阿默普萊斯金融 (AMP) 2023 Q1 法說會逐字稿

Welcome to the Q1 2023 earnings call. My name is Bob, and I will be your operator for today's call. (Operator Instructions) And as a reminder, the conference is being recorded. I will now turn the call over to Alicia Charity. Alicia, you may begin.

歡迎參加 2023 年第一季度財報電話會議。我叫鮑勃，我將擔任您今天通話的接線員。 （操作員說明）謹此提醒，會議正在錄製中。我現在將把電話轉給艾麗西亞慈善機構。艾麗西亞，你可以開始了。

Thank you, and good morning. Welcome to Ameriprise Financial's First Quarter Earnings Call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, our Chief Financial Officer. Following their remarks, we'd be happy to take your questions. Turning to our earnings presentation materials that are available on our website. On Slide 2, you will see a discussion of forward-looking statements. Specifically, during the call, you will have references to various non-GAAP financial measures, which we believe provide insight into the company's operations.

謝謝你，早上好。歡迎參加 Ameriprise Financial 第一季度財報電話會議。今天與我通話的是董事長兼首席執行官 Jim Cracchiolo；以及我們的首席財務官 Walter Berman。在他們的發言之後，我們很樂意回答您的問題。轉向我們網站上提供的收益演示材料。在幻燈片 2 上，您將看到對前瞻性陳述的討論。具體來說，在電話會議期間，您將參考各種非公認會計準則財務指標，我們相信這些指標可以幫助您深入了解公司的運營情況。

Reconciliation of non-GAAP numbers to their respective GAAP numbers can be found in today's materials and on our website. Some statements that we make on this call may be forward-looking, reflecting management's expectations about future events and overall operating plans and performance. These forward-looking statements speak only as of today's date and involve a number of risks and uncertainties. A sample list of factors and risks that could cause actual results to be materially different from forward-looking statements can be found in our first quarter 2023 earnings release, our 2022 Annual Report to Shareholders and our 2022 10-K report.

非 GAAP 數據與其各自 GAAP 數據的調節可以在今天的材料和我們的網站上找到。我們在本次電話會議中所做的一些陳述可能具有前瞻性，反映了管理層對未來事件以及整體運營計劃和業績的預期。這些前瞻性陳述僅代表今天的情況，涉及許多風險和不確定性。可能導致實際結果與前瞻性陳述存在重大差異的因素和風險樣本列表可以在我們的 2023 年第一季度收益發布、2022 年股東年度報告和 2022 年 10-K 報告中找到。

We make no obligation to publicly update or revise these forward-looking statements. On Slide 3, you see our GAAP financial results at the top of the page for the first quarter. Below that, you see our adjusted operating results, which management believes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitates a more meaningful trend analysis. Many of the comments that management makes on the call today will focus on adjusted operating results. And with that, I'll turn it over to Jim.

我們沒有義務公開更新或修改這些前瞻性陳述。在幻燈片 3 上，您可以在頁面頂部看到我們第一季度的 GAAP 財務業績。下面，您可以看到我們調整後的經營業績，管理層認為，這些業績通過反映我們核心業務的基本績效，增強了對我們業務的理解，並有助於進行更有意義的趨勢分析。管理層在今天的電話會議上發表的許多評論將集中於調整後的經營業績。有了這個，我會把它交給吉姆。

Good morning, everyone, and thanks for joining today's call. As you saw in our release, Ameriprise had an excellent first quarter, building on a strong year in 2022. As you know, equity markets were choppy up for the quarter, but still down 9% from a year ago, and interest rates were up strongly year-over-year. However, questions around whether we'll see a hard or soft landing continues to play in the background. And the failure of certain regional banks and another large financial institution caused investor concern.

大家早上好，感謝您參加今天的電話會議。正如您在我們的新聞稿中看到的，Ameriprise 在 2022 年強勁的一年基礎上，第一季度表現出色。如您所知，本季度股市波動較大，但仍較去年同期下跌 9%，且利率上漲同比強勁。然而，關於我們是否會看到硬著陸或軟著陸的問題仍然存在。某些地區性銀行和另一家大型金融機構的倒閉引起了投資者的擔憂。

To confirm, Ameriprise has no exposure to the recently affected banks. With regard to our bank, our deposit base is extremely stable, our investment portfolio is high quality with a short duration, and it's all held as available for sale. In addition, all of our client cash sweep deposits in Wealth Management and the bank are FDIC or SIPC insured. As we reflect on the quarter, I'd like to reinforce some important points. Ameriprise remains strong and stable. We navigate environmental uncertainty extremely well for our clients in the business, and we demonstrated that again.

需要確認的是，Ameriprise 對最近受影響的銀行沒有風險敞口。對於我們銀行來說，我們的存款基礎非常穩定，我們的投資組合質量高、期限短，並且全部以可供出售的方式持有。此外，我們所有客戶在財富管理和銀行的現金存款均受 FDIC 或 SIPC 保險。當我們回顧本季度時，我想強調一些重要的觀點。 Ameriprise 保持強勁和穩定。我們為我們的業務客戶很好地應對了環境的不確定性，並且我們再次證明了這一點。

Ameriprise is a diversified business with Wealth Management representing 2/3 of the firm's earnings, complemented by our Retirement & Protection Solutions and Asset Management businesses. This diversity enables us to generate strong results and multiple revenue streams across market cycles and offsets pressures. We can also quickly capitalize on opportunities and deal with risk. Last and importantly, our financial foundation, risk management and expense discipline are all excellent. We're able to consistently invest in business growth across market cycles and return to shareholders at attractive levels.

Ameriprise 是一家多元化企業，財富管理業務占公司收入的 2/3，輔之以我們的退休和保障解決方案以及資產管理業務。這種多樣性使我們能夠在整個市場週期中產生強勁的業績和多種收入來源，並抵消壓力。我們還可以快速利用機遇並應對風險。最後也是重要的是，我們的財務基礎、風險管理和費用紀律都非常出色。我們能夠在整個市場週期中持續投資於業務增長，並以有吸引力的水平回報股東。

With that as background, I'll discuss the strong adjusted operating results we achieved in the first quarter. Revenues grew 3% to $3.7 billion, driven by double-digit growth in Advice & Wealth Management. Earnings were up nicely with pretax adjusted operating earnings up 20% and EPS up 25%, which is significant. And the return on equity, excluding AOCI, was 50%. Our return on equity continues to be among the best across financial services. Our assets under management and administration ended the quarter at $1.2 trillion. It's down from a year ago due to lower markets and a negative impact from foreign exchange translation, which was partially offset by our strong client flows.

以此為背景，我將討論我們在第一季度取得的強勁調整後的運營業績。在諮詢和財富管理業務兩位數增長的推動下，收入增長 3%，達到 37 億美元。盈利增長良好，稅前調整後營業利潤增長 20%，每股收益增長 25%，這一點非常顯著。不包括 AOCI 的股本回報率為 50%。我們的股本回報率繼續在金融服務領域名列前茅。本季度末，我們管理和管理的資產達到 1.2 萬億美元。由於市場走低和外匯換算的負面影響，這一數字較一年前有所下降，但我們強勁的客戶流量部分抵消了這一影響。

Let's turn to business highlights. In Advice & Wealth Management, we delivered another excellent quarter. We're bringing in strong flows as we focus on providing more advice to more clients and deepening our relationships. Client inflows continue to be robust, more than $12 billion in the quarter, up 18% and very close to an all-time high, and this builds on our record year in 2022. Both wrap flows and transactional activities were impacted due to market volatility. We expect to see a pickup in wrap and other solutions as markets and the environment settle over time. The Ameriprise client experience helps drive leading client engagement.

讓我們轉向業務亮點。在諮詢和財富管理領域，我們又取得了出色的季度業績。隨著我們專注於為更多客戶提供更多建議並加深我們的關係，我們帶來了強勁的流量。客戶流入繼續強勁，本季度超過 120 億美元，增長 18%，非常接近歷史最高水平，這是建立在我們 2022 年創紀錄的一年之上的。由於市場波動，客戶流入和交易活動都受到了影響。隨著市場和環境隨著時間的推移而穩定下來，我們預計會看到包裝和其他解決方案的回升。 Ameriprise 客戶體驗有助於推動領先的客戶參與。

Our advisers are supporting clients with our excellent market volatility resources and advice-based client experience. Even during this period of heightened uncertainty, client satisfaction remains very high at 4.9 out of 5 stars. Our adviser value proposition is another differentiator. Ameriprise Advisor retention is among the best, and productivity continues to grow nicely, increasing 5% to $847,000. Advisers continue to tell us that they love our technology, tools and support. For example, we're rolling out a great new capability called e-meeting that reduces adviser meeting prep time down to just a matter of minutes and generates a highly personalized professional presentation focused on client goal achievement.

我們的顧問通過卓越的市場波動資源和基於建議的客戶體驗為客戶提供支持。即使在這個不確定性加劇的時期，客戶滿意度仍然很高，達到 4.9 星（滿分 5 星）。我們的顧問價值主張是另一個差異化因素。 Ameriprise Advisor 的保留率名列前茅，生產力繼續良好增長，增長 5% 至 847,000 美元。顧問繼續告訴我們，他們喜歡我們的技術、工具和支持。例如，我們正在推出一項名為電子會議的出色新功能，該功能可將顧問會議準備時間縮短至幾分鐘，並生成專注於客戶目標實現的高度個性化的專業演示。

In addition to our legacy advisers, our experienced adviser recruits appreciate our client and adviser value propositions as well as the firm's financial strength. Another 83 experienced advisers joined us in the first quarter. The quality of the people we're bringing in continues to build in terms of practice size and productivity, and we're seeing a nice recruiting pipeline ahead. As you know, we began building the Ameriprise Financial Institutions Group channel a few years ago. Since then, we partnered with a number of quality financial institutions who want to work with a firm like Ameriprise that can provide excellent client and adviser service.

