阿默普萊斯金融 (AMP) 2025 Q4 法說會逐字稿

Welcome to the Q4 2025 Earnings Call. My name is Tina, and I will be your operator for today's call. (Operator Instructions)

歡迎參加2025年第四季財報電話會議。我叫蒂娜，今天將由我來為您接聽電話。（操作說明）

As a reminder, the conference is being recorded. I will now turn the call over to Stephanie Rabe. Stephanie, you may begin.

提醒各位，本次會議正在錄影。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。

Thank and good morning. Welcome to Ameriprise Financial's fourth 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，早安。歡迎參加 Ameriprise Financial 第四季財報電話會議。今天和我一起通話的是董事長兼執行長吉姆·克拉奇奧洛和財務長沃爾特·伯曼。他們的發言結束後，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.

接下來請參閱我們網站上提供的獲利報告簡報資料。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. A sample list of these factors and risks that could cause actual results to be materially different from forward-looking statements can be found in our fourth quarter 2025 earnings release, our 2024 annual report to shareholders and our 2024 10-K report. We make no obligation to publicly update or revise these forward-looking statements.

我們在本次電話會議上所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。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的範例列表，請參閱我們 2025 年第四季財報、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 will see our GAAP financial results at the top of the page for the fourth quarter. Below that, you see our adjusted operating results, which management believes enhances our understanding of the business by reflecting the underlying performance of our core operations and facilitates a more meaningful trend analysis. We completed our annual marketing in the third quarter. Many of the comments that management makes on the call today will focus on adjusted operating results and adjusted operating results excluding our marketing.

在第 3 張投影片上，您將在頁面頂部看到我們第四季的 GAAP 財務業績。以下您將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實際表現，從而加深我們對業務的理解，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行銷工作。管理層今天在電話會議上發表的許多評論將集中在調整後的經營業績以及不包括行銷活動的調整後經營業績。

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 an overview of the business and our progress, and then Walter will discuss our financials in more detail. Ameriprise delivered another strong quarter to complete a very good year in 2025, reflecting the strength of our business effective strategy and excellent client experience.

各位早安，感謝各位參加我們的電話會議。我將首先概述公司業務和我們的進展情況，然後沃爾特將更詳細地討論我們的財務狀況。Ameriprise 又取得了強勁的季度業績，為 2025 年畫上了圓滿的句號，這反映了我們強大的業務實力、有效的策略和卓越的客戶體驗。

Looking externally, equity markets performed well in the quarter, supported by resilient US economic growth and the overall environment remains quite positive. With that backdrop, Ameriprise delivered new all-time records across the board in the fourth quarter. On an adjusted operating basis, revenue grew 10% to $4.9 billion driven by strong organic client flows and markets.

從外部來看，受美國經濟強勁成長的支撐，股市在本季表現良好，整體環境依然相當積極。在此背景下，Ameriprise 在第四季度全面刷新了歷史紀錄。以調整後的營運基礎計算，受強勁的內生客戶流量和市場推動，營收成長 10% 至 49 億美元。

We also had double-digit growth in our earnings, up 10% to over $1 billion as well as an earnings per share which increased 16% to $10.83. And Ameriprise return on equity was again excellent, increasing over 100 basis points to 53.2%, our highest ever. We completed 2025 with assets under management, administration and advisement at $1.7 trillion, up 11% and another new high. Across the firm, we're leveraging the strength of our businesses and capabilities to deliver good results while investing in organic growth opportunities and innovation.

我們的獲利也實現了兩位數成長，成長10%至超過10億美元，每股收益成長16%至10.83美元。 Ameriprise的股本報酬率再次表現出色，成長超過100個基點至53.2%，創歷史新高。2025 年結束時，我們的管理、行政和諮詢資產規模達到 1.7 兆美元，成長 11%，再創新高。公司上下都在充分利用自身業務和能力的優勢，在取得良好業績的同時，投資於內生成長機會和創新。

Supported by our strong financial foundation, we're making key investments across the company in top-tier technology, digital capabilities, AI and cloud infrastructure. We're also bringing out new product solutions in each of our businesses to further serve more investment needs and deepen relationships. These investments help further enhance our client and adviser experience and drive organic growth. These investments extend to advice and wealth management, where our leading adviser value proposition and integrated technology continue to drive excellent client satisfaction as well as strong organic flows and adviser productivity.

憑藉我們雄厚的財務實力，我們正在公司內部對頂尖技術、數位化能力、人工智慧和雲端基礎設施進行關鍵投資。我們也在各個業務領域推出新的產品解決方案，以進一步滿足更多投資需求並深化合作關係。這些投資有助於進一步提升客戶和顧問體驗，並推動內生成長。這些投資也延伸至諮詢和財富管理領域，我們領先的顧問價值主張和整合技術繼續推動卓越的客戶滿意度以及強勁的自然流入和顧問生產力。

Total client assets reached a new record of $1.2 trillion at year-end, up 13% from our focused action to drive flows as well as from positive markets. Total client inflows were $13.3 billion, up 18%, which is one of our best quarters for flows. These results reflect the strength of our legacy flows from our adviser engagement, client acquisition in the target market and our recruiting success.

截至年底，客戶總資產達到創紀錄的 1.2 兆美元，成長 13%，這得益於我們集中精力推動資金流動以及積極的市場環境。客戶總流入資金達 133 億美元，成長 18%，這是我們資金流入最好的季度之一。這些結果反映了我們傳統業務的強勁發展，這得益於我們的顧問參與、在目標市場的客戶獲取以及我們的招聘成功。

Our Wrap business also grew strongly. Assets increased 17% to $670 billion with meaningful growth in flows. This included good flow momentum in our new Signature wealth unified management account which we launched at midyear in 2025. It's been one of our most successful rollouts and early adviser feedback has been very positive. We continue to build on these early results as more advisers integrate the new platform into their practices.

我們的包裝業務也實現了強勁成長。資產成長17%至6700億美元，資金流入也實現了顯著成長。這其中包括我們在 2025 年年中推出的全新 Signature 財富統一管理帳戶的良好資金流動勢頭。這是我們最成功的推廣活動之一，早期顧問的回饋也非常正面。隨著越來越多的顧問將新平台整合到他們的業務中，我們將繼續鞏固這些早期成果。

Advisers are seeing real value in the enhanced personalization, automated portfolio monitoring, rebalancing, reporting and centralized trading. We're also adding new capabilities and strategies through our Signature Wealth platform as we move forward.

顧問們看到了增強的個人化、自動化投資組合監控、再平衡、報告和集中交易的真正價值。隨著我們不斷前進，我們也透過我們的 Signature Wealth 平台增加新的功能和策略。

In addition, we continue to have good transaction activity, up 5% year-over-year. Our bank products complement the business nicely with assets up to $25.3 billion. We're rolling out and testing new offerings, including expanding our lending book where we saw good growth led by pledge and nice initial uptake in mortgage loans.

此外，我們的交易活動持續良好，年增 5%。我們的銀行產品與資產高達 253 億美元的業務完美契合。我們正在推出和測試新產品，包括擴大我們的貸款業務，我們在抵押貸款業務中看到了良好的成長，這主要得益於抵押品業務的推動和抵押貸款業務的良好初期增長。

After our initial launch of HELOC, we're seeing strong early interest. We just launched checking accounts, which rounds out our complete bank offering and will be important to enable greater uptake of savings and lending products and adviser practices going forward.

房屋淨值信用額度（HELOC）首次推出後，我們看到了強烈的早期興趣。我們剛剛推出了支票帳戶，這完善了我們完整的銀行服務，對於未來更好地推廣儲蓄和貸款產品以及顧問服務至關重要。

Adviser productivity continues to increase nicely, as I mentioned, up 8% to $1.1 million per adviser in the quarter. Our proven adviser value proposition helps them achieve this level of productivity. This includes our interconnected systems and capabilities, anchored by our strong digital advice, CRM and extensive practice management resources. As we shared, we're also innovating with AI and automation to help advisers identify meaningful client insights and growth opportunities while reducing time-consuming tests.

正如我之前提到的，顧問的生產力繼續穩步提高，本季每位顧問的收入成長了 8%，達到 110 萬美元。我們成熟的顧問價值主張幫助他們達到這種生產力水準。這包括我們相互關聯的系統和能力，以我們強大的數位化諮詢、客戶關係管理 (CRM) 和廣泛的實踐管理資源為基礎。正如我們之前所說，我們也在利用人工智慧和自動化技術進行創新，以幫助顧問識別有意義的客戶洞察和成長機會，同時減少耗時的測試。

Also key our integrated capabilities drive strong system reliability, efficiency and resiliency. Our best-in-class service is another competitive advantage. This year, J.D. Power recognized Ameriprise for the seventh consecutive time for delivering an outstanding customer service experience to advisers for our phone support. And for the second straight year, we earned J.D. Power's certification for our client phone support as well, which is terrific.

