I'm standing up here with a vision. Good morning, everybody. I am Chris Hill, Chief Executive of Hargreaves Lansdown. Welcome to our Capital Markets Day. Thank you to all of you here in the auditorium for joining us this morning, and for all of those who are dialing in from the home or from the office, online. What we want to talk to you about today is our vision that will redefine wealth management. We want to talk to you about how the market has developed and how we see that it's now at an inflection point, and where we see the need to serve and support clients in a way that they have never experienced before. I can tell you that in my five years as Chief Executive, I have never been as excited to talk to you about the opportunities that we see ahead. Our vision is to transform the savings and investment experience, how we feel and interact when we're managing our money. We want to combine the best of human expertise, the brilliance of the colleagues that we already have, and augment it with the supercharged use of data and technology, and deliver a uniquely personalized service that helps you to not only manage your wealth, but your financial health and resilience. We can do all of this by unlocking the power of our client data and insight. Hargreaves Lansdown, we are the biggest. We are building strong, lifelong relationships with nearly 1.7 million people. We have the best offering. HL has led the way for how the U.K. invests and saves throughout its history, and we continue to win recognition for the experience that we provide to our clients, and we deliver strong growth. With our AUA doubling since I became CEO in 2016. That's higher than the next five direct platforms combined. That is testament to our ability to both adapt and compete, and continue to gain the trust and confidence of our clients. We have built a platform. All of this has been achieved through maintaining our best-in-class offering, driving growth through our leading user experience, maintaining absolute focus on client service standards, and developing extensive and comprehensive proposition. We feel that the sector is now at a critical inflection point, and there is so much more potential for us to expand what we offer and what we can do for clients. It's time to take the wealth management market to the next stage by looking after clients and providing them with better service, better technology, and better support than they have ever had before. I'm telling you it's time to change because we understand clients and what they need more than anybody else. Why I'm telling you this with confidence is because we have the largest client base of anyone in this sector. We've got the greatest volume of assets, the broadest client interaction, and all of this leads to more data points and understanding, and leaves us better positioned to deliver than anyone else. We're doing this from a position of strength and knowledge. We've built an outstanding digital platform that adapts and responds to how consumers want to interact with us. In the last year alone, we had 393 million digital visits, more than double what we had in 2018. Since 2018, we've gone from 76 million client logins per year to over 230 million in 2021. From 13 million transactions per year to 27 million. We've had 7x as many mobile trades and 3.6 million visitors read our articles. These are just some of the phenomenal growth figures that we've seen and highlight how we have established unmatched engagement levels that drive a proposition and a service that constantly adapts to needs. You know this. You've seen the results. Clients wanted better ways to manage their cash savings, so we delivered Active Savings. This has grown fast. Since it was launched in 2017, it's already resulted in over 100,000 clients being able to use a flexible cash product with some of the best rates on the market. We also noticed that some clients were building higher risk portfolios, so we developed the Better Investors program to help provide education and insight on key investment topics. This has resulted in both higher diversification scores and better risk scores across portfolio, improving outcomes. Given our scale and position, we can see deep investing patterns and behaviors. We can anticipate what clients need and we can build what they need next. This all contributes to the powerful distribution engine which has and continues to fuel our growth. What we've proven to you is that combining this cumulative data we hold on our clients with investment and improved services, results in a virtuous cycle for us where we can attract, engage, and therefore retain a broad range across different demographic groups. You've seen our success with retention over the last year when we added 230,000 clients. We saw record engagement stats, including logins up 61% in a year. We now have a corresponding improvement in our retention rate, hitting 92.7%. The engine that we've built continues to power ahead. What this cycle means is that we build powerful relationships, powerful lifelong relationships with our clients that deliver returns. The average age of our clients has gone down. It's now age 46, as more people engage with their finances early in life. We continue to attract new clients across broader demographics. Whenever these clients join us, they follow a familiar path, as highlighted by this graph, which you've seen before. Clients, no matter when they've joined us, contribute throughout their lives, with a record 600,000 contributing into their ISA last year. Over the last 15 years, clients have, on average, increased their value by 3x-4x. They use their allowances and grow their assets with cohort by cohort following trends that are similar over time. These are clients of quality with a record of building wealth over time. These trends have enabled us to deliver sustained growth and strong returns over the long term, with a 14% annual AUA growth rate over the last five years. In a further sign of the impact on our returns, we also delivered more profit in 2021 than we delivered revenue in 2016. We know there is a huge opportunity to go even further than this in addressing a broader market. That market has grown, is growing, and will continue to grow significantly over time. I've talked to you many times about the drivers of growth in wealth management, secular shifts which are pushing, encouraging, and driving more people to take control of their savings and investments. The impact of all of the shifts and structural trends on this slide have only been accelerated by the COVID-19 pandemic, especially in how clients want to engage with us. The impact of volatility in the economy and broader impact on the cost of living means that everyone needs to pay attention to how they save and invest and ensure their own financial resilience. All this means the market is now growing faster than ever and the opportunity is even bigger. With our understanding of how each of these trends impact client needs and behavior at a detailed level, we are ready to lead into this next stage of growth. I'm telling you that there's not only a market opportunity, but a structural rationale. Our understanding of the market, our client insight and understanding of evolving needs shows us that the market is at an inflection point, meaning it's ripe for disruption. This is clear because client expectations and demands have been accelerated by the pandemic. They no longer compare wealth managers to other financial services companies, but to the customer experience that's offered by Amazon, Netflix, Spotify. The industry needs to take a step forward. Incumbents are not delivering the experience that is expected by clients. This service gap is going to become more and more evident. No one has got all of the capabilities required. We do. The regulator has got a clear focus on client outcomes and the value of long-term investing, but it's also exploring new opportunities that will enhance the market, like open finance. Each of these regulatory initiatives are aligned with HL's purpose of empowering people to save and invest with confidence. Finally, the technological capabilities. From cloud computing to the power of Augmented Advice, it's available and it's ready for us to move the wealth management experience forward. The strategic position of HL with our strong track record of leadership, the simplicity of our easy-to-use offering, the breadth of our proposition and service, and the expertise and trust that we've built over 40 years means that we are uniquely positioned to capture this opportunity. In doing so, we are going to redefine wealth management. We'll redefine wealth management through our vision to transform the experience, combine human and digital, and deliver a service that helps people to manage their financial health and resilience. There are several core elements to this that we'll talk about today. We'll develop our digital backbone and create unparalleled data-driven insights. This will be about using data and technology to drive insight at a macro level to help us define and then build best-in-class products and services, and use our client understanding to drive engagement by delivering the right products and services through the right channel, whether it's via the app or online, by phone or in person at the right time. While automating the hell out of everything, improving the quality of service for clients, ease, speed, quality of delivery, and driving out cost, allowing us to improve our own margins and also drive down the end cost to clients. With our experience optimized and by using business processes that we can scale across HL, we'll expand our proposition to build a one-stop integrated wealth management offering. Rapidly expanding our investment solutions to offer cost-competitive choices for clients at different stages in their investment journey. Accelerating our cash savings platform, make it easier to use and with more choice as we look ahead to a higher interest rate environment. We will combine the best of human expertise with digital capability to create the Advice service of the future. By delivering this, we will have an even more comprehensive offering with a greater share of client wallet. To execute this strategy and deliver across the five key capabilities that I've outlined, we have established a plan for balanced investment over the next five years. Between now and FY 2026, our development will require GBP 175 million of cash investment spend, of which we expect 80% to be self-funded by cost savings by the end of the period, 2026. The investment will be divided across technology, service, and expanding our investment savings and advice proposition. This is what we'll now focus on today, and my colleagues will talk you through how it will enable us to achieve the performance and capability that redefines wealth management. The five key developments I've just talked about, how that's enabled and how that delivers sustainable growth and returns to shareholders. This plan is going to deliver. For our clients, we will deliver an enhanced proposition with a digital first and integrated offering that better meets their needs, and underpinned by the systems and technology to ensure that we can thrive at scale and enhance our ability to innovate at pace over the long term. While for shareholders, we are clear on the returns that this will generate, including a gradual acceleration of net new business, up from GBP 8.7 billion in 2021 to GBP 20 billion annually by 2026. Operating leverage with positive jaws on a run rate basis after FY 2023. Attractive returns with the operating margins of circa 55%+ by FY 2026 on a sustainable basis. We're confident that this is a plan that will ensure long-lasting benefits for both our clients and our shareholders into the future. There are many reasons why I'm so confident, and as I said at the beginning, I have never been more excited to be CEO of this business, faced with the opportunities that we see ahead. Why now? Well, we've doubled the business since I joined. This strategy will launch the next phase of growth. The behavioral changes from COVID-19 and how people want to engage in the future means that digital transformation has to be at the heart of what we do. There is no one better place to redefine the wealth management market than us. Because of this opportunity that we see ahead to accelerate our long-term growth, I've invested the time in building the right management team over the last year to help deliver and execute on the strategy. Together, they bring the critical operational, financial, and tech skills that we need, as well as the direct experience of digital transformations to help build on our strong leadership position. Introducing you to those who'll talk this morning, you'll hear from Birger Thorburn, our Chief Digital and Information Officer. Birger joined in 2021 from Experian. He's a great technologist. He's got a track record of digital transformation and leveraging the power of data, which is key to us right now. David Espley. David is our Chief Technology Officer. He joined us last year from LexisNexis. He too has got experience of digital transformation, product delivery, and migrating to the cloud. Amanda Shepherd. Amanda is our Chief Operating Officer. She joined us in 2021 from Barclays, and she led large teams through transformational change, delivering growth, increased satisfaction, and cost savings. Birger, David, and Amanda are going to talk through our plans to develop our digital backbone and enhance our approach to data. You'll also hear from David James. David joined us three years ago. He's been the driving force of the Switch Your Money ON brand campaigns. His previous experience with launching BT Sport at BT and VOXI at Vodafone was all about launching and building market leadership positions. You're going to hear about us launching 19 new funds. Emma Wall and her team provide the insight and analysis. Emma is also very passionate and knowledgeable on ESG. David and Emma will outline exciting plans to enhance the integrated wealth management service through expanding our approach to funds, Active Savings, and Advice. Finally, you may have noticed we also have got Amy Stirling in the room, our new Chief Financial Officer. While Amy's here today, she only started yesterday, so I am very grateful to James Found, our long-standing Head of IR. You all know him. He's been at HL for 12 years, and he's going to take us through the financials. Now is the time to change. This is how we're going to do it, and I'm going to hand over to Birger. Thank you, Chris. You know, when Chris started talking to me about the opportunity at HL last year, first I was a bit hesitant. As we continued discussion and Chris laid out the bigger opportunity, I was hooked. In my simple way of thinking, this is doing to wealth management what Amazon and e-commerce did to retail. I joined from Experian, where I built some of the world's most advanced technology to use data to create insight and outcomes for hundreds of millions, if not billions of consumers. There, I drove the transition to cloud. Coming new into HL, I was wondering what foundations I would find to build on. Let me share some of the things I've found so far. HL is a company that has invested to support fast-growing business. It has used that investment to build digital leadership. We now have 680,000 mobile users each month, and these users like what they see. The mobile app has higher ratings than any of our competitors. This is a company with rich digital skills and a significant team in technology. HL is data rich. Chris gave you plenty of examples. We have insight not just from the 1.7 million clients, but from what those