Bill Gerber: It has been creeping up. It has been 8 to 20, but it has been trending more toward 10.

Matt Snowling (Friedman, Billings, Ramsey): Is your investment spend directed towards hiring more seasoned brokers on the branch level?

Joe Moglia: It is a combination. We are not spending a $100 million on the call center. A piece of the $100 million goes for greater call center support and greater education for the call center. Our call centers have predominantly only been service centers. Part of what we want to transition is the sales element within the call center.

Mike Carrier (UBS): Were you looking for seasoned brokers, with existing books?

Joe Moglia: We are not going as far as looking for seasoned brokers with existing books, because our sales model is going to be different than what a lot of those others are. We handle that through our RIA business. The seasoned brokers with existing books are more of candidates for our RIA sector, than they are for our normal sales forces. The sales force we have, we feel good with, we want be able add to that, those seasoned brokers are candidates for our RIA business.

Mike Carrier (UBS): How the investment model should be working as you increase the investment spent?

Joe Moglia: The three objectives are growth, retention and yield. As we roll out cash management products, we become, as we do a better job and manage our own client asset as far as the balance sheet goes from a banking strategy prospective, we should be able generate far greater yield from the clients that we currently have then we have had up until now. While we do the best majority of our clients’ trades, we do not have the majority of their assets.
That gives us an opportunity to gain greater share of wealth which is important for us. Being able to do that also makes us think more attractive from an acquisition perspective to bring more clients in the door. You are either asking for incremental funds because you were trying to figure out a way to bring more assets in the door, or you want to do a better job of retaining the assets we currently have, or you want to do better job of generating greater yield on the assets that we already have. That would exist throughout the entire organization, so as people come in they will say, I think I want to use this amount of money and I think this is going to be the benefit. We need to cover both of those. Now breaking that down or fine tuning it with regards to percentage we are not going to disclose that, but that would be how we look at that.

Mike Carrier (UBS): What are the revenues for the qualify accounts versus the total accounts?

Joe Moglia: When we first started to talk about qualified accounts we said that this is about 50% of our client base, and they account for about 90% of whatever ultimate revenues and profitability are. That is all the same. We have not seen a significant increase in the qualified account numbers themselves the quality of the business generated as our world business has grown from the qualified account has been good.

Mike Carrier (UBS): Could you go over some of the noise that was in the quarter on the expenses?

Bill Gerber: It is a noise but 8 million of expenses were for the investment, for growth, and most of that was in the sales force to better serve the clients, $3 million was for severance, $6 million was from increased incentive accruals. All of those were in compensation. Then there was a positive $4 million settlement with the exchanges regarding a communication issue on the Legacy TD side.