此外，我們強大的綜合能力也推動了系統的可靠性、效率和彈性。我們一流的服務是另一項競爭優勢。今年，J.D. Power 連續第七年表彰 Ameriprise，稱其為電話支援顧問提供了卓越的客戶服務體驗。我們連續第二年獲得了 J.D. Power 頒發的客戶電話支援認證，這真是太棒了。

We're known for our commitment to client and adviser success. Experienced advisers continue to choose Ameriprise. We've added 91 quality advisers building on a strong momentum in the third quarter. And the pipeline for experienced recruits across channels remains attractive. And by the way, our total adviser count is up 1% year-over-year.

我們以致力於客戶和顧問的成功而聞名。經驗豐富的顧問們仍然選擇 Ameriprise。繼第三季強勁的成長動能之後，我們新增了 91 位優秀顧問。各個管道經驗豐富的招募人才儲備仍然很有吸引力。順便一提，我們的顧問總數比去年同期增加了 1%。

Ameriprise advisers continue to stand out industry-wide for exceptional service, growth and high-quality practices. We had a record 478 teams named to the Forbes Best-in-State wealth management teams 2025 ranking.

Ameriprise 的顧問憑藉著卓越的服務、成長和高品質的業務實踐，在業界持續脫穎而出。我們有創紀錄的 478 支球隊入選福布斯 2025 年各州最佳財富管理團隊排名。

Earlier this month, I attended the AWM field leader kickoff for the year. Our AWM team is made up of strong cadre of field leaders who help advisers leverage our value proposition and client experience to build even more successful practices.

本月初，我參加了AWM年度現場領導啟動會議。我們的AWM團隊由一群強大的現場領導者組成，他們幫助顧問利用我們的價值主張和客戶體驗來建立更成功的業務。

Our Retirement and Protection Solutions are also contributing nicely to transactional activity, organic growth and deeper share of wallet. Structured annuity sales were up 7% in the quarter and Life & Health sales grew 14% and with most of the focus on accumulation-focused variable universal life. Our overall portfolio continues to perform very well. Here again, we're investing in product enhancements and leveraging AI and digital to increase efficiencies in underwriting and overall service.

我們的退休和保障解決方案也為交易活動、自然成長和更高的客戶錢包份額做出了良好貢獻。本季結構化年金銷售額成長了 7%，人壽和健康保險銷售額成長了 14%，其中大部分集中在以累積為重點的可變萬能壽險上。我們的整體投資組合持續表現非常出色。我們再次投資於產品改進，並利用人工智慧和數位技術來提高承保效率和整體服務水準。

In Asset Management, we're delivering meaningful financial results as we leverage our global capabilities for greater efficiency and future growth. Assets under management and advisement reached $721 billion for the quarter, up 6%. We had continued strong investment performance with 103 4- and 5-star Morningstar rated funds at year-end. Nearly 70% of our funds globally were above the median for the 1-year time frame on an asset-weighted basis and stronger for long-term time frames with 80% of our funds above the median for 3- and 10-year performance periods.

在資產管理領域，我們利用全球資源提高效率並促進未來成長，從而取得了顯著的財務表現。本季管理和諮詢資產規模達 7,210 億美元，成長 6%。截至年底，我們的投資表現持續強勁，共有 103 檔基金獲得晨星 4 星和 5 星評級。以資產加權計算，我們全球近 70% 的基金在 1 年期業績中位數以上，長期業績表現更佳，3 年期和 10 年期業績中，我們 80% 的基金業績均高於中位數。

Regarding flows, we generated $1.9 billion in net inflows in the quarter, which included higher reinvested dividends. Overall, we had net inflows and model delivery strategies and improvement in institutional growth sales. We continue to invest to further broaden out our investment capabilities to meet evolving market demand. That includes expanding our active ETF lineup and further building out our SMA model delivery and alternatives offering.

在資金流動方面，本季我們實現了 19 億美元的淨流入，其中包括更高的股息再投資。整體而言，我們實現了淨流入和模式交付策略，並改善了機構成長銷售。我們將持續投資，進一步拓展投資能力，以滿足不斷變化的市場需求。這包括擴大我們的主動 ETF 產品線，並進一步完善我們的 SMA 模型交付和另類投資產品。

During the quarter, we launched 6 new active managed and research enhanced ETFs in the US along with our initial launch of ETFs and EMEA. Across asset management, we're leveraging our global footprint to generate additional operational efficiencies. Our back-office transformation and data foundation work we'll continue to increase the cost effectiveness of data delivery and help ensure our solutions are scalable.

本季度，我們在美國推出了 6 檔新的主動式管理和研究增強型 ETF，同時在歐洲、中東和非洲地區也首次推出了 ETF。在資產管理方面，我們正在利用我們的全球佈局來提高營運效率。我們將繼續推動後台轉型和資料基礎建設工作，提高資料交付的成本效益，並協助確保我們的解決方案具有可擴展性。

Reflecting on Ameriprise overall, our business and financial results remain strong with record revenue, earnings, EPS and return on equity as well as a differentiated level of capital return. As you saw, we increased our capital return to more than 100% in the quarter. We were opportunistic with a discount in the share price, and the size of the buyback brought our total capital return for the year to nearly 90%, one of our highest levels in recent years. We've also consistently maintained a healthy and resilient balance sheet.

縱觀 Ameriprise 的整體情況，我們的業務和財務業績依然強勁，收入、盈利、每股收益和股本回報率均創歷史新高，資本回報水平也實現了差異化。正如你所看到的，本季我們的資本報酬率提高了100%以上。我們抓住股價折價的機會，進行了股票回購，此次回購規模使我們當年的總資本回報率接近 90%，這是近年來最高的水平之一。我們也一直保持著健康且穩健的資產負債表。

2025 was another terrific year for us, our 20th as a public company. In just two decades, we've established Ameriprise as a premier brand built on helping millions of clients achieve their most important financial goals and we're continually innovated and transformed how we go to market, earning best-in-class recognition and results across a wide range of environments.

2025 年對我們來說又是非常棒的一年，也是我們作為上市公司成立的第 20 年。短短二十年間，我們已將 Ameriprise 打造成一個卓越的品牌，致力於幫助數百萬客戶實現最重要的財務目標。我們不斷創新和變革市場策略，在各種環境中贏得了業界的認可和一流的業績。

Equally important, we earned a highly respected reputation over the years for who we are and how we operate the firm. In fact, Ameriprise was just named one of America's most iconic companies by time, we rank among the top 50 across industries and we're also the leading diversified financial services firm on the list. And this award adds to many others. We were again included on the Wall Street Journal's list of Best Managed Companies for 2025. And America's most responsible companies 2026 list from Newsweek, as well as Ameriprise is one of America's best companies 2026 according to Forbes.

同樣重要的是，多年來，我們憑藉自身的價值觀和公司運作方式贏得了高度尊重的聲譽。事實上，Ameriprise 剛被《時代》雜誌評為美國最具代表性的公司之一，我們在各行業排名前 50，而且我們也是榜單上領先的多元化金融服務公司。這項獎項為他獲得的眾多獎項錦上添花。我們再次入選《華爾街日報》2025年最佳管理公司名單。根據《新聞週刊》2026 年美國最具責任感公司榜單，Ameriprise 也名列《富比士》2026 年美國最佳公司榜單。

In closing, we feel very good about the business and how we're positioned as we look to 2026. We're executing our clear, consistent strategy and driving innovation and using operating leverage where we see opportunity.

最後，我們對公司業務以及我們展望 2026 年的定位感到非常滿意。我們正在執行清晰、一致的策略，推動創新，並在發現機會的地方利用營運槓桿。

With that, Walter will discuss the numbers in more detail, and then we'll take your questions.

接下來，沃爾特將更詳細地討論這些數字，然後我們將回答你們的問題。

Thank you, Jim. Ameriprise delivered excellent financial and metric performance in the quarter with adjusted operating earnings per share up 16% to $10.83 and a strong operating margin of 27%. We had record assets of $1.7 trillion, up 11%, which coupled with strong client engagement, drove record revenues of $4.9 billion. We continue to make good investments for growth, particularly within Wealth Management. We are optimistic with share repurchase in 2025, given share price and accelerated our capital return.

