LPL Financial Holdings Inc (LPLA) 2024 Q1 法說會逐字稿

Good afternoon, and thank you for joining the First Quarter 2024 Earnings Conference Call for LPL Financial Holdings Inc. Joining the call today are the President and Chief Executive Officer, Dan Arnold; and Chief Financial Officer and Head of Business Operations; Matt Audette. Dan and Matt will offer introductory remarks, and then the call will be open to the questions.

下午好，感謝您參加 LPL Financial Holdings Inc. 2024 年第一季財報電話會議。財務長兼業務營運主管；馬特·奧黛特.丹和馬特將進行介紹性發言，然後電話會議將開放提問。

The company would appreciate if analysts would limit themselves to 1 question and 1 follow-up, each. The company has posted its earnings press release and supplementary information on the Investor Relations section of the company's website, investor.lpl.com.

如果分析師將每人限制在 1 個問題和 1 個後續行動，公司將不勝感激。該公司已在公司網站 Investor.lpl.com 的投資者關係部分發布了收益新聞稿和補充資訊。

Today's call will include forward-looking statements, including statements about LPL financials, future financial and operating results, outlook, business strategies and plans as well as other opportunities and potential risks of management foresees. Such forward-looking statements reflect management's current estimates and beliefs and are subject to known and unknown risks and uncertainties that may cause actual results or the timing of events to differ materially from those expressed or implied in such forward-looking statements.

今天的電話會議將包括前瞻性陳述，包括有關 LPL 財務狀況、未來財務和經營業績、前景、業務戰略和計劃以及管理層預見的其他機會和潛在風險的陳述。此類前瞻性陳述反映了管理層目前的估計和信念，並受到已知和未知的風險和不確定性的影響，這些風險和不確定性可能導致實際結果或事件發生的時間與此類前瞻性陳述中明示或暗示的結果或時間有重大差異。

For more information about such risks and uncertainties, the company refers listeners to the disclosures set forth under the caption Forward-Looking Statements in the earnings press release as well as the risk factors and other disclosures contained in the company's recent filings with the Securities and Exchange Commission.

有關此類風險和不確定性的更多信息，該公司請聽眾參閱收益新聞稿中前瞻性陳述標題下規定的披露內容，以及該公司最近向證券交易委員會提交的文件中包含的風險因素和其他披露內容委員會。

During the call, the company will also discuss certain non-GAAP financial measures. For a reconciliation of non-GAAP financial measures to the comparable GAAP figures, please refer to the company's earnings release which can be found at investor.lpl.com.

在電話會議期間，該公司還將討論某些非公認會計準則財務指標。有關非 GAAP 財務指標與可比較 GAAP 數據的調節，請參閱該公司的盈利報告，該報告可在 Investor.lpl.com 上找到。

With that, I would now like to turn the call over to Mr. Arnold.

現在我想將電話轉給阿諾德先生。

Thank you, Michelle, and thanks to everyone for joining our call today. Over the past quarter, our advisers continue to provide their clients with personalized financial guidance on the journey to help them achieve their life goals and dreams. To help support that important work, we remain focused on our mission: taking care of our advisers so they can take care of their [clients].

謝謝米歇爾，也謝謝大家今天加入我們的電話會議。在過去的季度中，我們的顧問繼續為客戶提供個人化的財務指導，幫助他們實現人生目標和夢想。為了幫助支持這項重要的工作，我們仍然專注於我們的使命：照顧我們的顧問，以便他們能夠照顧他們的[客戶]。

During the first quarter, we continued to see the appeal of our model grow due to a combination of our robust and feature-rich platform, the stability and scale of our industry-leading model, and our capacity and commitment to invest back into the platform. As a result, we continue to make solid progress and helping advisers and institutions solve challenges and capitalize on opportunities better than anyone else and thereby serve as the most appealing player in the industry.

在第一季度，由於我們強大且功能豐富的平台、行業領先模型的穩定性和規模以及我們對該平台進行投資的能力和承諾，我們繼續看到我們模型的吸引力不斷增長。因此，我們繼續取得紮實的進展，幫助顧問和機構比其他任何人更好地解決挑戰並利用機遇，從而成為行業中最具吸引力的參與者。

With respect to our performance, we delivered another quarter of solid results while also continuing to make progress on the execution of our strategic plan. I'll review both of these areas, starting with our first quarter business results. In the quarter, total assets increased to $1.4 trillion as continued solid organic growth was complemented by higher equity markets. Regarding organic growth, first quarter organic net new assets were $17 billion, representing 5% annualized growth. This contributed to organic net new assets over the past 12 months of $96 billion, representing approximately an 8% growth.

就我們的業績而言，我們又取得了一個季度的穩健業績，同時在戰略計劃的執行方面也繼續取得進展。我將從我們第一季的業務業績開始回顧這兩個領域。本季總資產增至 1.4 兆美元，持續穩健的有機成長得到股市上漲的補充。就有機成長而言，第一季有機淨新資產為 170 億美元，年化成長 5%。這使得過去 12 個月的有機淨新資產達到 960 億美元，成長約 8%。

In the first quarter, recruited assets were $20 billion, which represents a quarterly record, excluding periods when onboarding large institutions. This outcome was driven by the ongoing enhancements to our model as well as our expanded addressable markets.

第一季度，招募資產為 200 億美元，創下季度紀錄（不包括大型機構入職期間）。這一結果是由我們模型的持續改進以及我們擴大的潛在市場所推動的。

Looking at same-store sales. Our advisers remain focused on taking care of their clients and delivering a differentiated experience. As a result, our advisers are both winning new clients and expanding wallet share with existing clients, a combination that drove solid same-store sales in Q1. At the same time, we continue to enhance the adviser experience through the delivery of new capabilities in technology and the evolution of our service and operations functions. As a result, asset retention for the first quarter was approximately 97% and 98% over the last 12 months. Our first quarter business results led to solid financial outcomes with adjusted EPS of $4.21.

