Thanks, operator, and thank you to everyone for joining our call. It is a pleasure to speak with you again. After an outstanding first half of the year, we delivered another quarter of strong business performance and excellent financial results while continuing to advance key initiatives. We delivered improved organic growth during the quarter. We advanced our preparation to onboard Commonwealth Financial Network later this quarter.

We began the phased rollout of our proprietary AI agent, Cyan, to advisers and we continue to deliver strong operating leverage. Now to highlight some of our Q3 results. In the quarter, total client assets were $2.6 trillion, up slightly from Q2 and as continued organic growth was largely offset by modest market headwinds. We attracted organic net new assets of $29 billion, representing a 5% annualized growth rate. Prior to large institutional wins, this was our best organic growth rate in over a year.

Our third quarter business results led to strong financial performance with record adjusted EPS of $5.97, an increase of 15% from a year ago. Turning to our strategic plan. Our vision is clear. We aspire to be the best firm in wealth management. To do that, we remain focused on 3 key priorities: one, preserving the client centricity the firm was built on; two, empowering our employees to deliver exceptional outcomes for our advisers and institutions and their clients; and three, delivering improved operating leverage.

Effectively executing on these focus areas will help us sustain our industry-leading growth while advancing the efficiency and effectiveness of our model. With that as context, let's review a few business highlights from the quarter. In Q3, recruited assets were $24 billion, bringing our total for the trailing-12 months to $81 billion. The vast majority of recruiting took place in our traditional markets where we added approximately $23 billion in assets during Q3 and again captured an industry-leading share of advisers in motion while maintaining strong recruiting pipelines.

Turning to overall asset retention. It was 97% for the third quarter and 98% over the last 12 months. This is a testament to our continued efforts to enhance the adviser experience through the delivery of new capabilities and technology and the ongoing evolution of our service and operations functions. Now let's turn to Commonwealth. Final preparations are underway, and we are on track to onboard Commonwealth advisers in mid-November.

Following 18 months of collaboration with our Commonwealth colleagues, we have established the integrated operating model that preserves the core of Commonwealth's industry-leading approach to serving advisers. From an operational standpoint, the technology and capability builds that underpin this conversion are complete. The householding architecture, advanced case management platform and the single relationship agreement we have discussed on prior calls are built and in final testing.

While each was scoped to enable the Commonwealth conversion, each also benefits every adviser and institution already on our platform. As we approach the transition, our focus has shifted to supporting Commonwealth advisers and their staff with their preparation and training. Our teams are deeply engaged with Commonwealth advisers to ensure that they can serve their clients without interruption from day 1 on the LPL platform.

With only 2 weeks until conversion, we have increased clarity on final asset retention, which we now expect to be approximately 83%. As for our broader work to continue elevating the experience for all LPL advisers, during the quarter, we soft launched our proprietary AI agent, Cyan. The initial pilot for Cyan Assist included several hundred advisers and the early feedback has been overwhelmingly positive. We're on track to expand access to Cyan Assist to all advisers at the year-end with additional high-impact capabilities planned for early next year.

In closing, the third quarter was a solid one for LPL and the final one before the largest conversion in our history. I want to take a moment to thank our teams at both LPL and Commonwealth for their tremendous hard work and dedication in getting us to this point and positioning us for a successful onboarding next month. We are building something special, and I'm incredibly proud of the passion and dedication our teams bring to supporting our advisers.

As we look ahead, we remain well positioned to serve as a critical partner to our advisers and institutions to continue delivering industry-leading organic growth and to maximize long-term value for shareholders. With that, I'll turn the call over to Matt.

Thanks, Rich. It was another productive quarter as the team continues to deliver exceptional results. To reiterate some of those highlights, we delivered solid organic growth, further advanced our adviser experience through investments in our service organization, drove improved operating leverage through ongoing efficiency gains and better modernization of the value we deliver to clients, progressed our preparations to onboard Commonwealth in mid-November and executed on our capital allocation strategy where we remained active with our liquidity and succession capability and returned approximately $300 million to shareholders through share repurchases.

