阿默普萊斯金融 (AMP) 2023 Q2 法說會逐字稿

Welcome to the Q2 2023 Earnings Call. My name is Chris, and I'll be your operator for today's call. (Operator Instructions) 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 年第二季度收益電話會議。我叫克里斯，我將擔任今天電話的接線員。 （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 Second Quarter Earnings Call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, Chief Financial Officer. Following their remarks, we'll be happy to take your questions.

謝謝你，早上好。歡迎參加 Ameriprise Financial 第二季度財報電話會議。今天與我通話的是董事長兼首席執行官 Jim Cracchiolo；沃爾特·伯曼（Walter Berman），首席財務官。在他們的發言之後，我們很樂意回答您的問題。

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 hear references to various non-GAAP financial measures, which we believe provide insight into the company's operations. 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.

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，您將聽到各種非公認會計準則財務指標的提及，我們相信這些指標可以深入了解公司的運營情況。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。我們在這次電話會議中所做的一些陳述可能是前瞻性的。反映管理層對未來事件以及總體運營計劃和績效的預期。

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 second quarter 2023 earnings release, our 2022 annual report to shareholders and our 2022 10-K report. We make no obligation to publicly update or revise these forward-looking statements.

這些前瞻性陳述僅代表今天的情況，並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 年第二季度收益發布、我們向股東提交的 2022 年年度報告和 2022 年 10-K 報告中找到。我們沒有義務公開更新或修改這些前瞻性陳述。

On Slide 3, you see our GAAP financial results at the top of the page for the second 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.

在幻燈片 3 上，您可以在頁面頂部看到我們第二季度的 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 thank you for joining today's call. As you saw in our press release, Ameriprise overall delivered a strong second quarter to round at a very good first half. Given our complement of businesses, we consistently generate good returns and strong earnings. Advice & Wealth Management continues to lead our growth where we had another quarter of solid client engagement and flows. We also saw good earnings from our bank, reflecting our ability to create a sustainable and attractive revenue stream in this interest rate environment.

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那樣，Ameriprise 總體上在第二季度和上半年都表現強勁。鑑於我們的業務互補，我們始終能夠創造良好的回報和強勁的收益。諮詢和財富管理繼續引領我們的增長，我們又一個季度保持了穩定的客戶參與度和流量。我們還看到了銀行的良好盈利，反映出我們有能力在這種利率環境下創造可持續且有吸引力的收入來源。

In our Asset Management business, we continue to experience headwinds in this environment and remain focused on adjusting appropriately. In terms of the market environment, the S&P 500 international equity markets have rallied more recently through the end of July. However, they were only up 2% year-over-year on average for the quarter. Fixed income markets remain unfavorable, particularly in Europe. While inflation has come down, it's still above the Fed's targeted rate. As we saw yesterday, the Fed increased 25 basis points and said it would continue to assess additional information in determining the extent of additional policy firming that may be appropriate to return to a 2% inflation rate.

在我們的資產管理業務中，我們在這種環境下繼續遇到阻力，並繼續專注於適當調整。從市場環境來看，標準普爾 500 指數國際股票市場近期持續上漲至 7 月底。然而，該季度平均同比僅增長 2%。固定收益市場仍然不利，尤其是在歐洲。儘管通脹有所下降，但仍高於美聯儲的目標利率。正如我們昨天看到的，美聯儲加息了 25 個基點，並表示將繼續評估更多信息，以確定可能適合重返 2% 通脹率的額外政策緊縮程度。

With that as a backdrop, Ameriprise continues to benefit from our diversified business mix as well as higher interest rates in our bank and certificate companies. Assets under management and administration increased nicely, up 9% to $1.3 trillion, reflecting our organic growth and positive markets. Total adjusted operating net revenue was up 10% to $3.8 billion. The combination of strong revenue growth, particularly from our spread business as well as well-managed expenses drove earnings to $807 million, up 23% with EPS up 30% to $7.44. And our return on equity was outstanding and reached a new record of 51%, a level that few financial firms have achieved.

在此背景下，Ameriprise 繼續受益於我們多元化的業務組合以及銀行和證書公司的較高利率。管理和管理的資產大幅增長，增長 9%，達到 1.3 萬億美元，反映了我們的有機增長和積極的市場。調整後營業淨收入總額增長 10%，達到 38 億美元。強勁的收入增長（尤其是來自我們的價差業務）以及管理良好的支出相結合，使收益達到 8.07 億美元，增長 23%，每股收益增長 30%，達到 7.44 美元。我們的股本回報率非常出色，達到了 51% 的新紀錄，這是很少有金融公司能夠達到的水平。

Now let's turn to business highlights. In Wealth Management, we delivered another excellent quarter as we serve clients well with gold-based device and deliver a highly satisfying experience. We continue to drive very good asset growth with total client assets up to $833 billion and total client flows of $9.4 billion, up 10% year-over-year.

現在讓我們轉向業務亮點。在財富管理領域，我們又交付了出色的季度業績，因為我們通過黃金設備為客戶提供了良好的服務，並提供了非常令人滿意的體驗。我們繼續推動非常好的資產增長，客戶總資產達到 8,330 億美元，客戶總流量達到 94 億美元，同比增長 10%。

Our client acquisition growth was also strong, especially in the $500,000 to $5 million client range. This is an area where we consistently had good momentum, and it's a key growth opportunity for us. We're leveraging our strategic investments to help advisers engage clients and prospects provide a great client experience and run highly successful and efficient practices.

我們的客戶獲取增長也很強勁，特別是在 50 萬至 500 萬美元的客戶範圍內。這是我們一直保持良好勢頭的領域，也是我們的關鍵增長機會。我們正在利用我們的戰略投資來幫助顧問吸引客戶和潛在客戶，提供良好的客戶體驗並開展非常成功和高效的實踐。

Our fully integrated technology suite streamlines many of our advisers administrative tasks and frees up their time to go deeper with clients and to navigate the complexities within their financial situations. For example, we introduced an important capability that enables advisers to generate highly personalized presentations centered on client goal achievement.

我們完全集成的技術套件簡化了顧問的許多管理任務，並讓他們騰出時間與客戶進行更深入的交流，並解決其財務狀況中的複雜性。例如，我們引入了一項重要功能，使顧問能夠生成以客戶目標實現為中心的高度個性化的演示文稿。

Since the launch, it has helped to build on our already strong client satisfaction net flows and practice growth for our advisers who are incorporating it into their practices. And it's reduced meeting prep time as much as 70%, and allows more time for client acquisition. We're also beginning to use AI and analytics to further enhance how we engage and work with clients. With AI, we can serve up real-time information to help advisers identify a possible next best opportunity for clients based on their needs. Backed by our exceptional support, adviser satisfaction, retention and growth are all excellent. Ameriprise advisers consistently have some of the highest productivity growth in the business. In the second quarter, it increased nicely again, up 7% to $874,000 per adviser. We're also incorporating the use of data and analytics in how we identify productive advisers who are a good fit to recruit to the firm and more likely to make the switch. It was another strong quarter for recruitment with the addition of 99 experienced advisers. We're consistently bringing in large, highly productive adviser practices from across the industry. In the spring, I spent time with our top 10% of advisers, both tenured at Ameriprise and more recently experienced advisers who have joined us. They repeatedly shared that our advanced capabilities and technology combined with our excellent leadership coaching and marketing support gives them a tremendous advantage in how they serve clients and run successful practices. They are very proud to affiliate with Ameriprise and energized about the direction of the company and the opportunities in front of us.

自推出以來，它幫助我們建立了強大的客戶滿意度淨流量，並為我們將其納入其實踐的顧問提供了實踐增長。它還將會議準備時間縮短了 70%，並為獲取客戶提供了更多時間。我們還開始使用人工智能和分析來進一步增強我們與客戶互動和合作的方式。借助人工智能，我們可以提供實時信息，幫助顧問根據客戶的需求為客戶確定下一個可能的最佳機會。在我們卓越的支持下，顧問的滿意度、保留率和成長性都非常出色。 Ameriprise 顧問公司的生產率增長一直是業內最高的。第二季度，該費用再次大幅增長，增長 7%，達到每位顧問 874,000 美元。我們還將數據和分析的使用融入到如何識別適合公司招聘且更有可能做出轉變的高效顧問中。本季度招聘工作又表現強勁，新增了 99 名經驗豐富的顧問。我們不斷從整個行業引入大型、高效的顧問實踐。今年春天，我與我們排名前 10% 的顧問一起度過了時光，他們都是 Ameriprise 的終身顧問，還有最近加入我們的經驗豐富的顧問。他們反复表示，我們先進的能力和技術與卓越的領導力輔導和營銷支持相結合，使他們在服務客戶和開展成功實踐方面擁有巨大優勢。他們非常自豪能夠加入 Ameriprise，並對公司的發展方向和我們面前的機遇充滿信心。

During the quarter, clients remain cautious seeking yield as they continue to maintain higher balances in cash-oriented products. Cash continued to increase as clients continue to hold cash, and we ended the quarter with about $70 billion in cash and cash equivalents. Wrap assets under management increased 14% to over $450 billion, reflecting positive flows and market appreciation that occurred at the end of the quarter. The more recent increase in markets will be a benefit as we go through the quarter.