謝謝你，吉姆。Ameriprise 本季財務和指標表現優異，調整後每股營運收益成長 16% 至 10.83 美元，營運利潤率高達 27%。我們的資產達到創紀錄的 1.7 兆美元，成長了 11%，再加上客戶的積極參與，推動了創紀錄的 49 億美元收入。我們持續進行有利於成長的良好投資，尤其是在財富管理領域。鑑於股價和加速資本回報，我們對 2025 年的股票回購持樂觀態度。

In the quarter, we returned over 100% of operating earnings to shareholders. Our balance sheet remained exceptionally strong with excess capital of approximately $2.1 billion and holding company available liquidity of $2.2 billion. Let's turn to slide 6.

本季度，我們將超過 100% 的營業利潤返還給了股東。我們的資產負債表仍然非常強勁，擁有約 21 億美元的超額資本和 22 億美元的控股公司可用流動資金。讓我們翻到第6張投影片。

Performance metrics and wealth management were strong across all measures, notably with client and RAP flow rates in our historic ranges. Total client assets grew 13% to a record high of $1.2 trillion with strong client flows of $13.3 billion, representing a 4.7% annualized flow rate. RAP assets increased 17% to a record high of $670 billion, with $12.1 billion of net inflows in the quarter, representing 7.4% annualized flow rate. These are near record levels of flows, and we saw both our client and RAP flows rates built each month of the quarter. The improvement in both client and RAP flows was a result of continued strong core flows, higher adviser recruiting in the back half of the year and very strong retention levels.

各項指標和財富管理表現均十分強勁，尤其值得一提的是，客戶和 RAP 資金流動率均處於歷史高點。客戶總資產成長 13%，達到創紀錄的 1.2 兆美元，客戶資金流入強勁，達到 133 億美元，年化流入率為 4.7%。RAP 資產成長 17%，達到創紀錄的 6,700 億美元，本季淨流入 121 億美元，年化流入率為 7.4%。這些流量接近歷史最高水平，我們看到客戶流量和 RAP 流量在每個季度的每個月都在增加。客戶流量和 RAP 流量的改善，得益於持續強勁的核心流量、下半年更高的顧問招聘以及非常高的留存率。

In addition, transactional activity remained strong, increasing 5% compared to the prior year, primarily from growth in annuity products and brokerage. Cash sweep balances increased to $29.9 billion compared to $27.1 billion in the third quarter, which is consistent with the normal seasonal trend we typically see near the end of the fourth quarter.

此外，交易活動依然強勁，比去年成長了 5%，主要得益於年金產品和經紀業務的成長。現金掃款餘額從第三季的 271 億美元增加到 299 億美元，這與我們通常在第四季末看到的正常季節性趨勢一致。

Our adviser trends remain solid as well. Retention was good across all channels, and we saw a strong momentum in our experienced adviser recruiting with 91 advisers joining us in the quarter. Our value proposition resonates with advisers, and we remain focused on ensuring our transition packages are attractive to experienced advisers that share our values and commitment to the client experience. In total, our adviser productivity continues to grow, reaching a new high of $1.1 million. Let's turn to Wealth Management financial results on slide 7.

我們的顧問趨勢也依然穩健。所有通路的客戶留存率都很好，而且我們經驗豐富的顧問招募也勢頭強勁，本季共有 91 位顧問加入我們。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。整體而言，我們的顧問生產力持續成長，達到 110 萬美元的新高。讓我們來看看第 7 頁投影片上的財富管理財務表現。

Adjusted operating net revenues increased 12% to $3.2 billion. The core business is performing very well given the value of our planning model and the multiple touch points we have with the client to meet their needs holistically.

經調整後的淨營業收入成長12%，達到32億美元。鑑於我們的規劃模式的價值以及我們與客戶建立的多個接觸點，能夠全面滿足客戶的需求，核心業務表現非常出色。

Our fee-based and transaction revenues were quite strong, increasing in the low-teen percentage range benefiting from higher client assets and activity levels. Our cash revenues, which include net investment income, distribution fees related to all balance sheet cash and banking and deposit interest expense increased modestly despite the impact from the Fed funds rate reduction since September of 2024.

我們的手續費收入和交易收入表現強勁，成長幅度在10%左右，這得益於客戶資產和交易活動的增加。儘管自 2024 年 9 月以來聯準會基金利率下調的影響，但我們的現金收入（包括淨投資收益、與所有資產負債表現金和銀行存款相關的分配費用）略有增長。

Adjusted operating expenses in the quarter increased 11%, with distribution expenses up 12%. I would note that adviser compensation within distribution expense increased in line with the revenues advisers generate.

本季調整後的營運費用增加了 11%，其中分銷費用增加了 12%。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。

Distribution expenses in the quarter was 65.8% of total management and financial advice fees and total distribution fees, excluding off-balance sheet sweep cash, which is consistent with the 66% level we have guided to.

本季的分銷費用佔管理和財務諮詢費總額以及分銷費總額的 65.8%（不包括表外現金清算），這與我們先前預期的 66% 的水平一致。

Full year G&A expenses were up 4.5% and primarily driven by volume and growth-related expenses, including investments in signature wealth and banking products. This level was consistent with the guidance we provided.

全年一般及行政費用成長 4.5%，主要受銷量及成長相關費用的推動，包括對標誌性財富和銀行產品的投資。這一水準與我們提供的指導意見一致。

Pretax adjusted operating earnings increased 13% to $926 million, with continued strong contribution from both core and cash earnings. Our core earnings grew in the mid-20% range, benefiting from higher client assets and advisory fees as well as strong activity levels. The strong level of core earnings that we generate is unique and demonstrates our focus on profitable growth. Cash earnings increased modestly despite the impact from the Fed funds rate reduction since September of 2024.

稅前調整後營業利潤成長 13% 至 9.26 億美元，核心利潤和現金利潤均持續強勁成長。由於更高的客戶資產和諮詢費以及強勁的業務活動水平，我們的核心收益增長了 20% 左右。我們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。儘管自 2024 年 9 月以來聯準會基金利率下調產生了影響，但現金收益仍小幅增長。

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 for the year. We continue to take actions to build the bank investment portfolio 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，該銀行全年的淨投資收益與去年持平。我們將繼續採取措施，建構能夠支持未來穩定獲利貢獻的銀行投資組合。

The overall bank portfolio has a yield of 4.6% and with a 3.8-year duration, with now less than 9% of the portfolio in floating rate securities. In the quarter, new purchases at the bank were $2.7 billion at a yield of 5% with a 4.3-year duration. Last, our margins remained excellent at 29.3%. Turning to Asset Management on slide 8.

銀行整體投資組合報酬率為 4.6%，久期為 3.8 年，目前浮動利率證券佔比不到 9%。本季度，該銀行的新購入金額為 27 億美元，收益率為 5%，期限為 4.3 年。最後，我們的利潤率維持在 29.3% 的優異水準。接下來請看第 8 頁的資產管理部分。

Financial results were strong in the quarter. Operating earnings increased 17% to $293 million. Results reflected asset growth, higher performance fees and the positive impact from transformation initiative.

本季財務業績表現強勁。營業利潤成長17%，達到2.93億美元。業績反映了資產成長、更高的績效費以及轉型計畫帶來的正面影響。

Total assets under management and advisement increased to $721 billion up both year-over-year and sequentially from higher ending market levels. Revenues increased 12% to $1 billion, benefiting from higher performance fee revenue than a year ago. Performance fees are an important revenue stream for the asset management business, and this quarter were recognized due to very strong performance in our hedge fund.

管理和諮詢的總資產增至 7,210 億美元，年比和季比均有所增長，且高於較高的市場期末水準。營收成長 12% 至 10 億美元，主要得益於比去年同期更高的績效費收入。業績費是資產管理業務的重要收入來源，本季由於我們的對沖基金業績非常強勁而獲得了業績費。

Expenses increased 10% in total, with distribution expenses up 5%. We -- in the quarter, general and administrative expenses were up 13% as a result of higher performance fee compensation and foreign exchange translation. Margins reached 40% in the quarter, which is above our target range. Let's turn to slide 9.