查看同店銷售。我們的顧問仍然專注於照顧客戶並提供差異化的體驗。因此，我們的顧問既贏得了新客戶，又擴大了現有客戶的錢包份額，這一組合推動了第一季同店銷售的強勁成長。同時，我們繼續透過提供新的​​技術能力以及服務和營運職能的發展來增強顧問體驗。因此，第一季的資產保留率約為 97%，過去 12 個月的資產保留率為 98%。我們第一季的業務成果帶來了穩健的財務成果，調整後每股收益為 4.21 美元。

Let's now turn to the progress we made on our strategic plan. Now as a reminder, our long-term vision is to become the leader across the adviser center marketplace. To do that, our strategy is to invest back into the platform, provide unprecedented flexibility in how advisers can affiliate with us. And to deliver capabilities and services to help maximize advisers' success throughout the life cycle of the businesses.

現在讓我們談談我們的策略計劃所取得的進展。現在提醒一下，我們的長期願景是成為顧問中心市場的領導者。為此，我們的策略是重新投資該平台，為顧問如何與我們合作提供前所未有的靈活性。並提供能力和服務，幫助顧問在整個企業生命週期中最大限度地取得成功。

Doing this well gives us a sustainable path to industry leadership across the adviser experience, organic growth and market share. Now to execute on our strategy, we organize our work into 2 strategic categories: horizontal expansion, where we look to expand the ways that advisers and institutions can affiliate such that we are positioned to compete for all 300,000 advisers in the marketplace.

做好這件事為我們在顧問經驗、有機成長和市場份額方面提供了一條可持續的行業領先之路。現在，為了執行我們的策略，我們將工作分為兩個策略類別：橫向擴展，我們希望擴大顧問和機構的聯繫方式，以便我們能夠競爭市場上所有 30 萬名顧問。

In vertical integration, where we focus on delivering capabilities, technology and services, to help our advisers differentiate and win in the marketplace to be great operators of their businesses.

在垂直整合中，我們專注於提供能力、技術和服務，幫助我們的顧問在市場中脫穎而出並贏得勝利，成為其業務的出色營運商。

And with that as context, let's start with our efforts around horizontal expansion. Now over the first quarter, we saw strong recruiting in our traditional independent market, reaching a new quarterly high of approximately $15 billion in assets. At the same time, due to the ongoing appeal of our model and the evolution of our go-to-market approach, we maintained our industry-leading win rates while also expanding the breadth and depth of our pipeline. With respect to our new affiliation models, strategic wealth, employee and our enhanced RIA offering, we delivered another solid quarter, recruiting roughly $2 billion in assets. And as we look ahead, we expect that the increasing awareness of these models in the marketplace and the ongoing enhancements to our capabilities will drive a sustained increase in their growth.

以此為背景，讓我們從橫向擴展的努力開始。在第一季度，我們看到傳統獨立市場的招募強勁，資產達到約 150 億美元的季度新高。同時，由於我們的模型的持續吸引力和我們進入市場方法的演變，我們保持了行業領先的勝率，同時也擴大了我們管道的廣度和深度。在我們新的聯盟模式、策略性財富、員工和增強的 RIA 產品方面，我們又實現了穩健的季度業績，招募了約 20 億美元的資產。展望未來，我們預計這些型號在市場上的知名度不斷提高，以及我們能力的不斷增強，將推動它們的持續成長。

Next, in Q1, we added approximately $3 billion of recruited assets in the traditional bank and credit union space which continues to be a consistent contributor to organic growth. During the quarter, we also continued to make progress with the large institution marketplace where we announced that Wintrust Financial will onboard 2 of its wealth management businesses for our institution services plan.

接下來，在第一季度，我們在傳統銀行和信用合作社領域增加了約 30 億美元的招募資產，這仍然是有機成長的持續貢獻者。本季度，我們也繼續在大型機構市場取得進展，我們宣布 Wintrust Financial 將為其兩項財富管理業務納入我們的機構服務計畫。

And at the same time, we continued our preparation to onboard the retail wealth management business of Prudential Financial. Collectively, these 2 deals will add approximately $66 billion of brokerage and advisory assets by early 2025.

同時，我們持續籌備保德信金融零售理財業務。到 2025 年初，這兩筆交易總共將增加約 660 億美元的經紀和諮詢資產。

Now as a complement to our organic growth, we also announced the planned acquisition of Atria Wealth Solutions, which supports approximately 2,400 advisers and 150 banks in credit unions, managing approximately $100 billion of [client assets]. This transaction will give Atria advisers access to our differentiated capabilities, technology and service. We are on track to close the transaction in the back half of this year and complete the conversion in mid-2025.

現在，作為我們有機成長的補充，我們也宣布計劃收購 Atria Wealth Solutions，該解決方案為信用合作社中約 2,400 名顧問和 150 家銀行提供支持，管理著約 1000 億美元的[客戶資產]。這項交易將使 Atria 顧問能夠獲得我們差異化的能力、技術和服務。我們預計在今年下半年完成交易，並在 2025 年中期完成轉換。

And finally, we're seeing solid momentum with our liquidity and succession solution as demand continues to build with existing LPL advisers while also creating interest with advisers outside our ecosystem, including our first signed external deal in the quarter.

最後，隨著現有LPL 顧問的需求持續增長，我們看到我們的流動性和繼任解決方案保持強勁勢頭，同時也引起了我們生態系統之外的顧問的興趣，包括我們在本季度簽署的首個外部交易。

Now within our vertical integration efforts, we remain focused on investing back into the model to deliver a comprehensive platform of capabilities, services and technology that help our advisers differentiate and win in the marketplace and run thriving businesses. As a part of this effort, we continue to make progress across several key areas of focus, including our ongoing journey to build a world-class wealth management platform. And within that body of work, we are focused on meeting the evolving investment needs of our advisers and their clients, including the increasing interest for nontraditional investment products. To help solve for that demand, we are reimagining the end-to-end experience of our alternatives platform, including enhancing our custodial and operational capabilities for alternative investments, making it simpler and easier to utilize, manage and transact these products.

