While remaining focused on expense management, we continue to invest in the business to support our long-term growth, including successful recruiting efforts to expand our team of financial advisory managing directors and the build out of our ETF business and asset management.

Jul 24, 2025 / CFO / receipt, needs a key / Mary Ann Bech, CFO | earnings call 2025-07-24 | transcript 8e741c84-6571-49f0-a41a-d55f4e62a7b0 | chars 6610-6887 | segment 6

And as you point out, that is a reflection of business activity picking up, increased recruiting costs, increased travel, and also investments that we're continuing to make in technology.

Jul 25, 2024 / CFO / receipt, needs a key / Mary Ann, CFO | earnings call 2024-07-25 | transcript 88beddb6-9e95-4538-a5b8-6a565d21ed4e | chars 32453-32640 | segment 32