除了我們的傳統顧問之外，我們經驗豐富的新顧問也欣賞我們的客戶和顧問的價值主張以及公司的財務實力。第一季度又有 83 名經驗豐富的顧問加入我們。我們引進的人員質量在實踐規模和生產力方面不斷提高，而且我們看到了一個良好的招聘渠道。如您所知，我們幾年前開始建立 Ameriprise 金融機構集團頻道。從那時起，我們與許多優質金融機構建立了合作夥伴關係，他們希望與像 Ameriprise 這樣能夠提供卓越客戶和顧問服務的公司合作。

In the quarter, we announced a new bank partner, Comerica Bank. This partnership will bring approximately 100 financial advisers and $18 billion in assets by the end of the year. Regarding our bank, it's growing nicely. We're adding additional deposits, have grown it to $20 billion in just a few years. It's an attractive complement to gain spread revenue in this rate environment. And we had strong growth in our certificate business with assets now close to $12 billion as well as good growth in our college loan business. At the end of the quarter, we launched a new savings product, and we'll follow that with our home brokered CD in May as well as preferred savings vehicle later in the year. As we grow in the marketplace, we continue to build on our strong brand awareness. In the quarter, we launched the next phase of our advertising to further promote our referable advice value proposition and the excellent client satisfaction we consistently earn. And the Ameriprise team and I are also immensely proud to be recognized for how we operate and do business.

本季度，我們宣布了新的銀行合作夥伴——聯信銀行。到今年年底，這一合作夥伴關係將帶來約 100 名財務顧問和 180 億美元的資產。就我們的銀行而言，它的發展勢頭良好。我們正在增加額外的存款，在短短幾年內就將其增加到了 200 億美元。在這種利率環境下，這是獲得利差收入的一個有吸引力的補充。我們的證書業務增長強勁，資產現已接近 120 億美元，大學貸款業務也有良好增長。在本季度末，我們推出了一款新的儲蓄產品，隨後我們將在 5 月份推出我們的家庭經紀 CD，並在今年晚些時候推出首選儲蓄工具。隨著我們在市場中的成長，我們繼續建立強大的品牌意識。在本季度，我們推出了下一階段的廣告，以進一步宣傳我們值得參考的建議價值主張以及我們一貫獲得的卓越客戶滿意度。我和 Ameriprise 團隊也非常自豪我們的運營和業務方式得到認可。

Some of our recent awards include being ranked as one of the most trusted wealth managers by Investors' Business Daily. Ameriprise is also ranked #2 in trust on Forrester's U.S. Customer Trust Index. In addition, we were named one of America's Best Customer Service companies for 2023 by Newsweek. And for the fourth consecutive year, J.D. Power's recognized Ameriprise for providing an outstanding customer service experience for our phone support for advisers. Overall, for our Wealth Management business, earnings were up strongly again, 58% year-over-year and our margin was 30.6%, a new record for Ameriprise. Turning to Retirement & Protection, we continue to perform nicely while adding value and stability in this environment.

我們最近獲得的一些獎項包括被《投資者商業日報》評為最值得信賴的財富管理機構之一。 Ameriprise 還在 Forrester 的美國客戶信任指數中排名第二。此外，我們還被《新聞周刊》評為 2023 年美國最佳客戶服務公司之一。 J.D. Power 連續第四年認可 Ameriprise 為顧問的電話支持提供了出色的客戶服務體驗。總體而言，我們的財富管理業務的盈利再次強勁增長，同比增長 58%，利潤率為 30.6%，創下 Ameriprise 的新紀錄。談到退休和保障，我們繼續表現良好，同時在這種環境中增加價值和穩定性。

This business consistently generates good returns and strong free cash flow. We maintained solid books and our investment portfolios are high quality. With the improved interest rate environment, we're able to reposition our portfolio and as investments mature, we're able to reinvest and generate better returns. In terms of priorities, as you know, we are very much focused on asset accumulation products that align with our client needs and our risk profile, which results in a very solid liability base. Our structured annuity product is our best seller, combined with our RAVA annuities without living benefits. And in our Life business, we've shifted to concentrate on VUL and disability products that are appropriate for clients in this environment and generate strong returns.

該業務持續產生良好的回報和強勁的自由現金流。我們的賬簿狀況良好，投資組合質量也很高。隨著利率環境的改善，我們能夠重新定位我們的投資組合，隨著投資的成熟，我們能夠進行再投資並產生更好的回報。就優先事項而言，如您所知，我們非常關注符合我們客戶需求和風險狀況的資產積累產品，從而形成非常堅實的負債基礎。我們的結構性年金產品是我們最暢銷的產品，與我們沒有生活福利的 RAVA 年金相結合。在我們的人壽業務中，我們已將重點轉向 VUL 和殘障產品，這些產品適合當前環境下的客戶，並能產生豐厚的回報。

Sales are down, but we are similar to the industry. Even with slower sales, we continue to generate good earnings up 11% from a year ago. In fact, last year, our Life company was ranked as the second highest returning company in the industry. Now let's turn to our Asset Management business. We've been impacted by market volatility and industry-wide sales pressure. However, the business continues to perform well and generated good returns and margin. Assets under management was $608 billion at the end of the first quarter, down 13% from a year ago, largely driven by lower markets and the impact of negative foreign exchange translation. Regarding flows, total outflows were $1.7 billion, excluding legacy insurance partner flows.

銷售額下降了，但我們與行業類似。即使銷售放緩，我們仍然創造了比一年前增長 11% 的良好收益。事實上，去年我們的人壽公司被評為業內回報率第二高的公司。現在讓我們轉向我們的資產管理業務。我們受到市場波動和全行業銷售壓力的影響。然而，該業務繼續表現良好，並產生了良好的回報和利潤。截至第一季度末，管理資產規模為 6080 億美元，較上年同期下降 13%，這主要是由於市場走低和匯率負值換算的影響。就流量而言，總流出量為 17 億美元，不包括傳統保險合作夥伴的流量。

In U.S. retail, like others in active management, we remain in net outflows as gross sales were pressured from market volatility. That said, redemptions are better sequentially. In EMEA, our flows improved a bit from a year ago. In institutional, we had another good quarter. We had inflows of $2.8 billion, excluding legacy insurance partner flows, driven by wins in fixed income, real estate and LDI. Expanding our alternatives capability as a long-term priority, including global real estate, where we are building out the business and earned a large mandate in the quarter. With regard to investment performance, we continue to have stronger long-term performance across equities, fixed income and asset allocation strategies.

在美國零售業，與其他積極管理的公司一樣，我們仍處於淨流出狀態，因為銷售總額受到市場波動的壓力。也就是說，按順序贖回效果更好。在歐洲、中東和非洲地區，我們的流量比一年前有所改善。在機構方面，我們又度過了一個不錯的季度。在固定收益、房地產和 LDI 的增長推動下，我們的流入量為 28 億美元（不包括傳統保險合作夥伴的流量）。將擴大我們的替代能力作為長期優先事項，包括全球房地產，我們正在該領域拓展業務，並在本季度獲得了很大的授權。在投資表現方面，我們在股票、固定收益和資產配置策略方面的長期表現繼續強勁。

While our 1-year numbers were impacted by market volatility, primarily in certain fixed income strategies, we're starting to see those numbers come back this year as interest rates stabilize and given our strength in credit. And we maintain 118 4 and 5 Morningstar rated funds globally. Across regions, we're earning important recognition, including recent Lipper awards and other accolades. In addition to focusing on investment performance, we continue to work through our EMEA integration. We plan to complete much of it by the latter part of the year and look forward to deriving additional synergies.

雖然我們的一年期數據受到市場波動的影響，主要是在某些固定收益策略中，但隨著利率穩定以及我們的信貸實力，我們今年開始看到這些數據回升。我們在全球擁有 118 支晨星評級為 4 和 5 級的基金。在各個地區，我們贏得了重要的認可，包括最近的理柏獎和其他榮譽。除了關注投資業績外，我們還繼續致力於歐洲、中東和非洲地區的整合。我們計劃在今年下半年完成大部分工作，並期待產生更多的協同效應。

In Asset Management, we also continue to manage G&A tightly. So overall, I feel very good about the firm, how we're engaging clients and the results we're driving. We have not had to divert from our chartered costs, and we're generating strong growth and returns in a rocky climate. We continue to have strong free cash flow as well as the ability to return to shareholders. In the quarter, we returned another $641 million in buyback and dividends, and we just announced another dividend increase up 8%, our 19th increase since going public in 2005. To close, Ameriprise delivered an excellent quarter, and we're well positioned to continue to navigate the environment, manage expenses well while investing for growth. Now Walter will provide further detail on our financials, and we'll answer your questions after his remarks. Walter?

在資產管理方面，我們還繼續嚴格管理一般費用。總的來說，我對公司、我們如何吸引客戶以及我們所取得的成果感覺非常好。我們不必偏離我們的特許成本，而且我們在動蕩的環境中實現了強勁的增長和回報。我們繼續擁有強勁的自由現金流以及回報股東的能力。在本季度，我們又返還了 6.41 億美元的回購和股息，我們剛剛宣布再次將股息增加 8%，這是我們自 2005 年上市以來的第 19 次增加。繼續適應環境，管理好開支，同時投資促進增長。現在沃爾特將提供有關我們財務狀況的更多詳細信息，我們將在他講話後回答您的問題。沃爾特？

Thank you. As Jim said, results this quarter continue to demonstrate the strength of the Ameriprise value proposition as adjusted EPS increased 25% to $7.25. Wealth Management business momentum, higher interest rates and expense discipline more than offset the equity and fixed income market dislocation over the past year. This reinforced the value of our diversified business model. Wealth Management earnings grew 58% and represented 66% of the firm's adjusted operating earnings, a new record. This is up from 49% a year ago. Asset Management was challenged with industry flow pressures as well as substantial market impacts to AUM. And Retirement & Protection Solutions delivered a good 11% growth primarily from opportunistically repositioning the investment portfolio as well as from the lower sales levels given the environment.

謝謝。正如 Jim 所說，本季度的業績繼續證明了 Ameriprise 價值主張的優勢，調整後每股收益增長 25% 至 7.25 美元。財富管理業務的勢頭、較高的利率和費用紀律足以抵消過去一年股票和固定收益市場的混亂。這增強了我們多元化業務模式的價值。財富管理收益增長 58%，占公司調整後營業收益的 66%，創下新紀錄。這比一年前的 49% 有所上升。資產管理面臨著行業流動壓力以及資產管理規模巨大的市場影響的挑戰。退休與保護解決方案實現了 11% 的良好增長，這主要得益於投資組合的機會性重新定位以及環境因素帶來的較低銷售水平。

Across the firm, we continue to manage expenses tightly relative to the revenue opportunity within each segment. As a result, we continue to make investments in the bank and other growth initiatives, particularly in Wealth Management by prudently managing overall firm-wide expenses. In the quarter, G&A was down 1%. Our balance sheet fundamentals remain strong, and we saw limited impacts from the significant market disruption in the quarter. Our portfolio is positioned well, and no assets are accounted for as held to maturity. We have strong capital and liquidity positions as well as effective hedging.

