh

604
00:13:00,139 –> 00:13:00,260
[ramsey_d_smith]: yeah

605
00:13:00,341 –> 00:13:00,862
[Ben Jones]: environment is

606
00:13:00,941 –> 00:13:01,811
[ramsey_d_smith]: yeah

607
00:13:00,982 –> 00:13:04,588
[Ben Jones]: changing in the way that you know
that performance can be kind

608
00:13:04,481 –> 00:13:04,802
[ramsey_d_smith]: oh

609
00:13:04,608 –> 00:13:06,090
[Ben Jones]: of distributed and marketed

610
00:13:06,042 –> 00:13:06,063
[paul_tyler]: m

611
00:13:06,131 –> 00:13:09,095
[Ben Jones]: and so there are some separate conversation
s we can have about that but to

612
00:13:09,136 –> 00:13:10,257
[Ben Jones]: answer you question yes i mean it
will

613
00:13:10,211 –> 00:13:10,458
[ramsey_d_smith]: oh

614
00:13:10,277 –> 00:13:11,820
[Ben Jones]: be no different than you know a

615
00:13:11,853 –> 00:13:12,256
[paul_tyler]: oh

616
00:13:11,861 –> 00:13:15,512
[Ben Jones]: large as manager versus n r a
now they’re regula differently but for the most

617
00:13:15,592 –> 00:13:15,793
[Ben Jones]: part

618
00:13:15,912 –> 00:13:15,933
[paul_tyler]: m

619
00:13:16,334 –> 00:13:16,595
[Ben Jones]: if we can

620
00:13:16,563 –> 00:13:16,851
[paul_tyler]: oh

621
00:13:16,635 –> 00:13:18,460
[Ben Jones]: take that model value on

622
00:13:18,461 –> 00:13:18,705
[ramsey_d_smith]: oh

623
00:13:18,520 –> 00:13:20,083
[Ben Jones]: a azacfunnetwork and then

624
00:13:20,051 –> 00:13:20,254
[ramsey_d_smith]: oh

625
00:13:20,403 –> 00:13:21,946
[Ben Jones]: get it out there that strategy

626
00:13:21,822 –> 00:13:21,843
[paul_tyler]: m

627
00:13:22,006 –> 00:13:26,233
[Ben Jones]: will be able to be identifiable or
identified and discovered and paul you you brought

628
00:13:26,253 –> 00:13:28,336
[Ben Jones]: up a good point about you know
the internet right it’s like

629
00:13:28,473 –> 00:13:29,283
[paul_tyler]: oh

630
00:13:28,717 –> 00:13:28,917
[Ben Jones]: you know

631
00:13:28,901 –> 00:13:29,125
[ramsey_d_smith]: oh

632
00:13:28,997 –> 00:13:30,901
[Ben Jones]: what has replaced newspaper

633
00:13:30,914 –> 00:13:30,996
[ramsey_d_smith]: ah

634
00:13:30,941 –> 00:13:33,184
[Ben Jones]: is why we started ff talking about
newspaper as well as the internet right and

635
00:13:33,245 –> 00:13:33,345
[Ben Jones]: so

636
00:13:33,333 –> 00:13:33,454
[paul_tyler]: ye

637
00:13:33,866 –> 00:13:37,892
[Ben Jones]: that opened up a whole new market
for this type of data and so search

638
00:13:37,952 –> 00:13:39,014
[Ben Jones]: engineoptimization is

639
00:13:38,981 –> 00:13:39,911
[ramsey_d_smith]: yeah

640
00:13:39,074 –> 00:13:43,341
[Ben Jones]: an important you know question that a
lot of ask managers strategists need to answer

641
00:13:43,462 –> 00:13:44,363
[Ben Jones]: right how would

642
00:13:44,351 –> 00:13:44,677
[ramsey_d_smith]: oh

643
00:13:44,383 –> 00:13:45,966
[Ben Jones]: their strategies to be discovered because we
know

644
00:13:45,971 –> 00:13:46,216
[ramsey_d_smith]: oh

645
00:13:45,986 –> 00:13:48,991
[Ben Jones]: that the way products are being distributed
is changing right it’s not just this

646
00:13:49,151 –> 00:13:49,833
[ramsey_d_smith]: oh

647
00:13:49,151 –> 00:13:51,675
[Ben Jones]: old wholesale or slash wholesaler model

648
00:13:51,552 –> 00:13:51,573
[paul_tyler]: m

649
00:13:51,755 –> 00:13:52,577
[Ben Jones]: right that’s evolved

650
00:13:52,601 –> 00:13:52,862
[ramsey_d_smith]: oh

651
00:13:53,098 –> 00:13:58,627
[Ben Jones]: and so we’ve done something siding in
europe where you have the use funds which

652
00:13:58,707 –> 00:14:03,255
[Ben Jones]: is kind of their kind of fun
structure in europe well they don’t have standardized

653
00:14:03,355 –> 00:14:04,857
[Ben Jones]: identifies right on a ticker

654
00:14:04,720 –> 00:14:05,591
[ramsey_d_smith]: ah yeah

655
00:14:04,917 –> 00:14:05,959
[Ben Jones]: level right so you

656
00:14:05,891 –> 00:14:06,212
[ramsey_d_smith]: yeah

657
00:14:05,999 –> 00:14:08,227
[Ben Jones]: can pul up a long digit icon

658
00:14:08,720 –> 00:14:08,840
[ramsey_d_smith]: yeah

659
00:14:09,010 –> 00:14:12,275
[Ben Jones]: you don’t have what we have in
the u s where it’s like x five

660
00:14:12,153 –> 00:14:12,434
[paul_tyler]: oh

661
00:14:12,335 –> 00:14:13,117
[Ben Jones]: characters and so

662
00:14:13,223 –> 00:14:13,323
[ramsey_d_smith]: ah

663
00:14:13,537 –> 00:14:15,741
[Ben Jones]: we’re bringing this service to europe and
one of the

664
00:14:15,723 –> 00:14:15,925
[paul_tyler]: oh

665
00:14:15,841 –> 00:14:16,001
[Ben Jones]: key

666
00:14:16,181 –> 00:14:16,407
[ramsey_d_smith]: yeah

667
00:14:16,182 –> 00:14:17,103
[Ben Jones]: value props there

668
00:14:16,961 –> 00:14:17,223
[ramsey_d_smith]: oh

669
00:14:17,523 –> 00:14:17,845
[paul_tyler]: oh

670
00:14:17,644 –> 00:14:18,345
[Ben Jones]: is searching

671
00:14:18,311 –> 00:14:18,511
[ramsey_d_smith]: yeah

672
00:14:18,385 –> 00:14:22,251
[Ben Jones]: and otimization is that by having an
identify or have a symbol it’s much easier

673
00:14:22,311 –> 00:14:25,936
[Ben Jones]: for an investor to find a strategy
on line which is

674
00:14:25,902 –> 00:14:25,923
[paul_tyler]: m

675
00:14:25,996 –> 00:14:27,438
[Ben Jones]: typically were they’re doing the research anyway

676
00:14:27,971 –> 00:14:34,397
[ramsey_d_smith]: oh yeah so in terms of your
business man like i said two questions one

677
00:14:34,349 –> 00:14:34,431
[paul_tyler]: what

678
00:14:34,497 –> 00:14:35,920
[ramsey_d_smith]: is to what extent

679
00:14:36,423 –> 00:14:36,664
[paul_tyler]: oh

680
00:14:36,781 –> 00:14:39,906
[ramsey_d_smith]: what it takes to actually be listed
is there a screening function that people have

681
00:14:39,947 –> 00:14:42,932
[ramsey_d_smith]: to you know somehow justify

682
00:14:42,873 –> 00:14:43,159
[paul_tyler]: oh

683
00:14:43,673 –> 00:14:48,401
[ramsey_d_smith]: justify having a position on your network
and the next sort of follow unto that

684
00:14:48,501 –> 00:14:49,963
[ramsey_d_smith]: is you know ultimately who

685
00:14:49,941 –> 00:14:50,103
[paul_tyler]: yeah

686
00:14:50,083 –> 00:14:53,770
[ramsey_d_smith]: pays for your service is it the
people that are listening or the people that

687
00:14:53,730 –> 00:14:53,993
[Ben Jones]: oh

688
00:14:53,830 –> 00:14:55,396
[ramsey_d_smith]: are receiving or some combination of

689
00:14:55,413 –> 00:14:55,494
[Ben Jones]: ah

690
00:14:55,476 –> 00:14:55,677
[ramsey_d_smith]: both

691
00:14:57,792 –> 00:14:58,853
[aidan_shue]: so for the models

692
00:14:58,482 –> 00:14:58,503
[paul_tyler]: m

693
00:14:59,351 –> 00:14:59,801
[ramsey_d_smith]: oh

694
00:14:59,354 –> 00:15:03,999
[aidan_shue]: the only kind of identifier that we
need is that the kips compliant firms so

695
00:15:04,039 –> 00:15:05,420
[aidan_shue]: we’re only working with kipps compliant

696
00:15:05,302 –> 00:15:05,543
[ramsey_d_smith]: what is

697
00:15:05,481 –> 00:15:05,821
[aidan_shue]: firms

698
00:15:05,604 –> 00:15:06,227
[ramsey_d_smith]: gyp i’m sorry

699
00:15:06,443 –> 00:15:07,112
[aidan_shue]: um

700
00:15:06,453 –> 00:15:07,413
[paul_tyler]: oh

701
00:15:08,153 –> 00:15:08,315
[ramsey_d_smith]: oh

702
00:15:08,384 –> 00:15:09,687
[aidan_shue]: gib stands for benemiris

703
00:15:09,288 –> 00:15:09,450
[ramsey_d_smith]: yeah

704
00:15:09,868 –> 00:15:12,740
[aidan_shue]: the global do you know the actual

705
00:15:12,791 –> 00:15:13,721
[ramsey_d_smith]: yeah

706
00:15:12,840 –> 00:15:13,424
[aidan_shue]: acronym for that

707
00:15:13,563 –> 00:15:13,784
[paul_tyler]: oh

708
00:15:13,565 –> 00:15:14,088
[aidan_shue]: g p s

709
00:15:14,061 –> 00:15:15,385
[ramsey_d_smith]: or even just what gibs does what

710
00:15:15,360 –> 00:15:15,502
[Ben Jones]: yeah

711
00:15:15,465 –> 00:15:16,027
[ramsey_d_smith]: is there what

712
00:15:15,963 –> 00:15:16,144
[paul_tyler]: oh

713
00:15:16,067 –> 00:15:17,251
[ramsey_d_smith]: do they make you do what is
there

714
00:15:17,700 –> 00:15:18,778
[Ben Jones]: uh

715
00:15:17,793 –> 00:15:19,057
[ramsey_d_smith]: what is their compliance function

716
00:15:20,784 –> 00:15:21,106
[aidan_shue]: then dig

717
00:15:20,991 –> 00:15:21,051
[Ben Jones]: so

718
00:15:21,033 –> 00:15:21,256
[paul_tyler]: oh

719
00:15:21,146 –> 00:15:21,307
[aidan_shue]: into

720
00:15:21,151 –> 00:15:21,531
[Ben Jones]: basically

721
00:15:21,368 –> 00:15:21,428
[aidan_shue]: it

722
00:15:21,692 –> 00:15:22,774
[Ben Jones]: you know it’s a performance standards

723
00:15:22,841 –> 00:15:23,531
[ramsey_d_smith]: yeah

724
00:15:22,854 –> 00:15:23,174
[Ben Jones]: right so

725
00:15:24,242 –> 00:15:24,526
[aidan_shue]: yeah

726
00:15:24,316 –> 00:15:24,496
[Ben Jones]: it is

727
00:15:24,511 –> 00:15:25,451
[ramsey_d_smith]: yeah

728
00:15:24,757 –> 00:15:28,363
[Ben Jones]: brought by the c f a supervides
performance standards and audited for

729
00:15:28,653 –> 00:15:28,957
[paul_tyler]: oh

730
00:15:28,832 –> 00:15:28,893
[ramsey_d_smith]: we

731
00:15:28,844 –> 00:15:29,986
[Ben Jones]: um as managers

732
00:15:29,861 –> 00:15:30,104
[ramsey_d_smith]: oh

733
00:15:30,046 –> 00:15:33,391
[Ben Jones]: are a separately managed account so it’s
a standardized way reporting performance

734
00:15:32,992 –> 00:15:33,012
[ramsey_d_smith]: m

735
00:15:34,032 –> 00:15:34,173
[Ben Jones]: and

736
00:15:34,100 –> 00:15:34,121
[ramsey_d_smith]: m

737
00:15:34,373 –> 00:15:34,553
[Ben Jones]: you know

738
00:15:34,542 –> 00:15:34,563
[paul_tyler]: m

739
00:15:34,593 –> 00:15:35,835
[Ben Jones]: what we’re trying to make sure is
that these

740
00:15:35,711 –> 00:15:35,732
[paul_tyler]: i

741
00:15:36,036 –> 00:15:39,501
[Ben Jones]: you know firms are kind of vetted
right and so by having this kind

742
00:15:39,434 –> 00:15:39,454
[aidan_shue]: a

743
00:15:39,561 –> 00:15:44,169
[Ben Jones]: of compliance you know box checked we
know that you know these models have gone

744
00:15:44,189 –> 00:15:44,370
[Ben Jones]: through

745
00:15:44,373 –> 00:15:44,761
[paul_tyler]: oh

746
00:15:44,490 –> 00:15:48,016
[Ben Jones]: auditing process and so that’s one standard
we have for the models with mutual