本季度，客戶在尋求收益方面仍保持謹慎態度，因為他們繼續保持現金導向型產品的較高餘額。隨著客戶繼續持有現金，現金持續增加，本季度結束時我們擁有約 700 億美元的現金和現金等價物。管理資產總額增長 14%，達到超過 4500 億美元，反映出本季度末出現的積極資金流動和市場升值。隨著本季度的進展，最近市場的增長將是一個好處。

For the first time since the beginning of the year, we saw signs in June that clients are starting to move some funds back into the market. which brings me to the bank, Ameriprise Bank continues to perform well with assets growing to nearly $22 billion. It's a strong complement to our business and an attractive way to gain spread revenue in this rate environment. Bank and certificate balances grew over 50% to $33 billion. The cash balances in these accounts are very rational today, and we feel comfortable with our position.

自今年年初以來，我們首次在 6 月份看到客戶開始將部分資金回流市場的跡象。這讓我想到了這家銀行，Ameriprise 銀行繼續表現良好，資產增長至近 220 億美元。這是對我們業務的有力補充，也是在當前利率環境下獲得利差收入的有吸引力的方式。銀行和憑證餘額增長超過 50%，達到 330 億美元。如今這些賬戶中的現金餘額非常合理，我們對自己的倉位感到滿意。

We will continue to build out our banking capabilities and are in the process of introducing other savings products later this year. This will help advise us further deepen client relationships and bring in more assets from other banking institutions. With our latest research, in addition to our core client segments, we found that the Ameriprise value proposition and brand are very appealing to high net worth investors as well as millennials who are hungry for advice and seeking guidance from advisers who truly understand them and their priorities. These are market segments we're looking to serve more in the future. And this was also reinforced by the complement of external accolades and recognition we continue to earn. The way we work with clients defines Ameriprise, and I believe our reputation is a competitive advantage.

我們將繼續增強我們的銀行業務能力，並正在今年晚些時候推出其他儲蓄產品。這將有助於我們進一步加深客戶關係，並從其他銀行機構引入更多資產。根據我們的最新研究，除了我們的核心客戶群之外，我們發現Ameriprise 的價值主張和品牌對高淨值投資者以及渴望尋求建議並尋求真正了解他們及其自身需求的顧問指導的千禧一代非常有吸引力。優先事項。這些是我們希望在未來提供更多服務的細分市場。我們不斷獲得的外部榮譽和認可也強化了這一點。我們與客戶合作的方式定義了 Ameriprise，我相信我們的聲譽是一種競爭優勢。

During the quarter, Ameriprise was named by Kiplinger's Readers as the overall winner in the wealth management category. We earned the highest ratings for each of the 4 criteria, the trustworthiness of our advisers, the quality of financial advice provided, the likeliness to recommend the firm to others and we earned the highest rating in overall satisfaction. Ameriprise also ranked on Newsweek's Magazine 2023 most trustworthy companies in America list for the second consecutive year. And we earned top performer recognition and understands me and shares my values from Hearts & Wallets.

本季度，Ameriprise 被 Kiplinger's Readers 評為財富管理類別的總冠軍。我們在 4 項標準中均獲得了最高評級：顧問的可信度、提供的財務建議的質量、向他人推薦公司的可能性，並且我們在總體滿意度方面獲得了最高評級。 Ameriprise 還連續第二年入選《新聞周刊》雜誌 2023 年美國最值得信賴的公司排行榜。我們贏得了最佳表現者的認可，理解我並分享我在 Hearts & Wallets 的價值觀。

And speaking of values, Ameriprise culture is another very important positive. Advisers who have joined us with decades in the business tell us that our company is unique and not like any other they've been part of. They're impressed by things like our supportive growth culture and their accessibility to senior leadership.

說到價值觀，Ameriprise 文化是另一個非常重要的積極因素。加入我們並在該行業工作了數十年的顧問告訴我們，我們的公司是獨一無二的，與他們曾參與過的任何其他公司都不一樣。他們對我們的支持性成長文化以及他們與高層領導的接觸等印象深刻。

Finally, in terms of profitability for Wealth Management, it was another strong quarter across the board, and that includes margin, which reached a new record of 31.2%. Moving to Retirement & Protection. We have high-quality, well risk managed books, and we're generating strong consistent earnings of 13%, driven by the repositioning of our investment portfolio last year given the rate climate. Our free cash flow and return on capital remain excellent. The team is concentrated on accumulation products that align with our clients' needs and the business. In our life business, we're focused on our variable universal life and disability products that are appropriate for this environment. Protection sales were up nicely, increasing 18% with the majority of sales in higher-margin accumulation VUL products. And in variable annuities, our structured product continues to attract strong interest combining with our variable annuities without living benefits. Sales are down from a year ago, in part due to the decision to exit guarantees.

最後，就財富管理的盈利能力而言，本季度又是一個全面強勁的季度，其中利潤率達到了 31.2% 的新紀錄。轉向退休和保護。我們擁有高質量、風險管理良好的賬簿，並且在去年鑑於利率環境重新定位我們的投資組合的推動下，我們實現了 13% 的強勁持續盈利。我們的自由現金流和資本回報率仍然出色。該團隊專注於開發符合客戶需求和業務的累積產品。在我們的壽險業務中，我們專注於適合這種環境的可變萬能壽險和殘疾產品。防護產品銷售增長良好，增長了 18%，其中大部分銷售來自利潤率較高的累積 VUL 產品。在可變年金方面，我們的結構性產品與我們沒有生活福利的可變年金相結合，繼續吸引了人們的濃厚興趣。銷售額較一年前下降，部分原因是退出擔保的決定。

Here again, we're using intelligent document processing and robotics to make processes more efficient, things like automating our processes and underwriting decisions. We're seeing the benefit and the pickup in sales. As we discussed, we feel good about our product portfolio, both for clients and the business, which consistently delivers good returns.

在這裡，我們再次使用智能文檔處理和機器人技術來提高流程效率，例如自動化流程和承保決策。我們看到了銷售的好處和回升。正如我們所討論的，我們對我們的產品組合感到滿意，無論是對客戶還是對企業來說，它都能持續帶來良好的回報。

Moving to Asset Management. As you know, we manage the business prudently, like other active managers, we're facing reduced flows in this environment. The business continues to operate well and generates good fees, and we're adjusting for headwinds accordingly. In terms of investment performance, we continue to have excellent longer-term performance in equities, fixed income and asset allocation strategies with over 75% of our funds above the medium for the 5-year and over 85% for the 10-year period. Our 1-year performance has improved across the board. This includes some of our larger franchises, including in U.K. equities, where we're benefiting from our quality positioning and in fixed income given our strength in credit.

轉向資產管理。如您所知，我們謹慎地管理業務，與其他主動管理公司一樣，我們在這種環境下面臨著流量減少。該業務繼續運​​營良好並產生良好的費用，我們正在相應地調整逆風。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繼續保持優異的長期表現，超過75%的基金在5年期間處於中等水平以上，在10年期間超過85%。我們的一年表現全面改善。這包括我們的一些較大的特許經營權，包括英國股票，鑑於我們的信用實力，我們受益於我們的優質定位和固定收益。

In terms of flows, I'll start with global retail, where we continue to experience a level of outflows. In North America, we remain in net outflows, but we had nice improvement in fixed income. In fact, we are better than the industry and taxable bond. Meanwhile, we continue to see outflow pressures in equities, largely from lower gross sales as redemptions have improved. We continue to focus our adviser segmentation strategy to drive good engagement in North America. In EMEA, retail flows in both the U.K. and Continental Europe remain under pressure. However, in institutional, we were in net inflows, excluding legacy insurance partner flows as we garnered nice wins in high yield and investment-grade credit that more than offset large redemptions and LDI strategies given the market dislocation.

就流量而言，我將從全球零售業開始，我們繼續經歷一定程度的資金外流。在北美，我們仍然處於淨流出狀態，但固定收益方面有了很大改善。事實上，我們比行業和應稅債券都更好。與此同時，我們繼續看到股市面臨資金外流壓力，這主要是由於贖回情況有所改善而導致銷售總額下降。我們繼續專注於我們的顧問細分戰略，以推動北美地區的良好參與。在歐洲、中東和非洲地區，英國和歐洲大陸的零售流量仍然面臨壓力。然而，在機構方面，我們處於淨流入（不包括傳統保險合作夥伴的流動），因為我們在高收益和投資級信貸方面取得了不錯的勝利，這足以抵消市場混亂的大額贖回和LDI 策略。

Now I'd like to give you a brief update on our EMEA acquisition and executing the integration in Europe. I wanted you to know that it does take time due to the complexity of the legal entity structures as well as regulatory and employment considerations. We made it through a number of important steps, and we have now moved to the next level of consolidation including the colocation of our teams through our existing real estate and the near completion of some of the major technology migration work.

現在我想向您簡要介紹一下我們在歐洲、中東和非洲地區的收購以及在歐洲執行整合的最新情況。我想讓您知道，由於法人實體結構以及監管和就業考慮的複雜性，這確實需要時間。我們通過了許多重要的步驟，現在已經進入了下一個整合階段，包括通過現有的房地產對我們的團隊進行託管，以及一些主要的技術遷移工作即將完成。

Given the environment, we're taking a very focused look across the business globally to further reduce expenses, this includes identifying and stopping less growth-driven activities and also redeploying resources where we see opportunities to support our margin.

鑑於這種環境，我們正在對全球業務進行非常集中的關注，以進一步減少開支，這包括識別和停止增長驅動型活動，以及在我們認為有機會支持利潤的地方重新部署資源。

In summary, we're controlling what we can control and making the necessary changes to adjust in this environment. Reflecting on the firm overall, Ameriprise delivered a strong first half of the year, and we're well positioned to continue to navigate and grow. Our complement of businesses provides nice contributions and synergies. We consistently generate good appropriate earnings in total and good cash flow to invest and return to shareholders at attractive levels. We returned $638 million of earnings to shareholders in the quarter, which represented nearly 80% of our earnings.

