阿默普萊斯金融 (AMP) 2024 Q2 法說會逐字稿

-- listen-only mode. Later, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, the conference is being recorded.

-- 只聽模式。隨後，我們將進行問答環節。 （操作員說明）謹此提醒，會議正在錄製中。

I will now turn the call over to Alicia Charity. Alicia, you may begin.

我現在將把電話轉給艾莉西亞慈善機構。艾莉西亞，你可以開始了。

Thank you, operator, and good morning. Welcome to Ameriprise Financials’ 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'd be happy to take your questions.

謝謝您，接線員，早安。歡迎參加 Ameriprise Financials 第二季財報電話會議。今天與我通話的有董事長兼執行長 Jim Cracchiolo 和財務長 Walter Berman。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 reference to various non-GAAP financial measures, which we believe provide insight into the company operations. Reconciliation of non-GAAP numbers to their respective GAAP numbers can be found in today's materials and on our website.

轉向我們網站上提供的收益簡報資料。在投影片 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營運。非 GAAP 數據與其各自 GAAP 數據的調整可以在今天的材料和我們的網站上找到。

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 second quarter 2024 earnings release, our 2023 Annual Report to shareholders and our 2023 10-K Report. We make no obligation to publicly update or revise these forward-looking statements.

我們在本次電話會議中所做的一些陳述可能具有前瞻性，反映了管理階層對未來事件以及整體營運計畫和績效的預期。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有重大差異的因素和風險樣本清單可以在我們的 2024 年第二季收益發布、我們向股東提交的 2023 年年度報告和 2023 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.

在投影片 3 上，您可以在頁面頂部看到我們第二季的 GAAP 財務表現。在其下方，您可以看到我們調整後的經營業績，管理層認為，這些業績透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。

And with that, I'll turn it over to Jim.

有了這個，我會把它交給吉姆。

Good morning, everyone. As you saw in our release, Ameriprise delivered another strong quarter and first half of the year, continuing our record of delivering strong operating results over many years and operating environments.

大家，早安。正如您在我們的新聞稿中看到的，Ameriprise 再次實現了強勁的季度和上半年業績，延續了我們多年來在營運環境中提供強勁營運業績的記錄。

Looking at the external landscape in the quarter, markets continue to be good with the expectation that there will be a soft landing. While inflation remains sticky, people assume that it's going to come down. However, that could take longer than expected. And there is also the ongoing geopolitical instability and the upcoming US election. So all of this is top of mind for our clients.

從本季外部情勢來看，市場持續向好，預計將出現軟著陸。儘管通膨仍然存在黏性，但人們認為通膨將會下降。然而，這可能需要比預期更長的時間。此外，還有持續的地緣政治不穩定和即將到來的美國大選。因此，所有這些都是我們客戶最關心的問題。

With that as a backdrop, our second quarter results were excellent. In terms of our operating results, revenues were up 9% from positive business results and markets and in fact, reached a new record of $4.2 billion. Earnings were also excellent with EPS, excluding disclosed severance costs, increasing 17% to $8.72. This is also a new high.

在此背景下，我們第二季的業績非常出色。就我們的經營業績而言，由於積極的業務業績和市場，收入增長了 9%，事實上，達到了 42 億美元的新紀錄。扣除揭露的遣散費後，每股盈餘也表現出色，成長 17% 至 8.72 美元。這也是一個新高。

We also generated free cash flow of 90% and returned another $693 million to shareholders and our return on equity was nearly 50% and continues to be best in class. Our assets under management and administration were $1.4 trillion, up 12% year over year with good client net inflows and market appreciation.

我們還產生了 90% 的自由現金流，並向股東返還了 6.93 億美元，股本回報率接近 50%，繼續保持同類最佳水平。我們管理和管理的資產為 1.4 兆美元，年增 12%，客戶淨流入和市場升值良好。

We have also been adept at maintaining a significant investment agenda that is complemented by our strong reengineering discipline for reinvestment. We've freed up additional resources, which is why you've seen some additional severance costs in the quarter that we will benefit from through the year. In fact, G&A was down 2% excluding those one-time costs.

我們也擅長維持重要的投資議程，並輔以我們強大的再投資再造紀律。我們釋放了額外的資源，這就是為什麼您在本季度看到了一些額外的遣散費，我們將在全年中受益。事實上，不包括那些一次性成本，一般管理費用下降了 2%。

In Wealth Management, we're building on what we know works, quality engagements centered on advice and delivered through the Ameriprise client experience. Client satisfaction remains excellent at 4.9 out of 5 stars, and we continue to receive important industry accolades. Total client assets and wealth management was strong at $972 billion, up 17%.

在財富管理方面，我們正在以我們所知的有效方法為基礎，以建議為中心並透過 Ameriprise 客戶體驗提供高品質的服務。客戶滿意度仍然很高，達到 4.9 顆星（滿分 5 顆星），我們繼續獲得重要的行業讚譽。客戶資產和財富管理總額強勁，達到 9,720 億美元，成長 17%。

We're also attracting new clients in the 500,000 to 5 million range. Our most recent research underscores that our premium client value proposition continues to appeal to people who want to work with a trusted adviser and a trusted firm like Ameriprise and advice relationship. For the quarter, total client wrap assets reached $535 billion, an increase of 18%.

我們也吸引了 50 萬到 500 萬範圍內的新客戶。我們最新的研究強調，我們的優質客戶價值主張繼續吸引那些想要與值得信賴的顧問和像 Ameriprise 這樣值得信賴的公司合作並建立諮詢關係的人。本季客戶包裝總資產達 5,350 億美元，成長 18%。

Wrap flows also grew nicely, up 34% year over year to $7.5 billion, and transactional activity was also up increasing 19% from a year ago.

包裝流量也成長良好，年增 34%，達到 75 億美元，交易活動也較去年同期成長 19%。

Cash balances, though still at a higher level are beginning to ship back to wrap and other products which represent a future growth opportunity for us. We continue to provide exceptional support and capabilities for our advisers both satisfaction and growth remain excellent. Productivity increased another 11%, $968,000 in the quarter.

現金餘額雖然仍處於較高水平，但已開始重新包裝和其他產品，這對我們來說是未來的成長機會。我們繼續為我們的顧問提供卓越的支援和能力，滿意度和成長仍然出色。本季生產力又成長了 11%，達到 968,000 美元。

We're focused on leveraging our integrated and effective CRM, engagement tools and digital capabilities for client deepening and acquisition to complement in-person interactions. We're also using automation and analytics to drive efficiency, helping advisors enhance personalization based on client needs and identifying new growth opportunities.

我們專注於利用我們整合且有效的 CRM、參與工具和數位功能來深化和獲取客戶，以補充面對面的互動。我們也利用自動化和分析來提高效率，幫助顧問根據客戶需求增強個人化並發現新的成長機會。

Our advisor force grew to nearly 10,400 in the quarter. We added another 52 experienced advisers, and we feel good about our pipeline as well as our differentiated value proposition.

本季我們的顧問團隊已增至近 10,400 人。我們又增加了 52 位經驗豐富的顧問，我們對我們的管道以及差異化的價值主張感到滿意。

At Ameriprise, total assets were up year over year, and we closed the quarter at $23 billion. Strong contributions from bank earnings drove a nice increase in net investment income. We continue to have good adviser and client interest in lending with notable growth in pledged loan volumes as our advisors engage their clients in our banking solutions.

在 Ameriprise，總資產年增，本季末達到 230 億美元。銀行獲利的強勁貢獻推動了淨投資收益的大幅成長。我們的顧問和客戶對貸款繼續保持良好的興趣，隨著我們的顧問讓客戶參與我們的銀行解決方案，質押貸款量顯著增長。

During the quarter, I spent time with the top 10% of our advisor force at a largest recognition conference. They appreciate what we built together and that Ameriprise is not just another firm or group of practices, but then we have a supportive and caring culture that helps them have highly successful practices. And our retirement protection businesses, a consistent contributor to our positive results.