747
00:15:48,043 –> 00:15:48,187
[aidan_shue]: yeah

748
00:15:48,076 –> 00:15:49,458
[Ben Jones]: funds you have to be you know
an investment

749
00:15:49,481 –> 00:15:49,783
[ramsey_d_smith]: yeah

750
00:15:49,518 –> 00:15:52,082
[Ben Jones]: company you have to be mutuafun company
you same

751
00:15:52,001 –> 00:15:52,021
[ramsey_d_smith]: m

752
00:15:52,122 –> 00:15:56,209
[Ben Jones]: thing with t structure products etcetera so
there is like a veting process

753
00:15:55,850 –> 00:15:55,871
[ramsey_d_smith]: m

754
00:15:56,730 –> 00:16:01,037
[Ben Jones]: and so and also operationally like we
need to make sure that you know we

755
00:16:01,157 –> 00:16:04,283
[Ben Jones]: have these operational processes and checks in
place and so

756
00:16:04,370 –> 00:16:04,391
[ramsey_d_smith]: m

757
00:16:04,804 –> 00:16:08,149
[Ben Jones]: we can’t serve everyone but we are
able to serve those that were able

758
00:16:08,103 –> 00:16:08,123
[paul_tyler]: m

759
00:16:08,209 –> 00:16:10,774
[Ben Jones]: to get the data from that have
gone

760
00:16:10,631 –> 00:16:11,621
[ramsey_d_smith]: yeah

761
00:16:10,814 –> 00:16:11,715
[Ben Jones]: through some some different

762
00:16:12,161 –> 00:16:12,402
[ramsey_d_smith]: oh

763
00:16:12,256 –> 00:16:15,862
[Ben Jones]: check boxes on our side and then
we’re able to get that data out there

764
00:16:15,942 –> 00:16:19,588
[Ben Jones]: right so you know we’re not just
going to take you know anyone off the

765
00:16:19,628 –> 00:16:22,132
[Ben Jones]: street right so go through some processes
there

766
00:16:22,413 –> 00:16:22,554
[paul_tyler]: ye

767
00:16:22,934 –> 00:16:23,615
[Ben Jones]: but in terms of

768
00:16:23,673 –> 00:16:25,023
[paul_tyler]: yeah

769
00:16:23,795 –> 00:16:25,157
[Ben Jones]: you know standardizing it as long

770
00:16:25,113 –> 00:16:26,133
[paul_tyler]: oh

771
00:16:25,178 –> 00:16:25,678
[Ben Jones]: as we get a data

772
00:16:25,511 –> 00:16:25,813
[ramsey_d_smith]: yeah

773
00:16:25,999 –> 00:16:26,981
[Ben Jones]: and we’re able to capture

774
00:16:26,780 –> 00:16:26,921
[ramsey_d_smith]: yeah

775
00:16:27,021 –> 00:16:30,707
[Ben Jones]: it and then put a identifier on
it and then distribute

776
00:16:30,418 –> 00:16:30,438
[paul_tyler]: a

777
00:16:30,747 –> 00:16:34,453
[Ben Jones]: it you that’s what we provide from
a standpoint we serve both right so you

778
00:16:34,513 –> 00:16:38,039
[Ben Jones]: know there is a registration fee you
know for these investment products and then there’s

779
00:16:38,079 –> 00:16:38,900
[Ben Jones]: also you know some

780
00:16:38,766 –> 00:16:38,786
[ramsey_d_smith]: m

781
00:16:39,061 –> 00:16:39,882
[Ben Jones]: data fees you know

782
00:16:39,800 –> 00:16:39,821
[ramsey_d_smith]: m

783
00:16:40,102 –> 00:16:40,643
[Ben Jones]: downstream

784
00:16:40,692 –> 00:16:40,713
[paul_tyler]: m

785
00:16:40,763 –> 00:16:41,685
[Ben Jones]: right because there is

786
00:16:41,981 –> 00:16:42,262
[ramsey_d_smith]: yeah

787
00:16:42,206 –> 00:16:44,370
[Ben Jones]: complex process of capturing the day

788
00:16:44,410 –> 00:16:44,591
[ramsey_d_smith]: yeah

789
00:16:44,590 –> 00:16:44,992
[Ben Jones]: cleansing the

790
00:16:45,011 –> 00:16:45,293
[ramsey_d_smith]: yeah

791
00:16:45,012 –> 00:16:46,217
[Ben Jones]: data and then distributing the data

792
00:16:46,422 –> 00:16:46,443
[paul_tyler]: m

793
00:16:47,321 –> 00:16:48,311
[ramsey_d_smith]: yeah

794
00:16:48,213 –> 00:16:49,173
[paul_tyler]: yeah

795
00:16:48,391 –> 00:16:48,972
[ramsey_d_smith]: there’s no question

796
00:16:48,930 –> 00:16:49,313
[Ben Jones]: yeah

797
00:16:49,032 –> 00:16:49,312
[ramsey_d_smith]: you earn

798
00:16:49,293 –> 00:16:49,634
[paul_tyler]: oh

799
00:16:49,412 –> 00:16:49,452
[ramsey_d_smith]: it

800
00:16:50,490 –> 00:16:51,180
[Ben Jones]: yeah

801
00:16:51,092 –> 00:16:51,112
[aidan_shue]: m

802
00:16:51,363 –> 00:16:52,503
[paul_tyler]: yeah

803
00:16:51,776 –> 00:16:51,876
[ramsey_d_smith]: you

804
00:16:51,803 –> 00:16:52,292
[aidan_shue]: hm

805
00:16:51,976 –> 00:16:52,657
[ramsey_d_smith]: earn it for sure

806
00:16:53,393 –> 00:16:53,616
[paul_tyler]: yeah

807
00:16:53,398 –> 00:16:53,779
[ramsey_d_smith]: for sure

808
00:16:54,111 –> 00:16:55,573
[Ben Jones]: it’s good but look

809
00:16:55,511 –> 00:16:56,120
[ramsey_d_smith]: yea

810
00:16:55,654 –> 00:16:56,234
[Ben Jones]: we provide a

811
00:16:56,231 –> 00:16:56,454
[ramsey_d_smith]: yeah

812
00:16:56,295 –> 00:16:59,820
[Ben Jones]: service right to aske managers and strategists

813
00:16:59,853 –> 00:17:00,075
[paul_tyler]: yeah

814
00:16:59,941 –> 00:17:01,083
[Ben Jones]: and we provide a service to

815
00:17:01,203 –> 00:17:02,607
[paul_tyler]: yah oh

816
00:17:02,345 –> 00:17:03,326
[Ben Jones]: you know the downstream

817
00:17:03,993 –> 00:17:04,013
[paul_tyler]: m

818
00:17:04,027 –> 00:17:06,292
[Ben Jones]: investment platform and the vendors

819
00:17:05,835 –> 00:17:05,856
[paul_tyler]: i

820
00:17:06,412 –> 00:17:09,178
[Ben Jones]: and the investors right and i think
that’s the key is that

821
00:17:09,221 –> 00:17:09,461
[ramsey_d_smith]: oh

822
00:17:09,890 –> 00:17:14,132
[Ben Jones]: there needs to be transparency in this
industry we’re not the only ones who have

823
00:17:14,172 –> 00:17:16,295
[Ben Jones]: that mission right there’s a lot of
firms

824
00:17:16,173 –> 00:17:16,456
[paul_tyler]: oh

825
00:17:16,395 –> 00:17:21,784
[Ben Jones]: out there either data vendors or practitioners
we’re just part of that equation right where

826
00:17:22,233 –> 00:17:22,477
[paul_tyler]: oh

827
00:17:22,265 –> 00:17:24,008
[Ben Jones]: we believe that these strategies

828
00:17:23,973 –> 00:17:24,693
[paul_tyler]: oh

829
00:17:24,148 –> 00:17:25,250
[Ben Jones]: need to be found covered

830
00:17:25,442 –> 00:17:26,312
[aidan_shue]: oh

831
00:17:25,731 –> 00:17:29,677
[Ben Jones]: and discovered on a even playing field
and you know some strategies need

832
00:17:29,681 –> 00:17:30,205
[ramsey_d_smith]: oh

833
00:17:29,998 –> 00:17:33,644
[Ben Jones]: to be behind closed doors if ye’re
kind of institutional or black box potentially

834
00:17:33,327 –> 00:17:34,253
[ramsey_d_smith]: ah oh

835
00:17:34,065 –> 00:17:36,930
[Ben Jones]: but the majority of them are being
used by a retail investor i can’t stray

836
00:17:37,010 –> 00:17:40,836
[Ben Jones]: that enough right i think about this
investors in the united states are relying

837
00:17:40,841 –> 00:17:42,281
[ramsey_d_smith]: oh

838
00:17:40,876 –> 00:17:43,681
[Ben Jones]: on their four one k they need
to be able to find

839
00:17:43,992 –> 00:17:44,013
[paul_tyler]: m

840
00:17:44,101 –> 00:17:45,744
[Ben Jones]: their strategies either on their

841
00:17:45,592 –> 00:17:45,776
[paul_tyler]: yeah

842
00:17:45,701 –> 00:17:45,963
[ramsey_d_smith]: oh

843
00:17:46,606 –> 00:17:48,328
[Ben Jones]: on their account unless they whoever

844
00:17:48,273 –> 00:17:48,534
[paul_tyler]: yeah

845
00:17:48,281 –> 00:17:48,501
[ramsey_d_smith]: yeah

846
00:17:48,369 –> 00:17:52,253
[Ben Jones]: they they’re use in or the company
uses or elsewhere right whether it’s

847
00:17:52,301 –> 00:17:52,542
[ramsey_d_smith]: yeah

848
00:17:52,313 –> 00:17:53,875
[Ben Jones]: being able to find it on their
apple i watched

849
00:17:53,771 –> 00:17:53,994
[ramsey_d_smith]: oh

850
00:17:54,015 –> 00:17:55,197
[Ben Jones]: or be able to search it on
google

851
00:17:55,089 –> 00:17:55,170
[ramsey_d_smith]: ah

852
00:17:56,038 –> 00:17:56,839
[Ben Jones]: and that’s what we provide

853
00:17:58,605 –> 00:18:02,572
[ramsey_d_smith]: so like how far are we in
that journey so like sitting in your shoes

854
00:18:03,173 –> 00:18:05,036
[ramsey_d_smith]: you’ve got a very clear mission you
want

855
00:18:05,074 –> 00:18:05,235
[Ben Jones]: yes

856
00:18:05,096 –> 00:18:09,964
[ramsey_d_smith]: to provide this transparency across a wide
you have products you know here in the

857
00:18:10,064 –> 00:18:14,592
[ramsey_d_smith]: u s and internationally and it sounds
like you already have you know you’ve got

858
00:18:14,812 –> 00:18:15,954
[ramsey_d_smith]: one like you have a lot of
market chair

859
00:18:15,932 –> 00:18:16,152
[aidan_shue]: oh

860
00:18:15,974 –> 00:18:20,301
[ramsey_d_smith]: and a lot of coverage but what’s
left to do are we early days is

861
00:18:20,341 –> 00:18:20,942
[ramsey_d_smith]: this mature

862
00:18:20,670 –> 00:18:20,854
[Ben Jones]: oh

863
00:18:21,222 –> 00:18:23,945
[ramsey_d_smith]: or is this is this early in
the cycle

864
00:18:23,670 –> 00:18:23,953
[Ben Jones]: oh

865
00:18:24,005 –> 00:18:24,726
[ramsey_d_smith]: of actually having

866
00:18:24,690 –> 00:18:24,932
[Ben Jones]: yes

867
00:18:24,766 –> 00:18:28,229
[ramsey_d_smith]: the level of coverage you think you
think should exist in

868
00:18:28,263 –> 00:18:29,133
[paul_tyler]: oh

869
00:18:28,269 –> 00:18:28,750
[ramsey_d_smith]: this market

870
00:18:28,630 –> 00:18:31,216
[Ben Jones]: it’s it’s early days right so you
know

871
00:18:31,231 –> 00:18:31,373
[ramsey_d_smith]: yeah

872
00:18:31,236 –> 00:18:36,434
[Ben Jones]: i think you know in the more
mature areas of the market right so i

873
00:18:36,474 –> 00:18:37,897
[Ben Jones]: think like mutual funds right

874
00:18:38,021 –> 00:18:38,303
[ramsey_d_smith]: oh

875
00:18:38,057 –> 00:18:38,898
[Ben Jones]: u i t s i mean

876
00:18:39,813 –> 00:18:40,095
[paul_tyler]: yeah

877
00:18:39,940 –> 00:18:40,501
[Ben Jones]: we see new

878
00:18:40,661 –> 00:18:40,941
[ramsey_d_smith]: oh

879
00:18:40,782 –> 00:18:44,788
[Ben Jones]: kind of asset classes kind of emerging
that you know these

880
00:18:44,651 –> 00:18:44,811
[ramsey_d_smith]: yeah

881
00:18:45,169 –> 00:18:46,992
[Ben Jones]: investments and these are providing exposure

882
00:18:46,960 –> 00:18:47,081
[ramsey_d_smith]: yeah

883
00:18:47,052 –> 00:18:47,172
[Ben Jones]: to

884
00:18:47,111 –> 00:18:47,453
[ramsey_d_smith]: oh

885
00:18:48,254 –> 00:18:49,095
[Ben Jones]: so that’s that’s

886
00:18:48,911 –> 00:18:49,193
[ramsey_d_smith]: oh

887
00:18:49,236 –> 00:18:54,024
[Ben Jones]: new and exciting in the model space
right with

