“Today, with our expanded offering, we reach over 19 million relationships and have added net new assets of over $250 billion in each of the past two years on track to delivering $10 trillion plus of total client assets.”

In context

“s has been both broad based and crucially is global. It is important that we are relevant in all the major regions around the world. Amidst geopolitical and interest rate uncertainty, each region grew revenues by roughly 20% in 2024. These results follow multiple years of investment in talent and leadership, as well as efficient and disciplined RWA growth. In 2024, we saw institutional securities deliver an operating margin of 31% and revenue growth that was significantly higher than our RWA growth. We are in a leadership position and can offer trusted advice and market access into the investment banking new issue and M&A cycle, which just lies ahead. Slide 10. In Wealth Management, investments in our self-directed and workplace channels drive our differentiated client acquisition funnel. Today, with our expanded offering, we reach over 19 million relationships and have added net new assets of over $250 billion in each of the past two years on track to delivering $10 trillion plus of total client assets. An important indicator of Wealth Management momentum is fee-based flows, which reached an exceptional $123 billion in 2024. Delivering on new relationships and net new asset growth creates opportunities for our team of world class financial advisors to tap into the integrated firm for their clients. Slide 11 highlights the breadth and tenure of wealth management's client relationships as 60% of advisor-led assets are associated with clients who have an average duration of 20 years. We retain 99% of our clients reflecting their enduring trust in Morgan Stanley. The slide illustrates our multichannel model, which continues to drive new assets to the platform. 30% of our advisor-led assets are associated with clients who have a Morgan Stanley relationship of less than 10 years and 10% of adv”