clients do over time. We can analyze every year a client has spent with us, and in the last decade alone, we can see behaviors from over 12 million client years. Over this period, we have a broad view of how our clients are investing and saving. We can learn from more than 95 million client-initiated trades. From a data perspective, what is valuable is the insight we can build from this over time. This is data that clients share with us and we use for their benefit. This is not a business where we are selling data or using it for other purposes. I see this as a big part of our relationship with our clients. I'm impressed at the growth the technology team have supported. Chris laid out a whole range of stats, not least that we've seen our client growth to be more than 50% over the last three years. What is much more important is that as the pandemic has hit, and the world has turned digital, we've seen behaviors change dramatically. Today, we see nearly 4x as many logins on the mobile app compared to three years ago, and more than 7x trades. We have invested in making sure our systems are robust and can support this growth. I also found that HL has teams with proven ability to execute. Payments is just one example of many projects completed last year. We picked one of the leading payments, cloud-based payment solutions to replace our internal bespoke systems and kicked off a program. What stood out is the speed at which the project was executed. We went live with the first major journeys within 6 months and migrated everything else in less than 12 months from the project start. These migrations help us deliver value. Moving to a cloud-based solution enables us to take advantage of innovation. For example, payments delivered in seconds or best-in-class AI-based fraud detection, which has reduced payments being stopped in error by 60%, improving client experience. These types of projects set us up to unlock further value. Faster payments reduces the cost of a transaction by 97% compared to debit cards. Only 5% of our volume is currently using faster payments, and now we can unlock further cost savings by switching more to improved payments as we interact with our clients through our digital channels. Now is the time to drive a step change in our technology to execute on our vision. The world is accelerating. Consumers are expecting services to be seamless in the way that Amazon and Netflix set a bar. Our services need to become seamless as well. Although we have a strong digital presence, our journeys do not always come together. We have examples where clients end up contacting us by phone because the transaction cannot be completed. We need to fix this. We need to support instant processing with no manual intervention and no touch, and allow our clients to easily move between our products, services, and tools. Although we have a rich dataset, we can be more data-driven. We, as many others, need to make data easier to explore and leverage for our data scientists, and we need to build a company that's obsessive about measuring and improving. We need to build systems that are infinitely scalable. Modern cloud-native companies do not talk about capacity. We need to leverage cloud-based flexible infrastructure to build systems that autoscale, that distribute workloads, and that adds compute resources as and when needed. We're going to build platforms that effortlessly scales to tens of millions of clients. We need to unlock innovation. By redefining our technology, we can reduce the effort to run and maintain our systems. We can free up resource for innovation and forward-looking development. Our redefined technology will enable us to create smaller, independent teams that can go after improvements and new products faster. As David will explain in a moment, we will create the type of fast-paced entrepreneurial environment you expect from a cloud-native fintech company. Let me unpack the investment. To drive this step change, about 40% will be invested in technology. We are building our digital backbone. Why backbone? It is not the buy button on Amazon's website that is the magic. It is what happens when the button is pressed. It is the connection to inventory, figuring out the transport route, and scheduling a delivery that is so powerful. In the same way, we need to connect our digital with the rest of the company through a backbone. To do this, we're investing in cloud and platforms, data, and our digital foundations. Let me hand over to David Espley, our Chief Technology Officer, to take you through the detail of what we are doing. David, come on up. Hey. Thank you, Birger. Hargreaves Lansdown has always been an entrepreneurial company that has used technology to stay as the market leader. HL wanted to create a new experience for its colleagues and clients using data-enabled tools, creating a platform that will thrive at scale and reduce operational costs. That's how I ended up joining. My previous role was as a CTO at LexisNexis. I led teams that successfully moved four decades of mainframe systems to the cloud, where we used AI and machine learning to create innovative and commercially successful products at a truly global scale. I am excited to bring that experience to HL. When I joined, I was impressed by the talent we already had in-house and the appetite for growth through technology. We are a company rich in data and ideas. Like all businesses, there were numerous opportunities to improve through small investments and experiments straight away, and we've taken those opportunities with open hands. We've already started our cloud journey and are already seeing the benefits. Last year, we implemented a new, full, end-to-end, live-like environment which used the cloud to simulate day-to-day running events and extreme load events. After all, we're planning on having 2.6 million clients within four years. Now we can make sure all of our systems are capable of meeting the traffic volumes of tomorrow, and we managed to do all of that work in nine months. As we start to develop our own products on the cloud, we will ensure that everything we build scales automatically and provides exceptional operational resilience. We've already started to build a team who've got a proven track record of doing this. The journey to the cloud isn't instantaneous, though, and we're going to be constantly improving and enhancing our existing platforms and teams. Recently, we were able to reinvest GBP 7 million of annual spend by reorganizing our teams to be aligned to products, cutting down on internal processes, which actually improved visibility, delivery, and risk management, and retiring older technology, sorry. Being able to attract top talent is critical to ensuring we have the right technology and culture. We'll stand apart in a competitive jobs market. Hargreaves Lansdown has a comprehensive data set, and we're using machine learning and data science to provide our colleagues and clients with new insights in a safe and secure way. Computational modeling will enable us to provide better advice and optimize our clients' engagements to ensure every conversation is valuable. Intelligent system nudges will help our clients more easily manage life events, invest in ways which matches their ESG values, and helps them to plan for their future. Our data is already powering initiatives like Better Investors, which David will be talking about a little later. This isn't just about new products, though. We're already using data to focus on where we can add the most value. For example, as Birger said, it is 97% cheaper to use faster payments than debit cards. By using behavioral analysis, we will redesign our platforms to improve how easy it is to find and use this method, providing a better experience and a more cost-effective outcome. After all, it's worth calling out that debit cards often have much lower limits than transfers, leading to multiple transactions and the risk of fraud alerts. Data also improves our development team's focus and ability to deliver. At the end of 2020, like most of the market, we were impacted by the announcement of the COVID vaccine. Data and analysis showed us where to specifically target our efforts, and we created formal scalability and capacity in the system in a matter of weeks. Now, Hargreaves Lansdown will never sell its clients' data. We only use it to improve our service, improve our efficiency, and to enable our clients to service their money. In my experience, the most successful digital organizations succeed through creating a product-first approach, making sure each interaction is optimized to ensure swift, successful completion and reducing that cost to serve. To this end, we are creating dedicated teams who own our products, ensuring continual innovation and improvements by embedding industry knowledge, technical expertise, and service into one cohesive delivery unit. These teams will be constantly scanning across industry sectors, keeping us fresh and relevant to an ever more sophisticated client base. We're investing in user-centric design, creating an experience which is consistent no matter what you are doing, what you are doing it on. Our clients will be able to seamlessly transition between devices as they manage their wealth or plan for the future. For example, a client gets a nudge on their mobile phone on the way to work because they've got unallocated funds in their accounts. Our platform allows them to start the application on that train and finish it at home on any device. We won't force them down a frustrating path where they can't move to the next step because they lack one piece of information or one form of identification. Our forms will adapt to what they have at hand and let them finish what they don't later. We will also make sure that where possible, every journey is digitally enabled, continuing to embrace safe and secure digital identification technology and biometrics. Calling out a digital backbone has expectations. At the core of everything we do will be our risk and compliance teams, ensuring that we have complete oversight, allowing our teams to operate safely while they innovate at pace. As market leader, we see it as our responsibility to set the standard on accessibility and digital client protection. Our clients are diverse, and we want to give them all the best experience possible. All of this work is already having a positive impact. We have reduced calls to the help desk for password resets by two-thirds and doubled the automatic retrieval of client usernames through rewriting the pages, simplifying the journeys, and nudging users. As Birger said, we've implemented a more advanced card payment system, reducing complexity and annoying failures. We will continually focus on making the client's experience as frictionless as possible. We are targeting 3x as many users being able to complete their journeys unaided. We're going to reduce the amount of clicks to perform key actions by half. We will give clients new insights and visibility across their entire portfolio. We have a digital experience which is market leading, so we are not replatforming. Instead, we are innovating on our existing success with a goal of setting a new benchmark, enabling clients to switch on their money. Fast, scalable, compliant, and data-driven. Our digital backbone will be at the core of innovation and operational efficiencies at Hargreaves Lansdown. I'll hand you back to Birger. Thank you, David. This is a project where we will continuously iterate and improve. This means we will phase the investment over the next five years. This is not one single monolithic replatforming project with a single big bang type of delivery. This is many smaller programs, each with its own set of deliverables, each with its own outcomes that we will track in typical agile approach with small, iterative, incremental steps. Although you will see an accelerated investment in the earlier years, we see benefits coming through as we go along. We'll start seeing some benefits as early as in the first 12 months. For example, improvements to our journeys and efficiency. This will allow us to track the program as we go along over time. As we're migrating to the new, of course, there will be dual run. But this is not new cost. This is what we need to spend on our current systems to make sure they keep going and running until we fully switch over. That has been accounted for. This cost is between GBP 5 million and GBP 20 million each year for the next four years, which we have broken out. By building scale into our business, we are creating capacity to continue to enhance our propositions. To me, it is not the transformation that is the price, but where we will end up. By investing in a step change in our technology and creating a product-led organization, we have the capacity to support our growth going forward. It is a reshaped organization which can drive innovation fast, in weeks instead of months, where we have shifted costs from run and maintain to future development. It is a platform which effortlessly can support growth to millions of clients. Finally, it is a business where technology enables operational leverage, and it will do that by transforming our service and operations. Let me hand over to Amanda Shepherd, our Chief Operating Officer to talk about that. Amanda, come on up. Thank you, Birger. Good morning, everyone. I'm delighted to be here today to share with you how we will redefine wealth management client experience. David and Birger have shared how we will invest in our digital backbone and data insights, and now I want to emphasize how this investment, combined with the very best of people, will provide a fully integrated client experience. How will this benefit our clients? The investment will ensure that our teams can offer a uniquely personalized service. By reducing the time we spend transacting with clients, we can create more time to add value through proactive conversations, and these will be guided by the insight nudges David mentioned earlier. Customers will have greater choice on how they wish to interact across all of our channels, drawing on real-time support whenever needed. Their experience will be seamless and effortless as we automate processes. What this will enable us to deliver is a service that can scale with demand, even as we add more complex Advice services. Efficiencies as we develop our services to reduce cost, so we can continue to deliver a market-leading client experience, which is being borne out of our excellent service track record. This has been built on our strongly motivated colleagues at HL, who take pride in the positive feedback received from our clients. These are just a few of my favorite quotes which highlight what clients really appreciate. The prompt and efficient service we provide, and how we invest the time to really understand our clients' needs. Our colleagues are also so committed to ensuring that they have the relevant knowledge to deliver a professional service that our clients deserve. This personal care will remain crucial as we invest in deepening our Augmented Advice proposition, fully enabled by data. This is why I absolutely believe we have the very best people with the values and culture to make our strategy possible. Putting clients first really matters to us. We interact with one in three clients every year in our service team. Clients have recognized the value this provides through Trustpilot of 4.2 and client service NPS of 50+. Our colleagues are ready for this change. One of the things that struck me when I joined from Barclays after 26 years in operations is that there's already a strong entrepreneurial culture at HL, and I've seen it firsthand, the dynamism to innovate and