阿默普萊斯金融 (AMP) 2026 Q2 法說會逐字稿

Welcome to the second quarter 2026 earnings call. My name is Rebecca, and I will be your operator for today's call. (Operator Instructions) As a reminder, the conference is being recorded. I will now turn the call over to Stephanie Rabe. Stephanie, you may begin.

歡迎參加 2026 年第二季財報電話會議。我是 Rebecca，將擔任今天會議的接線員。(接線員指示) 提醒各位，本次會議將被錄音。接下來我將把電話交給 Stephanie Rabe。Stephanie，您可以開始了。

Welcome to Ameriprise Financial's second-quarter earnings call. On the call with me today are Jim Cracchiolo, Chairman and CEO; and Walter Berman, Chief Financial Officer. Following their remarks, we'd be happy to take your questions.

歡迎參加 Ameriprise Financial 的第二季財報電話會議。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。在他們致詞之後，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 張投影片，您會看到關於前瞻性陳述的說明。

Specifically, during the call, you'll hear references to various non-GAAP financial measures, which we believe provide insight into our 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 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，我們認為這些指標有助於洞察本公司的營運狀況。非 GAAP 數字與其對應 GAAP 數字的調節表可在今日資料以及我們網站 ir.ameriprise.com 上查閱。我們在本次電話會議中所做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 second 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 年第二季財報新聞稿、2025 年股東年報，以及 2025 年 10-K 年報。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 second quarter. Below that, you see our adjusted operating results, which management believes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitates a more meaningful trend analysis. Many of the comments that management makes on the call today will focus on adjusted operating results.

在第 3 張投影片，您可在頁面上方看到我們第二季的 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，這有助於加深對本公司業務的理解，並促進更具意義的趨勢分析。管理層今天在電話會議中的多數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 morning, and thanks for joining our earnings call. Ameriprise delivered another great quarter, thanks to the strength of our team and the firm, our complementary businesses, and the way we engage clients. We're performing well in a positive but dynamic market environment. That includes the impact of rates, inflation, and geopolitical volatility more broadly. And we're all seeing AI in the headlines a lot more these days.

各位早安，感謝參加我們的財報電話會議。Ameriprise 再次交出亮眼的一季，這要歸功於我們團隊與公司的實力、彼此互補的業務，以及我們與客戶互動的方式。在正向但充滿變動的市場環境中，我們表現良好。其中也包含利率、通膨以及更廣泛的地緣政治波動所帶來的影響。而且近來大家也更常在新聞標題中看到 AI。

Markets move, rates change, and technology is always evolving. But the need for our trusted advice, strong solutions, and service is only increasing in a world that is getting more complex. And that's why I feel so good about the business.

市場會波動、利率會變動，科技也持續演進。但在一個日益複雜的世界裡，對我們值得信賴的建議、強而有力的解決方案與服務的需求只會持續增加。這也是我對這項業務感到非常有信心的原因。

As you saw, our financial performance continues to be excellent. Revenues grew 13% to nearly $5 billion, driven by strong asset growth and client advisor engagement. And we're delivering that level of revenue in a nice mix of fee, transaction, and spread-based business.

如各位所見，我們的財務表現持續優異。營收成長 13% 至接近 50 億美元，主要受強勁的資產成長與客戶顧問互動帶動。而我們能達到這樣的營收水準，也得益於費用型、交易型與利差型業務的良好組合。

Adjusted operating earnings were up 14% to $1 billion, a continuation of our consistently strong performance as we maintain attractive margins and continue to invest in new product solutions, technology, and service.

調整後營運盈餘成長 14% 至 10 億美元，延續我們一貫的強勁表現；同時我們維持具吸引力的利潤率，並持續投資於新產品解決方案、科技與服務。

And EPS was up strongly, increasing 22% to $11.07. As we consistently demonstrate strong operating earnings growth and exceptional return to shareholders that is consistently differentiated across financial services, Ameriprise ROE is another powerful advantage. Our return on equity remains best-in-class at 55%, up from 51.5% a year ago.

每股盈餘（EPS）也大幅成長，上升 22% 至 11.07 美元。當我們持續展現強勁的營運盈餘成長，以及在金融服務業中始終具差異化的卓越股東報酬時，Ameriprise 的股東權益報酬率（ROE）是另一項強大優勢。我們的股東權益報酬率維持同業最佳水準，達 55%，高於一年前的 51.5%。

We also hit a new milestone in assets under management and administration advisements, which grew to $1.8 trillion, a 14% increase. What you see in our results is the benefit of the way Ameriprise is built. We consistently deliver strong results, invest strategically, while building a client-centric business that performs very well over time.

我們在管理與行政資產（AUM/AUA）方面也達成新的里程碑，成長至 1.8 兆美元，增加 14%。從我們的結果中可以看到 Ameriprise 架構所帶來的效益。我們持續交出強勁成果、進行策略性投資，同時打造以客戶為中心、能長期表現優異的業務。

Speaking of client-centric, the Ameriprise client and advisor value proposition continues to be a real differentiator. We consistently earn excellent client satisfaction of 4.9 out of 5, along with meaningful external recognition. Investors want help making decisions with confidence, and that's what our advisors excel at every day.

談到以客戶為中心，Ameriprise 的客戶與顧問價值主張持續成為真正的差異化因素。我們一貫獲得極高的客戶滿意度，達 5 分滿分中的 4.9 分，並獲得具意義的外部肯定。投資人希望在做決策時更有信心，而這正是我們顧問每天所擅長的。

Our experience drives deeper client relationships and higher advisor productivity over time. These fundamentals matter, and they help drive our strong metrics in the quarter.

我們的經驗能隨時間推進，促成更深的客戶關係與更高的顧問生產力。這些基本面很重要，也有助於推動我們本季的強勁指標表現。

Total client assets increased 15% to $1.2 trillion, driven by market appreciation and cumulative net inflows. And organic flows continue to be good, understanding that overall flows in the quarter were impacted by higher seasonal tax payments, as well as advisor transitions in the quarter, including Comerica.

客戶資產總額成長 15% 至 1.2 兆美元，主要受市場上漲與累計淨流入帶動。有機資金流仍維持良好；但需理解的是，本季整體資金流受到較高的季節性稅款支付影響，以及本季顧問轉換的影響，其中包括 Comerica。

Wrap assets reached a new record, up 19% to $732 billion, reflecting market appreciation, strong client engagement, and the value of our advice experience. The launch of our Signature Wealth Unified Managed Account has been our fastest-growing platform launch, and we continue to add capabilities, including SMAs.

全權委託（Wrap）資產創下新高，成長 19% 至 7,320 億美元，反映市場上漲、強勁的客戶互動，以及我們建議體驗的價值。我們推出的 Signature Wealth 統一管理帳戶（Unified Managed Account）是我們成長最快的平台上市案，我們也持續新增功能，包括 SMA（獨立管理帳戶）。

Transactional activity also increased up 13%, which is excellent. We invest significantly in industry-leading technology and support to help our advisors succeed. Ameriprise advisor productivity continues to increase nicely and reached a new record of 12% to $1.2 million, supported by our excellent client experience and advisor partnership.

交易活動也成長 13%，表現非常出色。我們在業界領先的科技與支援方面投入大量資源，以協助顧問成功。Ameriprise 顧問生產力持續穩健提升，並創下新高，成長 12% 至 120 萬美元，這得益於我們卓越的客戶體驗與顧問夥伴關係。

And the bank represents another growth opportunity. Assets now exceed $25 billion, up 6%. Lending growth was very strong, up 61% year-over-year, driven by pledge and mortgages. With the introduction of HELOCs and checking accounts, we're giving advisors more ways to serve client needs and bring assets to the firm. We've seen a good response to our recent bank and certificate promotions, and we know from our early results that practices using our banking solutions managed nearly 10% more assets.

此外，銀行業務代表另一個成長機會。資產現已超過 250 億美元，成長 6%。放款成長非常強勁，年增 61%，主要由質押貸款與房貸帶動。隨著推出 HELOC（房屋淨值信用額度）與支票帳戶，我們為顧問提供更多方式來滿足客戶需求並將資產帶入公司。我們近期的銀行與定存證書促銷獲得良好回應；從初步結果來看，使用我們銀行解決方案的業務團隊所管理的資產規模高出近 10%。

In recruiting, we're bringing in good experienced advisors with another 79 joining during the quarter. We're attracting advisors who want to deliver a strong, advice-based experience to be part of our terrific culture and grow.

在招募方面，本季又有 79 位優秀且具經驗的顧問加入我們。我們吸引的是希望提供強而有力、以建議為核心的服務體驗的顧問，他們也希望成為我們卓越文化的一部分並持續成長。

Our excellent technology and J.D. Power award-winning service is a big part of the draw. Many of the advisors who join us feel underserved elsewhere, and we're frustrated with their tech, service, and responsiveness. At Ameriprise, they see an integrated platform built around the way they want to work and serve clients.

