And in response to an analyst's query regarding how the company is preparing for the potential impact of the U.S. Labor Department's proposal to apply a fiduciary standard to all financial advisors providing advice for a fee to a retirment account plan or participant, Reilly said it's hard to prepare for a "what if" scenario where you don't know the rules, but that the company is exploring potential ramifications both internally and with various industry organizations.
"The DOL has really told us nothing concrete . . . I don't know what it's going to look like," he said. "We've been consistent thinking it's not good legislation for clients. We've been consistent saying we believe it's going to come out this year despite our industry fighting against the rule.
"We're preparing the best we can," Reilly added, "but we're not changing technology or programming until we know what the rule says."