在整個公司內，我們繼續根據每個細分市場的收入機會來嚴格管理費用。因此，我們繼續對銀行和其他增長計劃進行投資，特別是通過審慎管理整個公司的整體開支來投資財富管理。本季度，G&A 下降 1%。我們的資產負債表基本面依然強勁，本季度市場重大混亂的影響有限。我們的投資組合定位良好，沒有資產被計入持有至到期。我們擁有強大的資本和流動性頭寸以及有效的對沖。

This allowed us to return $641 million of capital to shareholders, a strong return at 80% of our operating earnings. Let's turn to Slide 6. Assets under management and administration ended the quarter at $1.2 trillion, down 8%. While AUM/A benefited from strong client flows, we experienced significant market impacts. Equity in fixed markets were down 9% and 5%, respectively, year-over-year. In addition, asset management AUM levels were substantially impacted by weakening of the pound and the euro, resulting in non-U.S. AUM down to approximately 36% of the total. The portfolio effect of our business mix garnered robust earnings growth with pretax earnings up 20% from last year with meaningful benefits from strong client flows and interest rates more than offsetting significant negative equity and fixed income markets and foreign exchange impacts.

這使我們能夠向股東返還 6.41 億美元的資本，相當於我們營業收入 80% 的強勁回報。讓我們轉向幻燈片 6。本季度結束時管理和管理的資產為 1.2 萬億美元，下降 8%。雖然 AUM/A 受益於強勁的客戶流量，但我們也經歷了重大的市場影響。固定市場股票同比分別下降 9% 和 5%。此外，資產管理資產管理規模水平受到英鎊和歐元疲軟的嚴重影響，導致非美國資產管理資產規模下降至總量的36%左右。我們業務組合的投資組合效應帶來了強勁的盈利增長，稅前盈利比去年增長了 20%，強勁的客戶流量和利率帶來的顯著效益足以抵消重大的負股本和固定收益市場以及外匯影響。

Free cash flow generation remains strong. Let's turn to individual segment performance beginning with our strongest growth business, Wealth Management on Slide 7. Wealth Management client assets declined 3% to $799 billion. Strong organic growth in client flows was more than offset by significant market depreciation over the past year. Total client net flows remained strong at $12.3 billion up 18% from last year, evenly split between wrap accounts and non-advisory accounts. Our flexible model and broad offering allow advisers and clients to pivot as markets and client preferences shift, while keeping money within the system. Revenue per adviser have reached $847,000 in the quarter, up 5% from the prior year from higher spread revenue, enhanced productivity and business growth.

自由現金流產生依然強勁。讓我們從幻燈片 7 上我們最強勁的增長業務財富管理開始轉向各個細分市場的業績。財富管理客戶資產下降 3% 至 7,990 億美元。客戶流量的強勁有機增長被過去一年的市場大幅貶值所抵消。客戶淨流量總額仍保持強勁，達到 123 億美元，比去年增長 18%，包裝賬戶和非諮詢賬戶各佔一半。我們靈活的模式和廣泛的產品使顧問和客戶能夠隨著市場和客戶偏好的變化而進行調整，同時將資金保留在系統內。本季度每名顧問的收入達到 847,000 美元，比上年增長 5%，這得益於更高的利差收入、生產力的提高和業務增長。

Turning to Slide 8. I'd like to provide some additional insights into the sustainability of our client cash. The safety of these deposits and our investment approach managing cash that is at our bank and certificate companies. Our cash balances are relatively stable in total at $44.3 billion in the quarter and about 5.5% of total client assets. While there is some seasonality with cash levels, particularly with tax payments in March and April, cash has always been a component within the client asset allocation and generally remains above 4% of client assets. Sweep cash specifically has an average size of $7,000 per account, and over 60% of the cash is in accounts with less than $100,000.

轉向幻燈片 8。我想就我們客戶現金的可持續性提供一些額外的見解。這些存款的安全性以及我們管理銀行和證書公司現金的投資方法。本季度我們的現金餘額總額相對穩定，為 443 億美元，約佔客戶總資產的 5.5%。雖然現金水平存在一定的季節性，尤其是 3 月和 4 月的納稅情況，但現金一直是客戶資產配置的一個組成部分，通常保持在客戶資產的 4% 以上。具體來說，掃現金的平均每個賬戶規模為 7,000 美元，超過 60% 的現金存在於低於 100,000 美元的賬戶中。

As I mentioned, we have a broad set of product offerings to meet our client needs across environments. From a cash perspective, we have our sweep cash and certificate offerings with many options for clients seeking yield and looking to ladder their liquidity. In the quarter, we launched a new savings account option within the bank and will be adding a preferred savings account and broker CD later this year. Lastly, we have no assets that are accounted for as held to maturity, and our portfolios are constructed under the rigor of our asset liability modeling approach. Our bank portfolio is AAA rated with a 3.1-year duration. The overall yield on the portfolio is 4.3%, and the yield on investments made in the first quarter was over 6%. Our certificate company portfolio is highly liquid with over 55% of the portfolio in cash, governments and agencies. It is AA+ rated and on average, with a 0.8 year duration.

正如我所提到的，我們提供廣泛的產品來滿足跨環境的客戶需求。從現金角度來看，我們提供全面的現金和憑證產品，為尋求收益和尋求流動性的客戶提供多種選擇。本季度，我們在銀行內推出了新的儲蓄賬戶選項，並將在今年晚些時候添加首選儲蓄賬戶和經紀人 CD。最後，我們沒有持有至到期的資產，並且我們的投資組合是在嚴格的資產負債建模方法下構建的。我們的銀行投資組合獲得 AAA 評級，期限為 3.1 年。投資組合的整體收益率為4.3%，第一季度的投資收益率超過6%。我們的證書公司投資組合具有高度流動性，超過 55% 的投資組合是現金、政府和機構。它的評級為 AA+，平均持續時間為 0.8 年。

The yield on this portfolio was 5.3% and purchases in the quarter were at a yield of 5.2%. On Slide 9, we delivered extremely strong results in the Wealth Management on all fronts. Profitability increased 58% in the quarter with strong organic growth and the benefit of higher interest rates offsetting the impacts from market depreciation. Pretax operating margin reached nearly 31%, up over 910 basis points year-over-year and up 70 basis points sequentially. Adjusted operating expenses declined 2% with distribution expenses down 5%, reflecting lower transactional activity and asset balances.

該投資組合的收益率為 5.3%，本季度購買的收益率為 5.2%。在幻燈片 9 中，我們在財富管理的各個方面都取得了極其強勁的成果。本季度盈利能力增長 58%，有機增長強勁，利率上升的好處抵消了市場貶值的影響。稅前營業利潤率達到近31%，同比增長超過910個基點，環比增長70個基點。調整後運營費用下降 2%，分銷費用下降 5%，反映出交易活動和資產餘額減少。

G&A is up 7% in the quarter as we continue to invest for growth, including the bank. Let's turn to Asset Management on Slide 10. We are managing the business well through a challenging market. Total assets under management declined 13% to $608 billion primarily from equity and fixed income market depreciation and negative foreign exchange impact. Asset Management, like the industry was in outflows in the quarter, continued strength in our global institutional business offset a meaningful portion of retail outflows. Like others, we experienced pressure from global market volatility, a risk-off investor sentiment and continued geopolitical strain in EMEA. As a reminder, flows in the prior year included $2.6 billion related to the U.S. asset transfer associated with the BMO acquisition.

由於我們繼續投資以促進增長，包括銀行在內，本季度的一般管理費用增長了 7%。讓我們轉向幻燈片 10 上的資產管理。我們在充滿挑戰的市場中很好地管理業務。管理總資產下降 13% 至 6,080 億美元，主要是由於股票和固定收益市場貶值以及外匯負面影響。資產管理與本季度出現資金外流的行業一樣，我們全球機構業務的持續強勁抵消了零售資金外流的很大一部分。與其他公司一樣，我們也經歷了全球市場波動、投資者避險情緒以及歐洲、中東和非洲地區持續的地緣政治緊張帶來的壓力。需要提醒的是，上一年的流量包括與 BMO 收購相關的美國資產轉讓相關的 26 億美元。

On Slide 11, you can see Asset Management financial results reflected the market environment. As anticipated, earnings declined to $165 million, reflecting market depreciation, foreign currency weakening and outflows as well as lower performance fees than a year ago. Importantly, we continue to manage the areas we can control. Expenses remain well managed. Total expenses were down 13%, aided by a 11% decline in G&A, which benefited from lower performance fee compensation. We continue to make market-driven trade-offs and discretionary spending and remain committed to managing expenses very tightly in the current revenue environment. Margins in the quarter improved sequentially to 31%, returning to our targeted range of 31% to 35%.

在幻燈片 11 上，您可以看到反映市場環境的資產管理財務業績。正如預期的那樣，收益下降至 1.65 億美元，反映出市場貶值、外匯疲軟和資金外流以及績效費用低於一年前。重要的是，我們繼續管理我們可以控制的領域。費用仍然得到良好管理。總費用下降了 13%，得益於績效費補償的降低，G&A 下降了 11%。我們繼續進行市場驅動的權衡和可自由支配的支出，並繼續致力於在當前的收入環境下非常嚴格地管理支出。本季度的利潤率環比提高至 31%，回到我們 31% 至 35% 的目標範圍。

Let's turn to Slide 12. Retirement & Protection Solutions continued to deliver good earnings and free cash flow generation reflecting the high quality of the business. As you are aware, the long duration targeted improvement accounting change went into effect in the first quarter. Our current period and historic results are now being reported under this framework. While this accounting change impacts GAAP equity and earnings, it does not impact our dividend capacity, excess capital or cash flow generation, which are based upon statutory accounting framework. In the quarter, pretax adjusted operating earnings was $194 million, up 11% from the prior year, primarily as a result of higher investment yields from the portfolio repositioning we executed over the past 6 months.

讓我們轉向幻燈片 12。退休和保護解決方案繼續提供良好的收益和自由現金流生成，反映了業務的高質量。如您所知，長期目標改進會計變更於第一季度生效。我們當前的階段和歷史結果現在正在這個框架下進行報告。雖然這一會計變更會影響 GAAP 股本和收益，但不會影響我們基於法定會計框架的股息能力、過剩資本或現金流生成。本季度，稅前調整後營業利潤為 1.94 億美元，比上年增長 11%，這主要是由於我們在過去 6 個月執行的投資組合重新定位帶來了更高的投資收益率。

We estimate that LDTI will reduce RPS earnings by approximately $50 million for full year 2023 versus the [$63] million impact in 2022. As it relates to the year, we remain comfortable with the $800 million run rate taking into consideration the impact of LDTI and the benefit from portfolio repositioning and higher rates. Sales in the quarter, similar to the industry, declined as a result of the volatile market environment as well as management action to discontinue sales of variable annuities with living benefits to further reduce the risk profile of the business. Protection sales remain concentrated in higher-margin asset accumulation VUL, which now represents over 1/3 of the total insurance in force.

