Ben Gilbert: belief

Transcript context

…-and this situation where they've found themselves that because of ETFs, their competitors, or quote unquote competitors, can access their funds easily and in sort of an open garden on their own platforms where they will then profit from the customer relationships with those fundholders. Yeah, in other ways. See, I don't view that as a problem. I think like if you're Vanguard, you're delighted to get the business, to have people buying Vanguard funds on Fidelity. But there is a vulnerability of you actually don't have a relationship with those customers, but, and they have a relationship with Fidelity. Yeah. And they can easily trade in and out of your funds whenever they want. And their advisors on those other platforms might one day advise them to.…

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