阿默普萊斯金融 (AMP) 2026 Q3 法說會逐字稿

Welcome to the Q3 2026 earnings call. My name is Connor, and I will be your operator for today's call. (Operator Instructions)

歡迎參加 2026 年第三季（Q3）財報電話會議。我叫 Connor，將擔任今天電話會議的接線員。（接線員指示）

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

提醒各位，本次會議將被錄音。現在我將把電話會議交給 Stephanie Rabe。Stephanie，您可以開始。

Welcome to Ameriprise Financial's third-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 的第三季財報電話會議。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'll see a discussion of forward-looking statements. Specifically, during the call, you'll 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 ir.ameriprise.com.

接下來請各位參考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討論。具體而言，在本次電話會議中，您將聽到對各項非 GAAP 財務衡量指標的提及，我們相信這些指標可提供對公司營運的洞見。非 GAAP 數字與其相對應 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。

Some statements that we make on this call may be forward-looking, reflecting management's expectations about future events and overall operating plans and performance. These forward-looking statements speak only as of today's date and involve a number of risks and uncertainties. A sample list of factors and risks that could cause actual results to be materially different from forward-looking statements can be found in our third 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.

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。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，可在我們 2026 年第三季財報新聞稿、2025 年致股東年度報告以及 2025 年 10-K 報告中查閱。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 third quarter. Below that, you'll see our adjusted operating results, followed by operating results excluding unlocking, which management believes enhances the understanding of our business by reflecting the underlying performance of our core operations and facilitates a more meaningful trend analysis. We completed our annual unlocking in the third quarter. Many of the comments that management makes on the call today will focus on adjusted operating results and adjusted operating results, excluding unlocking.

在第 3 張投影片，您會在頁面上方看到我們第三季的 GAAP 財務結果。其下方為我們的調整後營運結果，接著是排除解鎖（unlocking）後的營運結果；管理層認為，這能透過反映核心營運的基礎表現來增進對我們業務的理解，並有助於進行更具意義的趨勢分析。我們已於第三季完成年度解鎖（unlocking）。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，以及排除解鎖（unlocking）後的調整後營運結果。

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

接下來，我把時間交給 Jim。

Good morning, everyone, and thanks for joining us today. Ameriprise had a strong third quarter. Our results reflect the quality of our business and the value we bring to clients and advisors. We're performing well in an environment that remains positive but uncertain. In the quarter, equity markets advanced despite periods of volatility, persistent inflation, higher interest rates and geopolitical unrest.

各位早安，感謝今天加入我們。Ameriprise 第三季表現強勁。我們的結果反映了我們業務的品質，以及我們為客戶與理財顧問帶來的價值。在整體環境仍偏正面但充滿不確定性的情況下，我們表現良好。本季股市在波動期間仍然上漲，儘管通膨持續、利率較高以及地緣政治動盪。

Clients want to work with an advisor and a firm they can trust with the advice, investment expertise and solutions to fully serve their needs. That matters even more when conditions are complex. For the quarter, total assets under management, administration and advisement reached $1.8 trillion, up 8%, and the financial results we generate continue to be very strong. Excluding unlocking on an adjusted operating basis, our net revenues increased 10% to $5.1 billion, supported by higher asset levels and transactional activity with earnings per share increasing 22%, continuing our consistent record of earnings growth over time. This resulted in our best-in-class return on equity, which rose to over 56% from 52.8% a year ago, reflecting our differentiated economics.

客戶希望與他們能信任的理財顧問與公司合作，獲得建議、投資專業與解決方案，以全面滿足其需求。當情勢複雜時，這一點更為重要。本季，管理、行政與諮詢資產總額達到 1.8 兆美元，成長 8%，而我們所創造的財務成果仍然非常強勁。在調整後營運基礎上排除解鎖（unlocking）影響後，我們的淨營收成長 10% 至 51 億美元，受惠於較高的資產水位與交易活動；每股盈餘成長 22%，延續我們長期以來穩健的獲利成長紀錄。這使我們的同業最佳股東權益報酬率（ROE）由一年前的 52.8% 上升至超過 56%，反映我們差異化的經濟特性。

We're helping clients achieve their goals, growing earnings and investing in the business, all while returning substantial capital to shareholders. Let's turn to the business and our progress in the quarter. Our wealth management business is high quality and high returning. Client satisfaction continues to be excellent at 4.9 out of 5, reflecting the value of the advice and experience our advisors deliver. Information is everywhere.

我們協助客戶達成目標、推動獲利成長並投資於業務，同時也向股東回饋可觀資本。接下來談談各項業務以及我們本季的進展。我們的財富管理業務具備高品質與高報酬特性。客戶滿意度持續維持在優異水準，達到 5 分滿分中的 4.9 分，反映我們的理財顧問所提供建議與體驗的價值。資訊無所不在。

What makes the difference is the personal engagement and judgment our advisors bring, understanding each client's goals and putting the right solutions into action. That's what drives satisfaction, and that's our sweet spot. As investors seek help with important financial decisions, our advisors are well positioned. Our continued investment and support translated into more successful advisor practices and have helped Ameriprise advisors grow faster than competitors for many years. Strong organic growth led to advisor productivity increasing another 13% to a record $1.2 million per advisor.

真正帶來差異的是我們理財顧問所投入的個人互動與判斷力：理解每位客戶的目標，並將合適的解決方案付諸行動。這正是驅動滿意度的關鍵，也是我們最擅長之處。當投資人尋求在重要財務決策上獲得協助時，我們的理財顧問具備良好定位。我們持續的投資與支持，轉化為更成功的顧問執業模式，並在多年來幫助 Ameriprise 理財顧問的成長速度超越競爭對手。強勁的內生成長帶動顧問生產力再提升 13%，達到每位顧問 120 萬美元的歷史新高。

Total client assets increased 8% to $1.2 trillion. Wrap assets reached $729 billion, up 12%. The continued growth in assets reinforces the durability of our fee-based earnings. Our investment and banking capabilities give us more ways to meet clients' needs and deepen relationships that drive long-term growth. To that end, Signature Wealth continued to gain traction in the quarter with more than half of our advisors now using it for clients.

客戶資產總額成長 8% 至 1.2 兆美元。全權委託（Wrap）資產達到 7,290 億美元，成長 12%。資產的持續成長強化了我們以費用為基礎之獲利的耐久性。我們的投資與銀行能力，讓我們有更多方式滿足客戶需求並深化關係，進而推動長期成長。為此，Signature Wealth 本季持續取得進展，目前已有超過一半的理財顧問將其用於客戶。

It gives clients access to institutional quality investment management and helps advisors serve them more efficiently. And we continue to add features and investment choices.

它讓客戶得以使用具機構等級品質的投資管理，並協助理財顧問更有效率地服務客戶。我們也持續新增功能與投資選項。

Greater adoption can support asset growth across both wealth management and asset management. Our bank helps us meet clients' broader financial needs and brings assets to Ameriprise. More advisors are incorporating deposit and lending solutions in their practices. As an example, pledged lending increased more than 50%, and our mortgage portfolio grew 74%. Cash balances remained stable, consistent with how our clients and advisors utilize our cash offerings, and transactional activities continue to increase.

更高的採用率可支持財富管理與資產管理兩大業務的資產成長。我們的銀行業務協助我們滿足客戶更廣泛的財務需求，並為 Ameriprise 帶來資產。愈來愈多理財顧問在其執業中納入存款與放款解決方案。例如，質押貸款（pledged lending）成長超過 50%，而我們的房貸投資組合成長 74%。現金餘額維持穩定，符合我們客戶與理財顧問使用現金產品的方式，而交易活動也持續增加。

Also in the quarter, we recruited another 79 experienced advisors to Ameriprise. They're attracted to our culture and advice-based approach. And advisors who join us tell us our support is superior to where they came from, in particular, our integrated technology.

此外，本季我們又招募了 79 位具經驗的理財顧問加入 Ameriprise。他們被我們的文化與以建議為核心的服務方式所吸引。加入我們的理財顧問也告訴我們，相較於他們原先所在機構，我們提供的支持更為優越，尤其是我們的整合式科技平台。

Our recruiting momentum continues in a highly competitive market. There will always be advisor movement and noise in this industry, particularly as people compete very aggressively for business and publicity, and our retention remains very high. Every advisor's practice is different. We bring the strength of Ameriprise to each relationship to support growth, create value for clients, advisors and the firm. That brings us to our recent win in financial institutions.

在競爭非常激烈的市場中，我們的招募動能仍在延續。在這個產業中，顧問流動與各種雜音始終存在，特別是當各方為了業務與曝光而非常積極競爭時；而我們的留任率仍然非常高。每位理財顧問的執業模式都不盡相同。我們將 Ameriprise 的實力帶入每一段合作關係，以支持成長，並為客戶、理財顧問與公司創造價值。這也帶到我們近期在金融機構通路的勝利。

Earlier this month, we welcomed approximately 260 Huntington Bank advisors with $28 billion in client assets, our largest AFIG deal and one of the industry's most significant partnerships of its kind. This relationship expands our presence in the bank channel and demonstrates the competitiveness of our business.

