“As we look ahead to the first quarter of 2022, we expect the PBT margin to be more in line with the 2021 full year margin, excluding integration-related expenses.”

In context

“seasonal patterns impacting results. Turning to Wealth Management. For the full year, Wealth Management produced record revenues of $24.2 billion and a PBT margin of 25.5%. Excluding $346 million of integration-related expenses, the PBT margin was 26.9%. Fourth quarter revenues were $6.3 billion, up 10% from the prior year, and the PBT margin was 22.6%. Excluding integration-related expenses of $109 million, the PBT margin for the quarter was 24.4%. Quarterly margin was negatively impacted by seasonal expenses and certain compensation and benefits decisions made to further support our employees. Given the full annual impact of these decisions was taken in the fourth quarter, the impact was amplified in this quarter's margin. Going forward, this will be spread throughout the year pro rata. As we look ahead to the first quarter of 2022, we expect the PBT margin to be more in line with the 2021 full year margin, excluding integration-related expenses. This business continues to benefit from strong client demand across the platform. Client assets grew nearly $1 trillion this year and now stands at $4.9 trillion. Fee-based flows were an incredible $179 billion in the year, recording growth in fee-based assets of $1.8 trillion or 25% higher than last year. In the quarter, asset management revenues were $3.7 billion. Net new assets of $438 million in the year represent 11% annual growth of beginning period assets. Momentum was carried through the fourth quarter, which saw net new assets of $127 billion. We saw strong asset generation from both existing clients and net new clients driven by the advisor-led channel. We remain a destination of choice for advisors and continue to add strong teams and retain productive advisors. Net new assets”