阿默普萊斯金融 (AMP) 2025 Q3 法說會逐字稿

Welcome to the third-quarter 2025 earnings call. My name is Tina, and I will be your conference operator today. (Operator Instructions) As a reminder, the conference is being recorded.

歡迎參加2025年第三季財報電話會議。我叫蒂娜，今天我將擔任你們的會議接線生。（操作說明）提醒各位，本次會議正在錄音。

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

現在我將把電話轉交給史蒂芬妮·拉貝。史蒂芬妮，你可以開始了。

(technical difficulty) --

（技術難題）——

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.

在第二張投影片中，您將看到對前瞻性陳述的討論。具體來說，在電話會議期間，您將聽到對各種非GAAP財務指標的提及，我們認為這些指標可以深入了解公司的營運狀況。有關非GAAP資料與其各自GAAP資料的調節表，請參閱今天的資料以及我們的網站www.ir.ameriprise.com。

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作的一些陳述可能具有前瞻性，反映了管理階層對未來事件以及整體營運計畫和績效的預期。這些前瞻性陳述僅代表截至今日的觀點，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 third 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聲明有重大差異的因素和風險範例列表，請參閱我們 2025 年第三季財報、2024 年股東年度報告和 2024 年 10-K 報告。我們不承擔公開更新或修改這些前瞻性聲明的義務。

On slide 3, you see our GAAP financial results at the top of the page for the third quarter. Below that, you'll see our adjusted operating results, followed by operating results excluding unlocking, 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. We completed our annual unlocking in the third quarter.

在投影片 3 的頂部，您可以看到我們第三季的 GAAP 財務表現。以下您將看到我們調整後的經營業績，然後是不包括解鎖的經營業績，管理層認為這可以反映我們核心業務的基本表現，從而加深對我們業務的理解，並有助於進行更有意義的趨勢分析。我們在第三季完成了年度解鎖工作。

Many of the comments that management makes on today's call will focus on adjusted operating results and adjusted operating results excluding unlocking.

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和不計入解封措施的調整後經營業績上。

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

那麼，接下來就交給吉姆了。

Good morning, everyone, and thanks for joining our call. I'll begin with my perspective on the business, and Walter will follow with more detail on our third quarter metrics and financials. As you saw in our release, Ameriprise delivered another strong quarter and generated significant value as we built on our performance from the first half of the year. Regarding the operating environment, clearly, it remains fluid. We've continued to see strong bull markets, but investors still have many variables to navigate.

各位早安，感謝各位參加我們的電話會議。我將首先談談我對公司業務的看法，然後沃爾特將詳細介紹我們第三季的各項指標和財務狀況。正如您在我們的新聞稿中看到的，Ameriprise 又實現了強勁的季度業績，並在上半年業績的基礎上創造了顯著價值。至於營運環境，顯然，它仍然處於不斷變化之中。我們持續看到強勁的牛市，但投資者仍需要應對許多不確定因素。

Inflation remains elevated. In terms of interest rates, the Fed announced yesterday that they cut rates by another 0.25 point. Meanwhile, there are signs of softening in the labor market along with lingering questions around tariffs and ongoing geopolitical impacts. And our business continues to demonstrate both its relevance and resilience in that regard.

通貨膨脹率依然居高不下。利率方面，聯準會昨天宣布再次降息0.25個百分點。同時，勞動市場出現疲軟跡象，關稅問題和持續的地緣政治影響也仍然存在。而我們的業務也持續展現出這方面的重要性與韌性。

In a dynamic landscape, Ameriprise consistently generates strong results driven by a diversified business and disciplined management. And our third quarter financials, excluding unlocking, reflect this momentum. Assets under management, administration and advisement grew to a new high of $1.7 trillion, up 8% year-over-year.

在瞬息萬變的市場環境中，Ameriprise憑藉著多元化的業務和嚴謹的管理，持續取得強勁的業績。不計解封因素，我們第三季的財務數據也反映了這一成長動能。資產管理、行政和諮詢業務規模成長至 1.7 兆美元，創歷史新高，較去年同期成長 8%。

We continue to deliver strong earnings and also generated double-digit EPS growth, up 12%. And our firm-wide margin of 27% is exceptionally strong as we continue to invest significantly in the business. I would also highlight that the Ameriprise ROE is best-in-class year after year and one of the highest in financial services at nearly 53%.

我們持續保持強勁的獲利能力，並實現了兩位數的每股收益成長，成長 12%。由於我們持續對業務進行大量投資，公司整體利潤率高達 27%，表現非常強勁。我還要強調，Ameriprise 的 ROE 年復一年都是同類最佳，在金融服務業也名列前茅，接近 53%。

In fact, Ameriprise is well-positioned even if the environment becomes more challenging. Our complementary mix of revenue streams, effective expense management and strong margins help enable us to sustain strong financial performance.

事實上，即使環境變得更加具有挑戰性，Ameriprise 也處於有利地位。我們多元化的收入來源、有效的費用管理和強勁的利潤率，使我們能夠保持強勁的財務表現。

Regarding the overall business, we're driving nice progress across many areas. Our advisers are leveraging our proven advice value proposition and generating high client value satisfaction and practice growth. Overall, we have continued strong AWM client asset growth, up 11%.

就整體業務而言，我們在許多領域都取得了良好的進展。我們的顧問正在利用我們成熟的諮詢價值主張，創造高客戶滿意度和業務成長。總體而言，我們的資產管理客戶資產持續保持強勁成長，成長了 11%。

Wrap assets were also up nicely, up 14% year-over-year. And our adviser count is up and adviser productivity continues to be very strong, increasing another 10%. And we're back to strong recruiting levels, bringing in 90 experienced advisors in the quarter, one of our best. The Ameriprise value proposition as well as the strength and stability of the firm continue to differentiate us in the recruiting space, and our pipeline in the fourth quarter is strong.

包裝資產也表現良好，年增 14%。我們的顧問人數增加了，顧問的工作效率也持續保持強勁勢頭，又提高了 10%。我們的招募工作又恢復到了強勁的水平，本季引進了 90 位經驗豐富的顧問，這是我們最好的季度之一。Ameriprise 的價值主張以及公司的實力和穩定性繼續使我們在招聘領域脫穎而出，我們第四季度的人才儲備也很強勁。

Across the business, we're leveraging our investments to further elevate our value proposition and drive long-term economic returns. In September, we launched a new advertising that reinforces our premium brand and helps create strong awareness among our target market. And we continue to invest in advanced capabilities that empower our advisers to further engage clients and deepen relationships.

在整個業務範圍內，我們正在利用我們的投資來進一步提升我們的價值主張，並推動長期經濟回報。9 月份，我們推出了一項新的廣告活動，旨在強化我們的高端品牌形象，並幫助我們在目標市場中建立強大的品牌認知。我們將繼續投資先進技術，使我們的顧問能夠更好地與客戶互動，並加深彼此的關係。

Our digital and AI investments are creating strong experiences and streamlining workflows. In fact, we're seeing record digital adoption from our clients and our mobile app satisfaction hit an all-time high in the quarter. And our Advice Insights is a next-generation capability that uses big data and machine learning to create client-centric insights to drive engagement, save time and support business growth.

我們在數位化和人工智慧領域的投資正在創造卓越的用戶體驗並簡化工作流程。事實上，我們看到客戶的數位化採用率創下歷史新高，行動應用滿意度在本季也達到了歷史最高水準。我們的「建議洞察」是一項新一代功能，它利用大數據和機器學習技術，創建以客戶為中心的洞察，從而提高客戶參與度、節省時間並支持業務成長。

We're also investing to enhance our comprehensive solution suite, both to broaden our offering and position the business for sustainable growth. Over the summer and into the fall, we've been working closely with advisors to integrate new capabilities.

我們也在投資以增強我們的綜合解決方案套件，不僅是為了擴大我們的產品範圍，也是為了使業務實現永續成長。從夏季到秋季，我們一直與顧問密切合作，整合新的功能。

As an example, the launch of our Signature Wealth platform is proving to be quite successful. It's early, but it's already helping advisers attract new assets and manage client portfolios more efficiently and it has great potential. At the bank, we recently launched HELOCs and also began a soft launch of our checking accounts with a full rollout planned for later this year.