總之，我們正在控制我們可以控制的事情，並做出必要的改變以適應這種環境。回顧公司的整體情況，Ameriprise 今年上半年表現強勁，我們處於有利地位，可以繼續前進和發展。我們的業務互補提供了良好的貢獻和協同效應。我們始終如一地產生良好的總體收益和良好的現金流，以有吸引力的水平進行投資和回報股東。本季度我們向股東返還了 6.38 億美元的收益，占我們收益的近 80%。

In addition, as you saw, our Board approved a new $3.5 billion share repurchase authorization that reflects the strength of the business. Across the firm, we continue to make good investments in our businesses. And as always, we are sharply focused on execution. And while we manage expenses very well, we will be looking for additional expense opportunities as we move into 2024 to adjust to the environment.

此外，正如您所見，我們的董事會批准了一項新的 35 億美元股票回購授權，這反映了我們的業務實力。在整個公司內，我們繼續對我們的業務進行良好的投資。一如既往，我們非常注重執行力。雖然我們很好地管理了開支，但在進入 2024 年時，我們將尋找額外的開支機會以適應環境。

From a people perspective, our team is highly engaged. In fact, in the quarter, Forbes Magazine named Ameriprise one of America's best large employers. The list ranks the 500 U.S. companies most highly recommended as a top place to work.

從人員的角度來看，我們的團隊高度敬業。事實上，在本季度，《福布斯》雜誌將 Ameriprise 評為美國最佳大型雇主之一。該榜單將最受推薦的 500 家美國公司列為最佳工作場所。

With that, I'll turn things over to Walter provide his perspective in more detail on the quarter, and then we'll take your questions.

這樣，我將把事情轉交給沃爾特，更詳細地提供他對本季度的看法，然後我們將回答您的問題。

Thank you. As Jim said, results this quarter continue to demonstrate the strength of the Ameriprise value proposition as adjusted EPS increased 30% to $7.44. Results reflect wealth management core and cash business momentum as well as continued expense discipline. In total, our Wealth Management business grew to 68% of the company's earnings, up from 56% a year ago as a result of a 49% growth in Wealth Management earnings. Asset management-based headwinds similar to the industry in terms of flows and fixed income market declines. And Retirement & Protection Solutions delivered good 13% earnings growth primarily from our decision to reposition the investment portfolio late last year.

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 30% 至 7.44 美元。業績反映了財富管理核心和現金業務的勢頭以及持續的支出紀律。總體而言，由於財富管理收益增長了 49%，我們的財富管理業務占公司收益的比例從一年前的 56% 增至 68%。基於資產管理的逆風與該行業在流量和固定收益市場下降方面相似。退休和保護解決方案實現了 13% 的盈利增長，這主要歸功於我們去年底重新定位投資組合的決定。

Across the firm, we continue to manage expenses tightly relative to the revenue opportunity within each segment. While we continue to make investments in the bank and other growth initiatives, particularly in wealth management, we are taking a disciplined approach on discretionary expenses across our businesses. Scooting mark-to-market impacts on share-based compensation expense G&A was up only 4%. However, G&A in the first half of 2022 was unusually low as a result of the pandemic. Our G&A expenses remain on track with our expectations.

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。雖然我們繼續對銀行和其他增長計劃進行投資，特別是在財富管理方面，但我們對整個業務的可自由支配開支採取了嚴格的方法。考慮到按市值計價對股票薪酬費用的影響，一般管理費用僅增長了 4%。然而，受疫情影響，2022 年上半年的一般行政費用異常低。我們的一般管理費用仍符合我們的預期。

Balance sheet fundamentals remain strong. Our portfolio is well positioned. Our hedging remains highly effective, and we have strong capital and liquidity positions. This allowed us to return $638 million of capital to shareholders as a strong return of 79% of our operating earnings.

資產負債表基本面依然強勁。我們的投資組合定位良好。我們的對沖仍​​然非常有效，並且我們擁有強大的資本和流動性頭寸。這使我們能夠向股東返還 6.38 億美元的資本，相當於我們營業收入 79% 的強勁回報。

Let's turn to Slide 6. Assets under management and administration ended the quarter at $1.3 trillion, up 9% AUM/A benefited from strong client flows and equity market appreciation, partially offset by lower fixed income markets. Revenue growth was strong at 10% from higher interest earnings and cumulative benefit of client net inflows. With average equity markets up only 2%. The impact of 6% equity market appreciation in June will be reflected in our third quarter AWM results given the ability of our wrap business is based on beginning of the month balances. Pretax earnings increased 24% from last year. with meaningful benefits from strong client flows, higher interest rates and well-managed expenses.

讓我們轉向幻燈片6。本季度末管理和管理的資產達到1.3 萬億美元，AUM/A 增長9%，這得益於強勁的客戶流量和股市升值，但固定收益市場的下滑部分抵消了這一影響。由於更高的利息收入和客戶淨流入的累積效益，收入增長強勁，達到 10%。股市平均僅上漲 2%。鑑於我們的包裝業務能力基於月初餘額，6 月份股市升值 6% 的影響將反映在我們第三季度 AWM 業績中。稅前盈利較去年增長 24%。強大的客戶流量、更高的利率和管理良好的費用帶來了顯著的效益。

Let's turn to individual segment performance beginning with Wealth Management on Slide 7. The Wealth Management client assets increased 13% to $833 billion driven by strong organic growth and client flows along with higher equity markets. As you are aware, there has been significant volatility since Q1 of 2022, which we have navigated well. Our client and wrap assets have remained consistent with our industry peers over this period. Our client flows continue to be strong at $9.4 billion, up 10% from last year. Client money has gone into a combination of wrap and non-advisory accounts as clients continue to be in a defensive posture.

讓我們從幻燈片 7 中的財富管理開始轉向各個細分市場的業績。在強勁的有機增長和客戶流量以及股市上漲的推動下，財富管理客戶資產增長了 13%，達到 8,330 億美元。如您所知，自 2022 年第一季度以來出現了巨大的波動，但我們很好地應對了這一波動。在此期間，我們的客戶和包裝資產與行業同行保持一致。我們的客戶流量繼續強勁，達到 94 億美元，比去年增長 10%。由於客戶繼續處於防禦姿態，客戶資金已進入包裝賬戶和非諮詢賬戶的組合。

Our flexible model and broad offerings allow advisers and clients to pivot as market and client preferences shift. While the money stays within the system gives us potential upside going forward. Revenue per adviser reached $874,000 in the quarter, up 7% from the prior year from high spread revenue, enhanced productivity and business growth.

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。雖然資金留在系統內，但我們仍有潛在的上升空間。本季度每名顧問的收入達到 874,000 美元，比上年增長 7%，這得益於高利差收入、生產力的提高和業務增長。

Turning to Slide 8. I'd like to provide an update on client cash levels. Our client cash balances comprised of cash sweep and certificates have returned to more historic levels at $42 billion, which translates to about 5% of total client assets. The financial benefit from cash remains unchanged despite a lower volume of cash as we have seen a significant lift in the interest rate earned at the bank and certificate business. Our fee yields have increased nearly 350 basis points from a year ago and picked up 40 basis points sequentially, resulting in very strong interest earnings growth. I would like to note that we continue to see new money flows into money markets and brokered CDs, albeit at a lower level in June, which brought our total cash level to $70 billion. This creates a significant redeployment opportunity as markets normalize for clients to put money back to work in wrap and other products on our platform. While there is some seasonality with cash levels, particularly with tax payments in March and April, cash remains an important component of the client's asset allocation. Like others in the industry, balances are stabilized. Our sweep cash has an average size of $7,000 per account, and 65% of the aggregate cash is now in accounts under $100,000. And we have seen a very limited movement out of these accounts.

轉向幻燈片 8。我想提供有關客戶現金水平的最新信息。我們的客戶現金餘額（包括現金和憑證）已恢復到 420 億美元的歷史水平，相當於客戶總資產的 5% 左右。儘管現金量減少，但現金帶來的財務效益保持不變，因為我們看到銀行和證書業務的利率大幅提升。我們的費用收益率比一年前增加了近 350 個基點，環比上升了 40 個基點，導致利息收入增長非常強勁。我想指出的是，我們繼續看到新資金流入貨幣市場和經紀 CD，儘管 6 月份的水平較低，這使我們的總現金水平達到 700 億美元。隨著市場正常化，客戶可以將資金重新投入到我們平台上的包裝和其他產品中，這創造了重要的重新部署機會。儘管現金水平存在一定的季節性，尤其是三月和四月的納稅情況，但現金仍然是客戶資產配置的重要組成部分。與業內其他公司一樣，餘額也趨於穩定。我們的現金平均每個賬戶有 7,000 美元，目前總現金的 65% 存在於 100,000 美元以下的賬戶中。我們發現這些賬戶的資金流出非常有限。

In the quarter, we moved approximately $1 billion from off balance sheet cash on to the bank's balance sheet. We continue to evaluate the opportunity to bring additional balances onto the bank balance sheet as we move forward. Lastly, we continue to manage our investment portfolios prudently. Our bank portfolio is AAA rated with the 3.4-year duration. The overall yield on the portfolio is 4.6% and rising with the new money yield on investments in the second quarter of 6%. Our certificate company portfolio is highly liquid with over half of the portfolio in cash, governments and agencies. It is AA+ rated on average with a 1-year duration.

