阿默普萊斯金融 (AMP) 2025 Q2 法說會逐字稿

Welcome to the Q2 2025 earnings call. My name is Julianne, and I'll be your operator for today's call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加 2025 年第二季財報電話會議。我叫茱莉安，今天電話的接線生將由我來接聽。（操作員指示）提醒一下，本次會議正在錄音。

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。

Thank you, operator, and good morning. Welcome to Ameriprise Financial's 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.

謝謝接線員，早安。歡迎參加 Ameriprise Financial 的第二季財報電話會議。今天與我一起通話的有董事長兼執行長 Jim Cracchiolo 和財務長 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.

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。

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 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.

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 年第二季財報、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 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 today's call 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, and thanks for joining our call. As we shared in our release, Ameriprise had another good quarter in the first half of 2025, continuing our record of generating strong results over many years in market environments. We feel very good about the strategic direction and competitive strengths of our business, and importantly, our ability to help clients achieve their long-term goals.

大家早安，感謝大家參加我們的電話會議。正如我們在新聞稿中分享的那樣，Ameriprise 在 2025 年上半年又度過了一個良好的季度，延續了我們多年來在市場環境中取得強勁業績的記錄。我們對業務的策略方向和競爭優勢感到非常滿意，更重要的是，我們有能力幫助客戶實現他們的長期目標。

Reflecting externally, equity markets moved around quite a bit in the quarter and investors paused and kept more cash on the sidelines. That said, markets proved to be remarkably resilient, given ongoing trade dynamics.

從外部來看，本季股市波動較大，投資人暫停投資並持有更多現金。儘管如此，鑑於當前的貿易動態，市場表現出了極強的彈性。

As we saw, economic conditions were on a firm footing in the first half. However, questions remain around the next steps and impact of tariffs. With that backdrop, our assets under management, administration, and advisement grew to a new high of $1.6 trillion.

我們看到，上半年經濟情勢整體穩固。然而，對於下一步措施以及關稅的影響仍有疑問。在此背景下，我們管理、行政和諮詢的資產成長至1.6兆美元的新高。

In terms of financials, adjusted operating results were also good. Total revenues increased 4% from asset growth and strong transactional activity. Earnings per share increased another 7%, and our return on equity remains among the industry's best at a very strong 52%.

從財務角度來看，調整後的經營績效也很好。由於資產成長和交易活動強勁，總收入成長了 4%。每股收益又增加了 7%，我們的股本回報率仍位居行業前列，高達 52%。

Across the business, we continue to implement a significant investment agenda. That includes investments in our leading client experience, technology, digital capabilities, advanced analytics, and AI. And this is made possible by our consistent expense discipline and ongoing transformation efforts across the firm.

在整個業務範圍內，我們繼續實施重大投資計劃。其中包括對我們領先的客戶體驗、技術、數位能力、高級分析和人工智慧的投資。這是透過我們一貫的費用紀律和整個公司持續的轉型努力實現的。

On the wealth side, we're delivering strong value through our quality client advisor engagement centered on our goal-based advice experience. And we see this reflected in the excellent client satisfaction that we consistently earn of 4.9 out of 5.

在財富方面，我們透過以目標為基礎的建議經驗為中心的優質客戶顧問參與來提供強大的價值。我們看到這一點從我們始終獲得 4.9 分（滿分 5 分）的出色客戶滿意度中得到體現。

We had strong client engagement, and client assets grew nicely again in the quarter to a new record of $1.1 trillion, which was up 11%. Total wrap assets were also up, increasing 15%. Wrap net inflows were $5.4 billion and reflected the higher market uncertainty and seasonal impact of client tax payments.

我們擁有強大的客戶參與度，客戶資產在本季再次良好成長，達到 1.1 兆美元的新紀錄，成長了 11%。總包裝資產也上漲了 15%。總淨流入為 54 億美元，反映了市場不確定性增加和客戶納稅的季節性影響。

And transactional activity was also good. Total cash holdings increased in the quarter and remain very high, as we would expect based on the market situation and near-term rates. And these assets on the sideline represent a future growth opportunity.

交易活動也很好。根據市場狀況和近期利率，我們預計本季現金總持有量有所增加，並且仍然保持在高位。而這些場外資產代表著未來的成長機會。

We continue to provide exceptional support and capabilities to our advisors and teams. They're staying closely connected with clients and benefiting from the investments we're making.

我們將繼續為我們的顧問和團隊提供卓越的支援和能力。他們與客戶保持密切聯繫並從我們的投資中受益。

For example, our intelligence dashboards provide in-depth analysis of key areas of advisors' practice like client contact, prospects, and acquisition. We're also using automation analytics to drive efficiency, help advisors enhance personalization based on client needs, and identify opportunities for deepening and engagement.

例如，我們的智慧儀表板對顧問實踐的關鍵領域（如客戶聯繫、潛在客戶和收購）進行了深入分析。我們還使用自動化分析來提高效率，幫助顧問根據客戶需求增強個人化，並發現深化和參與的機會。

And in June, we made a significant addition to our wealth management capabilities with the launch of Signature Wealth, which we feel will help advisors to manage client assets even more holistically and efficiently. It brings the best of our current advisory platform into a flexible, unified management account and frees up capacity for advisors to further focus on client engagement and practice growth.

今年 6 月，我們推出了 Signature Wealth，大大增強了我們的財富管理能力，我們認為這將有助於顧問更全面、更有效率地管理客戶資產。它將我們目前最好的諮詢平台整合到一個靈活、統一的管理帳戶中，並釋放顧問的能力，使他們能夠進一步專注於客戶參與和實踐成長。

With the excellent platform we've built and the integrated support we provide, our advisors continue to be highly productive and engaged, and productivity grew another 11% to $1.1 million per advisor.

憑藉我們建造的優秀平台和提供的全面支持，我們的顧問繼續保持高效率和高參與度，生產力又成長了 11%，達到每位顧問 110 萬美元。

Regarding recruiting, we continue to bring in good recruits. Another 73 experienced advisors joined in Ameriprise in the quarter, and we feel good about our pipeline as well as our differentiated advisor value proposition.

在招募方面，我們持續引進優秀的新人才。本季度，另外 73 位經驗豐富的顧問加入了 Ameriprise，我們對我們的人才儲備以及差異化的顧問價值主張感到滿意。

These advisors appreciate our reputable brand, practice support, and financial strength and stability. We're also hearing how their clients feel overwhelmingly positive about moving to Ameriprise, which is terrific.

這些顧問欣賞我們良好的品牌聲譽、實踐支援以及財務實力和穩定性。我們也聽說他們的客戶對於轉投 Ameriprise 抱持著非常正面的態度，這真是太棒了。

The bank is also doing well. Total assets were up 6% and were earning good spread. Loan growth at the bank is also good, driven by pledge.

該銀行的經營狀況也很好。總資產增加了 6%，並且獲得了良好的利差。在抵押貸款的推動下，該銀行的貸款成長也很好。

As we've shared, we're launching new products like our new CD that came out in the second quarter. And in the coming months, we'll be bringing out HELOCs and checking accounts to add to our product offering. And I would highlight that our wealth business consistently delivers best-in-class margin. It was 29% for the quarter.

正如我們所分享的，我們正在推出新產品，例如第二季推出的新 CD。在接下來的幾個月裡，我們將推出 HELOC 和支票帳戶來豐富我們的產品系列。我想強調的是，我們的財富業務始終提供一流的利潤率。本季這一比例為 29%。

As part of our larger solution set, our retirement income protection products helped serve clients' full financial picture. We're driving good sales in our targeted areas like variable universal life, variable annuities without living benefit riders, and structured annuities. In fact, we saw a nice pickup of 25% from the first quarter within our structured solutions.

作為我們更大的解決方案的一部分，我們的退休收入保障產品有助於服務客戶的全面財務狀況。我們在目標領域取得了良好的銷售業績，例如可變萬能壽險、不附帶生存福利附加條款的可變年金和結構化年金。事實上，我們的結構化解決方案較第一季成長了 25%。

Advisors appreciate having these strong, consistent offerings on the platform that have been the developed and seamlessly integrated with our client experience. And we're working closely to support them to engage clients to meet more of their needs.