888
00:18:54,732 –> 00:18:54,753
[paul_tyler]: m

889
00:18:54,805 –> 00:18:58,191
[Ben Jones]: the global investment performance standards with the
gifts you know it’s you know that’s new

890
00:18:58,391 –> 00:18:59,012
[Ben Jones]: right if you think

891
00:18:58,943 –> 00:18:59,146
[ramsey_d_smith]: that’s

892
00:18:59,052 –> 00:19:02,858
[Ben Jones]: about these thousands of models that are
out there you know

893
00:19:03,851 –> 00:19:04,093
[ramsey_d_smith]: oh

894
00:19:03,920 –> 00:19:09,489
[Ben Jones]: it’s a really growing space for you
know financial advisors who are plugging their clients

895
00:19:09,549 –> 00:19:14,037
[Ben Jones]: into these models and we need to
make sure you know that we provide transparency

896
00:19:14,077 –> 00:19:16,802
[Ben Jones]: there so it’s you that data is
available elsewhere they

897
00:19:16,803 –> 00:19:17,463
[paul_tyler]: oh

898
00:19:16,842 –> 00:19:19,025
[Ben Jones]: can be vented and have a third
party were you able to see

899
00:19:18,975 –> 00:19:18,995
[ramsey_d_smith]: a

900
00:19:19,065 –> 00:19:20,147
[Ben Jones]: performance or at least track

901
00:19:20,117 –> 00:19:20,158
[ramsey_d_smith]: m

902
00:19:20,247 –> 00:19:20,968
[Ben Jones]: it that’s

903
00:19:20,930 –> 00:19:20,951
[ramsey_d_smith]: m

904
00:19:21,069 –> 00:19:21,710
[Ben Jones]: early days

905
00:19:21,551 –> 00:19:21,832
[ramsey_d_smith]: oh

906
00:19:21,830 –> 00:19:25,216
[Ben Jones]: the the funds in europe providing identifies
that’s

907
00:19:25,113 –> 00:19:26,433
[paul_tyler]: yeah

908
00:19:25,316 –> 00:19:25,977
[Ben Jones]: early days

909
00:19:26,763 –> 00:19:27,044
[paul_tyler]: oh

910
00:19:26,998 –> 00:19:27,219
[Ben Jones]: you know

911
00:19:27,296 –> 00:19:27,911
[ramsey_d_smith]: hm

912
00:19:27,620 –> 00:19:28,661
[Ben Jones]: two exciting

913
00:19:28,651 –> 00:19:28,893
[paul_tyler]: yeah

914
00:19:28,781 –> 00:19:29,463
[Ben Jones]: areas now

915
00:19:29,501 –> 00:19:29,684
[ramsey_d_smith]: oh

916
00:19:29,623 –> 00:19:29,723
[Ben Jones]: just

917
00:19:29,793 –> 00:19:30,723
[paul_tyler]: oh

918
00:19:29,883 –> 00:19:31,386
[Ben Jones]: partner with luma financial technologies

919
00:19:31,091 –> 00:19:31,332
[ramsey_d_smith]: yeah

920
00:19:31,466 –> 00:19:35,713
[Ben Jones]: to to bring identify our to structure
products right so you know

921
00:19:36,011 –> 00:19:36,031
[ramsey_d_smith]: m

922
00:19:36,014 –> 00:19:36,234
[Ben Jones]: for the

923
00:19:36,243 –> 00:19:36,485
[paul_tyler]: yeah

924
00:19:36,274 –> 00:19:38,858
[Ben Jones]: longest time structure products which have a
lot of utility

925
00:19:39,911 –> 00:19:40,661
[ramsey_d_smith]: yeah

926
00:19:39,960 –> 00:19:43,165
[Ben Jones]: you know in the way that here
able to you know kind of augment

927
00:19:42,971 –> 00:19:43,191
[ramsey_d_smith]: oh

928
00:19:43,366 –> 00:19:48,314
[Ben Jones]: risk a little bit kind of change
the investment outcome you know through downside protection

929
00:19:48,534 –> 00:19:48,975
[Ben Jones]: et cetera

930
00:19:48,993 –> 00:19:49,297
[paul_tyler]: oh

931
00:19:49,897 –> 00:19:55,065
[Ben Jones]: there was no central identify there was
no single symbology that was being used where

932
00:19:55,085 –> 00:19:59,192
[Ben Jones]: you could go find a structure product
vehicle across different platforms or let alone even

933
00:19:59,292 –> 00:20:04,661
[Ben Jones]: on important financial research platforms so we
have a partnership with with uma and they’re

934
00:20:04,721 –> 00:20:09,730
[Ben Jones]: getting their data available now on the
morning star advisor work station where basically you

935
00:20:09,770 –> 00:20:11,453
[Ben Jones]: know these products

936
00:20:11,223 –> 00:20:11,243
[paul_tyler]: m

937
00:20:11,613 –> 00:20:13,616
[Ben Jones]: are now emerging and

938
00:20:13,623 –> 00:20:13,908
[paul_tyler]: oh

939
00:20:13,716 –> 00:20:17,523
[Ben Jones]: creating a really unique expert and so
i think that opens up the door though

940
00:20:17,623 –> 00:20:17,863
[Ben Jones]: other

941
00:20:17,771 –> 00:20:18,014
[ramsey_d_smith]: oh

942
00:20:18,304 –> 00:20:20,668
[Ben Jones]: you know investment vehicles that don’t have
an identifyer

943
00:20:20,621 –> 00:20:20,844
[ramsey_d_smith]: oh

944
00:20:20,728 –> 00:20:23,613
[Ben Jones]: that you would think would not be
early days because why didn’t they have one

945
00:20:23,653 –> 00:20:24,334
[Ben Jones]: to begin with but

946
00:20:24,200 –> 00:20:24,221
[ramsey_d_smith]: m

947
00:20:24,675 –> 00:20:25,776
[Ben Jones]: you know you mentioned annuities

948
00:20:25,301 –> 00:20:25,622
[ramsey_d_smith]: uh

949
00:20:25,795 –> 00:20:26,039
[paul_tyler]: okay

950
00:20:25,897 –> 00:20:26,898
[Ben Jones]: right the way that annuities

951
00:20:26,729 –> 00:20:26,890
[ramsey_d_smith]: yeah

952
00:20:26,918 –> 00:20:30,885
[Ben Jones]: are being used i umyouknowadvisors you that’s
changing

953
00:20:30,851 –> 00:20:31,053
[ramsey_d_smith]: yeah

954
00:20:30,965 –> 00:20:32,147
[Ben Jones]: where you know the whole

955
00:20:32,109 –> 00:20:32,231
[ramsey_d_smith]: yeah

956
00:20:32,207 –> 00:20:32,868
[Ben Jones]: saling models

957
00:20:32,891 –> 00:20:33,132
[ramsey_d_smith]: oh

958
00:20:32,908 –> 00:20:36,875
[Ben Jones]: now become more like a consultative right
and so they are consulting

959
00:20:36,941 –> 00:20:37,558
[ramsey_d_smith]: ye

960
00:20:36,955 –> 00:20:38,037
[Ben Jones]: and providing guidance

961
00:20:37,721 –> 00:20:38,004
[ramsey_d_smith]: oh

962
00:20:38,077 –> 00:20:39,319
[Ben Jones]: but at the end of the day
the advisor

963
00:20:39,581 –> 00:20:39,601
[ramsey_d_smith]: m

964
00:20:39,880 –> 00:20:41,102
[Ben Jones]: um is ultimately making a decision

965
00:20:41,081 –> 00:20:41,101
[ramsey_d_smith]: m

966
00:20:41,282 –> 00:20:45,309
[Ben Jones]: s using different platforms to do research
and fine performance and maybe having a single

967
00:20:45,329 –> 00:20:50,057
[Ben Jones]: identifyer there would improve the user experience
and so you know ramsey it’s a long

968
00:20:50,077 –> 00:20:53,663
[Ben Jones]: winded answer but it’s early days but
i think that’s important because

969
00:20:53,374 –> 00:20:53,555
[ramsey_d_smith]: sure

970
00:20:53,763 –> 00:20:54,693
[paul_tyler]: oh

971
00:20:54,284 –> 00:20:56,187
[Ben Jones]: you know what makes this industry so
dynamic

972
00:20:55,807 –> 00:20:55,827
[paul_tyler]: h

973
00:20:56,267 –> 00:20:57,269
[Ben Jones]: that it’s constantly changing

974
00:20:56,922 –> 00:20:56,943
[paul_tyler]: h

975
00:20:57,469 –> 00:20:58,651
[Ben Jones]: right the needs of investors

976
00:20:58,323 –> 00:20:58,608
[paul_tyler]: oh

977
00:20:58,671 –> 00:20:59,072
[Ben Jones]: are constantly

978
00:20:59,021 –> 00:20:59,285
[ramsey_d_smith]: my

979
00:20:59,112 –> 00:21:01,776
[Ben Jones]: changing and what we open up the
conversation with is that

980
00:21:01,683 –> 00:21:01,888
[paul_tyler]: oh

981
00:21:02,237 –> 00:21:03,900
[Ben Jones]: you know technology is

982
00:21:03,873 –> 00:21:04,134
[paul_tyler]: oh

983
00:21:03,940 –> 00:21:07,584
[Ben Jones]: evolving right we start off with newspaper
and then we have the internet well now

984
00:21:07,644 –> 00:21:08,906
[Ben Jones]: that’s changed a little bit where

985
00:21:08,976 –> 00:21:08,997
[ramsey_d_smith]: a

986
00:21:09,246 –> 00:21:09,606
[Ben Jones]: we’re not goin

987
00:21:09,612 –> 00:21:09,633
[paul_tyler]: m

988
00:21:09,627 –> 00:21:10,808
[Ben Jones]: t get into web three point in
the

989
00:21:10,736 –> 00:21:10,796
[ramsey_d_smith]: no

990
00:21:10,828 –> 00:21:11,489
[Ben Jones]: metovers but

991
00:21:11,891 –> 00:21:12,761
[ramsey_d_smith]: yeah

992
00:21:12,730 –> 00:21:13,091
[Ben Jones]: the way

993
00:21:13,061 –> 00:21:13,282
[ramsey_d_smith]: yeah

994
00:21:13,231 –> 00:21:16,256
[Ben Jones]: that users are consuming information in the
future is gonna be very different han what

995
00:21:16,276 –> 00:21:19,041
[Ben Jones]: it is today and so n f
n will at least be able to play

996
00:21:19,081 –> 00:21:23,148
[Ben Jones]: a part in that by providing a
standard his identification service to get that data

997
00:21:23,208 –> 00:21:24,980
[Ben Jones]: out there m

998
00:21:25,134 –> 00:21:29,040
[paul_tyler]: yeah so you mentioned the word annuity
so i’ve got to got to push a

999
00:21:29,080 –> 00:21:29,741
[paul_tyler]: little harder here so

1000
00:21:29,866 –> 00:21:30,251
[ramsey_d_smith]: hm

1001
00:21:30,110 –> 00:21:30,602
[aidan_shue]: hm

1002
00:21:30,341 –> 00:21:30,361
[ramsey_d_smith]: m

1003
00:21:30,362 –> 00:21:33,307
[paul_tyler]: i think this is a harder question
for you but but you may be may

1004
00:21:33,367 –> 00:21:37,174
[paul_tyler]: not be that hard for you which
is what are the ope tunities here for

1005
00:21:37,214 –> 00:21:38,456
[paul_tyler]: the next couple of years i

1006
00:21:38,981 –> 00:21:39,263
[ramsey_d_smith]: yeah

1007
00:21:39,057 –> 00:21:40,940
[paul_tyler]: imagine you’re talking to you know one
of our

1008
00:21:41,059 –> 00:21:41,201
[ramsey_d_smith]: yeah

1009
00:21:42,442 –> 00:21:46,028
[paul_tyler]: you know the guy in our company
who develops the new products

1010
00:21:45,641 –> 00:21:46,391
[ramsey_d_smith]: my

1011
00:21:46,489 –> 00:21:47,451
[paul_tyler]: or you’re talking

1012
00:21:47,141 –> 00:21:47,487
[ramsey_d_smith]: oh

1013
00:21:47,551 –> 00:21:52,129
[paul_tyler]: to some of our tribute talk to
advisors what are the big opportunities

1014
00:21:53,710 –> 00:21:57,236
[Ben Jones]: so i think the opportunities that we
see right

1015
00:21:57,245 –> 00:21:57,366
[ramsey_d_smith]: oh

1016
00:21:57,316 –> 00:22:01,964
[Ben Jones]: now a lot of it is you
know the way that you know retail

1017
00:22:01,865 –> 00:22:01,886
[ramsey_d_smith]: a

1018
00:22:02,024 –> 00:22:06,752
[Ben Jones]: investors are kind of investing i think
that’s where the opportunity and the elephant

1019
00:22:06,551 –> 00:22:06,831
[ramsey_d_smith]: oh

1020
00:22:06,792 –> 00:22:09,697
[Ben Jones]: in the room is you know the
retirement space and so

1021
00:22:10,323 –> 00:22:10,564
[paul_tyler]: yeah

1022
00:22:10,478 –> 00:22:11,860
[Ben Jones]: i think the opportunities for us is

