阿默普萊斯金融 (AMP) 2026 Q1 法說會逐字稿

Welcome to the Q1 2026 earnings call. My name is Jay, and I will be your conference operator for today's call. (Operator Instructions) As a reminder, the conference is being recorded.

歡迎參加 2026 年第一季（Q1）財報電話會議。我是 Jay，將擔任今天會議的電話會議主持人。（主持人指示）提醒各位，本次會議將被錄音。

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

接下來我將把電話會議交給 Stephanie Rabe。Stephanie，您可以開始了。

Welcome to Ameriprise Financial's first 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.

歡迎參加 Ameriprise Financial 第一季財報電話會議。今天與我一同出席的有董事長兼執行長 Jim Cracchiolo，以及財務長 Walter Berman。在他們發言之後，我們很樂意回答各位的提問。

Turning to our earnings presentation materials that are available on our website, on slide 2, you will see a discussion of forward-looking statements.

請各位翻到我們網站上提供的財報簡報資料，在第 2 頁投影片，您將看到關於前瞻性陳述的討論。

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. 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.

具體而言，在本次電話會議中，您將聽到我們提及各項非 GAAP 財務衡量指標，我們相信這些指標有助於洞察公司的營運狀況。非 GAAP 數字與其相對應 GAAP 數字之調節表，可在今日資料以及我們網站 www.ir.ameriprise.com 查閱。我們在本次電話會議中所作的部分陳述可能屬於前瞻性陳述，反映管理層對未來事件以及整體營運計畫與績效的預期。

These forward-looking statements speak only as of today's date and involve a number of risks and uncertainties. A sample list of factors and risks that could cause actual results to be materially different from forward-looking statements can be found in our first quarter 2026 earnings release, our 2025 annual report to shareholders and our 2025 10-K report. We make no obligation to publicly update or revise these forward-looking statements.

這些前瞻性陳述僅截至今日有效，並涉及多項風險與不確定性。可能導致實際結果與前瞻性陳述存在重大差異的因素與風險之示例清單，可見於我們 2026 年第一季財報新聞稿、2025 年股東年報以及 2025 年 10-K 報告。我們不承擔公開更新或修訂這些前瞻性陳述的任何義務。

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

在第 3 頁投影片，您會在頁面上方看到我們第一季的 GAAP 財務結果。其下方為我們的調整後營運結果，管理層認為，透過反映核心營運的基礎表現，這有助於加深對我們業務的理解，並促進更具意義的趨勢分析。管理層今天在電話會議中的許多評論將聚焦於調整後營運結果。

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

接下來我把時間交給 Jim。

Good afternoon, and thanks for joining us. As you saw in our earnings release, Ameriprise delivered a strong start to the year, driven by our disciplined execution and the benefits of our diversified business. While the first quarter was marked by ongoing market volatility and economic uncertainty, contributing to a more cautious client behavior, our value proposition continued to clearly differentiate us.

各位下午好，感謝加入我們。如同各位在財報新聞稿中所見，Ameriprise 在今年開局表現強勁，主要受惠於我們嚴謹的執行力以及多元化業務帶來的優勢。儘管第一季仍面臨持續的市場波動與經濟不確定性，使客戶行為更為審慎，我們的價值主張仍持續清楚地展現差異化。

Across the firm, we remain deeply engaged with clients and delivered excellent financial performance. We're focused on maintaining a high-quality, well-positioned business, while continuing to invest and innovate to support deep long-term client relationships. Our business generates consistent earnings across market cycles.

在全公司範圍內，我們持續與客戶保持高度互動，並交出優異的財務表現。我們專注於維持高品質、定位良好的業務，同時持續投資與創新，以支持深厚的長期客戶關係。我們的業務能在不同市場循環中產生穩健一致的獲利。

Equally important, we maintain a disciplined approach to capital allocation that enables Ameriprise to deliver strong value to shareholders.

同樣重要的是，我們維持嚴謹的資本配置方式，使 Ameriprise 能為股東創造強勁價值。

For the quarter, adjusted operating revenues were up 11% to $4.8 billion. Earnings and EPS were also up double digits with EPS up 19% to a record $11.26, and we continue to deliver best-in-class ROE, which increased to more than 54%.

本季調整後營運收入成長 11%，達 48 億美元。獲利與每股盈餘（EPS）亦呈現雙位數成長，EPS 成長 19% 至創新高的 11.26 美元；我們也持續提供同業最佳的股東權益報酬率（ROE），提升至超過 54%。

In addition, our assets under management administration advisement grew 12% to $1.7 trillion, driven by our client net inflows and positive markets. The consistency of these results reflect the strength of our integrated business and the benefits of our approach. Very clearly, Ameriprise is distinguished by the compelling experience we deliver to both clients and advisors.

此外，我們的管理、行政與諮詢資產（AUM/AUA）成長 12% 至 1.7 兆美元，主要由客戶淨流入與市場正向表現所帶動。這些結果的一致性反映出我們整合式業務的實力以及我們方法的優勢。非常明顯地，Ameriprise 的差異化在於我們為客戶與顧問所提供的卓越體驗。

Across the firm, we remain focused on serving client needs and best interest exceptionally well. That differentiation is reflected in consistently earning excellent client satisfaction, which continues to be 4.9 out of 5 and also by the recognition our firm receives year after year.

在全公司範圍內，我們仍專注於以卓越的方式滿足客戶需求並符合其最佳利益。這項差異化反映在我們持續獲得極高的客戶滿意度（仍為 5 分滿分中的 4.9 分），也反映在我們公司年復一年所獲得的各項肯定。

On the advisor side, our distinctive value proposition drives sustainable practice growth, higher productivity and recurring revenue over time.

在顧問端，我們獨特的價值主張推動可持續的業務成長、更高的生產力，以及隨時間累積的經常性收入。

Turning to our results. Total client assets grew 12% to $1.1 trillion with wrap assets growing 16% to $664 billion. In the quarter, we were lighter on flows based on more cautious client behavior and some lumpiness in recruiting and terminations. We ended the quarter with $6 billion of wrap net inflows. Importantly, underlying activity was good.

接著看我們的業績表現。客戶資產總額成長 12% 至 1.1 兆美元，其中全權委託（wrap）資產成長 16% 至 6,640 億美元。本季因客戶行為更為審慎，以及招募與終止（解約）出現一定程度的波動，資金流入相對偏輕。本季結束時，我們的 wrap 淨流入為 60 億美元。重要的是，基礎活動表現良好。

For the quarter, we kept clients closely engaged and delivered strong transactional activity up 10%. Our cash business remained stable with nearly $30 billion in sweep balances. As you saw, our advisors again generated meaningful productivity and revenue growth with productivity increasing another 10% in the quarter to a record $1.2 million per advisor.

本季我們與客戶保持緊密互動，並帶動強勁的交易活動，成長 10%。我們的現金業務維持穩定，歸集（sweep）餘額接近 300 億美元。如各位所見，我們的顧問再次帶來顯著的生產力與收入成長，本季生產力再增 10%，達到每位顧問 120 萬美元的歷史新高。

Our strategy remains grounded in organic growth, built, not bought. Advisors consistently value Ameriprise for the depth of our value proposition and the strength of our partnership. We continue to prioritize our core advisor team productivity, and we complement it by recruiting high-quality advisors who view us as a strategic partner, supporting strong client outcomes and practice growth.

我們的策略仍以有機成長為根基：自建而非併購。顧問一貫重視 Ameriprise 的價值主張深度以及合作夥伴關係的強度。我們持續優先提升核心顧問團隊的生產力，並透過招募將我們視為策略夥伴的高品質顧問來加以補強，以支持更佳的客戶成果與業務成長。

61 advisors joined during the quarter and were seeing a pickup of activity in the second quarter. And in AFIG, we continue to expand this channel as a premier platform for banks and credit unions.

本季共有 61 位顧問加入，且我們看到第二季活動有所回升。此外，在 AFIG 方面，我們持續擴展此通路，打造為銀行與信用合作社的首選平台。

During the quarter, we signed a multiyear agreement to become the retail investment program provider the Huntington Bank. This relationship is expected to add approximately 260 advisors and $28 billion in assets with onboarding beginning later this year. Huntington selected Ameriprise for our leadership in advice, strong culture and capabilities.

本季我們簽署了一項多年期協議，成為 Huntington Bank 的零售投資計畫提供者。此合作預期將新增約 260 位顧問與 280 億美元資產，並將於今年稍晚開始導入（onboarding）。Huntington 選擇 Ameriprise，主要看重我們在理財建議領域的領導地位、強大的文化以及能力。

As we shared, we consistently invest across the firm to meet client needs today and further strengthen the business for the future. These are intentional multiyear investments across technology, systems and new capabilities. We're focused on clear high-impact outcomes that deepen engagement, deliver relevant and actionable information while enabling highly personalized quality experiences.

如同我們先前分享的，我們持續在全公司範圍內投資，以滿足客戶當前需求，並進一步強化未來的業務。這些是跨越多年、涵蓋科技、系統與新能力的有意識投資。我們聚焦於清晰且高影響力的成果，以深化互動、提供相關且可採取行動的資訊，同時實現高度個人化的高品質體驗。

In particular, we've designed our tech platform around how advisors work, not individual tools. It connects multiple capabilities like our CRM platform, eMeeting, advice insights and practice the workflows into an intelligent ecosystem, enhanced with embedded AI and automation.

特別是，我們是以顧問的工作方式來設計科技平台，而非以單一工具為中心。該平台將多項能力串聯起來，例如我們的 CRM 平台、eMeeting、理財建議洞察，以及業務流程（workflows），形成一個智慧生態系，並透過內嵌式 AI 與自動化加以強化。

To that end, we feel good about the progress we're making. Our focus is on using AI and intelligent automation capabilities at scale to help advisors deliver a consistent, high-quality client experience, while improving how they operate day to day.

就此而言，我們對目前取得的進展感到樂觀。我們的重點是在規模化運用 AI 與智慧自動化能力，協助顧問提供一致且高品質的客戶體驗，同時改善其日常營運方式。

In terms of investments in solutions, at the initial launch of our Signature Wealth UMA mid-last year, we're now expanding the product capabilities and seeing positive early asset movement and engagement. There is meaningful upside as we continue to expand capabilities, including the introduction of SMAs and as we broaden the strategy set over time.