我們優異的科技與獲 J.D. Power 獎項肯定的服務，是吸引他們的重要原因。許多加入我們的顧問覺得在其他地方未獲充分支援，並對其科技、服務與回應速度感到挫折。在 Ameriprise，他們看到的是一個整合式平台，圍繞他們希望的工作方式與服務客戶方式所打造。

We're selected about who we bring in, and that discipline matters. It supports stronger long-term productivity and cultural alignment, and a more attractive economic outcome over time.

我們對於引進的人選相當審慎，而這種紀律很重要。它能支持更強的長期生產力與文化契合度，並在時間推移下帶來更具吸引力的經濟成果。

In regard to our AFIG institutional business, we're on target to onboard Huntington Bank, which will bring in good assets beginning in the latter part of the year. Their advisors are excited to join us, and we're also adding other institutions along the way.

就我們的 AFIG 機構業務而言，我們正按計畫導入 Huntington Bank，預計將於今年下半年開始帶來優質資產。他們的顧問很期待加入我們，我們也在過程中持續新增其他機構。

Advisor productivity is at a new record, and we're focused on continuing our journey. Ameriprise invests significantly every year to help drive our advisor's success with a clear focus on client engagement, advisor growth, and operating efficiency.

顧問生產力創下新高，我們也專注於持續推進這段旅程。Ameriprise 每年投入大量資源，以清晰聚焦於客戶互動、顧問成長與營運效率，來推動顧問成功。

We have a very strong technology platform in place that is seamless, secure, and has excellent availability and scalability essential during volatile markets and environments. We know that rapid advances in AI are reshaping expectations for what a premium client advisor experience should be.

我們已建立非常強大的科技平台，具備無縫、可靠安全，以及在市場與環境波動期間至關重要的優異可用性與可擴展性。我們知道，AI 的快速進展正在重塑人們對高端客戶顧問體驗應有樣貌的期待。

With regard to AI, we continue to advance our efforts here, building on years of investment and innovation to help advisors grow, operate more efficiently, and deliver more personalized client advice. We anticipated these shifts and invested accordingly, building an interconnected technology ecosystem that brings together data, systems, and automation. That foundation allows us to innovate faster and bring new capabilities to advisors in ways that fit seamlessly into how they work.

就 AI 而言，我們持續推進相關工作，建立在多年投資與創新的基礎上，協助理財顧問拓展業務、提升營運效率，並提供更個人化的客戶建議。我們預見了這些轉變並相應投資，打造一個互聯的科技生態系，整合資料、系統與自動化。這一基礎使我們能更快創新，並以能無縫融入顧問工作方式的形式，為顧問帶來新能力。

Our AI is providing many benefits to advisors that include accelerating practice growth using AI insights that identify growth opportunities and strengthen client relationships. The initial results show that advisors using the firm's insights capabilities are seeing a nice increase in client engagement and productivity. We're also helping advisors operate more efficiently to simplify everyday tasks, streamline workflows and administrative tasks so advisors have more time to serve clients, grow their businesses, and deliver advice.

我們的 AI 正為理財顧問帶來多項效益，包括運用 AI 洞察加速業務成長，識別成長機會並強化客戶關係。初步結果顯示，使用本公司洞察能力的顧問，客戶互動與生產力均有明顯提升。我們也協助顧問更有效率地營運，簡化日常工作、精簡工作流程與行政作業，讓顧問有更多時間服務客戶、拓展業務並提供建議。

For example, on average, e-meeting automation saves advisors 10 to 20 hours per week. Meeting summarization helps give back five to 10 hours per week, and [Copala Premium] saves another 2.5 hours per week. So practices using these three solutions can garner more than 30 hours per week in productivity saves. And we're betting AI across the advisor experience to help advisors reduce friction, scale their practices, and deliver more personalized advice while keeping relationships at the center of everything we do.

例如，平均而言，電子會議自動化每週可為顧問節省 10 到 20 小時。會議摘要可每週再節省 5 到 10 小時，而 [Copala Premium] 每週可再節省 2.5 小時。因此，採用這三項解決方案的業務團隊，每週可累計節省超過 30 小時的生產力時間。我們也在顧問體驗的各個面向導入 AI，協助顧問降低摩擦、擴大業務規模，並在以關係為核心的前提下提供更個人化的建議。

Our efforts are being recognized. Ameriprise once again earned the Bank Insurance and Securities Association Technology and Innovation Award for 2026.

我們的努力正獲得肯定。Ameriprise 再次榮獲 2026 年銀行保險與證券協會（BISA）科技與創新獎。

Within Wealth Management, we're also seeing good momentum in the retirement protection solution business. Sales were strong again, up 20% in the quarter, led by structured products, VUL, and variable annuities without living benefit riders. We continue to see good demand for solutions that address our clients' income and protection needs.

在財富管理方面，我們也看到退休保障解決方案業務維持良好動能。本季銷售再度強勁，年增 20%，主要由結構型產品、VUL（變額萬能壽險）以及不含生存給付附加條款的變額年金所帶動。我們持續看到市場對能滿足客戶收入與保障需求之解決方案的良好需求。

The team is disciplined about having the right products to generate good client benefits and consistently earns good profitable returns for us. Our books are high-quality and they generate good free cash flow. Our margins and returns are also excellent. It's another example of the earnings diversity and free cash flow generation across Ameriprise.

團隊在配置合適產品方面紀律嚴謹，既能為客戶帶來良好效益，也能為我們持續創造良好的獲利回報。我們的業務組合品質高，並能產生良好的自由現金流。我們的利潤率與報酬也同樣出色。這是 Ameriprise 在獲利多元化與自由現金流創造方面的另一個例證。

We take the same thoughtful approach in asset management, where the team is executing well and focused on driving strong performance, profitable flows, and enhanced efficiency. Assets under management and advisement increased 10% year-over-year to $759 billion. Investment performance remains a key strength.

在資產管理方面，我們同樣採取審慎周全的做法；團隊執行到位，專注於推動強勁績效、具獲利性的資金流入，以及提升效率。管理與建議資產規模（AUM/AUA）年增 10% 至 7,590 億美元。投資績效仍是我們的關鍵優勢。

69% of our funds are above the median for one year. 75% of funds are above the median for three- and five-year periods. And across 10-year period, that increases to 87%. We also have 97 Columbia Threadneedle funds globally earning four or five-star ratings from Morningstar.

我們有 69% 的基金在一年期表現高於同類中位數；75% 的基金在三年期與五年期表現高於同類中位數。而在十年期，該比例提升至 87%。此外，我們在全球有 97 檔 Columbia Threadneedle 基金獲 Morningstar 四星或五星評等。

In terms of total flows, total net outflows improved to $6.5 billion, driven by higher gross sales in both North America and EMEA. From North America Retail, our equity flow rate is ahead of active peers, although we're still a bit behind our peers in flow rate and fixed income, recognizing we have good products given us strong performance, including in taxable bond.

就總資金流向而言，總淨流出改善至 65 億美元，主要受北美與 EMEA 地區總銷售額提升所帶動。在北美零售端，我們的股票資金流入率領先主動型同業，儘管在資金流入率與固定收益方面仍略落後同業；我們也認知到我們擁有優質產品並帶來強勁績效，包括在應稅債券方面。

We're gaining traction in active ETFs as we continue to build out our product line. In fact, last week, we launched two new active premium income ETF strategies. And our SMAs and models continue to gain good traction and growth, where we're a top 10 provider. Gross and net sales are up across a number of key partners and channels, including Ameriprise.

隨著我們持續擴充產品線，我們在主動式 ETF 方面正逐步取得進展。事實上，上週我們推出了兩項新的主動式高級收益（premium income）ETF 策略。我們的 SMA（分別管理帳戶）與模型投資也持續取得良好進展與成長，我們是前十大供應商之一。在多個關鍵合作夥伴與通路（包括 Ameriprise）中，總銷售與淨銷售均呈現成長。

I also mentioned that a strong contributor to the increase of gross sales at Columbia Threadneedle is coming from our signature weld program.

我也提到，Columbia Threadneedle 總銷售成長的一個重要貢獻來源，是我們的招牌 weld 計畫。

And another real highlight is Seligman. We have strong asset growth and flows across their mutual fund strategies as well as technology and healthcare hedge funds. In addition, we're also seeing nice growth in our EMEA real estate portfolios as we further build out the real estate business.

另一個真正的亮點是 Seligman。他們的共同基金策略以及科技與醫療保健避險基金，資產成長與資金流入皆強勁。此外，隨著我們進一步擴展不動產業務，我們也看到 EMEA 不動產投資組合呈現良好成長。

EMEA is also showing improvement in net flows with an increase in gross sales, though the environment across Europe has been a bit more volatile based on the impacts of geopolitical events. We've also recently launched three active ETFs in the EMEA region.

EMEA 的淨流向也隨著總銷售增加而有所改善，儘管歐洲整體環境因地緣政治事件影響而更為波動。我們近期也在 EMEA 地區推出了三檔主動式 ETF。

At an institutional, we're in outflows in the quarter, but our one-not-funded pipeline is in solid shape, including traction in Asia-Pacific. In terms of transformation in asset management, the completion of our back office is on track to be finalized at the end of the third quarter, which is a real positive that will bring further efficiency and savings. We continue to invest across the asset management business in new products, AI, and other technology enhancements as we continue to manage expenses well.