支出總額增加了 10%，其中分銷支出增加了 5%。本季度，由於績效費補償增加和外匯折算，一般及行政費用增加了 13%。本季利潤率達到 40%，高於我們的目標範圍。讓我們翻到第9張投影片。

Retirement and Protective Solutions continued to deliver strong earnings and free cash flow generation, reflecting the high quality of the business that was built over a long period of time. Pretax adjusted operating earnings were $200 million, in line with our target range. This business has excellent risk-adjusted returns and continues to be an important part of the AWM client value proposition. Turning to the balance sheet on slide 10.

退休和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，反映了該業務長期以來建立的高品質。稅前調整後營業利潤為2億美元，符合我們的目標範圍。這項業務具有優異的風險調整後收益，並且一直是 AWM 客戶價值主張的重要組成部分。請看第 10 頁的資產負債表。

Balance sheet fundamentals and free cash flow generation remain strong, which is a core to our ability to invest for growth on a sustainable basis while also continuing to return capital to shareholders. We have an excellent excess capital position of $2.1 billion. We have $2.2 billion of available liquidity, our assets and liabilities are well matched, and our investment portfolio is diversified and high quality. Ameriprise consistent capital return strategy is a key element of our ability to consistently strong, long term shareholder value.

資產負債表基本面和自由現金流產生能力依然強勁，這是我們能夠以可持續的方式進行成長投資並繼續向股東返還資本的核心所在。我們擁有21億美元的充裕資本。我們擁有 22 億美元的可用流動資金，我們的資產和負債匹配良好，我們的投資組合多元化且品質很高。Ameriprise 持續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。

As I mentioned, we were optimistic in second half of 2025 and accelerated our share buyback. In fact, we increased our capital return to 37% year-over-year to $1,1 billion in the fourth quarter, which is 111% of operating earnings. For the full year, we returned $3.4 billion of capital, which was 88% of operating earnings. As we enter 2026 and -- our strong foundation, coupled with our ERM capabilities and decisioning framework positions us well to continue investing for growth in a targeted way and return capital to shareholders at a differentiated pace.

正如我之前提到的，我們對 2025 年下半年持樂觀態度，並加快了股票回購步伐。事實上，第四季我們的資本回報率年增 37%，達到 11 億美元，佔營業利潤的 111%。全年我們回饋了 34 億美元的資本，佔營業利潤的 88%。進入 2026 年，我們強大的基礎，加上我們的企業風險管理能力和決策框架，使我們能夠繼續以有針對性的方式進行成長投資，並以差異化的速度向股東返還資本。

In summary, on slide 11, Ameriprise delivered solid results in the fourth quarter to conclude a strong 2025. In 2025, revenues grew 6%, adjusted EPS increased 12%, and return on equity grew 60 basis points, and we returned $3.4 billion of capital to shareholders. We have an excellent foundation and capacity moving forward that enables consistent and sustainable profitable growth.

總而言之，如幻燈片 11 所示，Ameriprise 在第四季度取得了穩健的業績，為強勁的 2025 年畫上了圓滿的句號。2025 年，營收成長 6%，調整後每股盈餘成長 12%，股本回報率成長 60 個基點，我們向股東返還了 34 億美元的資本。我們擁有良好的基礎和發展能力，能夠實現持續穩定的獲利成長。

With that, we will take your questions.

接下來，我們將回答您的問題。

(Operator Instructions) Steven Chubak, Wolfe Research.

（操作說明）史蒂文·丘巴克，沃爾夫研究公司。

Good morning and thanks for taking my questions. So I wanted to start off on organic growth. The 4Q acceleration was quite impressive, especially in light of a tougher recruiting backdrop cited by some of your peers. You also spoke of maintaining competitive TA rates as part of your recruiting packages. And I was hoping you could help us reconcile the acceleration in net new flows that we saw in the quarter with the lower distribution expense ratio, and can you speak to the outlook for both organic flows and distribution expense in the coming year?

早上好，感謝您回答我的問題。所以我想先從大自然成長入手。第四季的成長速度令人印象深刻，尤其是在一些同業提到的招募環境更加嚴峻的情況下。您也提到，在招募方案中要維持具有競爭力的TA費率。我希望您能幫助我們解釋一下本季淨新增資金成長加速與分銷費用率下降之間的矛盾，您能否談談來年有機成長和分銷費用的前景？

Absolutely. So I'll start, and then I'll ask Walter to handle more on the expense side. First of all, I want to apologize for the delay. We were having some technical difficulties. Our flows in the fourth quarter were very strong. It was both organic growth, new clients added flows from current clients as well as, as you saw a pickup in the (inaudible) a little delayed from some of our peers in that regard from a quarterly basis.

絕對地。所以我先開始，然後我會讓沃爾特負責更多費用方面的工作。首先，我要為耽擱時間表示歉意。我們遇到了一些技術問題。第四季我們的客流量非常強勁。這既包括自然成長，新客戶帶來的成長，也包括現有客戶的增加，而且正如你所看到的，（聽不清楚）這方面比我們的一些同行略有滯後，按季度來看。

From an overall perspective, we feel good about how we're moving into 2026. From an expense perspective, it's very much in line with the productivity increases that our advisers generated and the volume of what they generated.

從整體來看，我們對邁入 2026 年的前景感到樂觀。從費用角度來看，這與我們的顧問所創造的生產力提升以及他們所創造的業務量非常吻合。

Walter, I'll ask you to cover the expense side.

沃爾特，費用方面就交給你來承擔吧。

On the distribution expense side, we certainly see it's in line where we've seen with the revenue growth. So on that basis, we -- Steve, that will be in the ranges that you've seen, and we feel comfortable with it. Obviously, there -- as we talked about, we are competing. So you could see some increase in distribution, but it is certainly within the ranges that we feel very comfortable, and the revenue generation associated with it.

在分銷費用方面，我們看到它與收入成長基本一致。所以基於此，我們——史蒂夫，那將在你看到的範圍內，我們對此感到滿意。顯然，正如我們之前所說，我們之間存在著競爭。因此，分銷可能會有所成長，但這肯定在我們感到非常舒適的範圍內，而且相關的收入也在合理範圍內。

It's helpful color. And maybe switching gears to the expense side. Given a number of areas on the investment front that were cited in the prepared remarks, I was hoping you could provide preliminary guidance on for '26 growth in firm-wide OpEx as well as G&A growth within AWM, just given higher percentage of investment likely being allocated on the wealth side.

這是個很有幫助的顏色。或許我們可以把話題轉到費用方面。鑑於在準備好的發言稿中提到的投資方面的一些領域，我希望您能就 2026 年公司整體運營支出增長以及 AWM 的一般及行政費用增長提供初步指導，因為財富管理方面的投資比例可能會更高。

Okay. Let me just start what we have, and we continue to invest aggressively in technology capabilities, AI, product solutions and services. We've rolled out a good number of them including some of the stuff we mentioned for the bank, expanding some of our product services, our signature wealth, et cetera. So we feel good, and we got a good agenda to continue. But having said that, we continue to reengineer and transform and free up and get some productivity improvements from things like AI and intelligent automation, et cetera, as well as where we locate our resources.

好的。讓我先說說我們目前的情況，我們將繼續大力投資於技術能力、人工智慧、產品解決方案和服務。我們已經推出了一些舉措，包括我們之前提到的銀行相關舉措，擴展我們的一些產品服務、我們的標誌性財富管理等等。所以我們感覺很好，而且我們有一個很好的計劃繼續前進。但即便如此，我們仍會持續進行重組和轉型，釋放資源，並透過人工智慧和智慧自動化等技術提高生產力，並調整資源配置。

So I'll turn it over to Walter.

那我就把麥克風交給沃特了。

So as it relates to -- and the key point is what Jim said is while we continue to invest, we also are basically transforming our expense base by constantly evaluating and improving the way we operate. So the net effect of that should be, as you look at the company, staying within the ranges that you saw, again, based on volume and up, but certainly seeing a small increase versus last year and on -- as it relates to AWM, with that combination of investing and then and streamlining and transformation, probably in the same range of mid-single digits -- probably. But again, there's investments in there being offset.

所以，關鍵在於——正如吉姆所說——在我們繼續投資的同時，我們也在不斷評估和改進我們的營運方式，從而轉變我們的支出基礎。因此，從公司整體來看，其淨效應應該是保持在你所看到的範圍內，再次強調，基於銷量增長，但肯定會比去年略有增長——就AWM而言，通過投資、精簡和轉型相結合，可能會在個位數的中等水平範圍內增長——大概吧。但同樣，其中的投資會被抵銷。

Wilma Burdis, Raymond James.