1023
00:22:11,791 –> 00:22:11,952
[paul_tyler]: yeah

1024
00:22:11,900 –> 00:22:15,366
[Ben Jones]: that you know you again i’m not
going to get ramsey and

1025
00:22:15,333 –> 00:22:15,354
[ramsey_d_smith]: i

1026
00:22:15,546 –> 00:22:15,686
[Ben Jones]: paul

1027
00:22:15,601 –> 00:22:15,642
[ramsey_d_smith]: do

1028
00:22:15,747 –> 00:22:18,611
[Ben Jones]: you know that’s better but i did
see a headline something that we are exploring

1029
00:22:18,651 –> 00:22:20,274
[Ben Jones]: but you know we’re beginning to see

1030
00:22:20,411 –> 00:22:20,654
[ramsey_d_smith]: oh

1031
00:22:21,123 –> 00:22:21,391
[paul_tyler]: my

1032
00:22:21,176 –> 00:22:23,720
[Ben Jones]: other types of investment vehicles being used
in retirement

1033
00:22:23,441 –> 00:22:24,131
[ramsey_d_smith]: oh

1034
00:22:23,760 –> 00:22:28,308
[Ben Jones]: accounts right i think annuities being one
of them and so if that’s the case

1035
00:22:28,388 –> 00:22:31,313
[Ben Jones]: you know we need to have standardized
identification process

1036
00:22:31,241 –> 00:22:32,171
[ramsey_d_smith]: oh

1037
00:22:31,393 –> 00:22:31,533
[Ben Jones]: for

1038
00:22:31,572 –> 00:22:31,593
[paul_tyler]: m

1039
00:22:31,593 –> 00:22:36,621
[Ben Jones]: these new investment vehicles in these new
accounts right we were able to aid

1040
00:22:36,641 –> 00:22:37,422
[ramsey_d_smith]: oh

1041
00:22:36,661 –> 00:22:39,426
[Ben Jones]: and can go into really in depth
about this but the c

1042
00:22:39,522 –> 00:22:39,707
[aidan_shue]: yeah

1043
00:22:39,566 –> 00:22:40,788
[Ben Jones]: i t is a colectivinvestment trust

1044
00:22:40,830 –> 00:22:41,111
[ramsey_d_smith]: yeah

1045
00:22:40,929 –> 00:22:46,375
[Ben Jones]: right there no really central identification for
these cits and so n f n you

1046
00:22:46,395 –> 00:22:48,637
[Ben Jones]: know brought that service to market eight
and if you want to go in

1047
00:22:48,611 –> 00:22:48,792
[ramsey_d_smith]: oh

1048
00:22:48,677 –> 00:22:50,319
[Ben Jones]: there i mean that’s that’s important too

1049
00:22:50,409 –> 00:22:53,212
[ramsey_d_smith]: yeah ah oh

1050
00:22:53,385 –> 00:22:53,612
[paul_tyler]: yea

1051
00:22:53,662 –> 00:22:56,487
[aidan_shue]: yeah i think the opportunity for for
annuities is very similar

1052
00:22:56,471 –> 00:22:56,772
[ramsey_d_smith]: yah

1053
00:22:56,567 –> 00:22:58,750
[aidan_shue]: to kind of what what happened with
cits

1054
00:22:58,320 –> 00:22:58,460
[ramsey_d_smith]: yah

1055
00:22:58,811 –> 00:23:01,735
[aidan_shue]: you know the plan participants need to
have access to those

1056
00:23:01,773 –> 00:23:02,122
[paul_tyler]: oh

1057
00:23:02,256 –> 00:23:04,800
[aidan_shue]: c i t plans regardless of whether
you know they’re trading

1058
00:23:04,577 –> 00:23:04,597
[paul_tyler]: m

1059
00:23:04,841 –> 00:23:07,017
[aidan_shue]: them on it a daily basis they’re
obviously not

1060
00:23:07,061 –> 00:23:07,322
[ramsey_d_smith]: yeah

1061
00:23:08,283 –> 00:23:11,006
[aidan_shue]: but you know that exact same way
you know cits

1062
00:23:10,920 –> 00:23:11,040
[ramsey_d_smith]: yeah

1063
00:23:11,166 –> 00:23:14,671
[aidan_shue]: they started moving down market into kind
of the small and medium sized plans

1064
00:23:15,260 –> 00:23:15,281
[ramsey_d_smith]: m

1065
00:23:15,472 –> 00:23:16,414
[aidan_shue]: company started lowering

1066
00:23:16,361 –> 00:23:17,390
[ramsey_d_smith]: yeah

1067
00:23:16,474 –> 00:23:17,796
[aidan_shue]: minimum and they just became a lot

1068
00:23:17,681 –> 00:23:17,922
[ramsey_d_smith]: yeah

1069
00:23:17,876 –> 00:23:19,158
[aidan_shue]: more prevalent in four one k

1070
00:23:19,190 –> 00:23:19,331
[ramsey_d_smith]: yeah

1071
00:23:19,359 –> 00:23:19,679
[aidan_shue]: plans

1072
00:23:20,471 –> 00:23:20,672
[ramsey_d_smith]: oh

1073
00:23:20,661 –> 00:23:22,704
[aidan_shue]: that seems to be kind of the
trajectory for

1074
00:23:22,610 –> 00:23:22,631
[ramsey_d_smith]: m

1075
00:23:23,085 –> 00:23:24,747
[aidan_shue]: annuities as well and so

1076
00:23:24,762 –> 00:23:24,905
[ramsey_d_smith]: yes

1077
00:23:24,908 –> 00:23:30,297
[aidan_shue]: to have that transparency where the record
keeps s are you know incorporating these searchable

1078
00:23:30,378 –> 00:23:30,758
[aidan_shue]: symbols

1079
00:23:30,805 –> 00:23:31,030
[paul_tyler]: okay

1080
00:23:30,858 –> 00:23:33,303
[aidan_shue]: in their in their marketing materials

1081
00:23:33,575 –> 00:23:33,657
[ramsey_d_smith]: ah

1082
00:23:33,984 –> 00:23:37,451
[aidan_shue]: fact sheets and things like that you
know that’s that’s important

1083
00:23:38,049 –> 00:23:38,070
[Ben Jones]: m

1084
00:23:38,123 –> 00:23:38,626
[aidan_shue]: so i see i

1085
00:23:38,591 –> 00:23:38,893
[ramsey_d_smith]: oh

1086
00:23:38,706 –> 00:23:42,979
[aidan_shue]: see a very similar trajectory as thousand
cits

1087
00:23:44,004 –> 00:23:44,847
[paul_tyler]: ramsey do agree

1088
00:23:45,493 –> 00:23:49,660
[ramsey_d_smith]: sure i agree completely i mean i
guess i’ll start with the notion that that

1089
00:23:50,321 –> 00:23:50,701
[ramsey_d_smith]: the entire

1090
00:23:50,643 –> 00:23:50,884
[paul_tyler]: oh

1091
00:23:50,762 –> 00:23:57,813
[ramsey_d_smith]: four n k industry has there’s very
little penetration in it from from um guaranteed

1092
00:23:57,853 –> 00:24:04,164
[ramsey_d_smith]: income solutions so i and my company
were a very strong believer that that that

1093
00:24:04,224 –> 00:24:07,289
[ramsey_d_smith]: needs to change we also think that
that it needs to be part of the

1094
00:24:07,329 –> 00:24:09,172
[ramsey_d_smith]: default so that

1095
00:24:09,201 –> 00:24:09,303
[paul_tyler]: yeah

1096
00:24:09,252 –> 00:24:11,416
[ramsey_d_smith]: you know that you will the default

1097
00:24:11,493 –> 00:24:11,754
[paul_tyler]: yeah

1098
00:24:11,496 –> 00:24:14,902
[ramsey_d_smith]: strategy is usually a target date fund
we think those target date pons should include

1099
00:24:15,093 –> 00:24:15,319
[paul_tyler]: yes

1100
00:24:15,803 –> 00:24:18,888
[ramsey_d_smith]: an innuiting component we think that the
delivery methods

1101
00:24:18,900 –> 00:24:19,126
[Ben Jones]: yeah

1102
00:24:18,949 –> 00:24:19,570
[ramsey_d_smith]: should be through c

1103
00:24:19,662 –> 00:24:19,683
[paul_tyler]: m

1104
00:24:19,730 –> 00:24:26,722
[ramsey_d_smith]: i t because they’re most cost effective
and because there’s an ongoing management need right

1105
00:24:27,683 –> 00:24:32,291
[ramsey_d_smith]: essentially there’s a glide path that you
have to manage and adjust you know on

1106
00:24:32,591 –> 00:24:33,593
[ramsey_d_smith]: a very regular basis

1107
00:24:33,393 –> 00:24:33,634
[paul_tyler]: oh

1108
00:24:33,673 –> 00:24:39,282
[ramsey_d_smith]: and you need sort of daily daily
information passing from record keepers to glide path

1109
00:24:39,343 –> 00:24:42,868
[ramsey_d_smith]: managers to all the various sort of
folks in the in the value chain there

1110
00:24:43,590 –> 00:24:48,959
[ramsey_d_smith]: and to be to do that based
on a an efficient and efficient way of

1111
00:24:49,039 –> 00:24:53,987
[ramsey_d_smith]: actually one determining value and to being
able to dissource it and find it it

1112
00:24:54,167 –> 00:24:57,593
[ramsey_d_smith]: makes all the sense in the world
so one of the things that that i

1113
00:24:57,653 –> 00:25:01,700
[ramsey_d_smith]: think is often lost in this industry
is that is that we spent a lot

1114
00:25:01,740 –> 00:25:08,111
[ramsey_d_smith]: of time creating really interesting and complex
machines if you will or products but ultimate

1115
00:25:09,693 –> 00:25:09,974
[ramsey_d_smith]: a lot

1116
00:25:09,822 –> 00:25:09,843
[paul_tyler]: m

1117
00:25:10,014 –> 00:25:12,217
[ramsey_d_smith]: of what customers want and frankly

1118
00:25:12,093 –> 00:25:13,143
[paul_tyler]: yeah

1119
00:25:12,257 –> 00:25:15,663
[ramsey_d_smith]: a lot of intermediaries want is just
to be able to see what’s going on

1120
00:25:15,723 –> 00:25:17,366
[ramsey_d_smith]: when it’s going on and so that

1121
00:25:17,463 –> 00:25:18,123
[paul_tyler]: yeah

1122
00:25:17,526 –> 00:25:19,630
[ramsey_d_smith]: that simple element of transparency

1123
00:25:18,963 –> 00:25:20,043
[paul_tyler]: oh

1124
00:25:19,690 –> 00:25:19,950
[ramsey_d_smith]: i think

1125
00:25:19,952 –> 00:25:19,972
[aidan_shue]: m

1126
00:25:21,052 –> 00:25:22,394
[ramsey_d_smith]: way more sort of primal

1127
00:25:22,203 –> 00:25:23,313
[paul_tyler]: yeah

1128
00:25:22,474 –> 00:25:24,077
[ramsey_d_smith]: to the success of everything we’re trying
to

1129
00:25:24,102 –> 00:25:24,123
[paul_tyler]: m

1130
00:25:24,137 –> 00:25:30,147
[ramsey_d_smith]: do than sometimes we as an industry
realized so you know i’ll say ut to

1131
00:25:30,207 –> 00:25:31,269
[ramsey_d_smith]: say that i’m a believer in what

1132
00:25:31,269 –> 00:25:31,290
[Ben Jones]: m

1133
00:25:31,309 –> 00:25:32,792
[ramsey_d_smith]: you’re what you’re doing because i think
it’s

1134
00:25:32,974 –> 00:25:33,074
[paul_tyler]: ah

1135
00:25:33,213 –> 00:25:35,077
[ramsey_d_smith]: super important i think lack of transparency

1136
00:25:34,563 –> 00:25:34,843
[paul_tyler]: yeah

1137
00:25:35,157 –> 00:25:36,139
[ramsey_d_smith]: kills a lot of great ideas

1138
00:25:36,485 –> 00:25:37,626
[paul_tyler]: yeah and i’ll

1139
00:25:37,571 –> 00:25:38,441
[ramsey_d_smith]: oh

1140
00:25:37,646 –> 00:25:39,768
[paul_tyler]: just add on it’s time for our
conversation

1141
00:25:39,701 –> 00:25:40,691
[ramsey_d_smith]: yeah

1142
00:25:39,828 –> 00:25:41,751
[paul_tyler]: is great you know we just did
a survey of all our

1143
00:25:41,750 –> 00:25:41,771
[ramsey_d_smith]: m

1144
00:25:41,791 –> 00:25:42,972
[paul_tyler]: top producers around

1145
00:25:42,821 –> 00:25:43,082
[ramsey_d_smith]: yeah

1146
00:25:43,963 –> 00:25:46,847
[paul_tyler]: what’s make driving them to make recommendations

1147
00:25:46,871 –> 00:25:47,113
[ramsey_d_smith]: yeah

1148
00:25:48,230 –> 00:25:51,715
[paul_tyler]: what makes them feel more comfortable with
making one strategy

1149
00:25:51,341 –> 00:25:52,121
[ramsey_d_smith]: yeah

1150
00:25:51,796 –> 00:25:54,420
[paul_tyler]: recommendation versus another and there’s

1151
00:25:54,371 –> 00:25:55,031
[ramsey_d_smith]: yeah

1152
00:25:54,460 –> 00:25:59,128
[paul_tyler]: been a lot of pressure from some
of our distributors to make it very transparent