These efforts resulted in strong third quarter business and financial performance and position us to sustain that momentum through year-end and into 2027. Now turning to a few highlights from our Q3 business results. Total client assets were $2.6 trillion, up slightly from Q2 as continued organic growth was largely offset by modest market headwinds. Total organic net new assets were $29 billion and approximately 5% annualized growth rate.

As for our Q3 financial results, the combination of top line growth and expense discipline led to an adjusted pretax margin of approximately 38.6% and record adjusted EPS of $5.97. Gross profit was $1.662 billion, up $44 million sequentially. As for the key drivers, commission and advisory fees net of payout were $496 million, up $10 million from Q2. Our payout rate was 88%, up approximately 50 basis points from Q2, driven by reductions to our corporate advisory pricing as well as the typical seasonal build in the production bonus.

Looking ahead, we expect our payout rate will increase by approximately 40 basis points in Q4, driven by typical seasonality. With respect to client cash revenue, it was $472 million, up $15 million from Q2. Overall client cash balances ended the quarter at $56.6 billion, down $300 million from the prior quarter. Within our ICA portfolio, the mix of fixed rate balances ended the quarter at roughly 65% within our target range of 50% to 75%.

Looking more closely at our ICA yield, it was 352 basis points in Q3, up 16 basis points sequentially, primarily driven by the updates to our client cash sweep rate methodology we discussed last quarter. As we look ahead to Q4, we expect our ICA yield to increase by approximately 20 basis points as we benefit from the full quarter impact of the methodology change as well as the September Fed rate hike. As for service and fee revenue, it was $218 million in Q3, up $9 million from Q2, driven by revenues from our annual Focus Conference.

Looking ahead to Q4, we expect service and fee revenue to decrease by a few million. Moving on to Q3 transaction revenue. It was $79 million, down $4 million from Q2 due to lower trading volumes. As we look ahead to Q4, we expect transaction revenue to increase by a few million. Now turning to our acquisition of Commonwealth. As Rich mentioned, we are on track to onboard advisers in mid-November. To ensure we deliver a great transition experience, our collective teams are engaged with advisers and their staff to assist with preparation and training.

And we've added resources to handle expected increases in activity around the onboard. As Rich mentioned, with only 2 weeks until conversion, we have increased clarity on final asset retention, which we expect to land at approximately 83%. As for the financials, accounting for our updated retention expectations and current market levels, we now estimate run rate EBITDA of approximately $415 million once fully integrated.

This works out to a purchase price multiple of roughly 8x EBITDA, which remains a compelling use of capital. Next, let's move on to expenses, starting with core G&A. It was $532 million in Q3, up $13 million sequentially, but below the low end of our outlook range, primarily reflecting the timing of expenses that we expect to shift into Q4. For the full year, given the efficiency gains achieved throughout the year, we are narrowing our core G&A outlook range.

We now anticipate 2026 core G&A to be in a range of [ $2.140 billion to $2.160 billion ]. Turning to TA loan amortization. It was $150 million in Q3, up $8 million from Q2. As we look ahead to the fourth quarter, we expect TA loan amortization to increase to approximately $160 million. As for promotional expense, it totaled $88 million in the third quarter, up $9 million from Q2, driven by our annual Focus Conference.

Looking ahead to Q4, we expect a similar level of promotional expenses. Turning to interest expense. It was $106 million in Q3, up $4 million sequentially. Looking ahead to Q4, we expect interest expense to increase by approximately $11 million from Q3. Turning to depreciation and amortization. It was $117 million in Q3, up $7 million sequentially. Looking ahead to Q4, we expect the increase in depreciation and amortization to be more pronounced than typical, given the recent deployment of several new capabilities related to Commonwealth.

