Okay, thanks everybody for joining us this afternoon. I do have a disclosure, then I'll get into intros. For important disclosures, please see Morgan Stanley Research Disclosure website at morganstanley.com/research disclosures. The taking of photographs and use of recording devices is also not allowed. If you have any questions, please reach out to your Morgan Stanley sales representative. Okay, with that out of the way, I am delighted to have with us this afternoon, Aron Levine and Holly O'Neill, Co-Heads of the Consumer Business. Nice to be here.
Good to be here. Thanks, Betsy.
Yeah, thanks so much for joining us.
Okay.
You know, I wanted to start off with asking a question, an overview question of the consumer strategy.
Yeah.
maybe, just dig in a little bit to how we should differentiate between Retail and Preferred Banking. maybe, Aaron, we could.
Yeah
walk through Preferred Banking strategy, and then, Holly, we'll.
Sure.
flex over to you. Okay.
Thanks, Betsy. Good afternoon, everybody. Let me start maybe with a real quick, just high level of consumer. Remember, we serve 66 million customers around the country. We are U.S.-based only. We have about $1.67 trillion in assets, about $1 trillion in deposits, $300 billion, roughly, in loans, and another $375 billion in investments. That's what makes up the consumer business. We do operate in two key segments, Preferred Retail, which we'll talk about in a second, because our model is very relationship-focused, and that's been probably the Norths tar for us over the last 10 years, is turning the consumer business into a relationship model. We focus on having, a leading digital presence, and we have one of the best digital banks in the country.
At the same time, we have about 27,000, you know, professionals in our 3,800 financial centers around the country. That includes specialists like small business lenders, mortgage lenders, and financial advisors. We wrap all of that with our program, Preferred Rewards, which is, again, one of the strongest programs in the industry for recognizing and rewarding our clients. The real takeaway is, whether it's retail, preferred, it's all about primary relationships, and growing with clients over time, and that's how we manage it across financial centers, digital, and our call center channels. That gives a little bit of high level on the overall consumer. Maybe you want to hit retail, and I'll hit preferred?
Sure. I'll hit the retail space. Think of that as mass-market clients, generally income under $70,000. This really is the entry point for the vast majority of our clients into the company. About 67% of our new clients come into the retail business, and they have some pretty good statistics. As they come in, about 53% have a deposit relationship with us, 87% primary, 84% of our households are digitally active. As they come in, our goal is to deliver an efficient, financially healthy capability to them, and then at the right point, we migrate them into the Preferred business with Preferred Rewards and all of the benefits that come along with that relationship. We are really the entry point. Our goal is to deliver a very efficient digital model, which I'm sure we'll talk about, and then migrate to Preferred as those relationships grow.
Yeah. Preferred, which really represents about 90% of the assets, 24 million clients. Again, these are clients that have the income and investable assets to do really everything that we offer across our lending product spectrum, and then working with us in our Consumer Investments business. We have 10 million actively enrolled in Preferred Rewards, so that program brings with it a 99.2% retention rate, and it's been one of the main drivers of how we've been able to grow the Preferred business. We'll talk more about, but obviously, that's where we really work with clients to start with that primary relationships, no different than Holly, and then grow through really focusing on credit card, mortgage products, auto loans, and then, of course, if we can also deliver their investments. It's really critical.
The Preferred business is closely linked to our wealth management businesses. If I can't deliver through my people the right solutions, we will warm transfer and work very closely with Merrill Lynch or with the private bank. There's just a huge amount of referral flow that goes on us setting to them, and in a lot of cases, the private bank and Merrill Lynch, their clients who are looking for a self-directed solution, will send business back. That's kind of how we set these two businesses up.
The wealth management piece that you're talking about right now, is that something that you feel is differentiated from peers?
Yeah, absolutely. I'm very proud of our wealth business. The Consumer Investments, you know it in two ways, Merrill Edge, which is a self-directed platform, and Merrill Guided Investing, which, for lack of a better term, it's sort of a robo-advisor model that we rolled out in 2017. Although ours, really, from the get-go, was always used the CIO office to drive all the portfolio management. It wasn't a sort of black box. Merrill Edge, if you go back to 2011, when it was first formed, had $50 billion of assets under management. We just set a new high watermark of $376 billion last week. We've grown. When you talk about differentiated, from $50 billion to $376 billion, we have 3.6 million accounts.