本月稍早，我們迎來約 260 位 Huntington Bank 理財顧問，對應 280 億美元的客戶資產；這是我們規模最大的 AFIG 交易，也是業界同類型合作中最具代表性的夥伴關係之一。這項合作擴大了我們在銀行通路的布局，並展現我們業務的競爭力。

Huntington advisors now have our integrated technology, planning capabilities and investment solutions to deepen client relationships and grow assets. And with Huntington's recent acquisition of Cadence Bank, we'll add another 29 advisors and $4 billion in assets moving from another program to us in mid-2027. These partnerships, along with our advisor productivity growth, reflect the strength of what Ameriprise offers from a client and advisor perspective. And we see more opportunities ahead to help advisors grow with our premium brand, integrated technology and support.

Huntington 的理財顧問如今可使用我們的整合式科技、規劃能力與投資解決方案，以深化客戶關係並推動資產成長。此外，隨著 Huntington 近期收購 Cadence Bank，我們將在 2027 年年中再新增 29 位理財顧問與 40 億美元資產，這些資產將從另一個計畫轉移至我們這裡。這些合作關係，加上我們理財顧問生產力的成長，反映了 Ameriprise 從客戶與理財顧問角度所提供價值的實力。我們也看到未來仍有更多機會，透過我們的高端品牌、整合式科技與支持，協助理財顧問成長。

Following our fall ad campaign, brand awareness among our target audience has reached an all-time high. The Ameriprise brand rates very well with affluent and high net worth investors alongside other leading brands serving this target market. This recognition, together with our credentials, helps attract new clients and advisors. Technology and AI remain significant investment priorities. Our early investment in data, systems and safeguards allow us to deploy AI at scale, helping advisors serve clients, gather assets and reduce administrative work.

在我們秋季廣告活動之後，目標受眾的品牌認知度已達到歷史新高。在富裕與高淨值投資人族群中，Ameriprise 品牌與其他服務該目標市場的領先品牌相比，評價表現非常出色。這項認可，加上我們的專業資歷，有助於吸引新客戶與新理財顧問。科技與 AI 仍是重要的投資優先事項。我們在資料、系統與防護措施上的早期投資，使我們能夠大規模部署 AI，協助理財顧問服務客戶、募集資產並減少行政工作。

In fact, practices using these current capabilities can generate more than 30 hours of additional capacity each week. That's time advisors can put towards clients and business growth. With the additional time, advisors and teams can use AI to bring even more recommendations to clients. In fact, we delivered tens of millions of AI-generated insights, and nearly 3/4 of practices are using these insights. This quarter, we're beginning the early release of an AI-powered meeting prep agent and AI service assistant.

事實上，運用這些現有能力的作法，每週可額外釋放超過30小時的產能。這些時間可讓顧問投入在客戶服務與業務成長上。有了額外時間，顧問與團隊可以運用AI為客戶帶來更多建議。事實上，我們已交付數千萬則由AI產生的洞察，而近3/4的業務團隊正在使用這些洞察。本季，我們開始推出AI驅動的會議準備代理（meeting prep agent）與AI服務助理的早期版本。

In 2027, we plan to expand these capabilities with broader data integration and more automated guided workflows, building on the investments we've made and in addition to the other capabilities that we previously introduced. We invest thoughtfully and strategically in capabilities that work together on an integrated platform. That's a key advantage at Ameriprise. For example, our technology can connect client insights, meeting preparation and follow-through to help advisors move from identifying a need to taking action. Because we don't simply want advisors to affiliate with Ameriprise, we want them to achieve here.

我們計畫在2027年透過更廣泛的資料整合與更多自動化的引導式工作流程來擴展這些能力，這將建立在我們既有投資之上，並且也會在先前已推出的其他能力之外再加以強化。我們以審慎且具策略性的方式投資於能在整合式平台上彼此協同運作的能力。這是Ameriprise的一項關鍵優勢。例如，我們的科技可串聯客戶洞察、會議準備與後續追蹤，協助顧問從辨識需求到採取行動。因為我們不只是希望顧問與Ameriprise建立合作關係，我們更希望他們能在這裡取得成功。

Turning to Retirement & Protection Solutions. The business delivered very good results, including strong margins and good free cash flow generation. As we help more advisors incorporate these solutions for clients in their practices, sales increased 24%. This was driven by high demand for structured variable annuities, variable annuities without living benefit riders and VUL. RPS strengthens our client experience, and we continue to enhance our product suite.

接著談退休與保障解決方案（Retirement & Protection Solutions）。該業務交出非常好的成果，包括強勁的利潤率與良好的自由現金流創造。隨著我們協助更多顧問在其業務中為客戶導入這些解決方案，銷售額成長24%。這主要由對結構型變額年金、無生存給付附加條款（living benefit riders）的變額年金，以及VUL（變額萬能壽險）的高度需求所帶動。RPS強化了我們的客戶體驗，我們也持續擴充產品組合。

And AI is helping us to accelerate underwriting and lowering processing costs while we maintain disciplined risk management. We're also simplifying the digital sales process to make it easier for advisors to bring these solutions to clients. Turning to asset management. We're delivering attractive investment performance and profitability while expanding our capabilities and distribution to support growth. Assets under management and advisement rose to $743 billion with growth in equities and alternatives.

此外，AI正協助我們加速核保並降低處理成本，同時維持嚴謹的風險管理。我們也在簡化數位銷售流程，讓顧問更容易將這些解決方案帶給客戶。接著談資產管理。我們在擴展能力與通路以支持成長的同時，持續提供具吸引力的投資績效與獲利能力。受惠於股票與另類資產成長，管理與諮詢資產規模上升至7,430億美元。

Strong investment performance is key. We offer 92, 4- and 5-star funds globally and 78% of our retail funds are above median versus peers over 3 years, 74% over 5 years and 87% over 10 years. Having good long-term track records is important in our business. Turning to flows. Outflows were $8.4 billion, excluding legacy insurance flows, primarily driven by certain larger institutional mandates largely due to client asset allocation decisions.

強勁的投資績效是關鍵。我們在全球提供92檔四星與五星基金，且我們的零售基金有78%在三年期相較同業高於中位數、五年期為74%、十年期為87%。在我們的業務中，良好的長期績效紀錄非常重要。接著談資金流向。若排除傳統保險（legacy insurance）資金流，淨流出為84億美元，主要由部分較大型的機構委託案所致，且多半源自客戶資產配置決策。

Overall, our retail flows continue to compare consistently with U.S. peers with outperformance in equities and more opportunity for us to gain traction in fixed income. We're mitigating pressure in our legacy mutual fund franchise and from certain closed blocks that have good economics. We're building out our capabilities in active ETFs, SMAs and models. We are seeing good inflows.

整體而言，我們的零售資金流向持續與美國同業保持一致的比較表現；在股票方面表現更佳，而在固定收益方面我們仍有更多機會提升動能。我們正緩解來自傳統共同基金（legacy mutual fund）業務以及部分已封閉區塊（closed blocks，具良好經濟效益）的壓力。我們正在擴建主動式ETF、SMA（分別管理帳戶）與模型投資的能力。我們看到良好的資金流入。

This includes in our Signature Wealth platform, where we're earning a nice share. We also launched 2 new premium equity income strategies in the United States in the quarter. Our higher fee alternatives business is also gaining momentum, and you're seeing the results in our stable fee rate and attractive margins. Seligman is a source of differentiated performance and nice flows through its long-only technology strategies and technology and health care hedge funds. We're also seeing good opportunities in our U.K.

其中包括在我們的Signature Wealth平台上，我們正取得不錯的市占份額。本季我們也在美國推出兩項新的高端股票收益策略。我們收費較高的另類投資業務也在加速成長，您可從我們穩定的費率水準與具吸引力的利潤率中看到成果。Seligman透過其純多頭科技策略，以及科技與醫療保健避險基金，帶來差異化的績效與良好的資金流入。我們也在英國看到不錯的機會。

and European real estate business, including several attractive asset purchases. And we recently announced a strategic collaboration with Hamilton Lane, initially focused on launching a public-private growth equity interval fund in the coming months.

以及歐洲不動產業務，包括數筆具吸引力的資產收購。此外，我們近期宣布與Hamilton Lane展開策略合作，初期將聚焦於在未來幾個月推出一檔公私募成長股權區間基金（public-private growth equity interval fund）。

In global asset management, we continue to simplify the business to lower cost and support profitability while investing in technology and AI. Here, we're using AI to expand research capacity, help investment teams assess information faster and better prepare our distribution teams for client discussions. Our firm-wide approach to AI combines the disciplined investment and responsible oversight you expect from us, focused on enhancing the experience for clients, advisors and employees while driving growth and efficiency. At Ameriprise, trusted advice, broad capabilities and excellent service drives client satisfaction, advisor productivity and deeper relationships. That translates into attractive financial performance and returns.

在全球資產管理方面，我們持續簡化業務以降低成本並支持獲利能力，同時投資於科技與AI。在此，我們運用AI擴大研究產能，協助投資團隊更快評估資訊，並讓我們的通路團隊為與客戶的討論做更充分準備。我們全公司的AI策略結合了您對我們所期待的嚴謹投資與負責任的監督，聚焦於提升客戶、顧問與員工的體驗，同時推動成長與效率。在Ameriprise，值得信賴的建議、廣泛的能力與卓越的服務，帶動客戶滿意度、顧問生產力與更深的關係。這轉化為具吸引力的財務表現與報酬。

We continue to generate substantial free cash flow with return on equity above 56%. We also increased our share repurchases in the quarter, and our Board approved a new $5.5 billion share repurchase authorization, reflecting the strength and confidence in the long-term value of Ameriprise. We consistently invest for growth and return significant capital to shareholders. At Ameriprise, our outcomes and their consistency set us apart. When markets are rising, many firms can perform well.