As a result, we expect depreciation and amortization expense of roughly $130 million. Regarding capital management. We ended Q3 with corporate cash of $563 million, up $133 million from Q2. As for our leverage ratio, it was 1.9x at the end of Q3, slightly below the midpoint of our target range. Moving on to capital deployment. Our framework remains unchanged, focusing on allocating capital aligned with the returns we generate, investing in organic growth first and foremost, pursuing M&A where appropriate and returning excess capital to shareholders.

In Q3, we deployed capital across our entire framework as we continue to invest to drive and support organic growth, remained active with our liquidity and succession capability and return capital to shareholders. Specific to share repurchases, we bought back roughly $300 million of our stock in Q3, in line with the plan we outlined last quarter. As we look ahead to Q4, we plan to repurchase another $300 million. In closing, we delivered another quarter of strong business and financial results and are prepared to onboard Commonwealth in mid-November.

As we look forward, we remain confident in our ability to execute, continue to drive growth and operating leverage and create long-term shareholder value. With that, operator, please open the call for questions.

Yes. Thanks, Stephen. It's good to talk with you. So as you noted, organic growth in the quarter improved to 5%. And when we look at the adviser recruiting activity, it has largely returned to normalized levels. You see that in the performance in the quarter, but we also see that in the pipeline, most notably in the progression of the pipeline, we may have noted quarters earlier where we were kind of front-loaded into the beginning of the pipeline, we see a pretty even distribution across the entirety of the pipeline.

And so as we continue to progress in adviser recruiting, we see that as we join more onto the platform, we actually see them being replaced with new opportunities that are into the pipeline and progressing at the normal cadence that we've seen at historical levels. But when you think about our expectation for normalized organic growth and getting it to the higher end or mid- to high single-digit range, this is generally predicated on contributions from large institutional onboarding in addition to the individual adviser recruiting. And so specific to the institutional recruiting, we continue to feel great about the opportunity.

We have more active dialogues than we've had in the past. Those dialogues are increasing, and we have a growing pipeline of diverse potential partners. But I would remind you that in this segment, this is a complex decision for leaders of those firms, and that will take sometimes quarters and possibly as long as years to make the decision to move into that partnership. And from an outsourcing agreement, once we've gotten to that and announced it, because of the complexity of the needs and sometimes the technology builds that we have on our end, it can take several quarters before the assets transition to our platform.

And so we expect to continue winning institutional opportunities. But with the timing of those onboardings likely increasingly benefiting our 2028 growth. Maybe that's how I take them together across the adviser and institution pipelines.

es, Alex, I'll call you, Alexander. It seems so formal. Look, I think -- yes -- maybe just a quick walk on the $415 million. I think it's probably not lost to you. That was where we started with our original expectations for run rate EBITDA. And lots happened over that time period with macro moving up and down. Retention obviously coming in below that 90%, but synergies coming in better. So all in all, not that you usually nail it, but I think we're right on top of where we would expect it.

I think for your point on timing, really no change in what we've been talking about for quite some time, so -- which is the ramp to that run rate EBITDA by Q4 of 2027 and clicking down into that. Once you get on the other side of conversion, it's usually those revenue synergies that will come quicker, things like sponsor-related agreements, cash sweep economics as it comes into our program. And then the expense side is just more gradual over time as a general point.

And probably be more gradual in this instance because we are taking our time. We are -- things like we are intentionally retaining the entirety of their service organization that is a big part of their value proposition and their model. And then the other areas will be steady throughout 2027 to ramp up to that $415 million. I think to the last part of your question on puts and takes or risk to that, it's really the same things that I just talked through.

I mean, you've got your typical macro environment items. But I think outside of that, it's really just us executing on implementing the target operating model, which I think we feel really good about. And I think you then get back into -- on the other side of that integration, I think I can -- and maybe Rich will want to jump in here, but I think I could probably speak for all those Commonwealth advisers that are excited to get on our platform and move beyond learning the new tools and integration and get back to what I think they do best, which is growing and serving their clients. And I think that's the -- probably the opportunity in front of us there.

