“We shared with you in July that we are taking steps to enhance our flexibility and efficiency with an annual run rate expense savings target of $1 billion plus.”

In context

“ents. We have also been able to consistently drive 2% to 3% asset growth from new clients. This is due in part to our diversified acquisition model, which includes leveraging the strong personal relationships created by our branch footprint and our RIA service model, earning referrals from our delighted clients and deploying data-driven marketing campaigns and investing in complementary acquisition channels, including our workplace business, which I’ll talk more about shortly. Year-to-date, this has driven 744,000 new-to-firm households to our retail business, approximately 60% of whom are under age 40 and approximately 240 adviser and transition teams. The third part of our growth recipe is our continued investment in our strategic focus areas. I’ll start today with scale and efficiency. We shared with you in July that we are taking steps to enhance our flexibility and efficiency with an annual run rate expense savings target of $1 billion plus. Walt spoke earlier about our Ameritrade integration, and one component of our expense savings will come from capturing $500 million in remaining Ameritrade expense synergies. Another $500 million plus in annual savings will come from streamlining our operating model, which includes eliminating positions from predominantly non-client-facing areas and reducing our real estate footprint. As we previously shared, these actions are expected to result in a non-GAAP expense charge of $400 million to $500 million, a portion of which you saw in our results this morning, with the remainder to follow either later this year or in 2024. With these actions, we expect year-over-year expense growth to be roughly flat even while we continue to invest aggressively in client products and service. It’s this”