“I'd just repeat something that Andy Saperstein said at one of the recent conferences that our plan is to generate $1 trillion of new money, new client money every three years.”

In context

“best FA to refer to the referral workplace relationship to -- that will just continue as you kind of better understand and aggregate data. Remember, we've invested a lot in the capabilities that you would consider AI in nature. It gives you a better sense of what does someone do with his or her next stock plan distribution, for example, do they buy a house, do they need a mortgage? Okay, what happens at this stage in someone's life cycle? So the more and more data that we aggregate across all of these channels, the more and more powerful the Wealth Management business becomes. So to James' point around the technology investment, that technology investment is core to be able to continue to grow the business with what we've called that we discussed this project genome before. James Gorman: I'd just repeat something that Andy Saperstein said at one of the recent conferences that our plan is to generate $1 trillion of new money, new client money every three years. So it's $330 billion. Obviously, in a very difficult environment like this, it's -- that run rate is more challenging, but we've had quarters where we've been much higher than where we are now. So it's about, call it, $75 billion, a little more $80 billion a quarter. And in this quarter, we did $65 billion. That is an unbelievable number. If you think about $1 trillion, we generate over 50 basis points -- 50 basis points per dollar of assets. So that is an unbelievable revenue machine. And there are many, many factors contributing to it. It is a completely different business model because of workplace because of the direct channels, because of what we've done with the bank and the way we've changed the whole financial advisory interaction with their clients through technology. So very ex”