在解決方案投資方面，自去年年中推出 Signature Wealth UMA 以來，我們目前正擴充產品能力，並看到早期資產移動與互動的正面跡象。隨著我們持續擴展能力，包括導入 SMA（獨立管理帳戶），以及隨時間擴大策略組合，仍有顯著的上行空間。

With regard to our bank solutions, which complements our overall offering, bank assets now exceed $25 billion with continued strength in pledge lending. With the recent introduction of products, including HELOCs and checking accounts, we now offer a complete suite. As we reach more of our advisors and clients, we expect this will present opportunities to bring additional assets to the firm.

就我們的銀行解決方案而言，其可補強我們的整體產品組合；目前銀行資產已超過 250 億美元，且質押貸款（pledge lending）持續展現強勁動能。隨著近期推出包含 HELOC（房屋淨值信用額度）與支票帳戶等產品，我們如今提供完整的產品套組。隨著觸及更多顧問與客戶，我們預期這將帶來把更多資產帶入公司的機會。

To close out AWM, we received new recognition in the quarter. For the 2026, J.D. Power US Investor Satisfaction Study, Ameriprise ranked third out of 23 firms overall, a terrific result that underscores the quality of the experience we deliver.

最後就 AWM 而言，我們在本季獲得新的外部肯定。在 2026 年 J.D. Power 美國投資人滿意度研究中，Ameriprise 在 23 家公司中總排名第三，這是一項極佳的成果，凸顯我們所提供體驗的高品質。

Turning to our Retirement and Protection business. As advisors deliver more comprehensive advice, they are thoughtfully incorporating annuity and insurance solutions to address clients' increasingly complex needs. Sales were solid in the quarter supported by continued demand across annuities and VUL.

接著談我們的退休與保障業務。隨著顧問提供更全面的建議，他們正審慎地納入年金與保險解決方案，以因應客戶日益複雜的需求。本季銷售表現穩健，並受惠於年金與 VUL（變額萬能壽險）的持續需求。

In addition to meeting client needs, this business continues to generate attractive margins and consistent earnings over time. RiverSource again recognized as one of the most profitable insurers in the industry. Moving to Asset Management. Assets under management and advisement increased 8% year over year to $706 billion in the quarter. Investment performance remains a strength. More than 70% of our funds are performing above the peer median of a one-, three- and five-year periods and 85% are above the medium over 10 years.

除了滿足客戶需求之外，該業務也持續帶來具吸引力的利潤率與長期穩定的獲利。RiverSource 再次被認可為業界最具獲利能力的保險公司之一。接著看資產管理業務。本季管理與諮詢資產年增 8% 至 7,060 億美元。投資績效仍是我們的強項。超過 70% 的基金在 1 年、3 年與 5 年期間的表現高於同業中位數，且有 85% 在 10 年期間高於中位數。

This sustained performance continues to be recognized externally. In the most recent Barron's Best Fund Family rankings, Columbia Threadneedle placed in the top 10 across all time periods, and our US fixed income team recently earned four 2026 Lipper Awards. Importantly, net outflows improved significantly year over year to $5.9 billion, reflecting better trends across both retail and institutional channels.

這項持續的績效也持續獲得外部肯定。在最新一期《Barron's》最佳基金家族排名中，Columbia Threadneedle 在所有期間皆名列前 10；此外，我們的美國固定收益團隊近期獲得 4 項 2026 年 Lipper 獎。重要的是，淨流出較去年同期顯著改善至 59 億美元，反映零售與機構通路的趨勢皆有所好轉。

Gross retail sales in North America continued to improve, up 26% even in a volatile market environment, and we're seeing nice sales within Ameriprise from good initial sales in Signature Wealth. Retail flows in EMEA also improved. However, they were impacted by headwinds from the geopolitical volatility during the quarter.

北美地區的零售總銷售額持續改善，即使在波動的市場環境下仍成長26%；我們也看到 Ameriprise 內部表現不錯，Signature Wealth 的初期銷售帶動了良好的銷售表現。EMEA 地區的零售資金流入亦有所改善。然而，本季仍受到地緣政治波動帶來的逆風影響。

On the product side, we continue to advance our strategy across ETFs, SMAs and alternatives with a clear focus on scale, consistency and performance. Our ETF platform surpassed $10 billion in assets under management, supported by a differentiated offering across North America and EMEA. In SMAs, we benefit from long-standing track records and remain a top 10 provider with continued positive flows. In alternatives, our technology and health care hedge fund strategies delivered strong performance and sales momentum, and we see good opportunities ahead.

在產品面，我們持續推進涵蓋 ETF、SMA 與另類投資的策略，並明確聚焦於規模、穩定性與績效。我們的 ETF 平台管理資產規模已突破 100 億美元，並以北美與 EMEA 的差異化產品組合提供支撐。在 SMA 方面，我們受惠於長期的績效紀錄，並持續保持前十大供應商地位，資金流仍維持正向。在另類投資方面，我們的科技與醫療保健避險基金策略展現強勁績效與銷售動能，且我們看好未來的良好機會。

Consistent with our approach in wealth management, we're applying advanced analytics and technology within asset management, including an investment research where these capabilities are contributing real value. At the same time, we're transforming how we leverage our global platform. We're driving greater efficiency across the front, middle and back office, while continuing to strengthen our data foundation. We're also making good progress on back-office outsourcing with a substantial portion of the conversion expected to be completed later this year.

與我們在財富管理的作法一致，我們也在資產管理中導入先進分析與科技，包括在投資研究領域，這些能力正創造實質價值。同時，我們正在轉型以更有效運用全球平台。我們推動前台、中台與後台的效率提升，並持續強化資料基礎。我們在後台外包方面也取得良好進展，預期今年稍晚將完成相當大部分的轉換。

These initiatives complement our broader efforts to streamline systems and support operating leverage over time.

這些措施與我們更廣泛的系統精簡工作相輔相成，並可隨時間推進營運槓桿。

Now for Ameriprise overall, our focus is having a premium branded client-focused business that delivers strong financial performance and attractive returns. Over the past year, we have achieved record earnings and generated best-in-class return on equity now exceeding 54%, as I mentioned. Given this performance and our current valuation, we continue to view our shares as an attractive buying opportunity.

就 Ameriprise 整體而言，我們的重點是打造具高端品牌、以客戶為中心的業務，並帶來強勁的財務表現與具吸引力的報酬。過去一年，我們達成創紀錄的獲利，並如我先前所提，創造同業領先的股東權益報酬率（ROE），目前已超過 54%。基於此表現與我們目前的估值，我們仍認為本公司股票具吸引力，是良好的買進機會。

As a result, as you know, we increased our share repurchases in the fourth quarter and continued our strong return to shareholders with 88% returned in the first quarter, and our board just approved another 6% increase in our dividend. Ameriprise is built to perform across market cycles. We're well positioned to deliver meaningful value over time, manage risk responsibly and generate resilient performance.

因此，如各位所知，我們在第四季提高了庫藏股回購，並在第一季持續強力回饋股東，將營運盈餘的 88% 返還給股東；董事會也剛核准將股利再提高 6%。Ameriprise 的設計可在各種市場循環中保持表現。我們具備良好定位，可隨時間創造具意義的價值、負責任地管理風險，並產生具韌性的績效。

Before I close, I want to highlight the iconic Ameriprise reputation, which remains an important competitive advantage. We are proud to have a company that continues to be widely recognized in the marketplace for who we are, and how we operate. In the minds of consumers, employees and investors, Ameriprise has been named one of America's Most Trustworthy Companies in 2026 by Newsweek. And from Fortune, Ameriprise is also one of America's Most Innovative Companies for 2026, affirming our leadership in technology and driving transformational change.

在結束前，我想強調 Ameriprise 的標誌性聲譽，這仍是重要的競爭優勢。我們以公司持續在市場上因「我們是誰」以及「我們如何營運」而廣受肯定為榮。在消費者、員工與投資人心中，Ameriprise 獲《Newsweek》評選為 2026 年「美國最值得信賴的公司」之一。此外，根據《Fortune》，Ameriprise 亦入選 2026 年「美國最具創新力的公司」之一，肯定我們在科技上的領導地位與推動轉型變革的能力。

In closing, Ameriprise offers a differentiated combination of an excellent client and advisor value proposition, sustainable, profitable growth and attractive capital return.

總結而言，Ameriprise 提供差異化的組合：卓越的客戶與顧問價值主張、可持續且具獲利性的成長，以及具吸引力的資本回饋。

With that, I'll turn it over to Walter to discuss our financials in more detail.

接下來，我把時間交給 Walter，請他更詳細說明我們的財務狀況。

Thank you, Jim.

謝謝你，Jim。

Ameriprise delivered strong financial results in the quarter, with adjusted operating earnings per share up 19% to $11.26 and an operating margin of 28%. These results reflected the strength of our diversified earnings profile and the operating leverage embedded in our businesses as well as the return from significant investments we have continued to make. Our ability to generate attractive growth in margins across cycles underscores the durability of our platform and the discipline we bring to execution.

Ameriprise 本季交出強勁的財務成果，調整後營運每股盈餘成長 19% 至 11.26 美元，營運利潤率為 28%。這些結果反映我們多元化獲利結構的優勢、各項業務內含的營運槓桿，以及我們持續進行重大投資所帶來的回報。我們在各種景氣循環中仍能推動利潤率具吸引力的成長，凸顯平台的耐久性，以及我們在執行上的紀律。

Total assets under management, administration and advisement increased 12% to $1.7 trillion, which coupled with strong client engagement drove an 11% increase in revenues to $4.8 billion. In the quarter, we returned 88% of operating earnings to shareholders through share repurchases and dividends. Our balance sheet remains exceptionally strong with $2.3 billion of both excess capital and holding company available liquidity.

管理、行政與諮詢資產總額成長 12% 至 1.7 兆美元；在強勁的客戶互動帶動下，營收成長 11% 至 48 億美元。本季我們透過庫藏股回購與股利，將營運盈餘的 88% 回饋給股東。我們的資產負債表依然極為強健，擁有 23 億美元的超額資本與控股公司可用流動性。

Let's turn to Wealth Management financials on slide 6. Adjusted operating net revenues increased 14% to $3.2 billion. The core distribution business is performing well given the value of our planning model and the multiple touch points we have with the client to meet their needs holistically. Our fee-based and transaction revenues remained quite strong, increasing 17%, benefiting from growth in client assets and higher activity levels.

接著看第 6 頁的財富管理財務表現。調整後營運淨營收成長 14% 至 32 億美元。核心通路業務表現良好，反映我們規劃（planning）模式的價值，以及我們與客戶之間多個接觸點，能以整體方式滿足其需求。我們的收費型與交易型收入仍相當強勁，成長 17%，受惠於客戶資產成長與更高的活動水準。

In addition, our bank revenues increased 6% from business growth, including the expansion of our lending products, while revenues from cash sweep and certificates declined. Adjusted operating expenses in the quarter increased 12%, with distribution expenses up 14%. I will note that advisor compensation within distribution expenses increased in line with the revenues advisors generate.