develop new capabilities. We have embraced new flexible ways of working, which have meant we can attract the skills and capabilities we need to achieve our ambition of a fully integrated client experience. At Barclays, I knew what mattered most was the right culture and values. It was absolutely central to help me lead the largest redesign of retail banking across 300 sites, 3,000 colleagues, and 5 million customers. I know what's essential to drive a similar transformation here at HL. With the strength of our colleagues and our digital capabilities, it is our ambition to do even more for clients, making it far easier every time they interact with us. Let me just share a couple of examples where we've already been identifying ways to improve upon our existing service. We've already invested in technology to improve the digital verification process for our new clients. This has shifted the service from a manual verification process that took five to seven days for clients to one where 80% of clients complete this process through a digital link within 48 hours. However, this still takes time for clients to upload their documents and colleagues to issue the link and review. We want to create a seamless experience where clients can upload their documents within the digital application process with real-time colleague support in-app if required. This will deliver a seamless client experience and reduce volumes of calls. We've also been focusing on our transfer client journey and have achieved a reduction in calls relating to the service by 80%. On average, it now takes half the time to complete a transfer request. This has significantly improved client satisfaction. With the further automation we have planned, we expect to reduce processing times by a further 10%, delivering a faster transfer service at a lower cost. We've already identified multiple ways like these to improve client benefits while reducing our cost to serve. Here's just a few of these we have planned to deliver over the next two years. We are digitizing our mail room. This will allow clients to track their transactions and reduce manual costs. We have 40,000 Junior ISAs maturing over the next five years, and we plan to automate the conversion process and proactively engage with clients ahead of their birthday through the personalized nudges David mentioned. This is our highest call query of any age group we support, and these changes will help retain clients and improve experience. We've also been focusing on our password reset process and as David has already shared, our plans for ID&V and also our ambitions in the payment space. These together lead to an enhanced experience for clients with less effort, more time for our teams to focus on truly value-adding interactions and business benefits of lower cost to serve, scalability, and stronger client relationships. As Chief Operating Officer, I will ensure the bottom line targets are clearly defined from the outset and that we deliver against them. All of these changes David, Birger, and I have outlined will have a significant and cumulative impact. They will be driving improved operational performance in many areas by 2026. In addition to those you've heard so far, I'd also like to highlight two others to demonstrate our commitment to delighting our clients and reducing cost to serve. These include. We will shift seamless service delivery to 70%. It is our goal to never put a client on hold and support clients in their journey. This is why we believe we can achieve 70%+. Our self-service will increase to 60% as we invest in creating further straight-through processing with colleagues integrated into the process when needed. This will enable us to deliver a fully automated client experience. Finally from me, there are three main ways we will increase value for shareholders. Number one, it's been great to come into an organization which holds such a strong NPS position already from clients at 50+. However, we believe that by combining the best people with improved digital capabilities we've outlined, we can do even more and increase NPS to 60+. Secondly, even as we add more advanced Advice services and grow our customer base, we expect to reduce cost to serve by 20% by 2026. Finally, this equates to a total cost saving of GBP 55 million on an annual basis by 2026, which we'll start to deliver from 2023 onwards. This is the very best people with the very best of technology and data, which will deliver a fully integrated experience for clients like no other. We will truly redefine the wealth management client experience. With that, I'd like now to hand over to David and Emma, and they're going to talk about the initial growth opportunities. Welcome you both to the stage. For over 40 years, we've helped people invest for a better future. Switch Your Money ON with Hargreaves Lansdown. Thanks, Amanda. Good morning, everyone. I'm David James, Chief Marketing and Brand Officer at HL, and I'm joined by Emma Wall, our Head of Investment Analysis and Research. As Chris said, we have an unprecedented opportunity to redefine wealth management once again, in doing so to capture a significant growth opportunity. Emma and I are excited today to introduce three new growth pillars that are enabled by the digital capability that Amanda, Birger, and David have introduced, and representing one third of the investment spend that Chris discussed. Emma's going to cover the first, investment solutions, and then hand back to me to talk about Active Savings and our new Augmented Advice & Guidance service. Emma? Thanks, David. Investment solutions. We are revolutionizing the way we manufacture and deliver funds, bringing together the very best of HL and market-leading asset managers to create next-generation investment solutions. We've used our unparalleled access to client data, behavioral insights, and industry expertise to understand investors' needs and design the right solutions for them. We are launching 19 funds over the next two years, creating a broad range of investment solutions to meet specific client needs. We've already launched the first one, and the next wave are in train. We know choice can be overwhelming for investors, so we're using powerful technology to guide clients to a range of solutions which meet their personal risk profile, saving and investment goals, and values in just a few simple clicks. We're launching a range of tools to help all our clients save and invest with confidence, whether they're just starting out or highly experienced. We'll help clients meet their financial goals with our new portfolio health check. Our new portfolio builder will help the 50% of our clients who want to take control of their wealth do just that. How will the new funds and tools serve our three client types? For our lower confidence and time poor clients who ask to do it for me, we're launching 11 ready-made portfolio solutions available through our self-select, advised, and workplace channels. We will leverage exclusive partnerships with the very best asset managers to deliver exceptional client outcomes. For our clients who just want a helping hand, we are launching a range of seven building blocks containing a blend of bespoke investments within a single asset class or geography to help clients plug diversification gaps in their portfolio. For those core DIY investors who want access to the full platform universe, they have it, supported by tools to help with asset allocation, ESG integration, and stock selection. All of our funds will be priced competitively and leverage our brand equity. Of course, all of our funds will also have ESG factors fully integrated into the investment process too, from stock selection to corporate engagement. Going further than Article 8 for every single one of our new funds, because we truly believe that investing in sustainable businesses means sustainable revenues, profits, and dividends for our clients. We want to align ourselves with sustainable businesses too. ESG will also play a key part of our partnership selection process, making up a third of the selection criteria when we recently chose the asset manager to help deliver our new workplace default fund, for example. For clients who want to go further, with full exclusions and impact, we will be launching the HL Select Ethical Equity Fund. We are also building a market-leading ESG dashboard for our clients, helping them understand the impact of ESG risks on their portfolio through simple icons and graphics. When they want new investment ideas, they can turn to the ESG filters and features integrated into all of our platform tools, from the existing fund filter to the new portfolio health check. We also take seriously our role as a responsible business, so we have commissioned a consultancy to take us to net zero across the business as an employer, fund distributor, and fund manufacturer. We have a strong track record of fund launches. Most recently, using appropriate targeting, we have driven considerable flow into the HL Select Equity Fund range. Most recently launched fund, Select Global Growth, now has an AUM of nearly GBP 1 billion in less than three years, and that was achieved with limited channels. For our next generation of investment solutions, we are not just enhancing the existing channels with greater technical capability and human resource, but we are also adding two new channels, including Augmented Advice & Guidance, which David will shortly be sharing with you. We have made significant external recruitment to enhance our in-house expertise, signed partnerships with some of the leading asset managers in the industry, and brought in best-in-class data and solutions from MSCI, Morningstar, and Moody's to provide strengthened governance at scale. We have more strategic hires scheduled over the next 18 months. We are really excited by the impact we can make using both our existing channels and through the new triage and Augmented Advice & Guidance. By integrating HL solutions into these journeys, we will capture more of the flow. With our unique distribution and manufacturing capability, we're able to drive better client outcomes. As evidenced through our data-driven nudge program we call Better Investors, only now at scale unprecedented in the market. We are confident that these solutions will be a strong driver of revenue growth by increasing client retention, flows into HL Funds, share of wallet, and attracting and retaining clients. We're not stopping there. That's only one of our new growth pillars. Back to David for the other two. Thanks, Emma. Right, now let's turn to the second growth area, Active Savings. Active Savings is our savings platform. It enables clients to fill in just one application form and to seamlessly move their money between a range of the best easy access and fixed rates in the market. It's been a great innovation for HL. In just four years, we've attracted around 100,000 clients and nearly GBP 4 billion of AUA. That's despite interest rates being record low levels and even the challenger banks offering little incentive to switch. Our AUAs are still a tiny fraction of that GBP 2 trillion savings market, excluding current accounts, and hence represents a significant opportunity. You may say that's nothing new, but we think what we are doing here is new. With the outlook for rising interest rates and two recent consecutive rises, plus more on the horizon, the importance of Active Savings for our clients and for HL is about to become very apparent. As these rate rises play through to consumer rates, the incentive to switch from traditional banks will grow significantly, overcoming that historic inertia. Our new plans will significantly scale up Active Savings over the next four years. What's changing? Well, first of all, we are putting our foot on the gas. We're going to invest more in marketing to build a brand for Active Savings and a direct external association with great rates. This will amplify the already powerful client marketing machine and bring new clients into HL and introduce them to the broader investment products, as we do today. We'll be enhancing the product and experience. We'll be introducing new bank partners, new savings products, better tax-efficient solutions, and seamless cash flows on and off the platform, and much more. We'll also fully integrate Active Savings into our wealth tools, our marketing, and our channels. We actually expect broadly a quarter of our accelerated net new business flows to come from savings by 2026. We expect margins to meaningfully grow as the rate environment improves, improving our pricing headroom. Now to the third area. The third growth area will really break new ground. We have plans to redefine the Advice & Guidance experience and reach a much wider market worth more than GBP 818 billion and target a greater share of wallet with a brand-new service that will tap into a major growth opportunity. Today, the Advice market is currently suboptimal for clients with a number of frictions. Traditional advice is expensive and fragmented with the initial fee and also with ongoing advice. Many people are paying for this ongoing advice they really don't need. That's an average of 80 basis points for ongoing, according to the FCA. There's also a big confidence gap, and many people just don't know who to trust. NMG recently showed that 21% of potential clients lack a trust and confidence in advisors. It's also inaccessible. Many investors find it too time-consuming and too complicated, and also advisors tend to book appointments on their own terms. Even digital advice is flawed. With Robo, many see it as a black box, algorithms making decisions behind the scenes without clear expectations and just missing that human connection required to give them the confidence needed to make the big investment decisions in the moments that really matter in their lives. From where we sit, with our brand, there's a huge untapped opportunity to help the U.K. build their financial resilience, especially against this backdrop of continued economic uncertainty and concerns about the cost of living. The traditional Advice market is massive, at GBP 818 billion AUA, according to Platforum. We represent less than 1% of that today, but we are perfectly placed to grow. OpenMoney's recent Advice Gap Report showed in 2021, there were 6 million people who really would like advice but just don't know where to go or think it's too expensive for them. Finally, the Consumer Investments Strategy from the FCA is seeking to encourage 9 million cash holders with over GBP 10,000 in reserve to get started with investing. A simple advice solution could really help here. HL have a brand that clearly resonates with these groups. For example, the HL brand increased the number of people who have taken Advice option by 38%, according to NMG. Let's take a look at a video about our new A ugmented Advice service. We will launch a pilot of this later this year. Confusing or overwhelming. They can be time poor and find it hard to see the value of professional advice. Some may pay for advice they don't need, whereas for others it can be difficult to know where to get trusted help or even what help is needed and when. Traditional advice services are designed around the advisor and not the client, leading to inflexible and inaccessible experiences. What if that wasn't the case? What if clients were truly confident and informed about their financial well-being and resilience? What if they had access to advice, guidance, tools and support in ways personalized to them? What if clients had a trusted partner who truly understands them as individuals, a partner who proactively engages and supports them throughout their saving and investment