\label{section-2}
Appendix
2: The Universe of Investable
Assets
\label{appendix-2-the-universe-of-investable-assets}
To frame our analysis and understand where disruption has happened in
the past, we analyzed the global flow of assets from money holders, to
intermediaries (advisors), and on to money managers. Collectively, we
call this the universe of investable assets, which totals today roughly