Asset management is what we do — and this is How We Think.

Some experts are writing a eulogy for the AUM model many advisors have relied on due to the emergence of AI.

Even if it’s premature for eulogizing, there does seem to be a structural shift happening, which is outlined in a new white paper I co-authored with Mike Garrison, a business coach and best-selling author. In “The Fee Opacity Thesis,” we outline our thoughts about:

• The advisory industry isn’t facing generic disruption
• Instead, it is splitting in two: Scale Practices (tech-forward firms serving hundreds of households efficiently with transparent, lower-margin pricing) and Complexity Practices (relationship-first advisors tackling the high-stakes, multi-generational problems that AI can’t solve)
• There could be a dangerous middle ground facing advisors who are charging premium fees for services that technology and scale players are making cheaper and clearer by the day