journey? Introducing Augmented Advice & Guidance from Hargreaves Lansdown, supporting our clients throughout the moments that matter in their lives by providing the best of digital and best of human support in the way that suits them. In the future, our clients will get a holistic view across all their accounts, savings and investments in one place. They'll be able to stay on top of their goals, big or small, and fully understand the status of their portfolio while tracking their performance against similar investors. They'll engage with a suite of simple and intuitive tools tailored to help them navigate key moments in their life, be they good, bad, unexpected or far into the future. They'll receive tailored nudges as their goals and investment journey progress, prompting them to take positive actions towards increased financial well-being and resilience. When they want more help, they'll have access to advisors for personal financial advice, and most importantly, they'll have a partner in Hargreaves Lansdown along the way. We understand our clients' needs better than anyone else, supporting them towards better financial decisions and outcomes. As they engage with us and our client data insights build over time, we'll deepen our understanding and grow our relationships with them. Our nudges will become more proactive, personalized and predictive, providing advice, support and guidance to drive improved client outcomes. Whether that be a nudge to diversify a portfolio, a nudge to reduce risk at the right time before retirement, or gain extra income during it. A nudge giving options on how to best use some extra cash to get goals back on track, or a nudge on the climate impact of their investments. We'll partner with our clients along their investment journey and be there through the moments that matter in their life, engaging at the right time and in the right way to drive good saving and investment habits. Our clients will be empowered to save and invest with even more confidence, with Hargreaves Lansdown by their side for all the moments that matter. Hargreaves Lansdown redefining Advice & Guidance. Our strategic vision is to redefine the Advice & Guidance experience. As you've just seen, we're going to launch Augmented Advice working with the best partners. It'll be a brand new way to optimize your financial health and wealth in a single, simple, integrated app and web experience. Now, I've personally launched a number of major propositions through my career, including BT Sport, BT Infinity, fiber optic broadband, and VOXI, which was the youth mobile service from Vodafone. These each scaled to hundreds of thousands of millions of subscribers within the first couple of years after launch. I believe that Augmented Advice is just as transformational for our clients as those launches were at the time for BT and Vodafone. As Birger and Chris have said, it will bring a best- in- class digital experience to the Advice market, as several e-commerce companies have done for retail. It will be an app and web experience, just like an advisor in your pocket, offering hyper-personalized nudges both through education and when we have the right levels of information, regulated advice by enhancing it still further with easy access to an expert human advisor integrated alongside the digital experience. In effect, the best of digital and human at your fingertips and in the moments that matter to you, not those that matter to the advisor. We've reviewed the market and we know we can do this at a competitive price with a wide range of digital tools that seamlessly integrate in the background to improve your financial outcomes. We've done extensive concept testing. We've road-tested the user experience and customer journeys and developed initial prototypes. I appreciate you wanna know more, but until we unveil more details later in the year, some of this remains commercially confidential, as I'm sure you will understand. However, I do want to give everyone a sense of what we're doing here and what we're going to bring to the market will be new and very differentiated. Remember, we're doing this from a position of strength, having listened to our nearly 1.7 million clients and potential investors about what they really want and with our deep understanding of how services have evolved over the last 40 years. Now I'm going to hand to Emma, who will take us through an example of a potential client using the Augmented Advice service to illustrate how it could work. Emma. Thanks, David. Cara is a 45-year-old architect from Bristol. She downloads our free app after seeing it highly rated online. She likes the idea of the simplified version of the financial health check and wants to compare her progress with people her age in her area. She enters a few details and is pleased to see she has a bit more cash in reserve than her peers. Following a nudge and after using our simple risk appetite calculator, she decides on an HL portfolio solution. She also uses our tax optimizer tool to see which tax wrappers are best for her. Cara then gives us enough additional information to offer regulated advice. We make her a discounted offer for the full Augmented Advice service, and she signs up. She can now access a full digital portfolio advice tool. She scores 65 out of 100 for her financial health and clicks on the how to boost your score function and makes some adjustments to her savings and investments. Fast-forward a few years, and she inherits a chunk of money. She uses the retirement optimizer tool to decide where to invest, but is anxious to transact. She launches a web chat with her advisor through the app. Her advisor runs through the options, and they agree to proceed. Later, there is stock market volatility, and she is about to sell several of her investments. A nudge pops up to speak to her advisor. They have a conversation, and given that she doesn't need the money for 10 years, she only sells 10% of what she had planned. Soon after, the market rallies, and she is very happy. Along the way, she rates the Augmented Advice app as a 5 on Trustpilot and constantly tells all her friends about it. Thanks, Emma. Excuse me. Augmented Advice is going to be transformational for wealth management. It's going to make a huge impact on the way the U.K. saves and invests and how clients can enhance their own financial resilience. Most importantly, clients love it. As mentioned before, we've conducted concept testing, and I've included a few quotes here to give you an idea. As you can see, people love the idea of things like the financial health check, the Advice & Guidance nudges, better retirement support, and importantly, they're prepared to pay for it. We've also analyzed the market globally to understand how services that are coming along like these are evolving and the pricing models that have been successful. While the pricing remains commercially sensitive at this stage, we can say that it will be priced competitively, and we've built that into the financial model. The levels of personalization will just amplify over time. With the insight and expertise we've accumulated over the last 40 years, with the data that you share with us, things like key life events, goals, and risk appetite, and with the portfolio data we hold for you, and in time, augmented with open finance inputs like the pensions dashboard, this will just get more and more powerful and more personalized. Why us? Well, Chris has already said, mentioned this. We're perfectly placed because of our unique strengths. Leadership, we're the biggest brand in DIY investing by far and with one of the best-known wealth brands. Simplicity, we've got a track record of building the best-rated digital investment tools. Breadth, we've got an unrivaled range of investment and saving solutions, and with what we've announced today, we're just adding to these. Of course, expertise and trust. With 40 years of client insight, expertise, and human interaction, we've got extraordinary levels of trust with our clients. Of course, wealth managers are increasingly making steps towards this opportunity with new announcements daily. With these four key factors, plus the fact we've been operating our own Advice business, we have a great range of investment and retirement tools on our website, we just recently launched the Resilience Barometer with Oxford Economics, and we've run a scaled program based on database nudges that a few of my colleagues have talked about before, called Better Investors, we're off to a flying start here. We see Better Investors as a brilliant proof point for why we have so much confidence that we can deliver this. It's a unique client-led program. We're using the data from people's portfolios that we know correlate with better investing outcomes, things like diversification, volatility, trading frequency, and cash holdings. We use this to tailor personal communications and educational nudges. Through our own targeting, we've already reached 200,000 clients and more and engaged with them, predominantly those who joined through the COVID-19 period. Of these, around half of those who've engaged, choosing to buy more funds and diversify their portfolios 50% more, and we've had a huge increase in engagement. Augmented Advice can just take this kind of program to the next level with real recommendations delivered in the critical life moments that matter. We're going to launch it soon, the pilot in 2022, this year, and then a full launch next year in 2023. Hence, we plan to extend our reach in the Advice market in a big way in the next few years. We expect the results to be very significant with 5x advisor efficiency, which is important as advisor wages increase. With more than 100,000 clients by 2026, compared to 11,000 today, we will deliver around a quarter of our accelerated net new business from Augmented Advice by 2026 based on the really strong client demand that we see. This will still represent a very modest share of the Advice market, so we have a lot of growth to go after beyond 2026. Because of the digital capabilities we envision and have talked about, we will need just over 100 full-time advisors by 2026, but it will feel like way over 500 because of the efficiencies I've mentioned. That's it. We've covered a lot. In summary, over the next two years, we will launch 19 new funds, three new digital portfolio tools, full ESG integration in the fund lineup, an externally branded and fully integrated Active Savings proposition, and a new Augmented Advice & Guidance service featuring a range of exciting new tools and nudges, and delivering net new business of GBP 20 billion+ in 2026, of which we forecast broadly a quarter will come from Active Savings and around a quarter from Augmented Advice, with a remainder through continued growth of our platform and investment solutions business. That's how we'll redefine the savings and investing experience. Thanks. Now it's over to James Found to talk about the financials. James? Good morning, all, and thanks, David. Many of you already know me, but for those who don't, I am the Head of Investor Relations, and today is my 12th anniversary with Hargreaves Lansdown. As Chris said earlier, given our new CFO, Amy, only started yesterday, I get the pleasure of taking you through the financial guidance with regards to the exciting strategy we have outlined today. My colleagues have taken you through our vision of redefining wealth management, how we will transform the savings and investment experience, combining the best of human expertise, augmented by digital capability, and how we will deliver a uniquely personalized service to simply manage your financial health and wealth. You have seen our plans for our technology investment, the enhanced digital client experience, the evolution of the HL fund range and Active Savings, and the plans for our Augmented Advice. We have highlighted the significant addressable market and the structural growth drivers that exist, and they don't just stop in a few years. They are set to drive long-term sustainable growth in the U.K. wealth market. I will take you through what this means in terms of our guidance on growth, revenue margin, the cost to deliver the strategy, the resulting profit margins, and dividends. Guidance covers the period up to June 2026, but the growth and ambitions don't stop there. We will continue to grow well beyond 2026 as the wealth market grows and we leverage off our market-leading proposition and the deep client relationships we are building. Before I give the detail, I would like to reiterate our strategy will deliver accelerated growth resulting in net new business of circa GBP 20 billion in FY 2026, a return to positive underlying operating jaws from FY 2023, and attractive underlying operating margins of circa 55%+ by FY 2026. To achieve this, we will invest GBP 175 million over the next few years, of which circa 80% will be self-funded by cost savings, which will reach GBP 55 million annually by FY 2026. In a bit more detail, starting with guidance on growth. We all know that net new business, along with client growth, are the key long-term drivers of our financial performance. Our guidance for net new business is as a percentage of opening AUA, and it gradually grows to high single digits by FY 2024. In the period to FY 2024, the key drivers of the increase in net new business are the continued growth and development of the existing business as we significantly build out the HL Funds business, enhance the Active Savings proposition, and improve the digital experience for clients. Each year, we have more clients than the last, which gives us a natural growth engine for net flows. Remember, the majority of our flows each year come from our existing clients. The flows from the existing clients will be enhanced by the improvements to client retention and increased share of wallet we will be delivering. In addition, we will continue to acquire new higher-value clients as we shift the proposition towards long-term saving and investment. We have assumed the client base grows at a compound annual growth rate of 10%, which is quite conservative versus the 14% compound annual growth rate over the pre-pandemic years of 2016 to 2019. In the latter part of the time horizon, i.e. FY 2024 onwards, the rollout of our Augmented Advice offering begins to really kick in, and this drives net new business to circa 10% as a percentage of opening AUA. Augmented Advice will provide a key source of competitive advantage and again will help drive improvements to client retention, asset retention, and share of wallet, while also serving to attract new clients. Overall, this results in net new business of circa GBP 20 billion in FY 2026, which will continue to grow on a sustainable basis. Note, this is all organic growth and includes no acquisitions such as back book deals. For the analysts amongst you, please note that for the purposes of modeling, we have forecast that market growth is 4% per annum. For clients, guiding to a specific amount of growth is tricky as macroeconomic factors, IPOs, fund launches, acquisitions, and investor confidence can all have a significant impact. We are guiding to circa 2.1 million clients by the end of FY 2024, so by June 2024, which is roughly 400,000 more than we have today. As previously mentioned, Augmented Advice begins to really kick in from FY 2024 onwards, helping to bring greater numbers of new clients on board, such that by FY 2026, we will have circa 2.6 million clients. Importantly, remember that we are focused on winning high-quality new clients across the period who are typically saving and investing for the long term or for specific goals, as opposed to low-value clients who are just trading a few