“So when we think about January and what we're seeing, we see the recruiting being healthy.”

In context

“but you're definitely hearing a lot more from the bank-owned wealth management companies that are turning up the heat a little bit on recruiting and a lot more on their intent to better penetrate their banking while clients wallet. So I'm curious if you feel any of that in your franchise, any of that where you compete and whether or not that impacts your thought process on your ability to attract some of the trillions of dollars held away that is always part of the growth story. Sharon Yeshaya: So the first point I would say is it's obviously always a competitive market, but we're very well positioned given the tools that we've given to our advisers. A couple of points that I would make to you. The first is when we look forward into the first quarter, that recruiting pipeline is healthy. So when we think about January and what we're seeing, we see the recruiting being healthy. The second point that I'd mention is what I find to be most encouraging when you look under the M&A data, is that we're seeing new clients from the Morgan Stanley. So it's not just attracting assets all the way but rather you're actually getting new clients from those participants. And then you're seeing conversion. So when you think about some of the statistics that I gave you around workplace and we've talked about these statistics, the workplace assets that move over you have 80% of those assets are actually assets that are coming from outside the institution. So you're bringing new clients in, and then they're bringing their assets that are sitting away into the institution. So I think we're well positioned to capture those opportunities. Final point that I'd make is on your banking p”