AI for Family Offices, founders & Investors: Revolutionizing Investment Decisions

In this episode, Richard C. Wilson, founder of the Family Office Club, shares his expertise on how Artificial Intelligence (AI) is transforming the investment landscape. Drawing from insights gathered at the AI mastermind event hosted earlier this year, where top decamillionaires and centimillionaires discussed how they are leveraging AI for growth, Richard reveals the tools and strategies that are driving success in family offices today.

Throughout the episode, Richard outlines the various stages of AI adoption and explains how AI is evolving from basic applications to more sophisticated systems. He introduces several proprietary AI tools that the Family Office Club has developed to streamline due diligence, improve investment decision-making, and enhance the efficiency of investors and entrepreneurs.

Here are the key AI tools Richard discusses in detail:

Dewey: Instant Due Diligence Advisor – An AI-driven tool designed to assist in due diligence by analyzing 100+ checklists and white papers. Dewey can quickly digest extensive documents (like pitch decks or PPMs), identify red flags, and highlight areas of concern, offering valuable insights to investors without replacing human expertise.

Billionaire Collective Intelligence – A tool built by feeding insights from 45 billionaire interviews and over 900 public talks. This tool allows users to interact with the collective wisdom of billionaires, gaining advice on scaling businesses, negotiations, and investment strategies, all tailored to the mindset of high-net-worth individuals.

1 Line Capital Raising Pitch – This AI tool analyzes pitch decks based on 25 factors, offering immediate feedback on areas that need improvement. It generates multiple one-liner options based on specific criteria, helping entrepreneurs perfect their pitch to investors.

Instant Partner Insight – A personality profiling and background analysis tool. This tool pulls publicly available data and offers insights into the red flags or risks associated with potential investors or partners, helping you make faster, informed decisions without a lengthy search.

Investor Advantage – By feeding all the transcripts from events hosted by the Family Office Club, this AI tool serves as a powerful knowledge base, offering feedback on structuring deals, capital raising, joint ventures, and more, all based on the lessons shared by seasoned investors who have spoken at Family Office Club events.

Throughout the episode, Richard emphasizes the importance of AI tools in enhancing productivity and making smarter, more efficient decisions in the fast-paced world of investing. These tools aren’t just designed to replace human input but to augment it, enabling investors to leverage AI for more informed decision-making and a competitive edge.

This episode is packed with insights into AI’s role in family office operations, and Richard’s practical approach to integrating these tools into your investment strategy. Whether you're a family office, investor, or business owner, these AI-powered solutions can help you streamline your operations, mitigate risks, and scale your business efficiently.