我們持續創造可觀的自由現金流，股東權益報酬率（ROE）超過56%。本季我們也提高了庫藏股回購規模，董事會核准新的55億美元股票回購授權，反映出對Ameriprise長期價值的實力與信心。我們一貫投資於成長，並向股東回饋可觀資本。在Ameriprise，我們的成果及其一致性使我們脫穎而出。當市場上漲時，許多公司都能有良好表現。

But the real test is how you perform when conditions get tougher. We've been through that many times, and we've shown we can navigate change, keep growing and deliver strong results to our clients, advisors, employees and shareholders. In closing, in addition to the firm's differentiators I've mentioned, for 2027, Ameriprise was named to Forbes' Most Trusted Companies list and also recognized as one of Forbes World's Best Employers. These awards reflect the confidence in Ameriprise as both a company to do business with and a place to work. With that, I'll turn things over to Walter for more detail on our financials, and then we'll take your questions.

但真正的考驗是在環境變得更艱難時，你的表現如何。我們已多次經歷這樣的情況，並證明我們能因應變化、持續成長，並為客戶、顧問、員工與股東交出強勁成果。最後，除了我提到的公司差異化優勢之外，Ameriprise在2027年入選《富比士》最值得信賴公司（Most Trusted Companies）名單，並獲選為《富比士》全球最佳雇主之一（World's Best Employers）。這些獎項反映外界對Ameriprise的信心，無論是作為合作往來的公司，或是作為工作的場所。接下來我把時間交給Walter，請他更詳細說明我們的財務狀況，之後我們將回答各位的問題。

Walter?

Walter？

Thank you, Jim. Ameriprise continued to deliver strong financial results in the quarter in aggregate and within each of our businesses. Adjusted operating earnings, excluding unlocking, increased 14% and up 22% on a per share basis. These results reflect the strength and durability of our diversified earnings profile, operating leverage across businesses and disciplined execution. Total assets under management, administration and advisement increased 8% to $1.8 trillion, which, coupled with strong client engagement drove a 10% increase in revenues to $5.1 billion, excluding unlocking.

謝謝你，Jim。Ameriprise本季整體以及各項業務均持續交出強勁的財務成果。調整後營運盈餘（不含unlocking）成長14%，以每股計則成長22%。這些結果反映出我們多元化獲利結構的強度與韌性、跨業務的營運槓桿，以及嚴謹的執行力。管理、行政與諮詢資產總額成長8%至1.8兆美元；再加上強勁的客戶互動，帶動營收（不含unlocking）成長10%至51億美元。

General and administrative expenses increased 3% to $975 million, driven by volume-related expenses, continued investments for growth and higher compensation expense from asset growth and performance. The margin remained strong at 28%, excluding unlocking. Our balance sheet remains exceptionally strong, enabling a 93% payout ratio in the quarter with diluted share count declining 7% to 90 million, reflecting continued share repurchases. We closed the quarter with $2 billion of excess capital and $2.3 billion of holding company available liquidity. We are positioned well to invest in profitable growth and drive sustained value creation for clients, advisors and shareholders through changing markets, rate and competitive environments.

一般與行政費用成長3%至9.75億美元，主要由與業務量相關的費用、持續的成長投資，以及因資產成長與績效帶動的較高薪酬費用所致。利潤率（不含unlocking）仍維持強勁，為28%。我們的資產負債表依然格外強健，使本季得以達成93%的配發率（payout ratio），且稀釋後流通股數下降7%至9,000萬股，反映持續的股票回購。本季結束時，我們有20億美元的超額資本，以及控股公司可用流動性23億美元。我們具備良好條件，可在市場、利率與競爭環境變動之下，投資於具獲利性的成長，並為客戶、顧問與股東推動持續的價值創造。

Let's turn to Wealth Management financials on Slide 6. Adjusted operating net revenues increased 13% to $3.4 billion. Our fee-based and transactional-based revenues remain quite strong, increasing 15%, benefiting from growth in client assets and higher activity levels. Specifically, transaction activity remained strong, increasing 6% compared to the prior year, primarily from increased sales in annuity products and brokerage transactions. We are managing expenses well with G&A up 4%, primarily driven by volume and growth-related investments.

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13%至34億美元。我們的以費用為基礎與以交易為基礎的收入仍相當強勁，成長15%，受惠於客戶資產成長與較高的活動水準。具體而言，交易活動維持強勁，較去年成長6%，主要來自年金產品銷售增加與經紀交易成長。我們也妥善控管費用，一般與行政費用成長4%，主要由業務量與成長相關投資所帶動。

For the full year, we continue to expect general and administrative expenses to increase in the mid-single-digit range. Pretax adjusted operating earnings increased 12% to $989 million with continued strong contributions from both core and cash earnings. Our core earnings grew more than 20%, benefiting from higher client assets and advisory fees as well as strong transactional activity levels. These results are unique relative to other wealth managers and demonstrates our focus on balancing growth and sustainable profitability across all aspects of our business model. We believe we are in a strong position given our more balanced earnings mix relative to peers.

就全年而言，我們仍預期一般及行政費用將以中個位數百分比的幅度增加。稅前調整後營運收益成長12%至9.89億美元，核心收益與現金收益皆持續提供強勁貢獻。我們的核心收益成長超過20%，受惠於客戶資產與諮詢費提高，以及強勁的交易活動水準。相較於其他財富管理業者，這些成果具獨特性，並展現我們專注於在商業模式各面向兼顧成長與可持續獲利能力的努力。鑑於我們相較同業更為均衡的收益組合，我們相信自身處於有利位置。

Cash earnings were essentially flat to a year ago, driven by an increase in the bank, offset by lower certificate balances and lower short-term rates. Last, our margin remained excellent at 29% with strength in both core and cash. We expect margins to stay in this range, assuming normal market conditions.

現金收益與去年同期大致持平，主因銀行業務增加，但被定期存單餘額下降及短期利率較低所抵銷。最後，我們的利潤率仍維持在優異的29%，核心與現金兩者皆表現強勁。在假設市場狀況正常的情況下，我們預期利潤率將維持在此區間。

Let's turn to Slide 7 on Advice & Wealth Management. Total client assets grew 8% to $1.2 trillion and wrap assets increased 12% to $729 billion, driven by solid organic growth, strong advisor productivity and equity market appreciation. Excluding Comerica, client net inflows were up 56% versus last year to $5.3 billion, and wrap net inflows were up 38% versus last year to $6.6 billion, reflecting continued solid underlying organic activity. Our focus remains on driving advisor productivity. In the quarter, revenue per advisor grew 13% to $1.2 million, which is a continuation of a strong track record of growth from consistent strategic investment in the operating framework for AWM in total and for our advisors.

接著請看投影片7，顧問與財富管理（Advice & Wealth Management）。客戶資產總額成長8%至1.2兆美元，包裹式（wrap）資產成長12%至7,290億美元，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。排除Comerica因素後，客戶淨流入較去年增加56%至53億美元；包裹式淨流入較去年增加38%至66億美元，反映持續穩健的基礎有機活動。我們的重點仍在提升顧問生產力。本季每位顧問的營收成長13%至120萬美元，延續我們透過對AWM整體及顧問營運架構的持續策略性投資所建立的強勁成長紀錄。

This drives sustainable value creation at the practice and company level. Specific areas of focus to drive these productivity improvements include an excellent value proposition, support and operational foundation for our advisors to consistently deliver a differentiated client experience, organic and inorganic advisor practice growth strategies across the full life cycle of their practices, stability and depth of our operating and technological capabilities and our strong field leadership structure. Our approach reinforces the long-term partnership between the firm and the advisor and represents a 2-way commitment. As a result of our consistent support over many years, our advisor retention remains strong across our overall advisor base, including long-tenured advisors who have been with the firm for more than 10 years, where retention remains in the high 90% range. This focus led to strong and improving organic client flows, which increased sequentially.

這將在執業層級與公司層級帶來可持續的價值創造。為推動這些生產力提升，我們聚焦的具體領域包括：具吸引力的價值主張、支援與營運基礎以協助顧問持續提供差異化的客戶體驗、涵蓋顧問執業全生命週期的有機與非有機（併購/招募）成長策略、我們營運與科技能力的穩定性與深度，以及強大的前線領導架構。我們的方法強化公司與顧問之間的長期夥伴關係，並代表雙向承諾。由於多年來持續的支持，我們整體顧問群的留任率仍然強勁，包括在公司任職超過10年的資深顧問，其留任率仍維持在接近90%後段的水準。此一聚焦帶動強勁且改善中的有機客戶資金流入，並較前一季增加。

Our organic flow rate remained in the 4% range. The inorganic recruiting environment remains competitive in this perceived risk-on backdrop. In the quarter, we onboarded 79 advisors with good production levels. The pipeline is good, and we have selectively adjusted our offers to reflect the continued competitive environment. We have a proven track record of effective onboarding and on the ability to increase advisor productivity.

我們的有機流量率仍維持在約4%的區間。在此被視為偏好風險（risk-on）的環境下，非有機招募環境仍具競爭性。本季我們完成79位顧問的到職導入（onboarding），其產能水準良好。案源管道（pipeline）狀況良好，我們也已選擇性調整方案，以反映持續的競爭環境。我們在有效導入新顧問以及提升顧問生產力方面，具備經驗證的良好紀錄。

The combination of organic net new asset growth, coupled with our ability to compete effectively for the right advisors, will enable growth while preserving our margins as we move forward. We will continue to evaluate the facts and circumstances and assess the trade-offs between sustained profitability, flows and associated risk. Our approach reflects disciplined stewardship of the business with a focus on sustained shareholder value creation over the long term.