本季度，我們將大約 10 億美元從表外現金轉移到銀行的資產負債表上。隨著我們的前進，我們將繼續評估將額外餘額納入銀行資產負債表的機會。最後，我們繼續審慎管理投資組合。我們的銀行投資組合獲得 AAA 評級，期限為 3.4 年。投資組合的整體收益率為 4.6%，隨著第二季度新投資收益率 6% 的上升。我們的證書公司投資組合具有高度流動性，其中一半以上是現金、政府和機構。平均評級為 AA+，持續時間為 1 年。

As I noted last quarter, the portfolio yield lagged decline crediting rates as new money moved into this business. This quarter, the portfolio yield increased 33 basis points. In total, certificate company portfolio is now yielding 5.5%, with new purchases in the quarter at that level as well.

正如我上個季度指出的那樣，隨著新資金進入該業務，投資組合收益率落後於信貸利率的下降。本季度，投資組合收益率增加了 33 個基點。總體而言，證書公司投資組合的收益率目前為 5.5%，本季度新購買的債券也處於該水平。

On Slide 9, we delivered extremely strong results in wealth management on all fronts. Profitability increased 49% in the quarter, with strong organic growth and the benefit of the higher interest rates. Pretax operating margin reached a new high of 31.2%, up 730 basis points year-over-year and up 60 basis points sequentially. As I mentioned before, the benefit from the June market appreciation of over 6% will be a tailwind for quarter 3 results given we build our wrap business based on the beginning of the month balances. Adjusted operating expenses increased 3% with distribution expenses up 1%, reflecting higher asset balances. Consistent with our expectations, G&A is up 9% in the quarter. This is off a very low base last year given the impact of the pandemic, and we continue to make investments for growth. We expect AWM full year 2023 G&A growth to be in the mid-single digits.

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 49%，有機增長強勁，受益於利率上升。稅前營業利潤率創下31.2%的新高，同比增長730個基點，環比增長60個基點。正如我之前提到的，鑑於我們基於月初餘額建立包裝業務，6 月份市場升值超過 6% 的收益將成為第三季度業績的推動力。調整後運營費用增長 3%，分銷費用增長 1%，反映出資產餘額增加。與我們的預期一致，本季度 G&A 增長 9%。考慮到大流行的影響，去年的基數非常低，我們繼續為增長進行投資。我們預計 AWM 2023 年全年 G&A 增長將達到中個位數。

Let's turn to Asset Management on Slide 10. We are managing the business well through a challenging environment that is impacting the industry. Total AUM increased 3% to $617 billion, primarily from higher equity markets, partially offset by lower fixed income markets. Asset management, like other active managers, was in outflows in the quarter. Reinvested dividends were $2 billion lower in the current quarter. However, underlying net new sales were fairly consistent to last year. Like others, we experienced pressure from global market volatility and a risk of investor sentiment. Investment performance has been another critical area of focus and we are seeing improvement, including in fixed income strategies.

讓我們轉向幻燈片 10 上的資產管理。我們在影響行業的充滿挑戰的環境中很好地管理業務。總資產管理規模增長 3%，達到 6,170 億美元，主要來自股市上漲，但部分被固定收益市場下跌所抵消。與其他主動管理基金一樣，資產管理本季度出現資金流出。本季度的再投資股息減少了 20 億美元。然而，基本淨新銷量與去年相當一致。與其他公司一樣，我們也經歷了全球市場波動的壓力和投資者情緒的風險。投資業績是另一個重點關注領域，我們看到了改善，包括固定收益策略。

Overall, 5- and 10-year performance remains very strong. And as Jim said, we had improvement in the 1-year numbers. On Slide 11, you can see asset management financial results reflecting the market environment. As anticipated, earnings declined to $162 million as a result of deleveraging, net outflows and lower performance fees in the quarter. The margin was down sequentially to 30%. Importantly, we continue to manage the areas we can control. Expenses remain well managed. Total expenses declined 2% and with G&A up only 2%. As Jim said, given the environment, we are taking a very focused look across the business globally to further reduce expenses. This includes identifying and stopping less growth-focused activities and redeploying resources where we can see an opportunity to support our margin.

總體而言，5 年和 10 年的表現仍然非常強勁。正如吉姆所說，我們的一年數據有所改善。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，由於本季度去槓桿化、淨流出和績效費用下降，盈利下降至 1.62 億美元。利潤率連續下降至 30%。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 2%，其中一般管理費用僅增長 2%。正如吉姆所說，考慮到當前的環境，我們正在對全球業務進行非常集中的關注，以進一步減少開支。這包括識別和停止不太注重增長的活動，以及在我們可以看到支持利潤的機會的地方重新部署資源。

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. In the quarter, Pretax adjusted operating earnings was $189 million, up 13% from the prior year, primarily as a result of higher investment yields from the portfolio repositioning we executed last year. However, earnings in the current year were unfavorably impacted by $7 million from a model update resulting from a system conversion and timing of earnings recognition for payout annuities, which is expected to normalize.

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。本季度，稅前調整後營業利潤為 1.89 億美元，比上年增長 13%，這主要是由於我們去年執行的投資組合重新定位帶來了更高的投資收益率。然而，由於系統轉換和支付年金收入確認時間而導致的模型更新，本​​年度收益受到了 700 萬美元的不利影響，預計將正常化。

We continue to view normalized annual earnings of $800 million as a reasonable expectation for this business. Overall sales declined 10% related to our decision to discontinue sales of variable annuities with living benefit riders a year ago. However, protection sales improved and remain concentrated in high-margin acid accumulation VUL, which now represents over 1/3 of the total insurance in force.

我們仍然認為 8 億美元的正常年收益是該業務的合理預期。由於我們一年前決定停止銷售帶有生活福利附加險的可變年金，總體銷售額下降了 10%。然而，保障銷售有所改善，並仍然集中在高利潤的酸累積 VUL 上，目前佔有效保險總額的 1/3 以上。

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 was AA with only 1% of the portfolio and below investment-grade securities. VA hedge effectiveness remained very strong at 98%. Our diversified business model benefits from significant and stable free cash flow contributions from all of the business segments. This supports the consistent and differentiated level of capital return to shareholders.

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，該投資組合的平均信用評級為 AA，只有 1% 的投資組合及投資級別以下的證券。 VA 對沖有效性仍然非常強勁，達到 98%。我們的多元化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。這支持了股東資本回報水平的一致和差異化。

During the quarter, we returned $638 million to shareholders and still ended the quarter with $1.3 billion of excess capital and $2.1 billion of holding company available liquidity. We remain committed to continuing to return capital to shareholders and announced a new $3.5 billion share repurchase authorization through September 30, 2025. With that, we'll take your questions.

本季度，我們向股東返還 6.38 億美元，季度結束時仍有 13 億美元的超額資本和 21 億美元的控股公司可用流動資金。我們仍然致力於繼續向股東返還資本，並宣布了一項新的 35 億美元股票回購授權，截止日期為 2025 年 9 月 30 日。接下來，我們將回答您的問題。

Thank you. We will now begin the question-answer session. (Operator Instructions) The first question is from Alex Blostein with Goldman Sachs.

謝謝。我們現在開始問答環節。 （操作員說明）第一個問題來自高盛的 Alex Blostein。

Maybe we could start with a question on AWM. I want to zone in on kind of the interplay between net new asset growth, Jim, that you talked about in cash. So to your point, capital, obviously sitting in the sidelines and money market fund treasuries and as Fed funds peaks, it's likely that some of that cash is going to make it way into investment products. So what are your expectations for AWM net new asset growth into the second half particularly with an advisory.

也許我們可以先問一個關於 AWM 的問題。吉姆，我想重點關注您談到的現金淨新資產增長之間的相互作用。因此，就您的觀點而言，資本顯然處於場外和貨幣市場基金國庫中，隨著聯邦基金達到頂峰，其中一些現金可能會進入投資產品。那麼，您對下半年 AWM 淨新資產增長的預期是什麼，特別是在諮詢方面。

And then at the same time, do you think any of that reallocation of cash could put incremental pressure on the $30 billion of brokerage sweep balances, which I think were down about 10% sequentially or are they pretty kind of troughy sort of at operational levels at this point. So as part of that, maybe just an update on kind of where that $30 billion sits in July as well.

與此同時，您是否認為任何現金重新分配都會給 300 億美元的經紀商掃除餘額帶來增量壓力，我認為該餘額比上一季度下降了約 10%，或者在運營水平上是否相當低谷在此刻。因此，作為其中的一部分，也許只是對 7 月份這 300 億美元的情況進行更新。

Okay. So Alex, I think we've continued to have very good client flows quarter-to-quarter. This quarter, they were up 10% from last year. But remember, in the second quarter, you always have some adjustment because of tax payments. So if you look at even where we had some of the cash sorting in the second quarter, a significant amount was due to those tax payments coming out in April. And that also then hits your client net flows on a consistent basis like the cash.

好的。所以亞歷克斯，我認為我們每個季度都繼續擁有非常好的客戶流量。本季度，它們比去年增長了 10%。但請記住，在第二季度，您總是會因為納稅而進行一些調整。因此，如果你看看我們在第二季度進行的一些現金分類，就會發現很大一部分是由於 4 月份繳納的稅款所致。然後，這也會像現金一樣持續影響您的客戶淨流量。

Having said that, I would say we continue to see that client flow activity being good. Our client engagement is good. But to the point you just referenced that we mentioned, consistent level has gone more into cash as a holding because of the current yield, right? Now this market has maintained itself a bit better than people expected. I think there was a surprise. Now how the market has climbed so much. Now it's starting to broaden a bit rather than just based on a few stocks. And so if that does continue, and there's a settlement in a sense of even fixed income yields feeling like they're not going to continue to rise at this point. There might be a shift back as we're beginning to see into fixed income products other than cash for a longer duration as well as in equities. And so now where does that money come from, our belief is that we've never held this amount of cash balances before, right? And so $70 billion is up to like 9% of our total assets here. And some of that will come back from those positional cash areas.

