What's different about the integrated advisor?

Yeah, Jamie, thanks.

I, I think to answer that question about what's different about the integrated advisor is I wanna tee off of what I said a few minutes ago, which is that the ultra high net worth space and family is a different space and have a different set of needs, because I think that's what leads to the answer as to what, what is different about an integrated advisor.

And in its simplest sense, Jamie, when you're dealing with an ultra high net worth family, and I'm, I'm really thinking about centimillionaires and, and up, what, what is different about that kind of family, there are, there are a couple of things.

One is complexity on its face, okay? And I think, you know, if I go all the way back 25 years, Fox did a survey, Family Office Exchange, that looked at large centimillionaire families and how many different providers they tended to work with.

And by providers, it was law firms, accounting firms, investment firms, private banks, brokerage firms, uh, custodians, trustees, right? The list went on.

And I think the answer 10 or 15 years ago was, like, 26, something like that, and my guess is it's gotten even more, more complex.

What has changed in her role in terms of the organizational design of WE and talent specifically?

And so tell us about your jump to GenSpring and the foundation of GenSpring and the massive growth in the open asset, the open architecture industry.

There's really two connects to be made here.

One is the open architecture thing, and the other goes all the way back to that idea that I was talking about earlier, which was demand side versus supply side, beyond just what kind of investment products they were looking for.

But that went to a fundamental question about what is advice.

And when I experienced the wealth management industry, and I'm not talking about any particular institution here, I'm talking about in general as a structural matter, that the entire industry was calling themselves financial advisors.

That was a new term.

It was the in vogue term.

think you folks learned a certain amount of discipline as well.