例如，我們推出的 Signature Wealth 平台就取得了相當大的成功。雖然現在還處於早期階段，但它已經幫助顧問吸引新資產並更有效地管理客戶投資組合，並且具有巨大的潛力。本行最近推出了房屋淨值信用額度（HELOC）服務，並開始試營運支票帳戶，計劃於今年稍後全面推出。

These solutions add to our suite of savings and lending products, including CDs, mortgages, pledged lending, and credit cards. They also help to enhance our client experience and deepen relationships. We're also growing our AFIG business, partnering with banks and credit unions who can benefit from our sophisticated wealth management solutions and advisor support tailored to institutional clients.

這些解決方案豐富了我們的儲蓄和貸款產品組合，包括定期存款、抵押貸款、質押貸款和信用卡。它們還有助於提升客戶體驗並加深客戶關係。我們也正在發展 AFIG 業務，與銀行和信用社合作，讓他們能夠從我們為機構客戶量身定制的先進財富管理解決方案和顧問支援中受益。

And we continue to add new financial institutions and have a strong pipeline into the year-end and 2026. At RPS, performance remains strong, driven by demand for annuities and insurance solutions that align with our clients' financial planning goals. We're seeing solid interest in variable universal life, structured annuities and variable annuities without living benefits, highlighting the relevance of our offering in today's market.

我們持續增加新的金融機構客戶，並擁有強勁的業務拓展計劃，直至年底和 2026 年。RPS 的業績依然強勁，這得益於市場對符合客戶財務規劃目標的年金和保險解決方案的需求。我們看到市場對可變萬能壽險、結構化年金和不帶生存利益的可變年金表現出濃厚的興趣，這凸顯了我們產品在當今市場上的相關性。

We're also pursuing growth in our disability insurance business, including streamlining with an approval process for clients applying for life insurance. In addition, we're using data analytics in our digital insurance underwriting, and I'll reinforce that we built one of the most profitable insurance businesses in the industry.

我們也努力拓展殘障保險業務，包括簡化客戶申請人壽保險的核准流程。此外，我們在數位化保險核保中運用了數據分析，我可以強調，我們已經打造了業界最賺錢的保險業務之一。

In Asset Management, we continue to make good progress as well as enhancements to the business. Our investment performance remains strong over all time periods. Over 65% of our funds outperformed the medium on an asset-weighted basis for one-year period, more than 70% for the three- and five-year periods, and over 80% for the 10-year.

在資產管理方面，我們持續取得良好進展，並持續改善業務。我們在各個時段的投資績效都保持強勁。以資產加權計算，我們超過 65% 的基金在一年期內的表現優於平均水平，超過 70% 的基金在三年期和五年期內的表現優於平均水平，超過 80% 的基金在十年期內的表現優於平均水平。

And we maintain a good asset base with assets under management administration up to $714 billion. In addition, net outflows improved across the board from last quarter as redemptions slowed in both retail and institutional, and we had an increase in retail gross sales, particularly in North America.

我們擁有良好的資產基礎，管理資產規模高達 7,140 億美元。此外，由於零售和機構贖回速度放緩，淨流出較上季全面改善，零售總銷售額也有所成長，尤其是在北美地區。

As I shared, we're investing and adding to our solutions in high-demand areas where we differentiate our capabilities. We're also using data and analytics to better target and segment advisers, and we're gaining traction with SMAs and models as well as our alt business and active ETFs in the US.

正如我之前所說，我們正在高需求領域投資並增加我們的解決方案，在這些領域，我們能夠展現出自身的差異化能力。我們也利用數據和分析來更好地定位和細分顧問，並且我們在SMA和模型以及我們的另類業務和美國主動型ETF方面都取得了進展。

In addition, we'll soon be launching our active ETF capability in the UK and Europe. Regarding institutional, we also had an improvement in flows in the quarter. Looking forward, we'll continue to manage expenses effectively in Asset Management with the ability to generate good margins and profitability. And that applies across Ameriprise as we continue to drive transformation and operational efficiency.

此外，我們很快就會在英國和歐洲推出主動式 ETF 服務。就機構資金而言，本季資金流入也有所改善。展望未來，我們將繼續有效控制資產管理方面的支出，並有能力創造良好的利潤率和獲利能力。這一點也適用於 Ameriprise 的各個方面，我們將繼續推動轉型和提高營運效率。

What's clear, our disciplined approach delivers results, and that's evident in our strong margins. And our digital transformation is not only enhancing the client advisor experience, it is also reducing costs and positioning us for sustainable growth. We're also enhancing our global operating platform for asset management.

顯而易見，我們嚴謹的方法帶來了成果，這一點從我們強勁的利潤率中就可以看出。我們的數位轉型不僅提升了客戶顧問的體驗，也降低了成本，並為永續成長奠定了基礎。我們也正在加強我們的全球資產管理營運平台。

A recent example is the announcement of our expanded partnership with State Street, establishing a unified global back office for many Columbia Threadneedle funds. These initiatives further strengthen profitability and our ability to reinvest in innovation and growth.

最近的一個例子是宣布我們與道富銀行擴大合作關係，為哥倫比亞Threadneedle旗下眾多基金建立統一的全球後台。這些措施將進一步增強獲利能力，並提升我們對創新和成長的再投資能力。

As you know, we manage the business with rigor and consistency. Ameriprise consistently delivers profitable growth, robust free cash flow and a strong return. In fact, the return on capital remains exceptional, supported by healthy dividends and robust share repurchases. That includes a capital return in the quarter that we increased to $842 million.

如您所知，我們以嚴謹和始終如一的方式管理業務。Ameriprise持續實現獲利成長、強勁的自由現金流和豐厚的回報。事實上，在豐厚的股息和強勁的股票回購的支持下，資本回報率仍然非常出色。其中包括本季增加至 8.42 億美元的資本回報。

Our financial strength and stability enables us to reinvest strategically and act opportunistically. We believe that what also sets Ameriprise apart are our relationships and consistent recognition we earn for how we operate. Core to our success is how our clients feel. We consistently earn top client satisfaction, continues to be exceptional 4.9 out of 5, and our advisors are also very engaged in being selected for top awards.

我們的財務實力和穩定性使我們能夠進行策略性再投資並抓住機會。我們相信，Ameriprise 的獨特之處還在於我們與客戶建立的良好關係，以及我們因營運方式而獲得的持續認可。客戶感受是我們成功的關鍵。我們始終保持著最高的客戶滿意度，評分高達 4.9 分（滿分 5 分），我們的顧問也積極爭取獲得最高獎項。

In fact, we had 20 Ameriprise advisors on the Barron's Top 100 Independent Financial Advisors list for 2025. Also key, our employee engagement consistently best-in-class across industries as confirmed by our latest internal survey results received in the third quarter. And J.D. Power once again recognized Ameriprise with their outstanding customer service certification for our phone support for the seventh consecutive year for advisers and the second year for clients, which is tremendous.

事實上，我們有 20 位 Ameriprise 顧問入選了巴倫周刊評選的 2025 年百大獨立財務顧問名單。此外，至關重要的是，我們員工敬業度在各行業中始終保持領先地位，這已在我們第三季度收到的最新內部調查結果中得到證實。J.D. Power 再次表彰了 Ameriprise，連續第七年授予我們顧問電話支援傑出客戶服務認證，連續第二年授予我們客戶電話支援傑出客戶服務認證，這真是太棒了。

In addition, Forbes named Ameriprise one of America's Best Companies. Newsweek honored us as one of America's most responsible companies. Fortune listed Ameriprise among America's most innovative companies, and I also highlight that Newsweek recently ranked us as one of America's greatest companies.

此外，《富比士》雜誌也將Ameriprise評為美國最佳公司之一。《新聞周刊》將我們評為美國最具社會責任感的公司之一。《財星》雜誌將Ameriprise列為美國最具創新力的公司之一，我還想強調的是，《新聞週刊》最近也將我們評為美國最偉大的公司之一。

In closing, I feel very good about Ameriprise and the totality of the firm. Earlier this month, we officially marked 20 years of independence and our listing on the New York Stock Exchange. Over the last two decades, Ameriprise has built an exceptional track record for achieving high client satisfaction and industry-leading results guided by our proven strategy and management principles, and that includes generating the number one total shareholder return within the S&P 500 Financials Index since our spin-off in 2005. As I look ahead, Ameriprise is well positioned and represents attractive value at these levels regardless of market momentum.

最後，我對 Ameriprise 以及整個公司都感到非常滿意。本月初，我們正式慶祝了公司獨立成立20週年以及在紐約證券交易所上市20週年。在過去的二十年裡，Ameriprise 憑藉其行之有效的戰略和管理原則，在實現客戶高度滿意和行業領先的業績方面建立了卓越的記錄，其中包括自 2005 年分拆以來，在標普 500 金融指數中創造了第一的總股東回報。展望未來，無論市場走勢如何，Ameriprise 目前都處於有利地位，具有很高的投資價值。

With that, I'll turn it over to Walter for his perspective, and then we'll take your questions.