顧問們對平台上這些強大、一致的產品表示讚賞，這些產品已經開發並與我們的客戶體驗無縫整合。我們正在密切合作，支持他們吸引客戶，滿足他們的更多需求。

It was another strong quarter for RPS. The business consistently generates good returns for the company and strong free cash flow. The RPS business is one of the most profitable insurance businesses in the industry.

對 RPS 來說，這又是一個表現強勁的季度。該業務持續為公司帶來良好的回報和強勁的自由現金流。RPS業務是業界最賺錢的保險業務之一。

Turning to asset management, we continue to deliver attractive earnings and drive operational efficiencies. Total assets in the management administration increased to $690 billion, up 2% year over year and 5% sequentially.

談到資產管理，我們繼續提供有吸引力的收益並提高營運效率。管理部門的總資產增至 6,900 億美元，年增 2%，季增 5%。

Our investment performance continues to be strong across both equity and fixed income. We had excellent long-term performance. More than 70% of our funds were above the median on asset-weighted basis for the five-year period and more than 80% over 10 years.

我們的股票和固定收益投資績效持續保持強勁。我們的長期業績表現優異。我們有超過 70% 的基金在五年期間的資產加權基礎上高於中位數，而我們有超過 80% 的基金在十年期間的資產加權基礎上高於中位數。

Regarding the one year, equity performance slipped a bit. However, short-term fixed income performance is very strong at more than 80% above the median. And 99 of our funds were rated four or five stars by Morningstar.

就一年而言，股票表現略有下滑。不過，短期固定收益表現非常強勁，高出中位數 80% 以上。我們的 99 檔基金被晨星評為四星或五星。

Regarding flows, we had $8.7 billion of outflows in the quarter, largely driven by higher institutional impacts. In global retail, gross sales increased about 10% year over year. But like others, we had higher underlying redemptions. April was especially tough for the industry given the markets.

就資金流出而言，本季我們有 87 億美元的資金流出，這主要是由於機構影響的增強。全球零售業總銷售額較去年同期成長約10%。但與其他公司一樣，我們的潛在贖回額也較高。鑑於市場形勢，四月對該行業來說尤其艱難。

Looking at our flow rate in the US versus active peers, we're a bit ahead in terms of equities and a bit below in fixed income, but we've narrowed the gap. And in EMEA retail, higher redemptions were also a fact that it drove outflows in the quarter, although we did see a nice pickup in UK multi-asset strategies.

從我們在美國與活躍同行的流量來看，我們在股票方面略微領先，在固定收益方面略微落後，但我們已經縮小了差距。在歐洲、中東和非洲地區的零售業中，較高的贖回率也是導致本季資金流出的原因之一，儘管我們確實看到英國多元資產策略出現良好的回升。

On the retail product front, we're adding to our active research-enhanced index ETF lineup in the US and gaining flows. And in coming months, we will be extending this capability in EMEA with the launch of a series of active ETFs in the UK and Europe.

在零售產品方面，我們正在增加美國主動研究增強型指數 ETF 陣容並獲得流量。未來幾個月，我們將在英國和歐洲推出一系列主動式 ETF，擴大 EMEA 地區的這項能力。

In terms of the institutional business, we have some higher redemptions that included the previously announced Lionstone outflow. As we move forward, we're adding more CLOs and earning key equity fixed income and hedge fund mandates across regions as we had some good results in terms of cross-selling deepening relationships with current clients.

在機構業務方面，我們有一些較高的贖回額，其中包括先前宣布的 Lionstone 資金流出。隨著我們繼續前進，我們正在增加更多的 CLO，並在各個地區獲得關鍵的股票固定收益和對沖基金授權，因為我們在交叉銷售深化與現有客戶的關係方面取得了一些良好的成果。

In asset management, we continue to manage expenses extremely well. We're driving efforts to realign resources, streamline systems, and enhance our processes in the US and globally. We're significantly transforming the business while at the same time maintaining our fee rate. Asset management margin was 39% in the quarter, at the top end of our target range, up nicely from our expense discipline.

在資產管理方面，我們繼續非常好地管理費用。我們正在努力重新調整資源、簡化系統並增強我們在美國和全球的流程。我們正在大力轉型業務，同時保持我們的收費標準。本季資產管理利潤率為 39%，處於我們目標範圍的最高端，遠高於我們的費用控制水準。

For Ameriprise overall, our complement of businesses has enabled us to perform very well over different environments and market cycles. Overall, we continue to generate very strong free cash flow, and we have one of the highest returns on equity at more than 50%.

總體而言，對於 Ameriprise 而言，我們的業務補充使我們能夠在不同的環境和市場週期中表現出色。總體而言，我們繼續產生非常強勁的自由現金流，並且我們的股本回報率是最高的之一，超過 50%。

We're also having a good balance of share buybacks and dividends. And we continue to return to shareholders in a significant way, and we'll be looking to increase and targeting an 85% payout ratio for the balance of the year.

我們在股票回購和股利之間也實現了良好的平衡。我們將繼續以顯著的方式回報股東，並努力在今年餘下時間提高派息率，目標是達到 85% 的派息率。

I'd highlight that Ameriprise received some new recognition that adds to the portfolio of accolades that we've earned. We were recently recognized in 2025 by Kiplinger's Reader's Choice Award for outstanding overall satisfaction, quality of advice, trustworthy advisors, and for being the most recommended among wealth managers.

我想強調的是，Ameriprise 獲得了一些新的認可，這進一步豐富了我們贏得的榮譽。我們最近因出色的整體滿意度、建議品質、值得信賴的顧問以及在財富管理機構中受推薦而榮獲 2025 年《吉普林讀者選擇獎》。

And second, Ameriprise was also named one of America's most innovative companies, 2025, by Fortune. Looking forward, we feel very good about our ability to continue to manage and adjust for the environment. We're staying focused on our strategic priorities and generating good returns for the business.

其次，Ameriprise 也被《財星》雜誌評為 2025 年美國最具創新力的公司之一。展望未來，我們對自己繼續管理和調整環境的能力感到非常滿意。我們將繼續專注於我們的策略重點並為業務創造良好的回報。

Now Walter will provide additional color on our financials. Walter?

現在，沃爾特將為我們的財務狀況提供更多細節。沃特？

Thank you, Jim. Ameriprise delivered continued solid performance with exceptional balance sheet strength in a volatile and uncertain environment. Adjusted operating EPS increased 7% to $9.11 with a strong margin of 27%. Adjusted operating net revenues increased 4% to $4.3 billion from asset growth while absorbing the market and rate impacts across our businesses.

謝謝你，吉姆。在動盪和不確定的環境中，Ameriprise 繼續保持穩健的業績，資產負債表實力出色。調整後的每股盈餘成長 7% 至 9.11 美元，利潤率高達 27%。調整後的淨營業收入因資產成長而成長 4%，達到 43 億美元，同時吸收了我們業務的市場和利率影響。

Expense discipline remains strong from our ongoing firm-wide transformation initiatives. Year-to-date G&A expenses improved 3%, and we will maintain G&A expenses at this level for the remainder of the year. It was a solid quarter across our businesses, and we'll get into the details of our segment results on the upcoming slides.

由於我們正在進行全公司範圍的轉型計劃，費用紀律仍然嚴格。年初至今的一般及行政開支改善了 3%，我們將在今年剩餘時間內將一般及行政開支維持在這個水準。本季度，我們的各項業務均表現穩健，我們將在接下來的幻燈片中詳細介紹各部門的業績。

As we exited the quarter, our balance sheet fundamentals remained very strong and we are well positioned to navigate potential volatility going forward. A stable 90% free cash flow generation across our segments, combined with our strong balance sheet fundamentals, enabled us to return 81% of operating earnings to shareholders in the quarter.

在本季結束時，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。我們各部門穩定的 90% 自由現金流，加上我們強勁的資產負債表基本面，使我們能夠在本季度向股東返還 81% 的營業收益。

We remain committed to returning capital to shareholders at a differentiated pace and plan to increase our payout ratio to 85% for the second half of the year.