話雖如此，我想說我們繼續看到客戶流量活動良好。我們的客戶參與度很好。但就您剛才提到的而言，由於當前的收益率，一致的水平已更多地投入現金作為持有，對吧？現在這個市場的維護狀況比人們預期的要好一些。我認為有一個驚喜。現在市場怎麼漲了這麼多。現在它開始擴大一點，而不僅僅是基於幾隻股票。因此，如果這種情況繼續下去，並且從某種意義上說，即使固定收益收益率也感覺不會繼續上漲。隨著我們開始關注現金以外的長期固定收益產品以及股票，可能會出現回歸。那麼現在這筆錢從哪裡來，我們相信我們以前從未持有過這麼多現金餘額，對吧？因此，700 億美元相當於我們總資產的 9%。其中一些將來自那些頭寸現金領域。

Regarding the sweep per se, we all hold a certain level of cash in those accounts because of usage just like a checking account and certain things like that. So we're not thinking that a large amount or the significant amount will come back. In fact, we see the cash sorting slowing as we go into -- down through the beginning of the third quarter here.

就掃蕩本身而言，我們都在這些帳戶中持有一定數量的現金，因為其用途就像支票帳戶和某些類似的東西一樣。因此，我們並不認為大量或顯著的金額會回來。事實上，我們看到現金分類在第三季度初開始放緩。

And so my belief is that it will come more from position of cash. And because of the size of the balances we're maintaining. Now I can't -- I don't have a perfect crystal ball, but when money comes back in, then more is actually held in a sweep for transactional activity that occurs. So that's really how we're thinking.

因此，我相信這將更多地來自現金狀況。由於我們維持的餘額規模很大。現在我不能——我沒有一個完美的水晶球，但是當錢回來時，更多的錢實際上被保存在發生的交易活動的掃描中。這就是我們的想法。

I got you. That's helpful. Any update on where that $30 billion is in July, just tactically?

我接到你了。這很有幫助。 7 月份這 300 億美元的具體情況有戰術上的更新嗎？

Well, in July, yes, we saw -- it has slowed the way we anticipated, we're just observing now, but we feel comfortable with the slowing that we're seeing.

嗯，在七月，是的，我們看到——它已經按照我們預期的方式放緩了，我們現在只是在觀察，但我們對所看到的放緩感到滿意。

Okay. Great. And then my second question, just around the asset management dynamics that you described. Obviously, it sounds like you're adjusting the expense base to the sort of headwinds we're seeing across the industry. I mean, maybe put a little more granularity about kind of what that means? What are your expectations for G&A growth within the asset management business for the second half, and it sounds like that will continue into 2024.

好的。偉大的。然後是我的第二個問題，圍繞您所描述的資產管理動態。顯然，聽起來您正在調整費用基礎以適應我們在整個行業中看到的逆風。我的意思是，也許可以更詳細地說明這意味著什麼？您對下半年資產管理業務的一般管理費用增長有何預期？聽起來這種情況將持續到 2024 年。

And I guess bigger picture, flows a challenge that's been the story for some time. But the markets, to your point earlier, upright, so the revenue base could actually grow despite the flow challenges. How does that inform this quarter kind of G&A reallocation dynamics? Could G&A be sort of flat to down even in that scenario or the upward market will just naturally put some pressure on the cost base.

我想從更大的角度來看，這是一個已經存在了一段時間的挑戰。但正如您之前所說，市場是直立的，因此儘管面臨流量挑戰，收入基礎實際上仍可能增長。這對本季度的一般管理費用重新分配動態有何影響？即使在這種情況下，總費用和行政費用是否會持平甚至下降，或者上漲的市場自然會給成本基礎帶來一些壓力。

Yes. So what we're really focused on is -- and I think if you looked at the second quarter, G&A was actually down 2%, but because of the share price appreciation and the plans, et cetera, it ended up 2%, but the underlying was actually down. And we expect that to continue. And we're taking a much more concerted effort now that we've gone through some of the major integration activities that we had to do in Europe even though that's not complete. Now we can take a more holistic view of our global expense base, which we are across all areas. And we think there is some good opportunity for us to really target for a reduction in expenses as we move forward and through 2024, and that's really our focus.

是的。所以我們真正關注的是——我想如果你看看第二季度，G&A 實際上下降了 2%，但由於股價升值和計劃等，它最終上升了 2%，但是底層實際上是下跌的。我們預計這種情況會持續下去。現在我們已經完成了我們必須在歐洲進行的一些主要一體化活動，儘管這些活動尚未完成，但我們正在採取更加協調一致的努力。現在，我們可以更全面地了解我們遍布各個領域的全球支出基礎。我們認為，隨著我們向前邁進，到 2024 年，我們將有一些很好的機會真正實現削減開支的目標，而這正是我們的重點。

Next question is from Brennan Hawken with UBS.

下一個問題來自瑞銀集團的布倫南·霍肯。

I'd like to start on the pending Comerica deal. So could we get an update there? Are the assets still around $18 billion? Or has that changed due to market tailwinds or otherwise? And is this base of assets similar to other bank deals that we've seen where there's more of a bias to brokerage than advisory and -- or cash allocations kind of similar to what you have in AWM.

我想從懸而未決的聯信交易開始。那麼我們可以在那裡得到更新嗎？資產還在180億美元左右嗎？還是由於市場順風或其他原因而發生了變化？這種資產基礎是否與我們所見過的其他銀行交易類似，其中對經紀業務的偏見多於諮詢，或者現金分配類似於 AWM 中的情況。

So it's Walter. As it relates to Comerica, it's still on track and the activity levels and certainly the assets that we announced at the -- when we made -- consummate the arrangement is on track also. And it's characterization, yes, cash is a component, but it is within the ranges of the transaction. So we feel very comfortable with it, and we're targeting for the fourth quarter.

所以這是沃爾特。就聯信而言，它仍然在正軌上，活動水平以及我們在完成安排時宣布的資產當然也在正軌上。它的表徵是，現金是一個組成部分，但它是在交易的範圍之內的。所以我們對此感到非常滿意，我們的目標是第四季度。

Okay. So has it really changed from where...

好的。那麼，它真的從哪裡開始改變了嗎？

(inaudible).

（聽不清）。

Got it, perfect. Okay. And then have you -- as we start to see the sort of fluid environment and the forward look for rates and the potential for lower rates as we move into 2024. Maybe I was hoping for an update on the maturity profile of the CDs within the certificate company?

明白了，完美。好的。然後，當我們進入 2024 年時，我們開始看到這種不穩定的環境、利率的前瞻性以及較低利率的潛力。也許我希望獲得關於 CD 的成熟度概況的最新信息。證書公司？

And how are you thinking about managing those balances and maybe either pulling back on rate or leaning in, depending on the outlook and the idea that some of those rates and that funding would be locked in a potentially declining rate environment?

您如何考慮管理這些餘額，也許會降低利率或傾斜利率，這取決於前景以及其中一些利率和資金將被鎖定在可能下降的利率環境中的想法？

So if you mentioned certificate, I would probably focus more on the bank because the bank is really where we have now the advantage of investing and having duration. As you've seen our yield right now is 4.6%. We certainly see that increasing as we have maturities and other things. So we feel quite comfortable that as the environment, I don't know where it's going to go up. I don't know it's going to go down, stay the same, but we are well positioned to have that stability of earnings there and that the yield that we see at the bank, which is the majority of where we've gone out under -- for investing will prevail as we look over the near term. So we're in a very good position from that standpoint.

因此，如果您提到證書，我可能會更多地關注銀行，因為銀行確實是我們現在擁有投資和久期優勢的地方。正如您所看到的，我們現在的收益率是 4.6%。我們當然會看到隨著我們的成熟度和其他因素的增加，這種情況會增加。所以我們感覺很舒服，作為環境，我不知道它會上升到哪裡。我不知道它會下降，保持不變，但我們處於有利地位，可以在那裡保持收益的穩定性以及我們在銀行看到的收益率，這是我們在銀行的大部分投資——從我們的近期來看，投資將佔上風。因此，從這個角度來看，我們處於非常有利的位置。

Yes. No, I totally appreciate that, and I hear you. I was more thinking about managing on the cost side of it.

是的。不，我非常感激，我聽到了。我更多地考慮的是成本方面的管理。

On certificate side, as we would say, we sort of match us sort of like based on the yield we provide for those things. So we sort of look to sort of keep a certain spread on that based on when they -- the money coming in or where we look at it when it's matured.

在證書方面，正如我們所說，我們根據我們為這些東西提供的產量來匹配我們。因此，我們希望根據資金流入的時間或成熟時我們的看法來保持一定的利差。

Yes. And the spread, as I indicated, increased because, obviously, where our investments are catching up with the rate, and it's short duration is 1 year. So from that standpoint, we will adjust it both from the rate crediting rate and certainly our investments, but we feel very confident with the spread there as it's incorporated.

是的。正如我所指出的，利差增加了，因為很明顯，我們的投資正在趕上利率，而且期限很短，只有一年。因此，從這個角度來看，我們將從利率計入利率和當然我們的投資中進行調整，但我們對其中的利差非常有信心，因為它已納入其中。

Right. And the spread is durable in both declining environments as well as rising environments.

正確的。無論是在經濟衰退的環境中還是在上升的環境中，這種價差都是持久的。

Yes, it certainly. We'll maintain a certain degree of spread. But obviously, just as rates go up and down.

