“Also, full year 2025 interest-earning assets are expected to decline slightly year-over-year as we prioritize the continued paydown of higher cost supplemental funding at the banks.”

In context

“ll be influenced by a range of factors, including the path of interest rates, equity market performance, as well as client engagement and activity levels. Therefore, our 2025 financial scenario is grounded in several key macroeconomic assumptions: we include one 25-basis-point cut to the Fed's target rate, bringing the upper bound to 4.25% by the end of 2025; equity market returns consistent with the long-term average of 6.5%; and client trading activity and mix remaining generally in-line with 4Q '24 levels. Against this type of macro backdrop, we would expect total revenue growth of 13% to 15% in 2025. This scenario also results in continued reduction of bank supplemental funding, full year net interest margin of 2.55% to 2.65%, with average 4Q 2025 NIM expanding through the 2.8% level. Also, full year 2025 interest-earning assets are expected to decline slightly year-over-year as we prioritize the continued paydown of higher cost supplemental funding at the banks. From a 2025 expense perspective, we still anticipate mid-single-digit growth relative to 2024 or somewhere within the 4.5% to 5.5% range. In terms of expense planning for the year, as Rick outlined earlier, we are playing offense and taking steps to further accelerate client, solution and financial growth. Therefore, we have aligned our spending plan to our key strategic initiatives with a significant portion earmarked for growth, including hiring FCs and other client-facing personnel, expanding the breadth of solutions we offer investors, as well as leaning into targeted marketing and advertising initiatives. Beyond growth, we are also continuing to invest in our firm scale and efficiency, which offers both near- and long-term benefits. And we will keep investing in other key fundamental”