We can move on to the next slide, and this is with electronic investment advice. If you want information about advisers that provide electronic investment advice, Colleen and I also spoke about this last year because this was an exam priority with my compliance office. You should be able to find those slides on my compliance office website. They're also on NorthPoint's website, as well, if you want to find more information about this, but I'll briefly review it. Last year, when we polled our audience about 80% of the audience does not have any kind of ... provide any kind of electronic, digital, automated platform where they having algorithms made by [inaudible 00:18:35] decisions with respect to securities. 10%, a portion of them, were robo-type advisers and only 25 were pure robo-advisers. That's all. I'll move off this topic pretty quickly. Again, I'll just go over the bullet points here.

I believe the SEC is still learning themselves about these algorithms and these types of advisers and trying to stay ahead and try to anticipate any potential compliance program. So, by doing examinations that are looking into the oversight of computer algorithms, that's for generating recommendations and making sure that this is being properly communicated to investors and marketing materials and any conflicts are being disclosed. So, the SEC is really trying to stay ahead of the curve, although, this right at the moment, the robo-advisers have grown and automated and digital platforms have grown. 

This webinar was co-hosted with Victoria Hogan and Colleen Montemarano of NorthPointCompliance.com