MM: We believe that the most important return the investor will get is the one they get net of fees, taxes and inflation. When it comes to fees, we believe the traditional asset classes of fixed income and equities are hard to pay a third-party manager and generate a rate of return at a fair fee and net of the advisor’s fee that leads to any kind of consistent outperformance. So, we manage most of our fixed-income and equity assets in-house.We have a number of relationships that are north of $100 million. O ...

The problem is that it’s not something that you’re going to go out to the internet and get ChatGPT to do for you. It’s not built for that. It doesn’t have the resources to really focus on financial questions. In order to make it valuable for you, AI needs to know about you, your portfolio, your family structure and your financial needs. You’re not going to put that kind of information out on the internet to train some model. So, we do all that. We put it inside our private data vault. Even so, it’s not quit ...