Gemma Livermore: [00:00:00] Hello and welcome to Seismic Sessions, the podcast where we explore the forces reshaping financial services and the people leading that change. I'm Gemma Livermore, head of Financial Services Marketing at Seismic for International. And in each episode we go beyond the headlines to unpack what transformation really looks like inside commercial teams, inside leadership and inside client relationships.
Because this industry doesn't stand still. [00:01:00] It shifts, it evolves. And right now the pace of change is faster than ever from regulation and digital acceleration to AI and generational wealth transfer. The question isn't whether roles are changing. It's how we adapt intelligently, responsibly, and strategically.
And that's exactly what we are here to explore today. And coming onto the show with me today, I have Bob Hendricks. Hi Bob.
Bob Hendriks: Good afternoon. Great to be here.
Gemma Livermore: Great to have you here. If you could just do a quick introduction to our listeners and let them know who you are and what interests you.
Bob Hendriks: Well, my name is Bob Hendricks. I'm the Chief Commercial Officer of AB b RO Investment Solutions, which is an asset management company, based in Paris. And what interests me? I would say from a career perspective, change. and, if you think about change, think about what happened this week, globally in the Middle East, but also from a data perspective, from an AI perspective.
And we will be touching on those topics, within shortly. But, uh, it is impressive, sometimes daunting, how fast the change is going and the acceleration of that [00:02:00] change. So, fascinating.
Gemma Livermore: Yeah, I love the quote from Justin Trudeau where he said, we've never been as fast as we are now, and we'll never be as slow again. And it's so true. So I'm really looking forward to unpacking this. So before we start, for the listeners that are new, I'm just gonna explain the structure that we set out.
Within each episode, we use seismic terminology to structure it. We look first at the tremors, so where that movement began. Then we go to the epicenter of where we are today, and then we explore the aftershocks. My favorite part of the podcast of what's still to come and our ideas for the future. So today we're going to dive into one of the biggest shifts in our industry, how client behavior, technology, and AI are reshaping commercial roles across financial services. I've got Bob on here with me to discuss this through, and we're going to start by looking at the tremors and where the movement began.
So Bob, let's have a look. Let's go back in time if you like. and start to see where the tremors have changed. First began. So there was a time in [00:03:00] financial services when advisors held all the information. Power clients relied entirely on them for market data, fund performance, and trade execution. Then came the internet leveling the playing field almost overnight.
Suddenly clients had the same access and the same information, and what many of us now call the knowledge parity. It changed everything, not just financial services, but particularly it did change in our industry for how advisors operated. On our prep call, you brilliantly described what it was like sitting behind a Reuters terminal in the 1990s and watching that information advantage slowly disappear.
Could you paint that picture for our audience?
Bob Hendriks: Yeah. with great pleasure because it was a fun time, to be in financial services and especially on the investment advisory side. It's where I started my career. a long time ago. but maybe good for the listeners and maybe the younger listeners to paint the picture a little bit, because in the mid nineties, second half of the mid nineties after we had the ruble crisis, and some other issues, at the stock markets suddenly we were into this [00:04:00] boom, we called it the TMT, telecom, technology, media.
Basically it was a bubble, the TMT bubble, and everybody wanted to buy, um, these companies, it didn't matter what the performance of those companies were, but if it had something to do with TMT, people wanted to buy.
So that is setting the scene. It meant that in the beginning I received a lot of telephone calls, early in the morning because in the evening clients were watching the news.
They picked up something on the tele, and then of course you had to call your advisor because you could not do any trades yourself because there was no internet. And if there was a little bit of internet available here and there, there were no platforms where you could do your trades.
That came later, which was daunting, to be honest. So, life was predictable. I knew I had to be at the office early. I received my telephone calls. I could do my traits, and I could look smart because I had the information and I could tell people what they were looking at, and I could even give our views on certain stocks. And that changed not slowly. Very [00:05:00] instantly. Rapidly, I can tell you.
Gemma Livermore: I like that. I remember the days when it was predictable as well, and I was actually talking to a colleague about that this morning. And we've just become so agile now that it's almost expected. And even thinking back to those days of where you'd get the same train every day, you'd go into the same office every day.
Seems such a long time ago now, in some ways. maybe you can just describe a bit how it made you feel when you saw that asymmetry of information vanish overnight or very quickly as you describe. How did that make you feel and what fundamentally changed?