接下來，我將把發言權交給沃特，聽聽他的看法，然後我們來回答大家的問題。

Thank you, Jim. Ameriprise delivered another quarter of solid performance, underpinned by exceptional balance sheet strength. Our focus on sustainable profitable growth continues to serve us well in delivering consistently strong financial results and client satisfaction, demonstrated by adjusted operating EPS, excluding unlocking, up 12% to $9.92 with a strong margin of 27% across the firm.

謝謝你，吉姆。Ameriprise 憑藉其卓越的資產負債表實力，連續第二個季度保持了穩健的業績。我們專注於永續獲利成長，這持續為我們帶來強勁的財務表現和客戶滿意度，經調整後的每股盈餘（不包括解鎖）成長 12% 至 9.92 美元，公司整體利潤率高達 27%。

Adjusted operating net revenues, excluding unlocking, increased 6% to $4.6 billion, driven by asset growth. Expense discipline remains strong from our ongoing firm-wide transformation initiatives.

經調整後的淨營業收入（不包括解鎖業務）成長 6% 至 46 億美元，主要得益於資產成長。得益於我們持續推動的全公司轉型舉措，費用控制依然嚴格。

In the quarter, G&A expenses improved 3%. It was another solid quarter driven by the sustained benefit from the leverage within our integrated business model. Our stable 90% free cash flow generation across our segments, combined with the foundation of strong balance sheet and enterprise risk management capabilities enabled us to increase our capital return to 87% of operating earnings in the quarter.

本季度，一般及行政費用改善了3%。得益於我們一體化商業模式帶來的持續優勢，本季業績依然穩健。我們各業務部門穩定的 90% 自由現金流產生能力，加上強大的資產負債表和企業風險管理能力，使我們能夠將本季的資本回報率提高到營業利潤的 87%。

We remain committed to returning capital to shareholders at a differentiated pace and are targeting an 85% payout ratio for the fourth quarter based upon our share price and substantial free cash flow.

我們仍致力於以差異化的速度向股東返還資本，並根據我們的股價和可觀的自由現金流，將第四季度的派息率目標設定為 85%。

On slide 6, you'll see EPS growth of 12%, demonstrating the strength and leverage across our businesses. Assets under management, administration and advisement increased 8% to a record high of $1.7 trillion. We delivered strong firm-wide margins from 6% revenue growth while reducing G&A expenses by 3%. On a full year basis, we are targeting a G&A decline of 3%. We continue to generate a best-in-class return on equity of 53%.

在第 6 張投影片中，您將看到每股收益成長 12%，這表明我們各項業務的實力和槓桿作用。管理、行政和諮詢資產成長 8%，達到創紀錄的 1.7 兆美元。我們實現了 6% 的營收成長，同時將一般及行政費用降低了 3%，從而實現了強勁的公司整體利潤率。全年來看，我們的目標是使一般及行政費用下降 3%。我們繼續保持著業界領先的股本回報率，達到 53%。

Let's turn to Slide 7. Underlying performance metrics in Wealth Management remained strong across all measures. Client assets grew nicely to a record $1.1 trillion with $29 billion of flows over the past year. Wrap assets were up 14% to $650 billion with Wrap flows at $30 billion over the past year. In the quarter, client and Wrap flows were impacted by the departure of two large advisor teams.

讓我們翻到第7張投影片。財富管理業務的基本績效指標在各項衡量指標上均保持強勁。客戶資產成長良好，達到創紀錄的 1.1 兆美元，過去一年資金流入達 290 億美元。過去一年，Wrap資產成長14%至6,500億美元，Wrap資金流入300億美元。本季度，由於兩支大型顧問團隊的離職，客戶和 Wrap 業務量受到了影響。

Excluding those departures, client flows were solid at $6.5 billion and Wrap flows were $8 billion when also adjusted for administrative change. The flows from our legacy adviser and client base have been consistent. In addition, transactional activity levels remain strong, near record levels, reflecting the full scope of our planning model.

剔除這些流失客戶，客戶流量穩健，達到 65 億美元；調整行政變更後，Wrap 流量達到 80 億美元。來自我們原有顧問和客戶群的資金流一直很穩定。此外，交易活動水平依然強勁，接近歷史最高水平，充分體現了我們規劃模式的有效性。

Cash sweep balances were stable at $27.1 billion compared to $27.4 billion in the prior quarter. We are also seeing strong momentum in our experienced advisor recruiting with 90 advisors joining Ameriprise this quarter.

現金掃款餘額保持穩定，為 271 億美元，而上一季為 274 億美元。我們在經驗豐富的顧問招聘方面也看到了強勁的勢頭，本季有 90 位顧問加入 Ameriprise。

Our value proposition is resonating with advisors, and we remain focused on ensuring our transition packages are attractive to experienced advisors that share our values and commitment to the client experience. And more importantly, advisor productivity grew 10% to a new high of $1.1 million.

我們的價值主張引起了顧問們的共鳴，我們將繼續致力於確保我們的過渡方案對那些認同我們價值觀並致力於客戶體驗的經驗豐富的顧問具有吸引力。更重要的是，顧問的生產力成長了 10%，達到 110 萬美元的新高。

Let's turn to Wealth Management financial results on slide 8. Adjusted operating net revenues increased 9% to $3 billion. The core business is performing very well. Our fee-based and transactional revenues were quite strong, increasing in the low-teen percentage range, benefiting from higher client assets and activity levels.

讓我們來看看第 8 頁的財富管理財務表現。經調整後的淨營業收入成長9%，達到30億美元。核心業務表現非常出色。我們的手續費收入和交易收入表現相當強勁，成長幅度在10%左右，這得益於客戶資產和交易活躍度的提高。

Our cash revenues, which include net investment income, distribution fees related to off-balance sheet cash and banking and deposit interest expense were impacted by the Fed funds rate reduction over the past year and declined in the mid-single-digit range, as you would expect.

我們的現金收入（包括淨投資收益、與表外現金相關的分配費用以及銀行和存款利息支出）在過去一年中受到聯邦基金利率下調的影響，並如預期般下降了中等個位數。

Adjusted operating expenses in the quarter increased 10%. In the quarter, distribution expenses increased 11%. I would note that advisor compensation within distribution expenses increased in line with the revenues advisors generate.

本季調整後營運費用成長10%。本季度，分銷費用增加了 11%。需要指出的是，分銷費用中的顧問報酬隨著顧問創造的收入而增加。

G&A expenses increased 5% to $439 million in the quarter, primarily driven by volume and growth-related expenses, including investments in Signature Wealth and banking products. Expenses remained well-managed for the full year. We continue to expect low to mid-single-digit growth in G&A. Pretax adjusted operating earnings increased 7% to $881 million. We saw continued strong contributions from both core and cash earnings in the quarter.

本季一般及行政費用成長 5% 至 4.39 億美元，主要受銷售和成長相關費用的推動，包括對 Signature Wealth 和銀行產品的投資。全年各項開支都控制得很好。我們繼續預期一般及行政費用將維持個位數低至中等成長。稅前調整後營業利潤成長7%至8.81億美元。本季核心獲利和現金獲利均持續強勁成長。

Our core earnings grew in the high-teen percentage range, benefiting from higher asset levels strong transactional activity and well-controlled G&A. The strong level of core earnings that we generated is unique and demonstrates our focus on profitable growth. Cash earnings had a mid-single-digit percentage decline as expected from rates.

我們的核心收益實現了接近百分之十的成長率，這得益於更高的資產水平、強勁的交易活動以及控制良好的管理費用。我們所取得的強勁核心獲利水準是獨一無二的，這反映了我們對獲利成長的專注。受利率影響，現金收益出現了中等個位數百分比的下降。

Our strategy of leveraging Ameriprise Bank has been important in minimizing the impact from Fed funds effective rate reductions on our AWM business. In fact, net investment income in the bank was flat this quarter. We continue to take actions to build the bank investment portfolio in a way that supports stable earnings contributions going forward.

我們利用 Ameriprise 銀行的策略對於最大限度地減少聯邦基金有效利率下調對我們資產管理業務的影響至關重要。事實上，該銀行本季的淨投資收益持平。我們將繼續採取措施，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% with a 3.7 year duration. In the quarter, new purchases at the bank were nearly $700 million at a yield of 5.3% with a 4.4 year duration. Last, our margins remain excellent at 29.5%.

