Nick Beim

But consumers really want a person who understands them, who they trust, who empathizes with them,

And they develop a real relationship with that person that they value.

They rarely switch advisors.

And that is the centerpiece of the advisory industry.

And that was very hard for Silicon Valley to rock.

Absolutely.

The context is critical, and so often it comes out of the dialogues and relationship that people have with an advisor.

It's coming very fast.

That possibility will absolutely come to pass.

And it's interesting.

I know the people driving sort of the alts revolution well.

I used to work with Lawrence Calcano at Goldman Sachs a long time ago.

This is something that customers want and customers demand and that increasingly funds are able to provide.

So I think we'll see a lot more of that.

I do think, though, that just because I come from this world, it's worth saying that

The most attractive funds don't want to have retail, like small venture funds in particular, really don't want to have retail investors.

It just adds a lot of regulatory oversight and hassle.

We've got a great business working with a limited number of really sophisticated institutional clients.

We're not playing an asset accumulation game.

We're playing a performance game.