我們仍致力於以差異化的速度向股東返還資本，並計劃在今年下半年將派息率提高到 85%。

On slide 6, you'll see the EPS growth of 7% was impacted by the market dynamics in the quarter. Assets under management, administration, and advisement increased to a record high of $1.6 trillion, benefiting from strong wealth management client flows over the past year and equity market appreciation.

在第 6 張投影片上，您會看到 7% 的每股盈餘成長受到了本季市場動態的影響。受惠於過去一年強勁的財富管理客戶流量和股票市場升值，管理、管理和諮詢資產增至創紀錄的 1.6 兆美元。

We delivered strong profitability with consolidated margin of 27% from 4% revenue growth and continued expense discipline. We continue to generate a best in class return on equity of 52%.

我們實現了強勁的獲利能力，綜合利潤率達到 27%，這得益於 4% 的收入成長和持續的開支控制。我們繼續實現 52% 的最佳股本回報率。

On slide 7, you see the solid metric results from wealth management given the elevated market volatility and normal seasonal tax payment trends. Revenue per advisor grew 11% to a new high of $1.1 million. This resulted from 11% increase in client assets to $1.1 trillion with client net inflows of $34 billion over the past year.

在第 7 張投影片上，您可以看到，在市場波動加劇和季節性納稅趨勢正常的情況下，財富管理的可靠指標結果。每位顧問的收入成長 11%，達到 110 萬美元的新高度。這是因為過去一年客戶資產增加了 11%，達到 1.1 兆美元，客戶淨流入量為 340 億美元。

Wrap assets were up 15% to $615 billion, with wrap flows of $33 billion over the past year, representing a 6% annualized flow rate consistent with the prior year. With the volatility in the early part of the quarter and tax season in April, we saw slower flows in the second quarter following a strong first quarter.

包裝資產成長 15% 至 6,150 億美元，過去一年的包裝流量為 330 億美元，年化流量率為 6%，與前一年持平。由於本季初的波動以及 4 月份的納稅季節，我們看到第一季的流量強勁之後，第二季的流量有所放緩。

In total this year, wrap flows have been $14 billion consistent with the prior year. In addition, transactional activity levels remain strong. Cash sweep balances were in line with expectations at $27.4 billion compared to $28.6 billion in the prior quarter, reflecting normal seasonal tax payments.

今年的包裝流量總計為 140 億美元，與去年持平。此外，交易活動水準依然強勁。現金清掃餘額符合預期，為 274 億美元，而上一季為 286 億美元，反映了正常的季節性納稅。

We are seeing nice momentum in our experienced advisor recruiting. Being affiliated with a firm that has an excellent reputation and strong balance sheet fundamentals is attractive to advisors, particularly in the volatility and uncertain environments we've seen this year.

我們在經驗豐富的顧問招聘方面看到了良好的勢頭。與一家擁有良好聲譽和強大資產負債表基本面的公司建立聯繫對顧問來說很有吸引力，尤其是在我們今年看到的波動性和不確定的環境中。

Advisors find our value proposition to be compelling, and we are focused on making sure our transition factors are attractive to experienced advisors that share our values and commitment to the client experience.

顧問們發現我們的價值主張非常引人注目，我們致力於確保我們的過渡因素對那些與我們擁有共同價值觀並致力於客戶體驗的經驗豐富的顧問具有吸引力。

On slide 8, you'll see strong financial results from wealth management. Adjusted operating net revenues increased 6% to $2.8 billion. Revenue growth benefited from strong cumulative wrap net inflows and market appreciation over the past year, which more than offset lower spread revenues and the impact from unfavorable markets within the quarter.

在第 8 張投影片上，您將看到財富管理帶來的強勁財務表現。調整後的淨營業收入成長 6%，達到 28 億美元。收入成長受益於過去一年強勁的累計淨流入和市場升值，足以抵消本季利差收入的下降和不利市場的影響。

Adjusted operating expenses in the quarter increased 9%, with distribution expenses up 10%, reflecting growth in advisor productivity. G&A expenses increased 6% to $435 million in the quarter, which was a result from higher growth investments and volume-related expenses due to business growth.

本季調整後的營運費用增加了 9%，分銷費用增加了 10%，反映了顧問生產力的成長。本季度，一般及行政費用增加 6% 至 4.35 億美元，這是由於業務成長導致的成長投資和與數量相關的費用增加所致。

However, for the year, we expect low to mid-single-digit growth in G&A. Pre-tax adjusted operating earnings were $812 million, which included the impact on wrap assets from the dip in equity markets in April. However, we saw a substantial recovery in the equity markets by the end of June, which positions us well as we enter the third quarter.

然而，我們預計今年的 G&A 費用將達到低至中等個位數成長。稅前調整後營業利潤為 8.12 億美元，其中包括 4 月股市下跌對包裝資產的影響。然而，到六月底，我們看到股市大幅復甦，這為我們進入第三季做好了準備。

In fact, advisory wrap assets on June 30 were 6% higher than the average for the second quarter. We saw continued strong contributions from both core and cash earnings in the quarter. Our core earnings grew in the low to mid-single-digit range after absorbing the market impact in the quarter. Cash earnings saw a high single-digit decline from the impact of the Fed Fund's effective rate reduction since the latter part of 2024.

事實上，6 月 30 日的諮詢包裝資產比第二季的平均值高出 6%。我們看到本季核心收益和現金收益持續做出強勁貢獻。在吸收了本季的市場影響後，我們的核心收益實現了低至中等個位數的成長。自2024年下半年以來，受聯邦基金有效利率下調的影響，現金收益出現了高個位數的下降。

Our strategy leveraging Ameriprise Bank has been important in minimizing the impact from Fed Fund's effective rate reductions on our AWM business. In fact, we continue to see a modest increase in net investment income in the bank this quarter. Margins remain best-in-class at 29%.

我們利用 Ameriprise Bank 的策略對於最大限度地減少聯邦基金有效利率降低對我們的 AWM 業務的影響發揮了重要作用。事實上，我們本季繼續看到該銀行的淨投資收益小幅增長。利潤率仍為 29%，處於同類最佳水準。

Turning to asset management on slide 9. Financial results were solid in the quarter. Operating earnings increased 2% to $222 million. This strong quarter reflected equity market appreciation and the positive impact from expense management actions partially offset by the impact of net outflows.

前往投影片 9 上的資產管理。本季的財務表現穩健。營業利潤成長 2% 至 2.22 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，但卻被淨流出的影響部分抵銷。

Total assets under management and advisement increased to $690 billion, up both for year over year and sequentially from higher ending market levels. Revenues were $830 million with a stable fee rate of 46 basis points. Adjusted operating expenses improved 3%, and importantly, G&A expenses improved 5%.

管理和提供諮詢的總資產增至 6,900 億美元，較去年同期成長，並且高於市場最高水準。收入為 8.3 億美元，費率穩定為 46 個基點。調整後的營運費用改善了 3%，更重要的是，G&A 費用改善了 5%。

As Jim said, we are proactively driving operational transformation across our global footprint, including leveraging capabilities across Ameriprise. And the benefits from these initiatives is evidenced in our G&A expense reductions. Margins reached 39% in the quarter, which is at the high end of our target range.

正如吉姆所說，我們正在積極推動全球業務的營運轉型，包括利用 Ameriprise 的能力。這些措施帶來的好處體現在我們的一般及行政費用的減少。本季利潤率達到 39%，處於我們目標範圍的高端。

Let's turn to slide 10. Retirement and protection solutions continue 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 9% to $214 million.

讓我們翻到第 10 張投影片。退休和保障解決方案持續帶來強勁的獲利和自由現金流，體現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 9% 至 2.14 億美元。

The strong and consistent performance of the business reflects the benefits from favorable life claims, strong 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.

該業務強勁而持續的表現反映了有利的人壽索賠、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 solution sales were solid at $1.4 billion. Structured annuity sales remained strong, but were down relative to a very strong level in the prior year.

