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  "documentTitle": "20240222 JF at BAC Conference",
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      "text": "These notes refer to the financial metrics and/or defined terms presented on Slide 9\n1. 2023 NNA as a % of Assets represents NNA divided by beginning client assets for each stated period in 2023 for WM and the following peers: Bank of America Global Wealth and Investment Management, BlackRock, Charles Schwab, UBS Wealth Management Americas and Wells Fargo Wealth and Investment Management. For BlackRock and Charles Schwab, NNA represents reported total net flows and total net new assets, respectively. For the rest of the peers, NNA is derived from internal analysis based on peer company filings in 2023.",
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      "text": "These notes refer to the financial metrics and/or defined terms presented on Slide 11\n1. WM Client Assets Across Brokerage, Self-Directed and Workplace represent WM Client Assets excluding Fee-Based Client Assets. Fee-Based Client Assets represent the amount of assets in client accounts where the basis of payment for services is a fee calculated on those assets.\n2. % Fee-Based in Advisor-Led represents Fee-Based Client Assets as a percentage of Advisor-Led Client Assets.",
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      "text": "These notes refer to the financial metrics and/or defined terms presented on Slide 10\n1. IPO Volumes are for the U.S. and sourced from Dealogic. Metrics represent averages for the stated years.\n2. % of Advisor-led Assets in Cash and Cash Equivalents represents the percentage of custodied Advisor-Led Client Assets allocated to Cash and Cash Equivalents. Cash and Cash Equivalents represents value of sweep deposits, savings deposits, money market fund balances, other deposits, and certain short-dated fixed income instruments. Through Cycle represents the average of this metric across 4Q 2015, 4Q 2016, 4Q 2017, 4Q 2018 and 4Q 2019. Today refers to 4Q 2023.\n3. SBL Paydowns as % of Beginning Period Balances represents securities-based lending ('SBL') paydowns in the WM segment divided by beginning period SBL balances. Figures represent averages for the stated years. Today refers to 2023.",
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