威爾瑪·伯迪斯，雷蒙德·詹姆斯。

Good morning. Great results on flows in '25. Could you give us a little bit more color on what to expect into early '26? SL9 advisers recruited in 4Q, which seems to imply a pretty solid result for 1Q. So maybe give us a little more color there. Thanks.

早安.2025 年流量方面取得了巨大成功。能否再詳細介紹一下 2026 年初的情況？SL9 顧問在第四季度招募，這似乎意味著第一季業績相當不錯。所以，或許可以再添一點細節上來。謝謝。

Yes. So as we talked about, the drivers of that certainly are organic and looking at that and looking at the components of organic recruiting and certainly terms that we believe we were seeing good results, but there is seasonality attached to that. But certainly, as the fundamentals, we do see good results as it relates to those elements of getting the traction. And so it's -- we just feel like we certainly on recruiting and organic was certainly there. And then we certainly are competing on to ensure that we retain our advisers. But there is a seasonality factor attached to it.

是的。正如我們之前討論的，這方面的驅動因素當然是自然增長，我們觀察自然增長的組成部分，以及我們認為取得良好結果的因素，但這其中也存在季節性因素。但就基本面而言，我們在獲得市場認可的這些要素方面確實看到了良好的效果。所以——我們只是覺得我們在招募和自然成長方面肯定做得很好。當然，我們也會繼續競爭，以確保留住我們的顧問。但這其中也存在季節性因素。

Thank you. And then how should we think about the buyback going forward, a strong result in the quarter? And could you also remind us what you consider the best use of $2.1 billion of excess capital particularly in this environment? Thanks.

謝謝。那麼，如果本季業績強勁，我們該如何看待未來的回購計畫？您能否也提醒我們一下，在當前環境下，您認為如何最好地利用這21億美元的剩餘資金？謝謝。

Sure. So the key -- and again, as you saw, we said we will be optimistic, and we certainly were as we saw the amount of buyback and dividends in the fourth quarter. And again, that's with investment in the businesses and looking at all aspects of it. So we feel comfortable with the generation as we look into 2026, and as certainly an important element to return to shareholders.

當然。所以關鍵在於——而且正如你所看到的，我們說過我們會保持樂觀，而當我們在第四季度看到股票回購和分紅的規模時，我們確實做到了。再次強調，這涉及到對企業的投資以及對企業各方面的考量。因此，展望 2026 年，我們對這一代產品感到滿意，而這無疑是回報股東的重要因素。

And at this point, I would say that the range that you saw for the year was -- we returned 88% with dividends and buyback. That's a pretty good range of 85% to 90% based on what we -- today, with our capabilities and the ability to return to shareholders as a value point.

就目前而言，我認為今年的投資回報率範圍是——我們透過分紅和回購實現了 88% 的回報。根據我們目前的能力以及為股東創造價值的能力，85% 到 90% 的範圍相當不錯。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thanks. Good morning, Jim and Walter. Hope everyone is doing well. We have a follow-up on the strong net new assets in wealth management in the quarter. So I heard your response just to Wellness question that there's a seasonal factor that we should account for. But what about a second factor from elevated financial adviser movement in the quarter due to integration at a peer? Should we also be adjusting for this going forward?

謝謝。吉姆和沃爾特，早安。希望大家都好。我們將對本季財富管理領域強勁的淨新增資產進行後續通報。我聽到了您對健康問題的回答，您提到我們應該考慮季節性因素。但是，由於同業公司的整合，本季財務顧問流動性增加，這又會是第二個因素嗎？我們是否也應該在未來做出相對應的調整？

From our perspective, we know things are happening from an industry perspective. Our recruiting, as we showed you in the fourth quarter, our pipeline in the first quarter was quite strong. So we feel from our perspective that we'll continue to bring on good, experienced people. And we continue with all of the resources that we've been applying and the technology focused very much on our advisers generating continued organic growth in our and that's the core of our business. So I don't know if that answers your question.

從我們的角度來看，我們知道行業方面正在發生一些事情。正如我們在第四季度向您展示的那樣，我們的招募工作，以及我們第一季的人才儲備，都非常強勁。因此，從我們的角度來看，我們認為我們將繼續引進優秀、經驗豐富的人才。我們將繼續投入所有資源，並運用我們一直專注於的技術，幫助我們的顧問實現持續的內生成長，而這正是我們業務的核心。所以，我不知道這是否回答了你的問題。

From a recruitment, listen, it's a competitive market out there. We're also very much focused on retaining our advisers. Our retention was quite strong in the fourth quarter. But we feel very good about where we are. I don't want to comment from an industry perspective from other competitors.

從招募的角度來看，這是一個競爭非常激烈的市場。我們也非常重視留住我們的顧問。第四季我們的客戶留存率相當高。但我們對目前的狀況非常滿意。我不想從行業角度或競爭對手的角度發表評論。

Thanks for that. And just a follow-up on client cash, also in Wealth Management. Overall trends are pretty good in the quarter and -- but we saw some mixing in the underlying balances, especially with off balance sheet. What's going on with that mix? How should we think about the mix going forward?

謝謝。還有一點關於客戶現金的後續問題，也是關於財富管理的。本季整體趨勢相當不錯，但我們看到基礎資產負債表出現了一些波動，尤其是表外資產負債表。這混音是怎麼回事？我們該如何看待未來的產品組合？

And seasonality will flip from positive to kind of tougher in 1Q. What are your thoughts on cash sweep growth in the first half of 2026?

季節性因素在第一季將從有利轉為不利。您認為2026年上半年現金自動轉帳業務的成長前景如何？

Okay. So the (inaudible) that, yes, you saw the seasonality that you would see in the fourth quarter, and we feel very good about it. But we are seeing certainly looking at discrete component, looking at the on balance sheet or (inaudible) balance sheet comfortable with the generation and the management. But we do say with certainly managing that as in the first quarter, you will see utilization for tax or other reasons. But we do -- we have positive generation.

好的。所以（聽不清楚）是的，你們看到了第四季會出現的季節性變化，我們對此感到非常滿意。但我們看到，人們正在關注各個組成部分，關注資產負債表或（聽不清楚）資產負債表，並對發電和管理感到滿意。但我們確實認為，在第一季度，由於稅收或其他原因，肯定會出現利用率下降的情況。但我們確實擁有——我們擁有積極向上的一代。

And the other thing as it relates to our strategy, we have certainly minimized the amount of floating certainly within our purpose, but we intend and we to basically continue to implement our strategy to basically invest out longer. So the impact, even if rates come off, that we can absorb that and certainly -- and offset some of that.

至於我們的策略，我們當然已經盡可能減少了浮動資產的數量，但我們打算繼續實施我們的策略，即進行更長期的投資。因此，即使利率下降，我們也能承受其影響，並且肯定可以抵消部分影響。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

Good morning. Thanks for taking my questions. I'd love to drill into the bank channel. We see continued consolidation among the regional banks. You guys are intending that yourselves with the Comerica deal. So curious about -- I believe you guys have spoken though, despite that consolidation about a desire to continue to grow. So how do you manage the risk of consolidation, if you're going to continue to look to grow in that channel? And how is the engagement going with your partners at Comerica as they approach the close of their deal with Fifth Third? Thanks.

早安.謝謝您回答我的問題。我很想鑽探銀行通道。我們看到區域性銀行持續進行整合。你們自己就是打算透過與 Comerica 的交易來實現這一點的。我很好奇——我相信你們已經表達過，儘管經歷了合併，但你們仍然渴望繼續發展。那麼，如果你打算繼續在這個管道尋求發展，你該如何管理整合帶來的風險呢？在您與 Comerica 的合作夥伴即將完成與 Fifth Third 的交易之際，你們的合作進展如何？謝謝。

So we continue to see good opportunity in the financial institutions business. So we've been adding a number of institutions through the latter part of the year. We feel the opportunity is really good there for us to continue. We know that consolidation occurs, that can both present opportunities or challenges depending on how that takes place and what the interesting parties may be considering.

因此，我們仍然認為金融機構業務蘊藏著良好的機會。因此，在今年下半年，我們新增了不少機構。我們覺得在那裡繼續發展是個非常好的機會。我們知道，行業整合是必然發生的，這可能會帶來機會或挑戰，這取決於整合的方式以及相關各方可能考慮的因素。

In regards to Comerica, we have a very good relationship with them. I know they're going through their acquisition. I know that will be assumed closing. So we'll see exactly where the proceed there. But we have really generated really good value in our partnership with them. Their advisers love our platforming capabilities and to support their clients as well, et cetera.