Transcript

They've said AI is going to change the world more than electricity, more than the
Internet did, took seven years for 100 million people to use the Internet, GPT took
60 days. So everything's moving much faster, the adaptation of it, much faster. Every
time technology comes, those that are agile and adapt typically fare much, much
better. You can survive and still ignore it, but it's like a plumbing company that
doesn't have a website and doesn't use Internet It might not be as robust of a
business, right? This is what I was talking about while introducing Jim, is that if
we could look forward in the future, it's going straight up in front of us in
terms of the exponential curve. Ken Wilbur is a philosopher. He wrote a book called
The History of Everything, and in that book he says, "Everything goes through three
stages. There's immaturity, adolescence, and maturity in nature with human beings,
processes, companies many times. And for me, going through AI and figuring out what
to use it for, I might be on a similar path to a lot of you here in the room.
So I wanted to share this so you could create your own tools, use our tools, and
kind of see how I view those stages of adolescence with AI. So a lot of people
have a CRM and they do smart things where they say, "Oh, let's send an email to
30 ,000 people, and now Let's only have our team call the people who clicked on the
link or let's only call the people who open that email. And now you're only calling
people who just clicked on an email from you in the last 45 minutes. They're more
likely to call you back or more likely to reply to your email that you know they
already read this morning, right? So that's just using tech. That's not AI at all.
That's where a lot of companies are or can be very easily these days. The next
level where over 50 % of us are is using these LLMs. We had DeepSeq was released
the night before our New York City event that we hosted at PACE thanks to John
Lutera. But a lot of you probably have been using ChatGPT, Groke 3 .0 I found to
be the most advanced now since that one came out and it's been the most useful.
This is what a lot of people are using and it's kind of a base level kind of
immaturity level of using AI. What we tried to do then to put on a really good
mastermind is try all these different AI tools out there. But it turns out a lot
of them don't work as prescribed. Our beta mode are just trying to get critical
massive users to test out and get things dialed in and almost none of them are
built for people raising capital or built for investors. There's very few tools out
there probably that you have found that are hyper specialized to you and you're
using besides LLMs if you're like me. A lot of them just are complex to set up or
they don't really do what they promised they would do and they cancel the trial a
day after trying and say there's no way I'm recommending this to our investor club.
One we do use is Fireflies. We transcribe all of our phone calls. We can look at
sentiment, how long the person talked versus listened, how many questions they asked,
what their longest monologue was when talking and we can look at our best
salespeople and see how that went, like how their calls went. We can also have a
new member of the team read over transcripts of calls that led with the one call
sale that was made. And just having that big data to be able to look at over
time, I think is going to be super helpful for our team. So Fireflies is a cool
AI tool. We is wizard to take one video, chop it up into YouTube shorts, and
create smaller videos. That's really helpful for putting content out on social media.
Super cheap tool. We mentioned this at the mastermind as well. So I love things
like that. They're just super practical. But what I found is that a lot of them
are not dialed in to you and I as founders and investors. So we've developed these
five tools. We have another one that's live that built this weekend,
but it's kind of in beta mode. And we've built an internal tool that's not on
here. So I'm going to go through each of these real quick. This first one, we've
already gotten fact that it saved our investors hours and hours of time. So Dewey
is basically an AI tool that has been trained on 100 plus due diligence checklists
in white papers. And it's the equivalent of hiring somebody and saying go read these
150 white papers, keep them all in your brain, and I want to text you night or
day any time and within 30 seconds I want you to digest a 50 page pitch deck and
tell Tell me red flags things are missing is evaluation off possibly what questions
I should ask and if you're in the middle of due diligence explain to it what
you're doing what you're worried about and then ask it What else you're missing?
What are other red flags? What are more questions? I should ask how many times
during due diligence as an investor if you had to ask the other party who's selling
you something What else should I be asking? You know, but all of us have been
there before because we're not an expert on porta -potties or cemeteries or dry
cleaners or whatever it is that the private equity firm is focused on, right? And
how many people have invested in something and you did not honestly read every
single word of that 144 -page PPM. And if by some miracle you did, you fell asleep
on page 89 and you didn't know what 10 % of the words you've even meant, right?
And so you can read it. You should read every word. You should consult a real -life
attorney, a real -life forensic accountant if you're putting any real money into
something. But also, you could have Dewey read the 144 -page PPM and say, "What did
I miss? What are the red flags? What's left out here? What should I be worried
about? Why not have a second AI brain looking at it?" So we call it Dewey,
and I think it's a super practical use of AI because it's not replacing a human.
It's like, "You should also be doing this." The best chess player in the world plus
the best AI system at this point is the best combination. Eventually,
I think AI will be better than any human looking at it, but we're not quite there
yet. We have also figured out a couple ways to license this.
If you run a platform, a community of investors, and you want to clone what we
have on Dewey, and then rebrand it, add in special formatting and special process
for your investor club or platform, and you want to work together in a way like
that. Pretty easy for us to do that, and you can leverage a couple hundred hours
we've spent on AI. But if you're a member, you get access to the Dewey tool just
as a member. There's no extra cost to do that. We have unclicked the button that
shares conversations with the GPT brain. So in theory, GPT is not sharing things you
upload. But Microsoft Office, Google, when you write a Gmail, are they scraping our
data and reading things when they promise they're not? I mean, who knows with big
tech companies? So obviously you just have to be eyes wide open about such things.
The second tool here, billionaire collective intelligence. What we've done is