我們估計 LDTI 將使 2023 年全年的 RPS 收入減少約 5000 萬美元，而 2022 年的影響為 6300 萬美元。就這一年而言，考慮到 LDTI 的影響和投資組合重新定位和更高利率的好處。與行業類似，本季度銷售額下降，原因是市場環境波動，以及管理層採取行動停止銷售帶有生活福利的可變年金，以進一步降低業務風險狀況。保障銷售仍然集中在利潤率較高的資產積累 VUL 上，目前佔有效保險總額的 1/3 以上。

Annuity sales in the quarter were in lower-risk products without guarantees and structured variable annuities. These products represent over 40% of our total VA account value. Now let's move to the balance sheet on Slide 13. Our balance sheet fundamentals remain strong, and our diversified high-quality investment portfolio remains well positioned. In total, the average credit rating of the portfolio is AA with only 1.3% of the portfolio in below investment-grade securities. Despite significant market dislocation in the quarter, VA hedging effect in this remains very strong at 95%. Our diversified business model benefits from significant and stable free cash flow contribution from all business segments.

本季度的年金銷售為無擔保的低風險產品和結構性可變年金。這些產品占我們 VA 賬戶總價值的 40% 以上。現在讓我們來看幻燈片 13 上的資產負債表。我們的資產負債表基本面仍然強勁，我們的多元化高質量投資組合仍然處於有利地位。總體而言，投資組合的平均信用評級為 AA，其中投資級別以下的證券僅佔投資組合的 1.3%。儘管本季度市場出現嚴重混亂，但 VA 對沖效應仍然非常強勁，達到 95%。我們多元化的業務模式受益於所有業務部門顯著且穩定的自由現金流貢獻。

This supports the consistent and differentiated level of capital return to shareholders even during periods of market depreciation. In light of the LDTI accounting change, we incorporated a new non-GAAP disclosure in our earnings release of available capital for capital adequacy. This represents how we manage capital and is unchanged as a result of LDTI. During the quarter, we returned $641 million to shareholders and still ended the quarter with $1.3 billion of excess capital and $1.6 billion of holding company liquidity. With that, we'll take your questions.

即使在市場貶值期間，這也支持股東獲得一致且差異化的資本回報水平。鑑於 LDTI 會計變更，我們在可用資本的收益發布中納入了新的非 GAAP 披露，以確保資本充足率。這代表了我們管理資本的方式，並且不會因 LDTI 的影響而改變。本季度，我們向股東返還 6.41 億美元，季度結束時仍有 13 億美元的超額資本和 16 億美元的控股公司流動資金。接下來，我們將回答您的問題。

(Operator Instructions). We'll take our first question this morning from Brennan Hawken of UBS.

（操作員說明）。今天早上我們將回答瑞銀集團的布倫南·霍肯提出的第一個問題。

I'd love to start on cash and the outlook for rate earnings in AWM. So you've seen growth in certificates. You mentioned a high yield offering in the bank that you just launched and then further brokered CDs. And certainly, this will satisfy demand for yield that we see for cash equivalents. But -- do you think that the current level of NII can be maintained going forward? Is the increasing deposit costs enough to offset the shift to the bank? Or -- are you able -- is the shift to the bank able to keep other things steady here at the current levels?

我很樂意從現金和 AWM 的利率收益前景開始。所以你已經看到了證書的增長。您提到了您剛剛推出的銀行高收益產品，然後進一步經紀了 CD。當然，這將滿足我們對現金等價物的收益率需求。但是——您認為NII目前的水平未來還能維持嗎？不斷增加的存款成本是否足以抵消向銀行的轉移？或者——你能——向銀行的轉變能夠使其他事情保持在目前的水平上穩定嗎？

Okay. So yes, the answer is yes. What we are seeing in that -- certainly, we are looking at the way the sweep accounts have performed that we have the opportunity to shift more into the bank, and we'll be evaluating that because of -- basically, the way that it is performed right now, and that will give us additional yield as it relates to that. And also -- we also see on the search that we will -- based on timing, we will also see that the spread will increase in that. So we guess the answer is absolutely, yes, both from shifting additional funds into the bank, which has a higher profitability and also the certs as we look at the spread increasing from a timing standpoint as we adjust. So yes, the answer is yes.

好的。所以是的，答案是肯定的。我們所看到的——當然，我們正在研究掃款賬戶的表現，我們有機會將更多資金轉移到銀行，我們將對此進行評估，因為——基本上，它的方式現在就執行，這將為我們帶來與之相關的額外收益。而且 - 我們還在搜索中看到 - 根據時間安排，我們還將看到價差將會增加。因此，我們猜測答案絕對是肯定的，既來自將額外資金轉移到銀行，銀行具有更高的盈利能力，也來自證書，因為我們從調整的時間角度來看利差不斷增加。所以是的，答案是肯定的。

Okay. And then at this point, through April, you've moved $3 billion, which I believe you previously indicated as your plan for the year. Do you plan to move further balances into the bank. And then beyond the balance transfers, do you expect that these new savings offerings could allow you to actually see organic non-transfer oriented growth coming out of the bank as well?

好的。然後，到 4 月份為止，您已經轉移了 30 億美元，我相信您之前已將其表示為今年的計劃。您是否計劃將更多餘額存入銀行？然後，除了余額轉移之外，您是否期望這些新的儲蓄產品也能讓您真正看到銀行的非轉移導向的有機增長？

Okay. So on the first one, yes. So as we look at the sorting and certainly, in the first quarter, you always have the tax, but we -- clearly, it is performing the way we thought and is slowing, and that gives us the opportunity. We're evaluating that. But we do have additional opportunity, which buffers everything we have in our sweep accounts to move more in, and that's what we're evaluating -- so that would -- is a distinct possibility.

好的。所以對於第一個，是的。因此，當我們考慮分類時，當然，在第一季度，你總是有稅收，但我們 - 顯然，它正在按照我們的想法進行，並且正在放緩，這給了我們機會。我們正在對此進行評估。但我們確實有額外的機會，這可以緩沖我們在掃蕩賬戶中擁有的一切，以便更多地投入，這就是我們正在評估的——所以這將是一種明顯的可能性。

Yes. And I'll take your second question. So we just in March, launched a savings product. We'll be launching a brokered CD in May and then a high-yield savings account a bit later in the year. And we see the opportunity to garner more cash from clients of bringing it in from their banking institutions now that we'll have some of these products. But in addition to what we're holding ourselves and whether it's a sweep or either in our certificate, we have much more cash that our clients are holding externally in brokered CDs.

是的。我來回答你的第二個問題。所以我們就在三月份，推出了儲蓄產品。我們將在五月份推出經紀 CD，然後在今年晚些時候推出高收益儲蓄賬戶。現在我們將擁有其中一些產品，因此我們看到了從客戶的銀行機構中獲取更多現金的機會。但除了我們自己持有的現金以及無論是掃蕩還是我們的證書中的現金外，我們的客戶還以經紀 CD 的形式持有更多現金。

They put money in that came into the firm or in money markets. And so we think we can garner some of that cash back in. So in total, there's about $66 billion of cash. We have about $44 billion. We actually think by offering the brokered CDs and things like that, that will garner some of that, that have gone out to banking institutions that our clients have put money in that we feel much more comfortable having them at Ameriprise. So we think there's an opportunity there for us as we continue to build out the bank. And we are also holding a lot more cash as general so that our sweep activities is only about 4%, which has really always been around that level for transaction of 4% to 5%. So we feel very good that there is opportunity for us.

他們將資金投入公司或貨幣市場。因此，我們認為我們可以收回部分現金。總的來說，現金約為 660 億美元。我們有大約 440 億美元。實際上，我們認為，通過提供經紀 CD 和類似的東西，這將獲得其中一些，這些資金已經發放給我們的客戶投入資金的銀行機構，我們覺得在 Ameriprise 擁有它們會更舒服。因此，我們認為，隨著我們繼續建設銀行，我們存在機會。而且我們還持有更多的現金，因此我們的掃蕩活動只有 4% 左右，對於 4% 到 5% 的交易來說，這實際上一直在這個水平附近。所以我們感覺非常好，因為我們有機會。

We go next now to Erik Bass at Autonomous Research.

接下來我們請來自主研究中心的埃里克·巴斯 (Erik Bass)。

Just maybe a broader question for Advice & Wealth and just how you're thinking about the margin from here? And do you still see potential upside to margins? Or is your goal more to maintain them at the current kind of 30% level?

也許只是一個關於建議與財富的更廣泛的問題，以及您如何考慮這裡的利潤？您仍然認為利潤率有潛在的上升空間嗎？還是您的目標更多是將其維持在當前 30% 的水平？

Well, I think the way we look at it is, listen, we're probably at one of the highest margins out there in the industry, including the big wires that have had banking activities for a long period of time. But money, as I said, still sitting on the sidelines in cash. We're holding upwards of $66 billion. Some of that money, not necessarily from transactional activity they will hold for expenses and other things, some of that money will go back into wrap. I mean what's a positive is we brought in $12 billion of client flows. We've been bringing in record numbers for us over the last so many quarters. And that hasn't been deployed yet. So as they put money back into transactions and contracts and wrap business, that will also earn us fees. So I can't tell you exactly what that margin is. But I would say it's an excellent margin, and our business has some good opportunity to continue. And so from my perspective, I think it was a very positive quarter building on a very positive year last year.

嗯，我認為我們看待它的方式是，聽著，我們可能是業內利潤率最高的公司之一，包括長期從事銀行業務的大型電匯。但正如我所說，金錢仍然處於觀望狀態。我們持有超過 660 億美元。其中一些錢，不一定來自交易活動，他們將用於支出和其他事情，其中​​一些錢將被重新包裝。我的意思是，積極的一面是我們帶來了 120 億美元的客戶流量。在過去的幾個季度裡，我們一直在創造創紀錄的數字。而且該功能尚未部署。因此，當他們將資金重新投入交易、合同和包裝業務時，這也將為我們賺取費用。所以我無法準確地告訴你這個利潤是多少。但我想說，這是一個很好的利潤，我們的業務有一些繼續發展的好機會。因此，從我的角度來看，我認為這是一個非常積極的季度，建立在去年非常積極的一年的基礎上。

Got it. Makes sense. And then maybe building on your comments about organic growth, I mean, it has accelerated, you've been running it over 6% annualized the past couple of quarters in Wealth Management. Can you talk a little bit about what's driven that acceleration in inflows? And given the pipeline that you have in clients and advisers coming in, do you see that as a sustainable run rate?

