Phil Strassler with Austin Lowery, Founder & CEO, Eleven Systems
Eleven Systems spent twelve years building a family office operating system for one client before selling it to anyone else. When the software finally rolled that client’s property assets into his balance sheet, $300 million appeared that had never been accounted for.
Austin Lowery ran a home automation firm — touch screens, cameras, door access — in high-end estates. A wealthy client acquired the company, handed him 80-odd properties to manage, and said: build this properly. Property management became financial reporting. Financial reporting became estate planning. Nobody set out to build a family office OS; they just kept solving the next problem.
See the company profile in Demo Library →
FIVE TAKEAWAYS
The idea came from a corner office in San Francisco
Lowery was servicing a property for Marc Benioff — cameras, touch screens, home control — when Benioff sat him down and told him what the product should actually be: put it in the cloud, let the owner see every home’s cameras, door access, and security from a web browser, load in all the assets, tag insurance policies, flag the fridge before arrival. Lowery walked out of that meeting unable to shake the idea. He brought it to a client who said yes before he finished the pitch.
“He gave me all sorts of advice. He was very generous with his time. And one of the pieces of advice he gave me was: you need to put this in the cloud. You need to make it readily accessible to everyone.”
▶ Watch the clip: “I walked out of that office thinking, this is something I need to build”
Property is the module families always need but rarely have covered
Families may already have Addepar for reporting or Archway for bill pay — tools they’ve invested in and won’t replace. Property is different: competing solutions exist (Lowery names NINES specifically), but most families don’t already have one running. No switching cost, no integration conflict, no internal champion defending the incumbent. That’s what makes it the land-and-expand entry point — Eleven earns trust without asking anyone to displace something they’re already using, and then the conversation about financial and family modules opens from there.
“The single most needed solution for families when we talk to them are properties. It’s uncontested what everybody immediately gravitates towards and really wants and needs.”
▶ Watch the clip: “Land and expand — let’s start with property and earn their trust”
The $300 million that didn’t exist until the software found it
The founding client’s properties — art, vehicles, boats, fixtures, the buildings themselves — were not on his balance sheet. Once Eleven Property was running, every asset was tagged with appraisal values and insurance policies and rolled into the financial dashboard. The total that surfaced: roughly $300 million that had never been allocated to his net worth. That’s the headline case for property management as a financial tool, not just an operational one.
AI built around the permission layer, not on top of it
Most platforms add an AI chat interface to existing data. Eleven structured the data first for permissioned access, then layered AI agents that each do one specific task within their permission boundary. The principle behind it: a single omniscient agent that aggregates across the whole platform is a liability; a single-task agent with a constrained data view is near-zero risk if there’s ever a leak. The platform is SOC 2 certified, SOC for Cybersecurity certified, and has passed InfoSec audits from major banks.
“If you have multiple agents doing their one specific task, there’s no real threat. We can’t have the wild west running around releasing AI agents to just grab information from all your structured data.”
▶ Watch the clip: “Security is watertight — AI had to be built this way”
“Service as a software” — the team is part of the product
Lowery’s line is a deliberate inversion of SaaS. The software is enterprise-grade and nobody deploys it alone. Eleven runs a full property onboarding team — same operation behind their hospitality business — that can get a large estate live within days: loading vendors, training house managers, setting checklists and issue-tracking standards. For advisors who want it, they’ll white-label the whole thing. The point is that for a family office, software without the surrounding service doesn’t land. The model bakes the service in.
“Service as a software is kind of our joke. This software is powerful. It’s enterprise level software. We’ve got to have somebody who’s willing to onboard a client for their properties.”
Also came up: the net worth mover chart — a daily view of what moved on the balance sheet and why, which Lowery says “eliminated a lot of the WTF emails” from the principal (35:42) · AI that parsed a box of poolhouse renovation receipts and filed 85–90% of them automatically (15:02) · the travel-tracking module that produced a 450-page PDF of GPS records, receipts and flight logs during an IRS audit — “case closed” (22:30) · why they stopped selling the full platform upfront: “we quite overwhelmed some clients” (29:55) · estate plan built from trust documents forwarded to AI, parsed and mapped to ownership structures automatically (21:10).
WHO WAS ON
Phil Strassler — Family Office Rising Gen Leadership Institute · moderator
Austin Lowery — Founder & CEO, Eleven Systems
Adriana Zalucka — FOTechHub · host
WATCH THE FULL SESSION
Transcript
Speaker: Adriana
00:00:00.269 –> 00:02:10.691
Welcome everybody, I am Adriana with Photocal, and today we are back with our Technology Insider series after a summer break.
So the Technology Highlights is an interview series with founders of tech companies, tech solutions, and we are highlighting the ones that you should have on your radar.
this is as you can see obviously a live meeting these discussions eventually do end up on our podcast and whatnot but today we are live in the room and so thank you for your time and your attention for joining us and you can see actually who is in the room on your right under people and in the chat is where you can
put your questions or put your comments or any reactions you’d like to share.
