Mark Gurman

So it was puzzling to see our stock sell off related to AI because we're benefiting from it in multiple ways and bringing it to our clients.

It's allowing us to reach new clients.

And I think that's why you won't see the population of advisors shrink is that AI will be useful in reaching new clients that we couldn't before.

Has Mr. Worst or any other leader in that field phoned you since Tuesday?

And would you be open to working with these companies literally jointly?

Yes.

No, I haven't heard directly from Mr. Worcester.

But we already actually work with any independent financial advisor.

One of the reasons why we stood up Hazel as a separate entity, Altruist, of course, is a direct competitor to Schwab, Fidelity, LPL, and others.

But we wanted Hazel to be something that any advisor could use to help any client.

And we didn't want them to be forced into using a single custodian anymore.

So there are already thousands of advisors who use Schwab, for example, as a custodian that are leveraging Hazel and doing so to drive better outcomes for their clients and a lot more operational efficiency for themselves.

And we have, I'd say, in the last 48 hours,

It's in the hundreds of very large, significant, you know, wealth management companies around the world reaching out to see if there's a way that we can partner.

So definitely looking forward to, you know, putting this tool in as many hands of as many capable advisors in the U.S.

as possible.

Let's talk about the tool and the technology.

What are the data sets that the underlying model is trained on?

What is your core competence that if there is concern from the legacy industry of wealth management, what is it they should be concerned about and what is it that makes this model powerful?

Well, so there's two parts to that.