該銀行整體投資組合的收益率為 4.6%，久期為 3.7 年。本季度，該銀行的新購入金額接近 7 億美元，收益率為 5.3%，期限為 4.4 年。最後，我們的利潤率仍然非常出色，達到 29.5%。

Turning to Asset Management on slide 9. Financial results were solid in the quarter. Operating earnings increased 6% to $260 million. The strong quarter reflected equity market appreciation and the positive impact from expense management actions, partially offset by the impact of net outflows.

接下來請看第 9 頁的資產管理部分。本季財務業績穩健。營業利潤成長6%，達到2.6億美元。本季強勁的成長反映了股票市場上漲和費用管理措施帶來的正面影響，但部分被淨流出的影響所抵消。

Total assets under management and advisement increased to $714 billion, up both year-over-year and sequentially from higher ending market levels. Net outflows significantly improved on a sequential basis to $3.4 billion, with improvement in both retail and institutional.

管理和諮詢的總資產增至 7,140 億美元，年比和季比均有所增長，高於較高的市場期末水準。淨流出資金較上季顯著改善至 34 億美元，零售和機構資金均有所改善。

Retail flows benefited from higher gross sales, which included a nice win in model delivery. Institutional flows benefited primarily from lower redemptions in both the US and EMEA. Revenues increased 3% to $906 million with a stable fee rate at 46 basis points. G&A expenses increased 1%.

零售業務受益於更高的總銷售額，其中包括在車型交付方面取得的良好成績。機構資金流動主要受惠於美國和歐洲、中東及非洲地區贖回量的下降。營收成長 3% 至 9.06 億美元，費率維持穩定在 46 個基點。一般及行政費用增加1%。

For the full year, we expect mid-single-digit G&A expense decline, excluding performance fees. Margin reached 42% in the quarter, which is above our target range, driven by favorable markets and continued expense discipline.

我們預計全年一般及行政費用（不包括績效費）將出現中個位數的下降。本季利潤率達到 42%，高於我們的目標範圍，這得益於有利的市場環境和持續的成本控制。

Let's turn to slide 10. Retirement & Protection Solutions continued to deliver strong earnings and free cash flow generation, reflecting the higher quality of the businesses that was built over a long period of time. Pretax adjusted operating earnings, excluding unlocking in the quarter were $200 million, in line with our expectations.

讓我們翻到第10張投影片。退休保障解決方案業務持續保持強勁的獲利能力和自由現金流，反映了公司長期以來建立的高品質業務。稅前調整後營業利潤（不包括本季的解鎖收益）為 2 億美元，符合我們的預期。

The strong and consistent performance of the business reflects the benefit from strong interest earnings and higher equity markets. Overall, Retirement and Protection Solutions sales were solid at $1.4 billion with a continued demand for structured variable annuities. 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.

公司業績強勁且持續成長，反映了強勁的利息收入和更高的股票市場帶來的益處。整體而言，退休和保障解決方案的銷售額穩健，達到 14 億美元，對結構化可變年金的需求持續強勁。這些高品質的業務組合持續產生強勁的自由現金流，並帶來優異的風險調整後收益，繼續為多元化的業務模式做出重要貢獻。

The company completed its annual actuarial assumption update in the quarter, which resulted in an unfavorable after-tax impact of $5 million. In Retirement & Protection Solutions, there was a favorable insurance model change, which was partially offset by unfavorable changes to variable annuity surrender and utilization assumptions. In long-term care, there was an immaterial impact from changes to morbidity and mortality assumptions. Overall, LTC policyholder behavior is in line with expectations.

該公司在本季完成了年度精算假設更新，導致稅後損失 500 萬美元。在退休和保障解決方案方面，保險模式發生了有利的變化，但可變年金退保和使用假設的不利變化部分抵消了這一變化。在長期照護領域，發病率和死亡率假設的變化並沒有產生實質影響。整體而言，長期照護保險投保人的行為符合預期。

Before we move to the balance sheet, I'd like to take a moment to address the Corporate segment. The pretax operating loss, excluding unlocking, was $93 million, which was a significant improvement from a year ago due to lower severance and cloud migration expense as well as favorable share-based compensation expense.

在分析資產負債表之前，我想先花點時間談談公司業務部分。不包括解鎖費用，稅前經營虧損為 9,300 萬美元，由於遣散費和雲端遷移費用降低以及股權激勵費用有利，與去年同期相比有了顯著改善。

Turning to balance sheet on slide 11. Balance sheet fundamentals and free cash flow generation remains strong. We have an excellent excess capital position of $2.2 billion. We have $2.5 billion of available liquidity, and our investment portfolio is diversified and high quality. We have a diversified source of dividends from all our businesses enabled by strong underlying fundamentals.

請翻到第11頁查看資產負債表。資產負債表基本面與自由現金流產生能力依然強勁。我們擁有22億美元的充裕資本。我們擁有 25 億美元的可用流動資金，我們的投資組合多元化且品質很高。由於強勁的基本面，我們所有業務都擁有多元化的股息來源。

This supports our ability to consistently return capital to shareholders and invest for future business growth. Ameriprise's consistent capital return strategy is a key element of our ability to consistently generate strong long-term shareholder value.

這有助於我們持續向股東返還資本，並為未來的業務成長進行投資。Ameriprise 始終如一的資本回報策略是我們能夠持續創造強勁的長期股東價值的關鍵因素。

In summary, on Slide 12, Ameriprise delivered solid results in the third quarter, which is a continuation of our long track record navigating various market environments over the longer term. Over the last 12 months, revenues grew 7%, adjusted EPS increased 12%, return on equity grew 210 basis points, and we returned $3.1 billion of capital to shareholders. We had similar growth trends over the past five years with 9% compounded annual revenue growth, 18% compounded annual EPS growth, return on equity improving 17 percentage-points, and we returned $13 billion of capital to shareholders. These trends are consistent over the long term as well.

總而言之，如幻燈片 12 所示，Ameriprise 在第三季度取得了穩健的業績，這延續了我們長期以來在各種市場環境下長期穩健發展的良好記錄。過去 12 個月，營收成長 7%，調整後每股盈餘成長 12%，股本回報率成長 210 個基點，我們向股東返還了 31 億美元的資本。過去五年，我們的成長趨勢與此類似，年複合收入成長 9%，年複合每股盈餘成長 18%，淨資產收益率提高了 17 個百分點，我們向股東返還了 130 億美元的資本。這些趨勢在長期內也保持一致。

This differentiated performance across multiple cycles speaks to the complementary nature of our business mix as well as our consistent focus on profitable growth and maintaining our strong values as a company.

在多個週期中取得的差異化業績，體現了我們業務組合的互補性，以及我們始終專注於獲利成長和維護公司核心價值的決心。

With that, we'll take your questions.

接下來，我們將回答您的問題。

(Operator Instructions) Suneet Kamath, Jefferies.

（操作說明）Suneet Kamath，傑富瑞。

First question on AWM. Can you comment on the Comerica relationship given the M&A that we saw recently and maybe remind us of what the assets under management or account values are with respect to that relationship?

關於AWM的第一個問題。鑑於我們最近看到的併購活動，您能否就 Comerica 的關係發表一些評論，並提醒我們一下與該關係相關的管理資產或帳戶價值是多少？

Sure, I can comment on the first part. I'll ask Walter on the asset level. First of all, we have an excellent relationship with Comerica since we have done the arrangement and put them on our platform and capability, working with their advisors and their clients. We have gotten very strong favorable reviews from Comerica themselves, from their executives, from their wealth management group and their advisors. They love the platform, the capabilities, the tools, et cetera.

當然，我可以對第一部分發表一些看法。我會問沃爾特關於資產層面的情況。首先，我們與 Comerica 建立了良好的關係，因為我們已經與他們達成合作協議，並將他們納入我們的平台和能力範圍，與他們的顧問和客戶合作。我們收到了來自 Comerica 本身、其高管、其財富管理團隊及其顧問的非常強烈的正面評價。他們喜歡這個平台、它的功能、它的工具等等。

So we feel very good about that relationship. We know an acquisition has occurred. We'll be working with them as they decide how they want to proceed. And we feel very comfortable with the arrangement we had in place with them and the contract and agreements.