本季度，我在一次規模最大的表彰大會上與我們顧問隊伍中排名前 10% 的人一起度過了時光。他們欣賞我們共同建立的東西，而 Ameriprise 不僅僅是另一家公司或一組實踐，而且我們擁有一種支持和關懷的文化，可以幫助他們獲得非常成功的實踐。我們的退休保障業務為我們取得積極成果做出了持續貢獻。

As our advisors provide more advice, they're appropriately incorporating annuity insurance solutions to serve clients' complex needs with driving good sales in our targeted areas. For example, structured annuity sales were up 60% from a year ago, and insurance VUL sales were up 24%. RPS continues to add nicely to our overall earnings and free cash flow and we continue to feel very good about our product mix and position.

隨著我們的顧問提供更多建議，他們會適當地整合年金保險解決方案來滿足客戶的複雜需求，並在我們的目標領域推動良好的銷售。例如，結構性年金銷售額年增 60%，保險 VUL 銷售額成長 24%。 RPS 繼續很好地增加我們的整體收益和自由現金流，我們繼續對我們的產品組合和地位感到非常滿意。

In asset management, clearly the active industry remains dynamic. Our team remains focused on client needs and generating attractive investment performance. Total assets under management increased 4% to $642 billion as market appreciation more than offset net outflows. We continue to have good investment performance across asset classes and time periods.

在資產管理領域，活躍的行業顯然仍然充滿活力。我們的團隊始終專注於客戶需求並創造有吸引力的投資績效。由於市場升值超過了淨流出，管理資產總額增加了 4%，達到 6,420 億美元。我們在各個資產類別和時間段內持續保持良好的投資績效。

Globally 68% of our funds are above the median for the three-year period on an asset weighted basis with nearly 80% for 5 years and 90% for 10 years. We also have 114 4- and 5-star Morningstar-rated funds globally.

在全球範圍內，我們的基金中有68% 的資產加權平均水平高於三年期中位數，其中近80% 的基金在5 年期間處於中位數水平，90% 的基金在10 年期間處於中位數水平。我們在全球也擁有 114 檔 4 星級和 5 星級晨星評級基金。

Turning to flows. Total outflows were $4 billion, improving $1.3 billion from a year ago. Excluding the legacy insurance partner asset transfer, which came through both in retail and institutional channels. In retail overall, we had improvement in gross sales, up $1 billion from last year, with a slight improvement in redemptions. Though we're in net outflows as our equity results are outpacing the industry and we see an opportunity to gain more flows and fixed income.

轉向流量。總流出量為 40 億美元，比一年前增加 13 億美元。不包括透過零售和機構管道進行的傳統保險合作夥伴資產轉移。整體零售業，我們的總銷售額有所改善，比去年增加了 10 億美元，贖回情況略有改善。儘管我們處於淨流出狀態，因為我們的股票表現超過了該行業，而且我們看到了獲得更多流量和固定收益的機會。

Institutional flows were slightly positive in the quarter, driven primarily from wins in the APAC region. We're putting additional emphasis on models, SMAs and ETFs and beginning to gain traction. We continue to focus on transforming our global asset management business to gain greater operational efficiencies, leveraging resources and technology globally.

本季的機構資金流略顯積極，主要得益於亞太地區的勝利。我們更加重視模型、SMA 和 ETF，並開始獲得關注。我們持續專注於全球資產管理業務的轉型，以利用全球資源和技術來提高營運效率。

You saw that our G&A expenses decreased 6% in the quarter, and we have a number of additional actions underway to further derive benefits throughout the year. In Asset Management. We're maintaining good fee levels and good margins.

您看到，本季我們的一般管理費用下降了 6%，我們正在採取一系列額外行動，以進一步在全年中獲得收益。在資產管理領域。我們保持著良好的費用水準和良好的利潤率。

At Ameriprise, our model and overall firm has enabled us to perform very well over market and environmental cycles. We continue to leverage the global capabilities as well as steadily invest in technology, digital, analytics, AI, products, and solutions across our complementary businesses.

在 Ameriprise，我們的模式和整體公司使我們能夠在市場和環境週期中表現出色。我們持續運用全球能力，並在互補業務中穩步投資於技術、數位、分析、人工智慧、產品和解決方案。

And in June, we officially recognized our 130 anniversary, and we're one of a select number of public companies with this legacy of success and performance. Our ROE of 50% is consistently among the best. Ameriprise has been the number one performer for TSR among the S&P 500 financials since our spinoff in 2005 and we continue to deliver excellent returns and returns to shareholders in a significant way.

今年 6 月，我們正式慶祝了成立 130 週年，我們是少數擁有這項成功和業績傳統的上市公司之一。我們的 ROE 為 50%，一直名列前茅。自 2005 年分拆以來，Ameriprise 一直是標準普爾 500 指數金融公司中股東總回報率表現第一的公司，我們繼續為股東提供卓越的回報和回報。

Looking forward, we have the right strategic focus, growth investments, a talented team, and a meaningful opportunity to drive greater growth. Now Walter will provide additional color on our financials. Walter.

展望未來，我們擁有正確的策略重點、成長投資、才華橫溢的團隊以及推動更大成長的有意義的機會。現在沃爾特將為我們的財務狀況提供更多資訊。沃特.

Thank you, Jim. Adjusted operating EPS grew 17% to $8.72, adjusted for $0.19 of severance expense associated with the company's reengineering initiatives, reflecting earnings growth across all of our businesses.

謝謝你，吉姆。調整後營業每股收益成長 17%，達到 8.72 美元，扣除與公司重組計畫相關的 0.19 美元遣散費，反映了我們所有業務的獲利成長。

The diversified nature of our businesses drive our consistent financial performance across market cycles and sets us apart from most in the financial services industry. Assets under management and administration increased 12% to $1.4 trillion, benefiting from strong client flows over the year and equity market appreciation.

我們業務的多元化性質推動我們在整個市場週期中保持一致的財務業績，使我們在金融服務業中脫穎而出。受益於全年強勁的客戶流量和股市升值，管理和行政資產成長 12%，達到 1.4 兆美元。

This has resulted in strong 9% revenue growth across our businesses. As you know, we continue to manage expenses tightly to maintain strong margins. G&A expenses were down 2%, excluding severance expenses demonstrating our continued focus on reengineering and operational transformation. We continue to selectively invest in areas that will drive future business growth, particularly in wealth management.

這使得我們各業務的收入實現了 9% 的強勁成長。如您所知，我們繼續嚴格管理費用以維持強勁的利潤率。不包括遣散費的一般管理費用下降了 2%，這表明我們繼續專注於重新設計和營運轉型。我們繼續有選擇地投資於能夠推動未來業務成長的領域，特別是財富管理領域。

We will maintain our expense discipline in 2024 to achieve growth and shareholder objectives. Our returns remain strong with a consolidated margin of 27.4%, excluding severance expenses and a best-in-class return on of equity of 50%. Balance sheet fundamentals, including excess capital and liquidity remain very strong.

我們將在 2024 年維持開支紀律，以實現成長和股東目標。我們的回報依然強勁，綜合利潤率為 27.4%（不含遣散費），股本回報率為 50%，堪稱同類最佳。資產負債表基本面，包括過剩資本和流動性仍然非常強勁。

Our diversified business model benefits from significant and stable 90% free cash flow contribution across all business segments. We returned $693 million of capital to shareholders in the quarter. In 2024, we continue to expect to return 80% of operating earnings to shareholders.

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 90% 自由現金流貢獻。本季我們向股東返還了 6.93 億美元的資本。 2024 年，我們繼續預計將 80% 的營業利潤返還給股東。

On slide 6, you'll see the strong results from wealth management. Client and wrap assets increased 17% and 18%, respectively, from strong net flows and market appreciation over the past year. Wrap flows were strong in the quarter at $7.5 billion or 6% annualized flow rate.

