“I think, overall, we've kind of -- we've held in there. We had a strong Q3 for a variety of different reasons. So, I would say, I expect where we are to moderate a little bit on balances in Q4 and we'll see what happens next with the next Fed meeting, but no significant change for us as we kind of sit here right here today.”

In context

“on boarded, they tend to do it in a phased approach. So, some revenue is on the platform, some revenue to come. Brennan Hawken: Excellent. Thanks for that, Dermot. Thank you also for the update on NII, encouraging to see things working better. Could you speak to the deposit beta that you experienced with the first rate cut? And given that we're seeing rates coming down now, is it reasonable to think that deposits could begin to grow from here? Dermot McDonogh: So, the betas, I think, we've said on previous calls, we view it as symmetrical. So, for us, the first rate cut was 100% passed on. So, we feel pretty good about that. I think in terms of where we are in the Fed easing cycle, I think it's probably a little bit too early to see how that's going to feed into the deposit balance story. I think, overall, we've kind of -- we've held in there. We had a strong Q3 for a variety of different reasons. So, I would say, I expect where we are to moderate a little bit on balances in Q4 and we'll see what happens next with the next Fed meeting, but no significant change for us as we kind of sit here right here today. Brennan Hawken: Great. Thank you for taking my questions. Operator: [Operator Instructions] We'll move to our next question from Mike Mayo with Wells Fargo. Mike Mayo: Hey, how are you doing? Robin Vince: Hey, Mike. How are you? Mike Mayo: Good. Look, I'm just -- that's a big number, the $50 trillion of AUC, nice round number. You did beat -- it's factual that you beat expectations for the quarter and the year so far, as you've highlighted. I'm just trying to figure out how much of this is lucky versus being smart. And I imagine it's a bit of both, but the lucky part is record stock market volatility, trading, some other factors in the market that have gone your way. And I don't feel like we have enough information on your client growth, the underlying client growth, the most repeatable p”