有機淨新增資產成長與我們有效競爭、吸引合適顧問的能力相結合，將使我們在前進過程中得以在維持利潤率的同時實現成長。我們將持續評估事實與情況，並衡量可持續獲利能力、資金流入及相關風險之間的取捨。我們的方法體現對業務的嚴謹管理，並以長期持續創造股東價值為核心。

With regard to our financial institutions business, as Jim said, Ameriprise and Huntington Bank completed the transition of their advisors to Ameriprise on October 19. We continue to actively engage additional firms in partnership discussions and have the capacity to grow this platform further. Turning to cash. Our total client cash of $81 billion was down 5% year-over-year, primarily from third-party money market funds as well as Comerica transition. Bank assets increased 2% year-over-year, and underlying cash sweep balances were stable.

關於我們的金融機構業務，如Jim所述，Ameriprise與Huntington Bank已於10月19日完成其顧問轉移至Ameriprise的過渡。我們仍持續積極與更多公司就合作夥伴關係進行洽談，並具備進一步擴大此平台的能力。接著談現金。我們的客戶現金總額為810億美元，年減5%，主要來自第三方貨幣市場基金以及Comerica過渡的影響。銀行資產年增2%，而基礎的現金掃入（cash sweep）餘額保持穩定。

I note that cash sweep has been very consistent with an average account size of approximately $5,000. We benchmark our cash sweep rates regularly to ensure we remain competitive with the industry. Turning to asset management on Slide 8. Financial results were strong in the quarter with pretax adjusted operating earnings up 18% to $308 million and an excellent margin of 46%. Total assets under management and advisement increased to $743 billion, up 4% year-over-year from higher ending market levels.

我補充說明，現金掃入一直非常穩定，平均帳戶規模約為5,000美元。我們會定期對照同業基準檢視現金掃入利率，以確保我們在產業中維持競爭力。接著看投影片8的資產管理。本季財務表現強勁，稅前調整後營運收益成長18%至3.08億美元，且利潤率優異，達46%。管理與諮詢資產總額增至7,430億美元，年增4%，主要來自期末市場水準較高。

Revenues increased 9% to $990 million, and the underlying fee rate remained consistent at approximately 48 basis points. Expenses remain well managed. General and administrative expenses were up 2%, driven by higher Seligman compensation expense and volume-related expenses. For the full year, we continue to expect general and administrative expenses to be flat, excluding Seligman and other performance fee compensation. Let's turn to Slide 9.

營收成長9%至9.90億美元，而基礎費率維持一致，約為48個基點。費用仍維持良好控管。一般及行政費用增加2%，主要由Seligman較高的薪酬費用及與業務量相關的費用所帶動。就全年而言，排除Seligman及其他績效費薪酬後，我們仍預期一般及行政費用將持平。接著請看投影片9。

Retirement & Protection Solutions continued to deliver strong and consistent earnings and free cash flow generation, reflecting the high quality of the business. Excluding unlocking, pretax adjusted operating earnings were $198 million. This reflected continued market appreciation and favorable life claims, offset by impacts from variable annuity outflows and higher distribution expenses related to strong structured annuity sales. The company completed its annual actuarial assumption update in the quarter, which resulted in an unfavorable after-tax impact of $74 million as described in the earnings release. I'll note, the long-term care business is performing well and in line with our expectations, and we've included additional information in the appendix of my presentation.

退休與保障解決方案（Retirement & Protection Solutions）持續提供強勁且穩定的收益與自由現金流創造，反映該業務的高品質。排除解鎖（unlocking）影響後，稅前調整後營運收益為1.98億美元。這反映市場持續上漲與理賠經驗有利，但被變額年金資金流出及因結構型年金銷售強勁而增加的通路費用所抵銷。公司於本季完成年度精算假設更新，如財報新聞稿所述，導致稅後不利影響7,400萬美元。我補充說明，長期照護業務表現良好且符合我們的預期，我也在簡報附錄中提供了更多資訊。

Turning to the balance sheet on Slide 10. Balance sheet fundamentals and free cash flow generation remain strong, which is core to Ameriprise and our ability to invest for growth on a sustainable basis while also returning significant capital to shareholders. Our return on equity is best-in-class at 56%, excluding unlocking. Given our capital strength and share price opportunity, we accelerated our capital return to $1 billion, which was 93% of operating earnings. We have increased capital return by 24% in the year to $2.9 billion.

接著看投影片10的資產負債表。資產負債表基本面與自由現金流創造能力仍然強勁，這是Ameriprise的核心，也支撐我們在可持續的基礎上投資成長，同時向股東回饋可觀資本。我們的股東權益報酬率（ROE）為同業最佳水準，達56%，排除解鎖影響後亦然。鑑於我們的資本實力與股價機會，我們將資本回饋加速至10億美元，相當於營運收益的93%。今年以來我們的資本回饋增加24%至29億美元。

This included repurchasing 4.9 million shares at an average price of $491 compared to 3.7 million shares at an average price of $508 in year-to-date 2025. We have also announced a new larger share repurchase authorization of $5.5 billion through September 30, 2028. These actions are a demonstration of our confidence we have in our continued free cash flow generation and commitment to return capital to shareholders.

其中包括以平均價格491美元回購490萬股，相較之下，2025年迄今為止為以平均價格508美元回購370萬股。我們也宣布新的、更大規模的庫藏股回購授權，金額為55億美元，期限至2028年9月30日。這些行動展現我們對持續創造自由現金流的信心，以及回饋股東資本的承諾。

In summary, on Slide 11, Ameriprise delivered very good results in the third quarter, consistent with our longer-term trend. Over the last 12 months, revenues grew 11%, adjusted EPS increased 19%, return on equity grew 340 basis points, and we returned $3.9 billion of capital to shareholders. This was an acceleration of our very good growth trends in the past 5 years with 8% compounded annual revenue growth, 17% compounded annual EPS growth, return on equity improving 6 percentage points, and we returned over $14 billion of capital to shareholders. Our unique model consistently generates strong overall results, profitable growth, free cash flow and a differentiated outcome for our clients, advisors and shareholders. In closing, we have an excellent foundation and capacity moving forward to make investments for growth, drive organic net new assets and effectively recruit, enabling consistent and sustained profitable growth.

總結而言，在投影片11，Ameriprise於第三季交出非常良好的成果，與我們較長期的趨勢一致。過去12個月，營收成長11%，調整後每股盈餘（EPS）成長19%，股東權益報酬率提高340個基點，且我們向股東回饋了39億美元資本。這是我們過去5年非常良好成長趨勢的加速：營收年複合成長率8%、EPS年複合成長率17%、股東權益報酬率提升6個百分點，且我們向股東回饋超過140億美元資本。我們獨特的模式持續產生強勁的整體成果、獲利性成長、自由現金流，並為客戶、顧問與股東帶來差異化的成果。最後，我們具備優異的基礎與能力，可在未來持續投資成長、推動有機淨新增資產並有效招募人才，從而實現一致且可持續的獲利性成長。

We will continue to evaluate trade-off decisions in the context of delivering on our stewardship principles, maintaining strong margins across our businesses and commitment to sustained shareholder value creation. With that, we'll take your questions.

我們將持續在落實我們的受託管理原則、維持各項業務的強勁利潤率，以及致力於持續為股東創造價值的脈絡下，評估各項取捨決策。接下來，我們將開始回答各位的提問。

(Operator Instructions) Suneet Kamath, Jefferies.

(接線員指示) Jefferies 的 Suneet Kamath。

I wanted to start with the comments on the wealth management recruiting and retention strategy. So it sounds like you're making some changes to your packages. Some of that's been reported in the press. So we're getting a lot of questions on it. And I was just wondering if you could maybe detail how widespread are these changes?

我想先從你們對財富管理招募與留任策略的評論談起。聽起來你們正在對你們的方案做一些調整。其中一些已在媒體上有所報導。因此我們收到很多相關問題。我想請問你們是否可以更詳細說明，這些變動的範圍有多廣？

What are you doing? And just any additional information on that would be helpful.

你們具體在做什麼？另外，任何補充資訊都會很有幫助。

Suneet, it's Walter. First at Ameriprise, we are not making changes. Our entire focus has always been on organic growth and the strategies that we have are focused on growing their practices and understanding the value proposition we give and how we can improve that with them. That is totally consistent the way we've managed this. That is not a change.

Suneet，我是 Walter。首先，在 Ameriprise，我們沒有做任何變更。我們一貫的重點始終是有機成長；我們的策略聚焦於協助顧問擴大其業務，並理解我們所提供的價值主張，以及我們如何與他們一起持續改善。這完全符合我們一向的管理方式。這不是改變。

That is a focus of the way we operate our business to grow organically, and to meet our clients' needs and their needs to that investment. That investment has commitments from us and from them to continue that in a very focused way, and you've seen the results of that as it relates to our performance and implication. As it relates to that, the strategy and what has generated our margins, we'll continue that way because it's consistent with the way we're doing it, and we get certainly the investment and the payback as it relates to that. So that I -- what's in the press, I guess, from my standpoint is not dealing with our organic approach to it and not a churn factor to it. We want to grow our value proposition with our RARs, and we're doing that.