是的，當然可以。我們會保持一定程度的傳播。但顯然，就像利率上下波動一樣。

The next question is from Erik Bass with Autonomous Research.

下一個問題來自 Autonomous Research 的 Erik Bass。

For Asset Management, do you still think at 31% to 35% margin is the right target to think about near term? And given the expense actions you've talked about as well as the benefit from rising markets. Do you think you could get back to that level in the second half of this year?

對於資產管理，您仍然認為 31% 至 35% 的利潤率是近期考慮的正確目標嗎？考慮到您所討論的支出行動以及市場上漲帶來的好處。您認為今年下半年能恢復到這個水平嗎？

Yes. I can't -- listen, I can't predict the third quarter per se, but we're not changing that targeted rate, and we definitely believe that we can be within that targeted rate. I can't tell you about a quarter. But I would probably say, yes, we feel comfortable with that as we go to the second half, but into '24.

是的。我不能——聽著，我本身無法預測第三季度，但我們不會改變目標利率，而且我們絕對相信我們可以達到該目標利率。我不能告訴你四分之一。但我可能會說，是的，我們對此感到滿意，因為我們進入了下半場，但進入了 24 年。

Perfect. And then can you update us on the plans to launch a brokered CD product and any other bank products for the second half of the year and what your expectations are for the type of assets that those could attract.

完美的。然後您能否向我們介紹下半年推出經紀 CD 產品和任何其他銀行產品的計劃，以及您對這些產品可能吸引的資產類型的期望。

Yes. So we did soft launched a brokered CD in the second quarter, and that's starting to take hold here. We also put out a base savings product. Again, that's beginning to take hold. And we have plans for the third -- the end of the third quarter to actually put some incentives type activity there to bring in new cash from outside the firm. .

是的。因此，我們在第二季度軟發行了經紀 CD，並且這種情況開始在這里扎根。我們還推出了基礎儲蓄產品。再次，這種情況開始佔據主導地位。我們計劃在第三季度末進行一些激勵類型的活動，從公司外部引入新的現金。 。

And also a preferred type of savings product in the fourth quarter. So we're sort of getting how they are positioned on the platform and then how we sort of rolled that out from soft launches, et cetera. But yes, we will have a set of those type of savings products as we go through the rest of the year into next year. We will then target to bring in more cash externally.

也是第四季度首選的儲蓄產品類型。因此，我們正在了解它們在平台上的定位，然後我們如何通過試發布等方式將其推出。但是，是的，當我們從今年剩餘時間到明年時，我們將擁有一套此類儲蓄產品。然後我們將目標是從外部引入更多現金。

And how would you sort of tier the margin expectation on that relative to the other cash products or certificates?

相對於其他現金產品或證書，您如何對保證金預期進行分級？

So what I would say, first of all, you got to separate the suite, which is a different animal from various savings products, but I'll let Walter...

所以我想說的是，首先，你必須將套件分開，它與各種儲蓄產品是不同的動物，但我會讓沃爾特......

The margin, as we have certainly a reserve count that at search and the margin in the bank is similar. It's a little harder, but the margin is good. And then we're competitive on each one of the products as we look at the CD and obviously, the rates there are certainly being driven by regional banks and others, but we will remain competitive. But the margins there are lower as you would expect. (inaudible).

保證金，因為我們在搜索時的準備金數量和銀行的保證金是相似的。雖然有點難，但是利潤還是不錯的。然後，當我們考慮定期存單時，我們在每一種產品上都具有競爭力，顯然，那裡的利率肯定是由地區銀行和其他銀行驅動的，但我們將保持競爭力。但正如您所預期的那樣，那裡的利潤率較低。 （聽不清）。

The next question is from Suneet Kamath with Jefferies.

下一個問題來自 Jefferies 的蘇尼特·卡馬斯 (Suneet Kamath)。

Just going back to the bank for a second. So our understanding is that you'll have, I think, $1.4 billion of assets sort of maturing and rolling into new assets in the second half and then a similar amount in the first half of next year. So would it be possible to get sort of the current yields on those assets just so we can kind of think through when that reinvestment occurs, how much upside you guys would have?

只是回到銀行一會兒。所以我們的理解是，我認為，你將有 14 億美元的資產在下半年到期並轉入新資產，然後在明年上半年有類似的數額。那麼是否有可能獲得這些資產的當前收益率，以便我們可以思考當再投資發生時，你們會有多少上漲空間？

Yes. I would say, you're right. It will probably -- you saw (inaudible) 4, 6 range. With that, we're getting in the ranges 5 -- high 5s, low 6s. And so that should go up. Yes, I can't tell you where rates are going to be. But if it's great to stay where they are, actually move around 50 basis points -- 40, 50 basis points by the end of the year.

是的。我會說，你是對的。它可能會——您看到（聽不清）4、6 範圍。這樣，我們就進入了 5 範圍——高 5，低 6。所以這個數字應該會上升。是的，我無法告訴你費率是多少。但如果保持現狀很好，那麼到年底實際上應該調整 50 個基點左右——40、50 個基點。

So you're saying an incremental 40 to 50 basis points?

所以你是說增加 40 到 50 個基點？

It's around 5%.

大約是5%。

Got it. Okay. And then I guess...

知道了。好的。然後我猜...

I just want to clarify that since rates stay the way they are today, okay? And spread.

我只是想澄清一下，既然費率保持不變，好嗎？並傳播開來。

Yes. Got it. Okay. And then I guess you're talking about this now $70 billion cash number. And I think last quarter, that was maybe $60 billion. Obviously, there's a portion of that, that you guys have kind of in that $42 billion range. So as we think about that incremental $28 billion, I know some of that's in other companies' products, but what's a reasonable expectation in terms of how much of those assets you guys think you could ultimately have in your own products?

是的。知道了。好的。然後我猜你正在談論這個現在 700 億美元的現金數字。我認為上個季度，這可能是 600 億美元。顯然，其中有一部分是你們擁有的 420 億美元範圍內的資金。因此，當我們考慮增量 280 億美元時，我知道其中一些是在其他公司的產品中，但是對於你們認為最終可以在自己的產品中擁有多少資產而言，合理的預期是多少？

So I think what I would say is I think good amount could come back, but not just into our own savings type products, but more importantly, into the wrap type of business again. If you recollect before the sort of period where people got a little more concerned, we had roughly a majority of our client flows going into wrap. And so I believe right now, we're at a sort of a low point of the amount of cash being deployed into wrap. And I do believe part of that went to positional cash. And that position of cash will start to come in. And remember, I think the investments in fixed income is much lower than it's been in a long time because of the yields going up on the duration and people not wanting to get whipsawed. And so that money will come back in, and that does go into wrap accounts as well because it's more of a balanced portfolio that they utilize.

因此，我認為我想說的是，我認為大量資金可能會回來，但不僅僅是進入我們自己的儲蓄型產品，更重要的是，再次進入包裝型業務。如果你還記得在人們變得更加擔心的那個時期之前，我們的大約大部分客戶流量都進入了尾聲。所以我相信現在我們正處於部署現金數量的低點。我確實相信其中一部分用於頭寸現金。現金頭寸將開始出現。請記住，我認為固定收益投資遠低於長期以來的水平，因為收益率隨著期限的推移而上升，而且人們不想受到損失。這樣錢就會回來，而且也會進入包裝賬戶，因為他們利用的更多是一個平衡的投資組合。

Got it. And then if I could just sneak one more in. Jim, I thought your comment about high net worth and millennial opportunities sounded like it was new. Is that an opportunity something that you can attack sort of organically? Or are there capabilities that you'd need to acquire in order to capitalize on that growth opportunity?

知道了。然後，如果我能再偷偷地插一句的話。吉姆，我認為你對高淨值和千禧一代機會的評論聽起來像是新的。這是一個你可以有機地抓住的機會嗎？或者您是否需要獲得某些能力才能利用該增長機會？

No, Suneet. We're already -- for instance, we're already bringing high net worth clients nicely. But we have not made that a more concerted effort in the franchise yet. But now we are putting more deploying around that. And we do have most of the capabilities, if not all of them. I mean there's always some bells and whistles we add, but we have added to a product platform, our alternative platform, et cetera. We have now -- and the advice part of what we have actually worked very well for high net worth clients. And what we found is when we did our research that we are considered up there for high net worth clients or prospects similar to any of the private houses out there that cater to them or the major wire houses that cater to them.

不，蘇妮特。例如，我們已經很好地吸引了高淨值客戶。但我們還沒有在特許經營中做出更一致的努力。但現在我們正在圍繞這一點進行更多部署。我們確實擁有大部分能力，即使不是全部。我的意思是我們總是添加一些花哨的東西，但我們已經添加到產品平台、我們的替代平台等等。我們現在已經為高淨值客戶提供了非常有效的建議。我們發現，當我們進行研究時，我們被視為高淨值客戶或潛在客戶，類似於任何迎合他們的私人住宅或迎合他們的主要電線公司。

So we don't have a disadvantage there and it's one that we're building out the focus of our advisers to really understand and see that so that they can target it more. And then on the millennial side, we've made a lot of investments in our digital capabilities and the engagement way of doing that we will also be really starting to focus more on for bringing in younger clients either through some of the younger advisers we bring, but more even direct in some of our things because we have remote channel set up to work with clients that way. And so I feel very good about those opportunities, giving us further expansion efforts.

因此，我們在這方面沒有劣勢，我們正在建立顧問的重點，以真正理解和看到這一點，以便他們能夠更有針對性。然後在千禧一代方面，我們在數字能力和參與方式上進行了大量投資，我們也將真正開始更多地關注通過我們帶來的一些年輕顧問引入年輕客戶，但在我們的一些事情上更直接，因為我們設置了遠程通道以這種方式與客戶合作。因此，我對這些機會感到非常滿意，為我們提供了進一步的擴張努力。

The next question is from Steven Chubak with Wolfe Research.

