“Yeah. So I would think like by this time next year, when we do this call, all things kind of going according to plan, we would say the firm is fully operating in the new way of working.”

In context

“expenses were up 8%. 2023, they were 2.7%. 2024, flat to slightly up due to the revenue growth outperforming expectations. And this year, we're guiding 1% to 2%. And all of the projects that Robin referred to are feeding into those numbers. They're not something distinct and separate. So all of the things that we're doing gives us a lot of confidence to be able to give you good guidance. And ultimately, the journey never ends because we're becoming a much better run company, the flywheel of initiatives is just going to outpace the efficiency, and that's going to lead to more growth opportunities. Brian Bedell: That's great color. And I think you wanted to convert the entire company by the end of the year on the platforms model. Is that correct? Or is that [indiscernible] Dermot McDonogh: Yeah. So I would think like by this time next year, when we do this call, all things kind of going according to plan, we would say the firm is fully operating in the new way of working. But I would double down on what Robin said that we can see real tangible benefits from the people who went first versus the people who are just starting now. And it's a mindset change, which is really people showing up in a different way in the firm, and they're much happier in the new way of working. So culturally, it's very powerful. Brian Bedell: That’s great color. Thank you. Operator: And we'll take a question from Steven Chubak with Wolfe Research. Steven Chubak: Hi, good morning, and thanks for taking my questions. Robin Vince: Good morning, Steve. Steven Chubak: Hope you guys are well. So I have a couple of questions on the Pershing business. There was some press coverage noting recent changes to the sharing of cash economics with some of your RIA and IBD clients. I was hoping you”