1153
00:25:59,328 –> 00:26:01,271
[paul_tyler]: as to renewal rates on

1154
00:26:01,481 –> 00:26:02,261
[ramsey_d_smith]: yeah

1155
00:26:01,852 –> 00:26:09,726
[paul_tyler]: different crediting strategies so that’s that whole
another convert ation here but i’m curious if

1156
00:26:09,766 –> 00:26:13,091
[paul_tyler]: you if you went through i don’t
know how many how many f is you

1157
00:26:13,111 –> 00:26:15,816
[paul_tyler]: think there are today i think i’ve
seen some huge numbers there must be

1158
00:26:16,611 –> 00:26:16,791
[ramsey_d_smith]: there

1159
00:26:16,717 –> 00:26:16,837
[paul_tyler]: what

1160
00:26:16,831 –> 00:26:17,672
[ramsey_d_smith]: have to be hundreds

1161
00:26:17,999 –> 00:26:18,480
[paul_tyler]: hunters will

1162
00:26:18,514 –> 00:26:18,614
[ramsey_d_smith]: yea

1163
00:26:18,520 –> 00:26:19,021
[paul_tyler]: say there two

1164
00:26:19,075 –> 00:26:19,175
[ramsey_d_smith]: yea

1165
00:26:19,101 –> 00:26:25,532
[paul_tyler]: hunder two hon each one may have
at least five strategies at this point right

1166
00:26:25,632 –> 00:26:28,857
[paul_tyler]: so we’re talking the magnate of at
least a couple of maybe a thousand

1167
00:26:28,571 –> 00:26:28,732
[ramsey_d_smith]: oh

1168
00:26:28,897 –> 00:26:30,079
[paul_tyler]: two thousand different strategies

1169
00:26:30,491 –> 00:26:31,241
[ramsey_d_smith]: yeah

1170
00:26:30,580 –> 00:26:34,906
[paul_tyler]: you know ben what’s the penetre and
like can i what percentage do you think

1171
00:26:34,987 –> 00:26:38,932
[paul_tyler]: of these strategians inside f is are
running though your network at this point

1172
00:26:39,122 –> 00:26:39,349
[aidan_shue]: oh

1173
00:26:39,190 –> 00:26:41,193
[Ben Jones]: so so right now i

1174
00:26:41,171 –> 00:26:42,071
[ramsey_d_smith]: yeah

1175
00:26:41,233 –> 00:26:42,616
[Ben Jones]: think we’re ating like less than

1176
00:26:42,782 –> 00:26:43,412
[aidan_shue]: yeah

1177
00:26:42,856 –> 00:26:46,222
[Ben Jones]: a hundred kind of strategies and that
we’ve kind of labeled as annuities

1178
00:26:45,843 –> 00:26:45,863
[paul_tyler]: m

1179
00:26:46,262 –> 00:26:47,043
[Ben Jones]: that are

1180
00:26:46,762 –> 00:26:46,927
[aidan_shue]: yeah

1181
00:26:47,163 –> 00:26:48,065
[Ben Jones]: registered on the nasac

1182
00:26:47,832 –> 00:26:47,853
[paul_tyler]: m

1183
00:26:48,145 –> 00:26:48,285
[Ben Jones]: fund

1184
00:26:48,243 –> 00:26:48,503
[paul_tyler]: yeah

1185
00:26:48,345 –> 00:26:52,773
[Ben Jones]: network and have their data being dust
but ed or more importantly have their data

1186
00:26:53,153 –> 00:26:55,057
[Ben Jones]: kind of connected with a central

1187
00:26:55,023 –> 00:26:55,266
[paul_tyler]: oh

1188
00:26:55,177 –> 00:26:55,778
[Ben Jones]: identifyer

1189
00:26:55,923 –> 00:26:56,853
[paul_tyler]: yeah

1190
00:26:56,470 –> 00:26:57,191
[Ben Jones]: published by n

1191
00:26:57,303 –> 00:26:58,533
[paul_tyler]: yeah

1192
00:26:57,311 –> 00:26:58,954
[Ben Jones]: f n so i think the penetration
right now

1193
00:26:58,953 –> 00:26:59,135
[paul_tyler]: oh

1194
00:26:58,974 –> 00:26:59,555
[Ben Jones]: is really low

1195
00:26:59,853 –> 00:27:00,035
[ramsey_d_smith]: trace

1196
00:26:59,855 –> 00:27:01,017
[Ben Jones]: i would argue but i think

1197
00:27:01,013 –> 00:27:01,175
[paul_tyler]: yeah

1198
00:27:01,077 –> 00:27:01,658
[Ben Jones]: the good news is

1199
00:27:01,742 –> 00:27:01,904
[paul_tyler]: yeah

1200
00:27:01,758 –> 00:27:02,820
[Ben Jones]: paul is that it’s growing

1201
00:27:02,853 –> 00:27:03,095
[paul_tyler]: oh

1202
00:27:03,041 –> 00:27:04,864
[Ben Jones]: right as that number is much higher
i don’t know the

1203
00:27:04,893 –> 00:27:06,183
[paul_tyler]: yeah

1204
00:27:04,904 –> 00:27:05,324
[Ben Jones]: percentage

1205
00:27:05,636 –> 00:27:05,739
[ramsey_d_smith]: ah

1206
00:27:05,665 –> 00:27:06,426
[Ben Jones]: than it was at say

1207
00:27:06,453 –> 00:27:07,953
[paul_tyler]: oh

1208
00:27:06,767 –> 00:27:10,012
[Ben Jones]: two three four or five years ago
and so i think it’s only a matter

1209
00:27:10,072 –> 00:27:12,737
[Ben Jones]: of time and i think part of
it is that you know we talked about

1210
00:27:12,777 –> 00:27:13,939
[Ben Jones]: transparency being so important

1211
00:27:13,623 –> 00:27:13,643
[paul_tyler]: m

1212
00:27:14,159 –> 00:27:18,406
[Ben Jones]: for investments and these different investment vehicles
we’ve been talking

1213
00:27:18,131 –> 00:27:18,373
[ramsey_d_smith]: oh

1214
00:27:18,486 –> 00:27:18,807
[Ben Jones]: about

1215
00:27:19,301 –> 00:27:19,561
[ramsey_d_smith]: yeah

1216
00:27:19,969 –> 00:27:24,216
[Ben Jones]: but i think also important layer is
education right it’s like we have

1217
00:27:24,223 –> 00:27:24,387
[paul_tyler]: yeah

1218
00:27:24,376 –> 00:27:25,478
[Ben Jones]: to be able to educate

1219
00:27:25,203 –> 00:27:26,223
[paul_tyler]: yeah

1220
00:27:26,051 –> 00:27:26,293
[ramsey_d_smith]: oh

1221
00:27:26,059 –> 00:27:27,982
[Ben Jones]: we think about educating the individual vest
or

1222
00:27:28,001 –> 00:27:28,243
[ramsey_d_smith]: yah

1223
00:27:28,022 –> 00:27:29,625
[Ben Jones]: but we also need to educate the
asset

1224
00:27:29,498 –> 00:27:29,640
[ramsey_d_smith]: yah

1225
00:27:29,665 –> 00:27:30,066
[Ben Jones]: managers

1226
00:27:29,951 –> 00:27:29,971
[ramsey_d_smith]: m

1227
00:27:30,146 –> 00:27:33,351
[Ben Jones]: right in these f i as that
hate this service is available this is what’s

1228
00:27:33,431 –> 00:27:37,578
[Ben Jones]: provided this is why it’s important and
so we have we have

1229
00:27:37,653 –> 00:27:37,714
[ramsey_d_smith]: ah

1230
00:27:37,698 –> 00:27:40,463
[Ben Jones]: a big job at n f n
right so and that’s part of it

1231
00:27:40,473 –> 00:27:40,696
[paul_tyler]: oh

1232
00:27:40,523 –> 00:27:41,825
[Ben Jones]: and also just you now educating

1233
00:27:42,003 –> 00:27:42,203
[paul_tyler]: yeah

1234
00:27:42,346 –> 00:27:45,852
[Ben Jones]: um downsrim investors as well and so
the penetration is low but

1235
00:27:45,851 –> 00:27:46,133
[ramsey_d_smith]: oh

1236
00:27:45,952 –> 00:27:48,797
[Ben Jones]: we believe that there’s an opportunity for
because we’ve seen that number grow

1237
00:27:48,740 –> 00:27:49,445
[ramsey_d_smith]: m yeah

1238
00:27:49,203 –> 00:27:49,505
[paul_tyler]: oh

1239
00:27:49,418 –> 00:27:50,319
[Ben Jones]: slowly and

1240
00:27:50,381 –> 00:27:50,624
[ramsey_d_smith]: oh

1241
00:27:50,640 –> 00:27:51,982
[Ben Jones]: you know hopefully you know with

1242
00:27:51,993 –> 00:27:52,893
[paul_tyler]: oh

1243
00:27:52,022 –> 00:27:53,525
[Ben Jones]: this conversation that kind of opens

1244
00:27:53,373 –> 00:27:53,615
[paul_tyler]: oh

1245
00:27:53,605 –> 00:27:53,905
[Ben Jones]: up hey

1246
00:27:53,801 –> 00:27:54,551
[ramsey_d_smith]: oh

1247
00:27:54,286 –> 00:27:54,887
[Ben Jones]: you know there

1248
00:27:54,881 –> 00:27:55,103
[ramsey_d_smith]: oh

1249
00:27:54,927 –> 00:27:56,049
[Ben Jones]: are some more possibilities

1250
00:27:55,622 –> 00:27:56,252
[aidan_shue]: oh

1251
00:27:56,189 –> 00:27:56,309
[Ben Jones]: week

1252
00:27:56,278 –> 00:27:56,441
[ramsey_d_smith]: yeah

1253
00:27:56,298 –> 00:27:56,479
[paul_tyler]: yeah

1254
00:27:56,450 –> 00:27:56,852
[Ben Jones]: we need to

1255
00:27:56,801 –> 00:27:57,122
[ramsey_d_smith]: oh

1256
00:27:56,892 –> 00:27:58,180
[Ben Jones]: have a identifier

1257
00:27:58,143 –> 00:27:58,365
[paul_tyler]: oh

1258
00:27:58,280 –> 00:27:59,226
[Ben Jones]: for these products

1259
00:27:59,621 –> 00:27:59,863
[ramsey_d_smith]: oh

1260
00:28:00,523 –> 00:28:00,663
[paul_tyler]: yeah

1261
00:28:00,649 –> 00:28:00,791
[ramsey_d_smith]: yeah

1262
00:28:00,723 –> 00:28:04,490
[paul_tyler]: well i’ll here’s a problem ramsey agree
or disagree with me which

1263
00:28:04,451 –> 00:28:05,321
[ramsey_d_smith]: yeah

1264
00:28:04,550 –> 00:28:08,316
[paul_tyler]: is god just try to find the
performance on these funds if i’m an adviser

1265
00:28:08,356 –> 00:28:13,505
[paul_tyler]: in the field um okay im gonna
look up the indus i’m assuming through n

1266
00:28:13,645 –> 00:28:15,889
[paul_tyler]: f n are you tracking

1267
00:28:15,941 –> 00:28:16,242
[ramsey_d_smith]: yeah

1268
00:28:16,149 –> 00:28:18,613
[paul_tyler]: the underling index are you

1269
00:28:18,611 –> 00:28:19,691
[ramsey_d_smith]: oh

1270
00:28:19,154 –> 00:28:19,535
[paul_tyler]: tracking

1271
00:28:19,781 –> 00:28:20,063
[ramsey_d_smith]: oh

1272
00:28:20,416 –> 00:28:25,804
[paul_tyler]: tracking the index and what the crediting
strategy on top of that right

1273
00:28:25,840 –> 00:28:25,900
[Ben Jones]: to

1274
00:28:25,845 –> 00:28:25,986
[paul_tyler]: now

1275
00:28:25,940 –> 00:28:29,643
[Ben Jones]: my knowledge is going to be the
strategy on top of it right

1276
00:28:29,654 –> 00:28:29,716
[ramsey_d_smith]: at

1277
00:28:30,967 –> 00:28:31,128
[paul_tyler]: yeah

1278
00:28:31,164 –> 00:28:32,405
[Ben Jones]: so from our standpoint like we don’t

1279
00:28:32,951 –> 00:28:33,174
[ramsey_d_smith]: yeah

1280
00:28:33,066 –> 00:28:33,926
[Ben Jones]: naze does have kind

1281
00:28:33,907 –> 00:28:34,050
[ramsey_d_smith]: yeah

1282
00:28:33,966 –> 00:28:36,328
[Ben Jones]: of an index service but nownfnis

1283
00:28:36,233 –> 00:28:36,436
[paul_tyler]: right

1284
00:28:36,388 –> 00:28:36,789
[Ben Jones]: not that

1285
00:28:37,820 –> 00:28:37,841
[ramsey_d_smith]: m

1286
00:28:38,644 –> 00:28:39,946
[paul_tyler]: yeah no because i think

1287
00:28:40,211 –> 00:28:40,536
[ramsey_d_smith]: oh

1288
00:28:40,547 –> 00:28:42,029
[paul_tyler]: what i ave to do right now
i will have to