這是我們經營業務、推動有機成長的核心重點，並用以滿足客戶需求，以及顧問在該投資上的需求。這項投資需要我們與他們雙方的承諾，以非常聚焦的方式持續推進；你也已看到這在我們的表現及其影響面向所帶來的成果。就此而言，該策略以及其所帶動的利潤率，我們會持續沿用，因為這與我們一貫的做法一致，而且就此我們確實看得到投入與回報。因此——就我個人觀點，媒體上的內容並不是在談我們的有機做法，也不是什麼「流失/周轉」因素。我們希望與我們的 RARs 一起提升我們的價值主張，而我們正在這麼做。

And that's what is the focus.

這就是我們的重點。

Okay. So I mean, not to pin you down, but it sounds like what you're saying is the stuff that's being reported in the press is not consistent with the approach that you're taking?

了解。所以我的意思是，不是要逼你表態，但聽起來你在說，媒體報導的那些內容，與你們正在採取的做法並不一致？

Yes. So, Suneet, first of all, we're out recruiting like everyone else, and we just mentioned that we brought in another good group of advisors. Very clearly, what we really put out there is what we do for advisors. So, I just read another letter last night from an advisor that joined us a year ago from another firm, said they were blown away about the support, the technology, the capabilities. They've never grown as quick over the last year, even through transition.

是的。Suneet，首先，我們跟其他人一樣都在招募，我們也剛提到我們又引進了另一批優秀的顧問團隊。非常清楚的是，我們真正對外呈現的是：我們能為顧問做什麼。我昨晚剛讀到另一封信，是一位一年前從其他公司加入我們的顧問寫的；他說他們對於我們的支援、科技與能力感到非常驚艷。他們表示，在過去一年，即使處於轉換期，他們的成長速度也從未如此之快。

And they said, we have a very large practice. And to be very honest, they said, we're always concerned if we were to move what the implications to our clients and the practice would be and said, they thanked us, they thanked the leadership, the recruiting because of what they have here, and they never thought it would be as good. So that's what we do, and we explain that, including with advisors that might be thinking as selling -- getting sell the package. What you see out there is there's a lot of movement. We've always had movement in our industry in terms of advisors, our retention remains very high.

他們說，他們的業務規模非常大。而且坦白說，他們表示一直擔心如果搬遷/轉換，對客戶與業務會有什麼影響；並表示他們感謝我們、感謝管理層、感謝招募團隊，因為他們在這裡得到的一切，從未想過會這麼好。這就是我們在做的事，我們也會向顧問說明這些——包括那些可能正在考慮「賣方案、拿方案」的顧問。你在外面看到的是大量流動。我們這個產業一直都有顧問流動；而我們的留任率仍然非常高。

It's in the high 90s, very high for anyone leaving to a competitor. Now we have retention because of succession. We have a retention that are impacted by deaths. We have 10,000 some-odd. So, our advisor count is consistent year-over-year.

留任率在 90% 後段（high 90s），就任何離開轉投競爭對手的情況而言都非常高。當然，我們也有因接班而產生的留任/變動。也有因死亡而受影響的留任/變動。我們大約有 10,000 多名（顧問）。因此，我們的顧問人數年對年是持平一致的。

We haven't lost in that regard. There's a lot of noise out there from anonymous source from recruiters with their own agendas. I don't want to comment. You can write into anything today and it gets published. We work with advisors to understand what they're looking to do and grow, including people that maybe get an office out there.

在這方面我們並沒有流失。外面有很多雜音，來自匿名來源、以及帶著自身議程的招募人員。我不想評論。你今天可以把任何內容寫進去，然後就會被刊登。我們與顧問合作，了解他們想做什麼、如何成長——也包括那些可能在外面拿到一個辦公室（機會）的人。

We evaluate arrangements with the advisors to help them achieve their objectives, whether that's through practice acquisition, succession strategies, liquidity. And we even make adjustments for complex teams, so it's equitable for them and their practices. And that's what we look to do to help them accomplish their objectives at the same time, accomplish our firm objectives. So we work in partnership with our advisors, whether they're here and not looking to leave or that they get an offer or there's something that they think is always evaluated based on what people are saying out there, whether they deliver it or not. So whether it's going to an RIA or another firm, we look at the comparison.

我們會評估與顧問之間的安排，以協助他們達成目標，無論是透過併購其業務（practice acquisition）、接班策略、或流動性需求。我們甚至會針對複雜的團隊做調整，讓安排對他們及其業務而言更公平。這就是我們希望做到的：在協助他們完成目標的同時，也完成我們公司的目標。因此我們與顧問以夥伴關係合作——不論他們已在這裡且不打算離開，或是他們收到邀約，或是他們認為外界所說的某些事情需要評估（不論對方是否真能兌現）。所以不論是轉去 RIA 或其他公司，我們都會做比較。

Some advisors don't understand. They think there's something that's rosier or whatever until you really have to explain to them and understand what the difference is, what they give up and what it might mean to them. So -- but people will always move, right? Just like all of you go from one firm to another at certain points in time. So from our perspective, our retention is very high.

有些顧問並不了解。他們以為那邊有更美好的前景之類的，直到你真正向他們解釋並讓他們理解差異：他們會放棄什麼，以及這對他們可能意味著什麼。所以——但人們總是會移動，對吧？就像你們各位在某些時間點也會從一家機構跳到另一家。因此從我們的角度來看，我們的留任率非常高。

What we look at is that productivity. And as Walter said, that productivity continues to be strong. We have good margins and we maintain it. I would just say this, people say, well, 5 and 10 years out or whatever, there's going to be a big payback from this. I look at it and say, great, but markets will change, environments will change.

我們關注的是生產力。而如 Walter 所說，這個生產力持續強勁。我們有良好的利潤率，而且我們維持住了。我只想說，有人會說，5 年、10 年之後之類的，這會帶來很大的回收。我看待這件事會說，很好，但市場會變、環境會變。

Private equity may move someplace else quickly if they can't get their multiple return. Ameriprise is going to be here. But more importantly, our advisors are going to be highly productive and supported, and that's what we do. So I can't handle anything published in the industry. But sometimes people need to understand a little more before they write things.

如果私募股權拿不到其倍數報酬，可能很快就會轉往別處。Ameriprise 會一直在這裡。但更重要的是，我們的顧問將會保持高度生產力並獲得支持，而這就是我們在做的事。所以我無法去處理產業裡所有被刊登的內容。但有時候，人們在寫東西之前需要多了解一些。

So, let me just add as a finer point, too, because it always comes down to the so what of it. Our strategy that Jim just described is what has generated our performance, our margins, our sustained value. It's currently doing it, and it will do that in the future. We see no denigration from that standpoint. That strategy basically does drive our sustained profitability and meet our stewardship of serving our clients, serving our advisors and doing it in the most effective way.

另外我也補充一點更細的觀察，因為最後總會回到「那又如何」的問題。Jim 剛描述的策略，正是帶來我們績效、利潤率與持續價值的原因。它現在正在發揮作用，未來也會如此。從這個角度我們看不到任何弱化。該策略基本上確實驅動我們的持續獲利能力，並履行我們的受託管理責任：服務客戶、服務顧問，並以最有效的方式做到。

Okay. That's helpful. And then on the follow-up, just on the AFIG opportunity. I think that you said that you're looking at some other opportunities out there. I guess how should we think about the size of those?

好的。這很有幫助。接著追問一下，關於 AFIG 的機會。我想你提到你們正在看外面的一些其他機會。那我們應該如何看待那些機會的規模？

Should we think about HBA as sort of the elephant or the big whale and everything else you're looking at? Would likely be smaller? Or are there actually opportunities of similar size?

我們是否應該把 HBA 視為那種「大象」或「大鯨魚」，而你們正在看的其他項目很可能會更小？還是其實也存在規模相近的機會？或者確實有類似規模的機會？

So, Suneet, we already have other smaller firms. Again, we don't mention every one that we bring in or in the pipeline. But, Huntington is one of the largest ever done out there. And I think that's going really well. We're there to support and make sure that they can really capitalize on what we brought together and grow.

所以，Suneet，我們其實已經有其他較小的公司。同樣地，我們不會把每一家我們納入或在管線中的都逐一點名。不過，Huntington 是我們在外部做過規模最大的一筆之一。而且我認為進展非常順利。我們在那裡提供支援，並確保他們能真正把我們整合帶來的優勢發揮出來並成長。

And I think there will be other opportunities. And I would think that we're now very well established. Huntington will show others that we can support larger activities and do that well. Our capabilities are something that is differentiated out there. And what we do to support advisors and help them really grow productivity, but also serve their clients well.

我也認為還會有其他機會。而且我認為我們現在已經非常穩固地建立起來了。Huntington 會向其他人證明，我們能支援更大型的活動，並且能把它做好。我們的能力在市場上是有差異化的。以及我們如何支援顧問、協助他們真正提升生產力，同時也把客戶服務好。

And that's what banking institutions want and that we can provide that service and consistency. So I think that this is a good opportunity, and it opens the door for us.

而這正是銀行機構想要的，而我們也能提供那樣的服務與一致性。所以我認為這是一個很好的機會，也為我們打開了大門。

Brennan Hawken, BMO Capital Markets..