此外，我們的銀行收入因業務成長而增加 6%，包括放款產品的擴張；但現金歸集（cash sweep）與定存憑證（certificates）相關收入則下滑。本季調整後營運費用增加 12%，其中通路費用增加 14%。我也要指出，通路費用中的顧問薪酬，與顧問所創造的收入同步增加。

G&A expenses were up 4%, primarily driven by volume and growth-related expenses, including investments in Signature Wealth and banking products. This level was consistent with our expectations. Pretax adjusted operating earnings increased 20% to $951 million with continued strong contribution from core distribution and core cash earnings.

一般及行政（G&A）費用增加 4%，主要由量能與成長相關費用所帶動，包括對 Signature Wealth 與銀行產品的投資。此水準符合我們的預期。稅前調整後營運盈餘成長 20% 至 9.51 億美元，核心通路與核心現金盈餘持續提供強勁貢獻。

In the quarter, Comerica exercised their option for early termination of their relationship with us. This resulted in a onetime $25 million make-whole payment for onboarding costs and future earnings, which finalized all payments that were due to us for this termination. Excluding this benefit, earnings increased 17%. Our core distribution earnings grew in the mid-30% range, benefiting from higher client assets and advisory fees as well as strong activity levels.

本季 Comerica 行使其選擇權，提前終止與我們的合作關係。這使我們收到一次性 2,500 萬美元的補償（make-whole）款項，用於補償導入（onboarding）成本與未來盈餘，並結清因本次終止而應支付給我們的所有款項。若排除此項利益，盈餘成長為 17%。我們的核心通路盈餘成長約在 30% 中段，受惠於更高的客戶資產與諮詢費，以及強勁的活動水準。

The strong level of core distribution earnings that we generated is unique relative to other independent wealth managers and demonstrates our focus on ensuring that our growth is profitable. Bank earnings grew 6% in the quarter, while certificate earnings declined. In total, core cash earnings were essentially flat from a year ago. We continue to take actions to build the bank portfolio in a way that supports stable earnings contributions going forward.

我們所創造的高水準核心通路盈餘，相較其他獨立財富管理業者具有獨特性，並展現我們確保成長具獲利性的重點。本季銀行盈餘成長 6%，而定存憑證相關盈餘下滑。整體而言，核心現金盈餘與去年同期大致持平。我們持續採取行動，以支持未來穩定的盈餘貢獻方式來建構銀行投資組合。

The overall bank has a yield of 4.6% with a four-year duration with now only 7% of portfolio on the floating rate securities. In the quarter, new purchases at the bank were $1.9 billion at a yield of 5% with a 4.1-year duration.

整體銀行投資組合的收益率為 4.6%，存續期間為 4 年，目前僅有 7% 的投資組合配置於浮動利率證券。本季銀行新增買入金額為 19 億美元，收益率為 5%，存續期間為 4.1 年。

Last, our aggregate margins remained excellent at 30%, up from 28% a year ago. Underlying that, our core distribution margin is over 20%, with a solid contribution from cash.

最後，我們的整體利潤率仍維持優異水準，為 30%，高於一年前的 28%。其中，我們的核心通路利潤率超過 20%，並有來自現金業務的穩健貢獻。

Let's turn to slide 7. Advice & Wealth Management generated solid asset growth in the quarter. Client assets grew 12% to $1.1 trillion and wrap assets increased 16% to $664 billion, driven by solid organic growth, strong advisor productivity and equity market appreciation. Our new Signature Wealth program continues to gain momentum and a significant portion of the assets are new money to Ameriprise.

接著看第 7 頁。建議與財富管理（Advice & Wealth Management）本季帶來穩健的資產成長。客戶資產成長 12% 至 1.1 兆美元；全權委託（wrap）資產增加 16% 至 6,640 億美元，主要由穩健的有機成長、顧問生產力提升以及股市上漲所帶動。我們新的 Signature Wealth 計畫持續累積動能，其中相當一部分資產為新增資金流入 Ameriprise。

Client flows were $4.2 billion and wrap flows were $6 billion in the quarter. This reflected several moving pieces that I will explain. Same-store sales levels remained strong and consistent aside from the normal seasonal impacts and client caution resulting from volatility in the quarter. However, in the quarter, we had some lumpiness in our flows caused by a combination of the aggressive recruiting environment, which drove higher advisor departures, as well as the acceleration of Comerica advisors departing as a result of their acquisition.

本季客戶資金流入為 42 億美元，全權委託（wrap）資金流入為 60 億美元。這反映了幾個變動因素，我將加以說明。除了一般季節性影響，以及本季波動導致客戶較為謹慎之外，同店銷售水準仍維持強勁且一致。然而，本季資金流出現一定程度的波動（lumpiness），原因是激烈的招募環境導致顧問離職增加，以及因 Comerica 被收購而加速其顧問離開。

We anticipate the higher pace of outflows related to Comerica will continue in the second and third quarters culminating with the conversion occurring near the end of the third quarter. While we have significant capacity to recruit, the recruiting deals we are seeing today in this perceived risk-on environment exceed what we believe is a balanced risk return approach given the long cash paybacks and marginal P&L benefits over the extended life of these arrangements.

我們預期與 Comerica 相關的較高資金流出速度將延續至第二與第三季，並在第三季末附近完成轉換。雖然我們具備相當的招募能力，但在目前被視為偏向風險偏好（risk-on）的環境下，我們看到的招募條件超出我們認為在長期現金回收期較長、且在這些安排的延長期間內對損益表（P&L）邊際效益有限的情況下，所能接受的均衡風險報酬作法。

We will continue to evaluate the facts and circumstances, whether for recruiting or retention to assess the trade-offs between sustained profitability versus flows and associated risk. This approach will ensure decisions are driving sustained shareholder value creation.

我們將持續就招募或留任，評估相關事實與情況，以衡量「持續獲利能力」相對於「資金流與其伴隨風險」之間的取捨。此一作法將確保決策能推動持續的股東價值創造。

Lastly, I will note that in the latter part of the quarter, we've seen improving trends. As we look ahead, the addition of Huntington Bank is anticipated in the fourth quarter and will bring approximately 260 advisors and $28 billion of client assets onto our platform.

最後我補充，本季後段我們已看到趨勢改善。展望未來，預期第四季將加入 Huntington Bank，並將約 260 位顧問與 280 億美元的客戶資產導入我們的平台。

Separately, we are further enhancing our advisor succession strategies for both internal and external advisors, including expanding and leveraging Ameriprise's personal wealth group, our centralized advisor group as a potential succession option.

此外，我們正進一步強化內部與外部顧問的接班策略，包括擴大並運用 Ameriprise 的個人財富團隊（personal wealth group），以及將我們的集中式顧問團隊作為潛在的接班選項。

Let's turn to slide 8. Advice & Wealth Management generated solid productivity growth. Our advisor productivity continues to grow, reaching a new high of $1.2 million, up 10% year over year, driven by strong growth in wrap assets and related fees as well as enhancements to advisor efficiency from the integrated tools, technology and support we provide.

我們來看第 8 頁。建議與財富管理（Advice & Wealth Management）帶來穩健的生產力成長。我們的顧問生產力持續提升，達到新的高點 120 萬美元，年增 10%，主要受惠於全權委託（wrap）資產及相關費用的強勁成長，以及我們提供的整合式工具、科技與支援所帶來的顧問效率提升。

In addition, transactional activity remained strong, increasing 10% compared to the prior year. This is primarily from nice growth in annuity products and brokerage transactions.

此外，交易活動仍然強勁，較去年增加 10%。這主要來自年金產品與經紀交易的良好成長。

Total client cash of $86 billion was essentially flat year over year and sequentially. Bank assets increased 6% year over year to $25.5 billion, with the bank representing a stable source of earnings going forward. Cash sweep balances decreased slightly to $29.4 billion compared to $29.9 billion in the prior quarter, which is consistent with the seasonal tax pattern we would expect to see.

客戶現金總額 860 億美元，無論年比或季比基本持平。銀行資產年增 6% 至 255 億美元，銀行業務將在未來持續提供穩定的獲利來源。現金掃入（cash sweep）餘額較前一季的 299 億美元小幅下降至 294 億美元，這與我們預期的季節性報稅模式一致。

Certificate balances declined to $7.6 billion from $8.2 billion in the prior quarter, given the interest rate environment. We continue to have elevated cash balances in third-party money market funds at nearly $48 billion. We have seen that decline for the first time in January and February. But with the volatility later in the quarter, we saw cash levels build modestly again. This remains an important opportunity when rates decline to see these cash balances deployed into other products on the platform.

在利率環境影響下，定存（certificate）餘額由前一季的 82 億美元下降至 76 億美元。我們在第三方貨幣市場基金中的現金餘額仍處於高檔，接近 480 億美元。我們在 1 月與 2 月首次看到其下降，但隨著本季後段波動加大，現金水位又小幅回升。當利率下行時，將這些現金餘額導入平台上的其他產品，仍是一個重要機會。

Turning to Asset Management on slide 9. Financial results were strong in the quarter. Operating earnings increased 13% to $273 million. Results reflected asset growth and the positive impact from transformation initiatives. Total assets under management and advisement increased to $706 billion, up 8% year over year from higher ending market levels.

接著看第 9 頁的資產管理（Asset Management）。本季財務表現強勁，營運獲利年增 13% 至 2.73 億美元。結果反映資產成長以及轉型計畫帶來的正面影響。管理與諮詢資產總額增至 7,060 億美元，因期末市場水準較高而年增 8%。

As Jim mentioned, net outflows improved in the quarter. Revenues increased 8% to $910 million, and the underlying fee rate remained stable at approximately 47 basis points. Expenses increased 5% in total. In the quarter, general and administrative expenses were up 4%, driven by volume-related expenses and unfavorable foreign exchange translation. Margin reached 44% in the quarter which is above our targeted range of 35% to 39%.

如 Jim 所提到，本季淨流出有所改善。營收年增 8% 至 9.10 億美元，基礎費率維持穩定，約為 47 個基點。總費用增加 5%。本季一般與行政費用年增 4%，主要受量能相關費用增加及不利的外匯換算影響。利潤率本季達 44%，高於我們 35% 至 39% 的目標區間。

Let's turn to slide 10. Retirement & Protection Solutions continued to deliver strong earnings and free cash flow generation reflecting the high quality of the business that was built over a long period of time. Pretax adjusted operating earnings was $190 million, which reflected higher distribution expenses associated with strong sales levels and continued outflows from variable annuities with living benefits, partially offset by higher equity market levels.