下一個問題來自 Wolfe Research 的 Steven Chubak。

It's Michael Anagnostakis on for Steven. I just wanted to circle back to the rate sensitivity picture here. I guess given the shape of the curve. Maybe you could provide some updated color on your rate sensitivity. Can you help us size the impact to your earnings from rate cuts on the static balance sheet? And how do you expect your deposit betas to differ on the way down versus the way up given your certificate percentage and low-cost sweep deposits funding the bank.

邁克爾·阿納格諾斯塔基斯 (Michael Anagnostakis) 替補史蒂文 (Steven)。我只是想回到這裡的速率敏感性圖片。我猜考慮到曲線的形狀。也許您可以提供一些關於您的速率敏感度的更新顏色。您能否幫助我們衡量靜態資產負債表降息對您收益的影響？考慮到您的證書百分比和為銀行提供資金的低成本掃除存款，您預計您的存款貝塔值在下降過程中與上升過程中有何不同。

So again, from the standpoint on rate going down, we do have. Since we are now having some substantial amounts in the bank, that would give us insulation from that standpoint for the portions that would be subject to short-term of the Fed fund reductions, that -- on that basis, you can imagine it's a straight calculation for every percentage going down. So it's factored into our analysis and we've seen the cycle going up and going down, but the mathematics are -- on that basis, we have $6 billion, $7 billion sitting in -- on off balance sheet. You can do the calculation on a 1% change.

所以，從利率下降的角度來看，我們確實有。由於我們現在在銀行里有大量資金，這將使我們從這個角度來看，不受美聯儲短期削減基金影響的部分的影響，在此基礎上，你可以想像這是一個直接的計算每個下降的百分比。因此，它被納入我們的分析中，我們已經看到了周期的上升和下降，但數學是——在此基礎上，我們在資產負債表外有 60 億美元、70 億美元。您可以按 1% 的變化進行計算。

As it relates to the certs, the certs really to adjust. It's a matter like on the way up, we lose them until it catches up and the way down, we'll gain. Because we'll have the investments there, and we certainly have the liquidity to cover it. So therefore, it's a positive to us on the cert side when it's going down because of the investments. And just like we've had to catch up situation now when it's been going up.

因為它涉及到證書，所以證書確實需要調整。這就像在上升的過程中，我們會失去它們，直到它迎頭趕上，而在下降的過程中，我們就會獲得。因為我們將在那裡進行投資，而且我們當然有足夠的流動性來覆蓋它。因此，當證書因投資而下降時，這對我們來說是積極的。就像現在情況一直在上升時我們必須趕上一樣。

Got it. And then I just want to flip on to expenses here. I guess how should we be thinking about long-term G&A growth for the firm given some of the reduction efforts you're undertaking a more fully funded bank and a progress on BMO if you could help us think about the growth between the wealth segment and the firm as a whole, that would be great.

知道了。然後我只想談談這裡的費用。我想我們應該如何考慮公司的長期一般行政費用增長，因為您正在採取一些削減努力，一家資金更充足的銀行以及蒙特利爾銀行的進展，如果您能幫助我們考慮財富部門和整個公司，那就太好了。

I would -- let me start and Walter can complement. So overall, for the firm, when we talk about G&A per se, I would say it's relative -- it's going to be relatively flat. Remember, you got merit in creating another things that are part of that, but it will be relatively flat overall based on what we're looking to do. If you think about where there may be a little more versus a little less or maybe a little more in the AWM because of the growth of that business and maybe a bit less on the asset management side, meaning that there will be expense reductions. But overall, if I look at that across the firm, including all the various groups, it will be relatively flat, absorbing the inflationary expenses that occur while we continue to make good investments in the business.

我會——讓我開始，沃爾特可以補充。因此，總的來說，對於公司來說，當我們談論一般行政費用本身時，我會說它是相對的——它將相對持平。請記住，您在創建其中一部分的其他內容方面獲得了優點，但根據我們想要做的事情，總體而言它將相對平坦。如果你考慮一下，由於業務的增長，AWM 中可能會多一點，或者少一點，或者可能會多一點，而資產管理方面可能會少一點，這意味著費用將會減少。但總的來說，如果我看看整個公司，包括所有不同的集團，它將相對平穩，吸收了我們繼續對業務進行良好投資時發生的通貨膨脹費用。

The next question is from Tom Gallagher with Evercore ISI.

下一個問題來自 Evercore ISI 的 Tom Gallagher。

First question is why did Ameriprise withdraw its application early this month to convert to a state-chartered industrial bank and a national trust bank. Have there been any changes in regulation or rules related to your current structure? Or any -- can you give some perspective on that?

第一個問題是，為什麼 Ameriprise 在本月初撤回了轉為國家特許工業銀行和國家信託銀行的申請。與您當前結構相關的法規或規則是否有任何變化？或者任何——你能對此給出一些看法嗎？

I think it's a matter of certainly the situation as you look at the FACA Board and what they felt about with the regional bank situation would they really want to now expand into a state. And we just felt the probability was done not there. And we're quite confident with the FSB at this stage. So we withdrew it, rather. And it was just -- again, they were working on decisioning it, and we just felt that we would withdraw based on the clients of circumstances. It will l till -- we still have -- again, the capability, so it doesn't really affect us, but that's the story. With the regional bank and the other situations, the environment just we felt was not there.

我認為這肯定是一個問題，當你看看 FACA 董事會以及他們對地區銀行情況的看法時，他們是否真的想擴展到一個州。我們只是覺得這種可能性不存在。現階段我們對 FSB 非常有信心。所以我們撤回了它。再次，他們正在努力做出決定，我們只是覺得我們會根據客戶的情況退出。直到我們仍然擁有這種能力，所以它並沒有真正影響我們，但這就是故事。對於區域銀行和其他情況，我們感覺的環境並不存在。

And Walter, do you expect there to be any changes on capital where you might have to hold more? Or is that less certain? Just any perspective on that?

沃爾特（Walter），您是否預計資本會發生任何變化，您可能需要持有更多資金？或者說不太確定？對此有何看法？

Yes. So from our standpoint, as part of our steady state planning, certainly, the differential. No, if anything, you probably would have a tick up on a state situation, and we certainly understood that. But no, the short answer to the question is no. We do not because of this situation with the state or with the FSB. We quite -- we do not anticipate other than the Fed is evaluating, right, based on the situations that they've seen. And we would be just like anybody else in our -- what the size of our balance sheet impacted for that level.

是的。因此，從我們的角度來看，作為我們穩態規劃的一部分，當然存在差異。不，如果有的話，你可能會對州局勢有所了解，我們當然理解這一點。但不，這個問題的簡短答案是否定的。我們不會因為這種情況而與國家或金融穩定委員會合作。我們預計美聯儲不會根據他們所看到的情況進行評估，對吧。我們就像我們的其他人一樣——我們的資產負債表規模對該水平的影響。

Got you. Next question, just can you comment on any updates on risk transfer on the RPS side? Is that still -- it sounded like you went through a more thorough process, you emerged from it saying you didn't like the pricing, yet you're seeing a lot of competitors in the life insurance space. Do further risk transfer deals so that trend continues. And it's pretty good pricing actually on some of the recent deals. So curious, if that's changed at all your perspective, whether the competitor pricing or where do you stand on overall risk transfer.

明白你了。下一個問題，您能否評論一下RPS方面風險轉移的最新情況？聽起來你經歷了一個更徹底的過程，你說你不喜歡這個定價，但你在人壽保險領域看到了很多競爭對手。進行進一步的風險轉移交易，以使趨勢得以延續。對於最近的一些交易來說，這實際上是相當不錯的定價。很好奇，您的觀點是否發生了變化，無論是競爭對手的定價還是您在整體風險轉移方面的立場。

I think that more importantly where we stand with holdings. Certainly, we feel very comfortable with what we have. And as we look at it and then yes, certainly evaluated situations. As we've always said, we've looked at it, many of the stuff in the past has been distressed. Yes, we've seen some changes there. And certainly, we are not going outbound, well certain inbounds come in, we evaluate them. So -- but we are very comfortable where we are right now.

我認為更重要的是我們持有的股票的立場。當然，我們對我們所擁有的感到非常滿意。當我們審視它時，是的，當然評估了情況。正如我們常說的，我們看過了，很多過去的東西都讓人心疼。是的，我們已經看到了一些變化。當然，我們不會出去，而是某些入境進來，我們會對它們進行評估。所以——但我們對現在的處境感到非常滿意。

But now would you say nothing's really changed on your view that there's still too wide of a bit spread relative to what you think the value of your book is versus the type of pricing that's out there.

但現在你是否會說，你的觀點並沒有真正改變，即相對於你認為的書的價值與現有的定價類型而言，仍然存在太大的差距。

Certainly, we've seen changes shifting with the books that are going. But again, we don't do a detailed analysis and we actually evaluate facts and circumstance as it relates to us.

當然，我們已經看到隨著書籍的出版而發生的變化。但同樣，我們不會進行詳細的分析，我們實際上會評估與我們相關的事實和情況。

Yes. I mean, we haven't gone through an in-depth of what's recently occurred and what may happen in the market. I think from our perspective right now, we have a very solid business there. We have a very low risk profile for that business, as Walter said, it's going to continue to generate roughly $200 million of PTI a quarter, $800 million for a year. Most of that is free cash flow for us. So that's how we think about it. But if there are opportunities that arise, we'll always have to entertain them.