We use a very unique model of advisors that are in the financial centers full time, their base salary and bonus, completely integrated in the ecosystem. It's really a way to work with preferred clients who are coming into Bank of America and offer them investments, which allows us to really retain those relationships longer. You know, we get a lot of industry awards for the self-directed platform. We don't compete and are not trying to be for active traders. It's really about long-term investing and being a great complement to the rest of what we offer at the bank.
Those warm transfers are truly warm because they're working right there with you.
Exactly right.
Okay.
Exactly.
Maybe we could talk a little bit about the primary drivers of organic growth across the businesses, from your perspective.
Sure.
Aron, do you want to start?
Sure. You know, for us, it'll be, you know, it's all about the core operating account. I think what I think you're all aware of, what I think makes Bank of America's deposit base very unique, 36 million checking accounts, you know, $600 billion in checking deposits. That core operating account is what we drive for growth, and we start there, and then through our specialists, right? Having 5,500 specialists in our financial centers, having face-to-face meetings.
We have a tool called Life Plan, which allows us to work with our clients. We have over 10.5 million clients that have signed up for it. It's a way to set what are the client's goals and how to have a relationship-type conversation versus a transactional one. You wrap that in with Preferred Rewards, which also has 10 million clients in active. We, we drive the revenue growth through a long-term relationship that we built through really strong client care, leading digital capabilities, and these two programs allow us to engage clients over time.
Okay.
Yeah, and I'll just add into that. That long-term view on building a relationship. In the retail space, as Aron said, driving with digital and being really efficient, but complementing that with, you know, engagement through our financial centers as well. Really providing that digital and physical engagement. In the retail space, specifically, really starting that client out with a very simplified solution set. We call that our Essential Solutions, which is grounded in the SafeBalance Banking product, Balance Connect and Balance Assist. That SafeBalance Banking product is transparent, simple, no overdraft. There are ways to free if you have your relationship with us. That's been incredibly successful to bring clients in. The SafeBalance Banking product is over half of our new account opens at this point, 54%.
Interesting.
We've also had good success with the Balance Assist solution, which is low cost, short term, borrowing option for our clients. That really lends itself to this, you know, decade-plus long journey we've been on to building a core relationship strategy with our clients. You know, some of which has come in through some of the changes that we've made in the NSF OD space.
Mm.
That was very strategic, as we, you know, moved forward over the past decade and really wanted to ground ourselves in building long-term relationships with clients and turning from a transactional business to a relationship business. As, as you know, you know, we kind of made the, one of the final installments in that last year as we moved our NSF OD fee from $35 to $10.
Right.
You know, that is very much behind us, and, you know, the feedback from clients has been really positive. You know, the other benefits come through in terms of lower attrition, as well as from a servicing perspective, we see some benefits in efficiency, as we've transitioned that way as well.
Let me underscore one point, which hopefully you're all hearing. What's different about us is we're not set up as three or four separate consumer product businesses. You know, mortgage is one business, credit card is another, deposits another, investments another. We're set up against Client segments, and then we deliver all of those offerings to those Client segments. The entire model is built on the client, the segment first, not the product. That's, I think, what's differentiated us over these last 10 years.
One thing investors look for is efficiency improvements, and maybe you could help us understand one key driver of efficiency improvement that you're delivering in the businesses that you run.
I'll give it a start. Clearly, you know, digital capabilities, self-serve is the biggest efficiency opportunity for us. We've had and experienced huge benefit there, I would expect that we'll continue to experience benefit as you simplify and improve communication with clients, as you encourage them to self-serve, but also, you know, eliminate questions upfront in the process by simplifying your product set. It really runs the continuum. Digital, you know, we have tremendous benefit from digital, and there is still benefit from digital to come as you simplify the experience from the front to the back. When I say that, I mean from sales through back office. There is still opportunity there that, you know, we're working on every day, and now, it really comes in the flavor of really simple client experience improvements, that will come primarily through the digital landscape.
Yeah, I mean, we have a few, but the one I'll highlight is obviously our financial center channel. I mean, if you go back all the way to 2010, we had 6,100 centers and about $440 billion in deposits. As we sit here today, we have 3,800 financial centers and a, and $1 trillion in deposits. Even if you just looked at 2019, the pandemic, we went into the pandemic with about 4,300 centers. We now have 3,800. We have been really worked hard at looking at, as transactions have come down, we've obviously been converting to a relationship model.