我們來看第 10 頁。退休與保障解決方案（Retirement & Protection Solutions）持續交出強勁獲利與自由現金流，反映這項業務長期打造的高品質。本季稅前調整後營運獲利為 1.90 億美元，反映在強勁銷售水準下較高的通路費用，以及帶有生存給付（living benefits）的變額年金持續流出；部分被較高的股市水準所抵銷。

However, we continue to expect earnings over time to be in the $800 million range per year. This business has excellent risk-adjusted returns and continues to be an important part of AWM's client value proposition.

不過，我們仍預期隨時間推進，該業務每年獲利可維持在約 8 億美元的水準。此業務具備優異的風險調整後報酬，並持續是 AWM 客戶價值主張的重要一環。

Turning to the balance sheet on slide 11. 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 $2.3 billion. We have $2.3 billion of available liquidity. Our asset liabilities are well matched and our investment portfolio is diversified and high quality. We have no exposure to middle market lending directly or through funds and BDCs in our owned assets.

接著看第 11 頁的資產負債表。資產負債表基本面與自由現金流產生能力仍然強勁，這是我們能以可持續方式投資成長、同時持續回饋股東資本的核心。我們擁有 23 億美元的優異超額資本部位，並有 23 億美元的可用流動性。我們的資產與負債匹配良好，投資組合多元且品質優良。我們的自有資產中，無論直接或透過基金與 BDC（商業發展公司），皆未曝險於中型市場放款（middle market lending）。

Similarly, we have limited direct exposure to broadly syndicated loans in our own assets. Our disciplined capital return is a key element of our ability to consistently generate strong long-term shareholder value. In the quarter, we returned $936 million of capital to shareholders, which was 88% of operating earnings. This included the opportunistic repurchase of 1.6 million shares to take advantage of the decline in our PE multiple in the quarter.

同樣地，我們在自有資產中，對廣泛聯貸（broadly syndicated loans）的直接曝險也相當有限。我們有紀律的資本回饋，是我們能持續創造強勁長期股東價值的關鍵要素。本季我們回饋股東 9.36 億美元資本，相當於營運獲利的 88%。其中包含機會性回購 160 萬股，以把握本季本益比倍數下滑所帶來的機會。

We also raised the quarterly dividend by 6%. These actions are a demonstration of the confidence we have in our continued free cash flow generation and commitment to return capital to shareholders. As we go through 2026, 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.

我們也將季度股利提高 6%。這些行動展現我們對持續產生自由現金流的信心，以及回饋股東資本的承諾。展望 2026 年，我們穩固的基礎，加上我們的 ERM（企業風險管理）能力與決策框架，使我們能以更具差異化的節奏，持續有針對性地投資成長並回饋股東資本。

In summary, on slide 12, Ameriprise delivered solid results in the first quarter. Over the last 12 months, revenues grew 8%. Adjusted EPS increased 12%, return on equity grew 140 basis points, and we returned $3.6 billion of capital to shareholders. We had similar growth trends over the past five years, with 9% compounded annual revenue growth, 20% compounded annual EPS growth, return on equity improving over 17 percentage points, and we returned $14 billion of capital to shareholders.

總結第 12 頁，Ameriprise 在第一季交出穩健成果。過去 12 個月，營收成長 8%。調整後 EPS 成長 12%，股東權益報酬率提升 140 個基點，並回饋股東 36 億美元資本。過去五年也呈現類似成長趨勢：營收年複合成長率 9%，EPS 年複合成長率 20%，股東權益報酬率改善超過 17 個百分點，並回饋股東 140 億美元資本。

These trends are consistent over the long term as well. We have an excellent foundation and capacity moving forward that enables consistent and sustained profitable growth.

這些趨勢在長期同樣一致。我們擁有優異的基礎與未來的承載能力，能夠帶來一致且可持續的獲利成長。

With that, we will take your questions.

接下來我們將回答各位的提問。

(Operator Instructions) Wilma Burdis, Raymond James.

（接線員指示）Raymond James 的 Wilma Burdis。

First question: why didn't Ameriprise lean in more to return more than 88% of operating earnings in 1Q '26 especially given the stock was back to kind of Liberation Day levels at certain points. And should we expect 2Q '26 capital return levels more in line with 4Q '25 if the stock stays at the current level?

第一個問題：為什麼 Ameriprise 在 26 年第一季沒有更積極地提高資本回饋、讓回饋比例高於營運獲利的 88%，尤其是股價在某些時點已回到類似「解放日」的水準？如果股價維持在目前水準，我們是否應預期 26 年第二季的資本回饋水準會更接近 25 年第四季？

Okay. You can -- as we indicated, we will be buying back 85% to 90%, certainly looking at the P/E ratio and where we are right now, that it's a reasonable expectation that we would take advantage of that and be purchasing up to a higher number and then evaluate it because we certainly have the capacity to do that and invest in the business continually.

好的。你可以——如我們所指出的，我們將回購 85% 到 90%；當然也會看本益比以及我們目前的位置。合理的預期是，我們會把握這個機會、將回購提高到較高水準，然後再評估，因為我們確實有能力這麼做，同時也能持續投資於業務。

Okay. And could you quantify the outflows from the Comerica advisors just to help us arrive at a more normalized net flow number for 1Q '26. And along the similar lines, if you could talk about the remainder of the year. Should we expect additional outflows from Comerica and talk a little bit about the Huntington Bank inflow expectations?

好的。另外，能否量化一下 Comerica 顧問帶來的資金流出，以協助我們推估 26 年第一季較正常化的淨流量數字？同樣地，也請談談今年剩餘時間：是否預期 Comerica 還會有額外流出？以及請簡要說明對 Huntington Bank 流入的預期。

Okay. So the Comerica outflow started as it relates to the acquisition in the fourth quarter and certainly continued in the first. They were a reasonable portion of the outflows that we had. We are certainly seeing because of the acquisition, a more accelerated pattern. We expect that pattern to continue and accelerate actually in the second and third quarter.

好的。Comerica 的流出與該收購相關，始於第四季，並且在第一季持續。他們占我們流出的一個相當比例。由於收購因素，我們確實看到更為加速的型態。我們預期這種型態會延續，並且在第二季與第三季實際上會進一步加速。

And as I indicated, based on our current plans, it should -- we should finalize the contract by the end of the third quarter. And it's -- yes, that's the level it's certainly -- we're seeing that activity.

如我所提到的，依我們目前的計畫，合約應該——我們應該會在第三季底前完成合約。是的，這個水準——我們確實正在看到那樣的活動。

Well, the contract was executed and finalized. And so any financial impact from that is already in what we collected. So we're fine, but those flows will continue to come out, and they will be completed at the end of September, I think. And then Huntington will come in, in the fourth quarter, and that will be moved in, in the fourth quarter.

嗯，合約已經簽署並完成。因此，任何財務影響都已反映在我們已收取的部分中。所以我們沒問題，但那些資金流仍會持續流出，並且我想會在 9 月底完成。接著 Huntington 會在第四季進來，並在第四季完成移轉。

And that would be, as I indicated in my remarks the -- about $28 billion.

如我在談話中提到的，那大約是 280 億美元。

Brennan Hawken, BMO Capital Markets.

BMO Capital Markets 的 Brennan Hawken。

I'd like to follow up on that last one. So it's -- I'd like to get a mark-to-market on Comerica. I believe it was $18 billion of assets. I think you said that it started to come out in the fourth quarter. You saw a little this quarter and you expect some the next two. I know you just chose not to quantify, but is it reasonable just to take that $18 billion and kind of like allocate it across four quarters and call it a day? Or will there be some lumpiness in concentration in particular quarters?

我想追問剛才那一題。也就是——我想了解一下 Comerica 的最新市值/現況（mark-to-market）。我記得是 180 億美元的資產。我想你說第四季開始流出，本季看到一些，並預期接下來兩季還會有一些。我知道你剛才選擇不量化，但是否可以合理地把那 180 億美元大致分配到四個季度就算完成？還是會在特定季度出現較集中的不均勻（lumpiness）？

It's hard to know exactly what that trend line. I mean, it really -- this is -- Fifth Third has taken over the activity. I think from our perspective, just so we know, the deal was concluded. That's why after receiving back what we needed to receive back and the compensation and the reimbursements, et cetera, we booked the $20-some-odd million in the quarter for a make whole.

很難確切知道那條趨勢線代表什麼。我是說，確實——這是——Fifth Third 已經接手了相關作業。我認為從我們的角度來看，為了讓我們清楚，這筆交易已經完成。因此，在收回我們需要收回的款項，以及補償金與各項費用償付等之後，我們在本季認列了約 2,000 多萬美元作為 make whole。

And so it will come through the flows, but the impact financially to us is immaterial. And so -- but we can't give exactly how they'll transfer it. But we're mentioning it is in the flows. And maybe as we go forward, we'll try to break things to be a little clearer on it. But that's -- I can't sit here to tell you exactly what will come out quarter to quarter. I assume that all of it will be out by the end of the third quarter.

因此它會反映在資金流中，但對我們的財務影響並不重大。所以——但我們無法精確說明他們會如何移轉。不過我們提到它會出現在資金流裡。也許接下來我們會嘗試把說明拆得更清楚一些。但——我無法在這裡告訴你每一季究竟會出來多少。我推測到第三季末應該就會全部結束。

Yes. So clearly, again, we are seeing because we are getting -- certainly advisors giving us notice on terminations. And that's why I say it's built up. And like Jim said, we can't really predict the amount, but we are certainly seeing heavier activity take place in the first and starting now in the second quarter.

是的。所以很明顯地，再次強調，我們確實看到——因為我們正在收到——當然，顧問會通知我們終止。這也是我說它正在累積的原因。就像 Jim 說的，我們無法真正預測金額，但我們確實看到第一季以及現在開始的第二季活動更為頻繁。

Okay. But is my $18 billion at least, right?

好的。但至少我的 180 億美元是對的，對吧？

$18 billion is right. $18 billion is right.

180 億美元沒錯。180 億美元沒錯。

$18 billion in total. Correct. Absolutely correct.

總計 180 億美元。正確。完全正確。

Sorry we didn't answer that.

抱歉我們剛才沒有回答到。

Yes. Okay. Cool. And then obviously, it doesn't matter your made whole all that. It just helps to know what the amount of noise is so that people can get to on those lines.

