“helps position us to further enhance stockholder value through the increased return of excess capital in 2025 and beyond.”

In context

“ic growth and allows us to deepen relationships with our clients as their needs change over time supporting greater revenue diversification through the cycle. At the same time, our scale and efficiency is a significant competitive advantage, enabling us to maintain key investments and flexibility to navigate various macroeconomic environments. Of course, our capabilities are also supported by our enhanced approach to the balance sheet where we expect incremental tailwinds moving forward. Not only does the balance sheet play a key role in deepening relationships with clients via lending, cash management and other activities but by further reducing outstanding high cost funding, we are able to expand NIM and increase the firm's earnings, therefore, supporting robust capital formation, which helps position us to further enhance stockholder value through the increased return of excess capital in 2025 and beyond. So to wrap up this morning, our ability to support clients through a period of increasing uncertainty helped sustain our strong momentum into 2025 and we plan to stay on offense, investing to support long term organic growth and importantly, to help ensure our best-in-class client experience continues to meet the evolving needs of individual investors and the advisors who serve them. In doing so, we also helped further strengthen our diversified model, enabling us to deliver durable financial results through the cycle. And with that, let's get on to Q&A. Jeff, back to you. Jeff Edwards: Operator, can you please remind how they can ask a question? Operator: [Operator Instructions] Our first question comes from Steven Chubak with Wolfe Research. Steven Chubak: So Rick, I did want to ask on”