“The next big unlock on those expense synergies will be as we complete the client conversions and can eliminate the duplicate systems and so forth that you should see a more meaningful portion of the expenses -- expense synergies materialize at that point in time.”

In context

“ich is a key part of our financial formula. At the same time, we want to make sure that we're investing in our clients and certainly the long-term growth of our business. That is certainly a delicate balance, but I think you've seen us manage that to achieve that overtime with EOCA declining and our margins increasing. So that continues to be our focus. Sorry, the second question -- part of your question was on -- try again. Dan Fannon: Just longer term, the expense synergies as we think about '23 coming back. Peter Crawford: Sorry, the expense synergies yes. So we have roughly -- perhaps a little bit less than half of the overall expense synergies to deliver. We've said previously that the pace of delivery will be a little bit lighter now relative to the first year or 2 post acquisition. The next big unlock on those expense synergies will be as we complete the client conversions and can eliminate the duplicate systems and so forth that you should see a more meaningful portion of the expenses -- expense synergies materialize at that point in time. We continue to feel very confident in our ability to hit the expense synergy numbers that we have shared previously. Dan Fannon: And then just as a follow-up, Walt, just thinking about the adviser backdrop and attracting new advisers in a more volatile backdrop. Can you talk about the backlog? And is that harder for maybe those advisers to move their books when clients are maybe not doing as well? Or are you seeing just as robust a pipeline as you have previously? Walt Bettinger: Yes. That's -- it's a good question. So right now, I think the pipeline is as robust as we've ever experienced. But I believe your assumption is not an inaccurate one that when you have a more difficult equity market, that it is probably a little bit more difficult for advisers to move to independents, but it's p”