Mass affluent

Everybody wants to work with the ultra high net worth for the reasons that we know.

You can have one client that's worth $5 million versus five clients that are worth $1 million and have to do less service, right? So I understand it, but I do think that the big opportunity in the space right now actually exists in the mass affluent.

I do not think that there are enough firms today that are intentionally building service models around the mass affluent.

And so to get back to your example around this like exclusive members only offer, yeah, you absolutely better have the service model to back it up.

You also need to actually be exclusive, which we don't see.

So you really need to be building a business that's authentically true to you.

And don't chase the ultra high net worth market just for the sake of it.

If you serve the mass affluent really well, there's incredible opportunity there.