總體而言，退休和保障解決方案的銷售額穩定在 14 億美元。結構化年金銷售依然強勁，但與前一年非常強勁的水平相比有所下降。

Turning to the balance sheet on slide 11. Balance sheet fundamentals and free cash flow generation remain strong. We have an excellent excess capital position of $2.3 billion, above regulatory requirements; and we have $2.1 billion of available liquidity. And our investment portfolio is diversified and high quality.

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產生依然強勁。我們擁有 23 億美元的優良超額資本狀況，高於監管要求；並且我們擁有 21 億美元的可用流動資金。我們的投資組合多樣化且高品質。

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.

由於擁有強勁的基本面，我們所有業務的股利來源都十分多元化。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 solid results in the second quarter, which is a continuation of our long track record navigating various market environments. Over the last 12 months, revenues grew 8%, adjusted EPS increased 13%, return on equity grew 240 basis points, and we returned $3 billion of capital to shareholders.

總結一下，在第 12 張投影片中，Ameriprise 在第二季取得了穩健的業績，這是我們長期應對各種市場環境的記錄的延續。在過去的 12 個月中，營收成長了 8%，調整後每股盈餘成長了 13%，股本回報率增加了 240 個基點，我們向股東返還了 30 億美元的資本。

We had similar growth trends over the past five years, with 8% compounded annual revenue growth, 17% compounded annual EPS growth, return on equity improving 16 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，我們也維持了類似的成長趨勢，年複合收入成長率為 8%，年複合每股盈餘成長率為 17%，股本回報率提高了 16 個百分點，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反映了我們業務組合的互補性，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) Steven Chubak, Wolfe Research.

謝謝。我們現在開始問答環節。（操作員指示）Steven Chubak，Wolfe Research。

So Jim, it's encouraging to hear your commentary on the recruitment backlog improving. I was hoping you could speak to some of the drivers of the softer flows in 2Q, recognizing a lot of that's related to the Liberation Day lull. Are you seeing any indications of [NNA] reaccelerating back to that more normal mid-single-digit growth rate?

所以吉姆，聽到你對招募積壓情況改善的評論令人鼓舞。我希望您能談談第二季度流量疲軟的一些驅動因素，並認識到其中許多都與解放日的低迷有關。您是否看到任何跡象表明 [NNA] 正在重新加速至更正常的中位數個位數成長率？

Yeah. So really, at the beginning part of the quarter, between the combination of the tax payments but also the Liberation Day, the flows -- you had the tax payments out, but then the flows did not bounce back because of the liberation and people a bit more on the sidelines. That started to recover as you got later in the quarter, but we're still seeing that pick up a bit more as we get into July.

是的。因此，實際上，在本季度初，在稅收和解放日的結合之間，流量 - 您已經支付了稅收，但是由於解放和人們的觀望態度，流量並沒有反彈。進入本季度後期，這一數字開始回升，但進入 7 月份，我們仍看到這一數字略有回升。

There was also some lumpiness between the net inflow from some of the recruiting coming in versus some of the terms. I think there were some big checks that were a little irrational given, so it impacted a little lumpiness there for some of the outs that we had.

部分招聘淨流入量與部分條款之間也存在一些不平衡。我認為有些大額支票的開立有些不合理，因此對我們的一些出局產生了一些影響。

Overall, we feel good about the overall positioning. The core client base continues to do well, but our base doesn't react so quickly to the markets. So it's more of an on-average over time, and we'll see that recover.

總體而言，我們對整體定位感覺良好。核心客戶群持續表現良好，但我們的客戶群對市場的反應卻不那麼迅速。因此，隨著時間的推移，它更像是一個平均值，我們會看到它恢復。

That's great. Since you alluded, Jim, to some of the irrational behavior in this space, as I look at distribution expense within AWM that has steadily crept higher year on year, at the same time, one of your peers had alluded to some indication that there's some more rational behavior on TA, maybe less aggressive recruitment packages, at least from some of the sponsor-backed firms in particular.

那太棒了。吉姆，既然你提到了這個領域的一些非理性行為，我發現 AWM 的分銷費用逐年穩步上升，與此同時，你的一位同事也提到，有跡象表明，技術顧問的行為更加理性，或許招聘方案不那麼激進，至少從一些有贊助商支持的公司來看是這樣。

Just curious if that's consistent with what you're seeing in the marketplace. And how should we be thinking about the year-on-year trajectory for the AWM distribution expense line in particular?

只是好奇這是否與您在市場上看到的情況一致。我們該如何看待 AWM 分銷費用線的年比走勢？

Yeah. So I think it's a common issue. Let me explain the distribution, and then I'll get to the recruiting.

是的。所以我認為這是一個常見的問題。讓我解釋一下分佈情況，然後我再開始招募。

On the distribution, when we look at the average gross production that we have at the advisor base, it's up 9%. That's what they get compensated on. And so if you look at that, that's up 9% versus the idea of total revenue being up 6%, and because you've got the cash business, et cetera.

在分佈方面，當我們查看顧問基地的平均總產量時，它增加了 9%。這就是他們獲得補償的原因。因此，如果你看一下，你會發現，與總收入成長 6% 相比，這一數字成長了 9%，因為你有現金業務等等。

When you look at the production, that matches; and then you had a little more increase because people moved to higher production levels. So their payout rates go up a bit. And so that's the difference.

當你查看產量時，它們是匹配的；然後由於人們轉向更高的生產水平，產量還會略有增加。因此他們的支付率會略有上升。這就是差別所在。

Regarding the packages itself, that only had a small incremental piece of it year over year. It's a little bit, but it's not to the extent of what you're looking at as the total. Most of that's production-based.

就包裹本身而言，其增幅逐年縮小。有一點，但還沒有達到你所看到的總數的程度。其中大部分是基於生產的。

In regarding to the recruitment package, you're right that there are some rational, but there's still some people irrational, particularly for certain advisors, that unless you have a perfect market going forward and high short-term rates, et cetera, the economics are going to look a little iffy. But sometimes, people will take a huge check, particularly if it's way above what the normal economics would call for.

關於招聘方案，您說得對，有些人是理性的，但有些人還是不理性，特別是對於某些顧問而言，除非您有一個完美的未來市場和較高的短期利率等等，否則經濟狀況看起來會有點不確定。但有時，人們會接受巨額支票，特別是當其金額遠遠超出正常經濟要求時。

Wilma Burdis, Raymond James.

威爾瑪伯迪斯、雷蒙詹姆斯。

Just to follow up on the last question, can you talk a little bit more about the recruiting strategy going forward, how you're seeing the market, and how you expect to grow there?

為了繼續回答最後一個問題，您能否再多談談未來的招募策略、您如何看待市場以及您預計如何發展？

Yeah. So the pipeline looks like it's increased again nicely going to the low period, as you had in the average section of the [solvency]. And we are really focused on selling our total value proposition, which is helping advisors grow their productivity.

是的。因此，管道看起來又增加了，進入低谷期，就像你在平均階段看到的那樣【償付能力】我們真正專注於推銷我們的整體價值主張，這有助於顧問提高他們的工作效率。

We have average higher productivity from our core advisor base than most that just associate advisors out there and, say, provide a network service. We do a lot in capabilities that we provided, the new technology, AI support, et cetera, in addition to the coaching training support we provide.

我們核心顧問群體的平均生產力比大多數只提供助理顧問並提供網路服務的顧問群體要高。除了我們提供的輔導培訓支援之外，我們在提供的功能、新技術、人工智慧支援等方面做了很多工作。

So we feel good about that, and we do look to attract certain types of advisors. We're not just looking to associate anyone by giving them a big check. And so we do have to raise our packages a bit to be based on the competitive frame. But that's where we bring it in alignment with how we can help people really grow and become more successful.

因此我們對此感到高興，並且我們確實希望吸引某些類型的顧問。我們不只是想透過給某人一張大支票來與他們建立聯繫。因此，我們確實必須稍微提高我們的薪酬待遇，以符合競爭框架。但這正是我們將其與如何幫助人們真正成長並取得更大成功相結合的地方。

And can you talk a little bit more about the (technical difficulty) clients you're getting right now? I know you talked a little bit about annuities being popular. How are they positioning themselves? And are you seeing them wanting to deploy?