所以我們對這段關係感到非常滿意。我們知道已經發生了收購。我們將與他們合作，共同決定下一步的計劃。我們對他們與我們達成的安排、合約和協議感到非常滿意。

So it's more of a stay tuned as I guess they're going through their own decisions on what they need to do or look at. But we have great capability to support them.

所以，目前的情況更像是“敬請期待”，我想他們正在自行決定需要做什麼或關注什麼。但我們有能力為他們提供支援。

Suneet, on the asset side, it's around $15 billion. And like in any contract of this nature, there is protections.

Suneet 的資產規模約為 150 億美元。就像任何此類合約一樣，其中也包含保護條款。

Okay. And then in your prepared comments, you called out two practices that have left that were pretty sizable. Can you maybe just unpack what happened there? And is this an indication that the recruiting environment is just getting incrementally more competitive?

好的。然後，在您事先準備好的評論中，您提到了兩個相當大的已退出市場的做法。你能大概解釋一下那裡發生了什麼事嗎？這是否顯示招募環境的競爭正在逐漸加劇？

Well, as we had mentioned the previous quarter, you're always going to have some one-offs. Some other firms have similar things over the last few quarters. These two practices went RIA. And listen, there are checks being given out and other things. But overall, it's fine for them. We've recruited very strongly. We have 90 people joining us. Our pipeline is quite good. Our underlying organic business is very solid. Our advisor satisfaction is very strong.

正如我們在上個季度提到的那樣，總是會有一些一次性事件發生。過去幾個季度，其他一些公司也出現了類似的情況。這兩家診所都進行了RIA（註冊投資顧問）認證。聽著，現在有支票發放，還有其他一些事情要做。但總的來說，這對他們來說沒什麼問題。我們進行了非常強而有力的招募。共有90人加入我們。我們的管道狀況相當不錯。我們的有機業務基礎非常穩固。我們的顧問滿意度非常高。

But you're always going to have some one-offs, as we mentioned. But we look at the totality of what we're doing and how we're doing it. Environments will change. There's always a price to pay. We feel very good about our position.

但正如我們之前提到的，總是會有一些例外。但我們會從整體上看待我們正在做的事情以及我們做事的方式。環境會改變。凡事都有代價。我們對自己的處境感到非常滿意。

Wilma Burdis, Raymond James.

威爾瑪·伯迪斯，雷蒙德·詹姆斯。

Given your excellent track record of managing the wealth business, and I know you just touched on this a little bit, but you've seen a little bit lower flow activity this year. Is that an indicator that just maybe the market is a little bit too hot or pricing is a little bit irrational? Maybe just comment a little bit on that.

鑑於您在財富管理方面的出色業績，我知道您剛才也稍微提到了這一點，但您今年的資金流動活動似乎有所下降。這是否表明市場可能有點過熱，或者定價有點不理性？或許可以就此稍作評論。

I think it's a combination of those things. I would probably say that as we look at the underlying of our client base and activity, it's still quite good. People have done a lot of rebalancing and allocations. Transactions are quite strong. The balances of the book are very good.

我認為這是這些因素共同作用的結果。我認為，從客戶群和業務活動的基本情況來看，情況仍然相當不錯。人們進行了​​大量的資產再平衡和配置調整。交易量相當強勁。這本書的財務平衡非常好。

The clients are highly engaged. But again, the market has gone up pretty substantially. There is money on the sidelines. Our cash balances are very high. So there is a bit of that going on. And then there's a bit of exactly what you said on the environment on recruiting and what's happening in that regard.

客戶參與度很高。但話說回來，市場已經大幅上漲了。場外也有賺錢的機會。我們的現金餘額非常高。所以這方面確實有點兒問題。然後，還有一點和你剛才說的關於招募環境以及這方面正在發生的事情完全一致。

I think there has to be -- over time, there will be rational. We've always played in more of a balanced equation, which is good for us long term, for our advisors long term, for clients long term, and that's how we approach things.

我認為必然會有──隨著時間的推移，理性終會到來。我們一直以來都秉持著一種更平衡的原則，這對我們、我們的顧問和客戶來說，從長遠來看都是有利的，這也是我們處理事情的方式。

I guess kind of a follow-up, and you mentioned the high cash balances, but some of these advisor roll-up operations, they seem potentially a little bit overlevered, maybe they're getting a little bit aggressive. Do you see that as something that could present an opportunity in the future?

我想算是後續問題，你提到了高額現金餘額，但有些顧問的整合操作似乎槓桿率過高，也許他們有點過於激進了。你認為這在未來可能是個機會嗎？

The answer to that is absolutely yes. People forget that you go through downturns and changes in the market. I've been in the industry many years, over many decades, many years ago. So I do understand that, and I don't think people do. That's why we have really good sound fundamentals, strong margins.

答案是肯定的。人們往往忘記了市場會經歷低迷和變化。我從事這個行業很多年了，幾十年，很多年前就開始了。所以我明白這一點，但我認為其他人並不明白。這就是為什麼我們擁有非常穩健的基本面和強勁的利潤率。

We invest for the long term. Our capabilities are strong. Our client satisfaction is excellent. We have a strong branded premium value proposition in the marketplace. So those are all the things that I think are really important as you go through these events where things always look rosy until they're not.

我們進行的是長期投資。我們實力雄厚。客戶滿意度極高。我們在市場上擁有強大的品牌高端價值主張。所以，我認為在經歷這些事情的時候，這些都是非常重要的，因為事情總是看起來一片光明，直到後來並非如此。

Brennan Hawken, Bank of Montreal.

布倫南·霍肯，蒙特利爾銀行。

David Giunta on behalf of Brennan Hawken. I just wanted to do a quick follow-up on the net new asset side. On top of the two teams that you mentioned were leaving, you also stated that there were some administrative changes. Could you just dive into a little bit of what those are? Also on top of that, the advisor headcount was 10,427 at year-end 2024. Could you just give an update on where that number stands today? Appreciate it.

David Giunta 代表 Brennan Hawken。我只是想快速跟進一下新增資產方面的情況。除了你提到的兩支離隊隊伍之外，你也提到了一些行政上的變動。能簡單介紹一下這些是什麼嗎？此外，截至 2024 年底，顧問人數為 10,427 人。可否告知一下目前這個數字的最新情況？謝謝。

Yes. As far as the adjustment, we went through all of our Wrap programs and set up things consistently. Certain clients, we had adjusted out of the various programs. Some of that will come back in and make changes. So we feel very good.

是的。至於調整方面，我們梳理了所有包裝程序，並進行了統一設定。我們已經調整了部分客戶的參與計劃，使他們退出了各種專案。有些東西會重新被納入考慮，並做出相應的改變。我們感覺非常好。

It's a onetime sort of an adjustment as we adjusted how we looked at each program and the arrangements we had, and it made sense for both us and the client. In regard to the business overall for Wrap, I think it will be quite strong and et cetera. Also from an adviser count, it is up nicely year-over-year. We stopped giving numbers, so I'm not going to give that, but there was no change in sort of what you were in sort of our normal way of looking at that advisor growth over the years. So it's still consistent with that.

這是一次性的調整，因為我們調整了看待每個項目和安排的方式，這對我們和客戶來說都是有意義的。就Wrap的整體業務而言，我認為它會非常強勁等等。從顧問人數來看，也比前一年有了顯著成長。我們已經不再公佈具體數字了，所以我也不打算公佈，但多年來，我們看待顧問成長的方式並沒有什麼改變。所以這仍然與此一致。

Great. And then I just had one quick follow-up. Do you expect the risk from the regional bank M&A to limit deals in the bank channel? Does any of this uncertainty provide maybe an opportunity?

偉大的。然後我又快速地跟進了一件事。您認為區域性銀行併購帶來的風險會限制銀行通路的交易嗎？這些不確定性中是否蘊藏著機會？

I think you see some recent mergers in the bank as they feel the regulatory environment has eased a bit. So I think some of that regional activity will continue from our perspective. Yes, that always presents certain adjustments out in the marketplace. We, from our own banking, we look at it as more of growing that as an organic wealth management business that we have to our clients. So we're not looking to get into the banking business in a further light at this point in time.

我認為你會看到銀行近期出現了一些併購，因為他們覺得監管環境有所放鬆。所以我認為，從我們的角度來看，其中一些區域性活動將會持續下去。是的，這總是會為市場帶來一些調整。從我們自身的銀行業務角度來看，我們更傾向於將其視為我們為客戶提供的有機財富管理業務的發展方向。所以目前我們暫無進一步涉足銀行業的想法。

Jeffrey Schmitt, William Blair.