1289
00:28:42,401 –> 00:28:42,583
[ramsey_d_smith]: oh

1290
00:28:42,450 –> 00:28:42,871
[paul_tyler]: i would have to

1291
00:28:42,842 –> 00:28:42,862
[aidan_shue]: m

1292
00:28:42,991 –> 00:28:44,694
[paul_tyler]: go unless i use a couple of

1293
00:28:44,711 –> 00:28:45,551
[ramsey_d_smith]: oh

1294
00:28:44,794 –> 00:28:47,458
[paul_tyler]: software you know services some of whom
we’ve had on the show

1295
00:28:48,221 –> 00:28:48,501
[ramsey_d_smith]: oh

1296
00:28:48,600 –> 00:28:51,548
[paul_tyler]: it’s really tough i mean i have
to go to the website

1297
00:28:51,530 –> 00:28:51,611
[ramsey_d_smith]: yeah

1298
00:28:51,689 –> 00:28:56,898
[paul_tyler]: for that whoever is managing the index
then i go got to go back to

1299
00:28:56,918 –> 00:29:03,049
[paul_tyler]: the insurance company and figure out where
let me see your crediting strategies is a

1300
00:29:03,089 –> 00:29:03,189
[paul_tyler]: real

1301
00:29:03,270 –> 00:29:03,930
[Ben Jones]: yeah

1302
00:29:03,289 –> 00:29:04,170
[paul_tyler]: manual process

1303
00:29:03,990 –> 00:29:04,376
[Ben Jones]: yes

1304
00:29:04,511 –> 00:29:06,041
[ramsey_d_smith]: oh

1305
00:29:04,751 –> 00:29:07,858
[paul_tyler]: to do this i got to rely
on one carrier’s illustrations period

1306
00:29:08,390 –> 00:29:12,136
[Ben Jones]: it is and you know i experience
that a little bit on my days on

1307
00:29:12,236 –> 00:29:14,801
[Ben Jones]: the research side working with financial advisors

1308
00:29:14,831 –> 00:29:15,091
[ramsey_d_smith]: yeah

1309
00:29:15,442 –> 00:29:18,707
[Ben Jones]: more so in the other end of
the nuit space on the variable annuity side

1310
00:29:18,787 –> 00:29:18,867
[Ben Jones]: of

1311
00:29:19,040 –> 00:29:19,181
[ramsey_d_smith]: right

1312
00:29:19,248 –> 00:29:19,468
[Ben Jones]: you know

1313
00:29:19,713 –> 00:29:19,897
[ramsey_d_smith]: yeah

1314
00:29:19,889 –> 00:29:20,089
[Ben Jones]: okay

1315
00:29:19,893 –> 00:29:20,098
[paul_tyler]: oh

1316
00:29:20,290 –> 00:29:20,650
[Ben Jones]: these funds

1317
00:29:20,621 –> 00:29:20,986
[ramsey_d_smith]: oh

1318
00:29:20,690 –> 00:29:24,457
[Ben Jones]: are available through this carrier but you
know why can i not see these funds

1319
00:29:24,537 –> 00:29:28,063
[Ben Jones]: on your research platform right for charting
and performance you know purposes

1320
00:29:28,025 –> 00:29:28,045
[paul_tyler]: i

1321
00:29:28,183 –> 00:29:33,171
[Ben Jones]: so yeah i mean look it’s it’s
an air of opportunity you know we would

1322
00:29:33,211 –> 00:29:34,914
[Ben Jones]: love to have these conversations

1323
00:29:35,013 –> 00:29:35,295
[paul_tyler]: oh

1324
00:29:35,471 –> 00:29:35,713
[ramsey_d_smith]: oh

1325
00:29:35,555 –> 00:29:38,340
[Ben Jones]: with these f i s and have
aided and our

1326
00:29:38,411 –> 00:29:38,431
[ramsey_d_smith]: m

1327
00:29:38,480 –> 00:29:40,884
[Ben Jones]: n f n team kind of talk
about this

1328
00:29:40,721 –> 00:29:41,003
[ramsey_d_smith]: oh

1329
00:29:41,705 –> 00:29:42,867
[Ben Jones]: in a more formal setting and

1330
00:29:42,792 –> 00:29:42,813
[paul_tyler]: m

1331
00:29:43,809 –> 00:29:44,635
[Ben Jones]: because at the the day

1332
00:29:44,756 –> 00:29:44,776
[paul_tyler]: i

1333
00:29:44,939 –> 00:29:50,307
[Ben Jones]: it’s now there is clearly a problem
you know we believe that we have a

1334
00:29:50,367 –> 00:29:52,711
[Ben Jones]: solution and i think but what’s important
about though is that

1335
00:29:52,601 –> 00:29:52,883
[ramsey_d_smith]: oh

1336
00:29:52,911 –> 00:29:56,257
[Ben Jones]: as i said in the beginning you
each asset class each instrument is

1337
00:29:56,351 –> 00:29:56,654
[ramsey_d_smith]: oh

1338
00:29:56,417 –> 00:30:00,905
[Ben Jones]: different and you know from a product
standpoint right you know the most important thing

1339
00:30:00,965 –> 00:30:02,527
[Ben Jones]: about being a product manager it’s

1340
00:30:02,819 –> 00:30:02,840
[ramsey_d_smith]: a

1341
00:30:02,968 –> 00:30:05,813
[Ben Jones]: you know the voice of the customer
right make sure we are delivering the right

1342
00:30:05,861 –> 00:30:06,165
[ramsey_d_smith]: yeah

1343
00:30:05,873 –> 00:30:10,340
[Ben Jones]: product for the customer to solve a
certain solution and so we’re hapy to hae

1344
00:30:10,360 –> 00:30:12,103
[Ben Jones]: these conversations say hey do we need
to make

1345
00:30:12,061 –> 00:30:12,162
[ramsey_d_smith]: oh

1346
00:30:12,143 –> 00:30:15,629
[Ben Jones]: improvements do we need make enhancements are
we really tracking the right part of let’s

1347
00:30:15,669 –> 00:30:15,749
[Ben Jones]: say

1348
00:30:15,753 –> 00:30:16,653
[paul_tyler]: oh

1349
00:30:15,810 –> 00:30:16,350
[Ben Jones]: this product

1350
00:30:16,451 –> 00:30:16,471
[ramsey_d_smith]: m

1351
00:30:16,811 –> 00:30:20,117
[Ben Jones]: and so i think that’s important about
n f n is that we tackle it

1352
00:30:20,557 –> 00:30:21,659
[Ben Jones]: from with a really

1353
00:30:21,611 –> 00:30:22,361
[ramsey_d_smith]: oh

1354
00:30:21,840 –> 00:30:25,485
[Ben Jones]: client customer centric angle and so if
there is a problem we

1355
00:30:25,490 –> 00:30:25,511
[ramsey_d_smith]: m

1356
00:30:25,525 –> 00:30:27,268
[Ben Jones]: believe we have a solution but let’s
have that conversation

1357
00:30:29,111 –> 00:30:29,131
[ramsey_d_smith]: m

1358
00:30:30,306 –> 00:30:30,389
[paul_tyler]: ah

1359
00:30:31,571 –> 00:30:32,411
[ramsey_d_smith]: oh

1360
00:30:32,753 –> 00:30:33,033
[paul_tyler]: i guess

1361
00:30:33,341 –> 00:30:33,582
[ramsey_d_smith]: oh

1362
00:30:34,536 –> 00:30:34,876
[paul_tyler]: this will

1363
00:30:34,850 –> 00:30:34,991
[ramsey_d_smith]: yeah

1364
00:30:34,917 –> 00:30:37,441
[paul_tyler]: be this is going to sound like
it’s coming out of out of the blue

1365
00:30:37,521 –> 00:30:42,629
[paul_tyler]: but this weekend as i was sort
of thinking through our questions we have i

1366
00:30:42,730 –> 00:30:46,364
[paul_tyler]: got this survey from apple meat sick
kind of inter

1367
00:30:46,361 –> 00:30:47,141
[ramsey_d_smith]: yeah

1368
00:30:46,524 –> 00:30:48,948
[paul_tyler]: like how how do these two connect
well

1369
00:30:49,223 –> 00:30:49,384
[ramsey_d_smith]: yeah

1370
00:30:49,562 –> 00:30:49,784
[aidan_shue]: uh

1371
00:30:49,750 –> 00:30:49,970
[paul_tyler]: uh

1372
00:30:50,271 –> 00:30:50,312
[aidan_shue]: uh

1373
00:30:50,531 –> 00:30:51,813
[paul_tyler]: they’re clearly were testing you

1374
00:30:51,761 –> 00:30:52,292
[ramsey_d_smith]: yes

1375
00:30:51,873 –> 00:30:54,658
[paul_tyler]: know what do what do they do
with their apple music

1376
00:30:54,521 –> 00:30:54,829
[ramsey_d_smith]: yes

1377
00:30:54,698 –> 00:30:56,000
[paul_tyler]: because some ways they kind

1378
00:30:55,871 –> 00:30:56,741
[ramsey_d_smith]: oh

1379
00:30:56,040 –> 00:30:58,985
[paul_tyler]: of do what you’re doing is they
provide discoverability

1380
00:30:58,520 –> 00:30:58,541
[ramsey_d_smith]: m

1381
00:30:59,366 –> 00:31:04,594
[paul_tyler]: for these songs they kind of have
a way for people to monetize their music

1382
00:31:04,562 –> 00:31:04,582
[ramsey_d_smith]: h

1383
00:31:05,256 –> 00:31:05,816
[paul_tyler]: what else do they

1384
00:31:05,870 –> 00:31:05,891
[ramsey_d_smith]: h

1385
00:31:05,917 –> 00:31:09,703
[paul_tyler]: do with it and you know one
of the services they were clearly test was

1386
00:31:10,504 –> 00:31:14,411
[paul_tyler]: hey does paul want to create his
own radio station like i don’t

1387
00:31:14,400 –> 00:31:14,702
[Ben Jones]: oh

1388
00:31:14,431 –> 00:31:14,711
[paul_tyler]: know maybe

1389
00:31:14,621 –> 00:31:16,601
[ramsey_d_smith]: yeah

1390
00:31:14,811 –> 00:31:15,132
[paul_tyler]: i don’t know if

1391
00:31:15,129 –> 00:31:15,662
[aidan_shue]: hm

1392
00:31:15,192 –> 00:31:16,835
[paul_tyler]: you were ramsey listen to it let
on

1393
00:31:16,901 –> 00:31:17,124
[ramsey_d_smith]: oh

1394
00:31:16,915 –> 00:31:17,215
[paul_tyler]: anybody

1395
00:31:17,120 –> 00:31:17,261
[Ben Jones]: i’ll

1396
00:31:17,296 –> 00:31:17,456
[paul_tyler]: else

1397
00:31:17,302 –> 00:31:17,585
[Ben Jones]: sign up

1398
00:31:17,616 –> 00:31:17,696
[paul_tyler]: if

1399
00:31:17,625 –> 00:31:17,949
[Ben Jones]: paul don’t

1400
00:31:17,857 –> 00:31:17,877
[paul_tyler]: i

1401
00:31:17,969 –> 00:31:18,131
[Ben Jones]: worry

1402
00:31:17,997 –> 00:31:20,361
[paul_tyler]: were you’ll sign up okay and send
me a

1403
00:31:20,402 –> 00:31:20,826
[aidan_shue]: uh

1404
00:31:20,962 –> 00:31:21,402
[paul_tyler]: half a penny

1405
00:31:21,291 –> 00:31:21,332
[aidan_shue]: uh

1406
00:31:21,483 –> 00:31:23,025
[paul_tyler]: here the other one was

1407
00:31:23,261 –> 00:31:23,502
[ramsey_d_smith]: oh

1408
00:31:24,127 –> 00:31:29,095
[paul_tyler]: curation and recommendations and they really had
a lot of questions around like g why

1409
00:31:29,155 –> 00:31:31,820
[paul_tyler]: do you come in how do you
find the music what are you doing here

1410
00:31:32,441 –> 00:31:33,022
[paul_tyler]: if you looked

1411
00:31:32,801 –> 00:31:33,491
[ramsey_d_smith]: oh

1412
00:31:33,242 –> 00:31:34,187
[paul_tyler]: at um

1413
00:31:35,171 –> 00:31:35,433
[ramsey_d_smith]: oh

1414
00:31:35,232 –> 00:31:37,284
[paul_tyler]: m let’s say partners you wish you

1415
00:31:37,241 –> 00:31:37,502
[ramsey_d_smith]: oh

1416
00:31:37,384 –> 00:31:39,566
[paul_tyler]: had me there are

1417
00:31:39,610 –> 00:31:39,791
[ramsey_d_smith]: yeah

1418
00:31:39,666 –> 00:31:46,112
[paul_tyler]: people doing enough with your network um
to really you know make this thing like

1419
00:31:46,121 –> 00:31:46,363
[ramsey_d_smith]: oh

1420
00:31:46,823 –> 00:31:49,046
[paul_tyler]: you know you know totally on the
market place do you have

1421
00:31:49,211 –> 00:31:49,473
[ramsey_d_smith]: oh

1422
00:31:49,527 –> 00:31:50,248
[paul_tyler]: are their partners you

1423
00:31:50,201 –> 00:31:50,461
[ramsey_d_smith]: oh

1424
00:31:50,328 –> 00:31:52,812
[paul_tyler]: wish you had over the next couple
of years

1425
00:31:53,190 –> 00:31:54,933
[Ben Jones]: that’s a great question one i

1426
00:31:54,932 –> 00:31:54,993
[ramsey_d_smith]: ah

1427
00:31:54,999 –> 00:31:55,020
[paul_tyler]: a

1428
00:31:55,013 –> 00:31:59,461
[Ben Jones]: love you now bringing in kind of
you know outside concepts you know from different