知道了。說得通。然後，也許根據您對有機增長的評論，我的意思是，它已經加速，過去幾個季度您在財富管理領域的年化增長率超過了 6%。您能談談是什麼推動了資金流入加速嗎？考慮到您的客戶和顧問的渠道，您認為這是一個可持續的運行率嗎？

Well, we think so because we are -- our advisers are engaged. We've helped them with a lot of tools and capabilities and support. Even in this climate, we give them a lot of information and appropriate communications for their clients or market volatility. We help them really help their clients stick to their goals and what they need to achieve over time, balancing out the volatility. We are engaging and bringing in a lot good new client flows and deepening.

嗯，我們這麼認為是因為我們的顧問很投入。我們為他們提供了很多工具、功能和支持。即使在這種環境下，我們也會為他們的客戶或市場波動提供大量信息和適當的溝通。我們幫助他們真正幫助他們的客戶堅持他們的目標以及他們隨著時間的推移需要實現的目標，平衡波動性。我們正在參與並引入許多良好的新客戶流並進行深化。

And we're also adding highly productive advisers. We added another 83 in the quarter, would have very good books of business. We have a good pipeline. So yes, we see it continuing. We're adding new capabilities like our e-meeting things that's going to help our advisers actually conduct even more meetings very efficiently. So we feel good about how we situated in this climate.

我們還增加了高效的顧問。我們在本季度又增加了 83 個，將擁有非常好的商業賬簿。我們有良好的管道。所以是的，我們看到它仍在繼續。我們正在添加新的功能，例如我們的電子會議功能，這將幫助我們的顧問實際上非常有效地召開更多會議。因此，我們對自己在這種氣候下的處境感到滿意。

We go next now to Craig Siegenthaler at Bank of America.

接下來我們請聽美國銀行的克雷格·西根塔勒 (Craig Siegenthaler)。

So on the back of the Comerica win, can you update us on your pipeline for additional financial institution group wins? And how should we think about the frequency of these wins going forward and also the size range?

那麼，在聯信銀行獲勝後，您能否向我們介紹一下您在其他金融機構集團中獲勝的渠道的最新情況？我們應該如何考慮未來這些勝利的頻率以及規模範圍？

Yes. So we've added a number of financial institutions over the last year. Now Comerica was a bit larger. So we -- it was a little bit longer to orchestrate and more comprehensive based on the nature that they had their own broker deal, et cetera. But we've been winning business for other banks out there in financial institutions. I think now we're open in it so that we can work with a bit larger institutions like Comerica.

是的。所以我們去年增加了一些金融機構。現在聯信的規模更大了一些。因此，我們——根據他們擁有自己的經紀人交易等的性質，精心策劃的時間要長一些，而且要更全面。但我們一直在為金融機構中的其他銀行贏得業務。我認為現在我們對此持開放態度，以便我們可以與像聯信這樣規模更大的機構合作。

And I think we are in a good situation. We bring a lot of good capability. They like our service. They like the ability of what we can do to support their advisers. They like the gold-based solution we provide for their clients. So this is something we think we can build upon as we move forward. So again, I can't sit here to tell you exactly when deals get orchestrated, but we have a good pipeline, and we think we'll be adding more business there as we move forward.

我認為我們的情況很好。我們帶來了很多好的能力。他們喜歡我們的服務。他們喜歡我們能夠為他們的顧問提供支持。他們喜歡我們為客戶提供的基於黃金的解決方案。因此，我們認為我們可以以此為基礎繼續前進。再說一遍，我無法坐在這裡準確地告訴您交易何時安排，但我們有良好的渠道，我們認為隨著我們的前進，我們將在那裡增加更多業務。

Great. And I just had a follow-up on recruiting. So adviser count was down very modestly on the franchise side and up the hair on the employee side, but down on a total basis from last quarter. So I'm just wondering if you could provide us any perspective on this downward trend, including reminding us of any first quarter seasonality. And then I wanted to hear how the bank failures in March impacted both your ability to recruit new advisers, but also retain existing advisers in March and now April because persistency look pretty robust.

偉大的。我剛剛對招聘進行了跟進。因此，特許經營方面的顧問數量略有下降，而員工方面則有所增加，但總體而言較上季度有所下降。因此，我只是想知道您是否能為我們提供有關這種下降趨勢的任何觀點，包括提醒我們第一季度的季節性因素。然後我想听聽 3 月份的銀行倒閉如何影響你們招募新顧問的能力，以及在 3 月份和現在的 4 月份保留現有顧問的能力，因為持久性看起來相當強勁。

Yes. So no, our numbers in franchisee is very strong and stable. Retention is very strong. As with anything, I mean, we have 7,000 -- so 8,000 advisers there. So you have some turnover in some of their assistant advisers. You also have some retirements that occur in the first quarter, but there's nothing different than what we've seen, and the retention rate is quite strong and the assets are here.

是的。所以不，我們的加盟商數量非常強大和穩定。保留力非常強。我的意思是，與任何事情一樣，我們有 7,000 名顧問，即 8,000 名顧問。所以他們的一些助理顧問有一些流動。第一季度也有一些退休，但與我們所看到的沒有什麼不同，保留率相當高，資產也在這裡。

So we're not concerned about that as we go through succession planning, et cetera. As far as the pipeline, we feel it's very good. One of the things that people have told us is they value very much what we do and what we provide, but they also value the strength and the integrity of the firm and how we're positioned. I've mentioned a few accolades about how clients trust us -- but when you have a very stable institution like Ameriprise that is able to really navigate these market circumstances by their clients, that's what advisers are looking for as well.

因此，當我們進行繼任計劃等時，我們並不擔心這一點。就管道而言，我們感覺非常好。人們告訴我們的一件事是，他們非常重視我們所做的事情和我們提供的服務，但他們也重視公司的實力和誠信以及我們的定位。我已經提到了一些關於客戶如何信任我們的榮譽 - 但當你擁有像 Ameriprise 這樣非常穩定的機構，能夠真正幫助客戶駕馭這些市場環境時，這也是顧問所尋求的。

We go next now to Ryan Krueger of KBW.

接下來我們請 KBW 的瑞安·克魯格 (Ryan Krueger) 發言。

My first question was on the Comerica partnership. Can you give us what type of assets are of the $18 billion that are coming over into your platform?

我的第一個問題是關於聯信合作夥伴關係。您能否告訴我們，進入您平台的 180 億美元資產中有哪些類型？

So it's a mix of assets. As an example, advisers hold various assets that are invested in the market. There is a combination of wrap type of assets. There's funds, other things like that. There's insurance contract. So it's -- but what we've been able to do is show of what we can do to help those advisers and that client deepening and expand that base and add more clients to their base for the bank. So we feel very good that the $18 billion will transfer with that. There's an opportunity for us to help them grow that, and that's what they're looking to do.

所以它是資產的組合。例如，顧問持有投資於市場的各種資產。有包裝類型資產的組合。有資金，還有其他類似的東西。有保險合同。是的，但我們能夠做的就是展示我們可以做些什麼來幫助這些顧問和客戶深化和擴大該基礎，並為銀行的基礎增加更多客戶。因此，我們對 180 億美元將隨之轉移感到非常高興。我們有機會幫助他們發展這一點，而這正是他們想要做的。

Got it. And then on your initiative to introduce new savings products within the bank, do you see the earnings characteristics of that as similar to the certificate balances? Or do you have a preference from a profitability standpoint within the bank versus certificates?

知道了。然後，在您主動在銀行內推出新的儲蓄產品時，您認為其收益特徵是否與憑證餘額相似？或者從銀行盈利能力的角度來看，您對證書有什麼偏好？

We believe it actually will be higher based on the investment strategy and the other elements within it, so we would actually pick up the yield on that.

我們相信，根據投資策略及其中的其他要素，它實際上會更高，因此我們實際上會獲得收益。

And then just one last quick one. The $66 billion of total client cash you mentioned, does that include CDs from outside of Ameriprise as well as money market funds? Or was that predominantly CDs?

然後是最後一個快速的。您提到的 660 億美元客戶現金總額，是否包括 Ameriprise 以外的 CD 以及貨幣市場基金？或者主要是CD？

Yes. So it would include our clients, advisers putting their clients in brokered CDs we have on the platform from financial institutions.

是的。因此，這將包括我們的客戶、顧問，他們將他們的客戶放入我們平台上來自金融機構的經紀 CD 中。

We'll go next now to Alex Blostein of Goldman Sachs.

接下來我們請高盛的亞歷克斯·布洛斯坦 (Alex Blostein) 發言。

This is Michael on for Alex. I was wondering if we could maybe get an update on cash balances so far in 2Q and maybe how that's trended on a monthly basis. All else equal, I kind of figure out what the seasonal impact might be on taxes. It sounds like you guys might have seen that in March and April already, but it looks like historically, that might be a 2% to 3% sequential impact. So any update on cash balances that you can give us so far in the quarter?

這是邁克爾替亞歷克斯發言。我想知道我們是否可以獲得第二季度迄今為止現金餘額的最新信息，以及每月的趨勢。在其他條件相同的情況下，我有點弄清楚季節性可能對稅收產生什麼影響。聽起來你們可能已經在 3 月和 4 月看到了這一點，但從歷史來看，這可能會產生 2% 到 3% 的連續影響。那麼本季度到目前為止，您可以向我們提供有關現金餘額的最新情況嗎？

I think the best we can give you from that stand, looking at the sweep, it is totally -- it is -- the basic is totally slowed from that standpoint. And so -- and as I indicated, we have now -- for $100,000 and under its move, if you look at the end of the fourth quarter, it was something like 52% of the percentage of it. Now it's almost 60% of it. So basically, it's very stable at that standpoint and we feel very comfortable from that standpoint that it's performing the way we thought it would. And so on that basis, the sorting is there and we are growing on certs from that.

我認為從這個角度來看，我們能給你的最好的信息是，從這個角度來看，從掃描角度來看，它完全是——基本的速度完全減慢了。因此，正如我所指出的，我們現在有 10 萬美元，根據其變動，如果你看看第四季度末，它大約佔其中的 52%。現在已經接近60%了。所以基本上，從這個角度來看，它非常穩定，從這個角度來看，我們對它的表現感到非常滿意，因為它的表現符合我們的預期。因此，在此基礎上，分類就在那裡，我們正在以此為基礎不斷發展。

And certainly, as I mentioned before, we are strongly considering transferring more back into the bank once we finish our analytics on it.