您能否再多談談目前遇到的（技術難題）客戶？我知道您談到了年金的受歡迎程度。他們如何定位自己？您是否看到他們想要部署？

Yeah. So if it's on the annuity business, what we see is a continuation of people being interested in the structured annuities as well as annuities because of just the overall tax environment, et cetera, in annuities without living benefits. And those are the only two that we really have in the marketplace right now.

是的。因此，如果是年金業務，我們看到的是人們繼續對結構化年金以及年金感興趣，因為整體稅收環境等，以及對沒有生存福利的年金感興趣。而目前，這兩款產品正是我們在市場上真正擁有的。

We're not playing in the fixed annuity area. I know that might have been an area. We have other people on the shelf that we sell. But in that regard, we're focused on just those two areas. And they are complementary as the people look at their retirement and long-term income that they're looking to achieve.

我們並不涉足固定年金領域。我知道那可能是個區域。我們的貨架上還有其他人可供銷售。但在這方面，我們只關注這兩個領域。當人們考慮退休生活和他們所希望實現的長期收入時，它們是互補的。

Jeffrey Schmitt, William Blair.

傑弗瑞‧施密特、威廉‧布萊爾。

With top-line growth flowing in wealth management, is there an opportunity to maybe get more aggressive on some of the outsourcing deals or to do larger outsourcing deals or even just get more aggressive on recruiting in general? How do you think about that?

隨著財富管理業務的營收不斷增長，是否有機會在某些外包交易上採取更積極的行動，或者進行更大規模的外包交易，甚至在整體招聘上採取更積極的行動？您對此有何看法？

Yeah. So I think what I would say is we are focused on the recruiting channel. And as I said, we have increased the competitive packages, et cetera, that we put in the marketplace just because of the competitive frame.

是的。所以我想說的是，我們專注於招募管道。正如我所說，我們增加了競爭套餐等等，只是為了形成競爭框架而投放到市場上的。

In regard to -- I don't know if you meant outsourcing. I'm not exactly sure. I mean, as far as the institutional business, that continues to do well. And we're continuing to focus there as well as incremental.

關於—我不知道您是否指的是外包。我不太確定。我的意思是，就機構業務而言，它繼續表現良好。我們將繼續關注這一點並不斷改進。

We are focused on also some of our centralized channel business where we could work with clients beyond the locales of our current advisors. And that, we're starting to increase our activity there. And so those are the areas we're focused on.

我們也專注於一些集中通路業務，在這些業務中我們可以與目前顧問所在地以外的客戶合作。而且，我們正開始增加在那裡的活動。這些就是我們關注的領域。

We have not looked at just rolling up advisor networks, et cetera, like others because we want to continue to maintain a very strong focus on how do we deliver a very good client experience, associate people who actually want to use the advice value proposition appropriately, et cetera, et cetera.

我們並沒有像其他人一樣只考慮建立顧問網絡等等，因為我們希望繼續高度關注如何提供非常好的客戶體驗，聯繫那些真正想要適當使用建議價值主張的人等等。

Okay. That's helpful. And then on share buybacks, you mentioned you're targeting a payout ratio of 85% of the second half. Historically, it's actually moved higher than that, in certain years, probably closer to 90%. Should we expect it to stay up at that level or maybe even move higher if top line weakness continues next year?

好的。這很有幫助。關於股票回購，您提到您的目標是下半年的股利支付率為 85%。從歷史上看，在某些年份，這一比例實際上更高，可能接近 90%。如果明年營收繼續疲軟，我們是否應該預期將保持在該水平，甚至可能進一步走高？

So it's Walter. So as we indicated, our target is the 85%. We certainly have the capacity to, and we'll evaluate that on an opportunistic basis and see what's invested in for the shareholders. But that is the current target that we have elevated for the second half.

原來是沃特。正如我們所指出的，我們的目標是 85%。我們當然有能力，我們會根據機會來評估這一點，看看股東的投資回報是多少。但這是我們為下半年提高的當前目標。

Tom Gallagher, Evercore ISI.

湯姆·加拉格爾，Evercore ISI。

Just coming back to the competitive environment in AWM, would you -- just considering what's going on with competition and how it sounds like you think there's some irrationality to it, would you expect to shrink overall advisors in the next year or so, or would you still expect to be able to grow?

回到 AWM 的競爭環境，考慮到競爭的現狀以及您認為其中存在的一些不合理性，您是否預計未來一年左右顧問的整體數量會減少，還是仍然預計顧問數量會增長？

Yeah. I mean, even now, Tom, we are growing. I mean, we're not reporting like others don't report, but our net advisor count is actually up. That's not a concern that we have, per se.

是的。我的意思是，即使是現在，湯姆，我們也在成長。我的意思是，我們不像其他人那樣不報告，但我們的淨顧問數量實際上是增加了。從本質上來說，這並不是我們所擔心的問題。

I think what I would probably say is, listen, people will put out more to buy up what they would call people putting on the system. We look at it as a long-term. We have a very strong business over time. I have 10,000 advisors that I look to really help them grow and keep their productivity strong to all market environments.

我想我可能會說的是，聽著，人們會投入更多的錢來購買他們所謂的人們投入系統的東西。我們將其視為一個長期目標。長期以來，我們的業務一直非常強勁。我有 10,000 名顧問，我希望能夠真正幫助他們成長，並在所有市場環境中保持強勁的生產力。

We have good profitability of what we do where the advisor does well, the firm does well, et cetera in a very consistent balanced proposition. And we deliver very strong value. That's what we're looking for. We're not just looking to like add people because we can show you short-term top-line growth and then suffer the consequences later on or have some issues with the type of people being associated.

我們所做的事情具有良好的獲利能力，顧問表現良好，公司表現良好，等等，都保持著非常一致的平衡主張。我們提供非常強大的價值。這正是我們所尋找的。我們不只是想增加人員，因為我們可以向您展示短期的收入成長，然後在以後承擔後果或與相關人員的類型存在一些問題。

So I mean, others have different philosophies. I'm not saying their philosophy is incorrect. I'm just saying that's where we are. We always stick to this knitting.

所以我的意思是，其他人有不同的哲學。我並不是說他們的哲學是錯的。我只是說這就是我們的現狀。我們始終堅持這種編織。

In the past, we never even recruited externally. We always developed internally. We're still doing that, but we do now a combination of both. And that's the way we look to maintain ourselves.

過去，我們甚至從未對外招募過。我們始終在內部進行發展。我們仍在這樣做，但現在我們將兩者結合起來。這就是我們維持自身生存的方式。

And again, we'll be very competitive. But when people get a little over the top, they can do that. Maybe it works for them, but we don't look at it that way.

再次強調，我們的競爭力將會非常強。但當人們有點過度時，他們就會這樣做。也許這對他們有用，但我們不這麼認為。

Okay, that's helpful. And then just a follow-up on RPS. The result in the quarter looked quite strong, I guess. Net investment income was up a lot sequentially. Anything in particular going on there?

好的，這很有幫助。然後只是對 RPS 的後續關注。我想，本季的業績看起來相當強勁。投資淨收益季比大幅成長。那裡發生了什麼特別的事嗎？

It looks like mortality was favorable on the life insurance side. I'm just curious what you're seeing there. And then finally, any updates on potential risk transfer? You've had a bunch of peers doing different deals on long-term care, well-priced variable annuity deal. Any updated thoughts there?

看起來死亡率對人壽保險而言是有利的。我只是好奇你在那裡看到了什麼。最後，關於潛在風險轉移還有什麼最新消息嗎？您已經有很多同行在長期照護、價格合理的變額年金交易方面進行不同的交易。有任何更新的想法嗎？

It's Walter. Tom. Well as it relates to strong fundamentals, as you indicated, we did have an improvement on life claims, which certainly contributed to the increase. So we feel very good about certainly the overall underlying profitability drivers within the business.

是沃特。湯姆。嗯，因為它與強勁的基本面有關，正如您所說，我們的人壽索賠確實有所改善，這無疑促進了成長。因此，我們對業務中整體的潛在獲利驅動因素感到非常滿意。

And as it relates to risk transfer, again, the same thing we talk about is the business is solid. It really does contribute, and we just haven't seen that big-ass change at all that really makes any sense from a shareholder standpoint.