在投影片 6 上，您將看到財富管理的強勁成果。由於去年強勁的淨流量和市場升值，客戶資產和包裝資產分別成長了 17% 和 18%。本季的包裝流量強勁，達到 75 億美元，年化流量為 6%。

In the quarter, adjusted operating net revenues increased 13% to $2.6 billion from growth in client assets, increased transactional activity and a 11% increase in net investment income in the bank. This drove revenue per advisor to a new high of $968,000, up 11% from a year ago. Total cash balances, including third party money market funds and brokered CDs, were $81.9 billion, which was over 8% of clients' assets.

本季度，由於客戶資產成長、交易活動增加以及銀行淨投資收入成長 11%，調整後營運淨收入成長 13%，達到 26 億美元。這使得每位顧問的收入創下新高，達到 968,000 美元，比一年前成長 11%。包括第三方貨幣市場基金和經紀CD在內的現金餘額總額為819億美元，佔客戶資產的8%以上。

As clients remain heavily concentrated in yield-oriented products with highly liquid products like money market funds being more in favor than term products like certificates and brokered CDs, we're beginning to see clients put money back to work and wrap and other products on our platform and we expect this to continue over time as markets and rates normalize, which creates a significant opportunity.

由於客戶仍然高度集中於收益導向產品，貨幣市場基金等高流動性產品比證書和經紀CD 等定期產品更受青睞，我們開始看到客戶將資金重新投入到我們的工作中，並包裝和其他產品平台，我們預計隨著市場和利率正常化，這種情況將持續下去，這創造了一個重要的機會。

Cash balances, excluding money market funds and brokered CDs were $40.6 billion, driven by normal seasonal tax patterns and the transition of cash related to Comerica partnership in other products. Underlying cash sweep was stable in the quarter as expected, and that trend continues in July.

現金餘額（不包括貨幣市場基金和經紀 CD）為 406 億美元，這是由正常的季節性稅收模式以及與聯信銀行在其他產品中的合作夥伴關係相關的現金轉換所推動的。正如預期的那樣，本季的基本現金支出保持穩定，這種趨勢在 7 月仍在繼續。

I want to provide some additional perspective on sweep cash. A cash sweep is a transaction account for money in motion that is in between investments or for cash to pay fees, which is similar to a bank checking account. Cash sweep is not meant to be an investment option for significant cash balances over extended periods.

我想提供一些關於掃金的額外觀點。現金掃描是投資之間流動資金或用於支付費用的現金的交易帳戶，類似於銀行支票帳戶。現金清掃並不意味著成為長期大量現金餘額的投資選擇。

We have a broad range of higher yielding products available to our clients seeking to hold cash over extended periods, which is where a large portion of the excess cash has gone. As a result, our clients currently have very low cash sweep balances, which are now approximately $6,000 on average. At this point, we do not anticipate any changes in our approach to cash sweep.

我們為尋求長期持有現金的客戶提供廣泛的高收益產品，而這正是大部分過剩現金的去向。因此，我們客戶目前的現金餘額非常低，平均約為 6,000 美元。目前，我們預計我們的現金清理方法不會有任何變化。

Adjusted operating expenses in the quarter increased 13% with distribution expenses of 17%, reflecting business growth, including Comerica, and increased transactional activity. G&A expenses were flat at $409 million, reflecting investments for business growth, offset by reengineering initiatives. This combination of revenue growth and well-managed expenses resulted in business sustaining at an operating margin of 31%.

本季調整後營運費用成長 13%，其中分銷費用成長 17%，反映了包括聯信在內的業務成長以及交易活動的增加。一般管理費用持平於 4.09 億美元，反映了業務成長的投資，但被重組舉措所抵銷。收入成長和費用管理良好的組合使業務維持在 31% 的營業利潤率。

Turning to Asset Management on slide 7, financial results were very strong in the quarter, and we continued to manage the business well through a challenging environment for active Asset Management. Total AUM increased 4% to $642 billion, primarily from higher equity market appreciation, partially offset by net outflows.

轉向幻燈片 7 上的資產管理，本季的財務表現非常強勁，我們在主動資產管理充滿挑戰的環境中繼續良好地管理業務。資產管理規模總額成長 4%，達到 6,420 億美元，主要得益於股市升值，但部分被淨流出抵銷。

In the quarter, operating earnings increased 35% to $218 million as a result of equity market appreciation and disciplined expense management, which more than offset the cumulative impact of net outflows. And margin was 38%, reflecting strong market appreciation and expense discipline. Adjusted operating expenses decreased 2% with general and administrative expenses down 6% from a year ago, reflecting the benefits from comprehensive expense management initiatives taken to date.

由於股市升值和嚴格的費用管理，本季營業利潤成長了 35%，達到 2.18 億美元，這遠遠抵消了淨流出的累積影響。利潤率為 38%，反映出強勁的市場升值和費用紀律。調整後的營運費用較上年同期下降 2%，其中一般及管理費用下降 6%，反映了迄今為止採取的全面費用管理措施所帶來的效益。

We are looking globally, especially in EMEA to enhance operating efficiency and manage expenses, so we are well positioned going forward. Let's turn to slide 8. Retirement and protection solutions continuing to deliver good earnings and free cash flow generation, reflecting the high quality of the business that has been built over a long period of time.

我們放眼全球，尤其是歐洲、中東和非洲地區，以提高營運效率和管理費用，因此我們在未來的發展中處於有利地位。讓我們轉向幻燈片 8。

Pretax adjusted operating earnings in the quarter increased 4%, $196 million, reflecting the benefit from strong markets and higher interest rates, partially offset by higher distribution expenses associated with strong sales levels.

該季度稅前調整後營業利潤成長 4%，達到 1.96 億美元，反映出強勁的市場和較高的利率帶來的收益，但部分被強勁銷售水平帶來的較高分銷費用所抵消。

Overall, Retirement and Protection Solutions sales improved in the quarter with protection sales up 21% to $93 million, primarily in higher-margin VUL products. Variable annuity sales grew 45% to $1.4 billion with strong momentum in our structured products.

整體而言，本季退休和保障解決方案銷售額有所改善，保障銷售額成長 21% 至 9,300 萬美元，主要是利潤率較高的 VUL 產品。可變年金銷售額成長 45%，達到 14 億美元，我們的結構性產品動能強勁。

Turning to the balance sheet on slide 9, balance sheet fundamentals and free cash flow generation remains strong with growth in excess capital to $1.7 billion. We have diverse sources of dividends from all our businesses enabled by strong underlying fundamentals. This supports our ability to consistently return capital to shareholders and invest for future business growth.

轉向投影片 9 上的資產負債表，資產負債表基本面和自由現金流產生依然強勁，過剩資本成長至 17 億美元。憑藉強勁的基本面，我們的所有業務都有多種股息來源。這支持我們持續向股東返還資本並投資於未來業務成長的能力。

In the last year, we returned $2.6 billion of capital to shareholders, including $692 million in the quarter. Ameriprise, consistent capital return drives long-term shareholder value.

去年，我們向股東返還了 26 億美元的資本，其中本季返還了 6.92 億美元。 Ameriprise 持續的資本回報推動長期股東價值。

And let's finish with slide 10. Ameriprise delivered excellent growth in the second quarter, which is a continuation of our long track record across market cycles and our commitment to profitable growth. Over the last 12 months, revenues grew 10%. Earnings per share increased 15%. ROE grew 90 basis points excluding unlocking, and we returned $2.6 billion of capital to shareholders.