That’s always very much welcome in this AI era so that we know you’re real and we’re real.
Anyway, so today we have Austin Lowry at 11 Systems, CEO of 11 Systems.
11 Systems is a family office platform with three modules, property, financial and family with AI running across all three.
And today, Austin is telling the story for the first time behind 11 and how he went from designing control systems for high-end residences to building and an operating system for family offices, originally for one client with a global property portfolio.
So this is kind of the origin of 11.
And then they built on top of it.
And we have Phil Strasser, who I think most of you already know very well.
He is the founder of this series.
He has advised family offices and a variety of tax operations and all kinds of issues over many years and is also our longtime collaborator.
And Phil is normally in the role of orchestrating things behind the scenes, but today he is interviewing Austin himself.
So I look forward to this, Phil.
And with that, over to you.
Speaker: Phil Strassler
00:02:12.614 –> 00:02:33.836
So, Adrian, thank you so much.
This is a real privilege because I think we’re going to talk something that’s truly on the cutting edge, for sure.
So let me start out, Austin, like what applications does this solutions for family offices work through?
Speaker: Austin Lowery
00:02:37.477 –> 00:03:09.860
So the 11 platform includes three applications.
Financial, property, and family.
And it was built over the course of time for our own single family office.
specifically to address the challenges that we were having.
And it started with 11 property, and then we just continued to build and build and build as we were adding new features and improving the platform over time.
Speaker: Phil Strassler
00:03:12.501 –> 00:03:14.883
More property to begin with.
Speaker: Austin Lowery
00:03:18.271 –> 00:04:09.084
Well, our principle, it was multiple properties.
So really, it started back when I had a tech firm that was doing home automation and control systems.
And we had a particular
customer that who’s now the founder and principal for our family office.
But he had a number of properties at the time that we were building home control systems for.
And we ended up setting out with him.
He acquired my then business jets and systems.
brought it in-house and we ended up building out tech for solving the challenges that he was having for a number of properties that he had and now he currently has 86 properties worldwide.
Speaker: Phil Strassler
00:04:11.505 –> 00:04:15.447
And how long ago was it?
Speaker: Austin Lowery
00:04:15.827 –> 00:04:58.446
That was
12 years ago is when I was brought on.
Time flies.
But we’ve been building this fill not because it took us that long to build, but because we’ve been rolling it out over time to the people in our family offices and to the various businesses.
that his family office owns and operates, and they’ve been users of the system who have been giving us feedback to help us iterate and improve the software.
So it’s a very mature and stable software platform that’s been around for a decade, and that we’ve now been commercializing and rolling out to other families.
Speaker: Phil Strassler
00:05:00.720 –> 00:05:15.805
So what’s the biggest difference between residential, property, and commercial?
What are the differences that you saw and were able to customize?
Speaker: Austin Lowery
00:05:16.205 –> 00:05:18.526
What’s the difference between residential and commercial?
Speaker: Phil Strassler
00:05:18.546 –> 00:05:22.787
In commercial, in other words, security, property management, in other words.
Speaker: Austin Lowery
00:05:25.488 –> 00:05:28.109
Between commercial properties and residential properties?
Speaker: Phil Strassler
00:05:28.149 –> 00:05:28.609
Right, right.
Speaker: Austin Lowery
00:05:29.929 –> 00:05:56.407
Well, we never set out to build, from a commercial standpoint, we are running it for the 11 experience business, which is a commercial hospitality business, but they’re running that business out of high-end residential properties.
So the application is built specifically for high-end residential homes.
Speaker: Phil Strassler
00:05:58.868 –> 00:06:09.718
Got it.
And maybe you could just take us through just some of the specifics on what makes it very, very special.
Speaker: Austin Lowery
00:06:11.280 –> 00:06:19.407
Yeah, so 11, should I take you through 11 property or through the entire platform?
Speaker: Phil Strassler
00:06:19.708 –> 00:06:23.131
Let’s first go with 11 properties because that’s where you started.
Speaker: Austin Lowery
00:06:24.844 –> 00:12:18.181
That’s where we started.
That’s right.
And so like I said, we started out where I had a company, Jetson Systems, and that company was installing home automation systems in high-end residential homes.
And these were touch screens that were controlling audio and video and security cameras and door access.
distributed audio, you know, music libraries, and all on a touch screen.
This is mind you before the iPhone was launched.
So this was kind of like a mind-blowing experience for high-end clientele that had large estates, large properties.
And we were making it really simple and easy and effective to control those properties from these touch screens.
And so we’ve brought all of that tech into the 11 application.
And where that started was our principal being one of our clients.
He acquired Jetson, brought it in house and said, hey, let’s build this out.
