阿默普萊斯金融 (AMP) 2025 Q1 法說會逐字稿

Welcome to the Q1 2025 earnings call. My name is Desiree, and I will be your operator for today's call. (Operator Instructions) As a reminder, the conference is being recorded.

歡迎參加 2025 年第一季財報電話會議。我叫 Desiree，今天我將擔任您的電話接線生。（操作員指示）提醒一下，會議正在錄製。

I will now turn the call over to Stephanie Rabe. Stephanie, you may begin.

現在我將電話轉給史蒂芬妮·拉貝。史蒂芬妮，你可以開始了。

(technical difficulty) 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.

（技術難度）季度財報電話會議。今天與我一起通話的是董事長兼執行長 Jim Cracchiolo；以及財務長 Walter Berman。在他們發言之後，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 at www.ir.ameriprise.com.

翻到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，在通話過程中，您將聽到對各種非公認會計準則財務指標的引用，我們相信這些指標可以深入了解公司的營運情況。非 GAAP 資料與各自 GAAP 資料的對帳可以在今天的資料中以及我們的網站 www.ir.ameriprise.com 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 first-quarter 2025 earnings release, our 2024 annual report to shareholders, and our 2024 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上所做的一些陳述可能是前瞻性的，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截至今日的觀點，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有重大差異的因素和風險的範例清單可在我們的 2025 年第一季財報、2024 年年度股東報告和 2024 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聲明。

On slide 3, you see our GAAP financial results at the top of the page for the first quarter. Below that, you see our adjusted operating results, which management believes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitates a more meaningful trend analysis. Many of the comments that management makes on the call today will focus on adjusted operating results.

在投影片 3 上，您可以在頁面頂部看到第一季的 GAAP 財務結果。在其下方，您可以看到我們調整後的經營業績，管理層認為，這可以反映我們核心業務的基本表現，從而增強對我們業務的了解，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在調整後的經營業績上。

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

現在，我將把發言權交給吉姆。

Good morning, everyone. Thanks for joining our first-quarter earnings call. Overall, Ameriprise had a good start to the year. We're actively engaging our clients and delivering strong financial performance with contributions from across the business. I know that the current operating environment is top of mind for everyone. Clearly, we've seen elevated and ongoing market volatility due to the lack of clarity around the tariffs and general economic uncertainty. And we heard from Fed Chair Powell last week that the Fed is still trying to navigate what it all means for the economy, inflation, and interest rates.

大家早安。感謝您參加我們的第一季財報電話會議。總體而言，Ameriprise 今年開局良好。我們積極與客戶合作，並透過整個業務的貢獻實現強勁的財務業績。我知道目前的營運環境是每個人最關心的問題。顯然，由於關稅不明確和總體經濟不確定性，我們看到市場波動加劇且持續。上週我們從聯準會主席鮑威爾那裡得知，聯準會仍在努力了解這一切對經濟、通膨和利率意味著什麼。

With that in mind, Ameriprise remains very well positioned. We know that we can navigate what's ahead because of our diversified business strong client value proposition and excellent record for managing economic uncertainty and market volatility.

考慮到這一點，Ameriprise 仍然處於非常有利的地位。我們知道，憑藉多元化的業務、強大的客戶價值主張以及在管理經濟不確定性和市場波動方面的出色記錄，我們能夠應對未來的挑戰。

Our financial strength is another important differentiator. With the business growth in positive markets overall in the quarter, assets under management, administration and advisement grew nicely to $1.5 trillion. Our first-quarter adjusted operating results were also good.

我們的財務實力是另一個重要的區別因素。隨著本季整體市場業務的積極成長，管理、行政和諮詢資產規模穩步增長至 1.5 兆美元。我們第一季的調整後經營業績也很好。

Total revenues increased 5% from a positive asset growth in flows and higher transactional activity. Earnings were up 8% from strong business growth and our ongoing expense discipline with EPS up 13%. And our return on equity ex-AOCI remains best-in-class at 52%.

由於資產流量的正成長和交易活動的增加，總收入增加了 5%。由於強勁的業務成長和我們持續的支出控制，收益成長了 8%，每股收益成長了 13%。我們的股本回報率（不包括 AOCI）仍處於同類最佳水平，為 52%。

In terms of the business highlights, in Wealth Management, our advice value proposition and the way we engage clients is very effective in helping them remain on track to achieve their goals and feel confident and even more so during increased dislocation. Our clients have been strongly engaged in the quarter with assets up 7% to $1 trillion. We also had good inflows of $10.3 billion across our platform.

就業務亮點而言，在財富管理方面，我們的建議價值主張和我們與客戶互動的方式非常有效，可以幫助客戶保持實現目標的軌道並充滿信心，尤其是在混亂加劇的情況下。我們的客戶在本季表現強勁，資產成長了 7%，達到 1 兆美元。我們的平台還獲得了 103 億美元的良好流入。

Money has gone to work in a number of product categories. Wrap activity was strong. Flows grew 34% to $8.7 billion, representing a 6% annualized flow rate in the quarter, and total wrap assets grew to $573 billion, up 10%. Transactional activity was also robust, up 6% year over year, particularly in retail brokerage and financial planning. And client cash levels remain high overall at $86 billion, which represents a nice opportunity for money to be put back to work.

資金已投入多個產品類別。包裝活動很活躍。流量成長 34%，達到 87 億美元，相當於本季年流量率為 6%，總包裝資產成長至 5,730 億美元，成長 10%。交易活動也很活躍，年增 6%，尤其是在零售經紀和財務規劃領域。客戶現金水準整體仍維持在 860 億美元的高位，代表資金重新投入使用的良好機會。

We're working closely with advisers and directly with clients to provide highly relevant investment and market insights as well as important context when maintaining a long-term perspective. We had great client engagement, including record levels on our highly rated mobile app and secured site during the recent volatility. And we continue to invest in our advice value proposition and practice support. We have one of the best adviser platforms in the business and the way we engage and support advisers with our entirely integrated ecosystem. This includes our significant investment in our goal-based and investment advisory solutions.

我們與顧問密切合作並直接與客戶合作，以提供高度相關的投資和市場見解以及保持長期視角的重要背景。我們擁有出色的客戶參與度，包括在最近的波動期間，我們備受好評的行動應用程式和安全網站的創紀錄水平。我們將繼續投資於我們的建議價值主張和實踐支援。我們擁有業內最好的顧問平台之一，並且我們透過完全整合的生態系統來吸引和支援顧問。這包括我們對基於目標和投資諮詢解決方案的大量投資。

We're adding an even more comprehensive way for clients and advisers to manage investments. It's a powerful new UMA called Signature Wealth that offers the best features of our advisory platform in a streamlined and innovative way. We're currently testing it and plan to launch it more broadly later this quarter.

我們正在為客戶和顧問提供更全面的投資管理方式。這是一個強大的新 UMA，稱為 Signature Wealth，它以精簡和創新的方式提供我們諮詢平台的最佳功能。我們目前正在測試它並計劃在本季晚些時候更廣泛地推出它。

The tech environment that we've built has helped us achieve excellent availability. Important at any time, but particularly during volatility, our proprietary client advisory systems have performed extremely well with increased traffic. And we continue to innovate and use emerging technology to further enhance how we do business.

我們建構的技術環境幫助我們實現了出色的可用性。在任何時候都很重要，但在波動期間尤其如此，我們的專有客戶諮詢系統在流量增加的情況下表現非常出色。我們不斷創新並利用新興技術來進一步改善我們的業務方式。

In fact, Ameriprise just earned the 2025 Technology Innovation Award from the Bank Insurance and Securities Association for our adviser PracticeTech platform. PracticeTech streamlines key practice actions into one integrated platform that makes operations much more efficient and effective. With the quality of our advisers and our consistent investments, adviser practice continue to grow nicely.