現在，在我們的垂直整​​合工作中，我們仍然專注於重新投資該模型，以提供一個包含功能、服務和技術的綜合平台，幫助我們的顧問在市場中脫穎而出並獲勝，並經營蓬勃發展的業務。作為這項努力的一部分，我們繼續在幾個關鍵重點領域取得進展，包括我們持續打造世界級的財富管理平台。在這項工作中，我們專注於滿足顧問及其客戶不斷變化的投資需求，包括對非傳統投資產品日益增長的興趣。為了幫助滿足這一需求，我們正在重新構想另類投資平台的端到端體驗，包括增強我們對另類投資的託管和營運能力，使這些產品的使用、管理和交易變得更簡單、更容易。

And at the same time, expanding our alternative investment product offer, for over the last year, we have more than doubled the number of products available for advisers to utilize.

同時，我們擴大了另類投資產品的範圍，在過去的一年裡，我們可供顧問使用的產品數量增加了一倍以上。

Another key area within our vertical integration efforts is the continued enhancement of the experience our advisers deliver to their clients. One of the primary ways we do that is providing increased flexibility for advisers to tailor their ideal client experience. For example, we designed Account View, our in-client digital platform, so an adviser can personalize access to features on a client-by-client basis.

我們垂直整合工作的另一個關鍵領域是不斷增強我們的顧問向客戶提供的體驗。我們這樣做的主要方法之一是為顧問提供更大的靈活性，以客製化他們理想的客戶體驗。例如，我們設計了客戶內數位平台 Account View，以便顧問可以根據客戶的具體情況對功能進行個人化存取。

In addition, we recently launched a series of enhancements to our in-client statement which provides increased flexibility in the channel of delivery and the cadence that clients receive the information, also adding a unique interactive digital experience to further enrich the traditional statement. Our continued work on our services portfolio is also a key area of our vertical integration strategy. And as a reminder, these services help solve for a broad spectrum of advisers and institutions' need, and in doing so, help position them to deliver great advice and be great operators of the businesses. In that spirit, we are developing a number of solutions that help advisers expand the breadth and depth of their advice, including the more effective utilization of financial planning, catering to the more complex needs of high net worth investors and delivering more personalized investment [search].

此外，我們最近對客戶內報表推出了一系列增強功能，提高了交付管道的靈活性和客戶接收資訊的節奏，還添加了獨特的互動式數位體驗，以進一步豐富傳統報表。我們對服務組合的持續努力也是我們垂直整合策略的關鍵領域。提醒一下，這些服務有助於解決廣泛的顧問和機構的需求，並在此過程中幫助他們提供出色的建議並成為出色的企業經營者。本著這種精神，我們正在開發一系列解決方案，幫助顧問擴大建議的廣度和深度，包括更有效地利用財務規劃、滿足高淨值投資者更複雜的需求以及提供更個性化的投資[搜尋] 。

For example, as a part of our efforts to enrich our planning capabilities, last year, we introduced our tax planning service, which is seeing strong demand in the market. And more recently, we expanded our high net worth services to enhance our adviser support of their high net worth prospects and clients through complex case design, state planning and investment product analysis. And the early indications have been favorable.

例如，為了豐富我們的規劃能力，去年我們推出了稅務規劃服務，市場需求強勁。最近，我們擴大了高淨值服務範圍，透過複雜的案例設計、國家規劃和投資產品分析，增強我們對高淨值潛在客戶和客戶的顧問支援。早期跡像是有利的。

Finally, we're in pilot with our latest innovation, our new outsourced Chief Investment Officer service, which provides advisers with personalized investment expertise powered by LPL [research]. And based on the initial feedback, this is unlocking additional growth and efficiency in our advisers' practices. Collectively, these services help expand our advisers' value proposition to their clients, enable them to win new prospects, and increase the differentiation of the feel of our platform.

最後，我們正在試行最新的創新，即新的外包首席投資長服務，該服務為顧問提供由 LPL [研究] 提供支援的個人化投資專業知識。根據初步回饋，這將釋放我們顧問實踐的額外成長和效率。總的來說，這些服務有助於擴大我們顧問對其客戶的價值主張，使他們能夠贏得新的潛在客戶，並增加我們平台的差異化感。

And as we move forward, we will continue to solve for our advisers' needs at every stage of their practice in order to help them build the perfect businesses for themselves, and ultimately maximize their success.

隨著我們的前進，我們將繼續解決顧問在實踐的每個階段的需求，以幫助他們為自己建立完美的企業，並最終最大化他們的成功。

In summary, in the first quarter, we continued to invest in the value proposition for advisers and their clients while driving growth and increasing our market leadership. As we look ahead, we remain focused on executing our strategy to help our advisers further differentiate and win in the marketplace and as a result, drive long-term shareholder value.

總之，在第一季度，我們繼續投資於顧問及其客戶的價值主張，同時推動成長並增強我們的市場領導地位。展望未來，我們仍然專注於執行我們的策略，以幫助我們的顧問進一步在市場中脫穎而出並獲勝，從而推動長期股東價值。

With that, I'll turn the call over to Matt.

這樣，我會將電話轉給馬特。

All right. Thank you, Dan, and I'm glad to speak with everyone on today's call. As we move into 2024, we remain focused on serving our advisers, growing our business and delivering shareholder value. This focus led to another quarter of strong organic growth in both our traditional and new markets, and we are preparing to onboard the wealth management businesses of Prudential and Wintrust.

好的。謝謝丹，我很高興在今天的電話會議上與大家交談。進入 2024 年，我們仍然專注於為我們的顧問提供服務、發展我們的業務並創造股東價值。這一重點導致我們的傳統市場和新市場又一個季度實現強勁的有機成長，我們正準備加入保德信和盈信的財富管理業務。

In addition, we continue to build momentum in our liquidity and succession solution, including our first signed deal with an external practice. We also entered into an agreement to acquire Atria Wealth Solutions, which we plan to onboard to our platform in mid-2025. So as we look ahead, we remain excited by the opportunities we have to serve and support our nearly 23,000 advisers while continuing to invest in our industry-leading value proposition and drive organic growth.