在機構端，本季呈現資金淨流出，但我們的「已獲承諾但尚未入金」管線狀況穩健，包括在亞太地區的進展。就資產管理轉型而言，我們後台作業的整合進度如期，預計於第三季末完成，這將帶來進一步的效率提升與成本節省。在妥善控管費用的同時，我們持續在資產管理業務投資新產品、AI 與其他科技強化。

In fact, this applies across the firm. We remain focused on transformation for growth and identifying opportunities where we can invest, simplify and improve efficiency. That helps us deliver strong margins in a very competitive industry.

事實上，這適用於全公司。我們仍聚焦於以轉型推動成長，並找出可投資、簡化與提升效率的機會。這有助於我們在競爭激烈的產業中維持強勁的利潤率。

Stepping back, Ameriprise is in an excellent position. What sets Ameriprise apart is the combination of everything we offer, backed by our highly talented and dedicated team. We have a business that generates one of the highest ROEs returns that you can see and expect on an ongoing basis. And our firm-wide margin is excellent. We're always investing in capabilities that make the firm more competitive over time and build long-term value.

從更宏觀的角度來看，Ameriprise 處於極佳的位置。讓 Ameriprise 脫穎而出的，是我們所提供的一切之組合，並由我們高度優秀且投入的團隊作為後盾。我們的業務能持續創造您所能看到並可預期的、名列前茅的 ROE（股東權益報酬率）。而我們全公司的利潤率也非常出色。我們始終投資於能讓公司隨時間更具競爭力、並建立長期價值的能力。

Ameriprise is well-positioned to navigate a changing environment and do well. We continue to earn important recognition in the marketplace. In 2026, we have been named one of America's most innovative companies from Fortune, Newsweek's most trustworthy companies in America, the Forbes Global 2000 list, and America's best companies by Time.

Ameriprise 已做好充分準備，能在變動的環境中順利因應並表現良好。我們持續在市場上獲得重要肯定。在 2026 年，我們獲評為《Fortune》美國最具創新公司之一、《Newsweek》美國最值得信賴公司、《Forbes》全球 2000 大企業，以及《Time》美國最佳公司。

Why do I mention recognition? It's because of the type of business that we have and the way we work with clients. Reputation is everything in this business, and ours has stood the test of time. With that. I'll ask Walter to provide additional color on our financials, and then we'll take your questions. Walter?

我為什麼提到這些肯定？因為這反映了我們的業務型態以及我們與客戶合作的方式。在這個行業中，聲譽就是一切，而我們的聲譽經得起時間考驗。說到這裡。我請 Walter 進一步補充我們的財務狀況，接著我們將回答各位的問題。Walter？

Thank you, Jim. Ameriprise continued to deliver strong financial results in the quarter, with adjusted operating earnings per share up 22% to $11.07. These results reflect the strength of our diversified earnings profile and the operating leverage embedded in our business as well as the return from the significant investments we continue to make.

謝謝你，Jim。Ameriprise 本季持續交出強勁的財務表現，調整後營運每股盈餘年增 22% 至 11.07 美元。這些結果反映了我們多元化獲利結構的優勢、業務中內嵌的營運槓桿，以及我們持續進行重大投資所帶來的回報。

Our ability to generate attractive growth and margins across cycles underscores the durability of our platform and the discipline we bring to execution.

我們在不同景氣循環中仍能創造具吸引力的成長與利潤率，凸顯了我們平台的韌性，以及我們在執行上所秉持的紀律。

Total assets under management, administration, and advisement increased 14% to $1.8 trillion, which, coupled with strong client engagement drove a 13% increase in revenues to $4.9 billion.

管理、行政與建議資產總額增加 14% 至 1.8 兆美元；在強勁客戶互動的帶動下，營收成長 13% 至 49 億美元。

General and administrative expenses increased 5% to $982 million, driven by volume-related expenses, continued investment for growth, and higher compensation expense in our Seligman Technology Strategy team from asset growth and performance.

一般與行政費用增加 5% 至 9.82 億美元，主要受與業務量相關的費用、持續為成長投入，以及 Seligman 科技策略團隊因資產成長與績效而提高的薪酬費用所帶動。

Adjusted operating earnings increased 14%. And our pre-tax adjusted operating margin remained strong at 27%. In the quarter, we returned 91% of operating earnings to shareholders through share repurchases and dividends, including opportunistically repurchasing 1.7 million shares at an average price of $459.

調整後營運盈餘成長 14%。而我們稅前調整後營運利潤率仍維持強勁，為 27%。本季我們透過庫藏股回購與股利，將營運盈餘的 91% 回饋給股東，其中包括把握時機以平均每股 459 美元回購 170 萬股。

Our balance sheet remains exceptionally strong with $2.1 billion of excess capital. And $2.8 billion of holding company available liquidity. We are positioned well whether the environment remains risk-on or we see it pivot to risk-off. Our diversified model enables us to continue creating value for clients, advisors, and shareholders.

我們的資產負債表依然格外強勁，擁有21億美元的超額資本。以及28億美元的控股公司可用流動性。無論市場環境維持風險偏好（risk-on），或轉向風險趨避（risk-off），我們都具備良好定位。我們多元化的商業模式使我們能持續為客戶、理財顧問與股東創造價值。

Let's turn to Wealth Management Financials on slide 6. Adjusted operating net revenues increased 16% to $3.2 billion driven by asset growth and transactional activity growth across our solution-driven model. Adjusted operating expenses in the quarter increased 16%, with distribution expenses up 18%. I will note that advisor compensation within distribution expenses increased in line with revenues advisors generate.

接著看第6頁的財富管理財務表現。調整後營運淨收入成長16%至32億美元，主要由資產成長以及我們以解決方案為導向的模式下交易活動成長所帶動。本季調整後營運費用增加16%，其中通路費用上升18%。我也要指出，通路費用中的顧問薪酬隨顧問所創造的收入同步增加。

Consistent with our expectations, G&A expenses increased 6%, primarily driven by volume and growth-related expenses, including bank expansion, AI transformation, and automation initiatives. Moreover, these investments will further enhance the client and advisor experience, helping to ensure that Ameriprise remains a preferred destination for both advisors and clients.

符合我們的預期，G&A（一般及行政）費用增加6%，主要由量能與成長相關費用所驅動，包括銀行擴張、AI 轉型與自動化計畫。此外，這些投資將進一步提升客戶與顧問體驗，協助確保 Ameriprise 仍是顧問與客戶的首選平台。

For the full year, we expect general and administrative expenses to increase in the mid-single-digit range. Pre-tax adjusted operating earnings increased 16% to $939 million, with continued strong contribution from both core and cash earnings.

就全年而言，我們預期一般及行政費用將以中個位數百分比的幅度增加。稅前調整後營運盈餘成長16%至9.39億美元，核心盈餘與現金盈餘皆持續有強勁貢獻。

In addition, our operating results highlight the strength of our underlying operating performance. Our core earnings grew in the low 30% range, benefiting from higher client assets and advisory fees, as well as strong transactional activity levels.

此外，我們的營運結果凸顯了基礎營運表現的強韌。核心盈餘成長約30%出頭，受惠於較高的客戶資產與顧問費，以及強勁的交易活動水準。

The strong core earnings that we generate is unique relative to other wealth managers and demonstrates our focus on balancing growth and sustainable profitability across all aspects of our business model. We have clearly demonstrated continued excellent and consistent financial results despite some of the slower quarters of flows, given we are competing in a highly irrational environment and the impact of Comerica, as well as the elevated tax impacts, while our peers are more heavily reliant on cash earnings.

我們所創造的強勁核心盈餘，相較其他財富管理業者具有獨特性，並展現我們在商業模式各面向兼顧成長與可持續獲利能力的聚焦。即便在資金流入較慢的季度、面對高度非理性的競爭環境，以及 Comerica 的影響與較高的稅負影響下，我們仍清楚展現持續優異且一致的財務成果；而同業則更高度依賴現金盈餘。

We believe we are in a stronger position given our balanced earnings mix. Bank earnings grew in the low-single-digit percentage range in the quarter, consistent with our expectations, while certificate earnings declined given the shift in client preferences to other products on our platform.

我們相信，憑藉均衡的盈餘組合，我們處於更有利的位置。本季銀行盈餘以低個位數百分比成長，符合我們預期；而存單（certificate）盈餘則因客戶偏好轉向平台上其他產品而下滑。

In total, cash earnings were essentially flat from a year ago. We continue to take actions to build the bank portfolio in a way that supports a strong earnings contribution going forward. The overall bank has a yield of 4.7% with a 4.2-year duration. The investment portfolio is now only 6% floating rate securities. In the quarter, new purchases at the bank were $1.1 billion at a yield of 5.2% with a 4.5-year duration.

整體而言，現金盈餘與去年同期大致持平。我們持續採取行動，以支持未來強勁盈餘貢獻的方式建構銀行投資組合。整體銀行投資組合殖利率為4.7%，存續期間為4.2年。投資組合目前僅有6%為浮動利率證券。本季銀行新增買入11億美元，殖利率5.2%，存續期間4.5年。

Last, our aggregate margins remain excellent at 29%. As we managed expenses well relative to our revenues with a significant contribution from our core business.