事實上，Ameriprise 剛剛憑藉我們的顧問 PracticeTech 平台獲得了銀行保險和證券協會頒發的 2025 年技術創新獎。PracticeTech 將關鍵實踐操作簡化為一個整合平台，使營運更有效率、更有效。憑藉我們顧問的品質和持續的投資，顧問業務繼續保持良好的成長。

Productivity increased 12% in the quarter to approximately $1.1 million per adviser, reflecting our best-in-class capabilities and strong asset growth. We also had another good quarter for recruiting, with 82 experienced productive advisers joining Ameriprise based on our adviser value proposition, strong support, and financial strength.

本季生產力成長了 12%，達到每位顧問約 110 萬美元，反映了我們一流的能力和強勁的資產成長。我們也迎來了另一個招聘表現良好的季度，憑藉我們的顧問價值主張、強有力的支持和財務實力，82 名經驗豐富的高效顧問加入了 Ameriprise。

I'm pleased to share that we continue to earn strong client satisfaction and adviser recognition. The Ameriprise client experience helped drive leading client engagement, and our clients continue to rate us 4.9 out of 5 for satisfaction. And Ameriprise recently earned Hearts & Wallets Top Performer recognition in the client categories that understands me and shares my values and unbiased puts my interest first. And a large number of our advisers were recognized in the quarter in rankings like Forbes Top 1,200 Wealth Advisors, the Best-In-State Women Wealth Advisors, as well as the Top 100 Women Wealth Advisors list. We also launched the next phase of our advertising in the quarter to further promote our highly effective advice value proposition and excellent client satisfaction.

我很高興地告訴大家，我們繼續贏得了客戶的高度滿意度和顧問的認可。Ameriprise 客戶體驗有助於推動領先的客戶參與度，我們的客戶繼續給予我們 4.9 分（滿分 5 分）的滿意度評分。最近，Ameriprise 在客戶類別中獲得了 Hearts & Wallets 最佳表現者的認可，他們理解我、認同我的價值觀，並且公正地將我的利益放在第一位。本季度，我們的許多顧問均在《福布斯》1,200 強財富顧問、全州最佳女性財富顧問以及 100 強女性財富顧問榜單等排名中獲得認可。我們也在本季啟動了下一階段的廣告活動，以進一步推廣我們高效的建議價值主張和卓越的客戶滿意度。

Our bank is another important capability for Ameriprise. In just the past few years, assets have grown to more than $24 billion. The bank is generating attractive earnings as we focus on deepening client relationships and bringing in assets held elsewhere.

我們的銀行是 Ameriprise 的另一項重要能力。僅在過去的幾年裡，資產就已成長至240多億美元。由於我們專注於深化客戶關係並引入其他地方持有的資產，該銀行正在產生可觀的收益。

The team has just launched our CDs and coming later this year, will add HELOCs and checking accounts to our offering. The bank made important contributions during the quarter minimizing the carryover impact from rate cuts. With the bank in our investment portfolio, we're able to generate sustained interest earnings even if the Fed decides to change rates. Overall, margin for Wealth Management remains strong at 29%.

該團隊剛剛推出了我們的 CD，並將於今年稍後將 HELOC 和支票帳戶添加到我們的服務中。該銀行在本季度做出了重要貢獻，最大限度地減少了降息帶來的後續影響。有了銀行作為我們的投資組合，即使聯準會決定改變利率，我們也能夠產生持續的利息收入。整體而言，財富管理的利潤率仍保持強勁，達到 29%。

Turning to Retirement & Protection Solutions. The business continues to drive transactional activity within Wealth Management and generate strong earnings. In Annuities, we had significant growth in our traditional VA without living benefits, up 28%, and had good sales in our structured products. And we continue to see strong sales in our Life business, where we're focused on VUL, which is up 22% and disability products.

轉向退休和保護解決方案。該業務繼續推動財富管理領域的交易活動並產生強勁的收益。在年金方面，我們的傳統 VA（不含生存福利）實現了顯著增長，增長了 28%，並且我們的結構化產品銷售情況良好。我們的人壽保險業務繼續保持強勁銷售勢頭，其中我們重點關注的是 VUL（增長了 22%）和殘疾產品。

I also reinforce that RPS consistently delivers strong earnings, profitability, and free cash flow as part of our diversified business. We consistently generate one of the highest returns on equity in the industry. And RPS also provides important stability, which is particularly meaningful during periods of volatility. And in Asset Management, we continue to generate good earnings that reflect the actions we've taken, but it was a more challenging quarter for flows. For the quarter, assets under management and advisement was $657 billion.

我還要強調的是，作為我們多元化業務的一部分，RPS 持續提供強勁的收益、獲利能力和自由現金流。我們始終保持著業界最高的股本回報率之一。RPS 也提供了重要的穩定性，這在波動時期尤其有意義。在資產管理方面，我們繼續創造良好的收益，這反映了我們所採取的行動，但對於資金流動來說，這是一個更具挑戰性的季度。本季度，管理和諮詢資產規模達 6,570 億美元。

Overall, investment performance remains quite good even in a volatile environment. We delivered good performance across 1-, 3- and 10-year periods. In total, we have 101 Columbia Threadneedle 4 and 5-star Morningstar-rated funds. And we were just rated in the latest Barron's Best Fund Family rankings. Columbia Threadneedle was in the top 15 for all three time frames: 1, 5 and 10 years.

總體而言，即使在動盪的環境中，投資表現仍然相當良好。我們在 1 年、3 年和 10 年期間都取得了良好的表現。總體而言，我們擁有 101 只 Columbia Threadneedle 4 星和 5 星晨星評級基金。我們剛剛在最新的《巴倫周刊》最佳基金家族排名中名列前茅。哥倫比亞線針在三個時段（1 年、5 年和 10 年）內均位列前 15 名。

Regarding flows, we had higher outflows of $18.3 billion in the quarter. Retail outflows were $5.8 billion, driven by higher redemptions. And institutional outflows of $11.5 billion were impacted by a large client repositioning into passive as well as the exit of the Lionstone business. In this climate, active management is even more important, and we believe in the benefits it can provide.

就資金流出而言，本季我們的資金流出量較高，達到 183 億美元。由於贖回額增加，零售資金流出 58 億美元。而由於大型客戶重新定位為被動型以及 Lionstone 業務的退出，機構資金流出金額達到 115 億美元。在這種環境下，主動管理顯得更為重要，我們也相信它能帶來好處。

In terms of priorities, we're focused on ensuring that we're positioning strategies that are appropriate for the environment and help us garner flows. We're also looking to build momentum in key product capabilities, including active ETFs, SMAs, and model delivery. And the team has made excellent progress over the past two years, significantly transforming and improving our cost base while maintaining our fee rate. They've driven important operational efficiencies that combined have helped us expand margins. In fact, the margin in the quarter was extremely strong at 43%.

在優先事項方面，我們專注於確保我們制定適合環境並幫助我們獲得流量的策略。我們還希望在關鍵產品能力方面增強勢頭，包括主動型 ETF、SMA 和模型交付。團隊在過去兩年中取得了出色的進步，在保持收費標準的同時，顯著轉變並改善了我們的成本基礎。它們推動了重要的營運效率，幫助我們擴大了利潤率。事實上，本季的利潤率非常高，達到 43%。

And for Ameriprise overall, we continue to both invest in the business and manage expenses very well. As you saw, expenses across the firm were down 5% due to our transformation efforts.

就 Ameriprise 整體而言，我們繼續在業務上進行投資，並很好地管理費用。正如您所看到的，由於我們的轉型努力，整個公司的開支下降了 5%。

In a difficult environment, like we've seen so far in the second quarter, I'd like to reinforce some important themes from the company's perspective. Our diversified business generates substantial free cash flow across market cycles. We maintain excellent liquidity with our cash flow, we're able to invest and return to shareholders at attractive levels. We have a strong excess capital position that also gives us the flexibility to be opportunistic. And our disciplined and proven risk management is highly effective even during periods of increased volatility.