此外，我們繼續在流動性和繼任解決方案方面建立動力，包括我們與外部實踐簽署的第一份協議。我們也簽訂了收購 Atria Wealth Solutions 的協議，我們計劃在 2025 年中期將其納入我們的平台。因此，展望未來，我們仍然對為近 23,000 名顧問提供服務和支援的機會感到興奮，同時繼續投資於我們行業領先的價值主張並推動有機成長。

Now let's turn to our first quarter business results. Total advisory and brokerage assets were $1.4 trillion, up 6% from Q4 as continued organic growth was complemented by higher equity markets. Total organic net new assets were $17 billion or approximately a 5% annualized growth rate. Our Q1 recruited assets were $20 billion, which, prior to large institutions, was the highest quarter on record. Looking ahead to Q2, our momentum continues, and we are on pace to deliver another strong quarter of recruiting.

現在讓我們來看看第一季的業績。諮詢和經紀資產總額為 1.4 兆美元，較第四季成長 6%，持續的有機成長得到股市上漲的補充。有機淨新資產總額為 170 億美元，年化成長率約 5%。我們第一季招募的資產為 200 億美元，這是有史以​​來最高的季度，領先大型機構。展望第二季度，我們的勢頭仍在繼續，我們正在努力實現另一個強勁的季度招募。

As for our Q1 financial results, the combination of organic growth and expense discipline led to adjusted EPS of $4.21. Gross profit was $1.66 billion, up $59 million sequentially. As for the components, commission advisory fees net of payout were $260 million, up $41 million from Q4, primarily driven by higher advisory fees and a seasonally lower production bonus. Our payout rate was 86.6%, down 100 basis points from Q4, largely due to the seasonal reset of the production bonus at the beginning of the year. Looking ahead to Q2, we anticipate our payout rate will increase to approximately 87.5%, primarily driven by the typical seasonal build in the production bonus.

至於我們第一季的財務業績，有機成長和費用紀律的結合導致調整後每股收益為 4.21 美元。毛利為 16.6 億美元，比上一季增加 5,900 萬美元。至於零件，扣除支出後的佣金諮詢費為 2.6 億美元，比第四季增加 4,100 萬美元，主要是由於諮詢費增加和季節性較低的生產獎金所致。我們的支付率為86.6%，比第四季下降了100個基點，這主要是由於年初生產獎金的季節性重置。展望第二季度，我們預計我們的支付率將增加至約 87.5%，這主要是由典型的季節性生產獎金推動的。

With respect to client cash revenue, it was $373 million, down roughly $1 million from Q4. Looking at overall client cash balances, they ended the quarter at $46 billion, down $2 billion sequentially, driven by advisory fees paid during the quarter. Outside of those fees, cash balances were flat to Q4.

客戶現金收入為 3.73 億美元，比第四季減少約 100 萬美元。從整體客戶現金餘額來看，本季末他們的現金餘額為 460 億美元，比上一季減少了 20 億美元，這主要是由於本季支付的諮詢費所致。除這些費用外，現金餘額與第四季度持平。

As for our ICA portfolio, the mix of fixed rate balances increased to roughly 65%, within our target range of 50% to 75%. Looking more closely at our ICA yield, it was 323 basis points in Q1, up 6 basis points from Q4. As for Q2, based on our client cash balances and interest rates are today, we expect our ICA yield to decline by a few basis points.

至於我們的 ICA 投資組合，固定利率餘額的組合增加到大約 65%，在我們 50% 至 75% 的目標範圍內。更仔細地觀察我們的 ICA 收益率，第一季為 323 個基點，比第四季上升 6 個基點。至於第二季度，根據我們今天的客戶現金餘額和利率，我們預計 ICA 收益率將下降幾個基點。

As for service and fee revenue, it was $132 million in Q1, up $1 million from Q4. Looking ahead to Q2, we expect service and fee revenue to be roughly flat sequentially.

至於服務和費用收入，第一季為 1.32 億美元，比第四季增加 100 萬美元。展望第二季度，我們預計服務和費用收入將大致持平。

Moving on to Q1 transaction, it was $57 million, up $3 million sequentially as trading volume increased slightly. As we look ahead to Q2, based on typical seasonality and activity levels to date, we would expect transaction revenue to decline by a few million from Q1.

看看第一季的交易額，交易額小幅增加，交易額為 5,700 萬美元，比上一季增加 300 萬美元。展望第二季度，根據典型的季節性和迄今為止的活動水平，我們預計交易收入將比第一季下降數百萬美元。

Now let's turn to expenses starting with core G&A. It was $364 million in Q1. For the full year, we continue to anticipate core G&A to be in a range of $1.455 billion to $1.490 billion. As a reminder, this is prior to expenses associated with Prudential and Atria.

現在讓我們從核心 G&A 開始討論費用。第一季為 3.64 億美元。我們繼續預計全年核心管理費用將在 14.55 億美元至 14.90 億美元之間。提醒一下，這是在與 Prudential 和 Atria 相關的費用之前。

Moving on to Q1 promotional expense. It was $132 million, down $6 million from Q4 due to lower onboarding costs for large institutions. Looking ahead to Q2, we expect promotional expense to increase by approximately $10 million sequentially due to increased transition assistance resulting from strong recruiting in large institution onboarding as we prepare for Prudential to join us in the fourth quarter.

接下來是第一季的促銷費用。由於大型機構的入職成本降低，該數字為 1.32 億美元，比第四季減少 600 萬美元。展望第二季度，我們預計促銷費用將環比增加約 1000 萬美元，原因是我們為保誠集團在第四季度加入我們做準備，大型機構入職方面的大量招聘導致過渡援助增加。

Looking at share-based compensation expense, it was $23 million in Q1, up $7 million from Q4. As we look ahead, we anticipate this expense to be at a similar level in Q2.

從股權激勵費用來看，第一季為 2,300 萬美元，比第四季增加了 700 萬美元。展望未來，我們預計第二季的這項支出將處於類似水準。

Turning to depreciation and amortization. It was $67 million in Q1, down $1 million sequentially. Looking ahead to Q2, we expect depreciation and amortization to increase by roughly $5 million sequentially, which includes technology development for Prudential. Regarding capital management, our balance sheet remains strong. We ended Q1 with corporate cash of $311 million, up $127 million from Q4. Our leverage ratio was 1.6x flat with Q4. As a reminder, we expect to close our acquisition of Atria in the second half of this year and plan to finance the transaction through a combination of cash and debt.