至於風險轉移，我們再次談論的是業務是否穩固。它確實有所貢獻，但我們還沒有看到從股東角度來看真正有意義的重大變化。

And Tom, what I would say is, you really study the industry well. And so what I would say is that this is one of the most profitable insurance businesses and protection businesses out in the industry. These are excellent books. They generate great free cash flow.

湯姆，我想說的是，你確實對這個行業很了解。所以我想說的是，這是業界最賺錢的保險業務和保障業務之一。這些都是很棒的書。它們產生了巨大的自由現金流。

The returns on equity are really high. The margin is very strong because we built good books over time. We only play in areas that we feel are both appropriate for us to be in, but we have all the other providers in the channel that have all the other alternatives that people want to use.

股本回報率確實很高。由於我們長期以來不斷創作優秀的書籍，因此利潤率非常高。我們只在我們認為適合我們的領域開展業務，但我們通路中的所有其他供應商都擁有人們想要使用的所有其他替代方案。

And so listen, if there's a good strategic relationship with something that makes sense, we will entertain it. But right now, I would probably say we generate a very good return on it that only complements the business.

所以聽著，如果某件事與我們有良好的戰略關係並且有意義，我們就會考慮它。但現在，我可能會說我們獲得了非常好的回報，這對業務來說是補充。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Two questions for you guys around the bank; it's related. But one, I was hoping you guys can give us a sense of roll-on/roll-off dynamics in the bank securities portfolio right now.

我向銀行周圍的各位提兩個問題；這兩個問題是相關的。但首先，我希望你們能讓我們了解一下目前銀行證券投資組合的滾動/滾動動態。

Walter, I recall you guys put this in place in sizable amounts a couple of years ago. Spreads were wider. So curious, as that securities portfolio rolls over the next, call it a year or two, what kind of a spread difference you're seeing on the money you're putting on versus what's coming off.

沃特，我記得幾年前你們就大量實施了這項計畫。利差進一步擴大。非常好奇，隨著證券投資組合在接下來的一兩年內展期，您投入的資金與流出的資金之間會出現什麼樣的利差差異。

And secondly, I heard you guys on the loan strategy. Obviously, that's an important part of the bank build-out going forward. What's the funding structure for that? The deposits are running relatively light on balance sheet at this point. So as you're thinking about growing the loan book, how are you guys planning on funding it?

其次，我聽取了你們關於貸款策略的意見。顯然，這是未來銀行建設的重要組成部分。其資金結構是怎樣的？目前，資產負債表上的存款相對較少。那麼，當您考慮增加貸款額時，您打算如何為其提供資金？

Sure. So on the portfolio, as we see a pay down and a maturity is taking place, you should see a spread increase as it relates to that. That is certainly contributing towards a net interest income improvement year over year. So we feel comfortable with that, and that's part of our strategy that we talked about that we've been executing.

當然。因此，在投資組合中，當我們看到償還和到期時，您應該會看到與此相關的利差增加。這無疑有助於淨利息收入逐年提高。因此我們對此感到滿意，這也是我們一直在執行的策略的一部分。

Certainly, we talked about it in the fourth quarter of the last year. As a funding for it, we are certainly launching liability products that will fund it. And so we feel very comfortable with our ability to have that increasing and diversification of our liability portfolio as that grows and matching off onto the asset strategy that we have.

當然，我們在去年第四季討論過這個問題。作為一項資金，我們肯定會推出為其提供資金的責任產品。因此，隨著負債組合的成長並與我們的資產策略相匹配，我們對自己不斷增加和多樣化負債組合的能力感到非常滿意。

And the liability product you're launching, is that high-yield savings, CDs, things like that?

您推出的責任產品是高收益儲蓄、存單還是類似的產品？

Yes, we -- from that standpoint, yes.

是的，從這個角度來看，是的。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

My question is on recruiting the wealth management business. And I know you've got a few on this topic, but a new source reported that Ameriprise is offering up to 125% of trailing revenue for Commonwealth advisors. So I'm curious if you can comment on Ameriprise's ability to take advantage of current M&A disruption and if we could see a pickup in recruitment from this.

我的問題是關於財富管理業務的招募。我知道您對這個主題有一些了解，但有新消息稱，Ameriprise 將為 Commonwealth 顧問提供高達 125% 的追蹤收入。所以我很好奇您是否可以評論一下 Ameriprise 利用當前併購中斷的能力，以及我們是否能從中看到招聘人數的回升。

Yeah, we don't comment on or present a marketplace of what people comment. What we would say is we continue to recruit out in the environment more broadly, and we offer relatively appropriate competitive packages. But as I said, we sell the entire value proposition for people that really want the support, the technology, the capabilities.

是的，我們不評論或展示人們評論的市場。我們想說的是，我們將繼續在更廣泛的環境中招募人才，並提供相對合適的、具競爭力的薪資待遇。但正如我所說，我們向真正需要支持、技術和能力的人推銷整個價值主張。

When advisors join us from the competitors, no matter who they are, they rate everything they get from Ameriprise, 9 times out of 10, as being better than where they came from, particularly on our technology suite, the support, et cetera, our availability of technology, the idea of even how to get onboarded and uptake what we do that helps their business.

當顧問從競爭對手那裡加入我們時，無論他們是誰，他們都會將 Ameriprise 提供的一切評價為比他們原來的地方更好，特別是我們的技術套件、支援等等，我們的技術可用性，甚至如何加入並採用我們所做的有助於他們業務的工作的想法。

The people we brought on board, their productivity improvements have been tremendous coming to us after being here for a few years. So that's what we would say, and that's what we recruit on.

我們招募的人員在工作幾年後，生產力得到了巨大的提升。這就是我們要說的，也是我們招募的基礎。

Just for my follow-up, another wealth manager question. But can you update us on your bank and credit union pipeline? I'm just curious if we could get some lumpy wins announcements in the second half.

只是為了跟進，另一個財富經理的問題。但是您能向我們介紹一下您的銀行和信用合作社的管道嗎？我只是好奇我們是否會在下半年得到一些不平衡的勝利公告。

Yeah, the pipeline looks good. I won't comment on anything in particular, but we feel good about our position in the business there. And we continue to, as I would say, build that pipeline and try to execute and get some deals done.

是的，管道看起來不錯。我不會對任何特定的事情發表評論，但我們對自己在那裡的業務地位感到滿意。正如我所說，我們將繼續建立該管道並嘗試執行並完成一些交易。

John Barnidge, Piper Sandler.

約翰·巴尼奇、派珀·桑德勒。

My question is around asset management and flow performance. I know there were some comments about higher redemptions even when reflecting the Lionstone AUM that left. Can you maybe talk about large client breakage in the quarter, distribution environment, what your outlook is for the pipeline converting?

我的問題是關於資產管理和流動表現。我知道，即使考慮到 Lionstone 的 AUM 已經消失，還是有一些關於更高贖回率的評論。您能否談談本季大客戶流失、分銷環境以及您對管道轉換的展望？

Yeah, so on the -- if you're referencing a little bit on the institutional, as you would know, the institution is always going to be a little lumpy. And we did experience some outflows, as you mentioned, from the Lionstone, termination of that business; some LDI; things like that; some move to the people repositioning their portfolios, including some that moved a little more to the passive arena.

是的，所以──如果你稍微提到製度，你就會知道，制度總是會有點不平衡。正如您所說，我們確實經歷了一些資金外流，包括 Lionstone 的業務終止、一些 LDI 等，還有一些資金流向了重新配置投資組合的人，其中有一些資金更多地轉向了被動領域。

But we are getting some nice underlying wins in good products in various equities and portfolios like that. But the redemption increase that we did see in the second quarter outstripped that from some of those other things I just mentioned.

但我們在各種股票和投資組合等優質產品中獲得了不錯的潛在收益。但我們在第二季看到的贖回成長確實超過了我剛才提到的其他一些情況。

Now on the retail side, we did see -- we were doing really good on the gross sales pickup through the first quarter. Again, what happened is true that April period. Things on the gross slowed down, redemptions picked up. Now, sales have picked up again on the gross side, but the redemptions outstripped that.