最後，我們的整體利潤率依然優異，為29%。我們在收入成長下有效控管費用，且核心業務貢獻顯著。

Let's turn to slide 7. Advice & Wealth Management generated solid asset growth in the quarter. Total client assets grew 15%, or $164 billion, to $1.2 trillion, and wrap assets increased 19%, or $116 billion, to $732 billion driven by solid organic growth, strong advisor productivity, and equity market appreciation. These results reflect our ongoing investment to enhance and automate advisor workflows, as well as develop insights to meet client needs. This allows advisors to spend less time on administrative tasks and more time cultivating client relationships.

接著看第7頁。本季「建議與財富管理」（Advice & Wealth Management）帶來穩健的資產成長。客戶總資產成長15%（增加1,640億美元）至1.2兆美元；wrap 資產成長19%（增加1,160億美元）至7,320億美元，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。這些成果反映我們持續投資以強化並自動化顧問工作流程，並發展洞察以滿足客戶需求。這使顧問能減少行政作業時間，將更多時間投入於經營客戶關係。

Client flows with $3.1 billion and wrap flows were $6.9 billion, reflecting a substantial acceleration in Co-America terminations exacerbated by the elevated tax payments in the quarter.

客戶資金流為31億美元，wrap 資金流為69億美元，反映 Co-America 終止案大幅加速，且本季較高的稅款支付使情況加劇。

On a normalized basis, our flows improved significantly sequentially. While our flows are below our normal historic range, they are within our expectations in light of the extremely aggressive recruiting environment which is impacting inorganic activity.

在常態化基礎上，我們的資金流按季顯著改善。雖然資金流低於我們歷史常態區間，但在極度激進的招募環境、影響非有機活動的情況下，仍符合我們的預期。

Building off our stable organic growth trends, we have selectively adjusted our programs to grow inorganically net new assets that generate profitability in both a risk-on or risk-off environment to improve our trajectory going forward.

在穩定的有機成長趨勢基礎上，我們已選擇性調整方案，以擴大能在風險偏好或風險趨避環境下皆可帶來獲利的非有機淨新增資產，進一步改善未來發展軌跡。

In the quarter, we added 79 experienced advisors. A testament to the continued strength of our visor value proposition. Saying that, many of 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 the marginal profitability benefits over the extended life of these arrangements.

本季我們新增79位資深顧問。這證明我們顧問價值主張持續強勁。話雖如此，在目前被視為風險偏好（risk-on）的環境下，我們看到的許多招募交易條件，考量到現金回收期很長，以及在這些安排的延長期間內僅帶來邊際獲利改善，已超出我們認為均衡的風險報酬取向。

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

我們將持續評估事實與情況，以衡量可持續獲利能力與資金流及其相關風險之間的取捨。此一方法將確保決策能推動持續的股東價值創造。

As we look ahead, it should be noted that outflows relating to Comerica will culminate with the completion of the contract and conversion in September. 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. This will more than offset the impact of Comerica. While the assets will move to our platform in the fourth quarter and in early 2027, we will benefit from the economics of the full book beginning in the fourth quarter.

展望未來，需要注意的是，與 Comerica 相關的資金流出將在9月合約完成與轉換時告一段落。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帶入我們的平台。這將足以抵消 Comerica 的影響。雖然資產將於第四季及2027年初移轉至我們的平台，但我們將自第四季起開始受益於整本業務的經濟效益。

We continue to actively engage, additional financial institutions in partnership discussions and have the capacity to grow this platform. Separately, we are continuing to invest in our advisor succession strategies for both internal and external advisors, including expanding and leveraging Ameriprise Personal Wealth Group, our centralized advisor group, as a potential succession option.

我們持續積極與更多金融機構就合作夥伴關係進行洽談，並具備擴大此平台的能力。另外，我們也持續投資顧問接班策略，涵蓋內部與外部顧問，包括擴大並運用 Ameriprise Personal Wealth Group（我們的集中式顧問團隊），作為潛在的接班選項。

Turning to cash. Our total client cash of $84 billion was down 2% year-over-year. Bank assets increased 6% year-over-year to $25.5 billion, with the bank representing an increasing source of earnings going forward. Cash rebalances were stable at $28.8 billion compared to $29.4 billion in the prior quarter, which is consistent with the seasonal tax pattern we would expect to see.

接著談現金。我們的客戶現金總額為840億美元，年減2%。銀行資產年增6%至255億美元，銀行將成為未來愈來愈重要的盈餘來源。現金再平衡金額為288億美元，較前一季的294億美元維持穩定，符合我們預期的季節性稅務模式。

Certificate balances declined to $7.4 billion given the current rate environment and client preferences. We continue to have elevated cash balances in the third-party money market funds at $46.6 billion. This remains an important opportunity when rates decline to see these cash balances deployed into other products on the platform.

在目前利率環境與客戶偏好影響下，存單餘額下降至74億美元。我們在第三方貨幣市場基金的現金餘額仍偏高，為466億美元。當利率下行時，這仍是一項重要機會，可望使這些現金餘額配置至平台上的其他產品。

Let's turn to slide 8. Advice & Wealth Management generated solid productivity growth. Adjusted operating net revenues increased 16% to $3.2 billion. The core wealth business is performing well given the value of our planning model and the multiple touchpoints we have with clients to meet their needs holistically.

接著看第8頁。「建議與財富管理」帶來穩健的生產力成長。調整後營運淨收入成長16%至32億美元。核心財富業務表現良好，反映我們規劃模式的價值，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。

Our fee-based and transactional revenues remain quite strong, increasing 18%, benefiting from growth in client assets and higher activity levels. Specifically, transaction activity remains strong, increasing 13% compared to the prior year. This is primarily from increased sales in annuity products and brokerage transactions.

我們的收費型與交易型收入依然相當強勁，成長18%，受惠於客戶資產成長與更高的活動水準。具體而言，交易活動仍然強勁，較去年增加13%。這主要來自年金產品銷售增加以及經紀交易增加。

I will note that our bank revenues increased in the mid-single-digit percentage range from business growth, including the expansion of lending products, while revenues from cash sweep and certificates declined. Particularly as clients reposition from term products into other offerings on our platform.

我也要指出，我們的銀行收入因業務成長而以中個位數百分比增加，包括放款產品擴張；但現金歸集（cash sweep）與存單帶來的收入則下滑。尤其是在客戶從定期產品重新配置至我們平台上的其他產品之際。

Our advisor productivity continues to grow, reaching a new high of $1.2 million, up 12% 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. We have demonstrated sustained advisor productivity growth of 10% annually over the past five years.

我們的顧問生產力持續成長，達到新的高點120萬美元，年增12%，主要由 wrap 資產與相關費用的強勁成長所帶動，並受惠於我們提供的整合式工具、科技與支援所提升的顧問效率。過去五年，我們已展現顧問生產力每年10%的持續成長。

Turning to Asset Management on slide 9, financial results were strong in the quarter. Pre-tax adjusted operating earnings increased 23% to $274 million. Results reflected asset growth, excellent growth and performance in Seligman, and the positive impact from transformation initiatives.

接著看第 9 張投影片的資產管理業務，本季財務表現強勁。稅前調整後營運盈餘成長 23% 至 2.74 億美元。結果反映資產成長、Seligman 的優異成長與績效，以及轉型計畫帶來的正面影響。

Total assets under management advisement increased to $759 billion, up 10% year-over-year from higher ending market levels.

管理與諮詢資產總額增至 7,590 億美元，年增 10%，主要受期末市場水準較高所帶動。

As Jim mentioned, net outflows improved in the quarter, most notably with strong and improved performance in our US intermediary channel. Revenues increased 14% to $947 million and the underlying fee rate remained stable at approximately 47 basis points. Expenses increased 11% in total.

如 Jim 所提到，本季淨流出有所改善，最顯著的是我們美國中介通路的強勁且改善的表現。營收成長 14% 至 9.47 億美元，基礎費率維持穩定，約為 47 個基點。費用總計增加 11%。

In the quarter, general and administrative expenses were up 9%, driven by higher compensation expense in our Seligman Technology Strategy Team from AUM growth and performance, volume-related expenses, and unfavorable foreign exchange impact.

本季一般與行政費用增加 9%，主要由 Seligman 科技策略團隊因 AUM 成長與績效帶動的較高薪酬費用、與交易量相關的費用，以及不利的外匯影響所致。

For the full year. We expect general and administrative expenses to be flat, excluding settlement and other performance fee compensation. Margin reached 43% in the quarter, which is above last year of 39% and our target range of 35% to 39%.

就全年而言。我們預期一般與行政費用將持平（不含和解費用及其他績效費相關薪酬）。本季利潤率達 43%，高於去年的 39%，也高於我們 35% 至 39% 的目標區間。

Let's turn to slide 10. Retirement & Protection Solutions continue to deliver strong earnings and free cash flow generation reflecting the high-quality of the business that we built over a long period of time. Adjusted operating revenues increased 4% to $975 million.