在困難的環境中，就像我們在第二季迄今為止所看到的那樣，我想從公司的角度強調一些重要主題。我們的多元化業務在各個市場週期中產生大量自由現金流。我們的現金流保持著良好的流動性，我們能夠以有吸引力的水平進行投資並回報股東。我們擁有強大的過剩資本，這也使我們能夠靈活地把握機會。即使在波動性加劇的時期，我們嚴謹且行之有效的風險管理也十分有效。

In terms of our capital return for the quarter, we continue to return strongly to shareholders another $765 million to shareholders through our dividend and share repurchase program. In fact, today, we announced an 8% increase in our dividend. This is the 21st dividend increase since our spinoff 20 years ago. And with that, our Board just approved a new sizable $4.5 billion share repurchase authorization given we are completing our current authorization early.

就本季的資本回報而言，我們繼續透過股利和股票回購計畫向股東強勁回報 7.65 億美元。事實上，今天我們宣布股息增加 8%。這是我們20年前分拆以來第21次增加股利。鑑於我們提前完成現有授權，董事會剛剛批准了一項新的金額高達 45 億美元的股票回購授權。

For the firm overall, it was a good start to the year. The high level of results that we consistently achieve is driven by the totality and strength of Ameriprise. And while it's a more volatile environment, we remain well positioned.

對於整個公司來說，這是今年的一個好開始。我們始終如一地取得高水準的成果，這得益於 Ameriprise 的整體實力。儘管環境更加動盪，但我們仍處於有利地位。

Finally, the team and I are always proud of the accolades we earn in the marketplace. In addition to the awards I referenced, Ameriprise has just been recognized by Fortune as one of America's Most Innovative Companies 2025.

最後，我和我的團隊始終為我們在市場上贏得的讚譽感到自豪。除了我提到的獎項之外，Ameriprise 剛剛被《財星》雜誌評為 2025 年美國最具創新力的公司之一。

Now Walter will provide more detail on the quarter, and then we'll take your questions. Walter?

現在 Walter 將提供有關本季的更多細節，然後我們將回答您的問題。沃特？

Thank you, Jim. Ameriprise delivered continued solid performance with exceptional balance sheet strength, providing us flexibility to be opportunistic. Ameriprise had strong underlying performance across our diversified businesses, particularly in light of the slowing equity market appreciation and the full impact of the Fed funds rate reduction since September, with adjusted operating EPS increasing 13% to $9.50 in the quarter. This result reflects positive flows and activity levels in Wealth Management, the initial impact of proactive changes made to the bank's investment portfolio, including the reduction in floating rate exposure, and the benefit to expenses from our transformation initiatives.

謝謝你，吉姆。阿默普萊斯繼續保持穩健的業績，資產負債表實力雄厚，為我們提供了抓住機會的靈活性。在我們多元化業務中，Ameriprise 表現出色，尤其是在股市升值放緩和自 9 月以來聯邦基金利率下調的全面影響下，本季度調整後的每股收益增長 13%，達到 9.50 美元。這一結果反映了財富管理領域的積極流量和活動水平、對銀行投資組合進行主動調整的初步影響（包括減少浮動利率敞口）以及我們的轉型舉措對費用帶來的好處。

As we exit the quarter, our balance sheet fundamentals remain very strong, and we are well positioned to navigate potential volatility going forward. We have an excellent excess capital position of $2.4 billion with $2.5 billion of available liquidity. The investment portfolio is diversified and highly rated. Our hedge programs continue to perform extremely well. And we have strong and consistent free cash flow generation across all segments.

隨著本季的結束，我們的資產負債表基本面依然強勁，我們已準備好應對未來的潛在波動。我們擁有 24 億美元的優良超額資本狀況和 25 億美元的可用流動資金。投資組合多元化且評級較高。我們的對沖計劃繼續表現極佳。我們所有部門都擁有強勁且持續的自由現金流。

We have a successful track record of navigating market cycles. Looking ahead at the potential for continued elevated volatility levels, we continue to be well positioned to navigate these scenarios with the flexibility to be opportunistic based on the diversity of our businesses, the quality of our earnings and margins and underlying balance sheet strength.

我們在駕馭市場週期方面有著成功的記錄。展望未來波動性可能持續上升的情況，我們將繼續保持良好的定位，並根據業務的多樣性、盈利和利潤率的質量以及基礎資產負債表的實力，靈活地把握機會。

On slide 6, you will see the strong EPS growth demonstrates the strength and leverage points within our business model. Assets under management, administration, and advisement increased to $1.5 trillion, benefiting from strong net client flows over the past year and equity market appreciation, which more than offset the impact of outflows in asset management. We delivered strong profitability with consolidated margins of 27%.

在第 6 張投影片上，您將看到強勁的每股盈餘成長證明了我們商業模式的優勢和槓桿點。管理、管理和諮詢的資產增加至 1.5 兆美元，受益於過去一年強勁的淨客戶流量和股票市場升值，足以抵消資產管理資金流出的影響。我們實現了強勁的獲利能力，綜合利潤率達到 27%。

Revenues grew 5%, reflecting slower equity market appreciation and impacts from lower Fed funds rates since September. At the same time, G&A expenses were down 5%. G&A expenses continue to be well managed and demonstrated our focus on operating efficiency and effectiveness while still making the right investments in areas that will drive future business growth.

收入成長了 5%，反映出股票市場升值放緩以及自 9 月以來聯邦基金利率降低的影響。同時，一般及行政開支下降了 5%。一般及行政費用持續良好管理，顯示我們注重營運效率和效益，同時仍在推動未來業務成長的領域進行正確的投資。

Our stable 90% free cash flow generation across our segments, combined with strong balance sheet fundamentals, enabled us to return $765 million or 81% of operating earnings to shareholders in the quarter. We remain committed to returning capital to shareholders at a differentiated pace and announced an 8% dividend increase and a new share repurchase authorization of $4.5 billion through June 30, 2027.

我們各部門的自由現金流產生率穩定在 90%，再加上強勁的資產負債表基本面，使得我們在本季度向股東返還了 7.65 億美元，即 81% 的營業利潤。我們仍致力於以差異化的速度向股東返還資本，並宣布截至 2027 年 6 月 30 日，股利增加 8%，並授權回購價值 45 億美元的新股票。

On slide 7, you see the strong metrics results from Wealth Management. Revenue per adviser grew 12% to a new high of $1.1 million. This resulted from a 7% increase in client assets to $1 trillion with strong client flows of $10.3 billion. Wrap assets were up 10% to $573 billion from $8.7 billion of wrap flows in the quarter and $35.3 billion over the past year. In addition, transactional activity levels continue to improve.

在第 7 張投影片上，您可以看到財富管理的強大指標結果。每位顧問的收入成長 12%，達到 110 萬美元的新高度。這是由於客戶資產增加了 7%，達到 1 兆美元，客戶流量強勁，達到 103 億美元。包裝資產較本季的 87 億美元包裝資產流量和去年的 353 億美元成長 10%，達到 5,730 億美元。此外，交易活動水準持續提高。

AWM cash balances declined 8% year over year to $40 billion. Bank balances increased in the quarter, while certificates and off-balance sheet cash declined. We continue to take actions to build the bank investment portfolio in a way that supports stable earnings contributions going forward.

AWM 現金餘額年減 8% 至 400 億美元。本季銀行存款增加，而憑證和表外現金減少。我們將繼續採取行動建立銀行投資組合，以支持未來穩定的獲利貢獻。

The overall bank portfolio has a yield of 4.6% and a 3.6 year duration. We reduced cash levels at the bank have further reduced our floating rate securities to only 15% of the securities portfolio, both of which have reduced our exposure to lower rates.