至於 Comerica，我們與他們保持著非常好的關係。我知道他們正在進行收購。我知道這將被視為交易結束。所以我們將拭目以待，看看接下來會發生什麼。但我們與他們的合作確實創造了非常好的價值。他們的顧問非常喜歡我們的平台功能，並以此來支援他們的客戶等等。

I know, Comerica is very positive on our relationship. But again, that's a decision now for (inaudible) to make as part of whatever deal and arrangement. I know they already had their own activities in-house, et cetera. So we'll see where that goes, but we still feel very strongly that with what we can provide and what we deliver and the satisfaction that every party who have joined us has with us, both the adviser and the client and the institution we feel good opportunity for us to continue to move forward.

我知道，Comerica 對我們的關係持非常正面的態度。但是，這現在是（聽不清楚）需要根據協議和安排做出的決定。我知道他們內部已經有自己的活動等等。所以我們會看看事情會如何發展，但我們仍然堅信，憑藉我們能夠提供和交付的服務，以及加入我們的每一方（包括顧問、客戶和機構）對我們的滿意度，我們有很好的機會繼續前進。

The only thing I would add to that, as you would imagine, any contractual arrangement that you have contemplates these sort of contingencies and there were protections built into the contract.

我唯一要補充的是，正如你所想，任何合約安排都會考慮到這類意外情況，並且合約中也包含了相應的保護措施。

Understood. Thanks for that color. Appreciate it. Following up on Steven's question, you guys spoke to expense outlook. Thanks for that color. I believe, Walter, when you spoke to some of the growth that you saw in G&A investments were flagged as a driver.

明白了。謝謝你提供的顏色。謝謝。接著 Steven 的問題，你們談到了支出前景。謝謝你提供的顏色。沃爾特，我相信，你剛才提到的成長中，一般及行政費用投資的成長被認為是一個驅動因素。

Certainly, we've seen some of your competitors in wealth leaning in on expense growth and making investments in the platform. Can you speak to what portion of expense growth we should expect to come from investments? And how long a duration those investments will take in order to finish up and then what you -- sort of to the extent that you are comfortable competitively, what kind of enhancements you're looking to make?

當然，我們已經看到一些財富管理領域的競爭對手正致力於提升支出水平，並在平台上進行投資。您能否談談我們應該預期支出成長中有多少比例來自投資？這些投資需要多長時間才能完成？然後，就你而言──在你感到自在的競爭環境中──你想做出哪些改進？

So what I would say is I think as we continue to proceed, we'll continue to make very good investments. So technology continues to change. Capabilities are continuing to one where we really look to help our advisers really manage their business really highly productively with information and data and the use of analytics and AI. So I would say our investments are going to continue. It's not like one like tranche, and that's it.

所以我想說的是，我認為隨著我們繼續前進，我們將繼續進行非常好的投資。所以科技在不斷發展變化。我們的能力正在不斷提升，我們真正致力於幫助我們的顧問利用資訊、數據以及分析和人工智慧，高效地管理他們的業務。所以我認為我們的投資將會持續下去。它不像一批貨物那樣，就是這樣。

Having said that, as you would know from following us is over the years, we continue to transform our business and free up resources from other places. So I would say if we were just doing the investment and not the reengineering, we would have a much higher expense increase every year, but we are very good at what we do and how we do it. So that we offset some of that increase, if it's just purely if you're thinking about investments.

話雖如此，正如您多年來關注我們所知，我們一直在不斷轉型業務，並從其他地方釋放資源。所以我想說，如果我們只是進行投資而不進行重組，我們每年的支出成長將會高得多，但我們非常擅長我們所做的事情以及我們做事情的方式。這樣，如果我們光從投資的角度來考慮，就能抵銷部分成長。

So the largest part of our expense growth really is from volume increase, as you would imagine. But I would say we feel very comfortable. But I will also say, we have a leading technology capability platform out there, I'd put against anyone in the industry and the way it's all integrated and the way the adviser can be productivity on it because when we attract advisers in coming from you name on the house, they are very positive about our capabilities here.

因此，正如你所料，我們支出成長的最大部分實際上是來自銷售成長。但我認為我們感覺非常舒適。但我還要說，我們擁有業內領先的技術能力平台，我可以說它比業內任何其他平台都更勝一籌，而且它的集成方式以及顧問利用它提高工作效率的方式都非常出色，因為當我們吸引到像您這樣的顧問時，他們對我們的能力給予了非常積極的評價。

The other thing I would just add is, yes, and with the scope of Ameriprise, we have the ability to leverage across our entire platform to support all the businesses. So that gives us an advantage to really provide that capability in a more efficient and effective way because we can leverage it over a broader base.

我還要補充一點，是的，憑藉 Ameriprise 的規模，我們有能力利用我們整個平台來支援所有企業。因此，這使我們能夠以更有效率、更有效的方式提供這種能力，因為我們可以將其應用到更廣泛的群體中。

Suneet Kamath, Jefferies.

Suneet Kamath，傑富瑞集團。

Great. Thanks. I wanted to start with Signature Wealth. Can you give an update in terms of what percentage of advisers are using it? And when you roll out these platforms, is there a material difference in terms of utilization for the franchisee advisers relative to the employee advisers?

偉大的。謝謝。我想先從 Signature Wealth 開始。能否提供一下使用該服務的顧問比例的最新數據？當這些平台投入使用時，加盟商顧問與員工顧問在使用率上是否有實質差異？

So Suneet, when we started the initial launch of it back in the mid-summer time frame, it always takes a little time as you then you have to roll out and launch the platform, advise the advisers of how to utilize and train them on it, et cetera, et cetera. So our uptake from the rollouts we've done of previous wrap-type advisory programs is actually one of the best so far -- and the amount of assets, the number of advisers uptaking it. Having said that, it's more of they start, they sample it and then they start to continue to go down that journey. And as they get comfortable with it, then they start really picking up their level of activity.

所以 Suneet，當我們在仲夏時節開始最初推出這項服務時，總是需要一些時間，因為你必須推廣和推出平台，指導顧問如何使用並培訓他們等等。因此，我們先前推出的綜合諮詢服務計劃的接受度實際上是迄今為止最好的之一——無論是資產規模，還是接受該計劃的顧問人數。話雖如此，更準確地說，是他們開始嘗試，然後繼續沿著這條路走下去。當他們逐漸適應之後，他們的活動量就會開始真正增加。

We have a reasonable good percentage of accounts open from advisers, a number of advisers across both channels. So we feel very good about that. But I think this will be something that, as an example, it is a new more comprehensive platform. And all of its capabilities the advisers are getting used to from how they do the portfolio construction, et cetera, but they love the idea of the proposals that generates, how it monitors the portfolio, how it rebalances the portfolio, how it does more centralized trading for the portfolio, et cetera, and the reporting that they're able to provide the client and the intelligence from it. So -- we think it will be very good.

我們有相當比例的帳戶是透過顧問開設的，而且兩個管道都有很多顧問。所以我們對這一點感到非常滿意。但我認為這將是一個全新的、更全面的平台，例如。顧問們正在逐漸習慣它的所有功能，例如如何建立投資組合等等，但他們喜歡它產生的建議、如何監控投資組合、如何重新平衡投資組合、如何對投資組合進行更集中的交易等等，以及他們能夠向客戶提供的報告和從中獲得的情報。所以——我們認為這會非常好。

We've recently added managed SMAs to it that will continue to roll out. We're adding other capabilities as we do that. So over the course of this year, we'll have a full spectrum of all of the various types of subset of programs in it that they can then utilize more comprehensively. So I think we're in good shape with our initial launch, and it's proceeding very well.

我們最近在其產品中增加了託管型 SMA，並將繼續推廣。我們在過程中還會添加其他功能。因此，在今年內，我們將全面涵蓋各種類型的子程序，供他們更全面地利用。所以我覺得我們的初步發布進展順利，一切都很順利。

So fair to say, we're kind of still in the early innings of this -- and there's a lot more (inaudible)

所以公平地說，我們還處於這場博弈的早期階段——還有很多事情要做。（聽不清楚）

Early innings but very good progress.

雖然開局階段有些慢，但進展非常順利。

Okay. That's helpful. And then just on the organic growth. I know you talked about the seasonality. But can you maybe quantify how much of a benefit that was in the quarter in terms of seasonality? And then just longer term, do you still think 4% to 5% organic growth in Advice & Wealth is a reasonable bogey for you? Thanks.

