“So I don't see anything on the horizon that would tell me that long-term you're going to see some form of extended softening in NNA.”

In context

“ntiment more so than what the market did. When I spoke at the end of the third quarter last October, sentiment was very negative. And although it slipped by the end of the year, that's a late change within the year. And so when you have negative sentiment historically, when we look at longer time horizons, you're going to get lower levels of NNA. And so I think it's not what the market does. It's what the sentiment of the investor is. We don't see any reason to believe that net new assets are likely to be constrained over a longer period of time relative to historic levels. Our promoter scores, when we look at that, as they're reported on the retail side remain very, very strong. On the advisor side, we have retained virtually all of the advisors that we wanted to retain post integration. So I don't see anything on the horizon that would tell me that long-term you're going to see some form of extended softening in NNA. But short run, you have to look at sentiment and you also have to look at investment options. As rates are higher, people may bring a bit less money to their investment account as opposed to maybe leaving it at a bank where they might just be buying CDs or something of that nature. But nothing structurally gives us cause for concern. Operator: Thank you. Next we'll go to Steven Chubak from Wolfe Research. Please go ahead. Steven Chubak: Hi, good morning. I have a question, a firefighting question, just on the NIM glide path, Peter, that you had offered. So you had previously talked about that 3% NIM, exiting ‘25. You reaffirmed the target here despite the additional cuts in the forward curves. I was hoping you could speak to some of the inputs still supporting that 3% NIM target with the”