shares. In terms of client retention between now and FY 2026, we have forecast a gradual improvement over time. The increase is driven by improved and increasingly tailored engagement, better client service delivered through the likes of greater end-to-end digital client journeys, plus the development of our own funds and Active Savings propositions. In the later years, client retention improves further, thanks to the launch of our Augmented Advice offering. Please note, client retention is based on our methodology as opposed to that used by some peers, which if we used, would give us a retention rate circa 2% higher than we report. Moving on to revenue. We are giving guidance on the overall blended revenue margin. That's revenue divided by total assets on the platform. This is forecast to be circa 42 bps-44 bps through the medium term. The further we look into the future, the greater are the uncertainties, but we have forecast the following. An element of margin compression in both platform and stockbroking fees. Margin impacts from the phased rollout and growth in our 19 new cost-competitive HL funds. And on the cash margin, we have been fairly conservative, reflecting just one more increase in base rate to 0.75% in November 2022. Net interest margin on cash, therefore, rises from low to mid-20s in FY 2022 to circa 60 basis points by FY 2025 and beyond. If we get further base rate increases above 0.75%, then there is clearly upside to these numbers. Remember, from the point of any base rate increase, it takes a full 13 months to be fully reflected in our revenue margins. The full sustainable impact of a rate rise in November 2022 would not be achieved until December 2023, i.e. partway through our financial year 2024. The extent to which banks pass on the rate rises and what interest we pay to our clients will also impact the net interest margin. Over the medium to longer term, the overall revenue margin will also be underpinned by the launch of Augmented Advice. I know you analysts love additional detail, so don't worry, we will continue to give shorter-term revenue margin guidance on the respective asset classes at the interim and full-year results, and in between, if necessary. Moving on to costs and operating margins. Implementing HL's strategy to redefine wealth management will result in GBP 175 million of strategic investment that will impact statutory profit up to FY 2026. We are therefore going to be guiding the market on an underlying cost base and underlying operating margin. These measures strip out the strategic investment cost and the cost of running dual technology systems in parallel during the transformation. This effectively shows the underlying economics of our future business model, which is more typical for the market to focus on in the context of a strategic transformation. The underlying cost to serve, i.e., underlying cost to AUA ratio, will decrease from low 20s% in FY 2022 to high teens% by FY 2026. This reduction is driven by increased automation, increased self-service, and improved scale efficiencies. As mentioned in our interim results this morning, we expect underlying cost growth of circa 13% in the current year. For FY 2023 to 2025, we expect cost growth to be circa 8%-9.5% per annum, falling gradually across the three years before settling at circa 7%-8% on a sustained basis with our existing accounting policy. Circa 80% of the investment will be self-funded by the annual cost savings generated through greater end-to-end automation, increased self-service, and decommissioning elements of the legacy tech platform. As mentioned earlier, dual tech costs are the additional costs of running legacy tech and the new tech estates in parallel as HL transitions to its end state by FY 2026. These costs are also stripped out to arrive at the underlying costs and underlying operating margin. Moving on to dividends. We will continue with our progressive ordinary dividend policy. As a sign of the confidence in our strategy, we are today committing to a 3% per annum growth in FY 2022 and FY 2023. This means that the payout ratio on the ordinary dividend will increase above our normal 65%, but the dividend remains fully covered by earnings and does not cause issues regarding our capital surplus. We will be suspending the special dividend in FY 2022 and 2023 before we reinstate it as from FY 2024, when it will be determined according to market conditions at the time after taking account of our capital requirements, our investment needs, and any external investment opportunities. The suspension of the special dividend will be a key source of funding the strategy to deliver long-term sustainable growth. Sorry. Just recapping, the strategic investment we are outlining today delivers a step change in asset growth and revenues. It returns us to positive operating jaws on an underlying basis within 18 months. It lowers the long-term growth in operating costs to single digits on a sustainable basis, and it delivers a growing ordinary dividend throughout, with the addition of further shareholder returns through special dividends from FY 2024. I will now hand you back to Chris for his closing comments before we move to Q&A. Thanks, James. Great job. I started this session saying I've got a vision, and it's a vision to transform, combine, and deliver that's going to redefine wealth management. Each of the presentations today has shown why the board and I are so confident in this future for HL. We are a business with a track record of market leadership, led by a seasoned management team who've got a strong history of successful execution. The time is right to disrupt wealth management. There is both a huge and growing market opportunity, and there is a structural rationale. We are at an inflection point. We are clear that with the scale of the extensive insight and understanding that we have, and the lifelong relationships that we've built with our clients, we are positioned to capitalize on and lead this next generation. The investment and developments that we've announced today, it will take wealth management to the next stage by looking after clients and providing them with better service and support than they have ever had before. For our shareholders, providing the best experience for our clients in a market-leading proposition and service will deliver strong and sustainable returns over the long term. With that, if I can ask the team up here, we'd like to answer your questions, and please, if you will you direct them to me and then we'll manage through. Thank you. Thank you very much. Up you come, team. I think the first question is over here. Sorry, the lady at the front. That's right. No, Hayley. You, yeah. Thank you. We can get Amy Stirling's question first, but I think we probably need Can I ask, I think three questions, but I'll ask them one by one. First of all, I think for me, the GBP 20 billion, the 10% net new business target is incredibly important for us to understand. So thank you for spelling out, you know, 25% from Active Savings, 25% from Augmented Advice, and 50% from the existing business. You talked a lot about client retention improvement, and I just wondered, you know, we've heard a lot about the improvement in the customer experience and the journey. Could you clarify for us how much of the client departures you see at the moment are due to a lack in terms of client service or proposition? How much is due to pricing, et cetera? Just to help us understand what change that could have. That'd be great. The second question, if I can, about the 42-44 basis points revenue margin guidance for the future. I do understand that you can't talk to us about Augmented Advice pricing yet, but can I understand when you talk about platform fee margin decline, is that really reflecting Active Savings, which I don't think we picked up a number on today? Or is that actually a fundamental fund platform margin that you're talking about? Then I probably have a follow-up after that. Thanks. Okay. Thank you. Thanks, Hayley. The first question about the net new business, which David talked about. It's really a combination of David talking about the growth, David talking about the experience, which brings Birger in as well, and Amanda with the service piece. That covers. It's why we talk so much about the client experience because that's what really counts. Sadly, there are clients that die, they leave the platform. Realistically, there are also clients who need to use their money in retirement. There are clients who then go to an advisor, and that's a missed opportunity for us because they get to that moment where their knowledge and their confidence hits a moment in time when they get talking to an advisor, the first thing they do is collect the assets, and they move off the platform. David, I'll let you talk a bit more about Better Investors and the ongoing engagement that provides. I think, Amanda, you just talk about the regular ongoing interaction that we have with clients and how that experience engages them and holds them over a long period of time. Hayley, if we do that first, if I let David and Amanda have a go, and then we'll come on to the revenue margin. I think, James, if we come to you for that. David, do you wanna kick off? Yes, I was going to say, first of all, obviously, retention levels have been really strong and fairly consistent over time. There's sort of seasonal movements with stock market moves and the way that we classify our churn, but also, you know, the recent cohort that joined in the COVID-19 period are churning a little bit higher than historically, but that will wash through relatively quickly. On an underlying basis, churn is pretty stable. The questions about kinda how we deal with that and the opportunities for price versus experience, we see it as predominantly an experience opportunity for us. We've recently done some research among clients to understand what really drives them to be customers and stay, and actually price is a really, really small part of that for our brand. It is the client experience that's really, really super important. That's why for that cohort I just mentioned of the new joiners who are inexperienced, they're younger to investing, that's why we built the Better Investors program really, was to help, in a non-paternalistic way, kinda guide them through getting better at investing. We've had some really, really tremendous results from that. It's about building that experiential difference to enable them to build their portfolios out, diversify, do all the right kind of things that give them better outcomes for their futures, and that's why they'll stay and dealing with the great service that we offer. Those are the things that keep clients with us and we want to really max out on. Thank you. In terms of the client service experience, the changes we're going to be making are going to allow us to automate more of the processes. The client will feel a much more seamless experience as they go straight through some of the transactional things today that perhaps we need to support them with as they move from a digital channel into perhaps the voice channel. Again, we're going to be able to create a seamless interaction from one channel to another, which, David mentioned. That's going to enhance the experience for our clients. The other thing is we start to remove some of the transactional elements of what we do with clients. It means we're going to have much more time to focus on personalized relationships using the data, utilizing nudges, which means we can have far more effective conversations when we do interact with our clients. Whether that be it's a chat conversation, a voice conversation, it's about how we put ourselves where the client is. Through this, we should see a steepening of our relationship to our existing clients, making it easier for them to be able to understand and access our products and services. Then also as our new clients come on board, far easier for them to navigate the process and to become a client. Thanks, Amanda. 'Cause Hayley, when you know, there are going to be examples in the room here, right? If you are thinking about your pension, if you're thinking about the long term, you actually start thinking about it between the ages of about 45 and 47. I see a few smiles. If not the age 50, it's before then. The reason that we know that is we have the helpdesk. We know that that's the age that people come in and ask those questions. We also can see what those people at that stage are doing in terms of what they're interacting with the platform. The questions that they are asking. That's part of the data analytics, the event bus that Birger talks about. If we have that data, why not use it? Because if you can use it, you can have that ongoing relationship with a client all the way through. You can have the nudges, you can have the interactions, and then you can make it seamless that they can talk to, engage with somebody at the right time. That's what changes the nature of the experience. And what we're doing. You know, we've talked. We're the biggest. We've got 1.7 million clients. We've got. I love the stat. We've got the 12 million client years worth of data. It's putting that to use. It's leveraging that. That's what makes it different. That's what guides the investment. This investment that we're talking about, the reason we're so confident in it is 'cause we've got that data. So James, revenue margin, will you? Hayley, on the revenue margin, we've guided to an overall blended margin as, you know, 42-44 basis points across the medium term. There's various moving parts within that. We've built in compression on the platform fee and the stockbroking fees over the time horizon that we're giving guidance on. What we're not saying is that we're going to do an explicit pricing change. It gives us the optionality, but we're building in that sort of prudence in our modeling that the prices on platform fees, stockbroking could come down. Then we've got the net interest margin, which we know is going up. You know, we've again been very prudent in just assuming only a 75 basis points base rate as from November. Many of you are modeling much, much higher than that, so yeah, we probably will have, you know, higher numbers coming through, which again, we'll give you guidance on. To your point on Active Savings, that also feeds into the margin. You know, that has been quite low. We are earning some point something on it. It's not zero, but we do earn, you know, single digit. But we're in a better base rate environment now going forwards. David's talked to you about all the plans we've got to really grow our Active Savings, so it will start to become a bigger element of our revenues. It will have some revenue margin, it will be double digit, and that will all, you know, feed into the blended overall margin we've given you today. Thank you. If I can just feed back what I think I've heard to make sure I've not misunderstood. When you're looking at the data that you have and the 8% of client attrition that you are seeing on an annual basis, the key drivers of that are death, pension drawdown, going to advisors. It's not price, just to be absolutely clear. There's a range of things that clients will take into account as far as what makes a really great service and David has sort of rattled through them. Clients will go to the provider that suits what they are, what they're looking for. What we're saying, because we've got the data, is we understand actually what it takes to change the whole experience that people have such that they don't need to look anywhere else. There is no one else with whom you can get advice, portfolio support, D2C, managed cash, and investments all in one