整體銀行投資組合的收益率為 4.6%，期限為 3.6 年。我們降低了銀行的現金水平，進一步將浮動利率證券減少到僅佔證券投資組合的 15%，這兩者都降低了我們對較低利率的風險敞口。

We also brought an additional $500 million of balances on to the bank's balance sheet. Those balances, as well as portfolio maturities and prepayments, were invested at a 5.5% yield and four-year duration. And you're aware of the crediting rate changes on cash sweeps that were made early in the quarter. These factors all helped to offset the carryover impact from the Fed funds reduction since September and will support net investment income in the bank going forward.

我們還在銀行的資產負債表上增加了 5 億美元的餘額。這些餘額以及投資組合到期和預付款的投資收益率為 5.5%，投資期限為四年。並且您知道本季初現金清掃的貸記率發生了變化。這些因素都有助於抵消自9月以來聯邦基金削減的後續影響，並將支持該銀行未來的淨投資收益。

On slide 8, you see the strong financial results from Wealth Management. Pre-tax adjusted operating earnings increased 4% to $792 million with strong contribution from both core and cash activities. Core contributions continued a double-digit increase driven by good business fundamentals and equity market appreciation. Cash experienced a single-digit decrease primarily driven by Fed funds effective rate reduction since September. Adjusted operating net revenues increased 9% to $2.8 billion even with fewer fee and trading days.

在第 8 張投影片上，您可以看到財富管理的強勁財務表現。稅前調整後營業利潤成長 4% 至 7.92 億美元，核心業務和現金業務都做出了巨大貢獻。在良好的業務基本面和股票市場升值的推動下，核心貢獻持續保持兩位數成長。現金出現個位數下降，主要原因是自 9 月以來聯邦基金有效利率下調。儘管費用和交易日減少，調整後的淨營業收入仍成長 9%，達到 28 億美元。

Revenue growth from higher client assets and increased transactional activity driven by adviser productivity more than offset lower spread revenues. Adjusted operating expenses in the quarter increased 11% with distribution expenses up 14%, reflecting our business mix and higher transactional activity.

客戶資產增加和顧問生產力提高推動的交易活動增加所帶來的收入成長足以抵消利差收入的下降。本季調整後的營運費用增加了 11%，分銷費用增加了 14%，這反映了我們的業務組合和更高的交易活動。

G&A expenses increased only 1% to $424 million in the quarter, reflecting strong expense discipline with continued growth investments and volume-related expenses due to business growth. Margins remained solid at 29%. The business is well positioned to navigate potential volatility going forward based upon continued strong adviser productivity, the high-quality investment portfolio that will benefit from actions we've taken, and continued disciplined expense management.

本季度，一般及行政費用僅增加 1% 至 4.24 億美元，反映出嚴格的費用紀律，以及由於業務成長而持續的成長投資和與數量相關的費用。利潤率仍穩定在 29%。憑藉持續強勁的顧問生產力、將受益於我們所採​​取的行動的高品質投資組合以及持續嚴格的費用管理，該業務已準備好應對未來的潛在波動。

Turning to Asset Management on slide 9. Financial results were solid in the quarter. Operating earnings increased 17% to $241 million. This strong quarter reflected equity market appreciation and the positive impact from expense management actions partially offset by the cumulative impact of net outflows. Total assets under management and advisement decreased to $657 billion.

前往第 9 張投影片上的資產管理。本季的財務表現穩健。營業利潤成長 17% 至 2.41 億美元。本季表現強勁，反映出股市升值和費用管理措施帶來的正面影響，但被淨流出的累積影響部分抵銷。管理和諮詢的總資產減少至 6,570 億美元。

Net outflows were elevated at $18.3 billion, reflecting institutional outflows from a large client repositioning into passive and the exit of Lionstone. Revenues were at $846 million, down 1%, reflecting slower market appreciation, net outflows, and fewer fee days. The fee rate was stable in the quarter.

淨流出量上升至 183 億美元，反映出大型客戶重新定位為被動型以及 Lionstone 退出導致的機構資金流出。收入為 8.46 億美元，下降 1%，反映市場升值放緩、淨流出和收費天數減少。本季費率保持穩定。

Adjusted operating expenses decreased 7%. G&A expenses improved 12% from a year ago, primarily driven by proactive transformation initiatives as well as lower performance fee compensation. These transformational initiatives will continue to benefit results and help to offset the impact of net outflows. Margins reached 43% in the quarter.

調整後的營業費用下降了7%。一般及行政費用較上年同期改善了 12%，主要得益於積極的轉型措施以及較低的績效費補償。這些轉型舉措將繼續有利於業績並有助於抵銷淨流出的影響。本季利潤率達43%。

Let's turn to slide 10. Retirement and Protection Solutions continued to deliver strong earnings and free cash flow generation, reflecting the high quality of the business that was built over a long period of time. Pre-tax adjusted operating earnings in the quarter increased 8% to $215 million. The strong and consistent performance of the business reflects the benefit from stronger interest earnings and higher equity markets. These high-quality books of business continue to generate strong free cash flow with excellent risk-adjusted returns and continue to be an important contributor to the diversified business model.

讓我們翻到第 10 張投影片。退休和保障解決方案持續提供強勁的獲利和自由現金流，反映出長期以來建立的高品質業務。本季稅前調整後營業利潤成長 8%，達到 2.15 億美元。業務強勁而持續的表現反映了更強勁的利息收入和更高的股票市場帶來的好處。這些高品質的業務帳簿繼續產生強勁的自由現金流和優異的風險調整回報，並繼續成為多元化業務模式的重要貢獻者。

Overall, Retirement and Protection sales were strong at $1.2 billion, fueled by client demand for structured variable annuities and variable universal life products.

整體而言，退休和保障銷售額強勁，達到 12 億美元，這得益於客戶對結構化變額年金和變額萬能壽險產品的需求。

In the Corporate segment, I want to mention long-term care pre-tax adjusted operating earnings was $14 million.

在企業部門，我想提一下長期照護稅前調整後營業收入為 1,400 萬美元。

Turning to the balance sheet on slide 11. Balance sheet fundamentals and free cash flow generation remained strong with $2.4 billion of excess capital, $2.5 billion of available liquidity, and a diversified high-quality investment portfolio. We have diversified sources of dividends from all of our businesses enabled by strong underlying fundamentals. This supports our ability to consistently return capital to shareholders and invest for future business growth. Ameriprise's consistent capital return strategy drives long-term shareholder value.

翻到第 11 張投影片上的資產負債表。資產負債表基本面和自由現金流生成依然強勁，擁有 24 億美元的過剩資本、25 億美元的可用流動資金以及多元化的高品質投資組合。由於擁有強勁的基本面，我們所有業務的股息來源都變得多元化。這支持了我們持續向股東返還資本並為未來業務成長進行投資的能力。Ameriprise 一貫的資本回報策略推動了長期股東價值。

In summary, on slide 12, Ameriprise delivered excellent growth in this first quarter. which is a continuation of a long track record of outperforming our stated financial targets. Ameriprise has a proven track record of navigating through challenging market environments over the longer term.

總而言之，在第 12 張投影片上，Ameriprise 在第一季實現了出色的成長。這是我們長期超越既定財務目標的延續。長期以來，Ameriprise 一直致力於應對充滿挑戰的市場環境，並擁有良好的業績記錄。

Over the last 12 months, revenues grew 10%. Adjusted EPS increased 16%. Return on equity grew 280 basis points, and we returned $2.9 billion of capital to shareholders.