讓我們以幻燈片 10 結束。過去 12 個月，收入成長了 10%。每股收益成長15%。不包括解鎖在內的 ROE 成長了 90 個基點，我們向股東返還了 26 億美元的資本。

We had similar growth trends over the past five years with 7% revenue growth, 16% EPS compounded annual growth. Return on equity improvement nearly 13-percentage-points, and we returned $11.9 billion of capital to shareholders.

過去五年我們也有類似的成長趨勢，營收成長 7%，每股盈餘複合年增長率為 16%。股本回報率提高了近 13 個百分點，我們向股東返還了 119 億美元的資本。

These trends are consistent over the longer term as well. Compared to most financial services companies, this differentiated performance across multiple cycles speaks to the complementary nature of our business mix as well as our focus on profitable growth. With that, we'll take your questions. .

從長遠來看，這些趨勢也是一致的。與大多數金融服務公司相比，這種跨越多個週期的差異化表現說明了我們業務組合的互補性以及我們對獲利成長的關注。接下來，我們將回答您的問題。 。

Thank you. And we will now begin the question and answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員說明）

Suneet Kamath, Jefferies.

蘇尼特·卡馬斯，杰弗里斯。

Great. Thank you. Good morning. I wanted to start with the cash sweep commentary, Walter. So it doesn't sound like you're planning on making any big changes. But I know in the past you've said that's always subject to the competitive environment. Obviously, we've seen a handful of companies take some actions on their cash sweep rate.

偉大的。謝謝。早安.我想從現金掃蕩評論開始，沃爾特。所以聽起來你並不打算做出任何重大改變。但我知道你過去說過這總是受到競爭環境的影響。顯然，我們已經看到一些公司對其現金週轉率採取了一些行動。

So I guess the question is I'm trying to reconcile those two. Is it that the moves that those peers are making are sort of catching up to you or as you're sort of client account size different that you're just not experiencing the same need to make those changes.

所以我想問題是我正在努力協調這兩者。是這些同行正在採取的舉措在某種程度上趕上了您的步伐，還是因為您的客戶帳戶規模有所不同，所以您只是沒有遇到進行這些更改的相同需求。

Okay thanks. And I guess let me start. As you know, we operate within regulatory and fiduciary standards. I -- and therefore, we feel certainly looking at sweep in its transactional aspect of cash and motion, it's totally appropriate and aligned. I can't really comment on what is -- what's taking place with the wire houses. I don't understand it.

好的謝謝。我想讓我開始吧。如您所知，我們按照監管和信託標準運作。因此，我認為，我們確實認為在現金和動議的交易方面進行掃蕩是完全合適和一致的。我無法真正評論電線屋正在發生的事情。我不明白。

I really -- I think we -- all I know is what we do from that standpoint and all the actions we have taken to ensure that the money is in sweep is really for transactional purposes, and it's at the levels you know that we -- the majority of it is in under 100,000 -- account balances are under $6,000.

我真的——我認為我們——我所知道的是，從這個角度來看我們所做的事情以及我們為確保資金到位而採取的所有行動實際上都是出於交易目的，而且是在你知道的水平上，我們—— - 其中大部分在 100,000 美元以下 - 帳戶餘額在 6,000 美元以下。

Our rates are competitive, and we keep the appropriate level of cash that we think is necessary to operate. So that is the focus of us, and we feel very comfortable with that. And obviously, we'll evaluate things as it goes, but we -- looking at what we have today, we think it's totally appropriate.

我們的費率具有競爭力，並且我們保留我們認為營運所需的適當現金水準。這就是我們的重點，我們對此感到非常滿意。顯然，我們會根據情況進行評估，但我們——看看我們今天所擁有的，我們認為這是完全合適的。

Got it. Okay. And then just another one on the bank. So I think maybe at the fourth quarter call, Walter, you said you expected bank NII would be higher in '24 than '23, which seems to be the case year-to-date. But then you also made a comment about '25. Just wondering if you think that you could continue to see bank NII growth as we move into '25 over '24, and maybe unpack some of the underlying drivers.

知道了。好的。然後又是銀行上的另一件事。因此，沃爾特，我認為也許在第四季度的電話會議上，您表示您預計 24 年銀行的 NII 會高於 23 年，今年迄今似乎就是這種情況。但隨後你也對「25」發表了評論。只是想知道，當我們進入“25 年”而不是“24 年”時，您是否認為銀行 NII 會繼續增長，並可能釋放一些潛在的驅動因素。

Thanks.

謝謝。

As I remember what I said, clearly, '24 over '23, but I still believe it was slow, but yes, but the net interest income should be higher. That statement I think it's still valid.

我清楚地記得我說過的話，'24比'23，但我仍然相信它很慢，但是是的，但淨利息收入應該更高。我認為這句話仍然有效。

And the drivers there ?

那裡的司機呢？

Well, the driver is, obviously, we're investing over 6%. And so we feel that as maturities and our short duration, that it will give us that momentum. And we are adding, but we'll obviously be measured, but we're adding.

顯然，驅動因素是我們的投資超過 6%。因此，我們認為，隨著成熟度和持續時間的縮短，它將為我們帶來動力。我們正在增加，但顯然我們會被衡量，但我們正在增加。

Got it. Okay. Thanks.

知道了。好的。謝謝。

Ryan Krueger, KBW .

瑞安·克魯格，KBW。

Thanks. Good morning. First one was just, can you disclose how much of your client cash is specifically held in your wrap advisory accounts?

謝謝。早安.第一個問題是，您能否透露您的客戶現金中有多少專門存放在您的包裝諮詢帳戶中？

It's about $12 billion.

大約是120億美元。

Got it. Okay. Great. And then I guess another question was just on recruiting. Your experience recruits have slowed down a bit year-to-date. Can you comment on what you're seeing from a competitive environment for hiring experienced advisors? And just kind of any thoughts on why the slowdown, and your expectations for the rest of the year.

知道了。好的。偉大的。然後我想另一個問題就是關於招募。今年迄今為止，您的經驗招募速度有所放緩。您能否評論一下您在招募經驗豐富顧問的競爭環境中所看到的情況？以及對經濟放緩原因以及您對今年剩餘時間的期望的任何想法。

Yes. We sort of, again, a bit of a slowdown as into the second quarter. We can't tell you exactly why it looks like people would stay in put a little bit based on markets, et cetera, and moving into the -- I guess, into the seasonal. We see a good pickup in our pipeline again. And so we think that will improve as we go forward. But other than that, speaking to the team, that's really what they saw.

是的。進入第二季度，我們再次出現了一些放緩。我們無法確切地告訴你為什麼人們會根據市場等因素留在原地，然後進入——我猜，進入季節性。我們再次看到我們的管道出現了良好的回升。因此，我們認為隨著我們的前進，這種情況將會有所改善。但除此之外，在與團隊交談時，他們確實看到了這一點。

Okay, great. Thank you.

好的，太好了。謝謝。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hi good morning. So I wanted to go back to your comments regarding clients starting to put capital to work and money to work. In wrap. we saw those net flows pick up a little bit. Can you talk a little bit about where the cash is coming from?

早安.所以我想回到你關於客戶開始投入資本和金錢的評論。包裹起來。我們看到這些淨流量增加。能談談現金的來源嗎？

Is it ultimately coming out of the kind of $40 billion, $41 billion balance that currently sits in sweep and your certificates business or is this coming out from other sources kind of like money market funds that sit off balance sheet or outside of the sweep program? And maybe just remind us how much cash ultimately still on the sidelines outside of that $40 billion, $41 billion number.

它最終是來自於目前在掃描和證書業務中的 400 億美元、410 億美元餘額，還是來自其他來源，例如資產負債表外或掃描計劃之外的貨幣市場基金？也許只是提醒我們，除了 400 億美元、410 億美元的數字之外，最終還有多少現金處於觀望狀態。

So the -- if I understand, Alex, your question about -- I think our total cash is about $80 billion to $81 billion. And so therefore, in money markets and in third-party CDs is about $40-some-odd billion. And we are seeing that certainly money is still coming into, I would say -- money markets, they're probably -- money markets and -- but it's and slowed a little on the CD side.