傑弗裡·施密特，威廉·布萊爾。

In Asset Management, could you discuss some of the expense actions you've taken there over the last year or two? And when do you expect those initiatives to be complete?

在資產管理方面，您能否談談過去一兩年您採取的一些費用控制措施？預計這些計劃何時完成？

So we did a more comprehensive review of our operating environment globally. We've made a number of adjustments over the last two years that streamlined their operations, particularly after our integration of the BMO acquisition two years ago.

因此，我們對全球營運環境進行了更全面的審查。在過去的兩年裡，我們進行了一些調整，簡化了他們的運營，尤其是在兩年前我們整合了 BMO 收購之後。

And with that, put them on consistent platforms, systems, technology, trading and also in addition to that, looked at geographically where we're located for certain services we perform so that we got real scale out of that and right demographics that would give us some efficiency and lower price cost. We are completing that transformation with now the back office, as we mentioned, with our arrangement with State Street.

因此，我們將它們置於一致的平台、系統、技術和交易環境中，此外，我們還考慮了我們所提供服務的地理位置，以便從中獲得真正的規模優勢和正確的人口統計數據，從而提高效率並降低成本。正如我們之前提到的，透過與道富銀行的合作，我們正在完成後台部門的轉型。

So we'll be in a really great position to really operate on a more scaled basis as we move forward. A lot of that change has been already completed. The last one is what we're doing with the back office. And so those savings are being baked in as you see. So the expenses have gone down in the G&A. And we've been investing now in new products and capabilities and AI to support the asset management business.

因此，隨著我們向前發展，我們將處於非常有利的地位，能夠以更大的規模開展業務。許多改變已經完成。最後一點是我們正在對後台部門進行的工作。因此，正如你所看到的，這些節省都已包含在內了。因此，一般及行政費用有所下降。我們一直在投資新產品、新功能和人工智慧，以支援資產管理業務。

Okay. And is there any guidance you could provide on how to think about crediting rates coming down for both the bank and certificates as the Fed cuts rates?

好的。聯準會降息後，銀行和證券的信用利率都會下降，您能否就此提供一些指導意見？

Well, of course, those will be adjusted in light of the environment. Same thing with CDs as you're investing at different levels, you would adjust the rates that you provide from a client. Walter, do you have any more?

當然，這些都會根據環境狀況進行調整。定期存款也是如此，由於投資額度不同，你需要調整提供給客戶的利率。沃特，你還有嗎？

Obviously, in the service business, which is a spread business, we will manage that as rates come down. And certainly, we're investing at higher levels. And as the rates come down, we'll credit less. So that will be a positive. And as it relates to sweep counts, I think we've adjusted like the industry has. So there's not much room in that. So -- and our core investments are now longer dated as to because of the way we reposition the portfolio will be less impacted by the drop in interest rates.

顯然，在服務業（這是利差產業），隨著利率下降，我們將採取相應的措施。當然，我們的投資規模也在不斷擴大。隨著利率下降，我們將減少信貸額度。那將是一件好事。至於收視率統計方面，我認為我們已經像整個行業一樣做出了調整。所以這方面空間不大。因此，由於我們重新調整投資組合的方式，我們的核心投資期間更長，受利率下降的影響也會更小。

And the reason we really developed the bank and part of that is so that we can maintain that spread as interest rates do decline at the same time of giving us -- get a greater engagement with the client for giving them favorable treatment with the banking products that we can offer. So for us, it was -- it's a good capability, but also ensures a bit more of our spread revenue continuing.

我們之所以發展這家銀行，部分原因是為了在利率下降的同時，能夠維持利差，並讓我們能夠透過提供優惠的銀行產品來更好地與客戶互動。所以對我們來說，這不僅是個不錯的能力，還能確保我們的利差收入持續成長。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

So maybe to start just on the investment philosophy. So looking at the last two quarters, despite strong top and bottom line results, helped in large part by good expense discipline, the core brokerage KPIs, including NNA and sweep cash have lagged peers.

所以或許應該先從投資理念著手。因此，縱觀過去兩個季度，儘管營收和利潤表現強勁（這在很大程度上得益於良好的費用控制），但核心經紀業務KPI（包括NNA和自動扣款）卻落後於同業。

And I was hoping you could speak to some of the factors that are driving the softer organic growth. But bigger picture, your willingness to lean more heavily into investing to maybe help reaccelerate growth, which admittedly could eat into margins as well.

我希望您能談談推動有機成長放緩的一些因素。但從更宏觀的角度來看，你願意加強投資力度，或許可以幫助重新加速成長，這無疑也會蠶食利潤率。

Yes. So listen, I can't speak to who you're referencing competitors. I know there's been a lot of roll-ups and acquisitions and paying up to bring advisors in at, what I would say, top dollar. So maybe that's part of their incremental growth that they're doing. We look at it as bringing good people on that have quality books that will generate good value for them and us based on what we can provide to them as well as what we look to have associated with us.

是的。所以，聽著，我無法評論你提到的競爭對手是誰。我知道最近發生了很多整合收購，而且為了引進顧問，也花了很多錢，可以說出價非常高。所以，這或許是他們逐步發展的一部分。我們認為，引進優秀的人才，讓他們擁有高品質的書籍，根據我們能為他們提供的以及我們希望與之合作的資源，這將為他們和我們創造良好的價值。

From a core perspective, I think we've been very consistent. Our flow rate around the industry. You can't look at just one quarter, but over the course of a year, two years, three years, our flow rate has been very good and consistent out there and very competitive in that regard.

從核心角度來看，我認為我們一直都非常一致。我們在業界的流通速度。你不能只看一個季度，而是要看一年、兩年、三年的時間，我們的流量一直都很好、很穩定，在這方面也很有競爭力。

From an investment perspective, we're making quite strong investments in our capabilities, in technology, in solution sets. And I would compare us to having one of the best platforms out there and leading in many areas. So I feel very good about that, and those investments will continue.

從投資角度來看，我們正在大力投資我們的能力、技術和解決方案。我會說，我們擁有業內最好的平台之一，並在許多領域中處於領先地位。所以我對此感到非常滿意，這些投資將會持續下去。

As far as recruiting investments, we've upped our packages a bit in this competitive frame, but still for us, very rational and appropriate for long-term profitability. And we always will look at the environment and make adjustments, but we always look at not just in the short term, but the longer term, and that's where maybe people are getting a bit overlevered.

在吸引投資方面，我們在這種競爭環境下稍微提高了我們的待遇，但對我們來說，這仍然非常合理，並且有利於長期盈利。我們會一直關注環境並做出調整，但我們不僅著眼於短期，更著眼於長期，而這或許正是人們過度負債的原因。

On the cash, certainly, from our standpoint, it's stable, and we do see it growing in its normal pattern in the fourth quarter. So we feel quite comfortable with that.

就現金流而言，從我們的角度來看，現金流是穩定的，我們預計第四季度現金流將以正常模式成長。所以我們對此感到很放心。

So Walter, maybe unpacking that a little bit further, just given the sweep cash trends in 3Q, you didn't see the uptick that we saw at some of your peers. I was hoping you could speak to what you saw in terms of cash behavior following the September rate cut since that was the month where it appears most of your peers did see an uptick. And just in anticipation of additional cuts, how are you thinking about the pace of sweep cash growth looking ahead to next year?

所以沃爾特，或許可以進一步分析一下，考慮到第三季的現金流趨勢，你們並沒有像一些同業那樣成長。我希望您能談談您在9月降息後觀察到的現金流行為，因為那一個月似乎您的大多數同行都出現了增長。考慮到未來可能還會進一步削減，您如何看待明年退休金現金成長的速度？

Well, we saw a pattern when the cuts, it really didn't deviate that much from that standpoint. And -- but with the cuts that we anticipate in this fourth quarter, we will see an increase like we normally will. So we don't really anticipate the cuts will have an impact on the rates -- the volume in sweep. And we certainly -- as we indicated, we've already planned for with lowering the amount of cash exposure we have on the short-term to ensure that we actually have the profitability sustained throughout AWM. So we feel comfortable with the balances and certainly with the positioning of our investments and the duration of it. So not concerned.