過去 12 個月，收入成長了 10%。調整後每股收益成長16%。股本回報率增加了 280 個基點，我們向股東返還了 29 億美元的資本。

We had similar growth trends over the past five years with 8% compounded annual revenue growth, 15% compounded annual EPS growth, return on equity improving 13 percentage points, and we returned over $12 billion of capital to shareholders. These trends are consistent over the long term as well. This differentiated performance across multiple cycles speaks to the complementary nature of our business mix as well as our focus on profitable growth.

過去五年，我們的成長趨勢類似，年複合收入成長率為 8%，年複合每股盈餘成長率為 15%，股本回報率提高了 13 個百分點，我們向股東返還了超過 120 億美元的資本。從長期來看，這些趨勢也是一致的。這種跨多個週期的差異化表現體現了我們的業務組合的互補性以及我們對獲利成長的關注。

With that, we'll take your questions.

這樣，我們就可以回答您的問題了。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Suneet Kamath, Jefferies.

蘇尼特‧卡馬斯（Suneet Kamath），傑富瑞集團（Jefferies）。

Walter, could you talk a little bit about your outlook for A&WM NII as well as for the bank in terms of sort of cash levels and earnings? Just some high-level commentary of how you feel the year would play out. It would be helpful.

沃爾特，您能否從現金水平和收益方面談談您對 A&WM NII 以及銀行的展望？這只是一些關於您認為今年將如何發展的高層評論。這將會很有幫助。

Sure, Suneet. I see it right now based on what we've done that it should actually be improving as we look at basically what actions we've taken, first, from shifting of floating to fixed and shifting the portfolio mix and also adding more liabilities onto the balance sheet.

當然，Suneet。根據我們現在所做的事情，我認為情況實際上應該有所改善，因為我們基本上採取了哪些行動，首先，從浮動匯率轉向固定匯率，轉變投資組合，並在資產負債表上增加更多負債。

So from that standpoint, obviously, from the bank, if you just join the bank, it's a smaller portion of floating. Can't control what the Fed is going to do. But I feel what the action we're taking, we should be able to certainly manage the net interest income.

因此從這個角度來看，顯然，從銀行的角度來看，如果你只是加入銀行，那麼浮動的比例就會較小。無法控制聯準會將採取什麼行動。但我覺得無論我們採取什麼行動，都應該能夠管理淨利息收入。

Got it. And then I guess, for Jim, can you just talk about Signature Wealth in a little bit of detail? What sort of impact do you expect? And my understanding is that there could be some benefits in the asset management business as well. So if you could just provide some color on that, that would be helpful. Thanks.

知道了。然後我想，對於吉姆來說，您能否詳細地談談 Signature Wealth 呢？您預計會產生什麼樣的影響？我的理解是，資產管理業務也可能帶來一些好處。因此，如果您能對此提供一些說明，那將會很有幫助。謝謝。

Yeah. The Signature Wealth is a very comprehensive UMA type platform that has a lot of flexibility. We have a lot of advisory platforms that our advisers use for their different models and capabilities depending on whether they're using discretion, whether a client has discretion, whether the company has discretion. This gives them the ability to put everything sorted together. And over time, they'll have flexibility with different sleeves of how they want to manage those assets, from individual stock portfolios to institutional portfolios, et cetera, and rebalance it more comprehensively and as a household or in total of the account.

是的。Signature Wealth 是一個非常全面的 UMA 類型平台，具有很大的靈活性。我們有許多諮詢平台，我們的顧問可以根據他們是否使用自由裁量權、客戶是否有自由裁量權、公司是否有自由裁量權來使用這些平台來實現不同的模型和功能。這使他們能夠將所有東西整理好。隨著時間的推移，他們將能夠靈活地以不同的方式管理這些資產，從個人股票投資組合到機構投資組合等等，並以家庭或整個帳戶的形式進行更全面的重新平衡。

So -- and it really does present it in a way to both the client and the advisers so that they fully have an understanding of what's happening, how to relay that and report it and adjust it. So we think it will be very good. It does allow for different models to be incorporated. That allows for Columbia to have models in there, just like other providers. So we think it will be a state-of-the-art type of UMA platform in the industry.

所以 — — 它確實以某種方式將其呈現給客戶和顧問，以便他們充分了解正在發生的事情，如何傳達、報告和調整它。所以我們認為它會非常好。它確實允許合併不同的模型。這使得哥倫比亞能夠在那裡擁有模型，就像其他供應商一樣。因此我們認為它將成為業界最先進的 UMA 平台。

Got it. That's helpful. Thank you, Jim.

知道了。這很有幫助。謝謝你，吉姆。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Hi, good morning and thanks so much for taking my questions. So I wanted to start off with a question on AWM flows, which were quite resilient in a tough tape. I was hoping you could speak to what you're seeing in the marketplace as press reports have indicated more competitive TA and compensation packages. And also, what prompted the decision to remove the adviser count and retention disclosures and whether you could speak to what you're seeing in terms of net new adviser adds?

大家好，早安，非常感謝您回答我的問題。因此，我想先問一個有關 AWM 流的問題，它在艱難的磁帶中具有相當強的彈性。我希望您能談談您在市場上看到的情況，因為新聞報導表明技術援助和薪酬方案更具競爭力。此外，是什麼促使您決定取消顧問數量和保留揭露？您是否可以談談您所看到的淨新顧問增加？

That was pretty comprehensive question. So overall, we've seen good client activity and engagement with the advisers regarding client portfolios and keeping them on track to their goals, rebalancing occurring, et cetera. We saw new assets being added. Of course, a little more in cash as well. But we saw money going back to work, both on the transactional activity as well as in the portfolios and wrap that was very good.

這是一個相當全面的問題。因此，總體而言，我們看到客戶活動良好，顧問在客戶投資組合方面也參與良好，並幫助他們實現目標、實現重新平衡等等。我們看到有新的資產被添加。當然，現金也多一點。但我們看到資金又開始發揮作用，無論是在交易活動方面，還是在投資組合和包裝方面，情況都非常好。

So both client flows coming in was strong, new clients being added as well as the idea of some money going back to work. So that looks good.

因此，客戶流量很強勁，新客戶不斷增加，而且有些資金又可以重新投入使用。看起來不錯。

Now of course, there's volatility out there every day and depends on what happens with the market or the outlook will affect some of that. But we feel good about what that flow rate was. From a perspective of new advisers we're adding, it was pretty good for the first quarter. We have a good pipeline that has continued to be there in the second quarter. We feel very good about what our value proposition, particularly our technology capabilities.

當然，現在每天都存在波動，這取決於市場的狀況或前景將對其產生一些影響。但我們對此流速感到滿意。從我們新增的顧問的角度來看，第一季的表現相當不錯。我們擁有良好的銷售管道，並且在第二季度繼續保持良好狀態。我們對我們的價值主張，特別是我們的技術能力感到非常滿意。

So a lot of people are having issues and problems in the first quarter with handling trade activities and the system availability and other things like that. All of our systems that are proprietary systems were all available. You always have some issues with an external vendor per se. But other than that, you're in good shape, particularly how we've set up our core functioning, our capabilities, the underlying infrastructure that we have.

因此，許多人在第一季在處理貿易活動、系統可用性和其他類似問題方面遇到了問題。我們所有的專有系統都是可用的。您與外部供應商本身總是會存在一些問題。但除此之外，你們的狀況很好，特別是我們如何建立我們的核心功能、我們的能力以及我們擁有的底層基礎設施。

And we actually have a great adviser tech platform with integrated capabilities. And that's one of the things really attracting a lot of advisers to us with the strength of the firm. So that we feel good about. I don't know if there's something else in your question that I missed.

我們實際上擁有一個具有整合功能的優秀顧問技術平台。這也是我們公司實力吸引眾多顧問的原因之一。這樣我們就感覺良好。我不知道您的問題中是否還有我遺漏的其他內容。

No, it largely covered it. I mean, just --

不，它基本上覆蓋了它。我的意思是--

(multiple speakers) disclosure on the number. None of our competitors really report that anymore. We looked at the wire houses, some of the independents. They don't really put a number of advisers or a number of -- on retention. And in the retention numbers, we were constantly trying to explain where people will be retiring and other things like that are transferring their books and that was all rolled into the numbers. So we figured it would be easier just to do what the competitors are doing right now and not disclose that.