Bob Hendriks: The interesting thing is a couple of things came together at that time. First of all, I did not recognize that change instantly. Because it started quite, slowly, in the sense that it was an instant change, but I did not recognize it instantly. So I would get some telephone calls from clients, asking about a penny stock at a local Australian stock exchange, for example.
That never happened, right? It was always the blue chips that they would [00:06:00] ask questions about or they wanted to do some option trades, whatever. So slowly but surely I received questions about stocks that we did not follow, that I didn't know, and quite rapidly, It became more and more and more.
and then we started to understand, okay, these clients, they have an internet connection, and they move fast. They did their research in the evening and then came with all these questions. and to me it was fascinating because a, I learned a lot about stocks I didn't know, that we didn't follow as a bank because I started my career in banking. But being an investment advisor. But at the same time, when this whole TMT bubble evolved, I saw that my role was changing. It was changing from giving information actually to look at portfolio construction and even being the mirror holding up the mirror for clients because at some point, the grid was .
So much happening, across the board for every client. I'm not saying that people were almost screaming, but it looked like they wanted to buy more TMT stocks. the percentage of portfolios needed to be higher, so at some point the percentages were [00:07:00] above 30% in portfolios, in this one sector because that was the sector, back in the day.
So risks were creeping up, and not even creeping up. In some instances, they were exploding in portfolios. And then, being able, in a way to communicate as a pretty young employee, talking to all the clients saying, look, I understand what you are trying to do, but what you want right now. causing so much risk. It's building up the risk of your portfolio should you really be doing that. So actually I lost quite some clients, back in the day because I started to push back on certain ideas, like maybe you should not put 60% of your capital in TMT stocks. Kind of feels.
Like what's happening today with big tech and AI stocks, or AI related stocks. But it was even far worse. It was a frenzy, almost you should have been there, to understand that. And we'll paint a little bit of a picture of how that was, happening in practice. So during my lunch, I would go to the bakery and buy a sandwich, right? And then when the guy gave me the sandwich, he asked [00:08:00] like, what's your tip of the day, Bob? Which technology stock should I buy? Like at the counter? I'm not joking. Uh, and that was happening everywhere because you are the guy at the bank. And, of course I knew everything, which was not the case obviously.
Gemma Livermore: And that's really it, isn't it? You know? And not just in our industry, but the internet opened up that parity shift of knowledge where we went to someone because we assumed they knew everything about the product we wanted to buy. So suddenly realizing we could find out about that elsewhere, educate ourselves first before making that decision.
And so you paint that. Really visually for us of how it affected this particular industry. Let's talk a bit about how that affected client relationships. How did that affect how you worked with clients beyond the guy at the Sandwich shop?
Bob Hendriks: Well, you know, it's funny because you mentioned that people can educate themselves. That's true. If you look at today at regulatory, documentations, which can be daunting, [00:09:00] I would say, to read. But if you wanna know. About risks. If you wanna, know about costs, if you wanna know you can, because everything is out there.
The question is, do people read? Do people absorb, or do they cut the corners and go fast. And back in the day, that was the same people saw what was happening in portfolios. Everything went from bottom left to top right. So, you could not misspeak because anything you picked was, that was TMT went up, right?
So, like I was explaining, before my role shifted from being somebody that. Gave information to really help people to understand, Hey, this stock that you want was not even a product. The products came later.
The products, investment funds, came about. Around that time you had TTS funds, but in the beginning it was much more about stock brokerage and we had to show people what a fund or more often a stock.
would mean in the context of portfolio construction, in the context of risk management, especially [00:10:00] concentration risk. We had to educate people and ask questions, Hey, this company, what's the business model? This company needs to borrow money to make sure that they can comply with their short term payments that I have to do, if you will. So actually pushing back, taking the higher ground showing, more holistically what clients were doing, that became a role. And then around that time, I was working in the Netherlands. In the Netherlands, you had a limited number of industries.
So we had TMT with KPN, back in the day, and we had some other companies, but the Euro came into play as well at the end of the nineties before, the Euro, was used as money in your daily purchases. right. So, I think, if I'm not mistaken, it was two years before that.
I think it was 1999 New Euro was there, at the stock exchanges. So that opened up the possibility to invest in sectors that were not present in the Netherlands. for example, telephone companies like Nokia back in the day, or Ericsson, you could buy those without, having issues in terms of, effects or, German, car makers, [00:11:00] for example.