接著看第 10 張投影片。退休與保障解決方案持續帶來強勁獲利與自由現金流，反映我們長期打造的高品質業務。調整後營運收入成長 4% 至 9.75 億美元。

Pre-tax adjusted operating earnings were $202 million, consistent with our target range over time. Results are lower than last year, driven by continued variable annuity net outflows, as well as higher distribution expenses associated with higher sales. Profitability of this business remains excellent at a 21% margin. Turning to the balance sheet on slide 11.

稅前調整後營運盈餘為 2.02 億美元，長期而言符合我們的目標區間。結果較去年下降，主因為變額年金持續淨流出，以及因銷售較高而帶動的較高通路費用。該業務獲利能力仍相當優異，利潤率為 21%。接著看第 11 張投影片的資產負債表。

Balance sheet fundamentals and free cash flow generation remain strong, which is core to our ability to invest for growth on a sustainable basis while also continuing to return capital to shareholders. Our return on equities is best-in-class at 55%. We have an excellent excess capital position of $2.1 billion. We have $2.8 billion of available liquidity at the holding company.

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。我們的股東權益報酬率（ROE）為同業最佳水準，達 55%。我們擁有 21 億美元的優異超額資本部位。控股公司層級可用流動性為 28 億美元。

Our assets and liabilities are well-matched, and our investment portfolio is diversified and high-quality. Our disciplined capital return is a key element of our ability to consistently generate strong long-term shareholder value.

我們的資產與負債匹配良好，投資組合多元且品質高。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。

In the quarter, we returned $932 million of capital to shareholders, which was 91% of operating earnings. We have increased capital return by 25% in the first half of '26 to $1.9 billion. This included repurchasing 3.3 million shares at an average price of $467 compared to 2.3 million shares at an average price of $507 in the first half of '25, 43% more shares.

本季我們向股東回饋資本 9.32 億美元，相當於營運盈餘的 91%。我們在 26 年上半年將資本回饋提高 25% 至 19 億美元。其中包括以平均價格 467 美元回購 330 萬股，相較於 25 年上半年以平均價格 507 美元回購 230 萬股，多回購 43% 的股數。

These actions are a demonstration of the confidence we have in our continued free cash flow generation and commitment to return capital to shareholders.

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。

As we go through '26, our strong foundation, coupled with our ERM capabilities and decisioning framework, position us well to continue investing for growth in a targeted way and return capital to shareholders at a differentiated pace.

在 26 年期間，我們強健的基礎，加上我們的 ERM 能力與決策框架，使我們能以更聚焦的方式持續投資成長，並以差異化的速度回饋股東資本。

In summary, on slide 12, Ameriprise delivered solid results in the second quarter, consistent with our longer-term trend. Over the last 12 months, revenues grew 10%, adjusted EPS increased 15%, return on equity grew 260 basis points, and we returned $3.8 billion of capital to shareholders. We had similar growth trends over the past five years. With 9% compounded annual revenue growth, 17% compounded annual EPS growth, return on equity improving 10 percentage points, and we returned $14 billion of capital to shareholders. These trends are consistent over the long-term as well.

總結來看，在第 12 張投影片，Ameriprise 第二季交出穩健成果，符合我們較長期的趨勢。過去 12 個月，營收成長 10%，調整後 EPS 成長 15%，股東權益報酬率提升 260 個基點，並向股東回饋 38 億美元資本。過去五年也呈現類似的成長趨勢。營收年複合成長率 9%，EPS 年複合成長率 17%，股東權益報酬率提升 10 個百分點，並向股東回饋 140 億美元資本。這些趨勢在長期也同樣一致。

So in closing, we have an excellent foundation and capacity. Moving forward that enables consistent and sustained profitable growth.

最後總結，我們擁有優異的基礎與能力。展望未來，這將支持我們持續且穩健的獲利成長。

With that, we will take your questions.

接下來我們開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Brennan Hawken, BMO Capital Markets.

BMO Capital Markets 的 Brennan Hawken。

Good morning. Thanks for taking my questions. So Comerica advisors were expected to be a headwind this quarter and you flagged that in your prepared remarks. Can you -- maybe help us size that magnitude that you saw and give us an update on what we should expect in the third quarter when they are off-boarded as far as the total impact, I think you gave the HBAN expected benefit, but it would be helpful to understand where Comerica stands today when we refine the forecast. Thanks.

早安。謝謝讓我提問。Comerica 顧問原本預期本季會帶來逆風，你們在事先準備的發言中也有提到。你能否協助我們量化你們看到的影響幅度，並更新一下第三季在他們完成下線（off-boarded）後，我們應該預期的整體影響？我知道你們提供了 HBAN 的預期效益，但若要我們修正預測，了解 Comerica 目前的狀況會很有幫助。謝謝。

As we indicated, at the end of the third quarter, it will be $19 billion approximately exiting. We really have not, based on the client, disclosed the element, but it did accelerate significantly in the second quarter versus the first quarter, and it impacted basically our inorganic activity.

如我們所指出，到第三季末，約有 190 億美元會退出。基於客戶因素，我們其實沒有揭露該部分的細項，但相較第一季，第二季確實明顯加速，並且基本上影響了我們的非有機活動。

But we really don't get into disclosing the amounts based on the client situation. But you'll see $19 billion in total be out by the end of the third quarter.

但基於客戶情況，我們不會進一步揭露相關金額。不過你會看到到第三季末，總計 190 億美元將會退出。

So even though it was a headwind, it wasn't enough to lower the size of the total amount that's going out in the third quarter.

所以即使它是逆風，但也不足以降低第三季將流出的總規模。

Of course, yes, it was because it's happening as advisors are leaving, we're seeing -- we saw results in the first quarter. We saw that result significantly increase in the second quarter and then the reps will go out in the third quarter.

當然，是的，因為這是隨著顧問離開而發生的，我們看到——第一季已看到結果。第二季該結果顯著增加，然後代表（reps）會在第三季退出。

Right, I'm just trying to think about what is the -- what -- how much is left, right? Is it possible to get an update versus that? I think it's 18.5 --

了解，我只是想釐清——剩下的量是多少，對吧？是否可以就此提供更新？我想是 185 億——

Well, that's the plot, I understand. That's what I'm saying. It's again, the bulging of what's happening at a third-party client that we have will get by giving what's left is basically saying what's leaving, and we've chosen not to do that.

嗯，我理解你的思路。我的意思是，再次強調，這是我們某個第三方客戶正在發生的變化；若我們提供「剩下多少」，基本上就等同於在說「還會流出多少」，而我們選擇不這麼做。

Okay. Fair enough. And then thinking about recruiting, it sounds like the recruiting market remains non-economic, as you've indicated in the past. Are you seeing any early signs of rationality returning to the market in any way? And what are the sort of mile markers that you're watching when we think about that?

好的。可以理解。接著談到招募，聽起來如你們過去所說，招募市場仍然不具經濟性。你們是否看到市場在任何方面開始出現回歸理性的早期跡象？以及在評估這件事時，你們在觀察哪些里程碑指標？

So I think what we see is still, some of the deals that we're seeing, I mean, the paybacks are as high as eight years on cash basis, which is crazy, because some of them have gotten really aggressive. Even advisors are looking at it, knowing that someone's going to pull the wool out from what they get and how it's going to materialize.

我認為我們看到的仍是——我們看到的一些交易，從現金基礎來看回收期高達八年，這很瘋狂，因為有些條件變得非常激進。甚至顧問自己也在看，知道有人會在他們拿到的條件上「動手腳」，以及最終會如何落地實現。

I would say we find that we are attracting people because when they come to us, when they join or even when they look at what we have, the service, the technology, the support, they actually say it's not very good from where they are.

我會說，我們之所以能吸引人才，是因為當他們來到我們這裡、加入我們，或只是評估我們所提供的服務、科技與支援時，他們實際上會說，相較於他們目前所在的地方，那些並不好。

And I know there's a lot of promises and a lot of statements out there, but the reality of the people joining us are very clear about what it is. I just spoke to a recruit and said their technology is five years behind what ours is. Another one said the lack of responsiveness and service.

我知道外面有很多承諾與說法，但實際加入我們的人對現況非常清楚。我剛和一位招募對象談過，他說他們的科技落後我們五年。另一位則提到回應速度與服務不足。

So there's a whole bunch of reasons. I think optically people are looking at [checks], but when you look and take into account the productivity growth, the support, the servicing, how they can operate, the economics in the end come out really in our favor. Having said that, it's a discussion you really have to have for people to kick the tires in the right way. But the promises out there and what's upfront is probably different than the reality.

所以原因有很多。我認為從表面上看，人們會看著[查看]，但當你把生產力成長、支援、服務維運、他們如何營運，以及最終的經濟性都納入考量時，結果其實非常有利於我們。話雖如此，這確實是一個你必須和大家深入討論的議題，讓他們用正確的方式去實際評估。但外界的承諾與一開始呈現的內容，可能和現實有所不同。

So what we see is hopefully over time, people will understand that better. And maybe as the market changes a bit, there might be more pressure there. In our case, we feel very good about what we do and how we do it. And that's why we continue to generate very good profit and earnings and growth across the whole course.

