“We reaffirmed our targets at 30% in the strategy deck. And we did that for good reason, mainly because we want to be in a position that we can invest and so we've never really managed the margin quarter-by-quarter.”

In context

“t $25 ago. L. Erika Penala: Hopefully, some people are still listening. So anyway, can you hear some my question. Ted Pick: It may just be you and me, but I'm going I know exactly. We're good. We're good. You talked about organic growth opportunities in wealth you talked about broad-based drivers for NNA. You talked about AI being your friend and you talked about advisers really being empowered by AI. As we think about the pretax margin of 30% in a quarter where wealth comp had some upward pressure. Should we think about the low 30s as sort of a high level where you can sustain? Or is there potential for upward pressure given all of the dynamics that you mentioned? Sharon Yeshaya: Yes. Thank you so much for the question, Erika, and thank you for noting all the places that we're investing. We reaffirmed our targets at 30% in the strategy deck. And we did that for good reason, mainly because we want to be in a position that we can invest and so we've never really managed the margin quarter-by-quarter. We've said that multiple quarters. We always said when we were below 30% that could cut our way very quickly to a 30% margin. But for us, what's most important is that we're constantly investing and there are so many places within this best business to invest and it's paying off. And over time, we'll continue to move up the margin on its own organically. The most important thing for us is to continue to put dollars to work to service both our clients and advisers and continue to be a category of one in this business. Operator: Ladies and gentlemen, this concludes today's conference call. Thank you, everyone, for participating. You may now disconnect, and have a great day.”