place. If you pull that experience together, that is what makes HL unique, and that is why we're confident in what we can see. I can see next question is behind you. Andrew. Thanks. It's Andrew Sinclair from BofA. Three from me, sorry. First couple actually on Augmented Advice. Firstly, just on the targets for Augmented Advice and I think a quarter of flows that will come from that. I realize that a part of that will be from improving retention, but how much of it is also coming from either targeting existing Advice clients from your St. James's Place and Quilter and people like that, versus people who today just aren't getting advice who you think should be. So just to understand a bit more of that quarter flows. Secondly, just on the personal nudges. Just keen to understand a little bit more about your interactions with the FCA, what they see that as. Do they see that as being regulated advice? Do you need to be compensated for that if it is seen as regulated advice? And thirdly was really just on the operating margin target of about 55% for 2026. I can understand the margin is going lower near term, and that you're going to get a bit of pressure from Active Savings and the like. If I look in the last few years, that margin's been in the 60s and just really wondering why is there not a bit more payoff from these investments that are coming through, even understanding the revenue pressure that's coming. Thanks. Right. Thank you. Thanks, Andrew. David, do you wanna take the question on Advice? Without naming specific competitors, we see a range of sources of business. I think there will be a lot that will come from our existing base. We always know kind of like it's easiest to penetrate our existing base, but we do expect to bring new clients in amongst that 100,000. We see growth coming out of that existing GBP 818 billion market, from certain competitors, without naming them specifically. There are some that are stronger and weaker in that group. The underserved audience that I talked about, which was the 6 million, who would really like this kind of service, but at the moment, those kind of fees, 240 basis points upfront from 80 basis points ongoing are just not for them, and they don't want a kind of once-a-year physical service. They want an experience like they get online, like in every other business. That is a huge opportunity combining those two together. As I say, we see growth coming from our existing clients. We see it coming from new clients. We see it through penetrating more of our own funds through the experience that they go through and having a sort of stickier experience, as you mentioned, the retention at the outset. Maybe just to understand between the three, which do you see as the greatest, kind of proportionately, or is it kind of pretty balanced between the two? You mean between existing clients and existing will buy us certainly. In terms of the opportunities between the 6 million and the GBP 818 billion today, it's hard to tell at this stage, but the expectation intuitively would be from the GBP 818 billion is a bigger opportunity. It's a real opportunity today, but we think we can unlock both. Andrew, the next question I think was around. Channel of interaction with the regulators. Look, there's a lot of discussion around the Advice & Guidance line. As we think about the development, which I think would be really clear from today, it's all driven by the client. When we're interacting with a client, the client is not saying to us, "I need advice," or, "I need guidance." The client's asking a question. The client wants some help. You know, many is the time we've listened to the call on the help desk where clients are extremely knowledgeable about what's going on, what their allowances are, how the dynamics work, but you'll hear the conversation come through. They'll get to, "Right. I understand that. I understand that." Then they turn around and go, "Well, is this the right thing to do?" The poor help desk operator is going to have to turn around and say, "I can't answer that question 'cause that would constitute advice." That is such a shame because they've had such a good experience all the way through. This is one element. It's understanding what clients are looking for. The other element that we have learned so much more about, you know, the test case through Better Investors has really worked well, is to understand how the nudges that we provide can help direct clients in the right direction. Now, when it comes then to actually giving advice, well, we've got an Advice business, remember? We're not new to advice. We understand how you manage and how you run a business like that. Actually, I think what's more interesting with that too is remember, about 70% of our Advice is on a one-off basis. We are well-versed in dealing with clients who want to have a bit of extra support and advice and delivering that in a compliant way, and then them saying, "Right. Thank you very much. Now I can continue for a while." That is how we then look to manage this guidance and advice journey. It's for us the challenge to help steer between guidance and advice and to make sure that we've got all the right governance, all the right compliance in place, in order to do that. Of the tools that David put up on the page, you know, there are a whole range of tools we've already got and we're seeking to augment. There is so much data that you learn from clients just using those tools. We know full well as they use those tools, they then have questions. What we're positioning ourselves to do and support them in the right way is to make sure when they need the advice, we are ready and able to give that. James, operating margin. Do you want to do that? Yeah. Andrew, I mean, 55%+ by FY 2026, there is an element of prudence in there because we've shown that in the various revenue margins we've given. Clearly upside if that net interest margin goes above the 60 basis points we flagged by FY 2025. I think what you've got to remember is at sort of 55%, that is a market-leading operating margin in the space we're in. The space we're in is a holistic wealth management service. This isn't a digital platform pure play, yet we're much broader than that. It's all about that advice and we're growing the proposition. It's much more to us than perhaps you're thinking. Then the other element is we will exit at FY 2026 with a 7%-8% growth in the cost base. That's because we fully anticipate to support your continued growth in a highly competitive industry that's regulated. We're not going to be standing still. That builds in plenty of capability with various teams of people to continue developing on behalf of our clients and improving things. Thank you. Next question, just next door to you. It's easier that way. Thank you, Chris. Obviously, HL's performance long term has been good, and what a lineup of speakers. Thanks for that. Two questions, if I may. I mean, there's very little to doubt about the market growing or HL's competence. I'm going to take the help of slide 63, where the operating margins, again, mentioned around 55%. I mean, it reminds me of when Uber entered and kind of destroyed Just Eat. I mean, how much of our operating margin assumptions assume lunatic competition with no pricing discipline? Sorry, could you just repeat the last bit of the question? Yes. How much of our margins are based on our internal assumptions, and how much of those margins incorporate a lunatic competition which has no pricing discipline? Right. Okay. James, you wanna take that one? I've probably got a couple of bits to add, but you go first. Yeah, sure. Yeah, it comes back to the point, you know, we've been really quite prudent in our modeling. Look, HL has always had competition. You know, I've been here 12 years, and from day one, everyone was talking about Barclays and Fidelity and how they're investing millions and how they're going to knock us off our number one perch. That just hasn't happened. Yeah, we can't get complacent. There's lots more people coming into this market, and we understand that, but we are investing from a position of strength. We've got every confidence in this set of numbers and the guidance we're giving, that we can achieve that operating margin. I do want to add to that because we're not guiding on targets which I think are aspirational or unachievable. When you consider our service enhancement, product enhancement, and our tech enhancement, they're all driven, I'll keep coming back to this, to client feedback. That gives us confidence. We're not overly ambitious on client growth. We've historically demonstrated, James took you through this, so we can grow clients at the rates that we baked in here, and he compared it to the pre-pandemic levels. We've been quite conservative in our modeling there. The guidance on revenue margin itself, and that reflects the changing mix of the business and a competitive environment. We have got allowance for compression and stockbroking fees. We've got growth from new cost-competitive fund range. Then we've got a cash margin, which James is flooded with questions about today, but we've got a cash margin that goes from low to mid-20s to about 60 basis points by FY 2025. That assumes a further rate rise in November from 50 basis points to 75 basis points. We've been conservative in how we've factored that in. Then finally, what underpins all of this, the strong growth drivers. They're strong growth drivers that we've got expertise in. Expansion of HL Funds, you know, this is what Emma does. We aren't new to Advice. As I said, we've had an Advice business for a while, so we understand that. As for Active Savings, Dave is putting his foot on the accelerator, but we've taken that to GBP 4 billion in a falling interest rate environment. This is about putting your foot on the gas in a rising interest rate environment. I add to what James rightly says, I just put more of a context around that. Next question. Thank you, Chris. Just one very quick one, if you don't mind. I mean, as a leader, one thing I'm concerned about, very concerned about the liquidity of the London markets. As Hargreaves, as a leader, I mean, are we doing anything about involving more retail participation in placings and IPOs? Because otherwise there's just no liquidity in the system. All of our development, you won't be surprised to hear me say, is driven by what clients want. Second thing is getting the digital backbone right, which is key to what we're talking about today, gives us the capability and flexibility to do such things. Thank you. Hi. Thank you for the presentation. It's Enrico Bolzoni of JPMorgan. A couple of questions. So one, just to clarify, any costs related to the Advice business that, however, would be in the form of, for example, marketing to promote the Advice, is it fair to say that this will be in the operational cost line and not part of the exceptional GBP 175 million? That's the first question. The second question, again, on the Advice, I was just thinking, clearly we don't have the details, we know it's going to be a hybrid solution, but if I think about when people want to advice the most is when things go very, very bad. So my question is, in assuming market circumstances like we have experienced here to date, are you confident that if you have 100,000 clients that will be subscribed to your advice proposition, will be able to be serviced by someone physically or all at the same time? Or do you actually need to, I don't know, actually hire a lot of people to do that? How confident you are that actually, you know, market crash and you have 100,000 people on the platform that ask for somebody and they want to be served within, you know, half an hour. And then finally, on your Cash and Smart Saving. Do you see a risk that you want to push the accelerator there? So clearly I presume marketing and make it appealing to the eyes of the investors. Do you foresee a risk of actually cannibalizing some of your revenues because simply more and more people, if you market it so well, will decide to either invest their cash or move it to active savings and therefore you're going to lose part of your revenue stream. Thank you. Thank you. There's a number of things in there. Just on the cash one. On the cash one, risk of cannibalization. No, I don't really see that. I also have another comment to make about that, because the most important thing to do is what's right for the client and make it seamless and easy to do, and you do that by having technology and service to enable you to do that. The cash that sits on the investment platform is there for investment. If you look at the median balance, it's about GBP 500. It's more in the SIPP as people come up to that lifetime limit. They tend to sell down and just hold the cash 'cause they want to keep down that limit. The median is only about GBP 500, i.e. it's frictional cash. It's money that I've put in, I'm about to invest. It's dividend that I've received, and I'm about to reinvest. It's from a fund that I've sold, and I'm just about to switch it into something else. People are not putting their money onto the HL investment platform to earn a cash return, and that's what we see with Active Savings. The money that's flowed into Active Savings has really come from outside because people have recognized that actually this is a great way to manage my liquidity. If you look at the balances, you would naturally see when you come towards retirement, guess what? People are holding more cash. Actually, what's the behavior? They're actually managing deposit ladders through the platform. We have clients now who are earning 80-90 basis points on their cash overall. You compare that to where rates are even before the base rate increases because that's how they get. The other thing that does is it makes those clients stickier 'cause they manage their savings and investment all together in one place. David, do you wanna take the one. The questions on Advice? I think there were a couple there, actually. You asked about is there marketing costs for Advice, including the GBP 175 million? No, it's not. It's included in the underlying model and hence in the PBT numbers, etc. From the point of view of could we handle a market crash and the sort of inflow, I think it's important two things. One is that kind of behavior already happens, so we're used to dealing with sort of scale reactions to that kind of event. The second point is we're not going to be offering, you know, Advice isn't trading advice. It's important to know that this is actually going to give us a brilliant opportunity to get in very quick contact with clients and give them nudges, for instance, such as we do today through our marketing, which is, you know, keep calm in the point of crisis or whatever. It's things like that where you can actually engage with a client on an individual basis to actually help them through a time like that. The other thing is, you know, it doesn't necessarily all need to be kind of in the moment. We can do digital scheduling of appointments and things like that. You can manage surge demand. There's lots of ways of kind of managing it through a service like this. It's hard to build a service like this, though, which is what makes it competitively differentiating. Offering regulated advice in a compliant way through nudges and data is actually quite a difficult thing to do, and thereby by doing it, we think we're going to create a real competitive sort of, force field around ourselves in this space, and be able to kind of serve that kind of, that kind of situation you described better than anyone else, like we do today. There's one in the front, and then I can see Andrew's in the middle at the back. Thanks. It's Bruce Hamilton from Morgan Stanley. Just on the sort of platform pricing and your strategy versus peers, I guess some of your peers are taking a slightly different approach. They're saying that actually simplicity and low price is what matters. AJ Bell's Dodl is going to be at 15 basis points, more like Vanguard. They're growing quite fast. What is it that you see differently? Is it that you're going after a different client type? Or what? Why? You know, just help me understand that. Did you have a discussion in detail about, you know, what the right level of platform fees might be to perhaps, you know, get back some market share? 