So we could. Basically add value to our clients to, to show them, look, today, your portfolio looks like this. Uh, if you want to have better diversification and by missing sectors, start thinking about this because now it's the opportunity set, for you because you can do it with less cost and that's FX risk.
Yes. clients were much more savvy, but we evolved. and in the end, if you try to do what's right for your client, you evolve with them. But also, you push back if it's needed from time to time, which was not always appreciated. With hindsight, I'm happy that we did it.
Gemma Livermore: exactly. Yeah. Yeah. And do you think regulation accelerated that shift or held it back? Okay.
Bob Hendriks: From my experience is regulation accelerates when things go wrong,
Gemma Livermore: Yes. Yeah.
Bob Hendriks: So I would not say that regulation accelerated around that time. Of course, at some point you got those brokerage platforms so you could do execution only. So of course, regulation had to evolve, with that. But from my personal experience, we saw it after the oh eight online crisis.
You see that [00:12:00] regulation is accelerating. But definitely, if things change, regulation needs to keep up because if you think about our industry and you, you as an investor, in the mid nineties, you could buy stocks. Bonds, maybe some derivatives like options. Maybe at some point, some sector funds, for example.
but if you think about today, how that evolved, first of all, the product suite has evolved. You can, buy, crypto, you can buy private markets. You can buy ETFs. You can buy index funds. you can buy structured notes. so. Back in the day, these products, if they existed, were only there for institutional clients.
Now you can have the same exposures, which is wild if you think about it, then the way you would, then buy your product. So the channels have changed. Nowadays you do it via your phone for, for example, so that massively changed as well. Of course, regulation needs to keep up with that. We have seen it with consumer duty.
We will be seeing it with the RIS, coming up. So to me that's quite natural.
Gemma Livermore: And I guess in that way it helps us carry on moving forward, but doesn't necessarily [00:13:00] accelerate it because it allows us to keep moving forward, compliantly and safely.
Bob Hendriks: Yeah. You know, if something is new, it's exciting, obviously. But you need to, to think through what it does to your clients? are there unwanted consequences if a client would buy this? and my clients today are not individuals, but financial institutions, but there the same rules apply. So there are advantages, disadvantages, of certain trends, certain products, but also, certain products that will work in certain circumstances very well are not always applicable in other circumstances.
It's fascinating to see how much change has happened, from a lot of dimensions since the mid nineties. And now, just when you think, and look back and say, so much has changed. You have AI and it'll accelerate. which, and I, I told you at the beginning, which to me, I get a lot, a lot of energy, of that I must say.
Gemma Livermore: Yeah. I love that. And so that segues really nicely into our next part of the podcast, which is the epicenter and where we are today. So in your current role, what [00:14:00] skills do you think have become more important within the teams? Now we're at this second part.
Bob Hendriks: That is a very good question because what is right now, tomorrow, right now is because, I mean, I will, I'm a 51-year-old, C-suite, employee. so I'm old. At the same time I'm curious. and I think one skill, I dunno if that's even a skill or, or something else, but curiosity I think is super important right now.
Gemma Livermore: Curiosity is a great skill.
Bob Hendriks: You have to be curious. If you're not using AI today, to me that's not good.
You need to be understanding what's happening out there and what AI can do for you. But if I look at a commercial team, because I'm leading a commercial team in the marketing team, what skillset is important in a very short term, being technology savvy.
I think, is already very important, and will become more important, but that is a short, medium term, way of thinking about it. I have a very specific and maybe a little bit of old view on this. I think AI will set a new [00:15:00] benchmark or baseline. so in the beginning right now, in our industry, what we see is.
The early adopters can move faster. There will be some, some, adopters that are a little bit slower. And then you have the lags, right? At some point everybody will have adopted ai, and you have a new baseline, in terms of, time to delivery, in terms of, quality, of delivery, et cetera.