The traffic coming into our centers more and more is sitting down with our specialists as opposed to waiting in line as we try to move all that transaction work into the ATMs, into the phones. We're able to continue to grow, and we still add centers every year. On net basis, that's a pretty material reduction that we've had over either a 3-year period or a 10-year period, and there's still opportunity there. Both the physical center itself, as well as just within the whole network, being more streamlined with the number of people in the centers, the staffing, to reflect, again, lower transactions and more kind of relationship models. That's been a huge area of success for us in terms of really finding some efficiencies in the whole financial center channel.
Okay, efficiencies are equal to multiples, so that-.
There you go.
for us to hear.
We hope.
I wanted to pivot to the health of the consumer. You have a really unique vantage point with the breadth of folks that you engage with every day. Could you give us a sense as to where you see their financial health today? You know, maybe you could sprinkle your answers with some comments around...
Yeah
-their deposits and leverage and, you know, how you see their spend.
All right.
likely to go from here?
I'll hit deposits. I'll let you hit the credit side.
Okay.
We can divide and conquer. Look, obviously, through the pandemic and all the stimulus, our clients still, as I said today, just generally across the board, have about 30% more in their checking accounts than they did pre-pandemic. While it's come down a little bit, the high water mark was about $15,500 on average, and we hit that about a year ago. It's running around about $14,000 now, but it's still 30% higher than it was, and across every cohort. If you look at below $50,000, $50,000-$100,000, and $100,000 plus clients, in each of those, it's roughly the same. The lowest cohort, it's up about 34%. I think it's about 30% and 29% in the other.
That means you have That our client base is healthy and that they have more money, that they're still... While it's starting to come down, still very elevated from where it was before. That's one big sign. Obviously, you know, Holly can talk about on the credit side, but you're seeing spending is again slowed, but it's still up. It's up 2-3% year-over-year. The consumers are spending, and they still have money in their accounts. They're paying debt down a little bit more, so it's all very healthy behaviors that we're seeing across the client base.
Yeah, from a credit perspective, I would just add that, you know, the consumer continues to borrow. It's about 1% down from pre-pandemic if you look at the card borrowing rates. They still have some room to borrow. They're not, you know, fully up to where they were pre-pandemic. We're seeing their payment behavior still very strong, so the rate at which they're paying their card down is still well over where it was pre-pandemic, which I think is a very strong sign to the fact that they still have cushion and they still have some room there.
Then, you know, from our own vantage point, certainly credit statistics, you know, still look really strong. You know, we're always comparing to 2019, which was a historic low and a historic year of really strong performance. We really haven't seen any material movement there. From a credit perspective, we still look at the consumer as being very healthy, still having borrowing capacity and still demonstrating good behavior as it relates to their card patterns.
Any changes in underwriting as a result of that? Sounds like probably not.
No, I mean, we obviously, you know, over a decade ago, adopted Responsible Growth, right? The whole theory behind that was adopt a strategy, stick with it through cycles, through the long term, and that's really what we're seeing here. You know, we obviously watch it very closely. You know, I would say we nip and tuck at the edges, but, there have been no real big movements. That, you know, that was one of the drivers behind the responsible-.
Yeah
... growth strategy. You know, we really wanted to stick with our clients through the cycle.
Yeah, During the pandemic, we tightened up a bit, and so we've kind of as we came out of 2022, 2023, we got back to sort of that pre-pandemic model, and obviously, we've seen really good growth getting back. From an overall credit standpoint, as Holly said, you know, we're still running less than 2019, and 2019 was probably the best credit year in 15, 20 years before. There's a lot of room on the credit side, but, you know, we're going to still stick to our guns and maintain a pretty conservative posture.
How do you think about the student loan moratorium that's going to be going away soon, where, you know, folks will have to... That have this debt, probably have to start repaying maybe $250 a month or so, plus, minus?
Right. We do have, you know, clients in the portfolio. You know, we know what the behavior looks like if they have a deposit relationship with us. Some of those clients have continued to pay their student debt through the moratorium, and others have not. You know, those that have not, obviously tend to be in those lower FICO scores. You know, as you know, our portfolio, as compared to our competitors, you know, we have the lowest percentage of clients in those lower FICO scores under 660. The vast majority of our portfolio is over 680. You know, we'll continue to watch that. I would expect that, you know, as the moratorium ends, we'll watch those lower FICO scores, but our portfolio is very small there.