是的。好的。很好。然後很明顯地，你們已經 make whole 之類的，那些都不重要。只是知道雜訊的量有多少會有幫助，這樣大家才能在那些線項上看得更清楚。

We understand, and we'll try to be clearer as we go forward.

我們理解，我們會在接下來的說明中盡量更清楚。

I appreciate it. Okay. And then there's a lot of focus within the wealth space on the cash and whether or not these AI tools are going to allow for optimization of cash. It's not a huge central feature for you guys in your business model.

感謝。好的。接著，在財富管理領域，大家非常關注現金，以及這些 AI 工具是否能讓現金最佳化。這在你們的商業模式中並不是一個非常核心的特徵。

But how are you thinking about that as you move forward? I know you've got the bank as part of the strategy now. But have you considered looking at some of these tools within your own network? And how are you considering that development that's likely to come down the pike?

但你們在往前走時如何看待這件事？我知道你們現在把銀行納入策略的一部分。但你們是否考慮在自家網路內導入其中一些工具？以及你們如何看待這個可能即將到來的發展？

Good question. So first and foremost, and I think Walter tried to give you some further information of the cash contribution as we looked at it for this quarter as we reported. And you can see, as cash adds a certain amount to our margin, but the bulk of our earnings and profitability is from the real wealth management part of that component with the fees and the transactions and things that we conduct on behalf of the clients.

好問題。首先，我想 Walter 在我們本季所揭露的數字中，已試著提供你一些關於現金貢獻的進一步資訊。你可以看到，現金確實為我們的利差帶來一定貢獻，但我們大部分的獲利與盈利能力，來自真正的財富管理業務，也就是我們代表客戶進行的收費、交易以及相關活動。

Our transaction revenue from the sweep, as we said, is a very, very small part. It's only a few percent. And so from our perspective, it's not the bulk of our earnings, number one. And honestly, I don't know why that people wouldn't look at the core margin and give it even more valuation than where people are making all of their earnings from cash.

我們來自 sweep 的交易收入，如我們所說，是非常非常小的一部分，只有幾個百分點。因此從我們的角度，它不是我們獲利的主要來源，這是第一點。坦白說，我不明白為什麼大家不看核心利差，並給它更高的估值，而是把所有獲利都歸因於現金。

Now in our case, what we tried to do is then develop the bank in a way that we can add value added from both lending activities and savings programs that we'll be ramping up with even on checking and activities. But the amount of cash that will still be in transaction, whether AI assisted or not, is so low that money will be moving in and out to do that, just like a basic checking account to some extent.

在我們的情況下，我們嘗試以一種方式發展銀行業務，讓我們能從放款活動與儲蓄方案（我們也會在支票與相關活動上逐步擴展）兩方面提供加值。但無論是否有 AI 協助，交易性現金的金額仍然非常低，資金會像基本支票帳戶一樣在其中進出，在某種程度上就是如此。

From -- looking at it, we already provide so much in capability and ease for our advisors to do that on behalf of their clients and with their clients, but that's why our cash levels that we maintain is, on average, $100. So we're not as concerned with it. And if there are other capabilities that come about that makes sense, we will look at them. But we're not looking at that as a major change to what's being held there.

從——就我們的觀察，我們已經為顧問提供了非常多的能力與便利，讓他們能代表客戶、並與客戶一起完成這些操作；這也是為什麼我們維持的現金水位平均是 100 美元。因此我們不太擔心。如果未來出現其他合理的新能力，我們也會評估。但我們不把它視為對目前持有水位的重大改變。

So just let me emphasize again as we -- our average balance now is $6,000. As Jim said, very active. And certainly, it's at transactional levels that meet that minimum standard in the account. So again, we are constantly evaluating it, but I think we're at a very good level. And the percentage of our earnings that come from cash is certainly at the level that is probably lower than most of our peers. And therefore, certainly manageable because we've had that balance.

所以我再強調一次——我們目前的平均餘額是 6,000 美元。如 Jim 所說，非常活躍。而且確實是在符合帳戶最低標準的交易性水位。因此，我們持續評估，但我認為我們目前的水位非常好。我們來自現金的獲利占比，確實可能低於多數同業。因此也更容易管理，因為我們一直維持這樣的餘額。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，Morgan Stanley。

Just wanted to ask about the bank with the new initiatives that you have across lending, savings. I was hoping you could elaborate on how those are contributing today. I realize it's early days. I was hoping you could talk about the steps you're taking to drive broader engagement, how you see that ramping? And what are some of the other initiatives you guys are thinking about in the coming quarters?

我想問一下銀行業務，關於你們在放款、儲蓄等方面的新措施。我希望你們能更詳細說明這些措施目前的貢獻情況。我知道還在早期。我也希望你們談談為了推動更廣泛的使用與互動，你們正在採取哪些步驟、你們如何看待其逐步放量？以及未來幾季你們還在思考哪些其他措施？

Thank you for the question. So the one that we had launched previously that is growing nicely, and there's still a very large opportunity for us is pledge. And as more of our advisors get familiar with it and activate their activities around it. So that's the one that's probably the one that's a little more mature in our channel, but the opportunity compared to someone like a Morgan Stanley and others, there's a lot more opportunity for us there that we are focused on.

謝謝你的問題。我們先前推出、目前成長良好且仍有很大機會的一項是 pledge。隨著更多顧問熟悉它並啟動相關活動。這項在我們通路中算是相對更成熟的一項，但相較於 Morgan Stanley 等同業，我們在這方面仍有更多機會，而這也是我們聚焦的重點。

We just completed the launch of the checking account, which is always a core component of banking. And that in complement with things like HELOCs, mortgages and now some of the savings programs, we're starting to now ramp that up as we start to get that out to advisors and also have that types of information for the client to access. And so this is at the early stages of what we think we can do there.

我們剛完成支票帳戶的上線，而支票帳戶一向是銀行業務的核心組成。再搭配像是 HELOCs、房貸，以及現在的一些儲蓄方案，我們正開始加速推進，將這些內容推廣給顧問，同時也讓客戶能取得這類資訊。因此，這仍處於我們認為可在此領域有所作為的早期階段。

We see some early signs as we did some initial launches with advisors, and they like what we're providing and the benefits. So we're hoping that this becomes a much stronger contribution as we go, but we're at the early stages of it.

我們在與顧問進行一些初步上線時看到早期跡象，他們喜歡我們提供的內容與效益。因此我們希望隨著推進，這能成為更強的貢獻來源，但目前仍在早期階段。

Great. And then just as a follow-up question on AI. I was hoping you could update us on the AI tools that you have available for advisors today. How you see that evolving over the next year or so? And where do you see some of the biggest opportunities? How meaningful could this be as you think about advisor productivity and ultimately, efficiency saves for Ameriprise?

很好。接著追問一個關於 AI 的問題。我希望你們更新一下目前提供給顧問使用的 AI 工具有哪些。你們如何看待未來一年左右的演進？以及你們認為最大的機會在哪裡？當你們思考顧問生產力、以及最終對 Ameriprise 的效率節省時，這可能會有多大的意義？

Yes. So I know AI has come up and every time someone comes out with a new tool or say that they have some kind of service. So let me give you a little -- and I tried to in my talking points in opening. We view AI as more of an extension of our total technology strategy that we've been building for many years.

是的。我知道 AI 被提到很多，而且每次有人推出新工具或宣稱有某種服務時都會被提起。所以我稍微——我在開場重點中也試著說明。我們把 AI 視為我們多年來打造的整體科技策略的延伸。

So first of all, it's not a standalone initiative. What differentiates what we're trying to do is that these capabilities are embedded in an integrated platform built around how advisors work, supported by the data foundation, which is very critical in a highly regulated business and the governance for it. Now the integration allows us to deploy AI directly into everyday workflows, it's across advice, ops, service and rather than layering it as a tool in a fragmented system.

因此首先，它不是一個獨立的計畫。我們想做的差異化在於：這些能力被嵌入在一個整合式平台中，平台是圍繞顧問的工作方式所打造，並由資料基礎支撐——在高度受監管的業務中，這點非常關鍵——以及相應的治理架構。這種整合讓我們能把 AI 直接部署到日常工作流程中，涵蓋建議（advice）、營運（ops）、服務（service），而不是在碎片化系統上再疊加一個工具。

The result is greater efficiency, better insights and more time that our advisors can really spend on the client relationships, which actually drives the outcomes that you're looking for. In the near term, we see productivity gains and selective automation. Longer term, we see capabilities supporting the growth by enabling advisors to serve more clients with higher standards of advice.

結果是更高的效率、更好的洞察，以及讓顧問能把更多時間真正投入在客戶關係上，而這會帶來你所期待的成果。短期內，我們看到生產力提升與選擇性的自動化。長期來看，我們看到這些能力能支持成長，讓顧問在更高標準的建議品質下服務更多客戶。

Now that's embedded, as I've said previously into many of the tools and capabilities that we have. And so if you look at things like client acquisition, meeting planning, meeting schedule, meeting preparation, goal-based advice, the products and solutions, meeting follow-up and summarization and business planning, those are the things that we've embedded in the tools.

而這些能力如我先前所說，已嵌入我們許多工具與功能之中。因此如果你看像是客戶開發、會議規劃、會議排程、會議準備、以目標為導向的建議、產品與解決方案、會後追蹤與摘要，以及業務規劃，這些都是我們已嵌入工具中的項目。

So our eMeeting, as an example, capability that's already integrated can pull all the data from advisor engagement with the client, the past cases that they're in, the opportunities that we get from advisor insight so that they can say, what's the next thing possibly the client may be interested based on where they are in their financial situation. So that's what we do, and we'll continue to enhance.

以我們的 eMeeting 為例，這是一項已經整合的能力，可以把顧問與客戶互動的所有資料、他們過去參與的案件、以及我們從顧問洞察所獲得的機會全部拉進來，讓他們能夠判斷：基於客戶目前的財務狀況，下一個客戶可能感興趣的事情是什麼。所以這就是我們在做的事，而且我們會持續強化。

Over time, we'll introduce more AI agents to do some of the actual advisor work, whether it's necessary or appropriate to ease and give them more productivity rather than adding more staff. So those are the things we're embedding from the advisor, but we also do that from a company perspective. And so does that help you understand how we're thinking?

隨著時間推進，我們會導入更多 AI 代理人來承擔部分實際的顧問工作，在必要或適當的情況下，藉此減輕負擔並提升生產力，而不是增加更多人力。這些是我們從顧問端嵌入的內容，但我們也會從公司角度做同樣的事。所以這是否有助於你理解我們的思考方式？

Yes. That's helpful. Just curious if you're able to quantify any of the productivity gains that you've seen so far?