所以，亞歷克斯，如果我理解你的問題，我認為我們的現金總額約為 800 億至 810 億美元。因此，貨幣市場和第三方 CD 的價值約為 40 億美元。我們看到資金肯定仍在流入，我想說的是——貨幣市場，它們可能是——貨幣市場——但在定期存款方面，資金的流入速度有所放緩。

And so from that standpoint, there is -- we are seeing less in CDs and there is a shift. People are staying shorter from that standpoint as they're trying to take advantage of the yield curve. That's the trend that we're seeing about now.

因此，從這個角度來看，我們在 CD 中看到的內容越來越少，並且出現了轉變。從這個角度來看，人們正在做空，因為他們試圖利用殖利率曲線。這就是我們現在看到的趨勢。

Got you. I guess what I'm trying to get to is clients rerisk and extend duration and put capital to work, which you capture those economics in your wrap program, which is great. But should we expect that to put any pressure on the $40 billion balance across sort of sweep in your certificates business? Or could that remain fairly stable as money comes out of other forms of kind of cash options?

明白你了。我想我想要達到的目的是讓客戶重新承擔風險，延長期限並投入資金，您可以在包裝計劃中捕獲這些經濟效益，這很棒。但我們是否應該預期這會對您的證書業務中 400 億美元的餘額帶來任何壓力？或者，隨著資金來自其他形式的現金選擇，這種情況是否會保持相當穩定？

Good question. We do anticipate because, obviously, from an economic standpoint, that would be beneficial to us. We've had new money go in there. And yes, as it gets redeployed, that would be beneficial, and we think that was -- certainly, will be a source of the repositioning.

好問題。我們確實預計，因為顯然，從經濟角度來看，這對我們有利。我們已經有新的資金投入其中。是的，隨著它的重新部署，這將是有益的，我們認為這肯定會成為重新定位的一個來源。

Okay. Got you. And then a quick follow-up. So G&A really well managed. I think if you look at this quarter, excluding severance, I think you're at like $910 million or something like that for Q2. How should you sort of think about G&A evolving through the rest of the year?

好的。明白你了。然後快速跟進。因此，G&A 確實管理得很好。我認為，如果你看看這個季度，不包括遣散費，我認為第二季度的收入約為 9.1 億美元或類似的數字。您應該如何看待今年剩餘時間內的一般行政費用的演變？

And I know you highlighted a number of some kind of savings programs that you continue to sort of find. So maybe any sort of early thoughts on your 2025 G&A outlook would be helpful.

我知道你強調了一些你繼續尋找的某種儲蓄計畫。因此，對 2025 年一般管理費用展望的任何早期想法也許都會有所幫助。

On '25, I can say that we feel certainly we're -- the expenses are being well managed. And certainly, as we reposition and look at our process changes and other efficiencies that we're getting there. So I think I feel confident as we said for '24. '25, we certainly will continue.

在 25 年，我可以說我們確信我們的開支得到了很好的管理。當然，當我們重新定位並審視我們的流程變化和我們所達到的其他效率時。所以我想我對 24 週年充滿信心。 '25，我們一定會繼續下去。

We're going to be investing in the business. So I would say you should see well-managed expenses, but we are going to be investing for growth. So I think it caught up the way you certainly have seen we've operated in prior years and certainly, especially in '24, it's -- we manage our expenses in a portion to our revenue and manage our margin.

我們將投資該業務。所以我想說你應該看到管理良好的支出，但我們將為成長進行投資。因此，我認為它追上了您在前幾年所看到的我們的運作方式，當然，尤其是在 24 年，我們將我們的支出佔收入的一部分進行管理，並管理我們的利潤。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Good morning. Thanks for taking my question. Curious to drill down a little bit on the $12 billion of sweep within advisory accounts. So do you know what portion of that $12 billion would include Ameriprise as a fiduciary or investment advisor. So a little more specifically, what portion of that $12 billion would be in the employee channel and in any portfolios where Ameriprise with centrally managed or central models where Ameriprise is the advisor.

早安.感謝您提出我的問題。我很想深入了解諮詢帳戶內 120 億美元的清理情況。那麼您知道這 120 億美元中的哪一部分將包括 Ameriprise 作為受託人或投資顧問嗎？更具體地說，這 120 億美元中的一部分將用於員工管道以及 Ameriprise 具有集中管理或中央模型（Ameriprise 擔任顧問）的任何投資組合。

A lot of our central models are really run by outside managers, institutional and oversight is there. So -- and again, even in those type of models, it's roughly around 2% or so. And even in our advisor discretion, it's actually less than on the institutional models. So I would probably say as you look at it. Now we haven't broken that out between employee, nonemployee, et cetera, because these models are all run in certain ways.

我們的許多核心模型實際上是由外部管理者運作的，機構和監督是存在的。所以——再說一次，即使在這些類型的模型中，這個比例也大約在 2% 左右。即使按照我們顧問的判斷，它實際上也比機構模型少。所以我可能會說，當你看到它的時候。現在我們還沒有在僱員、非僱員等之間進行區分，因為這些模型都是以某些方式運作的。

But it is, as Walter said, a very low balance. It's what 2% or so, and there is constant trading activities, fees being pulled, the foreign taxes being paid, things like that. So it's not as though this -- and a lot of the actual cash, if there's any higher balance, whether institutional or otherwise, they are moved into money markets and other short-duration products as well.

但正如沃爾特所說，這是一個非常低的餘額。大約是 2% 左右，而且交易活動不斷進行，費用被收取，外國稅被支付，諸如此類。所以，情況並非如此——大量實際現金，如果有任何更高的餘額，無論是機構的還是其他的，它們也會被轉移到貨幣市場和其他短期產品中。

So that's how we look at it and manage it, and that has been appropriate. We disclosed that very clearly. And from a clients and a legal perspective, we feel very comfortable with what that is.

這就是我們看待和管理它的方式，這是適當的。我們已經非常清楚地披露了這一點。從客戶和法律的角度來看，我們對此感到非常滿意。

Great. And then you spoke to increased engagement in your banking offering. And we've heard some firms, some competitor firms of yours note that we may be seeing the beginning of improvement in pledge loan growth. So curious whether you're seeing that or perhaps even just early signs of that?

偉大的。然後您談到了提高銀行業務的參與度。我們聽說一些公司，你們的一些競爭對手公司指出，我們可能會看到質押貸款成長開始改善。很好奇您是否看到了這一點，或者甚至只是早期跡象？

Yes. So we saw nice increases in our pledge loan as we, again, go through the year. We will be launching another rate one, which we know has been popular out in the industry. So that will be coming on board over the next quarter or so. We've also seen some increase as we started to put some direct CDs and savings programs and for cash to come in externally from that from our clients.

是的。因此，隨著這一年的到來，我們再次看到質押貸款的大幅成長。我們將推出另一種價格，我們知道它在業界很受歡迎。因此，這將在下個季度左右推出。當我們開始投入一些直接存款和儲蓄計劃以及從客戶那裡獲得外部現金時，我們也看到了一些成長。

Again, we're just starting that up. But no, we think that as we launch these other products in the bank, advisors are looking for them, and we feel like they will, over time, gone or built assets as well as we can then deal with some of the lending activities appropriate.

再說一次，我們才剛開始。但不，我們認為，當我們在銀行推出這些其他產品時，顧問正在尋找它們，我們覺得隨著時間的推移，他們會消失或建立資產，然後我們就可以適當地處理一些貸款活動。

Okay. But no specific pickup in the pledge run yet?

好的。但承諾運行中還沒有具體的回升嗎？

Yes, we saw a nice pickup. I don't have it in front of me. Do you -- we can get it for you, but we saw a nice pickup in the quarter.