I wanted to shift to deposits. you know, we've obviously had, a pretty exciting environment here with deposits. you know, I think as of March, tell me if I'm wrong, but I think BofA's consumer deposits were down around 3% year-on-year, but loans were up 7%. just wonder, does that matter to you, or is that just something that a bank analyst does for fun?
You want me to take it or-
Yeah.
well, obviously, it always matters, right? you know, we had a pretty substantial run of deposits, as you know, for I think we were up about $370 billion in deposits over the course of the last 3 years. Not surprising, given all the actions, that some of that would start coming down. we're going to retain probably 90% of that growth that we had over those years. you have to keep in mind one thing, you know, Bank of America has about $1.9 trillion in deposits and about $1 trillion in loans. we obviously are not in a position where some other players may be that says we need deposits to fund our loan book.
The question for us then is: what's the right way, thinking about retaining clients, being competitive in the marketplace, but not necessarily chasing the highest rates that might be available? We are very conscious of when we make decisions on providing rates. You know, CDs only represent $34 billion out of the $1 trillion in deposits, and obviously, that's usually where you see the biggest rate play. We can do some things. We certainly have competitive rates in that space, but this whole idea of 36 million checking accounts and the fact that it's very transactional and those accounts have been elevated, and even if they come down a little bit, that's no one's looking for rate in their checking account, right? Those checking accounts are used to pay bills, you know, buy groceries, go to the movies.
For us, we have this very powerful engine that is transactional checking accounts that are core, and, you know, that's not something that we have to concern about rates. That's a very stable model, and we just keep adding more checking accounts every quarter and keep growing it.
Deposit pricing strategy is.
Yeah.
Steady as she goes. Is that fair?
Yeah, I think it's targeted. I think, again, what we've seen ourselves raise rates on the CD side. Again, it's a small part of our portfolio, and we probably play it, not the top of the market, but a little bit below it. Otherwise, yeah, I think for us, there's not a lot of change in our overall strategy.
Just from the perspective of deposit betas, give us a sense as to where you think that's going for yourself. Do CDs, you know, become more meaningful over time, or not really?
Yeah, I think from a CD perspective, as Aron said, you know, we have a wide range of offerings, right? Our whole goal is to, you know, have that option for clients who are seeking rates. also, as Aron said, such a large percentage of our deposit base are checking our core checking clients, right? Where they're using that money for day-to-day operations. That's what creates the stickiness. We do have that CD portfolio for clients who do want rates. I mean, it's been pretty controlled when you think of that portfolio in the context of the whole deposit base.
Mm-hmm.
We want to use that to make sure we maintain internally. It has not, certainly for our clients, been a run to get, you know, CD rate or additional rate, because I believe that the consumer client, you know, think about how you use your checking and savings balances is for day-to-day operations, right. That's how the consumer client really thinks about it. Then, you know, as far as deposit betas, I would expect, you know, they'll stay kind of in the range where they are today, but we'll continue to watch it and, you know, make sure we maintain and retain those clients as core relationship clients.
Yeah, and you can't underestimate the value of this Preferred Rewards program. When you're talking about the $10.5 million of our larger clients with larger balances that are now, because of the deposits and investments they hold with us, they get bigger benefits on their credit card, benefits on auto loans. there's this real stickiness about, well, that those deposits, the rate is one thing, but I know I'm getting a big substantial reward on my credit card.
Mm.
you know, that's why Preferred Rewards for years now has had, like, 99%+ retention, and that is a substantial amount of our overall deposit base. That's a powerful way in which we retain clients that takes it out of the normal realm of simply what the pricing is on our, on our deposits.
Okay, got it. Just wanted to lean in a little bit on the wealth topic.
Yeah
that you raised earlier, because it's a great business, it's high growth, it's lower risk. Competitors are noticing-
Yeah
right? You're seeing folks leaning in.
Yeah.
Could you give us a sense as to anything you're doing differently in-?
Yeah
in the face of that?
Remember, our wealth business at Bank of America is there's a continuum, and so you obviously have Merrill Lynch Wealth Management that everyone's aware, which is a full service, you know, financial advisor model and the Thundering Herd and led by now Eric and Lindsay, and then you have the Private Bank with Katy Knox. Consumer Investments is very unique in that we have for, I think, still maybe the only with a base salary and bonus, but fully licensed financial advisor that sits within a financial center and really gives access to clients that have generally less than $250,000 to invest, but never had the opportunity to have someone that they can talk to.
