Yes would have to be some negative however client cash is...

Yes would have to be some negative however client cash is growing rapidly, up $15m in June Q to $90m. Av balance of those accs must be well below $10k. Many will at least at times be much more than that as is mine currently.
.25% on $90m is $225k so the last two cuts to rates could in theory cost them $450k on current client cash balance. The growth in client cash could still see overall nett growth of that revenue but will be lower margin. I imagine if official rates are cut to 0.5% at some stage there may be no income from client cash accs.
Then there's the new ETF and advisor platform coming that should provide other income sources.