“I think that number will go higher.”

In context

“ucts and one we may consider in the future. As I shared earlier, our higher net worth clients, there's only 9% penetration of our pledged asset line capability. And I think that number could be far higher as it's such a convenient, easy way to borrow. And if clients have assets at Schwab, the rates they can access are, I think, best or among the best in the industry and yet for us, are still an attractive spread to securities. So it's a win on all fronts. I think on the adviser front, when I go around and I speak to hundreds of advisers every single year to hear what are we doing well, what can we improve? The #1 thing I often hear about is doing more for them in banking and lending. And I think the pledged asset line has been a wonderful start, and you see the penetration rate up to 23%. I think that number will go higher. And at the same time, I think in the years to come, we will find other ways to bank and lend to the clients of our RIAs. If you put yourself in a position of an RIA, they're fiduciary. They're bringing that independence and to the client relationship and clients love that aspect of it. They do, from time to time, compete against the wealth divisions of wirehouses. And that independence means a lot to clients and is why they have grown their share. At the same time, I think the wirehouses are doing a better job of leveraging their banking capabilities. And the RIAs want to be able to match that, and we're the natural provider of that. So while I think we are doing extremely well, growing our lending today, and you see it with the 85% growth in originations in the last year of a pledged ass”