We couple that with a highly digital platform, Merrill Edge Self-Directed, which again, has grown substantially over the last 10 years. We're growing about 9% per year clients, 9%-10% growth, up to about 3.62 million clients now. That's a very unique model. Merrill Guided Investing, which allows clients to put into portfolios something like a Betterment or a Wealthfront, our version of it, and we've had substantial success there. What's different is the model in terms of how much it's integrated into the Preferred business, the ecosystem of the financial centers, the advisors themselves, base salary plus bonus. You know, there's no connection to their client. It's a corporate client.
this platform that's, you know, gets highly rated across the industry, that does both self-directed and kind of guided. It's just a very unique model that, again, has grown substantially. I mean, in the last 4 quarters alone, we had $37 billion of organic growth, which was our best 4 quarters ever. We've set kind of high water marks, the fourth quarter last year of $15 billion, another $11 billion in the first quarter. We're just seeing it, the momentum pick up, and like I said, we just crossed $375 billion in total AUM, which I think puts us at, like, the fourth or fifth, and we started with effectively nothing about 10 years ago.
Great.
It's a pretty unique model.
No, it's excellent.
Yeah.
Maybe we could flip to digging in a little bit more on the efficiency and technology, you know.
Yeah
some of the themes that you've been raising here. First, on the good old-fashioned branch count optimization. You know, every time I feel like you're done, you keep on doing a little bit more.
Yeah.
maybe you could help us understand...
Yeah
You know, where you are on that journey.
We're in 83 of the top 100 markets, in fact, well, over the next few years, we actually are gonna expand into 7 more. We'll be in 90 of the top 100 markets by the end of 2025. Markets like Milwaukee, New Orleans, Birmingham, Madison, Wisconsin, Boise. At least 7 markets that we hadn't gotten to yet. Remember, we've opened in 15 markets since 2015: Denver, Minnesota, Pittsburgh, Salt Lake City, Indianapolis. That's 1 part of our strategy, which is grow in the expansion markets, we do it very efficiently, really good success of how fast we can grow with a small number of centers.
In our existing markets, right, where, again, we're number 1 in 16 out of the 30 top markets, or number 1, 2, or 3 in 25 of the top 30 markets. There are certainly plenty of places where we can identify a location where there's 2 centers that are existing, and we could put a new center in the middle somewhere, and we believe we can pull all that traffic and then close the other 2. We have a strategy of identifying areas where we can close 2, open 1, so that on a net basis, we're kind of coming down. We took a big chunk out during the pandemic. We closed 525 centers in 2021 and 2022, which is a pretty substantial number in a 2-year period.
Again, we had been paying attention to traffic reduction, changing demographics, all the things, all these data points that we look at said, "Because those centers were temporarily closed, we can go ahead and permanently we won't reopen them after the pandemic." What you'll see from us is, each year, we continue to add centers across the country, but on a net basis, we reduce as we identify those places where there's a couple older centers that could go, and we replace it with a brand-new center. By the end of this year, we'll have the entire 3,800 having been renovated. We've been on an aggressive renovation program over the last five years, and that's been an important capital investment so that every center looks like it should, a more modern center.
That'll slow a little bit, the money we'll spend for that as we go forward. So yeah, I think you'll see a net reduction, but it's more gradual than it has been. I think it's very much in equilibrium with traffic for transactions. That has gone down substantially, but we have specialists so that the number of appointments that we have keeps going up, and that's what we're sort of looking for. Transactions that go down, you can close those centers. People will drive a little longer. They'll make more appointments to go talk to someone about their financial life, about a mortgage, about a small business, you can change the sort of the nature of why a financial center exists. It's gone from transactional to relationship to a broader, more sophisticated set of conversations.
Digital is part of that, right?
Yeah. I mean, digital is really integrated with everything that is done in the financial centers, right? That really is the key for us, is that integrated experience for clients, whether they're walking into a financial center or they're engaging in the mobile app or online banking. You know, as I said earlier, digital still has significant opportunity for us to streamline the experience. You know, Zelle is just 1 of many examples of... You know, last year, Zelle surpassed paper checks, people sent more Zelle payments than they wrote paper checks. I think we've seen the end of that gap will get wider, that has tremendous benefit and efficiency for us all along the food chain, right? Client experience, much easier and better.
