“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.”

In context

“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 investment that leads to the win-win monetization I’ll talk about now. One area we are investing in and one I’ve discussed in this forum several times as well. I’ve said it before, there is a bull market for advice. Today, we have approximately $530 billion in retail assets receiving ongoing advisory services. Not only do these clients see Schwab as a place to get advice, but our advice offers have among the highest client promoter scores across all of Schwab. With the investments we’ve made and continue to make, more and more of our retail clients are turning to us for wealth management as they move into a life phase where”