好的。那很有幫助。然後就是自然增長。我知道你談到了季節性因素。但您能否量化一下，從季節性角度來看，這在本季帶來了多大的收益？那麼從長遠來看，您是否仍然認為理財諮詢和財富管理領域 4% 到 5% 的自然成長率是一個合理的目標？謝謝。

As we said, the seasonality is, again, it occurs in the fourth quarter, actually, there wasn't that much anything more as it relates to the first and on the quarter, but it -- yes. The range that we're talking about and especially driven by the organic aspect is probably -- is appropriate. You then get the changes as it relates to one-off events of that. So yes, I think the 4% to 5% is a good measure, and you would have adjustments as seasonality takes place within it, but that's our annual as we think about it on a roll rate basis.

正如我們所說，季節性因素再次出現，實際上，它發生在第四季度，與第一季度和第四季度相比並沒有太多其他因素，但是——是的。我們所談論的範圍，特別是受有機因素驅動的範圍，可能是——是合適的。然後，您將獲得與該一次性事件相關的變更。所以，我認為 4% 到 5% 是一個不錯的衡量標準，雖然其中會受到季節性因素的影響而進行調整，但這是我們以滾動利率計算的年度利率。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

This is Luke on for Alex. Thanks for taking the question. I had just a couple of quick clarifications. So obviously, expenses have been very well maintained for a few years, and you kind of spoke to a similar outlook in 2026. As you think maybe longer term, it sounds like investments remain a big focus. I'm sure you guys will keep finding ways to reengineer the base. But do you think that kind of like low single-digit growth is the right way to think about the expense algorithm beyond 2026 at a high level?

這是盧克替亞歷克斯解說。感謝您回答這個問題。我還有幾點需要澄清。顯然，過去幾年支出一直控制得很好，而且您也談到了 2026 年的類似前景。從長遠來看，投資似乎仍然是關注的重點。我相信你們會繼續找到改造基地的方法。但您認為從宏觀層面來看，以個位數低成長率來思考 2026 年以後的費用演算法是否正確？

Yes. I think so. I mean you still got a level of inflation and other things. And even as you look at other services that you actually buy externally, prices have gone up, particularly from various vendors that provide things. So I think, yes, you got to consider that.

是的。我也這麼認為。我的意思是，通貨膨脹和其他一些問題仍然存在。即使你查看你實際從外部購買的其他服務，價格也上漲了，尤其是來自提供各種服務的供應商的價格。所以我覺得，是的，你必須考慮到這一點。

I mean, I don't know about you, but when you look at inflation still at roughly 3%. You got to deal with that as a factor into. And technology companies and others, even though there are savings or improvements in the lowering of some costs, other technology services have been charged higher and higher they invest in their capabilities and AI, et cetera, so...

我的意思是，我不知道你怎麼想，但是當你看到通膨率仍然在3%左右的時候。你必須把這一點也考慮進去。科技公司和其他企業，儘管降低某些成本可以節省開支或帶來改進，但由於他們在自身能力和人工智慧等方面投入了越來越多的資金，其他技術服務的收費卻越來越高，所以…

Yes. And that is one input, but obviously, you're always managing to margin to ensure that you have that relationship of expense revenue and -- but as you said, we continually invest. So this was -- and we're continuing to reengineering, that's in the oil market where we manage.

是的。這是其中一個投入，但顯然，你總是必須設法保持利潤率，以確保支出與收入之間的關係——但正如你所說，我們一直在投資。所以這就是——而且我們正在繼續進行重組，這是我們在石油市場管理的領域。

Yeah, loud and clear. And just one more clarification for me. You mentioned positive cash generation during the quarter in the AWM business. I just wanted to make sure, does that mean like ex-seasonality you're still seeing kind of like cash growth on an organic basis? And then like maybe more high level, how do you think about the pace of cash growth, particularly as we head into potentially in an environment where rates continue to migrate lower? Thanks.

是的，非常清楚。我還需要確認一點。您提到AWM業務在本季實現了正現金流。我只是想確認一下，這是否意味著排除季節性因素後，您仍然能夠看到類似自然增長的現金流？那麼，從更高的層面來說，您如何看待現金成長的速度，尤其是在利率可能繼續走低的環境下？謝謝。

Yes. In the fourth quarter, you do see that, but I do see there's an underlying element as it relates to cash generation, as it relates to cash coming in from that standpoint, but also new product capabilities, which will generate additional cash for us. The answer is yes. So again, it is an area of growth for us because it meets our clients' needs, and there's certainly a key element to building relationship with our clients and providing that product.

是的。第四季確實出現了這種情況，但我認為其中存在一個根本因素，即現金流的增加，以及由此帶來的現金流入，以及新產品能力，這些都將為我們帶來額外的現金。答案是肯定的。所以，這再次成為我們的成長領域，因為它滿足了客戶的需求，而且與客戶建立關係並提供該產品無疑是一個關鍵要素。

I would also say if rates continue to come down on the short end of the curve, people will continue to start to move more from what their place than money markets, et cetera. So you saw it already move from term type loans, I mean CDs and certificates, et cetera, to money markets.

我還想說，如果短期利率繼續下降，人們將繼續更多地轉向投資，而不是貨幣市場等等。所以你已經看到它從定期貸款（我是指CD和憑證等）轉向了貨幣市場。

Money markets are still very high. I think the money markets will then start to continue to move into the market in one way or the other. So I think once that does, it will move into sweep a bit more for more transactional and investment purposes.

貨幣市場依然處於非常高位。我認為，資金市場隨後會以某種方式繼續介入市場。所以我認為，一旦這種情況發生，它將更多地用於交易和投資目的。

John Barnidge, Piper Sandler.

約翰·巴尼奇，派珀·桑德勒。

Good morning. Thanks for the opportunity. What does the consolidation opportunity look like for asset management in your opinion? Thank you.

早安.謝謝您給我這個機會。您認為資產管理領域的整合機會是什麼？謝謝。

I would probably -- I mean, you've seen consolidation over the many years in asset management. I think with the markets being so good, there's more of a probably a wait and see, so to speak, in some regards. What we've been doing really is really transforming our platform capability in a sense so that we have the good, real strong technology capability to add more assets to introduce more products and services more effectively, efficiently and to set up our resources in locations that can lower our cost, including where we might outsource. So we feel good about that.

我可能會——我的意思是，多年來資產管理業的整合已經屢見不鮮。我認為，鑑於目前市場行情良好，在某些方面，人們可能會採取觀望態度。我們一直在做的，實際上是在某種意義上改變我們的平台能力，以便我們擁有強大的技術能力，從而能夠增加更多資產，更有效、更有效率地推出更多產品和服務，並將我們的資源部署在能夠降低成本的地方，包括我們可能外包的地方。所以我們對此感到很滿意。

We've been introducing a number of new products, whether ETFs growing our SMAs and our model capability and getting that launched as well as expanding some of our alternative acts like our hedge funds and other things like that. So we are in a good organic state of what we're changing around and maintaining the margins and the fee basis even though we are impacted by some of the flow situation in the active.

我們一直在推出許多新產品，包括 ETF、SMA 和模型能力的擴展和推出，以及擴大我們的一些另類投資，如對沖基金和其他類似產品。因此，儘管我們受到一些活躍業務資金流動情況的影響，但我們目前處於良好的自然狀態，正在調整業務方向，並保持利潤率和費用基礎。

I actually think, over time, active will reassert itself just like it's starting to do in different types of formats like in the active ETFs. I think the consolidation will continue out in the industry. And I think there's an opportunity in that regard as we think about it, to partner. But right now, we're very much focused on getting our position in a very good state. And I think we are at this point for how we're managing the expense base and investing and I feel really good about that. And our investment performance is quite strong over the track record. So we're in a good state depending on what the environment is for us to capitalize.

我其實認為，隨著時間的推移，主動型投資將會重新確立自身地位，就像它現在以各種形式（例如主動 ETF）開始展現的那樣。我認為產業整合還會持續。我認為，從這個角度來看，我們有機會進行合作。但目前，我們的首要任務是確保我們的業務處於非常有利的地位。我認為我們目前在費用管理和投資方面做得很好，我對此感到非常滿意。從過往業績來看，我們的投資表現相當強勁。所以，我們目前的情況不錯，這取決於我們能否抓住機遇，並利用當前的環境。

Thank you very much. My follow-up question, maybe sticking with that, and I fully acknowledge your comments that with markets being favorable, it's kind of a wait-and-see mode, but you've also really transformed the tech capability. And I know that's like a continual investment type of thing, but what inning do you think we are in in that initial transformation of the expense base to better position the organization to add additional AUM? Thank you.