是的。這很有幫助。只是好奇你們是否能量化目前為止看到的任何生產力提升？

I would say, it's at the -- we see clear productivity where advisors have enabled it. We see, as an example, our meeting takes away hours of work within an advisor practice every week. Okay. We haven't extrapolated what advisors then do with that productivity. But those are things that we will try to figure out the metrics appropriate for them.

我會說——在顧問有啟用它的地方，我們確實看到明顯的生產力提升。舉例來說，我們的會議功能每週能在顧問的業務實務中省下好幾個小時的工作。好。我們還沒有外推顧問接著如何運用這些生產力，但這些是我們會嘗試找出、並為他們制定合適衡量指標的事情。

Suneet Kamath, Jefferies.

Suneet Kamath，Jefferies。

I wanted to come back to AWM organic growth. If I remember correctly, last quarter, I think you guys expressed some confidence in the 4% to 5% target for the year. I think three quarters now, we've been talking about increased competition. You're talking about it again now.

我想回到 AWM 的有機成長。如果我沒記錯的話，上季我想你們對今年 4% 到 5% 的目標表達了一些信心。我想我們已經連續三個季度在談競爭加劇，你們現在又再次提到。

But based on what you're seeing, do you still think you can achieve that 4% to 5% this year? Or is the increase in competition that you're talking about sort of taking you off that glide path?

但基於你們所看到的情況，你們仍然認為今年可以達到 4% 到 5% 嗎？還是你們所說的競爭加劇，正在讓你們偏離那條既定軌道？

Okay. So let's break it. For the -- what we talk about the organic, the same store, we are seeing good growth. Yes, the area that deviates on that is on the attrition side of it. And certainly, in this quarter, Comerica certainly contributed towards that. And that's the variable that affects when you look at these arrangements that are being offered at this stage, both on the attrition side and then on the recruiting side. But the solid core of our growth is there, and that's what we feel very comfortable with.

好。我們把它拆開來看。就——我們談到的有機、同店成長而言，我們看到不錯的成長。是的，偏離的部分在於流失（attrition）那一端。而且在本季，Comerica 的確對此有所貢獻。這就是變數：當你看目前這個階段所提供的各種安排時，無論是在流失端或招募端，都會受到影響。但我們成長的堅實核心仍在，這也是我們非常有信心的地方。

And then managing the net on the inorganic is the element that deviates. So the answer is, certainly, as you saw in last quarter, we were up this quarter, it was down. It's going to be -- one of these things that are going to be -- I have to use the word lumpy, but that's exactly what it is as we manage through it depending on how aggressive we see the environment and then how we gauge the appropriateness of responding on that basis.

接著，在非有機（inorganic）方面，管理淨額是會造成偏離的因素。所以答案是：當然，如你上季所見我們是上升的，本季則是下降。這會是——我得用「起伏不定（lumpy）」這個詞，但情況確實如此；我們在其中管理，取決於我們認為環境有多激進，以及我們如何評估在此基礎上回應的適切性。

But our objective, yes, because we think that is a good because the core is solid. Now it's a matter of the implication of it as it relates to aggressive bidding on the recruiting side on retention.

但我們的目標，是的，因為我們認為那是好的，因為核心很扎實。現在就看其影響，特別是與招募端、留任端的激進競價相關的影響。

It's sort of funny because people -- I mean, I know how much focus is on this metric. But you think about it, so as an example for us, our core assets and all that grew strongly over the year, and we generated the revenue from it that translated into real profitability we brought to the bottom line. You can always -- you can do -- for instance, we're, I would call an appropriate acquirer, but we would never pay way more on an acquisition for a business just because we want to grow our size if we don't see a good appropriate return over time.

這有點有趣，因為大家——我的意思是，我知道大家對這個指標非常關注。但你想想看，舉例來說，對我們而言，我們的核心資產等在一年內強勁成長，我們也從中創造收入，並轉化為實質獲利，帶到最終盈餘。你永遠可以——你可以——例如，我會說我們是「適當的收購者」，但我們絕不會只因為想擴大規模，就在收購某項業務時付出遠高於合理的價格，若我們看不到長期良好且適切的報酬。

Advisors like that will take a big check. It doesn't mean they'll stay with you after that check is up in some fashion. So what you want to do is recruit people that know that you can help add value and give them a good practice support, development and really a good, strong client value proposition. And so our firm stands out in that regard.

顧問可能會拿一張很大的支票。但這不代表那張支票到期後，他們就會以某種方式繼續留在你這裡。所以你真正想做的是招募那些知道你能幫他們創造價值的人，並提供良好的實務支援、發展，以及真正強而有力的客戶價值主張。因此，我們公司在這方面很突出。

Our client satisfaction, the idea of one of the most trusted firms out there. If you look at some of the players out there, they don't register. And so it depends on what you want to play in. In our case, we could -- we have a lot of capital, as you know, to buy up. We could buy some of these firms. We can put advisors on it. We don't look at that's the best way for us to grow our business to deliver a strong premium value and really have a good culture of the type of advisors that we really think are important to work with clients. And so that's what we do.

我們的客戶滿意度、作為市場上最值得信賴的公司之一的定位。如果你看看外面的一些競爭者，他們甚至不在榜上。所以這取決於你想玩哪一種賽局。以我們而言，我們可以——如你所知，我們有很多資本可以去併購。我們可以買下其中一些公司，也可以把顧問放上去。但我們不認為那是我們成長業務、交付強溢價價值的最佳方式，也不認為那能建立我們真正重視、能與客戶合作的那類顧問文化。所以這就是我們的做法。

And listen, some of our advisors will take a big check, especially when they know it's more value than what it's pertaining to. But just like in the fourth quarter, Walter say, we attracted more in than left. In the first quarter, we had a little more, not so on the number, but the size. And now our pipeline is ramping up again for the second quarter.

而且你聽我說，我們的一些顧問也會拿一張大支票，尤其當他們知道那個價值高於其所對應的內容時。但就像第四季 Walter 說的，我們吸引進來的人比離開的多。第一季我們多了一點——不是在人數上，而是在規模上。現在我們第二季的管線又在加速回升。

So to Walter's point, it will be a little bumpy. But the underneath it of where we focus productivity growth across 10,000 is what we think will drive true profitability.

所以如 Walter 所說，會有些顛簸。但我們真正聚焦的底層，是在 10,000 名顧問之間推動生產力成長，我們認為那才會帶動真正的獲利能力。

Yes. That makes sense. I mean -- and I get it that people sometimes over-index to one number in one quarter. So obviously strong last quarter.

是的。這說得通。我的意思是——我也理解有時候大家會在某一季過度聚焦單一數字。所以很明顯上季很強。

No, I know I appreciate you asking the question, honestly.

不，我知道，而且我真心感謝你提出這個問題。

Yes. My other question, I just wanted to drill into this AFIG opportunity. And I'll just tell you the way I'm thinking about it and maybe get your response. So it seems like the cost of being in this business are going to go up. Maybe AI helps that, maybe it actually adds to that, who knows.

是的。我另一個問題是，我想更深入了解這個 AFIG 的機會。我先說說我的思考方式，然後也想聽聽你的回應。看起來，經營這項業務的成本會上升。也許 AI 會幫助降低成本，也許反而會增加成本，誰知道。

But if you have these banks out there that want to be in the wealth management business, but don't want to make the investments that are required, it seems to me that, that's just -- that's like plays into your hand in terms of this AFIG opportunity and that we'll likely see more of these. And I just want to make sure that I'm thinking about it right.

但如果外面有一些銀行想做財富管理業務，卻不想投入所需的投資，在我看來，這就——等於是把 AFIG 的機會送到你們手上，我們很可能會看到更多這類案例。我只是想確認我的理解是否正確。

You're thinking about it 100% correct. But let me give you an example. Don't -- when we spoke to Huntington Bank, they kicked the tires and they were out there looking at who would be the best provider, et cetera. Their goal is having excellent banking complemented by this. And they knew that they wanted to focus their energies with this being of where they can get the type of support, the capabilities, the culture, the environment to deliver great for their clients.

你的想法 100% 正確。但我給你一個例子。別——當我們和 Huntington Bank 交談時，他們做了很多評估，也在市場上看誰會是最好的供應商等等。他們的目標是提供卓越的銀行服務，並由這項能力加以補強。他們也知道，他們希望把精力聚焦在能獲得那種支援、能力、文化與環境的合作上，以便為他們的客戶提供很棒的服務。

And so they kicked the tires on any other firm out there, and they clearly chose us for those reasons. We think we'll have a great partnership. Comerica actually was working fabulously for the bank. You can speak to their Chief Executive, who's now stepped down, the people who headed their wealth management. We helped them grow their advisors.

因此他們也評估了市場上其他公司，而他們基於這些原因明確選擇了我們。我們認為這會是一個很棒的合作夥伴關係。Comerica 其實對該銀行運作得非常好。你可以去問他們的執行長——他現在已經卸任——以及負責其財富管理的人。我們幫助他們擴增顧問隊伍。

Their productivity advisors love us, would love to stay. So it's not that we lost the business. Fifth Third purchased them, and they wanted to keep it with what they're operating. So I think that capability is there. And I think as people understand what we provide them, I think there'll be a lot more opportunity for us.

他們的顧問生產力提升，顧問也很喜歡我們、也願意留下。所以並不是我們失去了這筆業務。是 Fifth Third 收購了他們，而他們希望把這項業務保留在自己既有的營運體系中。所以我認為這個能力是存在的。而且我認為，當大家更了解我們能提供什麼時，我們會有更多機會。

One of those is really the deepening of the relationship is what we do with our clients. And certainly, they recognize our capability of doing that with their bank clients.

其中一項就是我們與客戶關係的深化，這正是我們在做的事。而且他們確實認可我們有能力為他們的銀行客戶做到這一點。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

So just first, the operating margins in the asset management business, very strong at 44% in the quarter. Are the expense management actions from that segment complete or still ongoing? And then any other key call-outs for the margin strength? And is that level sustainable? Or would you expect it to trend back to your -- that 35% to 39% targeted range?

首先，資產管理業務的營業利潤率本季非常強勁，達到 44%。該部門的費用管理措施已經完成了，還是仍在進行中？另外，還有沒有其他導致利潤率走強的關鍵因素值得特別指出？而這個水準是否可持續？或者你們預期它會回到你們目標的 35% 到 39% 區間？

So the transformation certainly is working its way through. And the back-office transformation is really not taken hold yet. So that you'll see as it goes through. And as part of the way we operate, you'll see continual certainly transformation and streamlining of that. But again, also, you see the operating expenses go up because of volume and other related things.

