Yes, the retainer balance and trust balance are typically distinct.
Retainer Balance: Your client gives you money before you do any work. It's like a down payment for your legal services. You keep this money until you actually do the work and bill for it, and the balance is available in the operating account.
Trust Balance: This money belongs to your client, not you. You're holding it for things like court fees or settlements. It has to be kept separate from your own money to ensure it's used only for your client's needs and the total funds you've deposited in the trust account.
So, the retainer is your money until you work for it, and the trust balance is your client's money that you're looking after.