Brennan Hawken，BMO 資本市場。

So thank you for laying out the net new assets, excluding Comerica. I believe you had previously said that the starting point for that asset base was $19 billion. So I just wanted to confirm that. And assuming it's right, could you help us understand what the profile of the $5-and-change billion headwind that preceded this quarter looked like across the quarters ahead of time, just so we can get an underlying assessment of the net new ex-noise.

所以謝謝你把淨新增資產（排除 Comerica）說明清楚。我記得你之前提過，那個資產基礎的起點是 190 億美元。所以我只是想確認一下。另外，假設這是正確的，你能否協助我們理解在本季之前、累計約 50 億多美元的不利因素（headwind），在前面幾個季度分布的樣貌是什麼？這樣我們才能對排除雜訊後的淨新增有一個更底層的評估。

Yes. So as we talked about the Comerica, yes, I can confirm on that basis, the math from that standpoint, the swing. And the majority of Comerica is out from that standpoint, and we've experienced $19 billion. There will be some small portion going out going forward. And we are -- again, our organic flows, and that's where we're focused, are certainly stable and growing based on the investments that we talked about.

是的。就像我們談到 Comerica 時所說，是的，我可以在那個基礎上確認，從那個角度來看，數學上就是那樣的擺動（swing）。而且從那個角度來看，Comerica 的大部分已經流出，我們經歷的是 190 億美元。未來仍會有一小部分繼續流出。而我們——再次強調，我們關注的有機資金流（organic flows）——基於我們談到的投資，確實是穩定並且在成長。

And so from that standpoint, I feel comfortable as we look forward that we will continue to generate good organic growth and certainly deal with the recruitment in an effective way, as we said we would do, on a fact and circumstance basis to make sure we generate the right returns that make sense for us and for the wider advisors coming into the network. Is that clear?

因此從這個角度來看，展望未來我很有信心，我們會持續產生良好的有機成長；同時也會如我們所說，以有效的方式處理招募（recruitment），依據事實與情況逐案評估，確保我們能產生對我們、以及加入網路的更廣泛顧問群而言都合理的正確報酬。這樣清楚嗎？

Yes. No, that helps. And then just a follow-up to Suneet's question. So when we look at the trends around your advisor loan growth over the past few years, it's been in line with most peers despite your stated aversion to recruiting. You guys touched on and gave plenty of color around how you view the press reports.

是的。不，這很有幫助。接著追問一下 Suneet 的問題。當我們看你們過去幾年顧問貸款成長的趨勢時，儘管你們一再表示不偏好招募，但成長仍與多數同業一致。你們也談到並對媒體報導的看法提供了很多補充說明。

So that's super clear. But the topic of retention loans, could you maybe touch specifically on those tools and your view on those tools, and whether or not maybe the attention might have drawn more FA attention to such optionality here recently?

所以那點非常清楚。但關於留任貸款（retention loans）這個主題，你能否更具體談談這些工具以及你們對這些工具的看法？以及近期的關注是否可能讓更多理財顧問（FA）注意到這裡的這種選擇性？

What we do, and where some of our loan builders because we help with succession, we help with practice acquisitions. So advisors actually buy other practices, and we help to do that transition. So that's the liquidity for the selling advisor and that the teams taking them over can then substantially build without putting out all that cash. So we work in partnership, and that's part of the big loan practices that we do, that helps both them grow, but also it's good for the company, and it serves the clients well. And so, that's what we look at.

我們所做的，以及我們部分貸款方案的用途，是因為我們協助接班（succession），也協助執業收購（practice acquisitions）。所以顧問實際上會購買其他執業團隊，而我們協助完成那個轉換。因此，這為出售方顧問提供流動性，而接手的團隊也能在不必一次拿出所有現金的情況下大幅擴張。所以我們以夥伴關係合作，這也是我們所做的大型貸款業務的一部分；它既能幫助他們成長，對公司也有利，並且能把客戶服務好。所以這就是我們看待的重點。

And then as I said, as people are evaluating, we will make adjustments based on what they're committed to achieve, what they need to do in their practices for that liquidity or for team members. We make adjustments if they're complex practices, so it's equitable that will help them achieve what they need to achieve here. So, those are the things that we work on, and we do that in partnership. But what we do across 10,000 advisors is help them grow. We don't just associate and say it's up to them.

然後如我所說，當人們在評估時，我們會根據他們承諾要達成的目標、他們在執業中為了流動性或團隊成員所需要做的事情來做調整。如果是複雜的執業，我們也會做調整，確保公平，並幫助他們在這裡達成需要達成的目標。所以這些就是我們在做的事情，我們以夥伴關係來推動。但我們對 10,000 名顧問所做的，是幫助他們成長。我們不只是把他們納入，然後說一切都靠他們自己。

We give them the technology. We work with them on their practice management to see where there's opportunity and how they can do that. We provide experts in coaching. We give them the support in practice with individual support that we provide. Those are the things that differentiate Ameriprise because we care for them, and we care for what they can deliver to the clients so that satisfaction.

我們提供他們科技。我們與他們一起做執業管理，看看機會在哪裡、以及他們如何做到。我們提供教練式輔導的專家。我們在執業層面提供支援，包含我們提供的個別支援。這些就是讓 Ameriprise 與眾不同的地方，因為我們關心他們，也關心他們能為客戶交付什麼，從而帶來滿意度。

That's what makes Ameriprise strong, and that's what makes the practices strong. So you can term it whatever you want, but that's what we do, and we've been successful. And so you can look at our numbers consistently. You can look at our retention consistently. You can look at our productivity consistently.

這就是讓 Ameriprise 強大的原因，也讓各個執業團隊強大。所以你想怎麼稱呼都可以，但我們就是這麼做，而且我們一直很成功。因此你可以持續地看我們的數據。你可以持續地看我們的留任率。你也可以持續地看我們的生產力。

But there's a lot of promises out there. You've got good markets, you've got a good environment. People get aggressive. You've got people that are trying to start new firms, consulting, sell their wares. Listen, you can't -- that's where the industry is right now.

但市場上有很多承諾。市場表現不錯，環境也不錯。人們就會變得更激進。有人試著成立新公司、做顧問諮詢、販售他們的產品與服務。聽著，你無法——這就是產業目前的狀態。

I think it will change again. It has over the years. I've been in the business for many, many years. But Ameriprise will stay good and strong, and our advisors will be supported and highly productive.

我認為它之後還會再改變。多年來一直如此。我在這個行業很多很多年了。但 Ameriprise 會保持良好且強健，而我們的顧問會獲得支援並維持高度生產力。

So, let me just add one thing because this is based upon understanding the advisor. This is not a commodity approach to things or just throwing money. This is understanding their objective sets, what we bring to the table for a long-term sustainable element that works for them and works for us. This is geared around their practice to ensure that their practice grows and we help them grow, building on the capabilities we already give them and then seizing upon that opportunity. So, this is not done as one fits all.

所以，我再補充一點，因為這是建立在理解顧問的基礎上。這不是把事情當成商品化的做法，也不是單純砸錢。這是理解他們的目標組合，以及我們能提供什麼，形成對他們與對我們都可長期永續的要素。這是圍繞他們的執業來設計，確保他們的執業成長，而我們也協助他們成長，在我們已經提供的能力之上再加以延伸，並把握那個機會。所以，這不是一體適用（one fits all）的做法。

It is done for basically on an individual basis based on their objective sets and our objective sets and the key operator where it's strategically aligned.

基本上是依個別情況來做，根據他們的目標組合與我們的目標組合，以及在策略上對齊的關鍵驅動因素。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

This is Chris O'Brien on for Steven. I wanted to ask something a little bit more broad on the competitive environment with potentially 2 more rate hikes coming in the next 12 months. I'm curious if this changes your outlook at all for the overall competitive environment for recruiting and if it changes your outlook as to what you expect for some of the PE-backed firms that have offered some of the more aggressive packages?

我是代 Steven 出席的 Chris O'Brien。我想問一個更宏觀的問題：在未來 12 個月可能還會再升息 2 次的情況下，競爭環境會如何。我很好奇，這是否會改變你們對整體招募競爭環境的看法；以及是否會改變你們對那些由私募股權（PE）支持、並提供較激進方案的公司之預期？

Well, yes, the answer is, obviously, we've looked at the environment. We certainly do multivariable analysis of what the implications are if those 2 hikes come. We certainly think there's a probability as you look at certainly where the Fed and others have indicated where that is. The key element to us, when we build this in, it is basically a factor of -- it's a noncontrollable. It's a benefit.

嗯，是的，答案是，很明顯地，我們已經評估過這個環境。如果那 2 次升息發生，我們當然會做多變量分析來評估其影響。當你看聯準會以及其他人所指示的方向時，我們確實認為發生的機率存在。對我們而言，關鍵要素是，當我們把這個納入建模時，它基本上是一個——不可控因素。它是一項利多。

It's something that you don't bank on that is going to continue because you don't control it. But I do expect in this situation of risk on, people will seize the moment to basically invest more and provide deals that are out there that go even stretch beyond the 7 and 8 years because they are counting on that cash. I can't get into their models. I know what we do. We do it for sustainability, makes sense, considering it.

這不是你能指望會持續下去的事情，因為你無法控制它。但我確實預期在這種風險偏好上升（risk-on）的情境下，人們會把握時機，基本上會加大投資，並提供市面上那些甚至延伸到超過7年與8年的交易，因為他們是仰賴那筆現金流。我無法深入他們的模型。我知道我們怎麼做。我們是以永續性為出發點來做，這樣做有道理，也會納入考量。

But the issue is we recognize it's a noncontrollable, and we have a balance between our core profitability and cash profitability.