轉向折舊和攤銷。第一季為 6,700 萬美元，比上一季減少 100 萬美元。展望第二季度，我們預計折舊和攤提將環比增加約 500 萬美元，其中包括保德信的技術開發。在資本管理方面，我們的資產負債表依然強勁。第一季結束時，我們的企業現金為 3.11 億美元，比第四季增加了 1.27 億美元。我們的槓桿率為 1.6 倍，與第四季持平。提醒一下，我們預計將在今年下半年完成對 Atria 的收購，並計劃透過現金和債務相結合的方式為交易融資。

Following the close, we continue to expect leverage to be approximately 2x, near the midpoint of our target leverage range. As for capital deployment, our framework remains focused on allocating capital aligned with the returns we generate, investing in organic growth first and foremost, pursuing M&A where appropriate and returning excess capital to shareholders.

收盤後，我們繼續預期槓桿約為 2 倍，接近我們目標槓桿範圍的中點。至於資本配置，我們的框架仍然專注於根據我們產生的回報來分配資本，首先投資於有機成長，在適當的情況下進行併購，並將多餘的資本返還給股東。

In Q1, we deployed capital across our entire framework as we continue to invest to drive and support organic growth, allocated capital to M&A within our liquidity and succession solution and return capital to our shareholders, repurchasing $70 million of shares in January. We paused share repurchases for the last 2 months of the quarter to ensure we maintain a strong and flexible capital position when we closed on our acquisition of Atria. Following the close expected in the second half of this year, we will evaluate restarting share repurchases consistent with our existing capital frame.

在第一季度，我們在整個框架中部署了資本，繼續投資以推動和支持有機成長，在流動性和繼任解決方案中將資本分配給併購，並向股東返還資本，並在1 月份回購了7000 萬美元的股票。我們在本季的最後 2 個月暫停了股票回購，以確保在完成對 Atria 的收購時保持強勁且靈活的資本狀況。在預計今年下半年收盤後，我們將根據我們現有的資本框架評估重啟股票回購。

In closing, we delivered another quarter of strong business and financial results. As we look forward, we remain excited about the opportunities we see to continue investing to serve our advisers, grow our business and create long-term shareholder value.

最後，我們又一個季度實現了強勁的業務和財務業績。展望未來，我們仍然對繼續投資為顧問服務、發展業務和創造長期股東價值的機會感到興奮。

With that, operator, please open the call for questions.

那麼，接線員，請打開提問電話。

(Operator Instructions). Our first question is going to come from the line of Devin Ryan with Citizens JMP.

（操作員說明）。我們的第一個問題來自 Citizens JMP 的 Devin Ryan。

First question. I just wanted to dig a little bit on recruited assets, had a really nice quarter, up 57% year-over-year, but also a bit stronger than the net new asset trend and maybe that's just a January dynamic. But just want to maybe dig in a little bit about the divergence that you saw this quarter between these 2 metrics. And then more broadly on recruited assets and the outlook, it sounds like you're still seeing a really good recruiting pipeline. So just love to get a little more context on that and kind of what you're seeing between both legacy channels and some of the newer affiliation channels.

第一個問題。我只是想深入挖掘招募的資產，這個季度非常好，比去年同期成長 57%，但也比淨新資產趨勢強一點，也許這只是 1 月的動態。但只是想深入了解您在本季看到的這兩個指標之間的差異。從更廣泛的招募資產和前景來看，聽起來你仍然看到了一個非常好的招募管道。因此，我只是想了解更多關於這一點的背景信息，以及您在傳統管道和一些較新的附屬管道之間看到的情況。

Yes. So Devin, it's Dan. Let me try to go in maybe a sequential order around those questions that is helpful. So first, maybe let me just tick Q1, I think, organic growth, which I heard inside your question. So during the quarter, we posted 5% organic growth. And given the seasonality we typically see in Q1, we would have expected that to be more like 7%. And while the underlying drivers of the business were strong, there were a couple of things in the quarter that drove the roughly 2% difference.

是的。德文，是丹。讓我嘗試按順序討論這些有幫助的問題。首先，也許讓我勾選第一季度，我想，有機成長，我在你的問題中聽到了這一點。因此，在本季度，我們實現了 5% 的有機成長。考慮到我們通常在第一季看到的季節性，我們預計該比例約為 7%。儘管該業務的潛在驅動力強勁，但本季的一些因素導致了約 2% 的差異。

The first was some impact from the timing of onboarding recruiting, which equated to roughly 1% to Q1 organic growth. And that's just really a function of the recruiting, as we mentioned, I think, back in January's call, a lot of it happening in the second half of the quarter. And that gives you a little tailwind going into the second quarter.

首先是入職招募時機的一些影響，相當於第一季有機成長約 1%。這實際上是招募的一個功能，正如我們在 1 月的電話會議中提到的那樣，其中許多都發生在本季度的後半段。這給你進入第二季度帶來了一些順風。

And then the second thing that we mentioned last quarter as well was that there were 2 acquired practices that departed in January which accounted for a 1% impact to our attrition. So outside of those impacts, which we would categorize as a bit of noise, the underlying drivers that set us up well for the rest of the year remain intact and that's where you were getting at that record level of recruiting. The strongest pipelines that we've had ever historically and our continued low levels of adviser attrition that was consistent with the experience over the last couple of years. So we feel good coming out of the quarter and how we see that opportunity emerge over the remainder of the year.

然後我們上季度提到的第二件事是，有 2 個收購的業務在一月離職，這對我們的人員流失造成了 1% 的影響。因此，除了這些影響（我們將其歸類為一點噪音）之外，使我們在今年剩餘時間內保持良好狀態的潛在驅動因素仍然完好無損，這就是您獲得創紀錄的招募水平的原因。我們擁有歷史上最強大的管道，顧問的流失率持續保持在較低水平，這與過去幾年的經驗是一致的。因此，我們對本季的表現感覺良好，我們如何看待今年剩餘時間出現的機會。

I think you mentioned a bit of the -- perhaps some -- how we think about new stores specifically or recruiting going forward, maybe it was second part of your question. And I think, look, we had a really nice quarter, $20 billion in recruited assets. You see significant growth year-on-year across all affiliation models. And at the same time, at expanded addressable market, our increasing win rates, it's driving that deep pipeline that I mentioned as we -- as deep a pipeline as we've seen and certainly is supportive of where we head going forward. And that gives us a really solid conviction that we're well positioned to continue to win a larger share of advisers in motion with respect to recruiting. And I think when you add them to the committed wins we have in the large institution marketplace, that sets up with a solid opportunity with respect to new store sales as we move forward. So hopefully, that gives you a little color on the quarter and then a little color around the recruiting [firm].

