“The underlying business progressed towards our long-term goal of 30%.”

In context

“us quarters. Turning to Wealth Management. The business delivered on key metrics. Strong net new assets, exceptional fee-based flows and healthy lending growth reinforced our differentiated Wealth Management franchise. Revenues were $7.8 billion, inclusive of $292 million of DCP. And the margin continued to expand, showcasing the inherent operating leverage of our scaled platform. Results reflect our investments focused on growth and our strong track record to help clients understand the value of advice. Moving to our business results in the second quarter. Pretax profit was a record at $2.2 billion, and the pretax margin was 28.3%. DCP negatively impacted the margin by approximately 70 basis points. Higher margin shows strength of our asset growth achieved by our investment-led strategy. The underlying business progressed towards our long-term goal of 30%. Asset management revenues were $4.4 billion, up 11% versus the prior year, driven by higher market levels and the cumulative impact of consistently robust fee-based flows. In the quarter, fee-based flows were very strong at $43 billion, marking a record, excluding previous asset acquisitions. Clients continue to shift assets from adviser-led brokerage accounts to fee-based accounts, and we continue to invest in overall education, technology and product innovation to benefit clients and support ongoing asset migration. Fee-based assets now stand at $2.5 trillion. Net new assets in the quarter of $59 billion were inclusive of a $22 billion headwind from tax outflows and reflect growth across channels. Adviser-led flows were particularly strong, originating from new advisers who are attracte”