“I still believe 5% or higher is the right long-term expectation. In the near term, we're focused on 5%.”

In context

“around 5% organic growth for 2026. That would be a bit of a deceleration just factually from the 5.1% you put up to '25. And this was supposed to be a transition year. So you beat your goal for this year despite being a transition year. So maybe you can unpack why only 5%? Are you still thinking 5% to 7% is the right long-term goal? And then separately, just coming back to your commentary on the buyback. How should we think about your adjusted Tier 1 leverage ratio? Is 6.75% to 7% still the right way to think about that? Otherwise, if you don't buy back a ton of stock, that ratio is going to ramp pretty dramatically given your guidance? Richard Wurster: I'll start with the NNA -- NNA numbers that Mike highlighted. And then, Mike, you can take the second part of that question. But on NNA, I still believe 5% or higher is the right long-term expectation. In the near term, we're focused on 5%. I think that's a realistic target. It's important to keep in mind that our total client assets grew by 18% year-over-year. So the target despite being similar to what we delivered last year, keeps going up. In the longer term, as we -- as I mentioned earlier, as we invest in our workplace business, we fully launched crypto, we add more retail relationships. I believe in the right market environment, we that above 5% still remains very much possible. But in the near term, that 5% with the asset growth we've seen from clients, that's the number we're shooting for. Michael Verdeschi: In terms of that second part, 6.75% to 7% for the adjusted Tier 1 ratio, that is still our objective. And keep in mind, obviously, as we see the growth of the franchise, there is a component of that ratio as int”