Yes. Maybe, Matt, I'll jump in there for a second. Last week, Wayne Bloom and the entire Commonwealth leadership team hosted the Commonwealth National Conference. There were roughly 1,000 advisers, home office staff as well as sponsor partners. And I would say that the overwhelming sentiment in -- across the entire resort was eager anticipation, an acknowledgment that we are keeping what has made Commonwealth, Commonwealth, the Service, the supervision, the support, et cetera, the community, especially and augmenting that with what makes LPL, LPL, which is exceptional technology, the ability to continue to invest at scale, quickly delivering incremental capabilities.

And I think the combination of those 2 firms is not 1 firm getting bigger, but 2 firms getting better together. And overwhelmingly, that's the sentiment we had at the National Conference. And so feel good about -- now listen, there's work to do. And obviously, to go through a conversion, there's a little bit of work, but we feel good about when we get to the other side of that, how we'll support advisers making them successful, driving their practices and keeping Commonwealth intact.

Yes, of course, I appreciate the question. So like I said, we feel good about that large institutional channel pipeline. Look, if you take a step back for a second and you look at firms that are thinking about a partner in that institutional segment, what you have are folks who are looking to take advantage of a world-class platform capability set. And when you're going through that full assessment with a full partnership model, we're the market leader and have been the market leader for several years.

We support over $600 billion in client assets in wealth business with our partners on the institutional channel. And that $600 billion is multiples greater than those of our next closest competitors. And so when we get into those conversations, more often than not, the conversation is talking about helping those firms accelerate the organic growth of their wealth platform by utilizing our industry-leading tools and our services and support of their advisers, think about that as planning, high net worth capabilities, broad access to product et cetera.

We also help them improve their margins because we run more efficiently, more often than not than how they're currently running their wealth management business. And a material component of the decision is often around reducing the regulatory and compliance risk. When you think about that for firms that are largely governed and regulated by a different governing body, regulatory oversight that they be more familiar with.

As they move into a [ FINRA ], SEC environment, sometimes they're not as familiar, and obviously, we're very familiar. And so you put that all together with our proven ability to transition large-scale opportunities, I think Prudential, think First Horizon, think Wintrust, think M&T, think BMO, we've been able to demonstrate that we can go through those transitions, do them close to seamlessly and allow those firms to move their business forward in a material way, and we show up continually with them to add value to them to drive growth together with joint growth planning cycles, support and -- of their advisers as well as their leaders in the wealth side. And so I would tell you that as we come out of the backside of those large transitions that we've seen, we have quite a bit of advocacy in the segment as well.

What happens is as we get into more conversations, we have reference clients who feel really good about the advance in what I told you, their growth, their margins as well as a reduced risk environment. And so we feel full-throated endorsement from our current clients. Again, I mentioned we're in more conversations than I can ever remember us being in, and those conversations are across a number of different types of firms.

So not just banks, community credit union, national, regional, you're talking about insurance product manufacturers as well, retirement record keepers. And so as we broaden those discussions, we see a robust pipeline, but I'd harken back to one other thing I said. It is a complex decision for them. It takes a long time to work through the financial modeling, the operational modeling and then to get into conversion planning.

And so while we see a robust pipeline, we see advance across multiple segments. I would tell you that as we look forward, more often than not, if we're -- as we get into contracting, it will take several quarters for them to get those over. And so I would anticipate thinking about that growth that we may see from the continuing wins, we're benefiting at 2028 time. So thanks for the question.

First, Craig, I like your use of the first person plural. So I give you kudos. I'd like to know who the rest of "we" is, but I presume you're a broad community. But -- so seriously, I would underscore what we had said previously. Look, this is a big body of work. We're taking this work very seriously, and we're doing the work today. We need to make sure that any of those actions that you outlined are well considered, evaluated against the opportunities and risk and align with our long-term strategy.