（多位發言者）揭露數字。我們的競爭對手實際上不再報告這一點。我們考察了通訊社和一些獨立通訊社。他們實際上並沒有安排大量顧問或人員來留任。在留存數字中，我們不斷嘗試解釋人們將在哪裡退休，以及諸如轉移書籍之類的其他事情，而這些都被計入了數字中。因此我們認為，按照競爭對手的做法去做，而不去揭露這一點，會比較容易。

Fair enough. And for my follow-up, just a bit of a ticky-tacky question just on April trends. Given the recent volatility, I was hoping you could speak to what you're seeing so far in terms of cash build as well as M&A and recruitment just given the market volatility can be disruptive to adviser movement.

很公平。接下來我想問一個關於四月趨勢的比較棘手的問題。鑑於最近的波動，我希望您能談談您目前在現金累積以及併購和招聘方面看到的情況，因為市場波動可能會對顧問的流動造成乾擾。

Yes. So from a cash perspective, outside of some tax polls, et cetera, it's been relatively flat. We feel pretty good about where that is right now and what's happening. From a perspective of -- the pipeline is still very good. I mean, sometimes even in volatility, people do want to go to a firm that has strength, particularly around the balance sheet, the consistency, having great technology and being consistent from a good strong cultural perspective. And so that's the type of people we're attracting.

是的。因此，從現金角度來看，除了一些稅務民調等之外，情況一直相對穩定。我們對目前的狀況和正在發生的事情感到非常滿意。從某個角度來看——管道仍然非常好。我的意思是，有時即使在波動的情況下，人們也確實希望選擇一家實力雄厚的公司，特別是在資產負債表、一致性、擁有先進技術以及從良好強大的文化角度保持一致的公司。這就是我們吸引的那種人。

Great color. Thanks for taking my questions.

顏色很棒。感謝您回答我的問題。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hey, good morning, guys. Thank you for the question. You mentioned a couple of times in the call sort of like Ameriprise's capital position, liquidity position, obviously, being very strong. That's not new. But you mentioned that that gives you an opportunity perhaps to be a little more proactive, a little more opportunistic in this environment.

嘿，大家早安。謝謝你的提問。您在電話會議中多次提到 Ameriprise 的資本狀況和流動性狀況顯然非常強勁。這並不是什麼新鮮事。但您提到，這也許會給您一個機會，讓您在這種環境下更加積極主動，並且更加抓住機會。

I just wanted to dig in a little more what the messaging here really is when it comes to potential acquisitions, whether it's in AWM or Asset Management. Was that a broadly generic comment? Or is there something in particular you guys are looking a little closer at?

我只是想更深入地了解一下，當涉及潛在收購時，無論是在 AWM 還是資產管理領域，這裡真正傳達的訊息是什麼。這是一個普遍的評論嗎？或者你們正在仔細研究某些特定事物嗎？

Alex, I think it was a more general statement telling you very clearly like in market volatility, where markets are having some impact, others may feel the pain much more than we do. And we have flexibility that we can respond in those situations against opportunities that may arise. Also from a perspective, the Board just approved a much bigger buyback program for us that gives us flexibility in the market environment. So a combination of things. That's all we were addressing is that we have flexibility, and it's good to have, especially in these type of environments.

亞歷克斯，我認為這是一個更普遍的說法，非常清楚地告訴你，就像在市場波動中，市場產生一些影響，其他人可能會比我們感受到更多的痛苦。我們可以靈活地應對可能出現的情況和機會。另外從某個角度來看，董事會剛剛批准了一項更大規模的回購計劃，這讓我們在市場環境中擁有了靈活性。所以是多種因素的結合。我們要解決的就是我們擁有靈活性，這是件好事，特別是在這種環境下。

Yeah, okay. Super clear. I just want to make sure. And then my follow-up is related to one of the early questions, but just kind of related to cash revenues broadly. I know, Walter, you talked about NII at the bank specifically. But as you look at all the sources of cash revenues between the search, the balance sheet stuff and obviously, the bank, how do you guys think that is likely to evolve here through 2025 relative to last year?

嗯，好的。超級清晰。我只是想確認一下。然後我的後續問題與早期的一個問題有關，但大致與現金收入有關。我知道，沃爾特，你具體談到了銀行的 NII。但是，當您查看搜尋、資產負債表以及銀行之間的所有現金收入來源時，您認為到 2025 年，這些收入相對於去年可能會如何發展？

And maybe just double-clicking on 1 of the new products that you launched sort of related to my question. But when you think about the CD offering, how will that interact with the certs business? Is that -- do you see that as sort of incremental in addition to? Or is there a risk that this could just kind of cannibalize some of the certificate balances?

也許只需雙擊您推出的與我的問題相關的新產品即可。但是當您考慮 CD 發行時，它將如何與證書業務互動？那是——您是否認為這是額外的增量？或者這是否存在可能蠶食部分證書餘額的風險？

This is incremental. We don't believe it will materially cannibalize the certs. Okay. As it relates to looking out, obviously, as you -- it's going to be subject to, again, what is going on in the external with the Fed and other things of that nature. But as we -- the bank is, as I indicated, the earnings that we see coming out, it's really -- I think we balance that and it's going to be quite stable, and we will be increasing the liabilities, and we're well positioned from that standpoint.

這是漸進的。我們不相信它會實質地蠶食這些證書。好的。至於展望，顯然，正如你所說——這將再次受到聯準會等外部因素的影響。但正如我所指出的，銀行的獲利情況確實如此，我認為我們會平衡這一點，而且會相當穩定，而且我們會增加負債，從這個角度來看，我們處於有利地位。

On certs, certs, if rates go up, you basically -- it shifts with that, but the impact factor is manageable as it relates to -- and then the floating, which we've reduced overall, but certainly from standpoint on the suite count is going to be -- will be impacted by rates going down, but less impactful.

對於證書，如果利率上升，基本上 - 它會隨之變化，但影響因素是可控的 - 然後是浮動，我們總體上減少了浮動，但從套件數量的角度來看肯定會 - 會受到利率下降的影響，但影響較小。

So we feel quite good to complement the stability of the earnings. And so that's -- we're looking at -- we can navigate on any of the changes because I think, as Jim said, it's -- you have a high volatility on the upside/downside and I think we positioned the books to basically navigate that.

因此，我們感覺很好，可以補充收益的穩定性。所以這就是 - 我們正在研究 - 我們可以應對任何變化，因為我認為，正如吉姆所說 - 你的上行/下行波動性很大，我認為我們的書籍定位基本上是為了應對這種情況。

Yeah, that makes sense. Great. Thank you, guys.

是的，這很有道理。偉大的。謝謝你們。

Wilma Burdis, Raymond James.

威爾瑪伯迪斯、雷蒙詹姆斯。

Hey, good morning and thank you for the question. First, could you talk about the adviser recruiting environment? Is now a good time to grow? And are you seeing any changing trends in adviser transition assistance packages? Thanks.

嘿，早上好，謝謝你的提問。首先，您能談談顧問的招募環境嗎？現在是成長的好時機嗎？您是否看到顧問過渡援助計畫有任何變化趨勢？謝謝。

So as we said, we had a good number of recruits in the first quarter. Pipeline looks good as we're into the second quarter. And we have the capacity and the capability to continue to work closely across the channels as well as with different institutions for advisers to come over. We have a great ability to onboard them quicker, and from an industry perspective that they ramp up quicker when they do come over here.