但問題在於，我們認知到這是不可控的，因此我們會在核心獲利能力與現金獲利能力之間取得平衡。

I would just say one other thing. Fed raises rates. Why are they raising rates? I think you never know what that causes and cracks in the environment, and the market for that matter. So, listen, we go through cycles.

我再補充一點。聯準會升息。他們為什麼要升息？我認為你永遠不知道這會在環境中、甚至在市場中造成什麼影響與裂縫。所以，聽著，我們會經歷景氣循環。

It's not always a good thing, and it's not always going to go up. So Ameriprise looks at those things, challenges what that is and ensures that we're in good stead. I can't talk for others. But they may be continue, as Walter said, to do -- get more aggressive or they may get and understand that the environment could change and there are impacts when it does.

這不見得總是好事，也不會永遠只漲不跌。因此 Ameriprise 會檢視這些因素，挑戰其背後的假設，並確保我們處於穩健狀態。我無法替其他人發言。但他們可能會如 Walter 所說，繼續採取更積極的作法；或者他們也可能會理解環境可能改變，而一旦改變就會帶來影響。

Great. And if I could just follow up --

很好。如果我可以再追問一下——

(Operator Instructions) Tom Gallagher, Evercore ISI.

(接線員指示) Tom Gallagher，Evercore ISI。

Current levels --

目前的水準——

Your line is open. Please go ahead. We were not hearing you.

您的線路已開通。請開始。我們剛才聽不到您的聲音。

Okay. Can you hear me now?

好的。現在聽得到我嗎？

Yes, we can hear you, Tom.

是的，Tom，我們聽得到。

Okay. So Walter, I think you mentioned you expect stable AWM margins at around current levels. Does that contemplate customer cash balances declining? Because I know this quarter, you had more moving into money market funds, which I guess pressured the balances. Would you expect that trend to continue in terms of seeing a decline?

好的。所以 Walter，我想你提到你預期 AWM 的利潤率大致會維持在目前水準附近穩定。這是否已將客戶現金餘額下降納入考量？因為我知道本季有更多資金轉入貨幣市場基金，我猜這對餘額造成壓力。你是否預期這個趨勢會持續、也就是會看到餘額下滑？

Or was there something unusual about the quarter?

還是說本季有什麼不尋常的因素？

No. The quarter is actually -- normally in this quarter, it drops and then it starts building up in the fourth quarter. We had Comerica coming through, which distorted that number. But again, that is the fact of it. Actually, it's stable.

沒有。本季其實——通常在這一季會下滑，然後在第四季開始回升。我們有 Comerica 的案子進來，扭曲了那個數字。但再次強調，事實就是如此。實際上，它是穩定的。

It's tracking exactly where we are. And so that has -- it is incorporated in building, as we said, growing from that standpoint and getting the benefits of certainly as we go paydowns, maturities and other things as we go forward. So, we feel quite comfortable. And with the sweep money, candidly, it is well managed, and we have ALM capability that is understand from that standpoint. So, there's nothing unusual.

它的走勢完全符合我們目前的狀況。因此，正如我們所說，這已被納入規劃：從這個基礎往上成長，並且在未來隨著償還（paydowns）、到期（maturities）以及其他事項推進時，取得相應的效益。所以我們感到相當安心。而就掃入資金（sweep money）而言，坦白說，管理得很好，我們也具備資產負債管理（ALM）能力，從這個角度是理解且可控的。所以沒有什麼不尋常。

So, Walter, you would not expect to see a decline in margin and the AUM that you make on customer cash going forward. Is that a fair --

所以 Walter，你不預期未來你們在客戶現金上所賺取的利潤率以及 AUM 會出現下滑。這樣說公平嗎——

Yes, that's a fair statement. How's that?

是的，這樣說很公平。這樣可以嗎？

Okay. Good. My follow-up is I know institutional flows were softer this quarter in asset management. Jim, from the way you described it, it sounded like there were some chunky reallocations related outflows in the quarter. Would you expect that to improve?

好的，很好。我的追問是：我知道本季資產管理的機構資金流（institutional flows）較疲弱。Jim，依你剛才的描述，聽起來本季有一些較大筆的再配置導致資金流出。你預期這會改善嗎？

Or do you think that, that may continue for a while here on the institutional side?

還是你認為在機構端，這種情況可能還會持續一段時間？

No, I expect that to improve. There's a lot of volatility, particularly in Europe, et cetera, over the last many months. And so I expect that to improve. As I also mentioned in my talking points, we're seeing some good activity in some of our alternatives area, which is great. Our real estate area, ETFs, we'll be launching some more.

不，我預期會改善。過去好幾個月波動很大，尤其是歐洲等地。因此我預期會改善。另外如我在重點發言中提到的，我們在部分另類投資領域看到不錯的動能，這很好。我們的不動產領域、ETF，我們也會再推出一些。

We just put 2 premium ones to the market, and we will actually be doing more next year. Our model business is doing well. Signature Wealth is doing well for Columbia. So underneath it, I mean, even in the outflows in retail, the equity is like half of the outflow in the industry on a rate basis. Where we're a little weaker is in fixed income.

我們剛把兩檔高端（premium）的產品推向市場，明年實際上還會做更多。我們的模型投資業務表現良好。Columbia 的 Signature Wealth 表現也很好。所以從底層來看，我的意思是，即便零售端有資金流出，股票型的流出在產業中以比率來看大約只有同業的一半。我們相對較弱的是固定收益。

We're not getting some in certain of the categories, and that's what we're focused on. But we think that we can get that over time as well. But overall, I think we're making some underlying adjustments, but the institution is what is the visibility right now, but we think that we can get some wins there.

在某些類別我們沒有拿到一些資金流入，這正是我們聚焦的地方。但我們也認為隨著時間推進，我們可以把這部分補上。但整體而言，我認為我們正在做一些底層調整；目前能見度主要反映在機構端，但我們認為在那裡也能拿下一些勝利。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

We already got our question, so thanks so much.

我們的問題已經問到了，非常感謝。

Karim Assef, Bank of America.

Karim Assef，美國銀行。

Just one question on the gross fee yields. I recognize that the Fed rate hike happened late in the quarter. But if I look at like 2Q versus 3Q, there was a sequential decline in the gross yields across like the bank certificates and others. So could you maybe speak to that a little bit?

我只有一個關於總費率收益率（gross fee yields） 的問題。我知道聯準會升息發生在本季較後段。但如果我看例如第二季對第三季，像銀行定存證（certificates）以及其他項目的總收益率出現了季比下滑。你能否稍微談一下這點？

No. From that standpoint, as it relates to our strategy, obviously, we have invested out with the bank and other things. So there is -- that is an element that we got the benefit of the short rates and candidly, it's just our certs and others, there's nothing unusual in there that I would talk about as it relates to yield at all because it will work its way through, and that's it. And, on bank, we invested out. And from a standpoint, you'll see some benefits.

可以。就我們的策略而言，顯然我們透過銀行以及其他項目做了投資配置。因此其中有一部分我們受惠於短端利率；坦白說，就我們的定存證等項目而言，裡面沒有任何不尋常之處，至於收益率我也沒有什麼特別要說的，因為它會逐步反映出來，就這樣。而在銀行端，我們已經做了投資配置。從這個角度，你會看到一些效益。

So I'm not sure we'll check what you're saying, but there is no implication to that.

所以我不確定——我們會去核對你所說的情況，但那並不代表有任何含意。

Wilma Burdis from Raymond James & Associates, Inc. is online with a question.

Raymond James & Associates, Inc. 的 Wilma Burdis 在線上提問。

With the higher share repurchases in the quarter, can you just talk about how you think about that? Was it driven more by the share price in the quarter? Or does it represent a change in how you think about repurchases?

本季股票回購增加，你能談談你們如何看待這件事嗎？這更多是由於本季股價所驅動嗎？還是代表你們對回購的思考方式有所改變？

So, as we've always said, we have the capacity and we will evaluate as we look at opportunistic situations, and that's what occurred in the quarter. We thought it was opportunistic, and that's what we did, and we have the capacity to do it and we did.

所以，正如我們一直說的，我們有能力，也會在看到具機會性的情況時進行評估，而本季就是這樣的情況。我們認為這是具機會性的，所以我們就做了；我們也有能力這麼做，因此就做了。

And overall, this seems like a pretty good quarter, nice beat on EPS, good recruiting, good flows in the wrap and overall, just pretty normal results. It seems like Comerica -- or not Comerica, Huntington Bank is a good win there. Do you guys feel pretty good about the outlook? Maybe just talk about that. Is this a good run rate type quarter?

整體來看，這似乎是相當不錯的一季，EPS 明顯超預期，招募表現良好，wrap 業務資金流入也不錯，整體而言結果相當正常。看起來 Comerica——或不是 Comerica，是 Huntington Bank，是一個很好的勝利。你們對前景感覺相當不錯嗎？也許談談這點。這是一個可作為常態運行水準（run rate）的季度嗎？

Yes, we feel very good. I think and you look at as well. If you look at the fundamentals of the business, the core activities of the business, the consistency and the productivity, all that we feel good about. Our pipeline continues to be good from a recruiting. Our retention continues to be very high.

