“I expect that to drive more than 5% NNA growth, just as it has for the last several quarters.”

In context

“Rick Wurster: Thanks for the question, Dan. I still believe 5% or higher is the right long-term expectation, we remain bullish on NNA. I also expect we'll deepen relationships, we really do see clients consolidating their financial life with investing being more at the center, that puts us in a winning position. You see it in the growth of everything we're doing. Wealth, our proprietary wealth offer flows are up 86% year to date. PAL originations are up 60%. Our number of bank accounts we have, I think, are up 12%. You look at all of these statistics, it just shows that clients are doing more and more with us. I think that helps bring more NNA to the firm as well. It's a nice cycle. As I think about our three businesses, starting with Advisor Services, I think we continue to distance ourselves from competition in the marketplace, we see NNA and TOA both accelerating. I think the capabilities we have are becoming even more and more challenging to match. As independence continues to win and RIAs thrive, we're the natural leader in the advisor space, I expect that to drive more than 5% NNA growth, just as it has for the last several quarters. I think we're 6%-plus in that business the last four quarters or so. In IS, I think that we continue to do a nice job of driving NNA. We are investing in FCS and in AI. One of the things we observe is that even with the advent of AI, our NNA growth rates where we have a relationship far outpace those where we don't have a relationship. We continue to invest in making sure our clients have coverage for having their needs met. When we do that, again, our expectation is NNA growth should be 5% or higher. Finally, our workplace business, our stock plan business, has been thriving and been a nice contributor to NNA. We have a big opportunity to increase NNA in our retirement business over time. That's an area where we could be doing more, where we have an opportunity to introduce ourselves to many working Americans for the first time. I believe we have an opportunity to grow our NNA there. All in all, I'm bullish on our NNA. We remain positive about hitting 5% or higher and feel good about each of our three client-facing businesses in that regard.”