Originally the idea came from one of our clients, Mark Benioff.
And Mark was a, he’s the CEO of Salesforce, as you might know.
Great guy, super generous with his time with me.
I was at the time working for Mark in his home in San Francisco.
And he said, I’ve never had a system that is so easy to control.
I’ve had nothing but issues with my property in Hawaii.
Would you mind going and taking a look at it for me?
Give me an audit of that system.
So he flew me out.
I stayed in his home.
I did an audit and I came back and he sat me in his corner office in San Francisco.
And he gave me all sorts of advice.
He was very generous with his time.
We sat in his corner office on his sofa.
And one of the pieces of advice that he gave me was, you need to put this in the cloud.
You need to make it readily accessible to everyone.
I ought to be able to right now pull up my Y-Home and look at the cameras, look at the door access, look at the security system and the lights, all from my web browser and all of my homes.
And then you should be able to load in all the assets in the property and tag all the financial values and insurance policies.
And then how about property readiness every time I show up, the fridge is in stock the right way.
I’ve got incredible, capable staff, but they just don’t, they need a standard.
He had incredible ideas.
And I walked out of that office that day thinking, this is, I couldn’t shake the thought.
I’m like, this is something that I need to build.
And so I brought the idea to then one of our clients who’s now the owner, our principal of our family office.
And I brought it to him because he had a big, as I mentioned, real estate portfolio, 80 some odd properties.
He started the real estate practice at the Blackstone Group.
So he was heavily invested in real estate and he had that commercial hospitality business and he said, I mean, I brought it to him and it was a very quick conversation into my surprise.
He said, let’s do it.
Let’s do it.
I’ll fund it.
Let’s do it.
And so he acquired my then company jets and systems, brought it in house and we began the venture of building out the software tech.
What’s valuable about it, Phil, is that it started out integrating the cameras and the door access and the lights and the climate and all of those tech systems.
We’ve now integrated into back and general ledger systems so that you can pull in your CapEx and OpEx spending.
You can layer on budgets on top so that you understand, like, what is my landscaping bill?
Why is it so high?
You can have your team on the ground managing those costs by proactively going in and re-forecasting their budget on landscaping or on combination expenses or whatever it might be.
So you have complete transparency and visibility.
Your staff has the tools to ensure that the property is always ready and perfect for when you arrive.
So there’s no more gotchas, there’s no more surprises.
And when there are issues, the principal sees those issues in the dashboard.
He sees what’s happening before he arrives, so his expectations are set.
Number one, but number two, he knows that his team is on top of it.
And so, and then last but not least, all those financial assets that are tagged with insurance policies, but they’re tagged with appraisals, your art, your vehicles, your boats, anything else that’s valuable in the property can then be tagged and ultimately can roll into any type of a general ledger balance sheet.
and or financial reporting tool.
We have our own 11 financial, but we also support the integration into other rolled up reporting tools.
And that’s a big ticket.
I mean, for families and family offices, real estate and the real estate assets and holdings in the property end up being a very large number.
For us, it was roughly $300 million on the balance sheet of assets that previously were not allocated in his net worth.
So long story short of saying, we really manage the readiness of the property, all of the assets in the property.
We roll them in and integrate them into their net worth and role to purporting.
And now, what natively with AI embedded, we’ve got agents that become your virtual property assistant.
So what, you know, what,
What wine do I have that’s ready to drink right now?
Everything from a wine asset to what issues exist at the property?
When is the registration due for my vehicle?
All of those things, what is my landscaping bill?
Through an AI agent, we can get immediate insights and answers.
Speaker: Phil Strassler
00:12:20.003 –> 00:12:32.938
So those AI agents,
Are they specific to a client?
How does that, how do you navigate them that each client is separate in some way, shape or form?
Speaker: Austin Lowery
00:12:33.298 –> 00:14:43.799
Yeah, that’s a great question.
And it’s a good point.
And as you know, there’s, there’s some old joke.
Like if you know a family office, you know one family office, right?
Every family office is different.
We’ve learned that as we’ve onboarded various families.
They’re all different.
They all work different ways.
They all have different tools that they love using.
And we learned very on and very early that we needed to support the tools that those families use.
And we needed to be able to on-board those families in different ways, right?
In some ways, it’s simple as linking up.
They’re very organized.
And they have a Dropbox or Google Drive folder or other cloud folder.
It’s just a matter of linking up their folder to our AI GitHub.
and our data hub will ingest all that documentation.
And what’s powerful about our platform, Phil, is that what took 10 years to build was, in perfect, were all of the things and all of the assets in the orchestration layer of how a family office in a property should run.
So we have a beautifully designed, basically data structure database of everything that we know about that should be organized in a family, in a property, for example.
So that when I forward in an insurance document, AI knows how to breed that.
It knows how to parse it, what information to pull out, where to file it on what data card within the platform, and then where to file that document.