嗯，我們發現裁員時存在某種模式，從這個角度來看，裁員並沒有偏離這個規律太多。但是——由於我們預計第四季度將會出現裁員，我們將會看到像往常一樣的成長。因此，我們並不認為削減措施會對費率——掃蕩量——產生影響。正如我們所指出的，我們已經制定了計劃，降低短期內的現金敞口，以確保 AWM 能夠持續盈利。因此，我們對目前的資產負債表狀況，以及我們的投資配置和投資期間都感到滿意。所以並不擔心。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Just building on some of the questions around cash revenues really related to the bank. If we look at the bank's average earning assets and really zoning in the securities portfolio, I think the earning yield there is running at around 5%, maybe high 4%s.

這只是圍繞著與銀行相關的現金收入的一些問題展開的討論。如果我們看一下該銀行的平均獲利資產，並仔細分析證券投資組合，我認為那裡的收益率在 5% 左右，可能在 4% 以上。

So maybe just kind of help us think about the reinvestment yields you expect on that book as that rolls off over the next couple of quarters, couple of years relative to that installed base of kind of 4.5% to 5% and the implications that will have on the NIM at the bank.

所以，或許您可以幫我們思考一下，隨著未來幾個季度、幾年內該帳簿的到期，相對於目前 4.5% 到 5% 的固定收益率，您預期該帳簿的再投資收益率會是多少，以及這將對銀行的淨利差產生什麼影響。

So as we indicated, we anticipate with the roll-offs and certain maturities that we see coming that we'll be reinvesting in the high 4s, low 5s. So we will be able to maintain our net interest income at the bank from that standpoint. And we feel quite comfortable about that as we go for the next -- certainly, I would say, three quarters. Beyond that, it becomes a little more difficult depending on where the Fed goes with and where the long-term rates go. But we certainly plan for this, and we feel comfortable with that strategy.

正如我們所指出的，我們預計隨著到期和一些債券的到期，我們將重新投資於收益率在 4 到 5 之間的債券。因此，從這個角度來看，我們將能夠維持銀行的淨利息收入。我們對此感到非常有信心，接下來──當然，我想說，是四分之三的時間。除此之外，情況還會變得更加複雜，這取決於聯準會的政策走向和長期利率的走勢。但我們肯定會為此做好準備，而且我們對這項策略感到滿意。

Right. Understood. Okay. And then when it comes to the certs business, certificates business, those balances have been coming down now for several quarters, which makes sense, I guess, given how elevated they've been running at. So now we're sitting, I think, at around $9 billion. Just looking back, where do you guys expect these balances to ultimately stabilize? And how would you frame that level?

正確的。明白了。好的。至於證券業務，證券業務的餘額已經連續幾季下降了，考慮到它們之前的高點運行，這似乎也合理。所以現在，我認為我們的資產規模在90億美元左右。回顧過去，你們認為這些平衡最終會穩定在什麼水準？你會如何界定這個層面？

It will -- I think directionally, it will come down certainly as we manage our spread for that. But it gets to a set level and it won't deviate that much, but it depends on the movement in the rates. But it follows a pattern strictly based on the spread and then the money gets recirculated. So that's -- I wouldn't see a precipitous drop coming off.

我認為，從趨勢來看，隨著我們控制利差，價格肯定會下降。但它會達到一個固定的水平，不會有太大的波動，但這取決於匯率的波動。但它遵循著嚴格基於價差的模式，然後資金會重新流通。所以——我預計不會出現急劇下降。

Yes. I guess like before the dynamic in 2023, the balances used to run at like a $5 billion, $6 billion range. Is that sort of where you expect it to sort of normalize?

是的。我猜想，在 2023 年的動態變化之前，餘額通常在 50 億美元到 60 億美元之間。你覺得這種情況最終會逐漸正常化嗎？

I would -- let me just say, I think it's certainly that is a range where it is normal where it gets to when you start managing it, but I don't know if it's going to drop that precipitously at this stage. But certainly, that will be the bottom, in my opinion.

我想說的是，我認為當你開始管理它時，它達到的正常範圍肯定在這個範圍內，但我不知道在這個階段它是否會急劇下降。但依我看來，那肯定就是最低點了。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Others with asset management businesses in life insurance have gone out and partnered with other asset managers, which is actually rather unique for new product creation of interval or evergreen funds. Is this something under consideration or that needs to happen for Ameriprise?

其他從事人壽保險資產管理業務的公司則與其他資產管理公司合作，這對於定期或常青基金等新產品的創建來說，實際上是相當獨特的。這是Ameriprise正在考慮或需要做的事情嗎？

There's a number of different arrangements. I mean, not a lot has come to market for some of the stuff that has been out there. So we'll see what actually takes hold. We are looking at various arrangements ourselves. We just -- we launched our own Interval fund that's in the marketplace that we brought out. There's other things that we're working on in the alternative space. Some will be with partners, some will be organic for us. But yes, that will be an opportunity that we're looking at.

有多種不同的安排方式。我的意思是，市面上已經存在一些產品，但並沒有太多替代品進入市場。所以，我們拭目以待，看看最終哪一種方式會奏效。我們自己也在研究各種方案。我們剛剛推出了我們自己的 Interval 基金，該基金已進入市場。我們在另類領域還有其他一些工作要做。有些是與合作夥伴共同開發的，有些是我們自主開發的。是的，那將是我們正在考慮的一個機會。

My question is about AWM and the competitive environment. There's been a deceleration in inflows since the $11.1 billion high watermark in the fourth quarter. Are you outflowing more from -- on a net basis from teams leaving than you're adding? Or is there a way to dimension how much of that has been an impact to you this year?

我的問題是關於AWM及其競爭環境的。自第四季達到 111 億美元的高點以來，資金流入速度有所放緩。團隊淨流失量是否大於新增量？或者，有沒有辦法衡量今年這些事情對你產生了多大的影響？

Yes. So what I would say there is in the past, we were more inflow than outflow there. As we said, when you lose a large team or two, et cetera, in the short term, then your outflow becomes a bit more than your inflow, and that's exactly what has occurred, but now our pipeline is strong, et cetera. As an example, we just brought in someone with $1.7 billion coming in. So that's sort of what is occurring.

是的。所以我想說的是，過去那裡的流入量大於流出量。正如我們所說，當你在短期內失去一個或兩個大型團隊等等時，你的流出就會比流入多一些，而這正是我們所經歷的，但現在我們的人才儲備充足等等。舉個例子，我們剛剛引進了一位擁有17億美元資金的人。所以事情大概就是這樣。

But overall, we've been in a good state there, but you do have a little bit in a quarter-to-quarter basis that does occur. But our organic under that is what we really rely on and focus on. That's really what we work with our advisors to increase their productivity and what they do. People don't really concentrate in this market environment. They look at the top line and momentum.

但總體而言，我們那邊的情況一直不錯，但每季之間確實會出現一些波動。但我們真正依賴和關注的是我們底層的有機產品。這正是我們與顧問們共同努力的方向，目的是提高他們的工作效率和工作表現。在這種市場環境下，人們很難集中註意力。他們關注的是營收和成長動能。

We look at -- so look at the margins, look at the core business, look at the client satisfaction, look at what you see as a consistent basis over time. People move away a little more from fundamentals, but that's really what's important over the long-term and even the medium and short-term when you -- but people right now are so much focused on some of the near term of what they see in the top. We look at -- we look through that to look at what that provides us longer term and what's good for the client and the advisor. And that's how we invest.

我們會考察－考察利潤率，考察核心業務，考察客戶滿意度，考察你認為能夠長期保持穩定的基礎。人們越來越忽視基本面，但從長遠來看，基本面才是真正重要的，甚至在中短期內也是如此——但人們現在太關注他們看到的一些短期現象了。我們會仔細審視——我們會透過這些來審視它能為我們帶來什麼長遠的益處，以及什麼對客戶和顧問有利。這就是我們的投資方式。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

Just a follow-up on the two large advisor teams that left. Will that have any tail to it? Meaning would you expect continued outflows for the next few quarters related to that? Or would you expect Wrap flows to bounce back closer to $8 billion in 4Q?

關於之前離職的兩支大型顧問團隊，這裡做個後續跟進。這件事會有後續嗎？也就是說，你預計未來幾季與此相關的資金流出會持續嗎？或者您預計第四季度 Wrap 資金流動將反彈至接近 80 億美元？

Okay. So as it relates to advisor, we'll have some carryover into the fourth quarter. As it relates to what we're seeing on our -- basically our attrition patterns now, no, it's actually stable, and we feel comfortable from that standpoint, as Jim has indicated.

