Breaking away from the mold

The breakaway today I do think is different than the breakaway of the past. And I think it has a lot to do with not in every case, but in many cases that the nature of the adviser who's leaving were historically those folks that came across-- and I grew in the wire house industry-- were typically folks who had a more entrepreneurial mindset. They wanted to do it themselves. And the independent model made sense for them to do. I think what's happening now is those folks are still coming over. But now the old models are broken and so you're getting advisers who won access to the new model who don't necessarily have that same entrepreneurial mindset and they need more help and they need more support and so they want that integration of technology, of service, of marketing, of financial planning, of research - all the different things that we can bring to the table. And in some cases, they might pick one or two of those things they'd like to do themselves and we can fulfill the rest of that kind of package for them. The growth potentially independent channel I think is that an old-time client. I think the marketplace is setting up really well for that people who want transparency, clients who want an independent adviser who brings a conflict-free approach to managing their assets and helping them achieve their goals and I think the old model makes it difficult to achieve and I think advisers are saying that and I think clients are saying that. And so the advisers that they see at first are gonna make that move and if they don't make that move, their clients are gonna tell them either by walking out the door or the really good clients by asking them to go with them. And so we're gonna see continued movement away from the more packaged employee model to the independent space and I think we're in a perfect position to take advantage of that.