So we have to be very flexible with each family and we’re flexible by leveraging AI and the various tools that we have to onboard those clients.
And then we also have to be able to, on a going forward basis, we have to be able to support the legacy tools that they love and want to continue to use as long as they’re serving them well.
And sometimes, over time, they’ll move over towards using our platform and move away from the legacy tools like a spreadsheet, for example, that they’re using today.
Speaker: Phil Strassler
00:14:45.240 –> 00:15:01.159
So I’m thinking about onboarding.
So maybe you can just give me an example of one of the more messy clients, how you tackled it, how big the team was, how long it took for someone that came there.
And the reason they came there was you were totally disorganized.
Speaker: Austin Lowery
00:15:02.560 –> 00:16:39.456
Yeah, I mean, you know, sometimes you get that and you get a dumpster dive of information that you’ve got to sort through.
We had a client with who had just finished a pool house remodel and they had literally like one of those legal boxes of receipts and documents, you know, that they just handed to us.
And what seemed like a crazy monumental task is where AI becomes magical.
We’re able to provide, hand that over to a service provider that scanned in all that documentation, provided it to us digitally, and then AI was able to parse all that information.
And I would say 85, 90% of that information automatically got filed away and categorized for them into the platform.
Again, we’ve got the structure in place for a family office and for how a family office ought to run and be organized.
Hand us the documentation and AI will scan that information and put it where it needs to go.
And not only that, it bubbles up the important information into the right places, into the right data cards in the platform and gives you insights and visibility.
We had a client that said, I never understood my insurance policy until now.
The way you guys have rolled up the information in here, it’s very clear now.
And I have it now on my iPhone.
I have it in a web browser.
It’s always with me.
Thank you.
It’s a powerful thing to do to be able to have AI leverage and pull out the right information and file it away in the right way.
Speaker: Adriana
00:16:41.975 –> 00:17:03.597
You’re seeing me because we have a couple of questions, and I wanted attention to this, Phil and Austin.
And as you were talking about AI, I think it’s a good moment maybe to clarify Gary’s question, is it software or is it a genetic or generative AI and how you actually build your agent inside your system?
Speaker: Austin Lowery
00:17:06.401 –> 00:18:26.916
So our AI is, we call it 11 AI, and it is really the orchestration layer that leverages various agents within the platform that do certain tasks.
We have to be very careful about it and how we built it.
We built it natively for this purpose to ensure that, Adriana, you can’t just ask a question.
It’s not an open door policy, right?
You have to have rights and access to that information.
So we strictly follow our permission set.
So every part of the platform is permissioned.
You can see property.
You can see certain assets, not others.
Of those assets, you can see financial values or not.
Some housing staff can only see checklists, for example, and issue tracking.
So it really comes down to an AI orchestration layer.
We can plug in where we are agnostic about the different model.
You can bring your own model.
You can bring your own enterprise license and plug it in.
And that’s fine.
So we don’t care.
And our goal is really our foremost goal obviously is privacy and data security.
And so that’s where the orchestration layer is critical.
Speaker: Phil Strassler
00:18:28.089 –> 00:18:51.532
So maybe you should just give us an overview of a whole system and how property gets into that.
Yeah.
Seems like property was just the beginning of the journey.
That’s right.
And how’d you go from property to financial to, to all the different things that you’re working on now.
Yeah, the overview would be helpful to the audience.
Speaker: Austin Lowery
00:18:52.073 –> 00:24:41.868
Yeah, I mean, Phil, it’s a good story.
And it was something that we started building without realizing that we were building a family office operating system.
And so it started out with a specific need, which was around property.
And then from there, our principal said, you know, this is so incredible.
It’s completely organized the properties and insured property readiness and inventory all the assets.
And we built tools for his commercial business that cut down the staff literally by 40% because there was so much operational efficiency that he said.
Man, can you do the same thing here for my financials?
We’ve got all these financial assets.
That’s a line item on my balance sheet.
Can you pull in all the other line items in my balance sheet, replacing the then report he was getting from his Merrill Lynch advisor?
which we was only getting once monthly.
You know, by the time he gets it, it’s out of date and he’s got questions.
He doesn’t have real, he can’t make real-time decisions.
So he said, there’s got to be a way to make this digital interface where I can have all my assets starting with all these property assets.
rolled into my balance sheet with my private investments.
He was, again, I mentioned a Blackstone executive.
He’s like, I know, I know private equity.
I can help build all these detailed data cards.
The way you built a data card for a piece of art, let’s build it for a private investment.
And we did that.
And then we started, again, we needed to support the tools the team were already using, so private investments.
Our team used spreadsheets.
And they would have thrown their toys out of the crib if we said you got to start using our tool, not your spreadsheet.
So we learned very quickly we had to support that.
But we also pulled in an augmented investment detail by interconnecting with data feeds like Arch and Bridge.
