Hello Savio,

Wow, that is such high praise! I agree with you; the implications for the industry would be enormous. Frankly, I am not sure there is any appetite to reform the industry when margins remain north of 25% for most asset management firms. But perhaps if robo-advisers start to harvest the fat in these margins there will then be a desire by the industry to refocus on the client, and on consistent returns, and across all of the products. As opposed to focusing on entities most clients would be hard pressed to explain: the "wire houses."

Yours, in service,

Jason