所以我們看到的是，希望隨著時間推移，大家會更理解這一點。而且也許隨著市場有些變化，那裡可能會出現更大的壓力。就我們而言，我們對自己做的事以及做事的方式都非常有信心。這也是為什麼我們能在整個過程中持續創造非常好的利潤、獲利與成長。

Optically, I know people like to see NAA from this type of activity, but I think you've got to look through what the benefits truly are and whether that changes in different market environments. So that's the way we're thinking of it, and we feel very good about it. But I clearly would say that our service, our support, our technology, our capabilities, the leadership we provide, the training is what differentiates us.

從表面上看，我知道大家喜歡看到這類活動帶來的NAA，但我認為你必須看穿表象，去看真正的效益是什麼，以及在不同市場環境下是否會改變。所以這就是我們的思考方式，我們也對此感到非常安心。但我很清楚地會說：我們的服務、支援、科技、能力、我們提供的領導力與訓練，才是讓我們與眾不同的地方。

Great. Thanks for taking my questions.

很好。謝謝回答我的問題。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Good morning, Jim, Walter. Hope everyone's doing well. Our question is on the insurance side. What was the level of statutory earnings and dividends from the RiverSource life insurance entities in 2Q '26? Because I'm curious how it compared to the $202 million of retirement and protection pre-tax earnings in the quarter, given that you mentioned there was a sales acceleration.

早安，Jim、Walter。希望大家都一切順利。我們的問題在保險這一塊。RiverSource 人壽保險實體在26年第二季的法定盈餘與股利水準是多少？因為我很好奇，考量你提到銷售有加速，這和本季退休與保障業務2.02億美元的稅前盈餘相比如何。

And just one related one, so I'll just ask it now too. You bought back $774 million of stock in 2Q. That was up 35% year-over-year. Is that sustainable?

另外再問一個相關問題，我現在也一起問。你們在第二季回購了7.74億美元的股票。這比去年同期增加了35%。這樣的水準可持續嗎？

Okay, so on the statutory earnings, I don't have the exact number on that, but I will tell you, statutory earnings will support what are expected dividends coming from the RPS. So there will be no denigration of that cash flow. And we'll get you to that number.

好的，關於法定盈餘，我手上沒有確切數字，但我可以告訴你，法定盈餘將足以支撐預期從RPS支付的股利。因此那筆現金流不會受到任何削弱。我們會把那個數字提供給你。

And so, from the standpoint of supporting, yes, as we said, we certainly have the excess capital and the free cash flow generation. And we will stay in that [85 90] range. And as we were in this quarter, we'd be optimistic as we see opportunities to balance that shareholder value. But yes, certainly is doable from that standpoint.

至於支撐能力，是的，如我們所說，我們確實有超額資本與自由現金流的產生能力。我們會維持在那個[85 90]的區間。而且就像本季一樣，當我們看到機會時，我們會樂觀地把握，以平衡並提升股東價值。但就這個角度來看，當然是做得到的。

Thank you, Walter. That's it for me.

謝謝你，Walter。我這邊就這些。

Crispin Love, Piper Sandler.

Crispin Love，Piper Sandler。

Great. Thank you. I appreciate taking my questions. First, on margins in AWM and asset management, I think it was nearly 29% in AWM, 43% or so in asset management. Can we just discuss kind of thoughts on the outlook here. Do you believe that your investments in tech and AI could drive those even higher?

很好。謝謝。感謝讓我提問。首先，關於AWM與資產管理的利潤率，我記得AWM接近29%，資產管理大約43%。能否談談你們對這裡的展望想法？你們認為在科技與AI上的投資，是否能把利潤率推得更高？

And then maybe more so looking on the AWM inside there to just outlook and then, but then also just like balancing the competitive landscape and some headwinds there. So just curious on the big picture there.

然後更具體一點，想看AWM內部的展望；同時也想了解你們如何在競爭格局與一些逆風之間取得平衡。所以想請教整體的大方向。

So as looking at the margin in AWM, yes, that is certainly sustainable from that standpoint. Obviously, there is a component of interest in there, but looking at the bank with net insurance income generation, we feel very good about that, and it's positive nature as we go through 2026.

就AWM的利潤率來看，是的，從這個角度而言絕對是可持續的。當然其中有一部分與利息相關，但從銀行端的淨保險收入產生能力來看，我們對此非常有信心，而且在我們走過2026年的過程中，其趨勢是正向的。

And certainly, as we're seeing in core, we are certainly generating with good revenue growth and very focused expense management with investing in the business. So, yes, that is certainly sustainable from that standpoint. Again, markets play a role in that.

而且在核心業務方面，我們確實在良好的營收成長下，同時以非常聚焦的費用管理來投資業務。所以，是的，從這個角度來看確實是可持續的。再次強調，市場也會在其中扮演角色。

And then you mentioned, I think, asset management, and that is obviously we're above our range, but that range is driven by transformation and the market. And certainly, as this continues, we believe that will be sustainable also. Again, market is a factor.

你也提到資產管理，那部分顯然我們目前高於我們的區間，但那個區間是由轉型與市場所驅動的。而且隨著這個趨勢持續，我們也相信那同樣會是可持續的。同樣地，市場是一個因素。

Great, thank you. And then just one follow-up for me on AI adoption across the firm, advisor productivity, that metrics had a new record high for you guys. When you look at that metric, do you think there is significant runway there in improving productivity through tech and AI kind of over the next several quarters and years, or is there some type of tipping point where that may level out?

很好，謝謝。接著我還有一個追問，關於全公司AI採用、顧問生產力，你們那個指標創下新高。當你們看這個指標時，你們認為未來幾季到幾年，透過科技與AI提升生產力是否還有很大的成長空間，還是會有某種臨界點而趨於平緩？

Just curious on how you're looking at, say, the recent history, how that's grown, and then as you look out over time, whether can it accelerate or is it going to flatten out? Thank you.

想請教你們如何看待近期的成長軌跡，以及往後看，是否可能加速，或是會趨於持平？謝謝。

If I understand your question, I think you're saying the contribution AI is making to it on the market. Is that because you broke up there for a minute?

如果我理解你的問題，我想你是在問AI對它在市場上的貢獻。是這樣嗎？因為你剛剛有一分鐘訊號斷斷續續。

Yeah, we didn't understand that.

對，我們剛剛沒聽清楚。

Is that the essence of your question?

這是你問題的核心嗎？

More so on how it's impacting advisor productivity and if advisor productivity can continue kind of accelerating.

更主要是它如何影響顧問生產力，以及顧問生產力是否能持續加速提升。

Yeah. So as we introduce these various tools and capabilities as an example. Our eating capability and putting together for clients how they can operate with their engagement with clients and their meetings, et cetera. Advisors uptake that. So we have about 6,000 advisors utilizing that already, and they're seeing really good improvements in their time and their activities and the engagement and the conversations they can have.

是的。所以當我們推出各種工具與能力作為例子。我們的「eating」能力，以及為客戶整理他們如何運作、如何與客戶互動、如何進行會議等等。顧問會採用這些工具。所以目前大約已有6,000位顧問在使用，他們在時間運用、活動安排、互動參與度，以及能進行的對話方面，都看到非常好的改善。

So as we introduce these tools and they embed them in their practice, we are seeing those types of things are freeing up time and activity and improving. We've introduced even more informed insights. And so when the advisors use those insights, we've seen better engagement and better productivity increase.

因此，當我們推出這些工具、而他們把工具嵌入到自己的執業流程中，我們看到這些做法正在釋放時間與活動量並帶來改善。我們也推出了更具洞察力的資訊。所以當顧問使用這些洞察時，我們看到更好的互動，以及更高的生產力提升。

Now, of course, advisors have to embed this in the way they operate, and so it's always sort of an introduction and a learning curve, but as they take them on and change how they process.

當然，顧問必須把這些嵌入到他們的運作方式中，所以總會有導入與學習曲線；但當他們開始採用並改變他們的處理方式時。

We are definitely seeing those nice improvements, and I think that it's going to really continue because it's really an adoption curve that occurs, and we continue to introduce more and more. Some of that's already embedded in the tools, but at the same time, advisors have to more utilize the capability more fully. And that's what they're uptaking.

我們確實看到很好的改善，而且我認為這會持續下去，因為這本質上是一條採用曲線，而我們也會持續推出更多更多。其中一部分已經內建在工具裡，但同時顧問也必須更充分地運用這些能力。而這正是他們正在加速採用的部分。

So there's always that learning curve, of course, 10,000 advisors, but more and more are doing it, like e-meeting summarizations. They're actually uptaking that nice and they're seeing nice benefits from it. So yes, I think that will be something that will add to the productivity of freeing up their time and energy and hopefully engaging clients even more deeply.

所以當然總會有學習曲線，畢竟有10,000位顧問，但越來越多人在做，例如電子會議摘要。他們確實採用得很好，也從中看到很不錯的效益。所以是的，我認為這會透過釋放他們的時間與精力來提升生產力，並希望能更深入地與客戶互動。

Great. Thank you. That's a great point on the Advisor adoption of AI. So thank you. I appreciate you taking my questions.

很好。謝謝。你提到顧問採用AI這點非常好。所以謝謝。感謝你們回答我的問題。

Wilma Burdis, Raymond James.