And so with all that information and then the last piece of the puzzle was integrating into the back-end accounting system.
So now we can track budget actuals for operating businesses and non-operating business like properties.
So we’ve got budget, CAPEX-OPEX reporting.
And then all that detail and all those assets for the investments, for the underlying accounting system, roll into a neatly organized dashboard, where at the top level I can see all my assets, I can drill down, ultimately all the way down to that asset data car.
And the data card is a data-rich object that has not only all the information about the asset, but it has all the files, a private and secure document repository.
It’s got notes, it’s got all the contacts.
We even have our own private messaging tool.
that allows the team to communicate securely in the platform and to tag the communication to the asset so that all the communication and all the approvals and all of the issues are literally on the data card for that asset.
So it keeps everything neatly organized and all together with a digital paper trail.
We track everything that’s done, whether it’s a spreadsheet edit and we’re pulling in that data from the spreadsheet, or whether it’s somebody committing and manually editing it, we have an audit trail for everything that happens in the platform for accountability purposes.
So that’s all the financial stuff, Phil.
And then lastly, we said, we’ve got to build the last but yet most important piece, which is family.
and all of the things that really matter, like philanthropic endeavors.
All of that’s tracked.
You’re a state plan.
That can be automatically built with, again, AI.
I can forward and trust documentation into AI.
It is able to read that documentation, parse it, and populate a data card for each trust, ultimately rolling up to the estate plan with scenarios, with ownership structures,
So then I’ve got every asset because I’ve got every asset in the estate in the platform.
It’s really easy to just interconnect and connect all the links, right?
Your insurance policy, the ownership structure, how it’s tied to the ultimate estate plan and who owns what?
All of that and, you know, even things like travel tracking and residency reporting.
Our principal was in the UK and it was important for him to know to make sure that he tracked his travel very carefully because he wanted to be considered a US citizen, not a UK at the time.
And then within the US, he had another report.
He wanted to be Florida and not New York.
So we set up those rules.
We have travel tracking again.
His assistant will forward in his travel receipts for his British Airways flight or for his private aircraft.
And if it’s for his private aircraft, was it personal or business?
We then kick off capitalization reports to the accounting team.
We have IRS reports.
We were audited one time and were able to print off a PDF with 450 page PDF with all the receipts for the automobile, for the hotel, for his GPS records.
So it was like case closed.
There’s no question about his residency.
So any case, then of course, all the information about each family member, their passports, their licenses, their memberships, their visas, their birth certificates, all the things that you scramble for are neatly organized into the platform, which become really handy on the go and when you really have an emergency comes up.
Speaker: Phil Strassler
00:24:43.608 –> 00:25:12.846
So I find it very interesting that you start with property because that is probably
One of the most important things for the individual who’s generated the wealth, or your conversations with house managers, who are when you do the onboarding family office, who are you talking to and who’s ultimately using the system in what different ways.
Speaker: Austin Lowery
00:25:14.403 –> 00:27:26.175
Yeah, I agree with you, Phil.
We’ve come to realize that the single most needed solution for families when we talk to them are properties.
It’s uncontested what everybody immediately gravitates towards and really wants and needs.
And there’s really no competitor or conflict for what tools they’re already using.
So they might already have ADAPAR, for example, for reporting.
Great.
We can integrate with Adapar and roll in the property of the property assets and values into Adapar for their reporting purposes.
So who are we talking to?
We’re talking to the operations team.
And when we get to the COO, we really are talking to the decision maker.
And typically the COO is involved in the conversation in and around 11 property.
And so we found that 11 properties sort of as our land and expand model were very flexible fill.
We have those three applications that I mentioned.
That’s a platform.
And the power of the platform is all of that information I mentioned is interlinked and interconnected for rolled up and aggregated reporting across every asset in the family office.
However, if families are all set on financial reporting, that’s fine.
We can start with 11 property.
We can start with 11 family and property.
Some families want the whole package.
It really depends on the family and we scale our pricing and we start at very low and scale it based on the family’s asset sizes and needs and complexity.
But it’s kind of choose your own adventure.
You could just start with family and we call that land and expand because ultimately we’ve had clients circle back and say, you know what?
We would like to consider replacing out of bar with your financial reporting tool.
It’s much simpler and it provides more detail to us and it aggregates everything that goes beyond what we’re currently tracking in out of bar.
Speaker: Phil Strassler
00:27:27.335 –> 00:27:34.908
So I have a couple of related questions.
So from Gary, Gary always has a lot of questions.
Speaker: Austin Lowery
00:27:34.968 –> 00:27:36.169
So, okay.
Speaker: Phil Strassler
00:27:36.309 –> 00:27:49.739
There he says, sounds like you replace or lay on top of the state space.
Nines, orca, luminary, or at a par.
If that sounds to me like the answer is yes.