我想你提到了一些——也許是一些——我們如何具體考慮新店或未來的招聘，也許這是你問題的第二部分。我認為，看，我們度過了一個非常好的季度，招募了 200 億美元的資產。您會看到所有聯盟模式都較去年同期顯著成長。同時，在擴大的潛在市場中，我們不斷提高的獲勝率，正在推動我所提到的深層管道——正如我們所看到的那樣深的管道，並且肯定會支持我們前進的方向。這讓我們堅信，我們有能力繼續在招募方面贏得更大比例的顧問。我認為，當你將它們添加到我們在大型機構市場中所取得的承諾勝利中時，隨著我們的前進，這將為新店銷售提供堅實的機會。希望這能讓你對本季以及招募[公司]有一些了解。

Yes, Dan. Really helpful. And just a follow-up, this is kind of interrelated, but just on the economics of all that. So the theme of competition in the space has continually been coming up. I know it's always a competitive market, so nothing necessarily new. But we look at transition assistance, it's up 6% sequentially, 25% year-over-year. I know that's directionally trending with growth. But can you maybe just talk a little bit about kind of the competitive dynamics and kind of the economics around recruiting and transition assistance? And how you feel like LPL is positioned around kind of those economics, let's say, transition deals or maybe a little bit higher than they have been.

是的，丹。真的很有幫助。只是後續，這是相互關聯的，但只是關於所有這些的經濟學。因此，該領域的競爭主題不斷出現。我知道這始終是一個競爭激烈的市場，所以沒有什麼一定是新的。但我們看看過渡援助，季增 6%，年增 25%。我知道這是隨著成長的方向性趨勢。但您能否簡單談談有關招募和過渡援助的競爭動態和經濟學？你覺得LPL的定位是圍繞著這些經濟的，比方說，過渡交易或可能比以前更高一點。

Yes. Let me start that and then, Matt, you add any color on economics you think would be helpful. So look, I think with respect to the recruiting environment, right, we always start with the opportunity set. Adviser movement over the last 12 months has hovered around 5%, which remains lower than the historical norms. That said, despite those low overall movement, our win rates continue to move higher. And certainly, that's an encouraging trend relative to how we think about the opportunity set.

是的。讓我開始吧，然後，馬特，你可以添加任何你認為有用的經濟學色彩。所以，我認為就招募環境而言，我們總是從機會集開始。過去 12 個月的顧問變動一直徘徊在 5% 左右，仍然低於歷史正常水平。也就是說，儘管整體變動較低，但我們的勝率仍在持續上升。當然，相對於我們如何看待機會集，這是一個令人鼓舞的趨勢。

And then two, I think when we think about the environment, we look at the competitive landscape and the participants have remained largely the same. As do the priorities that advisers are looking for when they evaluate their options to potentially move. And as a reminder, the first priorities is around capabilities, technology and service. That's where we continue to further distinguish ourselves as we invest back into our model.

第二，我認為當我們考慮環境時，我們會專注於競爭格局，參與者基本上保持不變。顧問在評估可能採取的行動方案時所尋求的優先事項也是如此。提醒一下，首要任務是能力、技術和服務。這就是我們在重新投資我們的模式時繼續進一步區分自己的地方。

Next is the ongoing economics, which haven't changed significantly over time. And I think in the independent space, especially create a compelling and interesting scenario for advisers. And then lastly, you get transition assistance rates, which we've seen pretty stable over the last year and feel good about how we're well positioned across our portfolio of different affiliation models in terms of how we support that adviser to make that transition.

接下來是持續的經濟狀況，隨著時間的推移，它並沒有發生重大變化。我認為在獨立領域，尤其是為顧問創造一個引人注目且有趣的場景。最後，您可以獲得過渡援助率，我們在過去一年中看到該援助率相當穩定，並且在我們如何支持顧問實現過渡方面，我們在不同隸屬模式的投資組合中處於有利地位，對此感到滿意。

So given all of that, the strength of our overall value proposition continues to resonate, and we remain really confident that the ongoing appeal of our model positions us well to sustain our industry-leading win rates and market share. I don't know, you want to add anything to that, Matt?

因此，考慮到所有這些，我們整體價值主張的力量繼續引起共鳴，我們仍然非常有信心，我們模型的持續吸引力使我們能夠保持行業領先的勝率和市場份額。我不知道，你想補充什麼嗎，馬特？

I wouldn't not really add to that. I just underscore the point, I think on, Devin, on capabilities is really what matters from a decisioning standpoint on advisers and where they're joining firms. And I think from a TA standpoint, as Dan said, the rates have really been stable for quite a while. I think it's for us and the growth there, it's more about the recruited AUM itself that's coming on board, which I know you see and follow the numbers. But Q1, which is typically the seasonally lowest quarter of the year, bringing in $20 billion prior to any large financial institutions, I think is the driver there. So it's about the level of recruiting. TA rates have been pretty stable.

我不會不添加這一點。我只是強調這一點，我認為，德文，從顧問的決策角度以及他們加入公司的角度來看，能力確實是最重要的。我認為從助教的角度來看，正如丹所說，費率確實穩定了相當長一段時間。我認為這是為了我們和那裡的成長，更多的是為了招募的資產管理規模本身，我知道你們看到並關注這些數字。但第一季通常是一年中季節性最低的季度，在任何大型金融機構之前帶來了 200 億美元的收入，我認為這是一個驅動因素。所以這與招募水準有關。 TA 費率一直相當穩定。

And our next question is going to come from the line of Alex Blostein with Goldman Sachs.