是的，我們看到了一輛不錯的皮卡。我面前沒有它。我們可以為您提供，但我們在本季度看到了不錯的回升。

Great. Thank you.

偉大的。謝謝。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Hi good morning. Wanted to ask about the competitive landscape and just net new asset trends more broadly, Rep flows, as you noted, were quite strong in the quarter, certainly an encouraging sign, but consolidated flows were a bit weaker I know on the last quarter's call, you alluded to some irrational actors, just more aggressive pay packages, potentially impacting the pace of organic growth just hoping we can get some sort of mark-to-market any update in terms of what you're seeing on the outlook for moment.

早安.想詢問更廣泛的競爭格局和淨新資產趨勢，正如您所指出的，代表流量在本季度相當強勁，這當然是一個令人鼓舞的跡象，但據我所知，在上個季度的電話會議上，綜合流量有點弱，您提到了一些非理性的行為者，只是更激進的薪酬方案，可能會影響有機增長的速度，只是希望我們能夠就您目前所看到的前景獲得某種按市場計價的更新。

So certainly, as you indicated, wrap was quite strong on the client, they were -- we saw both in certificates and annuities, some lapsing and that impacted it. And our -- we look at our growth rates, and we certainly feel that they're aligned with the industry. So from that standpoint, we are getting traction, we feel comfortable with it. And so we see that trajectory. Basically, we feel comfortable.

當然，正如您所指出的，包裝對客戶來說相當強大，我們在證書和年金中都看到了一些失效，這對其產生了影響。我們看看我們的成長率，我們當然認為它們與產業是一致的。因此，從這個角度來看，我們正在獲得牽引力，我們對此感到滿意。所以我們看到了這個軌跡。基本上我們感覺很舒服。

Yes. I mean we looked at -- there was a little bit of a slowing, to your point, in the second quarter overall. And we did look and say, okay, is there any in particular. Outside of the usual activities, people just didn't add as much advisors, I guess, with the market and everything. And very clearly, it looked the same way as we looked at some of the -- across the industry. So it wasn't like we're an outlier.

是的。我的意思是，我們觀察到，就您的觀點而言，第二季度總體上有一點放緩。我們確實看了並說，好吧，有什麼特別的嗎？我想，除了日常活動之外，人們只是沒有在市場和其他方面添加盡可能多的顧問。很明顯，它看起來與我們對整個行業的一些情況的看法相同。所以我們並不是局外人。

That's helpful. And then just for my follow-up on the Asset Management margin, despite the pressure on fees, the operating margins continue to run above target. So certainly encouraging to see I was hoping you could speak to the margin outlook over the next few quarters, whether you believe you can sustainably run above the longer-term target of 31% to 35%, barring any negative or exogenous market shocks.

這很有幫助。然後，就我對資產管理利潤率的追蹤來看，儘管面臨費用壓力，但營業利潤率仍持續高於目標。因此，看到我希望您能談論未來幾季的利潤率前景，無論您是否相信自己能夠持續高於31% 至35% 的長期目標，除非出現任何負面或外來的市場衝擊，這當然令人鼓舞。

Well, as you saw, we're maintaining a consistent stable fee levels. Yes, we had some additional outflows with a very low fee basis. And we are adjusting our model and expense base, leveraging the technology, leveraging our global resources, et cetera, that we continue to do that helps to offset any pressure that we received from a flow basis.

嗯，正如您所看到的，我們保持著一致穩定的費用水平。是的，我們有一些額外的資金流出，但費用非常低。我們正在調整我們的模式和費用基礎，利用技術，利用我們的全球資源等等，我們繼續這樣做有助於抵消我們從流量基礎上收到的任何壓力。

Again, barring changes in market conditions, we think that we can maintain sort of a good margin for the business based on what we're doing. We are investing. So we're not cutting from areas that we want to grow in. As I mentioned, we gained flows, even though it's not in the numbers we discussed to you with models, so more money has gone in there.

同樣，除非市場條件發生變化，我們認為根據我們正在做的事情，我們可以保持良好的業務利潤率。我們正在投資。因此，我們不會削減我們想要成長的領域。

We're starting to gain traction as well in SMAs, which we think will be good and as well in ETFs. And we will be looking as we even pursue some active ETFs as we go forward. So there are things that we are doing. At the same time, we are trying to free up expenses and resources based on the investments we've made and use our resources globally to get more efficiencies.

我們在 SMA 中也開始受到關注，我們認為這對 ETF 來說也是好事。隨著我們的發展，我們甚至會尋求一些活躍的 ETF。所以我們正在做一些事情。同時，我們正在努力根據我們所做的投資來釋放費用和資源，並在全球範圍內利用我們的資源來提高效率。

Great. Thanks for taking my questions.

偉大的。感謝您回答我的問題。

Wilma Burdis, Raymond James.

威爾瑪·布爾迪斯，雷蒙德·詹姆斯。

Hi good morning. I know you talked a little bit about the margin, but do you think there's a lot more we on expenses in the segment in Asset Management?

早安.我知道您談到了一些關於利潤的問題，但是您認為我們在資產管理領域的支出有更多嗎？

So yes, we feel like -- as we continue, as you saw, there was additional severance we took in the second quarter. Part of that was in the Asset Management business. And there are continued changes that we're looking to make and improving and tightening the way we operate with our processes and efficiencies and freeing up resources and things that aren't generating the value that we need. And so we are actually pursuing those things as well, and there will be some further adjustments as we move forward.

所以，是的，我們覺得 - 正如你所看到的，隨著我們的繼續，我們在第二季度獲得了額外的遣散費。其中一部分是在資產管理業務。我們正在尋求持續的變革，改善和加強我們的流程和效率運作方式，並釋放那些無法產生我們所需價值的資源和事物。所以我們實際上也在追求這些東西，隨著我們的前進，還會有一些進一步的調整。

I know you guys don't get asked too much about the insurance business anymore, but the margins seem pretty good there. It seems like you grew a little bit in the quarter. Is that more interesting to grow at this time? Or how are you guys thinking about that?

我知道你們不再被問到太多保險業務的問題，但那裡的利潤似乎相當不錯。看來你在本季有所成長。這時候成長是不是更有趣？或者說你們對此有何看法？

Yes. So there's good growth in the insurance and annuities, the structured instrument and the VUL products, which are both very good products for us. And actually, the reason there wasn't more earnings for one is because when you first book that you got the distribution expense upfront that you're -- is the cost. So over time, that increase in volumes will also add to the earnings mix.

是的。因此，保險和年金、結構性工具和VUL產品都有良好的成長，這對我們來說都是非常好的產品。事實上，一個人沒有更多收入的原因是，當你第一次預訂時，你預先得到了分銷費用——這就是成本。因此，隨著時間的推移，銷售量的增加也將增加收益組合。

We also got very good rates now as we reinvested on the investment side and the spreads there. So I think the business will be a good, strong, consistent contributor and a lot of that is free cash flow that we utilize for buyback. So we feel very good.

我們現在也獲得了非常好的利率，因為我們在投資方面和利差方面進行了再投資。因此，我認為該業務將是一個良好、強大、持續的貢獻者，其中很大一部分是我們用於回購的自由現金流。所以我們感覺很好。

And you also saw in the quarter, again, even in the LTC business that we had nice earnings there as we continue to make adjustments, take rate invest appropriately and invest out. So we're feeling very good about how that will add to the total of the company.

您在本季度也看到，即使在長期TC 業務中，我們也獲得了不錯的收益，因為我們繼續進行調整，採取適當的利率投資並進行投資。因此，我們對這將如何增加公司的整體感到非常滿意。

Thomas Gallagher, Evercore ISI.