Speaker: Austin Lowery
00:27:50.740 –> 00:27:51.200
That’s right.
Speaker: Phil Strassler
00:27:52.654 –> 00:27:54.355
So he said, if the answer is yeah.
Speaker: Austin Lowery
00:27:54.715 –> 00:29:14.195
So yeah, I mean, so like NINES would be a competitive product by nature to 11 property.
We have some additional features that NINES doesn’t have.
I think NINES is a great software solution, but the power of ours is, you know, the difference I would say would be CapEx and OpEx reporting and integration to accounting.
The ability to roll your financial assets into a balance sheet of any general ledger type.
We could support any of them.
and systems integration.
So being able to see your cameras and your door access and your security and all of that, it’s system monitoring.
So you have a digital tracker that checks all the, all the digital, the cameras and the, and the Apple TVs and if there’s, if they’re frozen, we can reboot them remotely through a power of ethernet switch.
So we do things a little bit, we’re a little bit more robust,
We’re not necessarily, we wouldn’t necessarily integrate with all of those solutions.
It’s a good example.
We wouldn’t integrate with NINES.
You’d either be NINES or EBS.
You’d either be ADAPAR or EBS.
You could integrate with ADAPAR and we have done that.
So anyway, back to the second half of that question, Phil.
Speaker: Phil Strassler
00:29:14.955 –> 00:29:54.041
Right.
So what you basically have designed, I understand, is an integrated system.
pushing things into each other.
So the natural progression was, we did property, clients that were comfortable with what property was, they said, can you do more?
Right.
And then that came to, okay, now you’ve gotten our assets there.
Can you do more?
Right.
So is that, is that sound right?
In other words, is instead of piecing things together,
You said that being as comprehensive as possible in the system.
Speaker: Austin Lowery
00:29:55.782 –> 00:30:58.800
Yeah, I mean, we started out when we first started out selling this product, we were selling the entire platform.
Because we’re like, that’s the power, like, who wouldn’t want this?
And it took a lot of at-bats to really listen to our clients and hear their feedback.
I think we quite overwhelmed some clients because our platform is so wide and deep and we found more success in leading with powerful solutions like property.
It’s very simple.
It’s easy to get your head around and you could see the immediate impact and onboarding 11 property with our services team.
I mentioned 11 experience.
We have an entire property onboarding team that can get a client in a very large home up and running within several days.
And so we’ve found that we’ve had the most success with what you just mentioned.
Land and expand, let’s start them with property and let’s first earn their trust and impress them.
Speaker: Austin Lowery
00:31:04.046 –> 00:31:31.674
And then once we’ve done that, then they can start to, you know, typically we can start to introduce other solutions.
If there’s a need, there’s not always a need that some families, you know, they come right out of the gate and they say, listen, we are on Adapar.
We’ve invested a lot in it.
We’re happy with the reports.
We’re never going to switch.
And that’s fine.
Then what we need to do is instead we need to integrate the data from 11 property into their Adapar reports.
Speaker: Phil Strassler
00:31:33.306 –> 00:31:38.710
So what about bill pay?
How do you integrate with bill pay?
Speaker: Austin Lowery
00:31:39.230 –> 00:32:55.843
We just like an accounting, just like a general ledger system, bill pay is a separate software solution.
We’re not a bill pay solution.
But what we do do around bill pay similar to how we have a budget layer on top of general ledger, what we do with bill pay is we leverage our messages platform for approvals.
So that’s where the family will forward into the AI, the invoice.
It creates a message.
It then gets sent to the appropriate person who’s responsible for approving that invoice.
Once it’s approved, it then integrates to where we’re working right now in integration with bill.com.
And we’ve got, in other cases, we’ve got a large financial advisor and they’re using Archway.
in archways doing all their bill pay.
So what we’re doing is layering on top of archway to pull in all the general ledger codes, their actuals.
We’ve got the budgeting tool on top, then all the bills come through our platform are then approved and then they sit there and the message is Q for the ARAP person who’s over at archway to pay the bill.
Speaker: Phil Strassler
00:32:57.464 –> 00:33:15.997
So I’m curious also on history,
When you’re onboarding, how much history do you suggest, or is there a standard in terms of onboarding?
Because someone’s obviously going from an old system to your system.
Speaker: Austin Lowery
00:33:17.539 –> 00:33:55.681
Yeah.
I mean, we can.
So if they’ve got the data in their old system and they can extract that data, we can certainly pull it into our platform.
There are other solutions as well that are out there, for example, around alternative investments.
I know you and I have talked about Bridge.
And that’s one of their key strengths, is being able to agentically be able to act as you as an agent logging into your portal, grabbing all your information, which is already historically in the portal.
Then from there, we can suck all that information into our platform.
Speaker: Phil Strassler
00:33:57.503 –> 00:34:16.135
So in terms of extraction of information, if that information is all there, how do you know it’s reconciled?