1429
00:31:59,481 –> 00:32:02,766
[Ben Jones]: industries right you know especially you know
from a n f n standpoint as we

1430
00:32:02,786 –> 00:32:04,429
[Ben Jones]: think about we are a platform right
here

1431
00:32:04,481 –> 00:32:05,340
[ramsey_d_smith]: yea

1432
00:32:04,529 –> 00:32:07,235
[Ben Jones]: now different than a lot of these
different market places and platforms that exist

1433
00:32:06,993 –> 00:32:07,134
[paul_tyler]: ye

1434
00:32:07,295 –> 00:32:12,927
[Ben Jones]: you know you amazon think apple music
you name it and so wow

1435
00:32:13,083 –> 00:32:14,716
[paul_tyler]: oh oh

1436
00:32:14,751 –> 00:32:16,714
[Ben Jones]: apple is able to provide recommendations

1437
00:32:16,833 –> 00:32:17,853
[paul_tyler]: oh

1438
00:32:16,834 –> 00:32:21,242
[Ben Jones]: based off of like your your preferences
and how you’ve used the data know n

1439
00:32:21,342 –> 00:32:22,383
[Ben Jones]: f we’re not gonna be doing that

1440
00:32:22,422 –> 00:32:22,443
[paul_tyler]: m

1441
00:32:22,504 –> 00:32:24,026
[Ben Jones]: right and we leave that up to

1442
00:32:24,792 –> 00:32:24,813
[paul_tyler]: m

1443
00:32:24,848 –> 00:32:25,168
[Ben Jones]: investment

1444
00:32:25,053 –> 00:32:25,356
[paul_tyler]: oh

1445
00:32:25,208 –> 00:32:25,549
[Ben Jones]: professional

1446
00:32:25,511 –> 00:32:25,753
[ramsey_d_smith]: oh

1447
00:32:25,729 –> 00:32:27,972
[Ben Jones]: advice there the institutions who are taking
this data to

1448
00:32:27,972 –> 00:32:27,993
[paul_tyler]: m

1449
00:32:28,012 –> 00:32:30,555
[Ben Jones]: make the inform decision right we do
provide

1450
00:32:30,483 –> 00:32:30,766
[paul_tyler]: oh

1451
00:32:30,595 –> 00:32:31,676
[Ben Jones]: the data we don’t provide the

1452
00:32:31,743 –> 00:32:31,966
[paul_tyler]: oh

1453
00:32:31,757 –> 00:32:36,473
[Ben Jones]: algorithm per se but you know that
is changing a little bit in terms of

1454
00:32:36,874 –> 00:32:38,036
[Ben Jones]: you know can

1455
00:32:37,961 –> 00:32:38,221
[ramsey_d_smith]: yeah

1456
00:32:38,096 –> 00:32:41,121
[Ben Jones]: we get the data out there in
new in different ways to answer the one

1457
00:32:41,181 –> 00:32:44,527
[Ben Jones]: question is that yes i believe data
partners are using the data in the right

1458
00:32:44,587 –> 00:32:49,816
[Ben Jones]: way and very creative innovative way right
there’s any number of platforms that adan mentioned

1459
00:32:50,316 –> 00:32:53,522
[Ben Jones]: that are using this data analyzing creating

1460
00:32:53,403 –> 00:32:54,723
[paul_tyler]: yeah

1461
00:32:53,582 –> 00:32:54,263
[Ben Jones]: new analytic

1462
00:32:54,212 –> 00:32:54,492
[aidan_shue]: yeah

1463
00:32:54,383 –> 00:32:57,308
[Ben Jones]: and data points and getting it in
front of the investor in unique

1464
00:32:57,152 –> 00:32:57,275
[ramsey_d_smith]: your

1465
00:32:57,388 –> 00:32:58,537
[Ben Jones]: ways um

1466
00:32:59,030 –> 00:32:59,051
[ramsey_d_smith]: m

1467
00:32:59,169 –> 00:33:00,521
[Ben Jones]: m however you know we are

1468
00:33:00,573 –> 00:33:00,819
[paul_tyler]: oh

1469
00:33:00,581 –> 00:33:03,306
[Ben Jones]: working on some initiatives within n f
n to make sure that we are able

1470
00:33:03,366 –> 00:33:07,233
[Ben Jones]: to get our data out there in
new different ways right so you know we

1471
00:33:07,293 –> 00:33:07,733
[Ben Jones]: have some

1472
00:33:07,743 –> 00:33:08,024
[paul_tyler]: oh

1473
00:33:08,254 –> 00:33:09,617
[Ben Jones]: unique tings that were working on internally

1474
00:33:09,491 –> 00:33:09,777
[ramsey_d_smith]: oh

1475
00:33:09,663 –> 00:33:09,945
[paul_tyler]: oh

1476
00:33:10,361 –> 00:33:10,602
[ramsey_d_smith]: yeah

1477
00:33:10,618 –> 00:33:13,702
[Ben Jones]: one is with a partner in the
website you know is going to be able

1478
00:33:13,742 –> 00:33:14,022
[Ben Jones]: to take

1479
00:33:14,102 –> 00:33:14,203
[ramsey_d_smith]: oh

1480
00:33:14,242 –> 00:33:16,644
[Ben Jones]: nazacfunnetwork data and get it out there
and allow

1481
00:33:16,481 –> 00:33:16,722
[ramsey_d_smith]: yeah

1482
00:33:16,804 –> 00:33:18,466
[Ben Jones]: comparisons of different investment vehicles

1483
00:33:18,350 –> 00:33:18,510
[ramsey_d_smith]: yeah

1484
00:33:18,566 –> 00:33:19,787
[Ben Jones]: right so you know we know

1485
00:33:19,722 –> 00:33:19,803
[ramsey_d_smith]: ah

1486
00:33:19,847 –> 00:33:20,528
[Ben Jones]: that an important

1487
00:33:20,471 –> 00:33:20,491
[ramsey_d_smith]: m

1488
00:33:21,008 –> 00:33:23,321
[Ben Jones]: question is you know how do i
decide between

1489
00:33:23,292 –> 00:33:23,313
[paul_tyler]: m

1490
00:33:23,361 –> 00:33:27,929
[Ben Jones]: this to that mutual fund you know
let me compare performance and analytic ratings and

1491
00:33:27,949 –> 00:33:30,934
[Ben Jones]: differen things like that so we’re working
on initiative like that i hope to be

1492
00:33:30,994 –> 00:33:31,194
[Ben Jones]: rolling

1493
00:33:31,237 –> 00:33:31,418
[ramsey_d_smith]: yes

1494
00:33:31,254 –> 00:33:32,937
[Ben Jones]: out in the end of october

1495
00:33:33,401 –> 00:33:33,645
[ramsey_d_smith]: oh

1496
00:33:33,878 –> 00:33:34,139
[Ben Jones]: and we’re

1497
00:33:34,083 –> 00:33:34,983
[paul_tyler]: yes

1498
00:33:34,159 –> 00:33:35,141
[Ben Jones]: always for you know

1499
00:33:35,103 –> 00:33:35,506
[paul_tyler]: yeah

1500
00:33:35,111 –> 00:33:35,454
[ramsey_d_smith]: yeah

1501
00:33:35,381 –> 00:33:38,526
[Ben Jones]: new partnerships right so i don’t have
that dream paul of hey this is that

1502
00:33:38,626 –> 00:33:39,368
[Ben Jones]: right partner in the

1503
00:33:39,401 –> 00:33:40,331
[ramsey_d_smith]: oh

1504
00:33:39,408 –> 00:33:40,229
[Ben Jones]: right place at the right

1505
00:33:40,263 –> 00:33:40,283
[paul_tyler]: m

1506
00:33:40,309 –> 00:33:40,570
[Ben Jones]: time

1507
00:33:40,772 –> 00:33:41,972
[aidan_shue]: uh

1508
00:33:41,171 –> 00:33:41,555
[ramsey_d_smith]: oh

1509
00:33:41,231 –> 00:33:41,932
[Ben Jones]: but i do

1510
00:33:41,963 –> 00:33:42,165
[paul_tyler]: right

1511
00:33:42,072 –> 00:33:43,414
[Ben Jones]: know that if

1512
00:33:43,563 –> 00:33:43,824
[paul_tyler]: yeah

1513
00:33:43,895 –> 00:33:44,737
[Ben Jones]: they are reaching

1514
00:33:44,450 –> 00:33:44,471
[ramsey_d_smith]: m

1515
00:33:44,913 –> 00:33:45,762
[paul_tyler]: oh

1516
00:33:44,937 –> 00:33:48,122
[Ben Jones]: the investor and doing it in the
right way which

1517
00:33:48,048 –> 00:33:48,068
[ramsey_d_smith]: i

1518
00:33:48,262 –> 00:33:49,905
[Ben Jones]: is you know providing transparency

1519
00:33:50,351 –> 00:33:50,632
[ramsey_d_smith]: yeah

1520
00:33:50,366 –> 00:33:53,551
[Ben Jones]: they’re doing it with integrity making sure
that the data is labeled right

1521
00:33:53,861 –> 00:33:53,922
[ramsey_d_smith]: the

1522
00:33:54,613 –> 00:33:56,035
[Ben Jones]: if they’re providing some added value

1523
00:33:56,059 –> 00:33:56,140
[ramsey_d_smith]: ye

1524
00:33:56,075 –> 00:33:59,321
[Ben Jones]: with analytics or things like that the
perfect partner

1525
00:33:59,103 –> 00:34:00,243
[paul_tyler]: yeah

1526
00:33:59,762 –> 00:34:03,047
[Ben Jones]: right um you know so don’t have
a good answer for you in terms of

1527
00:34:03,308 –> 00:34:04,169
[Ben Jones]: who it is but

1528
00:34:04,203 –> 00:34:04,983
[paul_tyler]: oh

1529
00:34:04,429 –> 00:34:05,090
[Ben Jones]: i can tell you kind of what

1530
00:34:05,021 –> 00:34:05,831
[ramsey_d_smith]: oh

1531
00:34:05,111 –> 00:34:08,576
[Ben Jones]: they would look like um and so
we’re always exploring that because

1532
00:34:08,390 –> 00:34:08,411
[ramsey_d_smith]: m

1533
00:34:08,917 –> 00:34:09,858
[Ben Jones]: you know what

1534
00:34:09,813 –> 00:34:09,915
[ramsey_d_smith]: ah

1535
00:34:09,919 –> 00:34:10,720
[Ben Jones]: we want to do to

1536
00:34:10,661 –> 00:34:11,561
[ramsey_d_smith]: oh

1537
00:34:10,900 –> 00:34:12,303
[Ben Jones]: help get the data from these

1538
00:34:12,342 –> 00:34:12,363
[paul_tyler]: m

1539
00:34:12,443 –> 00:34:17,090
[Ben Jones]: as managers out there and so we
do that with the then fan

1540
00:34:16,962 –> 00:34:16,983
[paul_tyler]: m

1541
00:34:17,171 –> 00:34:18,292
[Ben Jones]: infrastructure and getting it

1542
00:34:18,350 –> 00:34:18,371
[ramsey_d_smith]: m

1543
00:34:18,353 –> 00:34:19,274
[Ben Jones]: out to the important players

1544
00:34:19,143 –> 00:34:19,384
[paul_tyler]: oh

1545
00:34:19,334 –> 00:34:23,241
[Ben Jones]: like morning star and blomberg ofinitive and
that a mentioned also some of these up

1546
00:34:23,281 –> 00:34:25,985
[Ben Jones]: and coming and research platforms i think
you now we talked about newspapers

1547
00:34:25,563 –> 00:34:25,784
[paul_tyler]: oh

1548
00:34:26,045 –> 00:34:26,346
[Ben Jones]: being that

1549
00:34:26,351 –> 00:34:26,552
[ramsey_d_smith]: yeah

1550
00:34:26,446 –> 00:34:27,808
[Ben Jones]: fin tech back in the eighties

1551
00:34:27,912 –> 00:34:27,933
[paul_tyler]: m

1552
00:34:27,949 –> 00:34:29,211
[Ben Jones]: right but you know we’ve seen

1553
00:34:29,133 –> 00:34:30,513
[paul_tyler]: yeah

1554
00:34:29,231 –> 00:34:30,252
[Ben Jones]: this explosion

1555
00:34:29,610 –> 00:34:29,711
[ramsey_d_smith]: yeah

1556
00:34:30,333 –> 00:34:30,673
[Ben Jones]: of wealth

1557
00:34:30,693 –> 00:34:31,533
[paul_tyler]: oh

1558
00:34:30,793 –> 00:34:32,977
[Ben Jones]: tech and fin tech lately right

1559
00:34:33,011 –> 00:34:33,273
[ramsey_d_smith]: yeah

1560
00:34:33,017 –> 00:34:34,419
[Ben Jones]: with all these new websites

1561
00:34:34,383 –> 00:34:35,251
[paul_tyler]: ye

1562
00:34:34,841 –> 00:34:35,101
[ramsey_d_smith]: oh

1563
00:34:34,920 –> 00:34:37,885
[Ben Jones]: ap you know i think interesting one
would be robin hood right who