'Cause I know market share looks stable, but it does appear some of your smaller competitors are growing faster than you are. In percentage terms, not in scale terms. In percentage terms off a low base. Fair. I talk about the quality of clients. We've mentioned quality of clients a number of times. We've talked about the average age of our new clients is about 35, 36. Average age of overall clients is 46. That 46 has been coming over time because of the change in the mix. I emphasize the mix 'cause it doesn't mean to say that we're not bringing I mean, last year we brought on record numbers in the older age groups too. We're growing all the way across the patch. Also, the quality of the clients. I mean, we're talking, you know, in the late teens in terms of thousands of pounds of value. These are people with money that are coming on the platform and building up over time. We certainly talked about over the last 15 years, clients growing their assets by 3x-4x, and I showed that chart. If I could click quick enough, I'd put it back so it was printed in your head. You can see how clients build their assets over time. As they build their assets over time, and to the previous question, the time they want a dvice, support is when things go wrong. You have to have the engagement with them. That's the big difference. Nobody else is talking to you about 393 million digital engagements. Nobody else is talking to you about that, all of those, you know, the 3.6 million visitors who read the articles. That creates engagement. What we're talking about here with the digital backbone and the additional propositions that we've got is enhancing that relationship with clients. Also then, I made this point, when you look at the capabilities, there's no one else out there that you can have your cash, investments, ISAs, SIPP, lifetime ISAs, child ISAs, execution only, asset management. I haven't got enough room on the stage to move all the way across, but you can only do that with Hargreaves Lansdown. The thing that we're then looking at now is using the data. That is the difference. What gives us confidence in this is investment. You know, Emma and David were showing that, and actually even with Amanda, with picking out the favorite quotes. 'Cause we get feedback all of the time from clients, and it's that feedback that started off on the whole Better Investors journey. We sat there, we saw clients who were opening accounts and opening a single share, and it was travel stocks or airline stocks, hospitality, that stuff. As we surveyed them, it's, "What is it that you're looking to do?" The answer was investment. Very specific when investment. 'Cause when you say investment, you're talking about saving for the long term. We're not talking about developing traders, and that's absolutely specifically not what Better Investors was doing. Better Investors was the nudges, the communication, raising awareness, how to invest like Buffett, the importance of diversification, the power of compounding. Use your lifetime use your ISA wrappers, and if you're in that age group, well, hey, there's the Lifetime ISA. We're just going to give you a 25% boost before you even start it. Guiding, supporting and help, and then tracking that. This has been what I think has been so fascinating for us as we've gone into the data on that. Also, you might have heard us talk about the work that we've done around financial resilience. The resilience barometer that we talked about, which is about managing debt. That's not HL. Protection. We don't do insurance products. Saving and having a rainy day cash fund. Well, that starts to be Active Savings. Then you move on to investing in your pension, and then you move on to broader saving investing data. All of it gives us insight into how people save and invest. What we're investing in now is the capability for us really to make use of that, and that's what the difference is. Andrew. Good morning. Andrew Crean at Autonomous. A couple of questions or one question and a request. The first area I wanted to investigate was the cost, the additional cost of GBP 175 million and the GBP 55 million. To what degree. First, what confidence do we have that those numbers won't creep up over time. Second, to what degree were they at any rate in your plans. Because it's very possible to create positive jaws if you park a load of costs below the line. If you do inflate your cost by more than those amounts, will they continue to go below the line or will they be built into the underlying. The second area I wanted to just ask a little bit on was, I'm not sure, and this is a personal remark, I'm not sure you're winning the argument about a premium price for a premium product, and there's a number of questions here which have gone around that. You're the only platform which doesn't give gross flows and net flows. I just request, would you be able to, in the future, provide more data around gross flows, and particularly about redemptions? I mean, you talk about redemptions coming from people dying. Well, that's fair enough, I guess. People going off to advice, that's fair enough. But how many of your clients are actually going to other D2C platforms because they want a cheaper product? James, I think we'll come to you on the cost and positive jaws point. We'll come onto the pricing. David, I think you can talk to that. I know you'll chip in the market share stat, so look forward to that one coming out. James. Yes. Andrew, just on the positive operating jaws, we did say on an underlying basis by FY 2023 we would be positive. Even allowing for the statutory basis, we would still be positive on an exit rate. In the final months as we come out of, you know, June 2023, we would be on a positive operating jaws by that point. Again, you can see, yeah, if we get upside from base rates of interest and net interest margin, that could be sooner. If we put that in from day one, you'd be saying to us, perhaps you're only getting there because of this net interest margin. Again, you can see that we've been prudent, and we've given you the two, the underlying basis and the statutory basis, and we get there in both instances by FY 2023. Confidence that you're going to hit those numbers where you are? The GBP 175 million, I mean, we've done a lot of work exploring exactly what we need. As you'd expect with a strategic investment like this, we do have, yeah, a buffer built in there. If we're overrunning on one or two areas, we've already got some money that we can turn to. Yeah. I think experiencing the sort of not winning the war on premium pricing argument, I'm really kind of surprised about that. I mean, if you look at our data, we've got over 80% of our AUA and about 68% of our revenue sitting with less than 20% of our clients. The case for share of wallet growth is enormous. It's like, really. We obviously have looked at the same data, and you look at the opportunities, and we're just choosing what to prioritize at the moment. Prioritizing the high-value end of the market compared to the very cluttered low end of the market, which has got a new entrant every day, is, we think, the significantly true thing to do. It would be quite easy with the sort of digital capability and scalability that Vanguard talks about to introduce something into that low end of the market, a sub-brand. We're not choosing to prioritize that at the moment, because we see that value opportunity as being the real opportunity to go after. Going after the Advice market, which is, you know, people are paying too much, and the Advice market is huge. It's ripe for going after with a digitally disruptive proposition. We see that kind of share of wallet play, the penetration of the HL fund play is the bigger play. The broader wealth management redefinition, that's the one that's really exciting. Kind of playing into the retail market. It would be easy, but you have to be incredibly scalable to make that worth doing, to be honest. I think our competitors will find that. I've launched a lot of low-cost sub-brands in other companies, and I know how to play out. I think that's why we're really excited about the high-end opportunity. Remember, we're already democratized now. We're not just a sort of niche player. We're serving a very wide range of people, you know, right across the life stage, and we think there is still lots of evidence that people will pay for experience over price. Chris mentioned the market share thing. You know, I've been here three years now. We've grown our market share from 37% in the platform to 43.5% in the latest platform report, in a period where the market's been exploding because of COVID-19, and we've still managed to grow our market share. That's why we're so confident in our strategy. We have flexibility in the future with the sort of digital capability that Birger is going to go into a number of other areas. Question towards the back. Thanks. Julian Roberts from Jefferies. Can you tell us what the average age of a departing customer is? I'm sorry, I didn't. Average age of? Of a leaving customer. A leaving. 35 for new customers, and how old is the average one who leaves? Do you know? I'm not hearing very well, so I didn't hear the comment that led to the laughter. No is the honest answer. I'll tell you why no, because it's a range. Because when you've got 1.7 million, Look, you will have clients at the older end who decided, actually, they need to change. There's something else right for them, and they leave as a consequence of them. There are many factors that would be involved with that. But equally, you'll have people at a much younger end. Because those people will have, you know, built a Lifetime ISA for a deposit, perhaps. You'll have some clients who've started out, and actually they decide they don't feel comfortable doing investing. That happens. It's a show. But there is. You know, there will be all sorts of different reasons all across the way. There is no clear average to actually where they sit. Gotcha. One other just quick follow-up. I know you've always told me in the past that it's the majority of net new business comes from existing clients. In my mind, I use 70-30. Is that still about right? James, it fluctuates, but. Yeah, it does fluctuate. But I think that's about where we were last financial year and this half. As I said, yeah, the more and more clients that we've got on the platform, that is just your engine room for growth. That will perhaps skew even more over time. Unless we've got, you know, particular launches of Augmented Advice or, you know, strong marketing activity on Active Savings where it might, you know, equal out a little bit in shorter periods, depending on what we're doing on the, you know, various propositions that we're looking at. Thanks very much. A question right at the back. Hi, it's Ben Bathurst from RBC. Can I ask a question on the sort of digital transformation and increasing use of third parties? Possibly just get a bit more color on how, as part of this transformation, you'll be using third parties for services rather than delivering things from in-house technology. Secondly, just in terms of, I think through the new kind of customer segmentation, it looks as though there's three types of customers. There's one that's just direct platform, second one who's getting guidance, and a third getting more full advice, would possibly fair to say. For the second category of customer, how often do you expect? Will they be paying for that guidance? How often do you expect to be kind of nudging that customer as part of that service? Right. Okay, thank you. Thanks, Ben. Birger, do you mind you and David between you, actually. Yeah, absolutely. Look, I think if you look at what we're investing in, there's clearly something we see is hugely important to our service. The digital journeys, tooling, the Augmented Advice, et cetera, which is very much part of the technology investments we're doing. Then when you get to commodity services, payments, we gave as an example. Yeah, we often see advantage in consuming these, generally moving to cloud solutions, absolutely, because that also gives us much better scale in the business, scale up and down. Then, of course, if you look at the infrastructure, yes, we see much more opportunity to access innovation through cloud providers, through modern technology and so forth. When we're doing these investments, I do want to come back to something that you, David, presented. We look at each individual platform, we look at the technology, we look constantly at whether it's the right thing to continue to grow it, to retire it, et cetera. Often we find that technology moves fast. You may find actually quite strong opportunities to reconsolidate, to actually create savings and opportunities as well, whether it be open source, maybe more efficient solutions and so forth. David, do you want to continue t o build on that? Yeah. I think it's worth saying that we are investing in things like data science, machine learning, cloud-enabled tools for large data. We definitely want to grow those talents in-house and be a, you know, real driver of recruitment for people who are interested in changing that landscape. That's how we're going to produce great Augmented Advice. Again, just to echo what Birger said, we're not going to build things that exist in market. We're going to look at the competitive landscape, choose the best solution for us and our clients, and implement that whilst we focus on, you know, complex modeling and building our own secret sauce and capitalizing on it. Emma? Do you wanna talk about the different groups? You know, I think we're referring back to that page you had up there, but. Yeah, I think probably a little bit of clarification. Obviously, the way that I sort of bucketed the three very broad client groups, we have 1.7 million clients and growing. We have infinite numbers of clients with different experiences. That was just sort of an illustrative point to show dependent on what the client wants, we will have a solution to suit them. It was separate slightly from the Augmented Advice & Guidance. The tools that will be available will be free to use if you're a customer. And ditto, you know, the funds will have a fee on them, but you'll be able to see them separate from that when the way that you can get to those journeys is through Augmented Advice & Guidance. Those tools that I illustrated on that page can be used outside of Augmented Advice & Guidance. The service that you get through Augmented Advice & Guidance is kind of one level up. The point being is we have something for everyone, and those three very broad buckets were kind of an illustrative journey. A question down near the front. Hi. It's Greg Simpson from BNP Paribas Exane. Three questions, if possible. The first will just be on the HL Funds. With the existing funds and the new funds, the majority are kind of active in nature and so I'm just wondering how you're thinking about managing the kind of performance and reputational risks with, I think, targeting 20% of flows into those solutions. The second one was just on the