So what then, will be the differentiator? Is that, is it an ongoing race to use ai, to become faster or, deliver high quality products, mass customization, or is there something else? and I think that, communication, interpersonal communication, being able to do consultative selling, for example, asking better questions, connecting better with clients. I think there will be a, a differentiator, because in our world already everything is data driven,
but I have a very specific view on data because if something is caught in data, it already happened. You are too late. So change doesn't happen, a show through data. change happens when [00:16:00] data is not capturing it. so what treats, what skills do you need to have to intercept change before it happens? It's a whole different skillset, and I have a couple of examples that I can share with you later on. But, I think people underestimate the ability of their brain to imagine what could happen, further down the line if you have changes in the regulatory landscape or changes in the wealth ecosystem, in this case.
so if there will be one skillset, that is important next to interpersonal communication, I would say imagination
Gemma Livermore: I love that, and I think you, you hit the nail on the head just then. You know, I hope that going forward people Don't forget that their brain is more powerful than AI. You know, but to rely on just AI is what I mean, you know, they are different. And I guess the magic happens when they come together.
But to not rely on technology and ai, but to remember that you can add that imagination and that human element by ingraining your brain [00:17:00] into
Bob Hendriks: I think you need both. and, yes, you started the podcast by saying, you know, things are moving so fast. so for me it means that you need to move slower. Especially as a C-suite person. If you're more senior and you're thinking about strategy, you need to slow down, but you can only slow down if you create. How do you create time?
Gemma Livermore: Absolutely. Technology is there and that's what I mean by that is you can. Use technology to automate the tasks that are stopping you from having that time and being imaginative.
Bob Hendriks: It is funny because, okay, we have a left and a side, uh, of our brain and, the right side is much more about imagination, creativity, et cetera. The left side of the brain is all about data, processes, et cetera, et cetera. So how great is it that you can support the left side of your brain with AI, to open up, create time, to put the other side of your brain to work?
And the question is, do we realize that opens up, for opportunity? I will give you one example. It's a funny [00:18:00] example that shows that people think that older people like me don't use AI. I will give you one example. So, two years ago, the RIS, the investment strategy of the European Commission, came out.
back then it was not regulation and we are now in the process of validating this. there were roughly 1000 pages in different documents that I had to read. I read them all. During my summer holiday. then I used AI to create a summary and created a deck, but a deck I created myself. So there was a young analyst, a young lady who said, Bob, you can see, I mean, it's nice that you do this. It's nice that you, you send this, right? I could have done this in one 10th of the time just using AIi. I said, that's great.
I said, okay, and then you know everything. Yes. Then I know, uh, exactly the same as you. I said, okay, let's unpack this. Let's, see if you are right or I'm right. And I, I asked her the question, why do you think that I read everything? She couldn't answer the question
I said. Allow me to explain why I'm reading everything I said. First of all, if I don't know what the risk is about, how can I create the right prompt and [00:19:00] ask the right, right questions? Because getting the right answers is all about asking the right questions, first of all. Secondly, if I get the wrong information, how am I able to recognize that the information, this hallucination or this just I could happen? how do I. Understand that what I'm looking at is correct or not. and then thirdly, I use AI to reduce my time to deliver, the summary and, the deck, partially. And I used that time to chew on, hey, apparently these three, four things are very key in RIS. How does that impact my clients? How does that impact my competitors us? the wealth ecosystem? And then you start thinking in scenarios. I tried it, AI didn't give me the scenarios, obviously. so we started to have that discussion and I told her like, it's both. You need to be able and be savvy with ai. But if you truly want to harness the power of ai, make sure that you study, you study the [00:20:00] markets, you study the ecosystem. If you don't study the ecosystem and you're lazy, I'm not too sure if you can extract from ai, and let AI do and help you to be more efficient vis-a-vis, if you do.
Gemma Livermore: Yeah, absolutely. And so if we were to round that up for our listeners as a leader. What can other leaders in financial services do to ensure that AI genuinely enhances human judgment within their teams rather than eroding it? What tips would you give?
Bob Hendriks: I would say be the example.
Gemma Livermore: I like that.
Bob Hendriks: Make sure you use ai. Make sure, you ask your team if they use AI, make sure you train them, which is important, and make sure that you always keep on putting emphasis on, To keep on being a student. I used to work at BlackRock and Larry Fink, who's still the CEO, he had one mantra and every meeting he would say it be a student of the markets always. And I was always thinking, You know why I'm always reading newspapers, but it's not exactly what he meant. It was [00:21:00] much more broader than newspapers, products, regulatory, changes, technology. Make sure you understand AI. Dive into it. be curious. I mentioned that it is very important to be curious, but you need to show it as a leader, and show that you use it. In combination with good old fashioned reading, slow down, read, then combine the two and harness the power.
