Mark Gurman

I'll try to be succinct.

But the first is I think what causes concern is not so much just the AI.

It's the fact that we also have built a very modern infrastructure for our wealth business.

So the things you can do on Altruist, you just can't do anywhere else in terms of the speed of opening accounts and funding accounts and managing of assets.

If you take AI and you put it on top of bad, antiquated infrastructure, you're not going to get a ton of value.

It's kind of akin to putting self-driving on a horse and buggy or something like that.

You need to have an entire vertically integrated ecosystem.

I think, if anything, that's maybe where some of the market concern is, is that what happens if something is digital and it's 20% or 30% better, you add AI and multiple agents, it becomes 200% or 300% better.

Now, advisors could very much have a shift in where they decide to custody their assets.

That could be pretty monumentally difficult to overcome for some of the big incumbents.

As far as what makes the model unique, the way that we built Hazels, we rely, like most AI companies, on having...

really clean data.

So data is a huge advantage.

I think, you know, Mr. Worcester was right in saying that data is very critical.

In the case of a custodian, you have the ultimate system of record, meaning we have all of this data on clients, transactions.

That makes it a lot easier to give personalized analysis and feedback back to the users.

Jason, make a voucher.

Sorry, we're out of time, but grateful for the conversation.

Coming up, we look at Waymo.

We'll be right back.