“But we certainly still expect, as we've seen throughout history, that over time, as we add accounts, as we add assets, again over a longer arc of history, that those transactional cash balances grow with the growth in accounts and the growth in assets.”

In context

“d say an area of uncertainty going forward is because we are seeing, not surprisingly, we're seeing clients who are coming in are realigning their cash as existing clients are. And so that's happening, there's a certain amount of float, if you will, that we typically rely on. That is contributed a little bit less over the previous six months as clients are realigning their cash more quickly maybe than traditionally they would have done. And as rates come down, one would expect that that activity would be a little bit less immediate or timely or to the same extent. And so I think that is one of the uncertainties. What happens with the level of new cash that comes in as the Fed cuts rates 3 times, 4 times, 6 times, whatever it might be. That's why we call that out as an area of uncertainty. But we certainly still expect, as we've seen throughout history, that over time, as we add accounts, as we add assets, again over a longer arc of history, that those transactional cash balances grow with the growth in accounts and the growth in assets. It's just over a short period of time, like a quarter over a year, it's a little bit harder to gauge exactly what the near-term contribution will be. But again, over time, over three years, five years, et cetera, we expect that our total transactional cash balances will grow as we grow our client base. Operator: Thank you. And our final… Jeff Edwards: Thanks, operator. I think we have time for one last question. Operator: Absolutely. Our last question comes from Devin Ryan from JMP Securities. Please go ahead. Devin Ryan: Thanks so much. Good morning. It gets to a different topic than some of the other questions, but probably for Rick, since you mentioned in your remarks, so obviously the firm has a strong technology background, so I'd love to just talk a little bit more detail about the”