And that would be creating value for advisers and clients and shareholders. And I feel good about the progress we're making on that evaluation. And so we expect to have more to share in the first half of next year.

Yes, Dan. I think on promotional, I think the -- we do -- we typically did see a decline in Q4. I think the one thing that -- it's largely driven by our conference spend. But I think -- something that's a little bit different this year is our national conference was in Q3 and Commonwealth happened to have their national conference in Q4. So that's probably the biggest thing that's new. We also have marketing seasonally picks up in the fourth quarter, that's picking up a little bit more than typical.

So it's probably those 2 things that are new versus the prior trends. Like all planned, but just a little bit of a different seasonality. I think your point on TA, there's nothing over the long term. There's really isn't anything that I would highlight that would be different from short-term trends, which is all by volume in the level of TA rates. And I'd highlight, as we've talked about the last few quarters, TA rates have been quite high given the recruiting environment has been quite aggressive.

So how long that sustains itself is hard to know, but I think that's one thing. But if you think about over the long term, you could think could moderate at some point, but that's just hard to predict when. So I think the shorter answer I'd give you is just TA in line with our volume level of recruiting is probably the best guide on where that heads from here.

I'll take the kind of shape and contours of the recruiting pipeline relative to 6 months ago. So maybe I'd take back as we had conversations in previous quarters, we had mentioned that 18 months ago as we went through the Commonwealth, announced the transaction and we moved into the recruiting environment with Commonwealth. You mentioned that we had to ring-fence what was in the beginning, a subset of our recruiters and then what became much more material component of our recruiting force to make sure we're educating Commonwealth advisers.

And given the deployment of capital and the strategic import of Commonwealth is absolutely the right decision for this firm to make sure that we could educate Commonwealth advisers as strong as we possibly could. And we mentioned as we reach towards the end of last year, we began to see those recruiters coming back onto the field. There were still quite a bit of questions as you've seen even in the continuing movement of Commonwealth retention, we continue to have to educate the advisers as they have a number of questions.

And largely, as we got through and certainly now, we got through the course of this year, there was still a subset of our recruiting team that was working to continue to stay engaged with Commonwealth to educate them and work through their diligence as well. Relative to 6 months ago, I think you saw us largely having that recruiting team back on the field. And as we mentioned last quarter, what that means is, we're going to begin to feed into the first stages of the pipeline.

What we saw 6 months ago was what you might see is the python swallowing the pig in the first couple stages of our recruiting pipeline being outsized relative to the later stages, as you might expect. What we've seen over the course of this year is a normalizing of a movement through the pipeline of more of those to more of a steady-state looking pipeline that is healthy across all of the phases of the recruiting pipeline. That's what I would expect to see going forward is that we continue to feed at the levels that we were in the first half of the year and have continued over the second half, with the continued progression into later stages of the pipeline and then enhanced joins.

As we reflected, we feel good about what this quarter recruiting looked like relative to historical norms. And we feel that this firm's value proposition is still the strongest value exchange in the marketplace. We still have more advisers in motion choosing to join LPL than any other firm. And we expect, over time, that continues to strengthen. Do you want to talk about...

Yes. Michael, I'll hit the October update. I'll do cash sweep as well as organic growth. On the cash sweep side, headline is October shaping up a bit better than expected, given the typical seasonality. So I think you know well, but advisory fees hit primarily in the first month of the quarter. That reduces cash. Advisory fees for October were $2.6 billion. So that reduces cash. Outside of that timing impact, cash balances are actually up $1.4 billion in the month.

So continuing that build that we saw in September. So you put that together into October, we're sitting around about a $1.2 billion decline to roughly just under $55.5 billion. On the organic growth side, as you know well, those same advisory fees hit organic growth in the first month of the quarter as well. So month 1 is typically the lowest month of growth in the quarter. And then secondly, we have a little bit of a larger attrition item coming through in the month.

