Stephen Schubach

“So, Ron, I was quite encouraged by some of the backlog commentary that you offered on the institutional side. Admittedly, I'm struggling to reconcile that versus some other commentary we've heard through this earnings season about bank M&A activity remaining fairly subdued.”

“So there's been much focus on the structural headwinds to cash growth with anticipated adoption of agentic AI tools. And given the value prop you offer your advisors, both in terms of technology and enhanced service, can you speak to the flexibility on the pricing side if cash balances do remain in structural decline?”

“Well, good afternoon, and thanks for taking my questions. You know, I did have a bigger picture question that's getting a little bit more attention that could impact the Wealth Solutions business.”

“So I'm going to take this in a slightly different direction. Wanted to ask on the efficiency outlook. You'd indicated some front-loading of infrastructure investments, cloud migration in advance of AI-driven investments that you plan on making.”

“So I did want to drill down into a broader question on firm-wide operating leverage. As we think about the earnings growth algorithm, putting the decision not to change the targets aside, I can certainly appreciate the desire to be a bit conservative there.”