Gemma Livermore: Yeah, I was reading a book on slowing down to be faster recently, and it was saying how in this digital and AI world, how distracted we are. Every six minutes you are looking at another device. Whether it be your phone, your emails, checking something, and that the strongest way to slow down to be faster is to time block.
So to block out so much time, a day to read and to be a student, to your point, to just take that time to revise what you already know, but also learn something new. And yeah, I love that. And leading by example as a leader is a fantastic way to do that.
Bob Hendriks: and you know, it, it is not that difficult I, if you think about what I do, using AI,
I look at competition, I look at the regulatory trends, but I also test, or validate my thinking, challenge my thinking. and that's quite powerful, I must say. And at the same time, if you know your stuff. You also can quite quickly identify and hey, here is where AI can make a difference. And funny enough, I'm looking at our RFP team. I know that they can reduce time to, to deliver by 50%. You just know it. but you can only recognize it if you understand RFPs, if you understand the processes, if you understand what your people are doing and if you understand ai, and on the marketing side. In our industry, the biggest pain in the neck, if you're a marketer, is to deliver a presentation. And, and just for your understanding, you have a number of funds, which equals a number of presentations, but you have a number of languages that you need, need, need to, to do it in. You have a number of data points that go into the presentation.
You have a number of qualitative information in there as well. Like, what did the fund do, or what does the fund do? The performances, explanation. Then you have the compliance angle of it. So if you start to think about all the touch points and, and, how to do that at scale, AI could be wonderful. I think you could, uh, drop 40% of.
Gemma Livermore: Yeah, that's exactly what Seismic do with the Fund Report Orchestrator. And actually we just got our figures back from, legal, in general investment management for last year, and they saved 10,000 hours from just doing the reports via AI automation.
Bob Hendriks: Exactly. and something that's also fascinating, I don't know if you mentioned it in the past, but one of my biggest difficulties as a sales leader is how do I train my people? and not training per se itself, but okay. people are training, let's say conservative selling, but do I know that they apply it in front of clients?
Because I mentioned that one of the, ke, skills going forward might be your ability to connect with clients to be ahead of the change before it hits the numbers. how do I know that they receive qualitative, [00:24:00] and timely feedback?
Gemma Livermore: Yes.
Bob Hendriks: AI could give them feedback about their skillset, about what they miss in a meeting, about cross-selling, about, knowledge.
Hey, you missed this topic. Maybe you want to read up on X, Y, Z. and it is also non-invasive. If I would be sitting in a, in a meeting, it would be different,
Gemma Livermore: That's the psychological side of it that they're receiving. Feedback, which is only constructive because there's no emotive side to it. And that's, yeah, and that's what we find with our learning and coaching side is that you're meeting somebody in the moment. So I'll show my age, you know, gone are the days where, like when I started, you had to wait until a year had passed for you to disappear for a week and go on a traditional training course by meeting them in that moment with ai, you are literally.
Enabling them to get better moment by moment. So you're keeping them up with the same speed that AI is moving at and it's fantastic. I think that's a part that I imagine will explode over the next few years.
Bob Hendriks: It has to be. It has to be. and also for me, uh, getting back like this is my team. This is the scale gap. This is the knowledge gap. It enables me to be much more targeted in terms of, where I place the development goals and how to support individual team members, including myself.
Gemma Livermore: Yeah, and that's it. This isn't just about efficiency, it's about evolution. We need to all move along. Together. and that again, goes really nicely into our next part of the podcast, which is the aftershocks and what's still to come. So as we look ahead, we started alluding to what we thought might be, The next big movement within AI with training and coaching, but realistically, it's making us realize that we're only just scratching the surface of AI's potential. And you know, the real opportunity isn't in the automation alone, although we know that will make us more efficient by automating fund X and so on, but it's in that augmentation.
So if you looked forward, say five years, what does a truly high performing commercial team look like to you?
Bob Hendriks: I would [00:26:00] say, That's a very good question, to me it means that, a, they are much more proactive vis-a-vis today because everything that is basically not delivering any value. So low value, low impact tasks can be automated.
And what do I mean by that? First of all, meeting notes, meeting prep, et cetera, et cetera.