是的，我們感覺非常好。我想你也可以看到。如果你看業務的基本面、業務的核心活動、一致性與生產力等，我們對這些都很有信心。我們在招募方面的案源（pipeline）持續良好。我們的留任率也持續非常高。

Overall, from a company perspective, we're managing investments well and investing in a lot of good areas that we're seeing good activity on. And at the same time, we manage our expense base well, so the margins will hold. And as we move forward, again, we very much focus on that consistency of what we're delivering. And you could see it in the last 5 years, 10 years, whatever you want to look at and including this year. So to your point, I think you can say based on the fundamentals of the business and what we're doing, we feel good.

整體而言，從公司角度來看，我們把投資管理得很好，也在許多我們看到活動良好的領域進行投資。同時，我們也把費用基礎管理得很好，因此利潤率將能維持。而隨著我們往前推進，我們再次非常專注於我們所交付成果的一致性。你可以從過去5年、10年，或你想看的任何期間（包括今年）看得出來。所以就你提到的重點而言，我認為你可以說，基於業務基本面以及我們正在做的事情，我們感覺良好。

Kenneth Lee, RBC Capital Markets.

Kenneth Lee，RBC Capital Markets。

Just one on the retirement side there. Just given the current rate outlook, higher long-term yields there, do you see potential benefits over time in terms of the earnings generation within that business, especially as you get potentially higher new money yields?

關於退休業務那邊我有一個問題。考量目前利率展望、長天期殖利率較高，你是否看到隨時間推移在該業務的獲利創造方面可能出現的好處，特別是當你可能獲得更高的新資金殖利率時？

Yes. Listen, our RPS business is one that makes huge contributions to our other businesses. And yes, we have managed that risk return. It is an accumulation business, and we feel very comfortable with its contribution, the stability of its contribution and the way we manage it. And yes, going forward, it will be stable.

是的。聽著，我們的RPS業務對我們其他業務有非常大的貢獻。而且是的，我們已經把風險與報酬管理得很好。這是一項累積型業務，我們對它的貢獻、貢獻的穩定性，以及我們管理它的方式都非常有信心。而且是的，往前看，它會保持穩定。

It will be -- also provides a counterbalance in cycle changes and other things. So it is exactly performing the way we designed it and candidly making a contribution, not just on the financial side, but also on what it contributes to our ability to meet our clients' needs in AWM and asset management.

它也會——在景氣循環變化及其他因素上提供一個對沖平衡。所以它正如我們設計的那樣運作；坦白說，它不僅在財務面做出貢獻，也在其對我們於AWM與資產管理中滿足客戶需求的能力方面做出貢獻。

Yes. And the way we're investing, we'll continue to generate good spread there and good investments that will give us a good return.

是的。而且以我們目前的投資方式，我們將持續在那裡創造良好的利差，以及帶來良好報酬的優質投資。

Got you. Very helpful there. And just one follow-up, if I may, just in terms of the annual unlock, the actuarial review there. Any further color around some of the key policyholder behavior assumption changes that were made there?

了解。非常有幫助。如果可以的話再追問一個，關於年度解鎖（annual unlock）與精算審查。能否再多分享一些，這次調整中針對保戶行為假設所做的幾項關鍵變更？

Yes. What you're seeing there is currently something that is expected and the performance on the behavioral side, both in the variable annuities and insurance is all within basically boundaries of us understanding of the behavioral aspects of it. So we feel very comfortable for how we're managing the risk return on that portfolio, the behavioral characteristics. And yes, it is an environment when you have so much appreciation in the equity markets and others, that's -- it's totally within our anticipation. So, we feel very comfortable with managing that portfolio, and currently the impact is, we feel as we project out, is totally aligned.

是的。你現在看到的是目前符合預期的情況；在行為面，不論是變額年金或保險，其表現基本上都落在我們對其行為面理解的範圍界線之內。因此，我們對於如何管理該投資組合的風險報酬與行為特性非常有信心。而且是的，在股市等市場大幅上漲的環境下，這——完全在我們的預期之內。所以，我們對管理該投資組合非常有信心；而目前的影響，我們認為在往外推估時也完全一致、對齊。

Tom Gallagher, Evercore ISI.

Tom Gallagher，Evercore ISI。

Jim, I just wanted to come back to the kind of the elephant in the room on -- and I know you've been asked about it already. But when we look at some of those press reports that talked about how -- I think the implication was there was some broad retention program being rolled out. It sounds like that's not happening from what you're saying, just to confirm that. And the other thing I've noticed is, I guess, in some of the prior calls, you were talking about irrational competition for recruiting in terms of some of the packages being offered. I didn't really notice you mentioning that this call.

Jim，我想回到房間裡那頭大象——我知道你之前已被問過。但當我們看一些媒體報導談到——我想其暗示是有一個廣泛的留才方案正在推行。聽起來依你所說並沒有這件事，我只是想確認一下。另外我注意到的是，我想在之前幾次電話會議中，你提到在招募方面存在非理性的競爭，因為有些方案（package）開得很誇張。但這次電話會議我沒有特別聽到你提到這點。

But just a few different questions there, but how are you thinking about that kind of broader trend? Are you still seeing that level of irrational competition for recruiting? And is it fair to say that you're just -- you're managing it just one team at a time. And so if it makes sense, you might do something about retention, but there's nothing broad that was, sort of, suggested in some of the articles that were out there. I just want to get a better handle on this.

所以這裡有幾個不同的問題：你如何看待這種更廣泛的趨勢？你們是否仍看到那種程度的非理性招募競爭？以及是否可以說，你們只是——以一個團隊一個團隊的方式在管理它。因此如果有道理，你們可能會做一些留任措施，但並沒有像一些文章所暗示的那種廣泛性方案。我只是想更清楚掌握這件事。

Yes. So, you get a write-in from an anonymous source. I mean people are trying to make hay out there in different ways. I would just say there's no program. And as we said, and I went through extensive detail in the last 2 comments, so I don't need to repeat it again.

是的。所以，你看到的是一則匿名來源的投書。我的意思是，人們正試著用不同方式在外面大做文章。我只想說，沒有那樣的方案。而且如同我們所說的，我在前面兩段回覆已經講得非常詳細，所以我不需要再重複一次。

I think you can look it up. But very clear, we work with advisors. We're partnering with them. We do what's necessary to help them grow, succeed, acquisitions, liquidity, things like that. From our perspective, I would say I'm not sure where that came from or what, but let me leave it at that.

我想你可以去查一下。但很清楚的是，我們與理財顧問合作。我們與他們建立夥伴關係。我們會做必要的事情來幫助他們成長、成功，包括併購、流動性等事項。從我們的角度來看，我會說我不確定那是從哪裡來的或怎麼回事，但我就先說到這裡。

At the same time, from a recruiting perspective -- or a package perspective, it's still -- people are -- it's out there for long periods. And so maybe when people say to you, well, 5 or 10 years from now, you'll get -- we don't work that way. We're very rational, but we bring in people based on our value proposition, what we help them do and what we achieve. And we got an excellent track record of the people who are coming in and their productivity is strong. They actually thank us for bringing them in.

同時，從招募——或方案（package）的角度來看，情況仍然——人們——那些方案在市場上會掛很長一段時間。所以也許當有人對你說，嗯，5年或10年後你會拿到——我們不是那樣運作的。我們非常理性；我們引進人才是基於我們的價值主張、我們能幫他們做到什麼，以及我們能共同達成什麼。而且我們在引進的人才方面有非常優秀的紀錄，他們的生產力很強。他們其實還會感謝我們把他們帶進來。

They just say, we wish you -- we would have spoke to you sooner and contemplated it. So, listen, it is what it is and environments go through this. I've been in the business for many, many years. And all is not what it seems.

他們只是說，我們希望能更早跟你們談、並考慮這件事。所以，聽著，事情就是這樣，環境也會經歷這些。我在這個行業很多很多年了。而且事情並不總是表面看起來那樣。

So, Tom, let me ask, listen, I review these deals when they get to certain size. And certainly, I can say on a reverse re-engineer, I scratch my head. Even when you consider the benefits that we have and we provide for growth and all the things that Jim mentioned about the investment and yes, the impact of leaving and when you're dislocating, and when we take a look of what you have to believe they're being offered and these are having 7-, 8-year paybacks on cash, it is -- I just scratch my head.

所以，Tom，我這麼說吧：聽著，當這些交易到達一定規模時我會審視。而且我當然可以說，從反向推算來看，我會感到困惑。即便你把我們擁有的、以及我們為成長所提供的各種好處，還有Jim提到的投資等因素都考慮進去；再加上離開的影響、以及你在轉換時的錯位（dislocation）；當我們去看你必須相信他們被提供的條件，而這些在現金回收期上要7、8年——我只能說，我真的想不通。

Again, we know what we offer. We know the value we create. I don't get into what other people do. But I would say to the question I was asked before, with interest rates potentially going up, yes, it's probably going to fuel it, like, it's noncontrollable, but if people want to use that in their offering, there's a point you do have to get paybacks and those paybacks are at a pretty extended low.

再說一次，我們知道我們提供什麼。我們知道我們創造的價值。我不去評論別人怎麼做。但我會說，回到我先前被問到的問題：若利率可能上升，是的，這大概會推波助瀾——某種程度上是不可控的；但如果有人想把這點用在他們的方案裡，終究你必須要有回收期，而那些回收期已經被拉得相當長、相當低了。

And short rates as they go up, will come down once the inflation or economy slows a bit.

而短期利率在上升之後，一旦通膨或經濟放緩一些，就會回落。

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。您現在可以斷線。