當然，正如我之前提到的，一旦我們完成了分析，我們正在強烈考慮將更多資金轉回銀行。

Great. That's helpful. Oh, go ahead. I'm sorry.

偉大的。這很有幫助。哦，繼續吧。對不起。

No, no, no. As I just mentioned, it's a seasonal element when you go from the fourth quarter to the first quarter because of the taxes. I can't -- I don't -- I can't give you the exact 2% or whatever, but it's certainly -- there's outflows related to that.

不不不。正如我剛才提到的，由於稅收的原因，當你從第四季度轉到第一季度時，這是一個季節性因素。我不能——我不能——我不能給你確切的 2% 或其他數字，但可以肯定——存在與此相關的資金外流。

And then maybe for the follow-up. Can you help us maybe think through the NIM impact at the bank from the upcoming maturity roll on, roll off yield? Maybe the mix of assets between fixed and variable at the bank and what the duration profile of those might look like?

然後也許是後續行動。您能否幫助我們思考一下即將到來的到期日展期和展期收益率對銀行的淨息差影響？也許銀行的固定資產和可變資產的組合以及這些資產的久期概況可能是什麼樣的？

Yes. So that's an interesting point because as we mentioned, we have somewhere in the area of $2.5 billion rolling off and certainly, that is going to the previous question, increase our base lease spread as it relates to it. And right now, as we assess it and certainly looking at the supply, we continue with that same strategy and mix that we will -- we currently have, which is the 3.1 year duration. So we feel very comfortable with that. And -- but that redeployment of the maturing will certainly increase the yield.

是的。這是一個有趣的點，因為正如我們所提到的，我們有大約 25 億美元的資金滾動，當然，這涉及到上一個問題，即增加與之相關的基本租賃利差。現在，當我們評估它並當然關注供應時，我們將繼續採用相同的策略和組合——我們目前的期限是 3.1 年。所以我們對此感到非常滿意。而且——但是到期債券的重新部署肯定會增加收益率。

We'll go next now to Jeff Schmitt at William Blair.

接下來我們請聽威廉·布萊爾的傑夫·施密特。

I may have missed it, but I think you had mentioned the reinvestment rate of the bank was around 6.5% at the end of last year. What was it in the first quarter? And do you continue to invest mainly in MBS? Or is that strategy shifted at all?

我可能沒注意到，但我想你提到過去年年底銀行的再投資率約為6.5%。第一季度的情況如何？您是否繼續主要投資MBS？或者說這個策略根本就改變了？

The reinvestment in the bank, yes. So from that standpoint, we are -- I'm not sure I understand the question.

對銀行的再投資，是的。所以從這個角度來看，我們——我不確定我是否理解這個問題。

The reinvestment rate. I think you'd mentioned was around over 6% at the end of last year, essentially the new money yield?

再投資率。我想你提到去年底大約超過 6%，主要是新貨幣收益率？

I just not getting your question. I'm sorry...

我只是沒聽懂你的問題。對不起...

Are you referencing the first quarter, not the end of last year?

你指的是第一季度，而不是去年年底？

Yes. What was it in the first quarter?

是的。第一季度的情況如何？

The reinvestment yield, Walter.

再投資收益率，沃爾特。

The reinvestment yield in the quarter was 6%, I believe, in the first quarter, as I indicated, and we're tracking at 6%. Sorry, I didn't get the question at first.

正如我所指出的，我相信第一季度的再投資收益率為 6%，我們正在追踪 6%。抱歉，我一開始沒明白這個問題。

Okay. And then when you look at client allocations of the certificates, just as interest rates go up, it's around 25% of the mix now. I think when we look back at -- in 2019, it reached a similar level. But just with interest rates higher and for longer in this cycle, do you have any sense on where that could go? Or what's your expectation there?

好的。然後，當你查看客戶對證書的分配時，隨著利率的上升，現在的比例約為 25%。我認為當我們回顧 2019 年時，它達到了類似的水平。但隨著利率在這個週期中上升且持續時間更長，您是否知道情況會走向何方？或者你對那裡有什麼期望？

Yes. So listen, you are seeing it certainly increasing from that [standpoint] because it basically gives the clients as you get into the 3 and 6, primarily in the 3 and 6 months. It gives them that opportunity to basically meet your objective set. So we see it still increasing there. But as Jim mentioned, we will certainly be offering the brokered products in the bank, which will certainly provide us additional yield. So I would think it will still grow and from that standpoint as -- so I think it's tracking what you see based on the alternatives that we provide to our clients.

是的。所以聽著，從這個角度來看，你會看到它肯定在增加，因為當你進入第 3 個月和第 6 個月時，主要是在第 3 個月和第 6 個月，它基本上為客戶提供了服務。它使他們有機會基本上實現您設定的目標。所以我們看到它仍在增加。但正如吉姆提到的，我們肯定會在銀行提供經紀產品，這肯定會給我們帶來額外的收益。所以我認為它仍然會增長，從這個角度來看 - 所以我認為它會根據我們向客戶提供的替代方案來跟踪您所看到的內容。

Yes, it's going to grow because we're bringing in more client assets, right? And not all of it's going to be deployed directly in the market. So there's going to be some that go into cash type of holdings. So some of it that the clients will use for transactional activity and holding for emergency expenses will be kept in the type sweep accounts and others that positional cash will be put into things -- earning some of the yield that they're looking for.

是的，它會增長，因為我們引入了更多的客戶資產，對吧？而且並非所有這些都會直接部署在市場上。因此，將會有一些股票進入現金類型的持有。因此，客戶將用於交易活動和持有緊急費用的一些資金將保存在類型清掃賬戶中，而其他資金將被投入到一些東西中——賺取他們所尋求的一些收益。

And a lot of these CDs are not necessarily long-term CDs, right, brokered CDs as well. So that's where the cash will grow. And some of it has been coming from the regional bank activity, I would imagine. So -- so I feel like the certificate program can grow. That's why we're also going to offer our own brokered CD to garner some of that cash that clients want to move into the firm.

而且很多這樣的 CD 不一定是長期 CD，對吧，經紀 CD 也是如此。這就是現金增長的地方。我想其中一些來自地區銀行的活動。所以——所以我覺得證書計劃可以發展。這就是為什麼我們還將提供我們自己的經紀 CD，以獲取客戶想要轉入公司的部分現金。

And we've clearly seen a pattern from basically what we call the cash reserve, which is the short term. And more cash basically going into the 3 and 6 months. So people are taking advantage of that opportunity because of the competitiveness of the rates and that .

我們已經從我們所謂的現金儲備（即短期）中清楚地看到了一種模式。更多現金基本上會進入第三個月和六個月。因此，人們正在利用這個機會，因為利率具有競爭力。

We'll go next now to Suneet Kamath at Jefferies.

接下來我們將採訪傑富瑞 (Jefferies) 的蘇尼特·卡馬斯 (Suneet Kamath)。

Just a couple more on cash. So you had mentioned that $66 billion number, of which I think you have $44 billion. So as we think about the $22 billion balance, I guess, what would you think is a realistic expectation in terms of how much of that you could bring on to your platform and over what time period?

只需多付幾筆現金即可。所以你提到了 660 億美元的數字，我認為你有 440 億美元。因此，當我們考慮 220 億美元的餘額時，我想，就您可以在什麼時間段內向平台帶來多少資金而言，您認為現實的期望是多少？

Well, Suneet, I think the way I would think about it is that, that's roughly around 8% of the total assets now, which is a bit higher for our clients, right? Usually, it's around the 5% mark or something like that. So there's more cash being held right now. So I think as we go through this cycle, and people are looking for some alternatives coming from their banking institutions, et cetera, we think that we can garner some of that other cash coming in as well from bank or even as some of these CDs and other things roll over that we're holding can go into our own banking institution.

好吧，Suneet，我想我的想法是，現在大約佔總資產的 8% 左右，這對我們的客戶來說有點高，對吧？通常，它大約在 5% 左右。所以現在持有的現金更多。因此，我認為，當我們經歷這個週期時，人們正在尋找來自銀行機構等的替代品，我們認為我們可以從銀行甚至其中一些 CD 獲得一些其他現金我們持有的其他資產可以轉入我們自己的銀行機構。

But I also think over time, that some of that cash will be deployed back into wrap type programs, et cetera, as the market volatility settles or as people feel more comfortable. So it's not as though money isn't being deployed into the market, it is, right? We had over $6 billion going back into wrap in every quarter. But that could pick up as well and other transactions can pick up. So -- so it's hard for me to say exactly, but the idea is we're helping to bring more client flows in and then some of that goes into cash type products, which we can garner our piece and then others will, over time, be deployed back in the market. So we think it's an opportunity for us.

但我也認為，隨著時間的推移，隨著市場波動穩定下來或人們感覺更舒服，其中一些現金將被重新部署到打包式計劃等中。所以這並不是說資金沒有被配置到市場中，而是這樣，對吧？每個季度我們都有超過 60 億美元的資金回籠。但這種情況也可能會好轉，其他交易也可能會好轉。所以，我很難準確地說，但我們的想法是，我們正在幫助引入更多的客戶流量，然後其中一些進入現金類型產品，我們可以獲得我們的份額，然後隨著時間的推移其他人也會這樣做，重新部署到市場。所以我們認為這對我們來說是一個機會。

Yes. Understood. And then I guess, if we think about just the cash sweep balance, I don't know if you commented on this, but it was down, I guess, $6 billion quarter-over-quarter to around $10 billion. Can you give us some help in terms of how you see that $10 billion trending maybe over the next couple of quarters? And I guess of that $6 billion decline, I think some of it went into the banks, some of it went into certs, but -- can you give us some help in terms of where sort of the rest of it went because I'm having a little bit of trouble seeing exactly where that cash went?

是的。明白了。然後我想，如果我們只考慮現金清掃餘額，我不知道您是否對此發表評論，但我猜，它環比下降了 60 億美元，降至 100 億美元左右。您如何看待未來幾個季度 100 億美元的趨勢，能否為我們提供一些幫助？我猜想，在 60 億美元的下降中，我認為其中一些進入了銀行，一些進入了證書，但是 - 你能否就其餘部分的去向為我們提供一些幫助，因為我不太清楚這些現金的去向？

So obviously, as Jim mentioned, the cash is up in total. And so yes, you're exactly right, we pulled into the bank. And certainly, a portion of that went into the certs. So the issue is some of that went into brokerage. But the point is we have it. It's been -- within our basic overall, it's cycling through. So I would say, and we feel -- and I'm indicating again, it is clearly, as we see the pattern, that sorting is basically slowing and it is basically within a range. And the base of the fact that we have 60% in the $100,000 below and the average account balances dropped from 8,000 to 7,000 is an important factor for us as we evaluate.

