“It's not really going to replace the thing that the people are actually paying us for. It's so simple. It's attention. Is somebody paying attention to me? … I see all these B2C AI startups that are, oh, we're going to do this agentically. Nobody will pay you for that. That will be zero dollars and Vanguard will do it and Schwab will do it. And there will be no margin and no audience.”

People, they need to be heard. They need to think out loud. They need to say things and see how they land on the person they're saying it to. They need somebody that thinks of them and remembers things that might be important for them. And they need to have the sense that there's somebody else who has a stake in things turning out well. We're using tons of AI, like all over the place. I'm paying the bills. Okay. It's great. It will absolutely enable us to scale up and serve more clients. It'll take our most talented advisors and give them a third or fourth hand to work with. It's amazing. We love it. It's not really going to replace the thing that the people are actually paying us for. It's so simple. It's attention. Is somebody paying attention to me? I can't say yes. And you will get an automated response as soon as you send us an email that has no value. Nobody could sell that. I see all these B2C AI startups that are, oh, we're going to do this agentically. Nobody will pay you for that. That will be zero dollars and Vanguard will do it and Schwab will do it. And there will be no margin and no audience.