“We now have over $500 billion of unvested assets in this channel and expect to retain an increasing proportion as they vest.”

In context

“visor-led business in the industry, complemented by leading workplace and self-directed offerings, the wealth franchise we've built as a category 1. We already serve nearly $5 trillion of client assets, and overall revenue on assets remains high over 50 basis points, underlining this segment is -- underlining this segment as an economic engine for the Firm. As we think about the growth ahead, we are most excited about the nearly 15 million relationships we have across channels and the potential to deepen those relationships further and consolidate client on to the platform. On Slide 10, we look more closely at workplace, which I'm incredibly excited about for the future. As we've said before, we see this channel as a funnel for client and asset acquisition to sustain growth going forward. We now have over $500 billion of unvested assets in this channel and expect to retain an increasing proportion as they vest. In 2021, we had a 24% retention rate. That compares with 21% the previous year. Given our focused effort, our long-term goal is to reach 30% retention. This new metric illustrates the strength of the workplace business to augment net new assets to Wealth Management. Moving to Investment Management on Slide 11. Our platform has transformed into premier and growing asset manager. Our distinctive capabilities enable us to deliver differentiated client value as endorsed by $115 billion of net flows in the year. Total AUM is now $1.6 trillion, and our more durable asset management fees are nearly triple what they were in 2014. If you look closely with our Investment Management business on Slide 12, you can see we're a leader and growing where it matters most. Customization, specifically direct”