Wilma Burdis，Raymond James。

Hey, good morning. Wrap flows looked robust, especially given the accelerated roll-off of Comerica in 2Q '26 and the environment. But the total client flows were a bit softer. Can you just talk about the drivers? Was it related to something with Comerica or something else? Thanks.

嗨，早安。本季的包裝式（wrap）資金流看起來相當強勁，尤其考量到Comerica在2026年第二季加速退出以及目前的環境。但整體客戶資金流稍微偏弱一些。你能談談背後的驅動因素嗎？這是跟Comerica有關，還是其他原因？謝謝。

On you're talking about the client close. Yes, as I indicated, certainly, we are seeing acceleration in Comerica. It really did accelerate versus the first quarter, and that is impacting that. Plus, as we indicated, the tax situation did also. But as I indicated, we feel very good about our organic, basically flows.

你是指客戶淨流入（client close）嗎。是的，如我所提到的，我們確實看到Comerica加速。相較第一季確實加快，這正在影響該數字。另外，如我們所說，稅務因素也有影響。但如我所提到的，我們對我們的有機（organic）資金流基本上感到非常好。

The inorganic is being impacted, as we indicated, by the aggressive nature that is taking place, both on the recruitment and on the retention. And that is the fact that, but clearly, this quarter was impacted by that acceleration of Comerica.

如我們所說，非有機（inorganic）部分正受到影響，原因是目前在招募與留任方面的競爭非常激進。而且很明顯，本季也受到Comerica加速退出的影響。

Okay, thank you. And then what are Ameriprise's opportunities to promote Columbia Threadneedle within the [ANWM] book? Are there ways to incentivize clients to choose Columbia funds, such as lower fees or other ways to incentivise those flows into the product there? Thanks.

好的，謝謝。另外，Ameriprise在[ANWM]客群中推廣Columbia Threadneedle有哪些機會？是否有方法可以激勵客戶選擇Columbia基金，例如較低費用或其他方式，來促使資金流入該產品？謝謝。

Yeah, no, we don't -- every product we put from all investment firms is on a consistent level of compensation and relationship to that. Different products have different fee levels based on their asset expense fees and other things. So ETFs are lowered in active funds and various things like that, and some are a little different, just like you just see in iShare versus another provider.

是的，不，我們不會——我們把所有投資公司的每一項產品，都放在一致的報酬與關係架構下。不同產品因其資產費用率與其他因素而有不同的費率水準。所以ETF相較主動式基金費用較低等等，有些也會略有差異，就像你看到iShare與其他供應商之間的差別一樣。

But what I would say is that Columbia has a good opportunity, and we see a nice increase in the sales activity in Columbia as they introduce their SMAs, their ETFs. We also see a nice take-up in the Signature Wealth platform, where they have the ability to actually work through the advisory part of that program very well, as other providers have. So we have seen a nice pick-up, and we think that will continue.

但我要說的是，Columbia有很好的機會；隨著他們推出SMA與ETF，我們看到Columbia的銷售活動有不錯的提升。我們也看到Signature Wealth平台的採用率不錯，他們能在該計畫的顧問（advisory）部分運作得很好，其他供應商也是如此。所以我們已看到明顯回升，我們認為這會持續。

Thank you.

謝謝。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

Good morning. If I look at the $6.9 billion of wrapped flows in the quarter. Does that include that does include the Comerica-related outflows, or is that excluding the Comerica-related outflows?

早安。如果我看本季69億美元的包裝式（wrap）資金流。這個數字是否包含與Comerica相關的資金流出，還是已排除Comerica相關流出？

Tom, that was impacted by also the outflows from Columbia -- up from low Comerica, excuse me.

Tom，那個數字也受到——來自Columbia的流出影響——呃，是Comerica的流出，抱歉。

So, Walter, to get to a core number that we can expect after this outboarding is done, we should be adding something back because you're seeing like, and you said it was accelerated. So, I'll just pick a number out of the air. If it's 4 billion or 5 billion, that's the number that you would expect to be more trendable when we think about how this looks after 3Q. Is that a reasonable way to think about it?

所以，Walter，為了得到一個在這次移轉（outboarding）完成後我們可以預期的核心數字，我們應該把某些部分加回來，因為你看到——而且你說它是加速的。我就隨便舉個數字。如果是40億或50億，那就是我們在思考第三季之後這件事結束後、較能反映趨勢的數字。這樣理解合理嗎？

Well, not to give a note, because I said yes, it is accelerated. I'm not using your number, but it did accelerate significantly. And as we look at it, yes, in this environment, as we indicated. What we historically have seen is really just not in the best interest of shareholders to pursue a number like that to try and get growth that is not profitable.

嗯，我不想給出指引，因為我說過，是的，它確實加速。我不採用你提的數字，但它確實顯著加速。而我們看待這件事時，是的，在這樣的環境下，如我們所指出的。我們過去的經驗是，為了追求那樣的數字、去取得不具獲利性的成長，對股東的最佳利益其實並不划算。

So the number will be less in this environment, but clearly, it makes sense from a shareholder standpoint, and we are attracting good flows.

所以在這個環境下，那個數字會更低，但很明顯，從股東角度來看這是合理的，而且我們也正在吸引良好的資金流。

The only thing I would say, and maybe I was a little confused with what you said. Wrap business is only one component of the client flow in Comerica, so there is other flow activity, Comerica, annuities, brokerage, other activities, so you can't it's not a one-for-one dollar between wrap and client flows.

我唯一想補充的是，也許我對你剛才的說法有點困惑。Wrap業務只是Comerica客戶資金流的一個組成部分，還有其他資金流活動——Comerica、年金、經紀業務、其他活動——所以wrap與客戶資金流之間不是一比一的對應關係。

I'm sorry, gotcha, so that would be impacting the total client flows, probably more so, yes.

抱歉，了解，所以那可能會對總客戶資金流造成更大的影響，是的。

So just the total of the 19 billion that can't will come out by the end of the September completely. That's total client flows, wrap flows is a component of that. It would end the 19, but not, I don't know the exact percentage per se, but it's less than, it's definitely less than the 19.

所以到9月底為止，總計190億會完全移出。那是總客戶資金流，wrap資金流是其中一部分。它會包含在這190億裡，但——我不清楚確切比例——但它少於，肯定少於190億。

And the only reason we're not mentioning what it is because -- only because it's a client, so we don't, and, so, but at the end, that's all I would say is the complete amount will be out by the end of the third quarter. Now, upsetting that, as we said is Huntington will be coming in in a big way, and that will be in the fourth quarter, in the beginning of first quarter. And we also are winning other AFIG type of deals as well.

而我們之所以不提具體是多少，只是因為——這是客戶，所以我們不便說明。但總之，我要說的是，完整金額會在第三季末全部移出。同時，如我們所說，Huntington將會以很大的規模進來，這會在第四季以及第一季初發生。

So we feel like a pipeline and what will offset that will be very good. And it's unfortunate because advisors that Comerica really would like to stay with us because they love what we provided and their clients do. I think, so it's not because we lost it, it's because the decision made through an acquisition that people made.

所以我們覺得管線以及可用來抵消的部分會非常不錯。這很可惜，因為Comerica的顧問其實很想留在我們這裡，因為他們喜歡我們提供的服務，他們的客戶也喜歡。所以我認為，這不是因為我們把它弄丟了，而是因為併購後所做出的決策。

Gotcha. That's awful, guys. Just for my follow-up, so, just getting back to your comment on extremely aggressive recruiting activity in the market for advisors, how would you expect that to manifest itself on your business when you think about your 29% margin this quarter? Do you still think you can hold the line considering it sounds like spreads are stable on the customer cash and what that impact might be on revenue and distribution expenses from the competition?

了解。這真糟，夥伴們。我追問一下，回到你提到市場上對顧問的招募活動極度激進，你預期這會如何反映在你們的業務上，尤其當你看本季29%的利潤率？考量到客戶現金利差似乎穩定，以及競爭對手可能對營收與通路/分銷費用造成的影響，你仍認為可以守住嗎？

And then I guess you also have Huntington getting onboarded. So there's a bunch of moving pieces here, but how do you feel about the 29% margin in light of all of those factors?

另外你們也有Huntington正在導入。所以這裡有很多變動因素，但綜合所有因素，你對29%利潤率的看法如何？

We feel good about it. Remember, we're generating this on a consistent basis across our entire business. I would probably ask you to look over the years about the continuation of that and the solid. You're always going to get some impacts based on environment and things such as that and market and behavior that's occurring out there.

我們對此感覺良好。記住，我們是在整個業務範圍內一貫地產生這樣的表現。我可能會請你回頭看看多年來這種延續性與穩健性。你總是會因環境、市場以及外部行為等因素而受到一些影響。

But what I fail to understand is how people don't look the totality of it rather than just an NAA. NAA might be good if it truly translates into real profitability on a consistent basis with strong margins. If it doesn't, then what are you paying for? It's like the eyeballs based on the internet back in 2000, what really survives. I mean, you have some of that occurring today with AI, what will happen in the end.