是的。我的意思是，我們還沒有深入了解最近發生的事情以及市場可能發生的事情。我認為從我們目前的角度來看，我們在那裡擁有非常穩固的業務。正如沃爾特所說，我們對該業務的風險狀況非常低，它將繼續每季度產生大約 2 億美元的 PTI，每年產生 8 億美元。其中大部分是我們的自由現金流。這就是我們的想法。但如果有機會出現，我們總是要好好招待它們。

The next question is from Craig Siegenthaler with Bank of America.

下一個問題來自美國銀行的克雷格·西根塔勒。

Thanks. Good morning, everyone. So next quarter, you're going to have your annual insurance liability unlocking exercise. And last year resulted in a large negative adjustment with the bear market effect or on the variable annuity book. This year, markets are up a lot, interest rates are up a lot. So my question is, should we get a reversal on unlocking last year just given the bull market that we're in? And also, could there be a release in the long-term care block just given that interest rates are a lot higher?

謝謝。大家，早安。因此，下個季度，您將進行年度保險責任解鎖活動。去年，由於熊市效應，可變年金賬面出現了大幅負調整。今年，市場上漲了很多，利率也上漲了很多。所以我的問題是，鑑於我們所處的牛市，我們是否應該逆轉去年的解鎖？此外，考慮到利率高得多，長期護理板塊是否會釋放？

Yes. The interest rates will tight, but listen, there is a balance between the equity markets and in the interest market. So we -- from that standpoint, our -- looking at our available cap, that's why we came out of a ratio, looking at it because you're looking at it from an LDTI standpoint and from our standpoint, that's why we've determined it is not the driver of it. So the element is statutory from that standpoint. So we feel comfortable that the market is there. The interest rates, certainly, we -- you've seen our position and our excess capital has not changed sequentially. So we right now, it's -- we are navigating the situation, and we feel very confident with it. So as rate -- as environments change, we have the ability to certainly absorb and adjust for it. And yes, if we get benefits, we will evaluate certainly our positioning.

是的。利率將會收緊，但聽著，股票市場和利率市場之間存在平衡。所以我們——從這個角度來看，我們的——看看我們的可用上限，這就是為什麼我們得出一個比率，看看它，因為你是從LDTI 的角度來看它，從我們的角度來看，這就是為什麼我們確定它不是它的驅動程序。因此，從這個角度來看，該要素是法定的。所以我們對市場的存在感到放心。當然，利率，我們——你已經看到我們的立場和我們的超額資本並沒有連續改變。所以我們現在，我們正在應對這種情況，我們對此非常有信心。因此，隨著環境的變化，我們當然有能力吸收和調整它。是的，如果我們獲得利益，我們肯定會評估我們的定位。

Thanks, Walter. My follow-up, and I think I know your answer here, but I just kind of want to hear it anyway. You stopped some fixed annuities, you insured your book to KKR's Global Atlantic. But we've watched the all to acquire these books pretty aggressively, and now interest rates are back to healthy levels. ROEs on these portfolios are higher and the product isn't that complicated. It's really just credit quality (inaudible). So don't you have a competitive advantage with your large distribution channel in wealth. And you seem pretty happy with their decision. But don't higher interest rates versus the last 15-plus years, changed the calculus on the fixed annuity business, too.

謝謝，沃爾特。我的後續行動，我想我知道你的答案，但無論如何我只是想听聽。你停止了一些固定年金，你為你的書投保了 KKR 的 Global Atlantic。但我們已經看到所有人都非常積極地收購這些書籍，現在利率已恢復到健康水平。這些投資組合的股本回報率較高，而且產品也沒有那麼複雜。這實際上只是信用質量（聽不清）。那麼，您在財富方面擁有龐大的分銷渠道，難道沒有競爭優勢嗎？你似乎對他們的決定很滿意。但與過去 15 多年相比，利率的上升並沒有改變固定年金業務的計算方式。

Well, yes, listen, fixed annuities has certainly gotten back in favor from that standpoint. And we will evaluate it. But it also has implications from a balance sheet standpoint in surrender out of surrender and certainly portfolio. We feel very comfortable with, like you said, with the reinsurance situation and there, but we are constantly evaluating. We'll go back to manufacturing or not. And right now, I think we're comfortable where we are, but certainly, yes, there are advantages to it and it ebbs and flows. We do know that, right? As rates go up and down, you have implications from a liquidity and other standpoint with that portfolio. That's why we basically felt very comfortable reinsuring it.

嗯，是的，聽著，從這個角度來看，固定年金肯定又重新受到青睞。我們將對其進行評估。但從資產負債表的角度來看，它也對退保和投資組合產生影響。正如您所說，我們對再保險的情況感到非常滿意，但我們正在不斷評估。我們是否會回到製造業。現在，我認為我們對目前的處境感到滿意，但當然，是的，它有優勢，而且它有起有落。我們確實知道這一點，對吧？隨著利率的上升和下降，您會從流動性和其他角度對該投資組合產生影響。這就是為什麼我們基本上對對其進行再保險感到非常放心。

But it's certainly -- we continue -- RPS Group continues to evaluate and make a recommendation on it as we look at it. But we are -- I can say right now, we're good.

但可以肯定的是——我們繼續——RPS 集團在我們審視它時將繼續對其進行評估並提出建議。但我們——我現在可以說，我們很好。

The next question is from Ryan Krueger with KBW.

下一個問題來自 KBW 的 Ryan Krueger。

You mentioned the 50 -- the 40 to 50 basis points of yield uplift within the bank. Would you expect much, if any, higher deposit costs or interest costs along with that? Or should that predominantly drop to the bottom line?

您提到了銀行內部收益率提升 50 個基點，即 40 到 50 個基點。您是否預計存款成本或利息成本會隨之增加（如果有的話）？或者應該主要下降到底線？

That factor -- that was -- I was giving you actually the asset earning rate on that, going. And -- that was the question. That was what I was referring to.

那個因素——那就是——我實際上給了你資產收益率。這就是問題所在。這就是我所指的。

Or as that, we would just add to cost of funds for the bank as we look at the situation where it sources, which is primarily coming out of the sweep accounts.

或者說，當我們研究資金來源的情況時，我們只會增加銀行的資金成本，資金主要來自掃款賬戶。

Okay. And then you've seen the certificate balance increase this year. I think you're rolling out more products within the bank. At some point, should we expect some of the certificate balances to roll off the group into the bank? And if so, is there much of a margin difference between the 2?

好的。然後您會看到今年的證書餘額有所增加。我認為你們正在銀行內推出更多產品。在某個時候，我們是否應該期望一些憑證餘額會從集團轉入銀行？如果是這樣，兩者之間的邊際差異是否很大？

If you look at it from that standpoint, the large bound on certificates in the bank should be comparable. And yes, we have built up. And we just -- as Jim indicated, we launched our bank certificate product. So we will certainly have that offering to people. But right now, we're not anticipating big shifts coming in, but we're certainly giving them the capability within a short product.

如果從這個角度來看，銀行中的憑證的大範圍應該是可比的。是的，我們已經建立起來了。正如吉姆所說，我們剛剛推出了銀行憑證產品。所以我們肯定會向人們提供這種服務。但現在，我們預計不會出現重大轉變，但我們肯定會在短期產品中為他們提供能力。

The next question is from Jeff Schmitt with William Blair.

下一個問題是傑夫·施密特和威廉·布萊爾提出的。

I have another question on brokerage sweep rates. They appear to be pretty flat from last quarter and the deposit beta seems to have slowed for the industry. And just wondering if there's potential for you to increase your sweep rate if the Fed keeps raising interest rates? Or are competitive levels such that you may not need to raise it much anymore?

我還有一個關於經紀掃蕩率的問題。與上季度相比，它們似乎相當持平，而且該行業的存款貝塔似乎已經放緩。只是想知道如果美聯儲繼續加息，您是否有可能提高您的掃除率？或者競爭水平是否足以讓您不再需要提高太多？

Listen, we have a very robust valuation system that goes on to ensure we offer competitive rates in that and we are now evaluating -- the team is now evaluating, yes. So you will have see, as we look at the competitive environment and landscape that we will evaluate then the -- our deposit beta and increase rates accordingly to ensure that we offer our clients competitive rates. That's a very focused program we have.

聽著，我們有一個非常強大的評估系統，可以確保我們提供有競爭力的價格，我們現在正在評估——團隊現在正在評估，是的。所以你會看到，當我們審視競爭環境和格局時，我們將評估我們的存款貝塔值並相應提高利率，以確保我們為客戶提供有競爭力的利率。這是我們的一個非常有針對性的計劃。

Yes. Okay. And then just on capital return, I think it's running at 80% of operating earnings in the first half. I know in the past, you've sort of targeted 90% or at least for the full year, I mean, should we expect it to move up to that? Or is there any reason it's sort of running below that long-term target?

是的。好的。然後就資本回報率而言，我認為上半年它佔營業利潤的 80%。我知道過去，你們的目標是 90%，或者至少是全年，我的意思是，我們是否應該期望它能達到這個目標？或者有什麼原因導致它低於長期目標嗎？

Well, right now, we established this year, we said our target for this year is going to be 80%. Obviously, you can go up and down a quarter from that stand. And we're still comfortable with that right now staying with that guidance.

嗯，現在，我們今年確定了，我們說今年的目標是80%。顯然，你可以從那個看台上下四分之一。我們現在仍然對此感到滿意，堅持這一指導。

We have no further questions at this time. And this concludes today's conference. Thank you for participating. You may now disconnect.

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