It’s actually reconciled and it’s final as opposed to something that could change in some way shape or form on the financial side.
Speaker: Austin Lowery
00:34:20.345 –> 00:35:42.317
Well, you either can use, you can either have a shadow accounting service provider, which is what our family office uses.
We work with a company called SRL.
They’re over in the UK and they do shadow accounting to cross check every single transaction.
It can happen where you sell some type of a security or asset at Merrill Lynch and they’ll have a two day holding period before that turns into cash.
And so you just got to be aware of things like that, or a data feed could break.
And so what we’ve done to sort of mitigate that as best as possible, and been pretty effective, is we have a net worth mover chart on our 11th financial dashboard.
And that net worth mover chart shows me on a whatever periodic basis I choose.
It could be daily, it could be two days, it could be three days a week a month.
I can see how my net worth has changed, and then I can see the specific items on my balance sheet that have moved, and why, and then I can drill in and get answers.
So that saved us a ton of phone calls.
We kind of joke internally.
It’s eliminated a lot of the WTF emails and text messages.
Speaker: Phil Strassler
00:35:43.037 –> 00:35:49.603
That’s a terrific attribute.
Yeah.
That’s very, very interesting.
Speaker: Austin Lowery
00:35:50.183 –> 00:36:03.153
Yeah.
So that’s been a powerful feature of the financial dashboard for not only us, but for our principal.
He’s got real time information at his fingertips.
Speaker: Phil Strassler
00:36:03.814 –> 00:36:07.056
How about inputs from data?
Where are you getting all of your inputs from?
Speaker: Austin Lowery
00:36:08.878 –> 00:36:09.938
For which type of data?
Speaker: Phil Strassler
00:36:10.619 –> 00:36:22.080
So it’s a public securities, private securities, in other words,
Do you have things that link up which gives that stuff instantaneously?
How is that?
Speaker: Austin Lowery
00:36:22.220 –> 00:37:09.494
Yeah, wherever we can get a digital data feed, we are happy.
We want to automate that as much as possible.
And a lot of that, it can easily and magically be done using various custodial aggregators such as Platt and Quilt.
So we’re integrated with both of those.
And then in some cases for an obscure bank that those two won’t handle, we’ll write our own integration feed to that bank.
And if they aren’t tech savvy enough to have an integration data point, we can typically pull down a CSV file.
once daily and they’ll set that up in a secure FTP folder for us and then we can grab that, pull it down and we’re Excel wizards, like we’ve got a whole Excel team that does that.
It’s kind of an old hack.
Speaker: Phil Strassler
00:37:12.898 –> 00:37:23.026
So it sounds like one of the biggest differences is that AI is not bolted on.
It’s India from the very beginning as you’ve designed the system.
Speaker: Austin Lowery
00:37:23.867 –> 00:39:19.398
It had to be.
It had to be because security is so critical and so important.
We can’t have the Wild West running around releasing AI agents to just grab information from all your own structured data.
The data had to be structured.
And it had to be structured for the purpose of tying down permissions and access rights and rules in the family office.
And then from there you have agents that do their specific job.
So there’s no one agent that is getting information from here and from here and from here and from here and compiling it.
Then that AI agent technically with a leak, if there were one, that could be pretty dangerous, right?
But if you have multiple agents doing their one specific task, there’s no real threat.
And so on security, and I mentioned
We didn’t hit on the security from that last question, and I did want to circle back to that.
We take it very seriously.
We undergo a number of tests every year, SOC2, SOC for Cybersecurity.
We have application penetration tests, external application penetration tests.
We have internal audits of our data security and data models.
We spend, we have an entire team that is literally like non-stop working on, you know, working with external vendors to ensure the utmost data security and privacy.
And we’ve undergone and have passed a bunch of different InfoSec audits from major banks.
So security is, you know, we really believe our platform is watertight.
with data security availability and privacy.
Speaker: Phil Strassler
00:39:21.119 –> 00:39:36.091
So is this is this is the full system is it designed for single family officers multi-family offices what clients are getting the most bank for their park when you talk to them?
Speaker: Austin Lowery
00:39:37.111 –> 00:40:40.321
Yeah, I mean we are
We are finding that advisors and consultants and MFOs and RA’s are all, they’re loving our platform because it gives them
sort of a Swiss Army knife of various tools that their clients may need.
There may be gaps and it gives the advisor or the wealth manager a differentiated way to reach out and approach those clients and offer them solutions.
And that’s really what it’s all about.
It’s about advisor trust relationships, providing them solutions, and doing it in a differentiated way.
And in some cases, those advisors are happy to just make the introduction, and they’ll introduce their clients to us.
And in other cases, we’re going through deep lymphosex, and they’re wanting to white label our solution and call it their advisor solution.