All the good stuff that belongs, in a commercial environment. So that's one thing. The second thing is because of higher, productivity, if you use AI, you can be much more relevant to your clients, being there at the right time. Because AI should be able to tell you, this client is ready to move to a competitor.
This client is ready to, to sell, this or that fund, or, this competitor, clicked X number of times on this fund, on your website. you should be calling them. So I like to use an analogy, if you think about sales as baseball.
So it's the number of hits multiplied by accuracy. So if you hit a [00:27:00] lot and you're not, not accurate, you're not selling anything at the same time, if you're very accurate and therefore never hit, that's not the right outcome either.
So I think AI can both have an impact on number of hits, freeing up time to spend more time with clients.
Gemma Livermore: Yes.
Bob Hendriks: and at the same time, through accuracy, you can be much more relevant. And, that's where it needs to happen. You are there, because it matters, for that client. So, that's all AI. But what happens in that meeting, that is the skillset that belongs to communication.
And, within communication, the best skillset is there are two things that every sales do. More, and there's one thing that every sales should do less. First of all, they should ask better questions. They should listen better.
Gemma Livermore: Yeah. I always say listening comes first.
Bob Hendriks: Yes, but you can only listen if you ask the right questions, but you're, you're right. And, they should talk less, which is difficult because I'm on a podcast. I have to talk as a commercial person. But [00:28:00] typically, is asking, better question,
Gemma Livermore: Yeah.
Bob Hendriks: Listen better, summarize better or more, and respond less. And, that skillset. Will become more important, I would say
Gemma Livermore: Yeah.
Bob Hendriks: And here that's slowing down. You can move faster, you can have more meetings, and at the same time, you can slow down and that's where you meet each other and that's where, uh, nice things can happen.
Gemma Livermore: Exactly that qualitative approach takes over. So quality over quantity. I really like your advice there. I started my career in sales and that was what my first manager always used to say to me is, you have two ears and one mouth for a reason. Listen twice as much as you speak,
Bob Hendriks: That is always the case. And, and, asking good questions is actually very difficult. So you need to be trained to do that. And even AI can help there because if you prepare a meeting, and you talk to a French institution. It took ages. If I would be understanding, trying to understand a bank or any financial institution, an insurance company, now I can have that much faster, a [00:29:00] summary of that financial institution.
And I can ask, AI also to help me to ask. Which questions should I be putting out there, if I want to understand X, Y, Z? So, this is again, an example of, how technology and human interaction, where one-on-one is three.
I'm convinced that it's easier said than done. That's a different story, and I, I don't think we have enough time in this podcast to think it through all the good stuff in terms of implementation, scaling, et cetera, et cetera. but I'm quite excited to see the possibilities that technology brings us. It all also depends on data, et cetera, et cetera.
Data's so important. So I'm a bit worried about private markets, from that perspective. not worried about private markets, but if I want to, Get more information about private markets, and using AI. You can see there it's private, so data availability is less out there obviously. so there's some work to be done there, I suppose, from a data perspective. But I'm pretty sure that will be at some point [00:30:00] solved as well.
Gemma Livermore: Yeah, absolutely. And let's flip that on its head. How do you think AI will reshape leadership as well as the teams that you are running? How do you think that will change?
Bob Hendriks: If I look at myself right now, how did it change me, so far? So first of all, I could use more AI. So adaptation, and put it into use more. It just takes some time. and, you need to grow into that, I would say. But what it already did is I can pick up many more topics than I did previously from a strategic perspective because it doesn't take that amount of time that it took before.
So I would say, you can be much more in the know about your environment, your competition, the whole ecosystem, and therefore it allows you to steer the company much better than it would be before. You can be much more on the ball. so to me, being less into the details. Because a lot of those details, take less time. It's much more STP and, and spending more time on strategy. It [00:31:00] also means that hopefully you like it and you're good at it.
Gemma Livermore: We are coming towards the end of time, so as we wrap up for our listeners. What advice would you give for the next generation of commercial leaders that are entering the industry now?
Bob Hendriks: Read, study. Be curious.
Gemma Livermore: I love it. It's a really good roundup of everything that we've spoken about. Thank you so much for coming onto the podcast today. I hope our listeners have enjoyed it as much as I have, and hope to see you next time.
Bob Hendriks: Likewise. I enjoyed it. Thank you so much. [00:32:00]