Advice. You mentioned, I think, adding 100 advisors to the business. Is this kind of going to be hiring IFAs who can bring existing client books over? Or is it more an organic build-out of advisors and training them from scratch? Thirdly, on Active Savings, just wanted to check. Are they... Is the business going to be kind of fully interoperable with the existing wrappers so to move between SIPP and Active Savings? Is that achievable just in terms of that seamlessness of the service? Okay. Thanks. Thank you. Emma, do you wanna take the first one? HL Funds, and then David, we'll go across to you for the next two. 19 fund launches over the next two years. Five of them will be passives, and the remainder will be active. A mix of, you know, focused asset class and geography building blocks or portfolio solutions. In terms of your point regarding, you know, ensuring exceptional client outcomes, we did a real root and branch analysis of where we've added alpha for clients over time, and we found that manager selection has delivered for clients. We've identified areas where, which, you know, didn't do that, which was strategic asset allocation, which is why we've already invested in strategic asset allocation and risk management tools and brought in some really exceptional people to enhance the existing expertise internally. New head of strategic asset allocation, who I think is just fantastic. Excellent track record. You know, we're utilizing Moody's, we're utilizing MSCI. You know, as you would imagine before we come out here and say something like this to the market, we've done a lot of internal analysis, and we are confident that we can deliver with that mix of kind of additional expertise, solutions, data, and in-house expertise. Yeah, you had two questions. The 100 advisors, I think this is a really interesting question. No, they don't need to be IFAs. IFAs, one of the great benefits of this is we'll be able to train people on a much more accelerated advice sort of learning process and qualification process. Actually, they can be lighter. We will still obviously run a face-to-face and sort of a traditional advice business, if you like, along the side of this for more complex cases. That, of course, will require different levels of training. That is, again, one of the benefits of the 100 advisors is they can be up and running much quicker. Then you asked about the sort of tax wrappers and Active Savings. We clearly have a roadmap, and we talked about product development and tax wrapper roadmap. The priority at the moment is kind of completing the Active Savings ISA journey. We already have an Active Savings ISA, but it's not yet complete, and it's got one product in it. That's first priority, and then we'll move on to other opportunities like other tax wrappers like SIPP from there. Thanks, David. Next question, just in front. Thank you. Rhea Shah, Deutsche Bank. Just following up on the ISA that you mentioned within Active Savings. Is that included within a quarter of net flows that you're targeting by full year 2026? And then secondly, in terms of ESG, how are clients already engaging with ESG funds already on the platform? And would you think about increasing the number of ESG funds on the best buy list or having a best buy list just for ESG funds? Thank you. Look, on the Active Savings, that growth in Active Savings is included in the numbers that David gave you. Emma, your métier, please. You've heard a lot today about our data insights, and as you'd imagine, kind of ESG proposition development has absolutely been led by kind of our client demand as well as being very industry aware. The reason why we've got the timeline that we have in terms of having the ESG integrated portfolio solutions up front is 'cause that's where we see the largest demand. We see the largest demand for what, you know, traditionally we call light green funds, which is ESG integration, rather than that kind of exclusions space. However, we do have plans to launch the HL Select Ethical Equity Fund, which is going to be much more of a kind of Article 9 aligned, exclusions and impact, if we're calling it Article 9, with the terminology constantly changing. We do see demand for that, but it's less demand, which is why we prioritize that kind of ESG integration upfront. The question in the middle. Would you just mind breaking down the GBP 70 million of strategic spend on technology? What's that going on? That'd be great. Thank you. Birger, I think that's got your name on it. Look, we're not breaking it down in detail, but roughly four buckets, as we said. We're reusing some of our infrastructure, so investments around cloud, but we use "cloud" here in some very broad terms because it's also some of the core functions and current capabilities, some improved resilience, scalability and so forth. Second one, we are looking at some of our systems internally and we gave the example already of where we see benefits and sometimes swapping them out, sometimes we invest in them. Third thing is we are investing in data. That means making data available for all our data scientists, accessing better technologies and innovation around machine learning, AI and so forth. The fourth one, we call it the digital foundations. It is things like user-centered design systems, and what that enables us is creating much smaller teams. I'm sure you've heard of the AWS concept of a two pizza team. That needs to happen in an environment where they can pick and choose the bits and then run very fast independently. We're doing some of the ecosystems around that to really enable that entrepreneurship and that innovation and pace in the systems. Actually when you talk then around some of what we're utilizing that for, it is a seamless transition between products, new products and so forth. It's really setting up. That's where we're investing in the technology terms. There's a whole chunk as well around the service and the service improvements, and some of those will be really simple, right? Like, using biometrics just for ID&V instead of having somebody saying, "Can you remember what you said for your mother's maiden name?" Or whatever it is. You know, it's just fixing those things. There's a plethora of investments and in some ways I often think of it's not GBP 175 million investment, it's GBP 175 million, GBP 1 million. It's not exactly those numbers, but it's many small projects and that also gives us much better confidence. We can see, yeah, of course some will go wrong. I've never seen. You know, of course projects go wrong, but it's not like, oops, the whole thing fell over. We can say, "Okay, we need to course correct here. We can implement there." We're doing it very much with Agile in mind. Continuous outcome driven quarterly reviews. Don't let it go on for too long. If we can't deliver in a quarter, are you sure you're doing the right thing? We're coming back to that mentality all the time that you would expect from a fast moving technology company. David, anything to add on that? Oh, no, that was great. Yeah. Very comprehensive. Right. I think we've got time for a couple more. If on the phone. Thank you. There are currently no questions on the phone lines. I'll hand back to the room for questions submitted via webcast page. Thank you. All right. We've got one here. Yes. Alice, do you want us to come back to you? Yes. Okay. Thank you. Sorry. Quick follow-up. On the organic cost instead, those that will be operational, what should we think of that 13% that then becomes 8%-9.5%, I think? How much of that would be in marketing? How much of that would be in staff? What shall we think about there? Do you plan to invest a lot in marketing still or what's the breakdown there? James, do you want to? We haven't given a big breakdown, but we'll continue to, you know, show you the line items of what is, you know, staff costs, what is marketing, what is third party data tech, and what is activity driven. We've given you the sort of glide path, you know, from 13% this year, and then for the following three years we'll be going from sort of 9.5% down to 8% and then exiting at FY 2026, 7%-8%. We'll give you the categories. Clearly, you know, we've traditionally been, yeah, heavy on the staffing costs, but we're doing a lot of investment here, which will enable us to, you know, hold back that increase in staff levels. Marketing, you know, we'll have to see what the environment is at the time and when we've got our various launches and, yeah, if we find something that really works in marketing, then we've got firepower to put behind it. If you've got times where, you know, clients have got their heads buried in the sand, then we can dial down marketing. That's what we've always done and will continue to do that sort of thing. Alice? Thank you. We've got a couple of questions from the live stream. The first is from Gurjit Kambo from JP Morgan. They ask: Can you remind us on how future interest rate increases would be shared with customers, i.e., if rates went above the 75 bps, how much could you give to clients? James? Yeah. I've had this one a lot today, and over recent months as well. The answer is we can't tell you explicitly. What we can allude to is when we go back up the base rates, we've reinstated what we shared with clients previously, those interest rate ceilings. When we get back up to 75 bps, then we'll be back where we were previously. Beyond that, we haven't been there for over a decade, so we can't tell you exactly what we're going to be sharing. What we always do is we look at the competitive environment. We see what some of our direct competitors are paying. We'll aim to be in the top three, and we'll take it from there. Thanks. We also have a question from Nicholas Herman from Citigroup. He actually has three questions. Do you want three in a row, or should I give you them separately? I think one by one, if you wouldn't mind. Okay. The first one is: What has been driving the much higher cost growth over the last few years? That's because the bar to invest in tech, customer support, et cetera, has kept rising. Why should investors now expect it will be different now and that HL will now be future-proofed? This is kind of an extension of the same question: HL saw 50% FTE growth in the last 4.5 years since the end of FY 2017. What is expected FTE growth over the next 4.5 years to FY 2026? Okay. Thank you. Thanks. Thanks, Alice. I think I'll take some of that. The investment that we've made in recent years, I think in recent years, you look at the growth that sits alongside in recent years, and you go back to the comment I made about clients over the last 15 years on average have grown assets 3x-4x. We've doubled the number of clients on the platform since 2016, and we are seeing that asset growth come through. We have invested in the scale and the resilience of the platform, and Birger talked about what he found when he walked in, that we have supported the scale and the resiliency of that. We've invested in our digital marketing capability. We're no longer talking about just about pay per click or search engine optimization. We're now talking about the targeted use of data and nudges that enhance client relationships. We wanna go further with that. We've strengthened our governance and our risk management. That is important in a business that is growing at such a rate to make sure that the results that we are delivering are sustainable into the future. On top of that, building Active Savings, adding to our fund range, replacing the market-leading app with the market-leading app for now, enhancing client engagement and making sure that we've scaled up help desk and operations to make sure that the level of service that we are delivering, having added 375,000 clients through a pandemic, to make sure that the satisfaction levels are the same as the ones that we saw before. That's where the investment goes. The way that we think about that investment, that is the investment in the client relationship. When things happen, when people want help, that they know that there is a response coming to them from Amanda, the team, we've sorted it out. There is confidence, there is trust, which comes back to the brand point that David made. Next question, please, Alice. The next question is on the special dividend. He asks: With a GBP 180 million-GBP 190 million surplus in the first half, why the need to suspend the special to fund the transformation? James? We've always said that in terms of the special dividend, I know we've paid it pretty much every year bar one in 2017. We would always assess a special dividend dependent on the investment opportunities we've got externally and our capital surplus. Our capital surplus is pretty high, but we want to hold, yeah, a decent buffer there. This is an internal use of that cash to invest, to drive long-term sustainable growth and improve shareholder returns. We know many investors, they would like us to do this sort of thing. Finally, Alice. The final question is on operating leverage. He says: Thank you for the transparency on your assumptions for the financials. The growth looks impressive. However, if HL, for whatever reason, doesn't deliver that level of net new business or AUA growth, or if revenue margin is below your expectation, how weatherproof is your operating margin target? How much buffer and how much flex do you have? Okay. Look, just as a I think probably as a reminder, we guided you to positive jaws on an underlying basis from the year ending June 2023, and on a run rate basis as we exit the financial year ending 2023 from a statutory perspective. What's driving our confidence in that? Confidence in growth. The majority of our net new business growth is driven by strengthening our existing offering, improving client service through automation, digital, marketing, Active Savings, launching 19 new funds to meet client investment needs. It's based upon the data that we've got, the insight that we've got. Confidence in the efficiencies Amanda talked about, GBP 55 million cost savings, which we are already executing on, is already underway. Amanda's taking you through the proof points that we've delivered on. All of that then is underpinned by a platform and a service which is scalable for all the reasons that we've talked about. It will finally break that one-to-one link between client growth and cost growth that we've experienced in recent years. I think this is probably the point that we'll end on this. Why I'm confident on this? Why the board is confident on this? Because we've got the right team in place. We haven't been aggressive in the future projections. We've taken you through all of that. This is as we talked about in terms of the rate outlook. We have confidence in the structural growth in the market. We understand the inflection point that we're in, and given the scale and experience and the data that we've got, now is the opportunity to disrupt. That means we can redefine what it means to actually manage your savings investments, 'cause it's all about the client. It's all about that focus on the client. What we're doing is leveraging our scale and our data in order to take that to the next level. Look, thank you very much to all of you who've made it into the room and for everybody who is listening on the phone, or maybe on playback. Thank you for all of your questions. We are really confident in this. I think it is a really exciting time. As I said, I've never been more excited to be Chief Executive of Hargreaves Lansdown with the opportunities that we can see. With that, please have a very good day, and if you've got any further questions, then please send them in and we will come back to you. Thank you very much indeed. Thanks, everybody. Well done.