So not unlike you saw in August, where we had a larger join in an individual month, which I'd caution not to extrapolate. That was quite good in August, you just see a little bit of offsetting effect of that in October. Outside of that, retention levels are consistent with the strong levels we've seen recently. So put all that together, we would expect October organic growth to be in the zone of 3%, which is not unlike what you saw back in Q3 with July, which was also in the zone of 3%.

I would use -- I'd -- just maybe, agitator. That's a joke.

Yes, Brennan, that attrition I was speaking to was core LPL. So I think we'll update the Commonwealth once we onboard it to that 83%. I think we've given you the disclosures of the numbers at 100%, so you can kind of get -- do the math on what the 83% will be, but we'll update that when it comes on the platform. And the attrition that we've spoken of is really core LPL attrition, not Commonwealth.

Yes, Mike, I think when you look at cash balances, and I think -- as I point you to, which is what we look at, when you get in these periods where cash is at the levels of that, and you've got a fairly robust market where the denominator continues to grow. It's really about the cash balances themselves, and we look at that per account. And cash -- the cash had come down to about $5,000 per account quite some time ago.

And I'm sure you recall us talking through that. And it's remained roughly in that place. It will bounce a little over 5%, a little under 5%. So from our perspective, cash has really reached the levels necessary to manage the account, right, for rebalancing, paying advisory fees, facilitating withdrawals. So that percent of AUM decline you see is more about the asset -- overall asset levels growing. So I think that's where we see the floor.

I think your point on AI tools and advisers, I would just underscore advisers are the ones managing the cash. It is not a challenge. There's not a lot of friction for them to manage that today. I think when you look at the amount of cash that we have in cash sweep versus your more investment-type cash, whether it be money market funds, treasury bills, short-term bond funds, you have a lot more cash in there, nearly double the amount already in.

So the headline for you is it's not hard to manage today. Advisers are doing this. From our standpoint, it's not some AI tool that's necessary to take some next leg there. We provide those products, advisers are using them. And what you see in cash sweep is really that operational cash necessary to manage the account, which we're now a couple of years into seeing that around $5,000 per account is kind of where it settles in.

Yes. I'll just start on the landing at 83%. So I think we started the deal underwriting to 90%. I think if you look at where we were last quarter, we were right around 85% for folks that had signed. We just had a small number of advisers that had signed decide to -- not to stay, right? So it's as simple as that, that brought us down to 83%. So not too much of a decline. And maybe just to underscore, with just being a couple of weeks out, that's why we feel fairly clear on how much is going to join around the 83%, 83% zone. To your broader questions and points, Ben, I'll let Rich jump in there.

Yes, Ben, I think you've noted it right. I think as we moved into the Commonwealth recruiting event and the announced, what you saw was a pretty aggressive move in the marketplace, specifically around TA. You saw TA up -- move up dramatically, call that the April time frame through the summer of last year and sustained at those similar levels. I think we're in so many deals in the marketplace today, and we see that, that sustained level of competitive intensity, specifically around TA has persisted those TA levels.

Now I would reiterate, as we're in those conversations, that is -- while TA grabs attention and it is a headline rate that you see in the marketplace, and you've got to be within the area code of the TA rate to make sure you get into those initial conversations, more often than not, the advisers who make the decision -- when advisers make a decision, they're making a decision about the capabilities, technology and support and service environment that the firm that they're going to join is that's usually their #1 decision-making criteria. The second is the ongoing economics. And then third is TA.

I can tell you across 1 and 2, we feel like we are incredibly strong in the marketplace with our supportive environment, our capabilities, the continued advance of our capabilities, the service environment and our support. We also feel that our ongoing economics are really at the top end. And it is where TA, where you see us recognizing that, that is the third most important decision criteria, but we've had to make sure that we are in that competitive range. we stay disciplined on our underwriting criteria, but recognize that we've got to be close.

And I think that's what you see going on is the sustained elevation in market TA rates from competitors who have decided to stay aggressive in the marketplace.

