The asset management industry is in the early stages of a third major relationship shift, where investing platforms — including AI-assisted financial assistants — are increasingly owning the client relationship, following earlier eras when asset managers themselves and then financial advisors owned it.

17:38then the advisor owned the relationship and we had to pivot to support the adviser. And now increasingly you see platforms owning those relationships whether retirement platforms or AI assisted uh financial assistance and so it's just shifting and you know I don't know how far that will go. I think it probably ends poorly because that trust that's such so important in our business and the relationships that you know you

18:08build with your clients and at the end of the day the advice is important but it's the behavioral side that's so critical with you know retail clients that they need somebody to come to when the markets go down and explain this is not a time to abandon your investment but rather a time to probably really look at things as being unsafe. The second part of your questions was

18:30about technology and markets. Um, you know, markets change and markets determine winners on a year-to-year basis. Um, and obvious but the whole industry there's idio idiosyncratic risk, but for the most part, the in the industry moves in unison when markets go up and down, right? The thing that differentiates asset managers over a longer period of time is technology and whether it's the proper or improper use of technology determines the winners

19:01over longer periods of time as opposed to the markets which has a shorter term orientation. So, one of the one of the big things about this platform uh moment that you're describing and I totally agree with you, you uh you now see situations where the whole game becomes about um distribution and uh taking existing investment strategies and fitting them into technological methods of delivering them that go obviously go

19:31beyond the open-end mutual fund. So like one very obvious example is a lot of firms are converting active strategies into ETFs and then taking it a step further now that we have a lot of advisers using custom indexing. Yep. >> You see a lot of asset management firms saying, well, how can we take our secret sauce and turn it over to a technology platform that will enable advisors to