Nick Beim

They're both very good at it.

And we use those applications today.

They didn't do everything.

And they tried to do some things and weren't successful at them.

I think it'll be similar for LLMs.

They'll nail some horizontal applications.

You can see OpenAI experimenting with planning travel for you or helping you with e-commerce.

You can see Anthropic experimenting with business agents.

And coding, of course, has been a very attractive area for both companies.

But they can't do everything.

When I look at wealth management more broadly, I think there are two kind of structural problems that lead to a lot of opportunities.

One structural problem is

is the current technology in the industry is terrible.

If you were to ask any financial advisor, hey, how much do you like your custodian or these different point solutions, they'd tell you they were very unhappy.

So what's happened is financial advisors have to work on legacy custody platforms, primarily Schwab, Fidelity, and Pershing that were developed 20 years ago.

They use batch processing, very limited APIs, just

technology you would have expected in the 1990s.

On top of that, they have to cobble together all these expensive point solutions.

And it means that they spend so much of their time in operations, getting their tech working rather than with customers or growing their businesses.

So terrible tech in the industry.