FIRST CLEARING LLC

You really had an oligopoly between Schwab and Fidelity.

Sure, there's a number of compelling, say, more boutique custodians, whether Pershing Advisor Solutions, Goldman Sachs, which was another newer entrant to custody, LPL, Raymond James, First Clearing, and a number of others are also in the space.

But it is a market that is dramatically dominated by the two largest players.

So I think this matters because you add an amazing, venerable brand and reputation of Vanguard with this scrappy upstart custodian.

I have no idea.

I'm also excited to see, we'll call it the tech face-off between Altruist and Robinhood.

Robinhood acquired Trade PMR, which is on the Wells Fargo first clearing platform and is in the process of launching an RA custodian themselves.

So now you have, I think, two pretty incredible tech forward custodians really trying to gain market share.

My last question is, how does the operational integration work? How much of a pain in the ass is it for the advisors to get integrated with the platform and vice versa on the client side?

Okay, well, real simple, just so you're still aware, we still clear all of our business, 100% of it today at Wells Fargo First Clearing.

Not one nickel is currently custody at Robinhood on the advisory side at this point in time.

So while that is being built out to make sure we've done that, which we will have a version of that by the end of this year, I hope, for people to be able to customize our custody at Robinhood with some things, we will always give advisors the choice of where they want to custody, whether it be at Wells Fargo or at Robinhood long-term.