很明顯，正如吉姆所說，現金總量增加了。是的，你說得對，我們把車開進了銀行。當然，其中一部分進入了證書。所以問題是其中一些進入了經紀業務。但重點是我們擁有它。在我們的基本整體範圍內，它一直在循環。所以我想說，我們感覺——我再次指出，很明顯，正如我們所看到的模式，排序基本上正在放緩，而且基本上在一個範圍內。我們有 60% 的資金在 10 萬美元以下，平均賬戶餘額從 8,000 下降到 7,000，這一事實的基礎對我們來說是一個重要的評估因素。

Yes. Suneet, so you had, I think, $46 billion $3 billion from the $10 billion went into the bank. And then you had, I don't know, a few billion went into search, but you also had some use of cash for tax payments and others -- okay, it's hard for us, but we have more client flow coming in, and then some of it might have went into brokered CDs or other things. So overall, I think we've held pretty well compared to what we've seen in the industry.

是的。 Suneet，所以我認為你有 460 億美元，其中 100 億美元存入了銀行，其中 30 億美元。然後你有，我不知道，有幾十億美元進入了搜索，但你也使用了一些現金來納稅和其他——好吧，這對我們來說很難，但我們有更多的客戶流量進來，並且那麼其中一些可能會進入經紀CD或其他東西。總的來說，我認為與我們在行業中看到的相比，我們的表現相當不錯。

And we had a positive of more client flow coming in as well. So -- and as I said, I think you can't necessarily box a number ideally, but it's a fluid situation regarding how clients use their money as well. So -- but it's pretty stable overall. So it's about 4% in total sweep and the $10 billion is mainly from a shift for the bank and other things. So I wouldn't look at that in isolation.

我們也看到了更多客戶流量的到來。所以——正如我所說，我認為你不一定能理想地框出一個數字，但關於客戶如何使用他們的資金也是一個不穩定的情況。所以——但總體來說還是相當穩定的。因此，總共約佔 4%，這 100 億美元主要來自銀行和其他方面的轉移。所以我不會孤立地看待這個問題。

Makes sense. And maybe just one last one on Comerica. As we think about that opportunity, should we, Walter, be expecting any incremental costs associated with that platform as we kind of move through the year?

說得通。也許只是聯信上的最後一篇。當我們思考這個機會時，沃爾特，我們是否應該預計在這一年中與該平台相關的任何增量成本？

I think, again, this has a short payback for us as you look it from a P&L standpoint. So the answer is, obviously, there'll be some cost, but certainly, the revenue will do it and we have a very quick payback on it. But it's a good economic relationship for us and Comerica.

我再次認為，從損益的角度來看，這對我們來說回報期很短。所以答案是，顯然，會有一些成本，但收入肯定會做到這一點，而且我們的回報非常快。但這對我們和聯信公司來說是良好的經濟關係。

Yes. I mean you got onboarding expense and stuff and moving the clients and the advisers and stuff. But overall, we think it's a good arrangement and one that will work for both parties.

是的。我的意思是，你有入職費用之類的費用，以及調動客戶和顧問之類的費用。但總的來說，我們認為這是一個很好的安排，對雙方都有利。

We go next now to Steven Chubak at Wolfe Research.

接下來我們請教沃爾夫研究中心的史蒂文·查巴克。

It's Michael Anagnostakis on for Steven. I wanted to touch on -- I know you guys gave the cash per account metric of $7,000 for the quarter, certainly a helpful metric to have. Where are we for that metric relative to the trough you had seen last cycle? Just trying to gauge the potential downside relative to cash as a percentage of AUM.

邁克爾·阿納格諾斯塔基斯 (Michael Anagnostakis) 替補史蒂文 (Steven)。我想談談——我知道你們給出的季度每個賬戶現金指標為 7,000 美元，這當然是一個有用的指標。相對於上個週期的低谷，我們的指標處於什麼位置？只是試圖衡量相對於現金佔資產管理規模的百分比的潛在下行趨勢。

I really can't give it, but I would say it's always been a stability factor for us that portion and the working capital and the balance there. So I can't give you exact -- I just -- as I said, it just dropped from -- if you look at the previous quarter, it's dropped by $1,000. So it is -- from that standpoint, we feel very good about it. It's been a stable element within it, and it did increase a lot, certainly, as we went through the cycle coming through, and that was again in the harder balances. So I just can't give you the numbers going back that far.

我真的不能給出，但我想說，這對我們來說一直是一個穩定因素，以及營運資金和余額。所以我不能給你確切的數字——我只是——正如我所說，它剛剛下降——如果你看看上一季度，它下降了 1,000 美元。確實如此——從這個角度來看，我們對此感覺非常好。它是其中的一個穩定元素，當然，隨著我們經歷這個週期，它確實增加了很多，這又是在更困難的平衡中。所以我無法向您提供迄今為止的數字。

Got it. No worries. Okay. So I did want to touch on Asset Management to expense is very well controlled. You reached that 31% low end of the target range. I guess, assuming stable markets, is the 31% sustainable run rate given the efficiency efforts you're continuing to deliver on? Or is there some downside to that? Just any color there would be helpful.

知道了。不用擔心。好的。所以我確實想談談資產管理，因為費用得到很好的控制。您已達到目標範圍的 31% 下限。我想，假設市場穩定，考慮到你們繼續努力提高效率，31% 的運行率是否可持續？或者這有什麼缺點嗎？任何顏色都會有幫助。

I think there's downside obviously. It's a lot of variability in it as you look at rates and look at mix and you look at (inaudible). But certainly, the expenses are being extremely well managed from that standpoint. So that's the controllable factor in it as we look at it. And certainly, as we look at hopefully that we start getting back on a better pattern, but we're certainly aligned with the industry where that is. And we certainly move into that 31% to 35% is basically you feel comfortable. But it's, again, a lot of variability.

我認為明顯有缺點。當你查看費率、查看組合以及查看（聽不清）時，其中存在很大的可變性。但可以肯定的是，從這個角度來看，費用管理得非常好。所以從我們的角度來看，這就是其中的可控因素。當然，正如我們希望看到的那樣，我們開始回到更好的模式，但我們肯定與行業保持一致。我們當然會進入 31% 到 35% 基本上你感覺舒服。但這又是一個很大的可變性。

We go next now to Tom Gallagher of Evercore.

接下來我們請來 Evercore 的 Tom Gallagher。

Walter, just a follow-up on the customer cash balances. I think one of their earlier questions had asked you whether or not you would expect the earnings contribution from customer cash balances to be stable. Let me ask it in a different way. What do you expect the earnings contribution to be for the next couple of quarters? Will -- do you expect it to be stable or up higher, just some kind of range?

沃爾特，只是對客戶現金餘額的跟進。我認為他們之前的問題之一是問您是否期望客戶現金餘額的收入貢獻保持穩定。讓我換個方式問一下。您預計未來幾個季度的盈利貢獻是多少？您預計它會穩定還是上漲，只是某種範圍內？

So I can't give you an exact range but let me be clear. The drivers of it are clearly, as we indicated, the maturity element as it relates to the bank and shifting in there. So as we get to maturities and those being [risen], that's going to take the interest rate up. We certainly see (inaudible) really slowing down on the -- the bank transfer will certainly take that up again, as we get more comfortable. The certs, looking at the timing from the standpoint where the rate is increasing, we do see an opportunity that the net spread will increase there.

所以我不能給你一個確切的範圍，但讓我說清楚。正如我們所指出的，其驅動因素顯然是與銀行相關的成熟度因素並在那裡轉移。因此，當我們到期並且那些[上升]時，利率將會上升。我們當然看到（聽不清）確實放慢了速度——隨著我們變得更加舒適，銀行轉賬肯定會再次加快速度。從證書的角度來看，從利率上升的角度來看，我們確實看到了淨利差增加的機會。

So I would say certainly it will get stable to up as we look at the elements, but please, now you have rate movements in there, you have different elements, but it's that stability factor of what is embedded today. So if everything got frozen, yes, you should feel stable to up.

所以我想說，當我們考慮這些要素時，它肯定會變得穩定，但是現在你有利率變動，你有不同的要素，但這是今天嵌入的穩定因素。所以，如果一切都凍結了，是的，你應該感覺穩定了。

Got it. Stable to up. That's what I was looking for. Now in terms of the 6% new money yields, I've definitely been getting questions on that. Like what are you buying exactly? Is it still RMBS? Is it floating rate?

知道了。穩定向上。這就是我一直在尋找的。現在就 6% 的新資金收益率而言，我肯定一直受到質疑。比如你到底要買什麼？還是RMBS嗎？是浮動利率嗎？

We have a combination of floating rate, but we -- it is really structured and that's where we basically are and it's the highest quality. So we are being very selective there, but the yields are there, and we just -- we are patient, and that's -- but like I said, it's in the bank, especially it's AAA, and we feel very comfortable, especially in this environment, sticking there. But those are the levels we are finding. We're certainly having the benefit of having CTI manage that and help us work through that. So it is strictly -- you should look at majorities in the structure.

我們有浮動利率的組合，但我們——它確實是結構化的，這就是我們基本上所處的位置，並且它是最高質量的。因此，我們在那裡非常有選擇性，但收益率就在那裡，我們只是——我們很有耐心，那就是——但就像我說的，它在銀行，特別是 AAA，我們感到非常舒服，特別是在這個領域環境，堅持在那裡。但這就是我們發現的水平。我們當然受益於 CTI 的管理並幫助我們解決這個問題。所以嚴格來說，你應該考慮結構中的多數。

And the crediting rate on that, we'll call it, $1.7 billion of net deposits into the bank. Was that consistent with the cash sweep like 50 basis points? Or what would the incremental credit...

我們稱之為存入銀行的 17 億美元淨存款的貸記利率。這與 50 個基點之類的現金掃蕩一致嗎？或者說增量信用是多少……

Basically a part of AWM and that is its cost of funds, and that's why we feel comfortable with that. And certainly, as -- if rates go up and down, we will evaluate the deposit (inaudible). But yes, that is -- you're exactly spot on.

基本上是 AWM 的一部分，這就是它的資金成本，這就是我們對此感到滿意的原因。當然，如果利率上升或下降，我們將評估存款（聽不清）。但是，是的，那就是——你完全說對了。

So the incremental spread is over 500 basis points right now on the assets you're shifting in?