正如我們所說，我們在第一季招募了相當數量的新員工。進入第二季度，管道看起來良好。我們有能力繼續透過各種管道與不同的機構密切合作，以吸引顧問。我們有能力讓他們更快加入，而且從行業角度來看，當他們來到這裡時，他們能夠更快地適應。

So we feel good about that. Again, markets change, environments change, but advisers will still look for a good home during that change, and that's what we are really focused on. From a perspective of the packages out there, I would probably say they've gotten a bit more competitive. But I think what we feel very good about is our ability to put together appropriate packages and get appropriate advisers over that we can help really grow and build their books as well as get a return from that.

因此我們對此感到很高興。再說一次，市場在變，環境在變，但顧問仍然會在這種變化中尋找一個好的歸宿，而這正是我們真正關注的。從現有的套餐角度來看，我可能會說它們變得更具競爭力了。但我認為，讓我們感到非常高興的是，我們有能力整合適當的方案並聘請適當的顧問，這樣我們才能真正幫助他們發展和建立他們的帳簿，並從中獲得回報。

Thank you, And I think you touched on this earlier, but I just want to be a little bit more specific. Is it not a good time to lean in on the share purchases? Thanks.

謝謝，我想您之前已經提到過這一點，但我只是想更具體一點。現在不是買股票的好時機嗎？謝謝。

The -- from our perspective, as we mentioned to you at the -- in the end of the year and into January that we initially targeted or roughly 80% on a consistency fashion. But as we just approved and we're finishing our previous buyback early again, we have flexibility to take that up and adjust as we see the -- both the environment and the opportunity based on the share price. So it gives us good flexibility and we will be looking at that as we proceed through the year.

從我們的角度來看，正如我們在年底和一月份向您提到的那樣，我們最初的目標是保持一致性，大約 80%。但由於我們剛剛批准並再次提前完成先前的回購，我們可以靈活地採取這項措施並根據我們所看到的環境和基於股價的機會進行調整。因此，它為我們提供了良好的靈活性，我們將在今年內關注這一點。

Thank you.

謝謝。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

Good morning. Jim, just wanted to come back to the AWM adviser retention. The -- and I know -- I heard your comment about the peers aren't disclosing those total numbers. Are you seeing a slippage in headcount? Any time I see someone removing disclosure, usually, I think there's going to be some suspicion that there's something in the numbers that caused the company to remove it. I just want to be clear, like -- are those numbers under some pressure for some reason? Maybe just any color you can give on the retention side.

早安.吉姆，我只是想回到 AWM 顧問保留的問題。我知道——我聽到了你關於同行沒有披露總數的評論。您是否發現員工人數有減少？每當我看到有人刪除披露資訊時，通常我認為他們會懷疑數字中存在某些問題，導致公司刪除這些資訊。我只是想弄清楚，這些數字是否因為某些原因而承受壓力？也許您可以在保留方面提供任何顏色。

There's no change on the retention side. And in fact, the retention is quite good. As I said, the highest amount of our retention is more of people retiring and transitioning practices that -- for the people that remain here as the other piece of our retention that's a little lower is just the newer people that come in that turn over. But again, those books and activities stay.

保留方面沒有變化。事實上，保留率相當好。正如我所說，我們保留的最高水平更多的是退休和轉變實踐的人 - 對於留在這裡的人來說，我們保留的另一個稍低的水平是新來的人。但這些書籍和活動仍然保留下來。

So no, there's nothing. Head count is actually up if we did provide it. So that's not in any way a change. But all the wirehouses removed it. I think you saw a few of the other players remove it. I won't mention their names, but you could look at all of them. So we just -- we follow the disclosures. And so we figured that was appropriate.

所以沒有，什麼都沒有。如果我們確實提供了，那麼人數實際上就會增加。所以這無論如何都不是一個改變。但所有大型證券公司都將其撤下。我想你看到其他一些玩家將其移除了。我不會提及他們的名字，但你可以看看他們所有人。所以我們只是——我們遵循披露。所以我們認為這是合適的。

That's great. Thanks for clarifying that. The other question I had is just I know there were some lumpy outflows in Asset Management this quarter. Can you talk about visibility for the balance of 2025? Any other like chunkier or lumpy outflows to flag? Or do you think you're -- we're through the worst of those?

那太棒了。感謝您澄清這一點。我的另一個問題是，我知道本季資產管理領域出現了一些資金大量流出。您能談談 2025 年平衡的可見度嗎？還有其他像塊狀或塊狀的流出物需要標記嗎？或者您認為我們已經度過了最糟糕的時期？

Yeah. I think from a large -- I think there's another piece of Lionstone to go out and that will be continuing. But that was what we disclosed at the end of the year or last year when we sort of exited the business. From the other institutional stuff, no, there will be ins and outs just based on people reallocating. A lot of -- there's a lot of change out there right now just about repositioning portfolios, et cetera.

是的。我認為從大局來看——我認為 Lionstone 的另一部分將會推出，而且這種情況將會繼續。但這是我們在年底或去年退出該業務時披露的資訊。從其他制度層面來看，不會，只是根據人員重新分配，才會改變。很多——目前有很多變化，例如重新定位投資組合等等。

The large one we had in the first quarter was a move to passive. It wasn't an international firm that they needed to do that for other reasons they had. And so we feel comfortable that, again, when navigating like everyone else is, retail was actually -- the sales were up year over year in retail. It's just more redemptions picked up as you would have saw in the first quarter in the flow picture. But I think you saw that out in the industry.

我們在第一季採取的重大措施是轉向被動。該公司不是一家國際公司，他們出於其他原因不需要這樣做。因此，我們感到很放心，當像其他人一樣進行導航時，零售額實際上是——零售額同比增長。正如您在第一季的流量圖中看到的那樣，這只是增加了更多的贖回量。但我認為你在行業中已經看到了這一點。

We're probably not picking up as much on the fixed side that we would like to increase that. We're just in certain categories there that we haven't gotten much in the flow on. But our equities are actually a bit better than the industry. So it depends on -- when you put it all together, that's where we had some of the negative come from the redemptions.

我們可能沒有在固定方面獲得我們想要增加的那麼多。我們只是在某些類別上還沒有取得太多進展。但我們的股票實際上比行業要好一些。所以這取決於——當你把所有因素綜合起來時，就會發現贖回帶來的一些負面影響。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Hey, good morning, Jim, Walter. I hope everyone is doing well. We did want to follow-up to Tom's question with Advice & Wealth Management organic growth and also echo a comment like one of the reasons that many of your comps don't report that data is because the organic growth has slowed. So if your data is strong, our advice would be to disclose it.

嘿，早上好，吉姆，沃爾特。我希望每個人都一切順利。我們確實想跟進湯姆關於諮詢和財富管理有機增長的問題，並回應一條評論，例如，許多公司沒有報告該數據的原因之一是有機增長放緩。因此，如果您的數據強大，我們的建議是將其公開。

But with that, I did hear a lot of good, strong and ups, so high-level qualitative color. Do you have any data you can share for 1Q '25 behind recruiting financial adviser headcount and adviser retention? And if not, I can ask another.

但同時，我確實聽到了很多好的、強勁的、起伏的、如此高水平的定性色彩。您能否分享 25 年第一季招募財務顧問人數和顧問留任率的相關數據？如果沒有，我可以再問別人。

Yeah. So we did mention that we brought in 80 advisers in the first quarter. So that's pretty consistent with our recruiting over the quarters. And the quality was very good. And as I said, that pipeline is holding up nicely through the second quarter, and we feel good about it. I don't know what else I can say. We don't give much more information on that.

是的。因此，我們確實提到我們在第一季引進了 80 位顧問。這與我們本季的招募情況非常一致。而且品質非常好。正如我所說，該管道在第二季度表現良好，我們對此感到滿意。我不知道我還能說什麼。我們不會提供更多關於此的資訊。

From a perspective of our own, both retention but also client activity is quite strong. And we're bringing in nice new clients. And I know a lot of people rely on just new recruits to increase their flow picture. Ours is mainly from the increase in productivity of our adviser base, which I feel good about.