我們的下一個問題將來自高盛的 Alex Blostein。

You guys mentioned liquidity succession a couple of times this afternoon, and it's been coming up in prior calls as well. So maybe level set for us kind of where that business sits today, just maybe in terms of size or AUM, however you want to frame it? And how meaningful do you expect this to be to your organic growth targets, which I guess, continue to be in the high single-digit range in terms of M&A over the next couple of years?

今天下午你們多次提到了流動性繼承問題，在先前的電話會議中也提到了這一點。因此，也許我們可以為該業務目前所處的位置設定一個水平，也許只是在規模或資產管理規模方面，但你想如何框架它？您預計這對您的有機成長目標有多大意義？

Yes, Alex, I'll start there just on some of the -- maybe the economics and capacity parts of your question. I think we're quite bullish on this offering and the solution. The economics are compelling. And I think from a capacity standpoint, I think there are ultimately limitations on the number of deals we can do in a given year. So if you look at what we've done since we launched the program, it's been 27 to date, I think when we look at our team in capacity and how you bring these practices on board, I think probably max capacity per year, I would think about in the 30 to 40 zone. So then when you put the financial aspects against that from a capital standpoint, we're applying capital consistent with our M&A framework. So they will deploy capital here at about the 6 to 8x EBITDA range. These deals are relatively small in the $10 million to $20 million zone, I would say, skewed towards -- closer to the $10 million side of it.

是的，亞歷克斯，我將從一些問題開始——也許是你問題中的經濟和容量部分。我認為我們非常看好這項產品和解決方案。經濟學是令人信服的。我認為從容量的角度來看，我們在特定年份可以進行的交易數量最終是有限的。因此，如果你看看我們啟動該計劃以來所做的事情，到目前為止已經有27 個了，我想當我們看看我們團隊的能力以及如何將這些實踐付諸實踐時，我認為可能是每年的最大能力，我會考慮在30到40區域。因此，當你從資本的角度來看財務方面時，我們正在應用與我們的併購框架一致的資本。因此，他們將在 EBITDA 約 6 至 8 倍的範圍內部署資本。我想說，這些交易在 1,000 萬至 2,000 萬美元區域內規模相對較小，偏向接近 1,000 萬美元一側。

And then financially, the economics are pretty attractive in that the ROA of these firms effectively doubles when we purchase them. So if you're in the thick of the 30 basis point zone, we'd be earning 60 basis points once we own the practice. And that's largely a function of the reduced payout to advisers. So that's where you would see those economics show up.

然後在財務上，經濟相當有吸引力，因為當我們購買這些公司時，它們的資產回報率實際上翻了一番。因此，如果您處於 30 個基點區域的最深處，一旦我們擁有該業務，我們將賺取 60 個基點。這在很大程度上是顧問報酬減少的結果。所以這就是你會看到這些經濟學出現的地方。

So those are the economics. So I think it's really financially compelling, but I think maybe even more exciting or more compelling is really the strategic value of this solution. Maybe, Dan, may be better, if you want to jump in there?

這些就是經濟學。因此，我認為這在財務上確實很有吸引力，但我認為更令人興奮或更引人注目的是該解決方案的戰略價值。丹，如果你想跳進去的話，也許會更好？

(inaudible).

（聽不清楚）。

Dan, I'm sorry, I don't think we could hear you, unfortunately. I don't know if it's my phone or maybe other people are having the same issue.

丹，對不起，不幸的是，我想我們聽不到你的聲音。不知道是我手機的問題還是其他人也有同樣的問題。

It was user error on my part. Sorry about that. So let me start over. And again, I think as we've discussed before, our opportunity set is really driven by trying to solve that big strategic question of how do we help potentially as many as 1/3 advisers retire and transition their businesses over the next 10 years. And while there are a variety of options that are available in the marketplace, we think ours is really differentiated and a compelling one in a very elegant way to help these advisers transition their practices to take care of them, to take care of their team, to take care of their clients and ultimately create a bridge to the next entrepreneurial leader or owner.

這是我的用戶錯誤。對於那個很抱歉。那麼就讓我重新開始吧。再說一次，我認為正如我們之前討論的那樣，我們的機會集實際上是由試圖解決一個重大戰略問題驅動的，即我們如何幫助潛在多達1/3 的顧問在未來10 年內退休並實現業務轉型。雖然市場上有各種各樣的選擇，但我們認為我們的選擇確實與眾不同，並且以一種非常優雅的方式引人注目，可以幫助這些顧問轉變他們的做法以照顧他們，照顧他們的團隊，照顧他們的客戶並最終為下一個創業領導者或所有者建立一座橋樑。

And in that spirit, I think since we've rolled it out to our advisers, it's been -- which was late in 2022, it's been very, very appealing for those that are exposed to those possibilities. And as Matt said, we closed roughly 27 deals to date. And given the success with our existing advisers, now we've extended the question to the external marketplace and in the fourth quarter, began to explore how we could help those advisers that are on the LPL platform with the same type of solution to that big question of how do they transition their practices. And as we mentioned, we were fortunate enough to close our first deal in Q1, and we've got a pretty solid pipeline building there.

本著這種精神，我認為自從我們向顧問推出它以來，2022 年末，它對於那些接觸到這些可能性的人來說非常非常有吸引力。正如 Matt 所說，迄今為止我們完成了大約 27 筆交易。鑑於我們現有顧問的成功，現在我們已將問題擴展到外部市場，並在第四季度開始探索如何幫助 LPL 平台上的顧問提供相同類型的解決方案來解決這個問題。 。正如我們所提到的，我們很幸運在第一季完成了第一筆交易，並且我們在那裡建立了相當堅實的管道。

So I think we see it as this multidimensional opportunity of supporting and helping our existing advisers which extend those assets on our platform for another generation of advisers and then, two, also, as a catalyst for growth to complement the other opportunities that we focus on and have to drive growth. And we think it's a compelling differentiated solution. A little hard to replicate. So we think it will resonate in the external market. I hope that helps.