1564
00:34:37,830 –> 00:34:37,970
[ramsey_d_smith]: yeah

1565
00:34:37,925 –> 00:34:38,166
[Ben Jones]: would have

1566
00:34:38,185 –> 00:34:38,205
[paul_tyler]: a

1567
00:34:38,186 –> 00:34:39,428
[Ben Jones]: thought that you know all

1568
00:34:39,341 –> 00:34:39,645
[ramsey_d_smith]: oh

1569
00:34:39,448 –> 00:34:40,109
[Ben Jones]: of a sudden commission

1570
00:34:40,023 –> 00:34:40,389
[paul_tyler]: yeah

1571
00:34:40,149 –> 00:34:43,354
[Ben Jones]: free trading and you can trade a
stock no differently than you can trade you

1572
00:34:43,414 –> 00:34:44,376
[Ben Jones]: know crypto currency

1573
00:34:44,480 –> 00:34:44,501
[ramsey_d_smith]: m

1574
00:34:44,536 –> 00:34:45,358
[Ben Jones]: well you know i

1575
00:34:45,341 –> 00:34:46,331
[ramsey_d_smith]: oh

1576
00:34:45,398 –> 00:34:45,538
[Ben Jones]: think

1577
00:34:45,483 –> 00:34:45,687
[paul_tyler]: ye

1578
00:34:45,658 –> 00:34:49,785
[Ben Jones]: that’s going to be changing and some
of these you know older more mature investment

1579
00:34:49,832 –> 00:34:49,913
[ramsey_d_smith]: ah

1580
00:34:49,945 –> 00:34:50,666
[Ben Jones]: areas right think

1581
00:34:50,679 –> 00:34:50,840
[ramsey_d_smith]: yes

1582
00:34:50,747 –> 00:34:53,331
[Ben Jones]: mutual funds you know there are even
some fin tech

1583
00:34:53,443 –> 00:34:53,524
[ramsey_d_smith]: he

1584
00:34:53,772 –> 00:34:54,673
[Ben Jones]: trading platforms

1585
00:34:54,551 –> 00:34:54,794
[ramsey_d_smith]: oh

1586
00:34:54,713 –> 00:34:58,099
[Ben Jones]: that you know they don’t even have
mutual funds available right i think

1587
00:34:58,016 –> 00:34:58,119
[ramsey_d_smith]: ah

1588
00:34:58,159 –> 00:35:01,144
[Ben Jones]: that could hanged because we know that
there’s plenty of utility and benefit in

1589
00:35:01,301 –> 00:35:01,321
[ramsey_d_smith]: m

1590
00:35:01,545 –> 00:35:04,630
[Ben Jones]: some of the investment vehicles as well
so the future is exciting

1591
00:35:04,451 –> 00:35:04,553
[ramsey_d_smith]: so

1592
00:35:04,690 –> 00:35:06,653
[Ben Jones]: paul but the cool thing is

1593
00:35:06,641 –> 00:35:06,661
[ramsey_d_smith]: m

1594
00:35:06,713 –> 00:35:11,364
[Ben Jones]: is that the same concepts and problems
that apple music is trying to solve we’re

1595
00:35:11,424 –> 00:35:12,610
[Ben Jones]: trying to solve that as well but
just

1596
00:35:12,612 –> 00:35:12,633
[paul_tyler]: m

1597
00:35:12,671 –> 00:35:12,791
[Ben Jones]: with

1598
00:35:12,821 –> 00:35:13,062
[ramsey_d_smith]: yeah

1599
00:35:13,213 –> 00:35:13,796
[Ben Jones]: investment data

1600
00:35:14,591 –> 00:35:14,791
[ramsey_d_smith]: oh

1601
00:35:16,230 –> 00:35:16,950
[Ben Jones]: yeah

1602
00:35:16,377 –> 00:35:19,038
[paul_tyler]: ramsey i don’t know final

1603
00:35:19,061 –> 00:35:19,081
[ramsey_d_smith]: i

1604
00:35:19,120 –> 00:35:19,324
[paul_tyler]: thought

1605
00:35:19,181 –> 00:35:19,622
[ramsey_d_smith]: think this as

1606
00:35:19,883 –> 00:35:20,024
[paul_tyler]: yeah

1607
00:35:19,942 –> 00:35:21,044
[ramsey_d_smith]: i think this has been great i
mean

1608
00:35:20,979 –> 00:35:21,000
[Ben Jones]: m

1609
00:35:21,465 –> 00:35:21,846
[ramsey_d_smith]: as as

1610
00:35:21,901 –> 00:35:22,023
[paul_tyler]: right

1611
00:35:21,926 –> 00:35:21,946
[ramsey_d_smith]: i

1612
00:35:22,683 –> 00:35:23,004
[paul_tyler]: oh

1613
00:35:22,747 –> 00:35:25,111
[ramsey_d_smith]: could of said before like at the
end

1614
00:35:25,080 –> 00:35:25,770
[Ben Jones]: oh

1615
00:35:25,151 –> 00:35:27,094
[ramsey_d_smith]: of the day if you can if

1616
00:35:27,060 –> 00:35:27,568
[Ben Jones]: my

1617
00:35:27,144 –> 00:35:27,508
[paul_tyler]: yea

1618
00:35:27,154 –> 00:35:35,308
[ramsey_d_smith]: you’re creating a universal identifyer that is
broadly available through multiple channels so that the

1619
00:35:35,428 –> 00:35:37,291
[ramsey_d_smith]: people that create the underlying

1620
00:35:37,173 –> 00:35:37,476
[paul_tyler]: yeah

1621
00:35:37,371 –> 00:35:38,593
[ramsey_d_smith]: products don’t have to actually go

1622
00:35:38,672 –> 00:35:39,272
[aidan_shue]: oh

1623
00:35:38,714 –> 00:35:38,994
[ramsey_d_smith]: out and

1624
00:35:38,973 –> 00:35:39,216
[paul_tyler]: oh

1625
00:35:40,016 –> 00:35:43,121
[ramsey_d_smith]: try and convince every channel to sort
of care their

1626
00:35:43,353 –> 00:35:44,253
[paul_tyler]: oh

1627
00:35:43,482 –> 00:35:44,804
[ramsey_d_smith]: information i think

1628
00:35:44,703 –> 00:35:44,945
[paul_tyler]: oh

1629
00:35:44,864 –> 00:35:51,194
[ramsey_d_smith]: that’s extremely valuable to the vendor sort
of the product creator i think it’s valuable

1630
00:35:51,255 –> 00:35:55,261
[ramsey_d_smith]: to the people that are that are
in the middle of the ecosystem all right

1631
00:35:55,782 –> 00:35:58,867
[ramsey_d_smith]: so that’s that’s all the various intermediaries
that are involved and i think it’s very

1632
00:35:58,987 –> 00:36:00,270
[ramsey_d_smith]: valuable to the consumer

1633
00:35:59,883 –> 00:36:01,023
[paul_tyler]: yah

1634
00:36:00,330 –> 00:36:01,351
[ramsey_d_smith]: because comers want

1635
00:36:01,233 –> 00:36:01,475
[paul_tyler]: yeah

1636
00:36:01,411 –> 00:36:03,856
[ramsey_d_smith]: to see they put their hard earned
money to work they

1637
00:36:03,870 –> 00:36:04,073
[Ben Jones]: yes

1638
00:36:03,896 –> 00:36:07,581
[ramsey_d_smith]: want to see how it’s doing from
one day to the next so you accomplishing

1639
00:36:07,232 –> 00:36:07,354
[aidan_shue]: yeah

1640
00:36:07,662 –> 00:36:08,262
[ramsey_d_smith]: all of that

1641
00:36:08,193 –> 00:36:09,063
[paul_tyler]: my

1642
00:36:09,083 –> 00:36:11,486
[ramsey_d_smith]: and you know europe sort of broadening
that kind of

1643
00:36:11,565 –> 00:36:11,646
[paul_tyler]: ah

1644
00:36:11,566 –> 00:36:14,290
[ramsey_d_smith]: courage that i think it’s a very
important service

1645
00:36:14,862 –> 00:36:18,669
[paul_tyler]: m yeah well it has been a
great conversation maiden ben

1646
00:36:18,620 –> 00:36:18,641
[ramsey_d_smith]: m

1647
00:36:18,969 –> 00:36:21,133
[paul_tyler]: what’s the best way for people to
reach out and get

1648
00:36:21,101 –> 00:36:21,121
[ramsey_d_smith]: m

1649
00:36:21,213 –> 00:36:26,602
[paul_tyler]: touch with you because i think a
lot of different types of listeners may be

1650
00:36:26,742 –> 00:36:28,205
[paul_tyler]: cured it’s about you know

1651
00:36:28,490 –> 00:36:28,511
[ramsey_d_smith]: m

1652
00:36:28,586 –> 00:36:29,748
[paul_tyler]: how to work with you or

1653
00:36:29,840 –> 00:36:29,861
[ramsey_d_smith]: m

1654
00:36:30,549 –> 00:36:31,170
[paul_tyler]: engage with you

1655
00:36:33,422 –> 00:36:35,347
[aidan_shue]: yeah well they can just they can
email nazdack

1656
00:36:35,171 –> 00:36:35,413
[ramsey_d_smith]: yeah

1657
00:36:35,548 –> 00:36:36,129
[aidan_shue]: fund network

1658
00:36:36,159 –> 00:36:36,320
[ramsey_d_smith]: yeah

1659
00:36:36,370 –> 00:36:36,410
[aidan_shue]: at

1660
00:36:36,431 –> 00:36:36,752
[ramsey_d_smith]: oh

1661
00:36:36,490 –> 00:36:39,017
[aidan_shue]: nazdack dot com ask any questions

1662
00:36:38,711 –> 00:36:39,731
[ramsey_d_smith]: yeah

1663
00:36:39,057 –> 00:36:42,636
[aidan_shue]: they might have i’d be happy to
set up a call and dig in with

1664
00:36:42,676 –> 00:36:42,816
[aidan_shue]: them

1665
00:36:43,181 –> 00:36:43,481
[ramsey_d_smith]: yeah

1666
00:36:43,738 –> 00:36:48,309
[aidan_shue]: or they email me directly aiding dot
sh e as dot dot com as well

1667
00:36:50,623 –> 00:36:51,064
[aidan_shue]: we’d be

1668
00:36:51,042 –> 00:36:51,063
[paul_tyler]: m

1669
00:36:51,144 –> 00:36:51,626
[aidan_shue]: happy to

1670
00:36:51,584 –> 00:36:51,665
[paul_tyler]: so

1671
00:36:52,488 –> 00:36:52,749
[aidan_shue]: to kind

1672
00:36:52,713 –> 00:36:54,393
[paul_tyler]: oh

1673
00:36:52,809 –> 00:36:56,360
[aidan_shue]: of you know showcase our service to
anyone who’s interested

1674
00:36:56,063 –> 00:37:00,089
[paul_tyler]: okay terrific we’ll we’ll put those put
those in the notes ben and thank you

1675
00:37:00,251 –> 00:37:00,577
[ramsey_d_smith]: oh

1676
00:37:00,430 –> 00:37:00,770
[paul_tyler]: ramsey

1677
00:37:00,939 –> 00:37:00,960
[Ben Jones]: m

1678
00:37:01,421 –> 00:37:01,743
[ramsey_d_smith]: oh

1679
00:37:01,592 –> 00:37:02,073
[paul_tyler]: appreciate

1680
00:37:01,714 –> 00:37:02,019
[aidan_shue]: awesome

1681
00:37:02,133 –> 00:37:02,453
[paul_tyler]: it and

1682
00:37:02,408 –> 00:37:02,549
[ramsey_d_smith]: oh

1683
00:37:03,154 –> 00:37:03,936
[paul_tyler]: i can’t believe summers

1684
00:37:04,015 –> 00:37:04,035
[Ben Jones]: m

1685
00:37:04,036 –> 00:37:04,677
[paul_tyler]: over and

1686
00:37:04,749 –> 00:37:04,770
[Ben Jones]: m

1687
00:37:05,162 –> 00:37:05,385
[aidan_shue]: yeah

1688
00:37:05,999 –> 00:37:06,159
[paul_tyler]: gets

1689
00:37:06,071 –> 00:37:06,376
[ramsey_d_smith]: yeah

1690
00:37:06,220 –> 00:37:09,247
[paul_tyler]: time to fasten the seat belt in
push on to the end of

1691
00:37:09,251 –> 00:37:09,491
[ramsey_d_smith]: yeah

1692
00:37:09,287 –> 00:37:10,371
[paul_tyler]: the year thanks so much

1693
00:37:10,322 –> 00:37:10,887
[aidan_shue]: uh

1694
00:37:10,920 –> 00:37:11,185
[Ben Jones]: thank you

1695
00:37:11,331 –> 00:37:11,934
[aidan_shue]: uh all right

1696
00:37:11,860 –> 00:37:12,040
[ramsey_d_smith]: yeah

1697
00:37:11,975 –> 00:37:12,116
[aidan_shue]: thank

1698
00:37:12,113 –> 00:37:12,274
[paul_tyler]: thank

1699
00:37:12,157 –> 00:37:12,237
[aidan_shue]: you

1700
00:37:12,231 –> 00:37:12,352
[ramsey_d_smith]: take

1701
00:37:12,278 –> 00:37:12,419
[aidan_shue]: guys

1702
00:37:12,334 –> 00:37:12,455
[paul_tyler]: you

1703
00:37:12,392 –> 00:37:12,553
[ramsey_d_smith]: care

1704
00:37:12,717 –> 00:37:12,938
[paul_tyler]: thanks

1705
00:37:12,855 –> 00:37:13,076
[ramsey_d_smith]: verbi

1706
00:37:13,039 –> 00:37:13,260
[paul_tyler]: bye

The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.