托馬斯·加拉格爾，Evercore ISI。

Good morning. Walter, just to come back, just a quick 1 on the cash sweep. Based on your answer to Suneet's question, it sounds like you aren't very focused on what the big peers are doing competitively on cash sweep crediting rates. Now to me, that just implies you probably don't really see it as a big issue for Ameriprise, either competitively, regulatory litigation-wise. Is that a fair conclusion? Or maybe you can expand a little more on that?

早安.沃特，剛剛回來，只是快速掃一掃現金。根據您對 Suneet 問題的回答，聽起來您並不太關注大型同行在現金掃貸利率方面的競爭情況。現在對我來說，這只是意味著你可能並不真正認為這對 Ameriprise 來說是一個大問題，無論是競爭方面還是監管訴訟方面。這是一個公平的結論嗎？或者也許你可以對此進行更多擴展？

Okay. So the question is I don't understand what the drivers are. We certainly understand their rates, and it is part of an evaluation that we go through. So that was all you should read into what I was saying. Certainly, we evaluated a competitive element as we look at it. But it is -- I just can't comment on some of the drivers or the elements that are creating what (technical difficulty) changes for.

好的。所以問題是我不明白驅動程式是什麼。我們當然了解他們的費率，這是我們進行評估的一部分。這就是你應該讀懂我所說的話的全部內容。當然，我們在審視競爭因素時對其進行了評估。但事實是——我只是無法評論某些驅動因素或造成（技術難度）變化的元素。

Yes. And Tom, as we look at it, again, we have very low balance of very low percentage and particularly in the wrap that is there. We do see the money through transactions and fees. You don't want to go where you don't have it or selling a security. At the same time, you're pulling on some of these things or clearing. So we look at institutional accounts, it's the same thing.

是的。湯姆，正如我們再次看到的那樣，我們的餘額非常低，百分比非常低，特別是在包裝中。我們確實透過交易和費用看到了錢。您不想去沒有證券的地方或出售證券。同時，你正在拉動其中一些東西或清理。所以我們看一下機構帳戶，也是一樣的。

So we're not exactly sure what the change is from the wire house, et cetera. But again, until we know anything different, we feel very comfortable. And from a competitive frame, the same way. I mean, this is not money. We have a lot of different places where our advisors move money to and same thing with models. And the money, if it is positional is in those other type of earning assets rather than we keep it in sweep.

所以我們不太確定電線屋等的變化是什麼。但同樣，在我們知道有什麼不同之前，我們會感到非常舒服。從競爭框架來看，也是如此。我的意思是，這不是錢。我們的顧問將資金轉移到許多不同的地方，對於模型來說也是如此。而這些錢，如果是頭寸的話，是在其他類型的盈利資產中，而不是我們將其全部保留。

Yes. And 1 proof point, again, which really -- we're under $6,000. And if you look at the industry, there between $10,000 and $15,000. So it plays -- we have just less levels there because it strictly used the cash (technical difficulty)

是的。再次證明，我們的價格還不到 6,000 美元。如果你看看這個行業，你會發現在 10,000 美元到 15,000 美元之間。所以它發揮了 - 我們的水平較低，因為它嚴格使用現金（技術難度）

And you don't see any issues with the new VUL fiduciary standards related to this, nothing on that front that you're focused on? And then just for a follow-up on the RPS segment. I guess 1 thing that strikes me is your NII has been up a lot, particularly year-over-year in that segment. Even quarter-over-quarter, it's up a lot.

您沒有看到與此相關的新 VUL 信託標準有任何問題，您在這方面沒有關注什麼？然後是 RPS 部分的後續行動。我想讓我印象深刻的一件事是你們的 NII 成長了很多，尤其是在這個領域同比成長。即使環比增長也很多。

The -- and Jim, I heard your point about distribution expenses, and that is true. I mean you could see the numbers; those are higher based on better sales. But if you would have told me a year ago that your NII would be up as much as it would, I would have thought the run rate would be a lot higher in that segment right now.

吉姆，我聽到了你關於分銷費用的觀點，這是事實。我的意思是你可以看到這些數字；由於銷售情況較好，這些數字更高。但如果你在一年前告訴我你的 NII 會上漲那麼多，我會認為現在該細分市場的運作率會高得多。

So I guess my question is, what is going on with the other kind of components of your P&L in that business? Are you seeing higher mortality or disability claims? Is it the annuity earnings that have been a drag? Maybe just a little bit of perspective on kind of what's really driving the ship here because it -- for the strength in NII, it's a little surprising that we're not seeing more hitting the bottom line.

所以我想我的問題是，該業務中損益表的其他組成部分發生了什麼？您是否看到更高的死亡率或傷殘索賠？是年金收入拖累了嗎？也許只是對真正推動這艘船發展的因素有一點看法，因為對於 NII 的實力來說，我們沒有看到更多的突破底線，這有點令人驚訝。

Well, there's nothing that really out. As you look at it, our disability claims are quite good and actually -- and our insurance claims are within expectations. So there is no end point. So I have to guess we are performing where we thought we would. Let me take that away and to see where you're driving up because I just don't see it at this stage. It's a fair point. So let me take a look at it and see what you're going, and we can get back Okay. How is that?

嗯，沒有什麼是真正的。正如您所看到的，我們的傷殘索賠實際上相當不錯——而且我們的保險索賠也在預期之內。所以沒有終點。所以我不得不猜測我們正在按照我們的預期進行表演。讓我把它拿走，看看你要去哪裡，因為我在這個階段還看不到它。這是一個公平的觀點。所以讓我看一下，看看你要做什麼，然後我們就可以回來了。那個怎麼樣？

That would be great. Thanks Walter.

那太好了。謝謝沃爾特。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Good morning. Thank you for the opportunity. You called out the election in your comments. Can you talk about how you're expecting that to impact operations and planning for such can imagine it can impact some asset management product demand, but do you think it has an impact on advisor recruitment or how you think about marketing expense?

早安.謝謝你給我的機會。您在評論中呼籲選舉。您能否談談您預計這將如何影響營運和規劃，可以想像它會影響某些資產管理產品的需求，但您認為這會對顧問招聘或您對行銷費用的看法產生影響嗎？

No. Well, I think it's more from a client perspective, right? So clients want to understand a bit better. What does it mean based on who gets in, what policies, how it would affect investments? I think you can hear that even from market funds and speaking in the airwaves. So again, that's always the top of mind triggered by those types of things that they hear.

不。所以客戶希望能更好地理解。根據誰進入、政策是什麼、它將如何影響投資意味著什麼？我想你甚至可以從市場基金和廣播中聽到這一點。再說一遍，這始終是他們聽到的這類事情引發的首要想法。

So we provide market strategies. We look at what the implications of changes in policy may be or what type of investment is appropriate, and so that's more of where it is. Now how does that work with advisers. It depends on how clients are. They feel like more comfortable, then they'll put more money to work. And the same thing with the advisor.

所以我們提供市場策略。我們會研究政策變化可能產生的影響，或者哪種類型的投資是合適的，所以這更多的是它的情況。現在這與顧問如何合作。這取決於客戶的情況。他們感覺更舒服，然後就會投入更多的錢去工作。顧問也是如此。

If they feel a little bit that there will be a change or implications, the hold. I don't -- at this point, I don't see fundamentally anything driving it in a major way. But as you get closer to the election and there's more conversations, I think -- and that's what we usually see before an election. I don't think it fundamentally changes it. But you do see, based on who gets in and whether policy changes, whether there are impacts as far as what people invest what they rotate out of.

如果他們覺得會有一點變化或影響，那就擱置。我不認為——在這一點上，我沒有看到任何根本性的因素在很大程度上推動它。但我認為，隨著選舉的臨近，會有更多的對話——這就是我們在選舉前通常看到的情況。我認為這不會從根本上改變它。但你確實會看到，根據誰進入以及政策是否變化，人們投資什麼以及他們輪流退出是否會產生影響。

My follow-up question. Can you talk about some examples of leveraging the global operational efficiencies for the Asset Management business in the way maybe you were not previously doing so?