Jeff, headline is we haven't seen any meaningful change in the environment around retention. And I would just say, broadly speaking, it really is not a standard industry practice. We'll use -- we have a small budget for tactical situations like when you maybe a poor service experience or some unusual operational issue or onboarding issue. But I think what you're referring to the concept of more almost re-recruiting existing advisers retention loans is not something we generally see or do.

Our focus, as you can imagine, is on our value prop, right, making sure that we deliver a day-to-day experience that is the reason to stay and grow with us. And so that's where we focus our attention.

Maybe I'll add just one small thing. I think we've been on the other side of firms that write those large retention bonuses. And listen, that's a decision for the firm to make no judgment call on that. But we have seen that as those -- we've seen advisers now that have gone through that as they begin to get long in their retention, new retention agreement with their firm, they're still misaligned with the firm. And so we've had a non-zero number of advisers who got re-recruited with large retention packages, they're still misaligned with their firm and they're still itching to move.

The reason, again, to go back, the impetus for action that existed, that led to the discussions in the first place and led to the decision that sometimes gets reversed with a retention bonus, that doesn't mean that they're long-term stable, but often means that that's just buying some time to stick with the firm.

Bill, I think on, on the timing of synergies, it is by Q4 of 2027. So I covered it a little bit earlier, but a typical path for an integration for us, which is shortly after onboarding. You get the revenue synergies earlier, which is typically when you're moving the cash onto our custodial platform as well as the sponsor agreements and then the expenses come through over time. And my point on service a little bit earlier was, one, there are not synergies in service because we're retaining that group in its entirety.

And then we're going to be deliberate about a deliberate pace on the rest of those areas to make sure we are protecting the overall experience. So that was why I was just underscoring that, but it's all nested within that timing point of by Q4 2027. On the brokerage versus advisory, I'll just give a data clarification, maybe turn it over to Rich for the broader point. Just keep in mind, I suspect you do know, but keep in mind that brokerage to advisory conversions, which is a long-standing continued trend.

When you look at the growth rates, I think you're looking at for brokerage versus advisory separately, that will be an outflow in brokerage and inflow in advisory. So I think that's a big reason that you see in some quarters, some outflows from brokerage. It's really -- it's staying here. It's just going over to advisory. So I just want to make sure you have that context and maybe Rich, anything broader?

I mean I think maybe I hit it from some 2 angles around that brokerage. You're going to see that drawdown on our side as you continue to see the growth in advisory. You see advisers on balance committed to an advisory construct to a fiduciary construct. And I think that is generally run unabated over decades. And so we are the beneficiaries as our advisers are continuing to move in that advisory pathway. Now You mentioned some market dynamics, and I think those market dynamics are right.

I think Bill, I'd probably angle you a little bit towards that largely sits on the self-directed side. And I think you probably -- I don't want to be too much of a prognosticator here, but you are seeing some growth in prediction markets, crypto, et cetera, and alternative investment vehicles that are driving some of that self-directed utilization. And so I think you'll have to look at that, and we'll continue to look at how we think about emerging new asset classes and investment types.

But I think on balance, what you would see in an advice through an adviser relationship, you continue to see that shift from brokerage to advisory. And we feel that, that reflects the health of the business as well as where the center of gravity is headed in a financial planning-centric world.

I think we're as well familiar with some of those platform fees that have been added. I think they -- over the years, they've been added in different constructs. So they've seen custodians add them as optional. I think in the wirehouses, you've seen that largely on sponsor-based revenue and looking at that in a different construct as well as a platform fee. As I mentioned, there are -- we're doing work to consider all the alternatives as we think about pricing.

We historically have challenged convention as well in pricing. We're in the middle of that work, and so we're assessing all alternatives as well and are well aware of some of the changes that have gone in the marketplace and explored what the impact of those have been as well.

Thank you, operator, and thank you to everyone for joining us. And we look forward to speaking with you again next quarter. Have a great night.