We are going to follow significant deals done in the RIA M&A space, but with this caveat: our clients are financial advisors in the big traditional wirehouses and boutiques. They can't really relate to AMG buying Veritable or even Boston Private buying Banyan. Those were significant deals with big money changing hands. But they are not deals that our clients can relate to.
We are tracking deals that involve former grid-paid financial advisors like David Hou and Todd Morgan and Paul Tramontano and Jeff Collin. Those deals are relevant. And by the way, worth noting, each deal was north of $115million.