This principle allows one to mathematically calculate that 91.7% of an iceberg's mass is underwater.
In a wealth management firm, a very large percentage of services lie "beneath the surface" in the form of Back Office services like: Account Custody, Settlement, Clearance, Record Maintenance, Regulatory Compliance, Accounting, Cyber-Security, and IT Services.
Outsourcing these labor-intensive, low margin functions to highly-specialized "best of breed" partners affords the ability to reduce costs, maximize efficiencies, and provide superior service.
As a point of reference - not a comparison - The US Navy has demonstrated the capabilities of a small, but highly-specialized elite unit, supported by large, resource-rich partners.
Recent advances in technology, communications, and outsourced partnerships, have empowered small yet focused elite teams with the resources necessary to offer superior services, products, and security, then even the "largest" competitor.