從我們自己的角度來看，保留率和客戶活動都相當高。我們正在引進優秀的新客戶。我知道很多人只是依靠新員工來增加他們的流量。我們的主要成就來自於顧問團隊生產力的提高，對此我感到很高興。

And the underlying margins and capability of our core business, so production underlying, we mentioned 9% revenue, but the production was higher that tied to the distribution fees of 14%. It was -- there's like 13% something plus on production, which is quite good. And our underlying margins on our production business is quite strong compared to many others in the industry. I would think it's probably one of the best.

我們核心業務的潛在利潤率和能力，即生產潛在收入，我們提到了 9% 的收入，但產量高於與 14% 的分銷費用掛鉤的收入。產量增加了 13% 左右，相當不錯。與業內許多其他公司相比，我們生產業務的潛在利潤率相當高。我認為它可能是最好的之一。

Got it. And then just for my follow-up, heading into 2Q, given that most of April is behind us, so you're seeing some data there. How do you see recruiting adviser headcount retention tracking 2Q '25, especially given a lot has changed since April 2?

知道了。然後，為了我的後續關注，進入第二季度，考慮到四月份的大部分時間已經過去，所以您會在那裡看到一些數據。您如何看待 2025 年第二季度招聘顧問員工保留率的跟踪，尤其是考慮到自 4 月 2 日以來發生了很多變化？

From our perspective, it's a continuation of what we've just reported in the first quarter.

從我們的角度來看，這是我們第一季報告的延續。

Thank you, Jim.

謝謝你，吉姆。

John Barnidge, Piper Sandler.

約翰·巴尼奇、派珀·桑德勒。

Good morning. Thank you for the opportunity. My question is on Retirement and Protection Solutions earnings. They've been coming in better than the $200 million quarterly number in the last few quarters. In light of current macro distribution in the rate environment, do you have any updated views? Or does it seem to be earning above that now? Thanks.

早安.感謝您提供的機會。我的問題是關於退休和保障解決方案的收入。過去幾個季度，他們的季度收入一直高於 2 億美元。鑑於當前利率環境下的宏觀分佈，您有什麼更新的看法嗎？或者現在看起來它的收益已經高於這個水準了？謝謝。

The earnings are solid and they're predictable. And even though we've had a higher transaction, which you know on a time of sale, it would impact the P&L, basically, the investment strategy and other elements is basically prevailing. So we feel comfortable with the book is, as we said, good risk-adjusted returns. So we feel we -- it's working quite well.

收益穩定且可預測。儘管我們的交易量較高，但在銷售時，它會影響損益表，基本上，投資策略和其他因素占主導地位。因此，我們對該帳簿感到滿意，正如我們所說，它具有良好的風險調整回報。所以我們覺得——它運行得相當好。

Thank you. And my follow-up question on retail within Asset Management. Is there something a typical retail investor needs to see from maybe a cost of living perspective or macro to reengage or to your comments about having the flexibility to take advantage of other companies, maybe dislocation? Is there additional products that need to be added inorganically? Thank you.

謝謝。我的後續問題是關於資產管理中的零售。典型的散戶投資者是否需要從生活成本角度或宏觀角度看到一些東西，以便重新參與，或者對於您關於靈活利用其他公司、也許是錯位的評論？是否有需要以無機方式添加的附加產品？謝謝。

So what we are doing is we are rolling out more active ETFs. You've seen that pick up a bit more in the industry. I think it gives advisers a little more flexible in their activities and trading, how they build their portfolios.

因此，我們正在推出更多主動型 ETF。你已經看到這個行業的情況有所改善。我認為這會讓顧問在活動和交易以及投資組合建立方面更加靈活。

We also are continuing a move to our SMA model delivery which is taking up a bit more space in the industry, which is good for us as well. We are coming out with an interval fund with the public and private market soon that we'll be launching just in the market later this year. We'll be looking at other opportunities like that as we proceed. We've launched another hedge fund that's starting to gain traction.

我們還在繼續轉向 SMA 模型交付，這在行業中佔據了更大的空間，這對我們也有好處。我們很快就會推出一隻涉及公共和私人市場的區間基金，並將於今年稍後在市場上推出。我們會繼續尋找其他類似的機會。我們推出了另一隻對沖基金，它正開始獲得關注。

So there are things like that that we're doing. As you would imagine, I would say the gross sales were up year over year on the gross side, just redemptions picked up, and you saw that across the industry as people -- they got a little more conservative or they put cash on the sidelines or they wanted to adjust in the period. So that's what we saw a bit more in the asset management business. Now remember, it's not an asset management just for our -- I mean, it's across international, domestic, et cetera.

我們正在做類似的事情。正如您所想像的，我想說的是，總銷售額同比增長，贖回量也在增加，而且您會看到整個行業都出現了這種情況，人們變得更加保守，或者將現金放在一邊，或者他們想在此期間進行調整。這就是我們在資產管理業務中看到的更多情況。現在請記住，這不僅僅是針對我們的資產管理——我的意思是，它涉及國際、國內等等。

Thank you.

謝謝。

Ryan Krueger, KBW.

瑞安·克魯格（Ryan Krueger），KBW。

Good morning. My first question was on G&A expenses. They were down 5% in the quarter. Can you give some commentary on how you're thinking about G&A for the rest of the year?

早安.我的第一個問題是關於一般及行政費用。本季其股價下跌了 5%。您能否就今年剩餘時間的 G&A 議題發表一些看法？

So obviously, a lot of things affect G&A, both from our standpoint, activity growth, the investment we make and certainly the transformation efforts we did. So I think looking at those elements together, we see the total expense being flattish, G&A expense.

顯然，從我們的角度來看，許多因素都會影響 G&A，包括活動成長、我們所做的投資以及我們所做的轉型努力。因此，我認為綜合考慮這些因素，我們會發現總支出、一般及行政費用是持平的。

Okay. Great. So consolidated G&A roughly flat for the year?

好的。偉大的。那麼，今年的合併 G&A 總額大致持平嗎？

Yeah.

是的。

Thanks. And then just one other question on April. I think you've addressed cash and recruiting trends. But can you give any commentary on just how clients are behaving? Are they pulling back at all from transactional activity or putting new money to work? Or can you give any commentary there?

謝謝。然後是關於四月的另一個問題。我認為您已經討論了現金和招聘趨勢。但是您能對客戶的行為做出任何評論嗎？他們是否會從交易活動中撤出資金或投入新的資金？或者您可以在那裡發表任何評論嗎？

No. I think what you've seen in April is an increased level of volatility. So I think, again, I can't sit here with a crystal ball of what comes next, but I see it maintaining at a certain level of consistent. I haven't seen a dramatic shift or change yet, but it depends on what continues in the marketplace.

不。我認為四月份的波動性增加。因此，我認為，我無法坐在這裡拿著水晶球預測接下來會發生什麼，但我認為它會保持一定的一致性。我還沒有看到重大的轉變或變化，但這取決於市場的發展。

Some days are really people get a little more concerned. Some days, they see it as an opportunity. So I think there -- we keep them focused on the long term and to keep money invested. So I would probably say no change in our picture at this point.

有些日子人們確實會變得更加擔心。有時，他們將其視為一個機會。所以我認為——我們讓他們專注於長期發展並保持資金投資。因此我可能會說，目前我們的情況沒有改變。

Understood. Thanks for the comments.

明白了。感謝您的評論。

And we have no further questions at this time. This concludes today's conference. Thank you for participating, and you may now disconnect.

目前我們沒有其他問題。今天的會議到此結束。感謝您的參與，您現在可以斷開連接了。