interviewed 45 billionaires so far. We have found 60 infographics on data on
billionaires. But more importantly, we've found 986 talks that billionaires have given
publicly. And we took the obnoxious job of transcribing 986 public talks and fed all
of that into the AI tool so you can have conversations with, present your
challenges, your opportunities, your scaling strategies, what's going on in a
negotiation, and get feedback from the collective wisdom of everything that
billionaires have said publicly on the Internet that's been recorded that we could
find. And So by doing that, it's really interesting because when it answers,
it will quote the exact billionaire. So you're not just getting random advice and
hoping it's smart. You can really know, oh, my advice is coming from the founder of
Starbucks or my advice is coming from Mark Cuban or, you know, you really hear who
the advice is coming from and the exact quotes many times of what they said. So
this tool is just kind of interesting and helpful and we ask it some questions that
I'm just kind of curious about as I'm going on a walk, exercise, and et cetera,
then I'll bounce it off this tool. The advantage here is an LLM is muddled by
everything on planet Earth that gets uploaded there. It scrapes Wikipedia, it scrapes
Quora, it scrapes all types of information. So the advice it's giving you is muddled
by the average IQ on planet Earth and everyone using it. If you have an LLM that's
only used by heads of family offices, it's going to be super specialized to the
brain intelligence and thoughts of family offices. This one is super specialized to
the thoughts and patterns and mental models of billionaires and Munger says we all
need to collect 100 mental models. This is a way to bounce your models off of
billionaires mental models. This is a fun one to play with. The next one is
something that's related to our panel tomorrow. You can upload any pitch deck and
within 30 seconds, based on 20 criteria and the seven discussion panels we've done
rating people's one liners, it will digest your pitch deck and spit out seven one
liners that are structured with one to three statistics mentioned with unique,
compelling offer that fits the criteria that we say on stage you should be fitting.
And we do it in 12 to 15 words, and it gives you seven options. If you tell it,
I really liked option two and three. Give me seven more options that sound like two
and three, but also include the fact that we've been in business for 17 years, etc.
Then it will give you another seven options. So you see when we do the one -liners
on stage, almost no one has a good one, and the investors all tell them that. And
these are people who offer to submit their one -liner. Many people don't have one,
or they know there's just so bad they don't want it on the big screen. And so
this is a tool I just thought would be super helpful for everyone in the club to
use. Investors want you to be able to say synchly exactly what you're doing and not
say the same thing that everyone else says.
This next one is one that's kind of in beta mode. But essentially, as long as you
have the person's permission, you can take the person's first name, last name,
company name, and what city they live in. And if you don't have their company name
or some of those details, it's not the end of the world but it's more accurate if
you do. And then it basically replicates If you spent 15 minutes poking around on
Google and you search a person's name and add the word scam or Ponzi scheme, or
fraud, or FINRA, or SEC, or conviction, or look at public data sources and what
they've said publicly, this will tell you likely personality profiles, looking at,
like, Strengths Finder, et cetera, but it will also tell you any red flags, and if
it doesn't find anything, it's not a background check, right? It doesn't replace a
background check. It's just like when you're going into a meeting or right after a
meeting, you know, you ask someone if you mind if you run this and you can
instantly get a report on someone very quickly that otherwise would have taken you
poking around on Google for several more minutes. We have an internal version of
this tool that Vanessa and Rachel and our team are using for vetting investors to
speak on stage at our events and it helps I get to know them very quickly.
Investor Advantage is us taking the transcripts of all the investors who have ever
spoken on stage at our events that we've recorded, transcribing all of those, all of
our 1100 YouTube videos, and basically all the content that our company has
developed, and then feeding it into the brain of this AI tool so that when you're
asking questions against it, It's like you're asking for advice against all the
people that have been speaking on stage at our events all these years so that you
can get feedback on structuring deals, doing joint ventures, raising capital, feedback
on your capital raising plans, feedback on doing joint ventures with publicly traded
companies. If you want to start working with pro athletes, feedback on that. We've
had dozens of heads of other investor clubs on stage. Can give you advice on that.
So I think you get the point. This one, we have all the raw data for. I need to
configure a few more things on the back end, but I decided to build these myself
and not outsource it because I know what our members probably want. And if I build
it so it's super helpful to me selfishly, then I think it's gonna be really
helpful, likely to most of you who are founders as well. The last one here, so I
can let everyone go and have fun networking like it sounds like other people are
out here is this pitch deck success score. So what we've done is taken this AI
tool where you upload your pitch deck and it will rank it and score you based on
25 factors and suggest some things you may want to change in your deck.
It's a reason it's called artificial intelligence. All these tools are going to make
mistakes sometimes. They don't replace like a real human looking at it. But this can
give you ideas on what you might need to improve on your pitch deck instantly
without having to maybe go through a consulting process with somebody, et cetera.
So as long as you're a member of a family office club, then we're happy to give
you access to that. So those are the tools that we've built. And that was a
relatively long day. But at the beginning of the day, one of my top pieces of
advice was to stay in the room. So I'm glad that you listened by being here. and
I hope you enjoyed the fireside chats and all the discussion panels. Tomorrow we're
gonna have another strategy session fireside chat with a billion dollar plus family
office. We're gonna have five discussion panels on stage. We're gonna have a few
standalone presentations and then I'm gonna share after interviewing 45 billionaires
what are seven mental models that are core and found most common across all the
billionaires I've interviewed and across the 120 books that I've read that are
authored by billionaires and they're things I'm paying really close attention to and
how we scale our business going forward. And thank you.