但我無法理解的是，為什麼大家不看整體，而只看NAA。如果NAA真的能在強勁利潤率下、持續地轉化為真正的獲利，那當然很好。如果不能，那你到底是在付什麼錢？這就像2000年網路泡沫時期用「眼球」來衡量一樣，最後真正能存活的是什麼。我的意思是，今天在AI上也有一些類似情況，最後會如何發展。

But right now, we're so enamored with people paying up because they get some fertility growth that may translate into profitability truly in the end. I don't know whether it will or not fully. But what we look at is we make those decisions in an informed basis. We definitely want people to join. We definitely give good, appropriate compensation packages. We also know the value that we truly provide and what that generates for an advisor over time.

但現在，我們太著迷於人們願意付更高的價格，因為他們得到一些可能最終會轉化為獲利的成長。我不確定它是否會、或是否能完全在最後轉化為獲利。但我們的做法是以充分資訊為基礎來做決策。我們當然希望人們加入。我們也確實提供良好且適當的薪酬方案。我們也知道我們真正提供的價值，以及這些價值隨時間為顧問帶來的成果。

If you've increased an advisor productivity year in and year in and year out. And even in the end, when they're looking for succession, that equity has built up even more strongly and more higher value. And then you can sell that because of the system we have at a premium to what you would be selling outside in one of the other networks. Those things add tremendous value that an advisor understands or needs to understand.

如果你年復一年、持續提升顧問的生產力。即使到最後，當他們在尋求接班安排時，那些股權也會累積得更扎實、價值更高。然後你可以把它賣掉，因為我們的制度，能以高於你在其他網路體系外出售的價格溢價出售。這些都會帶來巨大的價值，而顧問是理解或需要理解的。

Right now, people are taking some checks, but it doesn't mean it's going to translate to even they'd be going to benefit really better in the end. And so those are the things that we know are important, and when we're truly able to speak to people that way. They understand it, and that's why we attract them, and that's why we have a good network with our advisors here. But again, people can always think about what the short-term is, and there's a lot of short-termism today.

現在，人們確實在拿一些支票，但這不代表最後他們就一定會轉化為更好的受益。所以這些是我們知道很重要的事情，而當我們真的能用這種方式與人溝通時，他們就能理解，這也是我們吸引他們的原因，也是我們在這裡與顧問建立良好網路的原因。但再說一次，人們總是會去想短期是什麼，而如今短期主義非常盛行。

Ryan Krueger, KBW.

Ryan Krueger，KBW。

Hey, thanks. Good morning. Walter, in the prepared remarks, you mentioned selectively changing advisor programs to generate, I think, better organic net new assets in both risk-on and risk-off environments. Can you expand on what you were referring to there and any impacts that you expect going forward?

嗨，謝謝。早安。Walter，在事先準備的發言中，你提到會選擇性調整顧問方案，以在風險偏好上升與下降的環境中，帶來我想是更好的有機淨新增資產。你能否進一步說明你指的是哪些內容，以及你預期未來會有什麼影響？

Yes, because as I indicated, we have a group of programs that deal with various advisor needs and both as it relates to succession and growth and those programs. We also have an established program dealing on a remote basis with our PWG activity where we've been growing that. So there's additional activities.

是的，因為如我所說，我們有一系列方案，因應顧問的各種需求，包含接班與成長等相關方案。我們也有一個既有方案，以遠端方式支援我們的PWG業務活動，而我們一直在擴張那一塊。所以還有額外的活動。

From that standpoint, our organic capabilities are certainly more profitable and certainly for retention purposes and for meeting their objective needs. So we offer a full spectrum of capabilities that the advisor in their cycles to allow them to achieve their objectives. And as those are set programs with them, and those have been rolled out, and certainly we're expanding on, like I said, our remote advisor capability, and that is paying good dividends for us.

從這個角度來看，我們的有機能力確實更具獲利性，也確實有助於留任並滿足他們的目標需求。因此，我們提供完整光譜的能力，讓顧問在其不同週期中都能達成目標。而當這些方案與他們確立並推行後，我們也如我所說，持續擴大遠端顧問能力，而這正為我們帶來良好的回報。

Got it. And then just a question on the recruiting pipeline. You've talked about irrational competition for a while now. Last quarter, I think, despite that, you were talking about an improvement in the pipeline as the quarter progressed. How has that trended since then, I guess, over the last few months?

了解。另外想問招募管線的問題。你們談到非理性競爭已經有一段時間了。上季我記得，儘管如此，你們仍提到隨著季度推進，管線有所改善。那麼自那之後，過去幾個月的趨勢如何？

Yes. So the pipeline you served from the first to the second quarter increased nicely that we recruited, and the third quarter looks even stronger.

是的。所以從第一季到第二季，我們所看到的管線有不錯的增加，並且我們也完成了招募；第三季看起來更強。

Okay. Thank you.

好的。謝謝。

Suneet Kamath, Jefferies.

Suneet Kamath，Jefferies。

Great, thanks. Good morning. Just sticking with the recruiting outlook, just based on the announcements that you made in the second quarter, we were calculating you announced about $800 million of practice additions. And if we track that just for the month of July, it's closer to $900 million, so already surpassing 2Q.

很好，謝謝。早安。延續招募展望，根據你們在第二季做的公告，我們計算你們宣布新增的業務規模大約是8億美元。如果我們只追蹤7月，則接近9億美元，已經超過第二季。

Do you think that's a reflection of some of these changes that you're making, or is that just the timing of when practices move?

你認為這反映了你們正在做的一些變更，還是只是業務團隊轉移時間點的因素？

I'm not getting the question. I'm sorry. Can you help me with that again?

我沒有聽懂這個問題。抱歉。你能再幫我說一次嗎？

Yeah, so you guys announced these practice ads every once in a while, right? So we tracked those, and that number was $800 million in 2Q. And now, if you track it for July, it's already $900 million, so it's already above 2Q. So I guess my question is sort of a follow-up to Ryan's. Is this a function of some of the compensation package changes that you're making, or is it just random when practices decide to move? That's what I'm getting at.

好的，你們會不時公告這些新增的業務團隊，對吧？所以我們追蹤了那些公告，第二季的數字是8億美元。而現在如果追蹤7月，已經是9億美元，已經高於第二季。所以我想問的是，算是對Ryan問題的延伸：這是你們正在調整的薪酬方案所帶來的結果，還是只是業務團隊決定轉移的時間點比較隨機？我想問的是這個。

No, I think it's a combination of both from that standpoint. Certainly, we have value proposition and people evaluate, as Jim said, but certainly, as we indicated, for the right of ours and right situation, we'll make adjustments, and that's what you're saying.

不，我認為兩者都有。當然，我們有我們的價值主張，人們會評估，如Jim所說；但同時，如我們所指出的，對於合適的顧問與合適的情境，我們會做出調整，而你說的就是這點。

And then just on this concept of ANWM earnings mix, kind of core versus cash, I know you don't split it out, but we've tried to do some math around that, and we're getting to something like half of the earnings come from core and half of the earnings come from cash, give or take a little bit, which, if that's right, it sort of strikes us as pretty significantly different from some of your peers where most, if not all, of the earnings comes from cash.

另外關於ANWM獲利組合的概念，核心（core）對比現金（cash），我知道你們沒有拆分揭露，但我們嘗試做了一些推算，得到大概一半的獲利來自核心、一半來自現金，可能有些誤差；如果這是對的，感覺與一些同業差異很大，因為他們大部分、甚至全部的獲利都來自現金。

So I just wanted to pressure test that, those assumptions that we're using just to make sure we're not thinking about it incorrectly, because it seems like a pretty stark difference.

所以我想對我們使用的假設做一下壓力測試，確認我們沒有理解錯，因為看起來差異相當明顯。

Well, certainly, you're in the right ballpark. I would say there is more on the core.

嗯，當然，你大致在正確的範圍內。我會說核心的占比更高一些。

Yeah, it's definitely more than half in the core. It's more like 70%.

對，核心肯定超過一半。更像是70%。

It's more in the core. It's somewhere in between what you just said. How's that?

核心占比更高。大概介於你剛才說的兩個數字之間。這樣可以嗎？

Okay, that's better. Any additional disclosures that you guys could give us on that would be helpful. I think it is a real differentiation.

好的，這樣更清楚了。如果你們能提供更多相關揭露會很有幫助。我認為這確實是一個重要的差異化。

Yes, it is. And it's not only that, it's also the stability where the bank is to maintain that generation of earnings. Obviously, we have the bank, so we don't have to swap and we keep the premium. And certainly, the bank is be growing in its net interest income. And so, yes, I think we will look at doing that because there's certainly a big differential between the concentration we have and the concentration that exists in Pearson. I'll leave it at that.

是的，確實如此。而且不只是這點，還包括銀行端的穩定性，能維持這樣的獲利產生。很明顯，我們有銀行，所以不需要做交換（swap），我們能保留溢價。而且銀行的淨利息收入也在成長。所以，是的，我認為我們會考慮這麼做，因為我們的集中度與同業所存在的集中度之間，確實有很大的差異。我就先說到這裡。

Okay, look forward to that. Thanks.

好的，期待看到。謝謝。

Thanks.

謝謝。

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

目前沒有進一步的問題。今天的會議到此結束。感謝各位參與。您現在可以掛斷電話。