那麼您正在轉移的資產目前的增量利差超過 500 個基點？

As the source, yes, because the source of those deposits is the spread, is coming out of the sweep.

作為來源，是的，因為這些存款的來源是利差，是從掃描中出來的。

And just one final one on Comerica. I heard what you said to Suneet, but the -- is that going to just be a revenue share? Or is there some upfront cash payment that will be made to them that's going to use up excess capital at the end of the year? How is that going to work?

最後一篇是關於聯信的。我聽到了你對 Suneet 說的話，但這只是收入分成嗎？或者是否會向他們支付一些預付現金，這些現金將在年底用完多餘的資本？這將如何運作？

No, I do not believe -- again, this is like any deal like BMO, you basically upfront and you then get the paybacks that it work through it, and we feel very comfortable with the combination. So it will, as I said, make certainly from a P&L standpoint of contribution, then we look at the cash breakeven. So we feel very good of it. As Jim said, we'll have some upfront expenses, but it's a good economic deal for both of us.

不，我不相信——再說一遍，這就像 BMO 之類的任何交易一樣，你基本上是預先付款，然後通過它獲得回報，我們對這種組合感到非常滿意。因此，正如我所說，從損益表的角度來看，它肯定會做出貢獻，然後我們看看現金收支平衡。所以我們感覺非常好。正如吉姆所說，我們會有一些前期費用，但這對我們雙方來說都是一筆很好的經濟交易。

We go next now to John Barnidge of Piper Sandler.

接下來我們請聽 Piper Sandler 的約翰·巴尼奇 (John Barnidge)。

My question is on the Asset Management segment. Can you talk about fee rates on the flows leaving versus coming in? And then institutional tends to have a longer sales cycle. So any visibility into the pipeline there would be helpful.

我的問題是關於資產管理領域的。您能談談流出流量和流入流量的費率嗎？然後機構往往有更長的銷售週期。因此，任何對管道的了解都會有所幫助。

Yes. So if we have retail outflows, they are always of a bit higher margin than the fee rate than the institutional side. The good thing on the institutional, some of the flows we got in were real estate, which is very good fee rates. And that looks like we have a decent pipeline as well going forward. But of course, in retail is you're a bit higher fee rate. So that's where on the outflows, we probably are net-net, a bit negative there.

是的。因此，如果我們有零售資金流出，它們的利潤率總是比機構方面的費率高一些。機構方面的好處是，我們獲得的一些資金流是房地產，這是非常好的費率。看來我們未來也有一個不錯的渠道。但當然，零售業的費用要高一些。因此，在資金流出方面，我們可能是淨淨的，有點負面。

And so -- but hopefully, the retail will turn around. We look like Europe has actually slowed. It was almost neutral in the quarter, which is good. And if that picks up, that has positive fee rates even more than the U.S. So that would be positive for us there. But the U.S. is still a bit weaker on the growth side. But the redemptions has come down. So hopefully, we'll see a turnaround. And so I think that we see more stabilization occurring and hopefully, that will pick up as we go through the year.

所以，但希望零售業能夠扭轉局面。我們看起來歐洲實際上已經放緩了。本季度幾乎是中性的，這很好。如果這種情況好轉，其正費率甚至超過美國，因此這對我們來說將是積極的。但美國在增長方面仍然稍弱。但贖回已經下降。所以希望我們能看到轉機。因此，我認為我們會看到更多的穩定現像出現，並希望隨著這一年的發展，這種情況會有所好轉。

Great. And then my follow-up question. You were talking about additional synergies in Asset Management with integration to be completed by end of '23. Those additional synergies, I know sometimes in Europe, a notice period may be longer. Are you talking about those synergies being announced or absolutely flowing through earnings by the end of the year?

偉大的。然後是我的後續問題。您談到了資產管理方面的額外協同效應，整合將於 23 年底完成。我知道有時在歐洲，這些額外的協同效應的通知期可能會更長。您是在談論那些在年底之前宣布的協同效應還是絕對會通過收益體現的協同效應？

So we should garner about as it relates to not realized, but certainly garner around 57% of it in that range, 50% in this year. So it's tracking and you're right, it's certainly what's going on, but we feel comfortable we're on track. Did that answer your question?

因此，我們應該收集與未實現相關的信息，但肯定會收集該範圍內的 57％ 左右，今年為 50％。所以它正在跟踪，你是對的，這確實是正在發生的事情，但我們對我們走上正軌感到很舒服。這回答了你的問題嗎？

I was talking about the additional synergies, you...

我正在談論額外的協同效應，你...

Yes. I'm talking about BMO synergies right now. If you're talking about...

是的。我現在談論的是 BMO 協同效應。如果你說的是...

Yes, so we're tracking. We're getting some of them this year, and then more of them as we close out the year into next year because we're going through a lot more of the technology integration now. And then from that, we can then continue to do the middle and back office. And so -- and to your point, it does take a bit longer in Europe and the U.K. as we go through different legal entities, et cetera. So -- but we're on target to what we originally said.

是的，所以我們正在追踪。今年我們將獲得其中一些，然後在明年結束時獲得更多，因為我們現在正在進行更多的技術集成。然後接下來我們就可以繼續做中後台了。因此，就您的觀點而言，在歐洲和英國，當我們經歷不同的法律實體等時，確實需要更長的時間。所以——但我們的目標是我們最初所說的。

Yes. So basically, as we talked about, we're talking about in the 85% range, we will have million, we think will probably be the number that we will certainly not realize, but certainly achieve by the end of this year.

是的。所以基本上，正如我們所說，我們談論的是在 85% 的範圍內，我們將有 100 萬，我們認為這可能是我們肯定不會實現的數字，但肯定會在今年年底實現。

We go next now to Andrew Kligerman of Credit Suisse.

接下來我們請瑞士信貸銀行的安德魯·克利格曼 (Andrew Kligerman) 發言。

So a couple of quick follow-ups on Comerica. So with the $18 billion in assets that you bring in, how should we think -- once you get finished with the onboarding, how should we think about margins on that $18 billion relative to the $350 billion plus of your other nonwrap assets? Will it be materially better? Will it be in line? How should we think about that?

接下來是關於聯信的一些快速跟進。那麼，對於您引入的 180 億美元資產，我們應該如何思考——一旦您完成了入職，我們應該如何考慮這 180 億美元相對於 3500 億美元以上其他非包裝資產的利潤率？物質上會更好嗎？會排隊嗎？我們應該如何思考這個問題？

I would say from looking at our direct contribution margin, there is certainly within our range, and we feel very comfortable with it, like I said, I distinguished the P&L and the cash but certainly from that standpoint, but the P&L side of this direct contribution is totally acceptable within as we look at this channel and it's strong. It's good. And like I said, but it's good because it's balanced between -- for them and for us and certainly what will add and the ability to grow that activity. So it's -- the contribution margins will not be denigrating to anything we have. How's that...

我想說，從我們的直接貢獻邊際來看，肯定在我們的範圍內，而且我們對此感到非常滿意，就像我說的，我區分了損益和現金，但肯定是從這個角度來看，但這種直接的損益方面當我們看到這個渠道時，貢獻是完全可以接受的，而且它很強大。很好。就像我說的，但這很好，因為它在他們和我們之間取得了平衡，當然還有增加的內容和發展這項活動的能力。所以，邊際貢獻不會損害我們所擁有的任何東西。怎麼樣...

Got it. Perfect. And then -- and then with respect to the 83 advisers you brought in, could you give us a sense of maybe the AUM per adviser relative to the AUM per adviser that you have now? And maybe a little color on their sweet spot. Are they in that $500,000 to $5 million net worth, what end of the spectrum do they come in at?

知道了。完美的。然後，關於您引入的 83 名顧問，您能否告訴我們每個顧問的 AUM 相對於您現在擁有的每個顧問的 AUM 的情況？也許還可以在他們的最佳位置上加一點顏色。他們的淨資產在 50 萬到 500 萬美元之間嗎？他們處於這個範圍的哪一端？

Yes. I would say, (inaudible) we are continuing to have that track pattern of really the quality of the AUM and the GDC, the trailing GDC is stronger, and we keep on growing that. So we feel very good about that. We're being very selective to ensure that they fit into basically our relationship and approach that we have. And so it's very much aligned on that. So it's -- we feel very good about the quality of them.

是的。我想說，（聽不清）我們將繼續保持 AUM 和 GDC 質量的跟踪模式，落後的 GDC 更強，我們將繼續發展這一點。所以我們對此感覺非常好。我們非常有選擇性，以確保它們基本上符合我們的關係和我們現有的方法。所以它在這一點上非常一致。所以我們對它們的質量感覺非常好。

So Walter, so net assets per adviser a little better than your average?

那麼沃爾特，每個顧問的淨資產比你的平均水平好一點嗎？

I would tell you, it continues to be better than our average.

我會告訴你，它仍然好於我們的平均水平。

Got it. And then lastly, just on the capital management. It looks like your payout ratio as a percent of operating earnings is coming in around 80-ish percent, maybe a little less. Historically, you were at 90% or maybe even better. And I guess with the bank having grown a lot, should we expect something in that sort of 75%, 80% payout range going forward? Anything likely to change there?

知道了。最後，關於資本管理。看來您的支付率佔營業收入的百分比約為 80% 左右，甚至可能略低一些。從歷史上看，你的成功率為 90%，甚至可能更好。我想隨著銀行已經發展了很多，我們是否應該期待未來 75%、80% 的支付範圍？那裡可能會發生什麼變化嗎？

So as we said, we talked about -- we have -- from our standpoint, we are building organically, and yes, there's capital, but we have the capacity, and we feel that the -- we've given an indication that it will be in that 80% range. But we really had the ability to -- as we look at opportunistically to basically take it up. But we just -- we will evaluate the market and everything from that standpoint, but the 80% is a reasonable number at this stage, as we've indicated. And most people have built that into their projection set.

正如我們所說，我們談到——我們已經——從我們的角度來看，我們正在有機地建設，是的，有資本，但我們有能力，而且我們覺得——我們已經給出了這樣的跡象：將在 80% 的範圍內。但我們確實有能力——正如我們所見，基本上可以接受它。但我們只是——我們將從這個角度評估市場和一切，但正如我們所指出的，80% 在現階段是一個合理的數字。大多數人已經將其納入他們的投影集中。

Thank you. And we have no further questions at this time. Ladies and gentlemen, this will conclude today's conference. Thank you for participating. You may now disconnect.

謝謝。目前我們沒有進一步的問題。女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。