“The banks have known for a while that this day was coming; they got so beat up during the [financial] crisis, and all these non-banks didn’t have the same regulations to comply with,” Rodriguez Valladares says, citing asset management giants like BlackRock and the Vanguard Group as examples. “From 2008 to now, there has been unbelievable, explosive growth by all these non-banks, and what that means is banks now have to be leaner and meaner.”