現在在零售方面，我們確實看到——第一季我們的總銷售額成長確實很好。再說一遍，四月發生的事情是真實的。總收入的成長速度減緩，而贖回額則有所回升。現在，總銷售額再次回升，但贖回量卻超過了這個水準。

I think you saw that in the pure active space. I'm not talking about where people have ETFs and stuff like that that picked up a little quicker because of the trading they do. But we see a pickup there.

我認為您在純活動空間中看到了這一點。我並不是說人們持有的 ETF 和類似的東西，因為它們的交易而使它們上漲得更快。但我們看到了其中的回升。

And overall, we feel good about some of the things that we're doing in the market, some of the products we're putting. We're launching some additional ETFs even in Europe now. We're going to do that. We're putting out a bit more on the CLOs.

總體而言，我們對我們在市場上所做的一些事情以及推出的一些產品感到滿意。我們現在甚至在歐洲推出了一些額外的 ETF。我們會這麼做的。我們正在對 CLO 進行更多的投入。

We just launched an interval fund. So we're starting to do some more product development than launch in combination, and SMAs continues to build for us. So those are the areas, but I would say it was a little more volatile period on the redemption side. And as I looked at the competitive frame, it was no different against the pure actives there.

我們剛剛推出了一檔間隔基金。因此，我們開始進行更多的產品開發而不是組合發布，並且 SMA 繼續為我們構建。這些都是領域，但我想說的是，贖回方面的時期更加動盪。當我觀察競爭框架時，它與純粹的活躍分子沒有什麼不同。

And my follow-up question, with the focus on the recruitment environment and being competitive and packages that need to come over, and clearly a focus on general administrative expenses, can you maybe talk about how the company weighs adding human capital versus automating and AI?

我的後續問題是，重點關注招聘環境和競爭力以及需要提供的待遇，顯然重點關註一般管理費用，您能否談談公司如何權衡增加人力資本與自動化和人工智慧？

Is there an internal process to determine whether you want to add it or it can be automated or using an offshore center of excellence to fund that more competitive recruitment environment?

是否有一個內部流程來確定是否要添加它或可以自動化或使用離岸卓越中心來資助更具競爭力的招募環境？

Yeah, it's a good question. What we consistently do is invest in technology. And what we try to really do in that regard, like investments in AI and giving our advisors more informed dashboards about their practice, what they can do, where the opportunities may be. We also do intelligent automation for processing and other activities that we do.

是的，這是個好問題。我們始終如一地在做的事情就是投資科技。我們在這方面真正嘗試做的是，投資人工智慧，並為我們的顧問提供更多關於他們的實踐、他們可以做什麼、可能存在機會的資訊。我們也對我們所做的處理和其他活動進行智慧自動化。

We invest in what I would call more in the data and analytics side, on the information that we can process and how to bring that information to bear. And so all those things have been adding to our capabilities.

我們更多地投資於數據和分析方面，投資於我們可以處理的資訊以及如何利用這些資訊。所有這些都增強了我們的能力。

As we do that, we've been able to adjust some of our expense base. Some of it is offshore. Some of it is just where we then use that money for the investments that we've been making.

當我們這樣做時，我們就能夠調整部分支出基礎。其中一些位於海外。我們只是用其中的一部分錢來進行我們一直在進行的投資。

And so our investment base is very strong. We have driven good productivity improvements. We think there's still good opportunities for further improvements as we get our advisors to uptake more of the tools and capabilities more fully and use some of the servicing that we put in place.

因此我們的投資基礎非常強大。我們推動了生產力的良好提升。我們認為，隨著我們的顧問更充分地利用更多的工具和功能並使用我們提供的一些服務，我們仍有進一步改進的良好機會。

So that's the way we look at it. We don't necessarily just do a one-for-one trade-off. But over time, we continue to transform, adjust the business, and reinvest.

這就是我們看待這個問題的方式。我們不一定只是進行一對一的權衡。但隨著時間的推移，我們會不斷轉型、調整業務並重新投資。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Maybe just circling back on recruiting, I was hoping maybe you could elaborate a little bit on how you're seeing the pipe funding opportunities across the different affiliation channels where you operate in the marketplace. How do you see the mix of that business evolving as you look out?

也許只是回到招聘問題，我希望您能稍微詳細說明您如何看待您在市場上運營的不同附屬管道中的管道融資機會。從您的角度來看，您認為該業務的組合將如何演變？

And then just related to that, on the distribution expense, circling back to Chubak's question, I saw that that expense distribution expense ratio relative to the commensable revenue has picked up compared to like below 60% years ago. I think it's getting to like high 60%s now, nearly 67% in the quarter, up 120 basis points or so year on year.

然後與此相關的是，關於分銷費用，回到 Chubak 的問題，我發現相對於可比較收入的費用分銷費用率已經回升，而幾年前這一比例還不到 60%。我認為現在這個比例已經達到 60% 的高位，本季接近 67%，較去年同期成長約 120 個基點。

Maybe just remind us, like, what's driving that mix over a multi-year arc of time? And how do you see the different contributing factors? And if you look out from here, is this a good run rate to be thinking about? Or what would drive that higher as we move forward?

也許只是提醒我們，是什麼在多年的時間裡推動了這種混合？您如何看待不同的影響因素？如果你從這裡看，這是一個值得考慮的良好運行率嗎？或者隨著我們前進，什麼會推動這個數字進一步上升？

Okay. Let me -- I'll take the first and part of the second, and then Walter can complement that. On the first, we have a broad way that we do look to recruit, so a combination of independents, wires, regionals, et cetera, both independent and employee type things as well as, as you mentioned, in the A-figure institutional channel.

好的。讓我——我將討論第一點和第二點的一部分，然後沃爾特可以對此進行補充。首先，我們有一個廣泛的招募方式，包括獨立機構、有線機構、地區機構等的組合，既有獨立機構，也有僱員類型的機構，還有你提到的 A 型機構管道。

So we just look for appropriate advisors that really can really uptake our type of value proposition, want that, want to grow their productivity. And that's what we focus on. We just don't gobble up and roll up people and just associate network or big checks to just put people on.

因此，我們只是尋找真正能夠接受我們的價值主張、希望提高生產力的合適顧問。這正是我們關注的重點。我們不會吞併和捲走人才，也不會僅僅透過建立人脈或大額支票來安置人才。

So that's what we do. The pipeline looks very good for the third quarter, and that's proceeding. And so we feel good about that.

這就是我們所做的。第三季的管道看起來非常好，並且正在進行中。因此我們對此感到很高興。

In regard to the distribution expense, some of the distribution expense has picked up because of a lot of what you would -- first of all, managing expenses. So SMAs, other things that we -- the expense for that is in the bottom line. It's a lot more trading activities from all the wrap type activities, all that.

關於分銷費用，部分分銷費用有所增加，原因有很多——首先是管理費用。因此，SMA 以及我們其他的東西 — — 這些費用都包含在底線中。所有包裝類型的活動都包含更多的交易活動。

So all of that is booked in the volume. You got FDIC insurance, all that stuff that goes on there. I'll turn it over to Walter for some of the other stuff.

所以所有這些都已記錄在冊。您有聯邦存款保險公司 (FDIC) 保險，以及所有相關的東西。我會將其他一些事情交給沃特。

So basically, it is consistent. And when you -- it is impacted on mark to market on the advisory deferred comp, and that's what takes it up and down. But we are staying fairly consistent within that point, the 66%, as we indicated, so you correlate it. So it is consistent, but it does go up and down based on movement on deferred comp.

所以基本上，它是一致的。當你 — — 它對諮詢遞延補償的市價影響時，這就是它上下波動的原因。但正如我們所指出的，我們在該點內保持了相當的一致性，即 66%，因此您可以將其關聯起來。因此它是一致的，但它確實會根據遞延補償的變化而上下波動。

It sounds like you wouldn't expect that to move meaningfully higher from here, from that. 66%, 67% level.