非常感謝。我的後續問題，或許可以繼續討論這個問題，我完全理解您的評論，即在市場形勢有利的情況下，現在有點像是在觀望，但您也確實改變了技術能力。我知道這就像一項持續的投資，但是您認為我們在最初轉變支出基礎以更好地使組織能夠增加資產管理規模的進程中，處於哪個階段？謝謝。

We're probably in the later innings. We're completing what we will be doing the work right now, and we'll complete it sometime later this year on the back office part of that. We are really doing more on the front end, we're using AI and intelligent automation and other things like that and leveraging the demographics that we have offshore, et cetera. So we're pretty far along in that regard. So I feel pretty good.

我們現在可能已經進入比賽後半段了。我們正在完成目前正在進行的工作，後台部分的工作將在今年稍後完成。我們確實在前端投入了更多精力，我們使用人工智慧、智慧自動化等技術，並利用我們在海外的人口統計數據等等。所以在這方面我們已經取得了相當大的進展。我覺得還不錯。

Walter, do you want to comment?

沃特，你想發表一下意見嗎？

No, no. I think you covered very well.

不，不。我覺得你講得很好。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

Thanks. First question, where do you see AWM margins going in '26? Do you think you can maintain this 29% to 30% range?

謝謝。第一個問題，您認為 2026 年 AWM 的利潤率會是多少？你認為你能將比例維持在 29% 到 30% 之間嗎？

Certainly, if you look at core and as related, again, we are generating very good, strong consistent margins and core. The other thing is going to be on interest, and now we minimize that also because of the way we invested. So -- it is in a good range as we look at what the Fed is saying and other things of that nature that will be in the certain range. And just if there are other third-party elements that we just can't manage like government or changes as it relates to interest. But as it relates to the core, we feel we're tracking well. and so it's a reasonably good range.

當然，如果你看一下核心業務以及相關的業務，我們會再次證明，我們正在創造非常好的、強勁的、持續的利潤率和核心業務。另一件事是關於利息的，現在由於我們的投資方式，我們也最大限度地減少了利息支出。所以——根據聯準會的言論以及其他類似因素，目前的情況還算不錯，利率應該在一定的範圍內。如果還有其他我們無法控制的第三方因素，例如政府或與利率相關的變化。但就核心業務而言，我們感覺進展順利，所以這是一個相當不錯的範圍。

Thank you. And then I know you mentioned, Jim, you felt good about the pipeline for recruiting FAs for '26. How do you feel about retention of existing advisers? Would you -- any color there?

謝謝。我知道你之前提到過，吉姆，你對 2026 年的自由球員招募工作進展順利感到滿意。您對留住現有顧問有何看法？你們那裡有什麼顏色嗎？

So I think overall, we feel very good. It doesn't mean you won't lose some people because it depends on what people put out there and offer them. But we're also very good in a sense of where we can -- when that happens to show why we actually help the adviser more over time generate value than the check. So -- but those things will come along.

所以總的來說，我們感覺非常好。但這並不意味著你不會失去一些人，因為這取決於人們展示什麼、提供什麼。但我們也非常擅長在力所能及的範圍內——當這種情況發生時——展現出為什麼我們實際上幫助顧問隨著時間的推移創造的價值比支票本身更大。所以——但那些事情總是會水到渠成。

We got hit with a little last year as you recognize, and others do. So we know that this is something we are dealing with. But -- so what we try to (inaudible) help our advisers really achieve and then recruiting people who want to actually have the capability and have a strong focus on their growth and how we can assist them in their growth.

如你所知，去年我們受到了一些衝擊，其他國家也是如此。所以我們知道這是我們正在處理的事情。但是——所以我們努力（聽不清楚）幫助我們的顧問真正實現目標，然後招募那些真正有能力並且非常注重自身成長的人，以及我們如何幫助他們成長。

We're not looking to just attract anyone here. We have an excellent platform. We have excellent capabilities. We have excellent leadership that help advisers. I continue to get notes from people who have come to us from the independents from wirehouses, from RIAs, and they said their only mistake was not coming to us sooner and their growth since they got here has been tremendous. And I can name any firm that you mentioned, and I can show you that.

我們並非想吸引任何人來這裡。我們擁有一個優秀的平台。我們擁有卓越的能力。我們擁有優秀的領導團隊，他們能夠為顧問提供協助。我不斷收到來自獨立機構、大型券商、註冊投資顧問（RIA）的人們的來信，他們說他們唯一的錯誤就是沒有早點來找我們，自從來到這裡之後，他們的發展非常迅速。我可以說出你提到的任何一家公司的名字，而且我可以給你看。

So again, now it's a very competitive people say a lot out there. They promise a lot out there. I think that's all I can say is when they're here we deliver.

所以，現在競爭非常激烈，人們在外面說了很多話。他們許下了很多承諾。我只能說，當他們在這裡時，我們會兌現承諾。

Got you. That's helpful color. And if I could just squeeze one more in. The elevated mortality in RPS this quarter, was that more a large claim volatility or higher frequency of claims?

抓到你了。這是個很有幫助的顏色。如果我能再擠出一個就好了。本季RPS死亡率上升，是因為理賠波動較大還是理賠頻率較高造成的？

It is higher claims -- at this stage, I think it is more frequency. It's -- you know what, it's a balance. It's nothing really that -- it's in both elements. So it's -- I think it's both actually to contribute on both. Nothing exceptional in any way.

目前的索賠金額更高——我認為現階段更重要的是索賠頻率更高。你知道嗎，這是一種平衡。其實沒什麼特別的──它同時存在於這兩個面向。所以——我認為實際上兩者都應該有所貢獻。沒什麼特別的。

And we don't see it as something that will impact where we -- what we've been seeing over the longer term.

我們認為這不會對我們——或者說我們從長遠來看所看到的情況——產生影響。

It's certainly within the range. So there's nothing there from that standpoint. And it's a -- so I would say it's a balanced situation, both. There was nothing that elevated us to even think there was any issue.

當然在範圍內。所以從這個角度來看，什麼都沒有。所以我覺得這是一種平衡的局面，兩者兼顧。沒有任何跡象表明存在任何問題。

Tyler Mulier, William Blair.

泰勒·穆利爾，威廉·布萊爾。

Good morning. Just one on Asset Management. I know you called out the strong hedge fund performance driving higher performance fees. Were there any other strategies or regions contributing to that? And then can you give any color on the hedge fund performance and outlook there?

早安.資產管理方面只有一篇。我知道你曾指出對沖基金業績強勁，推高了業績報酬。有其他策略或地區促成了這種情況嗎？那麼，您能否就該對沖基金的業績和前景發表一些看法？

No, we've had some really good flows in and a number of disciplines. So both in equity and retail, if you look at some of our different areas there, the dividend income, contrary in core, things like that, we've had it in institutional in things like our Japan and other strategies, some of the fixed income. But I would just say, and we have been getting very good flows into our hedge fund area, et cetera.

不，我們有一些非常好的流量，而且涉及多個學科。所以無論是在股票還是零售領域，如果你看看我們不同的領域，股息收入，與核心業務相反，諸如此類的事情，我們在機構業務中，比如我們的日本業務和其他策略，以及一些固定收益業務中都有。但我只想說，我們的對沖基金領域等等，資金流入都非常可觀。

We picked up some real estate last year in Europe, et cetera, that was very good. So we see really pockets of good growth and consistency there. But as you know, there's also the rotation in some of things like LDI and other things that have impacted us. So we feel, looking into '26, we're in a good state, and we're hoping that, that will continue to show its improvement.

去年我們在歐洲等地購置了一些房地產，效果非常好。所以我們看到這些地區確實存在一些成長良好且穩定的區域。但如你所知，像 LDI 等一些事情也存在輪動效應，這些都對我們產生了影響。所以，展望 2026 年，我們感覺情況良好，我們希望這種情況能持續改善。

And I think we're doing some of the right things and our performance is quite strong. We just need to pick up a bit more in the fixed income area where our performance was really good. And I think that's where we can pick up a bit more share as we get that identified.

我認為我們正在做一些正確的事情，我們的表現也相當出色。我們只需要在固定收益領域再加強一些，因為我們在該領域的表現一直非常出色。我認為，如果我們能找到這一點，我們就能在那裡獲得更多市場份額。

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

謝謝。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。