What will the industry look like in 10 years? JOHN THIEL: I think it will be team-based. You'll see a different standard of care applied than today's. We think a fiduciary standard will be the rule, and the suitability standard will be a subset of the standard but not the driving standard of care. That requires a much more robust documentation process for advisors than they have today, because it's no longer about whether the investment is right when they recommended it. It's whether it's the right thing every time, every day for the life of that relationship. And so that requires advisors working with fewer clients. They are not going to be able to meet that standard of care and the documentation around that standard of care with 400 clients. You just can't.

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