In the back office, without paper check, Zelle is much more efficient for us as well. You know, that's just one example, and Zelle will continue to have enhanced capabilities, recurring payments, and we take client feedback in a whole variety of ways to make sure we're getting at that digital experience in a way that makes it easier for clients to self-serve, right? That leaves the capacity in the financial centers to engage in clients on more of an advice-based model. It all goes hand in hand together.
You know, Aron's team uses digitally assisted shopping, that creates another intersection point between digital and our financial centers. If they start a conversation, and a client is not yet ready to close an account or open the account, they can engage the mobile technology, put it in their shopping cart, and the client can pick it up. There are all sorts of ways. Those are just a couple of examples.
Yeah
of the way, our digital and our physical properties are.
Yeah, the digitally assisted shopping, I won't underestimate the amount of sales that now occurs. You think about that, you're in the center, someone's busy, but we start a conversation. Historically, that's where it would end, and you have to hope they come back.
Mm.
Just like Amazon, we say, "No, let's put it into your shopping cart," and when they get home, or with their spouse or partner, they now look at it, and they can fulfill right online, so they don't have to come back in. The level of efficiency of that sale is doubled. You have double the time to sort of do it. That's been a huge, and we've just seen a really exponential growth in that being the way in which we fulfill sales. It starts at the center, but it ends in somebody's house, at home. Then, of course, now they're digitally engaged, so they're likely to now use digital for lots of other things, not just that first opening.
Oh, it makes a lot of sense.
Yeah, it's pretty cool.
What about AI? Is there anything that you guys are interested in leveraging-?
Oh, yeah.
AI for?
Yeah. A lot. I mean, think about how we use Erica, right? Erica is one flavor of AI in terms of engaging with our clients. Erica sits right on the mobile app, and you can ask Erica any question that you want. Erica answers it a large percentage of the time, and if Erica cannot answer it, and I think this is a really key differentiator for us, if Erica cannot answer the question, we actually connect Erica right into one of our specialists, whether it's through chat or it's through the phone. That's been very deliberate strategically for us to drive the confidence in that capability and continue to deliver a great client experience. You know, that's one example.
There are also applications internally, how to use AI to make our teams better and more efficient, seeing and giving them just the right level of information they need to assist a client. There are both client-facing and internal opportunities for AI to drive more efficiency and to get clients a better experience.
Just before we wrap up, bringing it back to present day and the quarter, just wanted to understand if there's anything in the environment so far this quarter that you would want to, you know, highlight or anything that's impacted results or updates on expected performance?
I think our performance for the quarter is, you know, as you would expect, very consistent with what you've seen in the first quarter. You know.
Yeah.
That would.
Yeah, one thing I'd hit was, again, I talked about the importance of our checking growth. I mean, we're going to, I think, put up another very strong... You know, we use net checking. That's been something we've looked at. We've had 17 straight quarters.
Mm.
-up until now of net checking growth, which is important. You know, again, all-time low client attrition, strong client acquisition. I think for us, that's something that we start, stop looking at all the time in the quarter, and we feel like this quarter should be no different. That's an important point.
Yeah. Yeah, thanks, [Lee]. Real quickly, we talked about the partnership that we have with Wealth Management, but on a similar front, we have we've built a program called Employee Banking and Investing. We now have over 300, either large corporate or commercial clients that of the, of the bank, that have signed up to have received benefits for their employees, across all the banking products.
We work with the company, and we will go to on-site and do seminars and sort of bring Bank of America's consumer business to them. We have over 3.1 million U.S.-based employees of those companies now in the program. What we see over time is, you know, generally with every company, we start with about 20% of their employees having a Bank of America relationship. Over the time, especially the ones we've been tracking for five, six, seven years, you know, we see anywhere from 400, 500 basis points of growth to 800 basis points of penetration. We measure that sort of assuming some natural growth, so what's incremental?
It's a great program because, one, our commercial bankers are building a relationship, and our corporate bankers with their clients and getting a really adding value that costs the company nothing. Great for us because it gives us another channel to go out proactively and find consumer clients.
That's been, for how many years, you said?
Oh, boy. I think we launched that about five years ago.
Okay.
We're already again up to 300, over 300 clients and $3 million. It's been a pretty effective tool for us.
I would think that would be some nice synergies there within the BofA organization.
Oh, it's awesome. Yeah, people love it.
Okay, great. Thank you very much for joining us today. Aron Levine, Holly O'Neill, appreciate your time.
Thanks.
Thank you, everybody.
Thank you!