我的後續問題。您能否談談利用資產管理業務的全球營運效率的一些範例，而您以前可能沒有這樣做？

Yes. So when I talk, we've spent a lot of time in energy as an example of integrating the BMO acquisition with Threadneedle, but also putting them on global platforms. that we have. Our global trading platform are ensuring that we have the right attribution across, how we're leveraging research, all those various things.

是的。因此，當我講話時，我們花費了大量的時間精力作為將 BMO 收購與 Threadneedle 整合的例子，同時也將它們放在全球平台上。我們有。我們的全球交易平台確保我們在各個方面擁有正確的歸屬、我們如何利用研究以及所有這些不同的事情。

And with that, we feel like we can now move the people and the processes who operate more consistently, get more efficiencies, where we locate the resources, whether we have them in the US, we have some in Europe, we have in India, et cetera.

有了這個，我們覺得我們現在可以移動那些運作更一致的人員和流程，獲得更高的效率，我們在哪裡放置資源，無論我們有它們在美國，我們有一些在歐洲，我們有一些在印度，等等。

So we look at that as well to drive efficiencies. And then with that, we really want to ensure that we are leveraging the technology more fully. And so those are the things that we're doing as we look across sometimes because of the overlaps, like we had a lot of overlaps because of the BMO acquisition with what we had in place. We couldn't really do that until the technology until the legal entities until all of the human resources were dealt with appropriately.

因此，我們也會考慮這一點以提高效率。然後，我們確實希望確保我們能夠更充分地利用該技術。因此，這些就是我們正在做的事情，因為我們有時會因為重疊而做一些事情，就像我們因為 BMO 收購而與我們現有的東西有很多重疊一樣。直到科技、法律實體、所有人力資源都得到適當處理之前，我們才能真正做到這一點。

And so now there's another opportunity for us to further streamline that and get some further efficiencies from that. Is that helpful to you?

因此，現在我們有另一個機會進一步簡化流程並從中獲得進一步的效率。這對你有幫助嗎？

It is indeed. Thank you very much.

真的是。非常感謝。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Great. Thank you. Just wanted to circle back to the cash fee commentary. Just hoping you could clarify for us how and to what extent are advisors compensated on cash sweep balances, and more broadly there, just given some of the industry movements and understand your commentary and views there, but just curious more broadly how you see the scope over time for the way customers pay for services to evolve and potentially over time move away from sweep and that draconian scenario over time plays out where economics and things shift. Just curious how you might be able to continue to capture economics?

偉大的。謝謝。只是想回到現金費評論。只是希望您能為我們澄清顧問如何以及在多大程度上獲得現金週轉餘額的補償，以及更廣泛的補償，只是考慮到一些行業動態並了解您的評論和觀點，但只是好奇更廣泛的您如何看待範圍隨著時間的推移，客戶為服務付費的方式會不斷發展，並且隨著時間的推移，可能會逐漸擺脫一刀切的局面，隨著時間的推移，這種嚴酷的情況會隨著經濟和事物的變化而上演。只是好奇你如何能夠繼續掌握經濟學？

What are other ways that customers could pay for services?

客戶還可以透過哪些其他方式支付服務費用？

Well, again, as I said, wherever you are, you have transactional activity that you want to settle and you want to -- you have to do that timely, right? But you don't want to put people on margin, you don't want to through (inaudible) out of other securities at the wrong time. So there's always a certain low level of cash. Now what we really do is monitor and if cash is in any account at a larger level, that we really look for it to be moved.

好吧，正如我所說，無論您身在何處，您都有想要解決的交易活動，並且您想要 - 您必須及時進行，對吧？但你不想讓人們承擔保證金，你不想在錯誤的時間通過（聽不清楚）其他證券。所以現金總是處於一定的低水準。現在我們真正要做的是監控，如果現金存在於更大範圍的任何帳戶中，我們真的會尋找它被轉移。

And so as you saw, as people move out of some fixed income instruments or where (inaudible) putting further into the market, they did invest in a lot of cash instruments, money markets, CDs, various other short-term duration fixed. And so we saw that occurring in the reality of it.

正如您所看到的，當人們退出某些固定收益工具或（聽不清楚）進一步投入市場時，他們確實投資於大量現金工具、貨幣市場、存款證和其他各種短期固定期限。所以我們在現實中看到了這種情況的發生。

And actually, the sweep actually went lower rather than increase. And so that's the same thing in all of the wrap and institutional. Now within that, if there is more money sitting in that count, we don't want that cash to be a high balance even if it's invested out because that's not the purpose of the wrap account. But in so doing, if there is positional cash and they're in earning instruments, then the advisors do get paid, et cetera.

事實上，掃頻實際上降低了而不是增加了。所以這在所有的包裝和製度中都是一樣的。現在，如果該計數中有更多資金，我們不希望該現金處於高餘額，即使它被投資出去，因為這不是包裝帳戶的目的。但這樣做時，如果有頭寸現金並且它們是盈利工具，那麼顧問確實會得到報酬，等等。

But again, that's something that's monitored and we feel very comfortable with it. So as far as the future is concerned, there's always adjustments that will occur in pricing and what you would have to do to offset some of the cost of your services that we will constantly look at. But if you're asking in the near term, we feel very good about where that is right now.

但同樣，這是受到監控的事情，我們對此感到非常滿意。因此，就未來而言，定價以及您必須採取哪些措施來抵消我們將不斷關注的部分服務成本總是會發生調整。但如果你在短期內詢問，我們對目前的情況感到非常滿意。

We're not exactly sure what some of the changes that some people are bringing in about for what reasons. So I'm not sure that was as clear as it maybe to you, but it wasn't to us.

我們不確定某些人出於什麼原因帶來了一些改變。所以我不確定這對你來說是否那麼清楚，但對我們來說卻不是。

Great. And then just a follow-up question on the Asset Management business. I was hoping you could elaborate a bit on some of the wins you referenced in the APAC region. And maybe you can elaborate on that and remind us of your footprint in APAC, and where you see some of the best opportunities there as you look out over the next couple of years just in terms of countries there and strategies.

偉大的。然後是關於資產管理業務的後續問題。我希望您能詳細說明您在亞太地區提到的一些勝利。也許您可以詳細說明這一點，並提醒我們您在亞太地區的足跡，以及當您展望未來幾年的國家和戰略時，您會看到那裡的一些最佳機會。

Yes. So we mainly -- we have a small wholesaling, working with private banks, et cetera, in the region, but a lot of it is more institutional basis. And it's again, as you would imagine, some of the core products we have, both in Europe, in equities as an example, or in the US and maybe even things like our fixed income, investment-grade various things like that.

是的。因此，我們主要是 - 我們在該地區有一個小型批發業務，與私人銀行等合作，但其中許多都更具制度基礎。正如你所想像的那樣，我們擁有一些核心產品，無論是在歐洲，以股票為例，還是在美國，甚至可能是我們的固定收益、投資級等各種產品。

So we've been gaining some traction there. Same thing, a bit more that we're seeing as potential opportunities in our real estate. So those are the things that we have underway. We recently expanded a little bit in Japan. We're in Korea and places like that, Singapore, Australia.

所以我們在那裡獲得了一些關注。同樣的事情，我們在房地產領域看到了更多的潛在機會。這些就是我們正在進行的事情。我們最近在日本進行了一些擴張。我們在韓國和新加坡、澳洲等地。

So there are different places where we are getting it mainly from larger institutions from some pension funds, some sovereign wealth, things like that.

因此，在不同的地方，我們主要從一些退休基金、一些主權財富等大型機構獲得資金。

Great. Thank you.

偉大的。謝謝。

We have no further questions at this time. 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。您現在可以斷開連線。