With the expansion in the independent space so more legitimate
options that are competing for top talent. The more competition
there is, the more it drives the adviser movement and
the more advisers are in the driver seat. It's very
much a seller's market leading us adviser as a key.
So there will always be top deals for top talent.
The only thing that could and we're watching to see
that could impact the deals themselves is the regulatory environment.
We're waiting to see if the SEC passes the broker
disclosure rule. We're waiting to see what impact that could
have on the deals overall. But there-- we have no
indication that deals will come down and we expect actually
they'll stay at this level. We don't expect them to
increase but we don't expect them to be decreased either.
I think that it's just fact that recruiting is expensive
and I think that while every executive may wish that
they could all wave a magic wand and not have
to pay these kinds of deals. And if any one
firm or two firms stopped offering them then the rest
of the competition would just kill them in terms of
recruiting their people. So it needs to be everybody stops
or nobody stops and it's a nobody-stops-thing. So I think
while it's expensive and that was really the point of
the article that it is expensive. It's a fact of
the industry. It's like asking somebody a business owner to
sell his business without remuneration.