好的。所以就顧問方面而言，我們會有一些結轉情況延續到第四季。至於我們目前看到的——基本上是我們的人員流失模式，不，它實際上是穩定的，從這個角度來看，我們感到很放心，正如吉姆所指出的那樣。

Got you. And then I guess just a follow-up on this more broadly, guys. The -- you think -- and Jim, I think you referenced you're upping some of your packages for new recruits, just that's the reality of the market. What about payouts on existing advisers? Have you kind of reexamined or examined your payout grid? And do you think you need to make any tweaks to payouts on your advisors more broadly in order to make sure that during a more competitive market that your retention holds in?

抓到你了。然後，我想就此更廣泛的問題再補充一點。你認為──還有吉姆，我想你提到你會提高新進員工的待遇，這就是市場現況。那麼，現有顧問的佣金支付情況如何？你有沒有重新檢視或檢視過你的薪資分配表？您認為是否需要對顧問的佣金支付方式進行更廣泛的調整，以確保在競爭更加激烈的市場中保持客戶留存率？

Yes. We will look and have always looked at that in a bid on a balanced equation and what we provide the advisors and the support we give in combination with payout and those things that we've invested heavily to help them grow and support them. So it's all in a balanced equation.

是的。我們將一直關注這一點，力求達到平衡，我們將為顧問提供的支持與收益以及我們投入巨資幫助他們成長和支持他們的事項結合起來考慮。所以一切都處於平衡狀態。

Okay. But no broad-based changes or anything like that, that you're considering?

好的。但是，您沒有考慮任何大範圍的變更或其他類似措施嗎？

I'm not at the point to talk about anything like that because we're in a good position right now of how we're thinking, but we always make adjustments periodically, and that's what we'll continue to do.

我現在還不適合談論這類事情，因為我們目前的想法很正確，但我們會定期進行調整，我們也會繼續這樣做。

Kenneth Lee, RBC.

Kenneth Lee，RBC。

One on asset management. It looks like there's some benefit from operating leverage that you saw in the quarter. Wonder if you could just talk a little bit more about any sorts of variable expenses that could increase as markets or AUM grow over time? And relatedly, any updated margin outlook with that business?

一篇關於資產管理的文章。看來本季營運槓桿確實帶來了一些好處。能否請您再詳細談談隨著市場或資產管理規模 (AUM) 的成長而可能增加的各種可變費用？另外，該業務的利潤率前景是否有任何更新？

Well, as far as the expenses, you have the normal volume-related variable expenses. And certainly, from that standpoint, we've managed that well. And we feel comfortable with our transformation management of that. So that will still continue. And so on the expense side, it will be strictly volume-driven type of expenses that you would have in a normal course of increasing your activity.

至於費用方面，主要包括與銷售相關的正常變動費用。當然，從這個角度來看，我們做得相當不錯。我們對自身的轉型管理能力感到滿意。所以這種情況還會持續下去。因此，在支出方面，將嚴格按照業務量成長而產生的支出類型進行，這是您在正常業務成長過程中必然會遇到的情況。

Got you. Very helpful there. And just one follow-up, if I may, just piggyback on the previous question there within AWM. Sounds like the distribution expense ratio outlook most likely would remain within that previous range you had articulated, that 66%, 67% range. But just want to make sure that, that's still the case?

抓到你了。那方面幫了我很大的忙。如果可以的話，我還有一個後續問題，就藉用一下 AWM 中之前提出的問題。聽起來分銷費用率的前景很可能仍將保持在您先前闡述的範圍內，即 66% 到 67% 的範圍內。我想確認一下，情況是否仍然如此？

That is the case.

情況確實如此。

Ryan Krueger, KBW.

Ryan Krueger，KBW。

On the client cash within the wealth management platform that is in non-Ameriprise products, have you started to see any movement there as the Fed is starting to get another cutting cycle? Or has it remained pretty stable so far?

對於財富管理平台中非 Ameriprise 產品中的客戶現金，隨著聯準會開始新一輪降息，您是否開始看到任何變動？或者說，到目前為止它一直保持相當穩定的狀態？

No, the cash has remained stable. That's what I was indicating before.

不，現金流一直保持穩定。我之前指的就是這個意思。

Yes. I mean, it was -- you got a quarter cut last time and a quarter cut now. So I don't think there will be a fundamental change from that.

是的。我的意思是，上次你被裁了四分之一，這次又被裁掉了四分之一。所以我認為不會有根本性的改變。

Okay. Just to clarify, I wasn't referring to the cash on Ameriprise's --

好的。澄清一下，我指的不是Ameriprise的現金。--

No, no, I know you're talking about ---

不，不，我知道你在說…---

The third-party product.

第三方產品。

Yes, the third party and money markets, et cetera. You're still as now probably 3.25 or something -- so it's not a move fundamentally. I think as people start to rethink based on markets and fixed income, et cetera, they'll start making adjustments. But right now, I think it's still been pretty stable that way.

是的，第三方市場和貨幣市場等等。你現在可能還是 3.25 左右——所以從根本上來說，這並不是一次重大變動。我認為，隨著人們開始基於市場和固定收益等因素重新思考，他們會開始做出調整。但就目前而言，我認為情況仍然相當穩定。

Okay. Got it. And then just any update on the Signature Wealth rollout and how that's been going so far? I know it's probably early stages.

好的。知道了。那麼，關於Signature Wealth的推出以及目前的進展情況，能否提供一些最新資訊？我知道這可能還處於早期階段。

Yes. It's very early, but it's going very well. We're getting the advisor to really look at that platform and understand what they do and take the training for it. And people who have opened accounts really like it and are starting to move. We're getting both new assets as well as conversion of some assets from other of their Wrap programs over it.

是的。現在還為時過早，但一切進展順利。我們正在安排顧問認真研究該平台，了解其功能，並接受相關培訓。已經開戶的用戶都很喜歡它，並且開始搬家了。我們不僅獲得了新的資產，還將他們其他 Wrap 項目中的一些資產轉換過來。

And so those things, as you roll them out, they're very substantial for them. And -- but I think it will be a great platform. So far, the flows into it is probably one of our best launches. So -- but it's early stages. We think it has a good opportunity.

因此，當你推出這些產品時，它們對他們來說意義重大。但我認為它將是一個很棒的平台。到目前為止，流入其中的流量可能是我們最好的發布之一。所以——但現在還處於早期階段。我們認為它很有發展潛力。

Karim Assef, Bank of America.

Karim Assef，美國銀行。

My first one is on the Asset Management business. It was kind of like nice to see the deceleration in growth redemptions on the institutional side year-to-date and like gross sales kind of like have been stable, around like $9 billion to $10 billion. I was wondering if you could kind of like maybe unpack for us, some of the deceleration in the outflows. Is that mostly from Lionstone?

我的第一份工作是關於資產管理業務的。很高興看到機構的贖回成長速度今年以來有所放緩，總銷售額也保持穩定，約 90 億至 100 億美元。我想請您幫我們解釋一下，為什麼外流會減緩。那主要是來自獅石鎮嗎？

And are there any kind of like remaining assets that will be -- off-boarded, sorry, relating to Lionstone in the fourth quarter?

那麼，Lionstone在第四季是否還有任何剩餘資產將被剝離（抱歉，是剝離）？

No. Lionstone is still (technical difficulty), but the majority of it has been outflow at this stage is maybe $0.5 billion left.

不。Lionstone 計畫目前仍存在（技術難題），但大部分資金已經流出，現階段可能還剩下 5 億美元。

Got it. And then my final question is on the wealth side. So you guys called out that there are some -- I guess, like last quarter, you said some irrational bids out there for advisors. I was wondering if you could maybe -- is it safe to assume that in light of the disruption in M&A consolidation in the environment, that this level will persist over the next, call it, 6 to 12 months?

知道了。最後一個問題是關於財富方面的。所以你們指出，有一些——我想，就像上個季度一樣，你們說市場上存在一些不理智的顧問競標。我想問一下，鑑於當前併購整合環境的混亂局面，是否可以合理地假設這種水準將在未來 6 到 12 個月內持續下去？

Listen, I can't -- I think you'd probably have to speak to others on that. From my perspective, I know people look at the favorable markets and spread revenue right now and the way the equity markets continue to go up. And so maybe they bake that into all their rationalization. But if that changes a bit, I think you'll see a little different environment for that type of arrangement.

聽著，我沒辦法——我覺得你可能需要和其他人談談這個問題。在我看來，我知道人們關注的是當前有利的市場和收益，以及股票市場持續上漲的趨勢。所以，他們或許把這一點融入了所有的合理化解釋中。但如果情況稍有變化，我認為你會看到這種安排會呈現出略微不同的環境。

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

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