聽起來你不會期望從現在開始，從 66%、67% 的水平開始，這個數字會有顯著的上升。

It should stay in that range, definitely, for sure, again, subject to the deferred comp, which will take it up or down.

它應該保持在這個範圍內，絕對、肯定，再次，受遞延補償的影響，這將使其上升或下降。

Suneet Kamath, Jefferies.

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

I appreciate all the questions on recruiting on the call. But if I think back to some of your comments in the past, I had always thought that most of the growth in AWM comes from your existing advisors selling business to their existing clients, and then existing advisors finding new clients. And then the third piece was the new advisors.

我非常感謝電話中提出的所有有關招聘的問題。但如果我回想一下您過去的一些評論，我一直認為 AWM 的大部分成長來自於您現有的顧問向現有客戶銷售業務，然後現有顧問尋找新客戶。第三部分是新顧問。

So I'm not expecting you to give me specific numbers, but is that the right way to think about it in terms of order of magnitude, in terms of what drives the growth? And is there any additional color you can give us on the mix? That would be helpful.

所以我並不指望你給我具體的數字，但從數量級、從推動成長的因素來看，這是正確的思考方式嗎？您能為我們提供更多關於混音的細節嗎？那將會很有幫助。

Suneet, you're 100% correct. That has not changed. The core growth of our business comes from the organic part of adding new business from our advisors, new clients, flows from current clients, et cetera.

Suneet，你 100% 正確。這一點沒有改變。我們業務的核心成長來自於我們的顧問、新客戶、現有客戶流量等增加的新業務的有機部分。

On the top of that, you always have some lumpiness of where when you add recruits versus where you have some terms, et cetera, where those things happen. And on that basis, it's always been more positive.

最重要的是，當你增加新兵時，你總是會遇到一些不平衡的情況，你有一些條件等等，這些事情就會發生。從這個基礎上來說，情況總是更加積極。

What I'm saying, in the second quarter, you had some undue level of volatility that affected the flow picture. Because second quarter is usually weaker anyway with the tax payments, et cetera. So you had that, plus you had the weakness because of the tariff situation at the beginning of the month.

我的意思是，在第二季度，出現了一些過度的波動，影響了流量狀況。因為第二季通常會比較弱，包括繳稅等等。所以你有這個情況，再加上月初關稅情況導致的疲軟。

As that starts to have an effect -- and then on top of that, as I said, we had a little more lumpiness on the competitive frame. But the underlying consistent -- and if you look at it over quarters, it's been very consistent and strong.

當這開始產生影響時——最重要的是，正如我所說的，我們在競爭框架上遇到了更多的不平衡。但從根本上看——如果你按季度來看，它一直非常穩定和強勁。

So I think as Walter even said, if you look at the first half of the year, it looks fine. When you look at the second quarter, it looks a little lower.

所以我認為，正如華特所說，如果你看一下今年上半年，情況看起來不錯。當你看第二季度時，它看起來稍微低一些。

Okay. That makes sense. And then I guess maybe a bigger picture question to end the call. If I think about Ameriprise over time, I mean, I think we're approaching the 20-year anniversary from the spin. And notwithstanding today's stock price, I think by all measures, it's been an incredible success.

好的。這很有道理。然後我想也許可以用一個更大的問題來結束通話。如果我回顧 Ameriprise 的發展歷程，那麼我認為我們即將迎來 20 週年。儘管今天的股價如此，但我認為，從各方面來看，這都是一次令人難以置信的成功。

I guess the question is, how is the Board thinking about the next 5 to 10 years? Is the next layer of management identified and in place? Does Ameriprise do any significant strategic pivots in terms of perhaps partnering with a larger organization or joint ventures?

我想問題是，董事會如何考慮未來 5 到 10 年？下一層管理層是否已確定並到位？在與更大的組織或合資企業合作方面，Ameriprise 是否有任何重大的策略轉變？

Just trying to think about -- we're at a pivot point here with this 20-year anniversary. Does anything dramatically change as we move forward?

只是想一想——我們正處於 20 週年紀念日的關鍵時刻。隨著我們不斷前進，是否會發生重大變化？

No, Suneet, actually. It is our 20th in September, our 20th year anniversary. And if you think about it, when we came public and all through the financial crisis, et cetera, people really didn't continue to believe that we would be one. And since that time, we've been the number one best performing financial out of the S&P Financials, 500 financials out of all of them and all the sectors there.

不，實際上，Suneet。九月是我們二十歲生日，也是我們二十週年紀念日。如果你仔細想想，當我們上市以及經歷整個金融危機等等時，人們真的不再相信我們會成為一家上市公司。從那時起，我們一直是標準普爾金融指數中表現最好的金融公司，在所有 500 家金融公司及其所有行業中均名列第一。

Our combination that we always get challenged on, the combination of our business, has been very successful, higher earnings and lower volatility than any one of these individual segments. So you go through market environments where one business segment does a little better because people hop on it.

我們始終面臨挑戰的組合，我們的業務組合，一直非常成功，比任何單獨的部門都有更高的收益和更低的波動性。因此，你會經歷這樣的市場環境：某個業務部門表現會更好一些，因為人們紛紛加入其中。

But overall, we generate very strong return to shareholders, very strong cash flow we generate. The business itself is very good and strong core against it. We have one of the premium value proposition, premium brands out in the marketplace for the businesses that we're in.

但總體而言，我們為股東帶來了非常豐厚的回報，產生了非常強勁的現金流。業務本身非常好，而且核心強大。對於我們所在的企業來說，我們在市場上擁有優質的價值主張和優質的品牌。

We created a global asset manager from a proprietary house. I mean, if you look at it, there's always questions, quarter to quarter, what the competitive frame, et cetera. But go back to all those years you've been a strong follower of us, and you've had it right for a long time.

我們從一家自營資產管理公司創建了一家全球資產管理公司。我的意思是，如果你看一下，你會發現每季總會有疑問，競爭框架是什麼，等等。但回想這些年來你一直是我們的堅定追隨者，而且你長期以來一直都是正確的。

I would say the Board feels very good about that position that we're in today. We're stronger than we've ever been before. We're at a $50 billion market cap from being -- coming out at six or eight or whatever the number was at the time.

我想說董事會對我們今天所處的地位感到非常滿意。我們比以前任何時候都更強大。我們的市值已經達到 500 億美元——當時的數字是 60 億美元、80 億美元或任何其他數字。

And so a lot of the larger competitors at the time who were much larger are now either smaller than us or not as strong. So I would probably say we're in a great position, and that's the way I think, both myself and the Board.

因此，當時許多規模大得多的競爭對手現在要不是比我們小，就是實力不如我們。所以我可能會說我們處於一個很好的位置，這就是我的想法，我自己和董事會都是這麼認為的。

We do have succession. We always look at the next levels of talent, not just one level, but down. So no, we feel very good.

我們確實有繼承權。我們總是關注下一級的人才，不只是一個級別，而是向下一級。所以不，我們感覺非常好。

And all the accolades we get, one of the best managed companies, most innovative companies, all these things just prove to our strength. We got rated one of the best wealth managers again, trust for the advisors, serving our clients well, all those things that people missed on.

我們獲得的所有榮譽，如最佳管理公司之一、最具創新精神的公司之一，都證明了我們的實力。我們再次被評為最佳財富管理公司之一，顧問值得信賴，為客戶提供優質服務，這些都是人們所忽視的。

We're focused on, whether it's a recruit or this or that, for a quarter. But I think if you follow us long term, you'll find that this is a very good, strong company that operates with a high level of focus, integrity, client service, and client satisfaction.

我們專注於一個季度，無論是新員工還是其他事情。但我認為，如果您長期關注我們，您會發現這是一家非常優秀、實力雄厚的公司，其營運具有高度的專注度、誠信、客戶服務和客戶滿意度。

Yeah, I appreciate that. I mean, that's certainly been our view. And it's good to hear you express that.

是的，我很感激。我的意思是，這當然是我們的觀點。很高興聽到您這樣表達。

We have no further questions at this time. This concludes today's conference. Thank you for participating (technical difficulty) 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（技術困難）斷開連線。