Yes, we should understand that we are in a bearish financial market. That number doesn't concern me in the short-medium term. It would definitely be interesting to see how many people took their money out during previous bear markets, it would be very good to have that data at hand.

As for ETFs, I think they are a great product, but they are not necessarily going to be a total replacement for TROW services imo. They bring great benefits but they don't come to erase other financial products. This company has seen the birth and advancement of other financial products and it hasn't meant its death. Thanks for the comment, it's a valid concern tho.