因此，這項轉型確實正在逐步推進。而後台轉型其實還沒有真正發揮作用。所以你會在它推進的過程中看到。作為我們營運方式的一部分，你也會看到持續的轉型與精簡。但同時，你也會看到營運費用因為業務量以及其他相關因素而上升。

But yes, we are certainly committed to the transformation and improvement of our processes and getting the benefit of that. And the biggest one right now is that the back office has not worked its way through the numbers yet.

但沒錯，我們確實致力於轉型、改善流程並取得其效益。而目前最大的一點是，後台尚未在數字上反映出來。

Yes. And we are advancing. We're extending our product line in ETFs, SMAs, et cetera. We're adding other capabilities. And so I think we're trying to -- we will continue to drive the progress on how we leverage our global platform we put in place with the back office being -- but at the same time, we are investing. So we'll keep the expense base in check. And hopefully, that will continue to maintain good margins.

是的。而且我們正在推進。我們正在擴展我們在 ETF、SMA 等方面的產品線，也在增加其他能力。因此我認為我們正在努力——我們將持續推動如何運用我們已建立的全球平台的進展，而後台將是——但同時我們也在投資。所以我們會控制費用基礎。希望這能持續維持良好的利潤率。

Perfect. And then just on the Huntington Bank win you announced earlier in the quarter. Can you just give a little bit more color there? Was this a competitive takeaway and just a little overview on the process or competition to get this win? And how long did it take to get over the finish line? How long were you working on that one?

很好。接著關於你們在本季稍早宣布拿下 Huntington Bank 這個案子。你能否再多提供一些背景？這是否屬於從競爭對手手中搶下來的案子，以及取得這個案子的流程或競爭概況？你們花了多久才完成簽約？你們在這個案子上投入了多久？

No. This was -- actually, Huntington Bank ran their own activities, broker-deal, et cetera. And so they were very careful because they did not want to give up that unless they had someone that would really provide what they were looking for and take it to another level for them. And so those things are very important because we love clients that really care about their clients.

不是。這個案子其實是——Huntington Bank 原本自行運作他們的相關業務、券商交易（broker-dealer）等等。因此他們非常謹慎，因為除非找到真正能提供他們所尋求的內容、並把他們帶到更高層次的合作夥伴，否則他們不想放棄那些業務。這些事情非常重要，因為我們喜歡那些真正關心其客戶的客戶。

And the process was over a year by the way.

順帶一提，整個流程超過一年。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

So I wanted to double-click a little bit into the discussion around NNA and appreciate the disciplined approach to recruitment or reluctance to chase given the more aggressive TA packages in the market. Our channel checks indicate that TA rates have been and should remain relatively sticky.

我想更深入一點探討關於 NNA 的討論，也很欣賞你們在招募上採取紀律性的做法，或是在市場上 TA 方案更具侵略性時不去追逐。我們的通路調查顯示，TA 費率一直、且應該會維持相對黏著。

I just want to better understand, one, how that informs your outlook for core NNA over the course of the year, so ex the noise related to Comerica, but also the interplay with the distribution expense, which surprised positively and declined about 100 bps year on year.

我想更清楚了解：第一，這如何影響你們對今年核心 NNA 的展望（排除與 Comerica 相關的雜訊）；第二，與通路/分銷費用之間的互動關係——該費用本季帶來正向驚喜，年對年下降約 100 個基點。

I'm sorry on that one. Could you just repeat? I hate to do that. I'm sorry, I just didn't get the essence of it.

抱歉，關於那一點，你能再重複一次嗎？我不想這樣，但很抱歉，我沒有抓到重點。

Just trying to understand like the interplay with core NNA expectations over the remainder of the year, recognizing that TA rate should be sticky and that the distribution expense was also a big source of positive surprise in the quarter. And presumably, that should be lower if you're not at least chasing some of these more aggressive packages in the marketplace?

我只是想了解：在今年剩餘期間核心 NNA 的預期與 TA 費率可能維持黏著之間的互動；另外，通路/分銷費用也是本季正向驚喜的重要來源。推測如果你們至少沒有去追逐市場上更激進的方案，那這項費用應該會更低？

Well, again, we've been fairly stable on that rate as you saw. And yes, it does -- we will continue to certainly -- it's not that we're not going to compete. And certainly, the -- we've told you before, we will move up in our tolerances. But I would say that you should see that number pretty much stay in that range as it relates to -- as we go through the year. And we would participate both on the basis of where appropriate increase our compensation for it. But it's pretty much going to be in that range.

嗯，再次強調，我們在那個費率上一直相當穩定，你也看到了。是的，它確實——我們當然會持續——並不是說我們不會競爭。而且我們之前也告訴過你，我們會提高我們的容忍度。但我會說，隨著今年推進，你應該會看到那個數字大致維持在那個區間。若有需要，我們也會在適當情況下提高相關補償來參與競爭。但基本上會維持在那個範圍。

Okay. And then --

好的。然後——

I'm sorry, I want to make sure --

抱歉，我想確認——

No, no, that is. I think it's really also about the interplay around NNA expectations. I know you touched on a little bit with an earlier question. (inaudible)

不，不，就是這樣。我想這其實也關乎對 NNA 預期的互動。我知道你在前面一個問題有稍微提到。（聽不清）

As I said, on the NNA, the core is there, certainly, we're going to see -- and Comerica is going to play through that. But the issue there is the core is there. And when we -- certainly, it's on recruitment, those elements should marginally affect it going up, but it should be aligned with our objective set to certainly as it relates to NNA and that correlation to that rate.

如我所說，關於 NNA，核心是存在的；我們當然會看到——而 Comerica 會在其中發揮影響。但重點是核心仍在。而當我們——尤其在招募方面，那些因素應該只會對其上升造成些微影響，但應該會與我們所設定的目標一致，特別是就 NNA 以及其與該費率的關聯而言。

Yes, because the bulk of our activity is organic. So it should be pretty stable.

是的，因為我們的大部分活動是有機成長。所以應該會相當穩定。

Got it. And just for my follow-up on Signature Wealth, you highlighted really strong momentum there. I was hoping you could provide some KPIs just in terms of the level of penetration across the platform, recognizing it's early days here. What's been the pace of adoption in terms of the attachment rate. And just trying to gauge how we should think about the incremental fee opportunity as adoption steadily builds across the platform.

了解。接著我想追問 Signature Wealth。你們提到那邊動能非常強。我希望你們能提供一些 KPI，例如在平台上的滲透程度，考量到目前仍是早期階段。採用速度如何、就綁定率（attachment rate）而言的採用節奏是什麼？我想衡量隨著採用在平台上穩步提升，我們應該如何看待增量費用的機會。

Yes. So we initially launched this in the second half of last year. And with its rollout and then getting advisors initially, so it's starting to really take an uphold across the advisors. As you know, any new platform, people take a little time. The people who actually activated like it and moving more assets in, as Walter said, a lot of the money going in includes new money.

好的。我們是在去年下半年首次推出。隨著推廣並讓顧問先行導入，它開始在顧問群中真正站穩腳步。如你所知，任何新平台都需要一些時間。實際啟用的人很喜歡，並且正在把更多資產移入；如 Walter 所說，流入的資金中有很大一部分是新增資金。

So they like it as far as then -- now having said that, money is coming from other of the various platforms. But because of how they need to adjust their portfolios and move them in and other things that takes a bit more time.

所以他們很喜歡。話雖如此，資金也確實有一部分是從其他各種平台轉過來的。但因為他們需要調整投資組合並把資產移入，以及其他事項，這會需要多一點時間。

We're also adding more capabilities to it, like we just added some of our SMAs, et cetera. So I think we're -- what my team says is that for previous wrap launches, this is one of the quickest and it's really progressing nicely against what they had expected. And so I think as we get further along, we'll probably give you some more information on it.

我們也在為它增加更多功能，例如我們剛加入了一些 SMA 等等。因此我認為——我的團隊表示，與過去的 wrap 平台推出相比，這次是最快的之一，而且進展相當順利，符合他們原先的預期。所以我想隨著我們再往前推進，可能會再提供你更多相關資訊。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

First question is really just on the competition and how you're approaching it. And so if there are irrational deals being offered in the market and you're holding the line not capitulating on some of the more aggressive packages. I guess my question is, what's the scale of this activity? Is it limited enough, or you're not that worried, or is there a risk here that this starts to really become bigger and it could meaningfully impact the size of your advisor base? Like how broad is this right now?

第一個問題主要是關於競爭以及你們如何應對。如果市場上有人提出不理性的交易條件，而你們堅守底線、不在一些更激進的方案上讓步。我想問的是，這類活動的規模有多大？是否仍然相對有限，所以你們不太擔心？還是存在風險，這會開始變得更普遍，並可能對你們顧問隊伍的規模造成實質影響？目前這有多廣泛？

And is it still limited enough that you think you could still achieve your objectives? Or is it something you're going to have to react to more forcefully at some point?

而且它是否仍然有限到你們認為仍可達成目標？或者你們在某個時間點可能必須更強硬地回應？

No, this is -- let me give you an example. You could have an RIA where a team thinks that, that is something that they are ready or want to move to for a certain reason or based on what they're giving them as the financial incentive, et cetera. So you got those types of things that happen. We got a large advisor force, right? So you're going to have a few of those things, and they always impact when they occur.

不，這是——我舉個例子。你可能會遇到某個 RIA，其團隊因為某些原因，或基於對方提供的財務誘因等，認為他們已準備好或想要轉去那邊。所以會發生這類事情。我們有一支龐大的顧問隊伍，對吧？因此你會有少數這樣的情況，而它們一旦發生就總會造成影響。

Then you have a little bit where some of the competitors, they are offering big checks and they promise what they have. And I'll give you an example, and advisors sometimes have a hard time. When we bring in advisors from these platforms, and I won't mention names, but they look at what they get here, the technology, the capability and all that compared to what they have.

接著還有一部分情況是，一些競爭對手開出大支票，並承諾他們所擁有的。我舉個例子，顧問有時候會很難判斷。當我們從這些平台引進顧問時——我不點名——他們會比較在這裡得到的東西：科技、能力等等，與他們原本擁有的相比。

And they're like, it's night and day. And so what people sell as a story and then give a big check sounds wonderful, but that's what will occur. What we do is when that's happening, we'll talk to our advisors, we'll explain, we'll try what the reality is. And most of them say, hey, no, that's not. But remember, people dabble big checks in front of people, and they sometimes jump, sometimes they listen, but it isn't large.