Speaker: Phil Strassler
00:40:42.145 –> 00:40:48.819
So in one case, the advisor owns the system and the other case, the individual owns the system.
Speaker: Austin Lowery
00:40:50.367 –> 00:41:52.238
And in cases where the advisor is willing to be the service provider to the family for the applications and components that they’re providing to those families, they will consider wanting to white label it, meaning XYZ Bank or advisor, and they give it to you, Phil, you log in and you’re seeing a branded solution
from that advisor for all the services that they want to offer to their clients.
In other cases, advisors or wealth managers won’t touch, they won’t touch property, for example.
Not all of them actually, there are some that recently have mentioned larger wealth management firms that are doing that, they’re offering it.
But not all of them will, in which case, they’ll just refer them to us and say, you know, Levin, it’s great.
They have an incredible solution to take a look.
And that’s just a service that they’re offering by making the recommendation.
Speaker: Phil Strassler
00:41:53.450 –> 00:42:01.552
What about the behind the scenes, the service element?
Who basically, you train the group, how does that work?
Speaker: Austin Lowery
00:42:01.892 –> 00:43:15.187
Yeah, it varies, Phil.
And we’ve learned that we’ve got to be able to provide a turnkey solution for all of our software.
It’s kind of software as a service.
Or sorry, service as a software is kind of our joke.
This software is powerful.
It’s enterprise level software.
We’ve got to have, for example, somebody who’s willing to onboard a client for their properties.
We happen to have that team.
We have a huge team at 11, 11 experience.
Go check out www.11experience.com and you’ll see what I’m talking about.
And so that service team can come in for the advisor, get that family onboarded.
And we’ll do as little or as much as they like.
We can come in and just train.
They might have a property manager.
And we love that.
We’ll come in and train them.
In some cases, we’ll come in and find and hire and work with the local vendors on the ground in Palm Beach, for example, for that property.
We’ll load them onto the platform.
We’ll train them on the checklist and issue tracking tools and what the property standard should be.
Speaker: Adriana
00:43:17.580 –> 00:43:36.070
So let me step in because we’re coming up on time, but we still have a few questions and answers, so maybe what we’ll do.
I mean, Austin, if you can address them quickly, there’s 11 calculated investment performance.
And how do you price for RIAs?
There was also a question on ORCA and entity charts.
Speaker: Austin Lowery
00:43:36.790 –> 00:43:53.403
Yeah, and maybe we can also follow up and have I can I’m happy I’m happy to follow up if you if there’s an email I’m happy to follow up with each of those those Through an email that might be the best way to do it or and or we can also set up this specific demo for someone to show them What they’d like to see
Speaker: Adriana
00:43:54.625 –> 00:44:55.631
Yeah, so you actually need me to a perfect ending here because I do want to point out that we have a couple of demos with 11 on photocop.com and it’s every time we’re in a session with you Austin, we had a ton of questions and
which is, I think it just goes to show that you’re in this quite unique category that people are trying to understand, like the breadth of what you’re doing.
So we can do this.
You will also demo 11 again at our annual conference, which is taking place on the 18th and 19th November.
So please, everybody mark this in your calendars to comfort the latest from Austin and team.
And we will follow up with everybody who asked questions.
If you want to be connected with Austin or Phil, if you’re not already connected to Phil, I’m happy to connect people.
I like doing this.
If it’s helpful to both sides.
So don’t be shy.
Just ask.
Speaker: Phil Strassler
00:44:58.492 –> 00:45:39.375
So I would say also in closing, if you have a problem that you’re trying to solve,
What’s didn’t they have a system themselves?
I think how he started the business was basically solving a problem.
And then what happened was he next problem solved.
Next problem.
We ran out of time, but I wanted to hear about the next problem he’s going to solve, which is on the drawing board.
But I think if you’re really having a problem with your system, he’s the right person to talk to.
because they’ve thought about it already, and they’ve either said, we have a solution, or here’s what you should be thinking about, okay?
Speaker: Austin Lowery
00:45:39.935 –> 00:45:47.460
So, I’m going to talk to you.
Yeah, that’s right, Phil.
Thanks for saying that.
You’re absolutely right.
That’s exactly how it evolved.
Speaker: Adriana
00:45:47.480 –> 00:45:50.643
That’s an excellent plug, Phil.
Speaker: Austin Lowery
00:45:50.743 –> 00:45:52.264
Enjoy with the page, you know.
Speaker: Adriana
00:45:52.984 –> 00:46:19.064
Thank you.
That was excellent.
Phil, we should do this more often, I think.
And thank you, Austin.
Thank you, everybody, for joining for your questions.
Thanks to Chris for helping us answer some of them as well.
So that was a nice surprise.
And see you, we’ll follow up.
So wait, look out for that.
And some of you will see us tomorrow.
And we see you sometime soon, everybody.
So thanks again and have a good afternoon.
