Firms like Vanguard in the U.S. were virtually created by the 800 number and the post office. The key will be whether the firms in our industry have the imagination and capital to successfully employ this technology. Without a doubt, our success as an industry will largely depend on our ability to maintain the trust of our burgeoning client base, our regulators, and the general public. One of the challenges to trust will be how we handle the added responsibilities that come from the self-determination of retirement needs. In the U.S., the issue of retirement security is taking on greater and greater prominence, and the specific issue of how to ensure the solvency of our Social Security program is a major political priority.
Similar movements are under way in other countries.
We expect that this movement will grow in intensity. The ramifications of increased self-determination on the part of working people are substantial. Those ramifications present opportunities but come with responsibilities for the fund industry, especially since we have become the retirement savings vehicle of choice. Perhaps obviously, as people in this huge demographic wave get older, their ability, desire, and need to save for retirement is a tremendous force. Indeed, this demographic shift already is helping fuel the rapid growth of our industry and, given my earlier caveat about trust, should continue to provide significant momentum to us in the future.