他們會覺得差異天壤之別。所以，有人把故事講得很好聽，再給一張大支票，聽起來很美，但實際上就會是那樣。我們的做法是，當這種情況發生時，我們會和顧問溝通、解釋、嘗試說明現實狀況。大多數人會說，嘿，不是那樣。但請記住，有人把大支票擺在面前，人們有時會跳過去，有時會聽進去，但規模並不大。

And in fact, our net recruiting was what we lost last year was still very positive. But this is going to happen because that's what's happened in the industry. When I was in the industry many years ago at the wirehouses, it happened because people got overly aggressive. There are some people that always started it with the idea.

而且事實上，我們的淨招募，即便把去年流失的部分算進去，仍然是非常正面的。但這種情況會發生，因為這就是產業裡一直在發生的事。很多年前我在同業、在大型券商（wirehouses）時也發生過，原因是人們變得過度激進。有些人一開始就抱持著那樣的想法。

The Street always looked that was favorable and then it blew up on them. But it was after the fact. And so people think that's the best way to look at those people growing top line. Whether they pay back in a number of years or not, I don't know. But right now, you're giving all the credit because of cash earnings. But at the same time, you're worried about cash going away.

華爾街總是覺得那樣看起來很有利，然後最後就反噬。但那是事後才知道。所以人們認為，那是看那些人如何拉動營收（top line）成長的最佳方式。至於他們是否會在若干年內回本，我不知道。但現在，你因為現金盈餘（cash earnings）而把所有功勞都給了他們；同時，你又擔心現金會流失。

So it's interesting, but that's what's happening. So when you jack up PEs based on it, people think it's a free good, right? And that's what's happening in our environment in the market today. Everything is a free good.

所以這很有意思，但這就是正在發生的事。因此當你基於這點把本益比（PE）拉高時，人們就覺得那是免費的好處，對吧？而這正是我們今天市場環境正在發生的事：一切都像是免費的。

So -- and if you correlate it as we said, listen, looking at client -- looking at the growth we had in client assets, certainly, it's very strong and based on the elements of organic growth. The other elements when you start evaluating, gee, you're looking at your growth coming from net new assets. And when you look at the differential on payback that you almost have to be twice as much to even get marginally close to what you're doing.

所以——而且如果你像我們說的那樣去做關聯分析，聽著，從客戶——從我們客戶資產的成長來看，當然非常強勁，而且是建立在內生成長（organic growth）的要素之上。其他要素當你開始評估時，嗯，你會看到你的成長來自淨新增資產（net new assets）。而當你看回收期（payback）的差異時，你幾乎得做到兩倍，才可能勉強接近我們現在在做的事情。

That's what I'm saying. So the impact factor has to be consideration to the size of what we have and the growth and profitability of that and how we manage that in the organic side of it.

這就是我在說的。所以影響因子必須納入考量：我們的規模有多大、成長與獲利如何，以及我們在內生面向如何管理這些。

And you would look, the turnover in the industry, when someone leaves for a big check, they most likely leave again. If they leave in because they want to go to a place that has a better environment, culture support, et cetera, that they can relate to or their clients can, they usually stay. So there is -- now you won't see that initially, right, because of everybody transitioning, but that's the reality.

而且你會看到，產業的流動率（turnover）是這樣：當有人為了一大筆支票離開，他很可能還會再離開一次。若他離開是因為想去一個環境更好、文化與支援更到位等、他自己或他的客戶都能認同的地方，他通常就會留下來。所以——當然，一開始你不會立刻看到這點，對吧，因為大家都在轉換期，但這就是現實。

That's helpful perspective, Jim. And so is the level setting of this, if I ex out the Comerica attrition in the quarter, are we talking about the advisors that left outside of that in the quarter? Is that under 100. Just can you dimension that --

這個觀點很有幫助，Jim。那我想把這件事的基準釐清一下：如果我把本季 Comerica 的流失（attrition）排除掉，我們談的是本季除此之外離開的顧問嗎？那會是在 100 人以下嗎？能不能幫我量化一下——

No, there wasn't a lot of advisors. What I'm saying is there are some advisor practices, again, that left. And with that, you get a couple of billion dollars of flows, just like when we brought people in, in the fourth quarter, you get a couple of billion the other way. So what I'm driving at, it wasn't necessarily that there was a large movement of advisors and that's why Walter said it's lumpy.

不，顧問的人數並不多。我想說的是，有一些顧問團隊（advisor practices）又離開了。隨之而來，你就會看到幾十億美元的資金流出；就像我們在第四季把人帶進來時，你會看到幾十億美元往另一個方向流入。所以我想強調的是，並不是顧問出現了大規模移動；這也是 Walter 說它會呈現不均勻（lumpy）的原因。

But listen, what you should be looking at is, and you can compare it is when we had growth of our total asset base and our total revenue base, and that translated to very strong bottom line consistent with that, that's what I would pay for if I'm investing in a company. If I got a lot of top-line growth, but I'm not translating that after all the expenses, after amortization, after expenses for financing, all those things, then that's a different question, and I wouldn't invest like I wouldn't buy that company.

但聽著，你應該看的、也可以拿來比較的是：當我們的總資產基礎與總營收基礎成長時，最終也能轉化為與之相符、非常強勁的淨利（bottom line）。如果我是投資一家公司，這才是我願意付錢買的東西。若我有很多營收端成長，但在扣除所有費用、攤銷（amortization）、融資費用等之後，卻無法轉化出來，那就是另一個問題；我就不會投資，也不會買那家公司。

Got you. And then just for my quick follow-up here. How should I compare the HBAN deal with a normal, I'll say, 10- to 20-person advisor practice that you would hire and the type of package you give them? Is it comparable? I assume with more scale, you can offer better terms to HBAN. But how would you compare like the IRR to that deal versus a normal smaller deal?

了解。那我這邊快速追問一下：我該如何把 HBAN 這筆交易，和你們一般會聘用的、我姑且說 10 到 20 人的顧問團隊相比，以及你們給他們的方案類型？可比嗎？我猜規模更大時，你們可以給 HBAN 更好的條件。但就像 IRR 來看，這筆交易和一般較小的交易相比，你會怎麼看？

It's a 10-year deal, a growing deal with basically a strong advisor base. So it's -- and the paybacks for this are certainly we feel are within our ranges and makes sense for both of us. So you have to look at this is really a big transaction that will stay with us, will grow with us and has the stability of it. So you can't really look at a one-off. This is certainly -- IRRs are very good and certainly appropriate, but it's the stability of it and the growth potential of it.

這是一個 10 年期的交易，是一個成長型的交易，基本上擁有很強的顧問基礎。所以——我們認為它的回收期（paybacks）當然落在我們的區間內，對雙方都有意義。你必須把它視為一筆真正的大型交易：會留在我們這裡、會跟著我們一起成長，而且具備穩定性。所以你不能把它當成一次性的個案來看。這筆交易的 IRR 當然非常好、也很適切，但更重要的是它的穩定性與成長潛力。

Kenneth Lee, RBC Capital.

Kenneth Lee，RBC Capital。

Just one follow-up on the Huntington deal. Just for completeness, fair to say that the $28 billion in AUM is going to materialize in either client inflows or wrap inflows after the fourth quarter just throughout the next couple of quarters there.

就 Huntington 這筆交易再追問一點。為了完整起見，可以說這 280 億美元的 AUM 會在第四季之後，於接下來幾季以客戶資金流入或全權委託（wrap）流入的形式逐步到位嗎？

No, it will occur --

不，它會發生——

Sorry, go ahead.

抱歉，你先說。

We're targeting that most of that will occur in the fourth quarter.

我們的目標是其中大部分會在第四季發生。

Yes.

是的。

Okay. Great. And then one follow-up, if I may, just in terms of the G&A expense and recognizing the back office optimizations still ongoing within asset management. Any updated outlook around overall G&A expenses there?

好的。很好。那我再追問一個，如果可以的話：就 G&A 費用而言，並考量資產管理部門後台優化仍在進行中，對於整體 G&A 費用有沒有更新的展望？

On G&A, you're talking for the company?

你說的 G&A，是指公司整體嗎？

No, asset management.

不，是資產管理。

Yes, asset management. Asset management certainly should track in being in the range of neutral or a small negative. We really -- we still are getting the momentum. As I mentioned, we have the back office coming through. So that's in that range.

是的，資產管理。資產管理的 G&A 當然應該會落在持平到小幅下降的區間。我們確實——我們仍在累積動能。如我提到的，後台的效益正在逐步顯現。所以大概就在那個範圍。

Alex Blostein, Goldman Sachs.

Alex Blostein，Goldman Sachs。

This is [Anthony] on for Alex. Maybe just a follow-up to the recruiting discussion. I guess what channels are you seeing the most aggressive recruiting packages. And I appreciate you guys holding the line there. But at what point would you maybe need to revise your payout packages if the industry continues to trend in that direction?

我是 [Anthony] 代 Alex 提問。也許接續招募的討論追問一下：你們看到哪些通路的招募方案最激進？我也感謝你們在這方面守住底線。但如果產業持續朝那個方向走，你們會在什麼情況下需要調整你們的分潤／支付（payout）方案？

Well, actually, I think you're seeing it in both the W-2 and in the franchise where they have gotten -- both of them have gotten extremely aggressive on our fronts and commitment levels. So it's across the board. And again, this makes sense on looking at payback, looking at really the risk return of it and you gauge it because we rely on organic, and then we certainly have to make sense to really give the payback looking at all factors, not just trying to get volume.

嗯，事實上，我認為你在 W-2 與加盟（franchise）兩邊都看得到——兩邊在我們這一端的條件與承諾水準上都變得極度激進。所以是全面性的。再說一次，這必須回到回收期（payback）、回到真正的風險報酬來看，你要去衡量，因為我們依賴內生成長（organic），而且我們當然必須讓回收在考量所有因素後說得通，而不是只想追求量。

Got you. That's helpful. And maybe just for my follow-up, the certificate balances kind of continues to trend downward. So how are you thinking about the trajectory of balances from here?

了解，這很有幫助。那我再追問一下：定期存單（certificate）餘額似乎持續下滑。你們如何看待接下來餘額的走勢？

That's strictly a spread, play, really as it relates to it. And so I think we're going to see it candidly probably stabilize and stay in this range or increase a little go up. Again, but it's strictly spread depending on where rates are going from that standpoint.

那完全是利差（spread）的操作，基本上就是跟利差相關。所以坦白說，我認為我們可能會看到它趨於穩定、維持在這個區間，或小幅回升、略為增加。但再說一次，這完全取決於利率接下來往哪個方向走，從利差的角度來看。

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

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以斷線。