The industry started out with an authoritarian kind of command-and-control model. And the structure was static and rigid.

To be competitive, you no longer could have a slow, hierarchical, command-and-control decision-making process that was also far removed from the customer. You make a product-decision mistake or miss a product generation, and that could be fatal in a fast-moving world.

Companies are more fluid and adaptive now and can respond more quickly to change. I think most of the changes have been for the better.

There's better tax control inside a separately managed account.

This is the last chance where he or she has sole control over his destiny. After this, it's the needs of the service.

When things begin accelerating wildly out of control, sometimes patience is the only answer. Press pause.