“But this is something that we still see is likely to grow in 2026.”

In context

“l balance sheet growth opportunities. Michael Verdeschi: Steven, thank you for the question. Yes, this is a product that our advisers are using this strategy with high net worth clients as a way to drive enhanced returns through leverage. And so it's a pairing of a long with some shorts. It's been a good tactical solution for those clients. And you're right, this is something that there's a net balance sheet treatment from it. So from our perspective, we're providing a service. It doesn't gross up that balance sheet, if you will. And so there is a fee associated with that. So I think it is a win-win. We're supporting clients and their need to manage their portfolio positions. There's some tax optimization that they can utilize with this portfolio. It helps them with concentration as well. But this is something that we still see is likely to grow in 2026. It is fee-based. Again, it's one of those revenue diversification opportunities that we have. And so again, it's a win-win from our perspective. Richard Wurster: I might just add a couple of things, Mike, that really well said. A couple of things. As we broaden this out to the retail side as well, we'll see a couple of things. Number one, we will have the ability to offer this on a proprietary basis. And our Schwab personalized indexing capability has been something that our clients have absolutely loved and that has added tremendous client value. As we go to a long short, again, I think there's a win-win opportunity here related to that. We're also seeing the opportunity to have broader discussions with our clients and to have forward wealth relationships when we see clients with large c”