因此，我認為我們將其視為支持和幫助我們現有顧問的多維機會，這些機會將我們平台上的這些資產擴展到新一代顧問，然後，兩個也是成長的催化劑，以補充我們關注的其他機會並必須推動成長。我們認為這是一個引人注目的差異化解決方案。有點難以複製。所以我們認為這會在外部市場引起共鳴。我希望這有幫助。

Great. No, that's very helpful. So my second question, kind of related, I guess, to some of the new initiatives. You guys have been super busy in the last few months with a number of deals, [H3] obviously being on the larger size. How should we think about the capacity for incremental M&A, call it, over the next 12 months as we're sort of waiting for H3 close? And then obviously, you guys have to integrate it. And then as part of this H3 conversation, maybe you can hit on the competitive dynamics in the bank channel post this deal, given that we're a pretty sizable player there.

偉大的。不，這非常有幫助。我想我的第二個問題與一些新措施有關。在過去的幾個月裡，你們一直非常忙碌，處理了許多交易，[H3] 顯然規模更大。當我們等待第三季結束時，我們應該如何考慮未來 12 個月內增量併購的能力？顯然，你們必須整合它。然後，作為 H3 對話的一部分，也許您可以了解這筆交易後銀行管道的競爭動態，因為我們是那裡相當大的參與者。

Yes. So I think -- listen, relative to onboarding these programs and making sure that we have the ability to support and scale them, I think it is something that we've been working on since the good fortune of onboarding some of the larger financial institutions, BMO and M&T in 2021. And so our guiding principle when we explore any growth initiative, whether it's organic win, like large institutions or even an acquisition like Atria is to ensure that we're going to continue to deliver an exceptional experience to our existing advisers and that then we provide a seamless transition for advisers that are joining our platform. And in that spirit, we've continued to evolve our transition approach because we've iterated, we've improved and gotten a lot better over the last few years. We established a disciplined operating rigor. We use seasoned run books and automation, all in the spirit of delivering a high-quality successful outcomes that are repeatable and sustainable. And with each iteration, as I mentioned, we continue to enhance the efficiency and efficacy of how we execute the onboarding process.

是的。所以我認為 - 聽著，相對於加入這些計劃並確保我們有能力支持和擴展它們，我認為這是我們自從有幸加入一些大型金融機構以來一直在努力的事情、BMO 和M&T 將於2021 年推出。因此，當我們探索任何成長計劃時，無論是像大型機構這樣的有機勝利，還是像Atria 這樣的收購，我們的指導原則是確保我們將繼續為我們的客戶提供卓越的體驗。我們為加入我們平台的顧問提供無縫過渡。本著這種精神，我們繼續發展我們的過渡方法，因為我們在過去幾年中進行了迭代、改進並變得更好。我們建立了嚴格的紀律操作。我們使用經驗豐富的運作手冊和自動化，本著提供可重複和可持續的高品質成功成果的精神。正如我所提到的，在每次迭代中，我們都會不斷提高執行入職流程的效率和功效。

Now the important part about that is that certainly then improves and enhances the quality that we deliver but also the pace at which we can deliver these. And I think as we continue to go forward with each iteration, we adopt new ideas, new concepts, new ways of which to do them in a simpler and faster way, and we'll continue to work on that and iterate that I think will help us know and deliver an industry-leading onboarding experience but do it in the simplest and fastest way possible in the market place. So that's sort of the context of how we think about increasing the capacity to support that ongoing opportunity.

現在重要的是，這肯定會改善和提高我們交付的質量，以及我們交付這些的速度。我認為，隨著我們繼續推進每次迭代，我們採用新想法、新概念、新方法，以更簡單、更快的方式完成它們，我們將繼續努力並迭代，我認為將幫助我們了解並提供行業領先的入職體驗，但以市場上最簡單、最快的方式實現。這就是我們如何考慮提高支持當前機會的能力的背景。

I think -- and then your second question, remind me what it was.

我想──然後你的第二個問題，提醒我那是什麼。

Sorry. Just the competitive positioning in the bank's channel, institution's channel after you guys integrate Atria because they're a sizable player there, and now you have obviously more presence in that channel with them eventually under your umbrella.

對不起。在你們整合 Atria 之後，在銀行管道、機構管道中的競爭定位是因為他們是那裡的一個相當大的參與者，現在你在該管道中顯然有更多的存在，他們最終在你的保護下。

Yes. So again, I think we've seen that marketplace as sort of an emerging opportunity where we took a novel concept back in 2020 as we began to offer it to the marketplace and establish a significant advantage from just having market share developing and growing IP around how to support and serve those clients. And then ultimately, continuing to evolve our capability set to make sure that we can help them in terms of their risk profile or cluster around this business line or service, increase or enhance financial results or manage the performance of their programs to create operational efficiency and scalability into their programs and then ultimately, to support them with growth. If we can do that within this value proposition and then have the advantage of the history and the experience of operating and working with these clients, the better practice at onboarding through the change management. A very complex effort. But that gives us a distinctive disadvantage in the marketplace that we think really resonates when we go out and share that with any prospective new clients.

是的。因此，我認為我們已經將該市場視為一種新興機會，我們在 2020 年開始向市場提供一個新穎的概念，並透過市場份額的開發和智慧財產權的發展建立了顯著的優勢。服務這些客戶。最終，繼續發展我們的能力，以確保我們能夠在風險狀況方面為他們提供幫助，或者圍繞該業務線或服務進行集群，增加或增強財務業績或管理他們的計劃績效，以提高運營效率和可擴展性融入他們的專案中，最終支持他們的成長。如果我們能夠在這個價值主張中做到這一點，然後擁有與這些客戶營運和合作的歷史和經驗的優勢，那麼就可以透過變革管理更好地進行入職實踐。這是一項非常複雜的工作。但這為我們在市場上帶來了一個獨特的劣勢，我們認為當我們走出去並與任何潛在的新客戶分享這一優勢時，我們確實會產生共鳴。

So I think we feel great about our positioning in the marketplace, the insights and perspective that we've been bringing forward that have enriched our value proposition that again, it's hard to do if you hadn't had the experience from doing so. That's how we think about that leadership. We think it's pretty durable and an interesting ongoing growth opportunity.

因此，我認為我們對我們在市場中的定位感到非常滿意，我們一直提出的見解和觀點豐富了我們的價值主張，如果你沒有這樣做的經驗，這是很難做到的。這就是我們對領導力的看法。我們認為它非常持久，並且是一個有趣的持續成長機會。

And our next question is come from the line of Steven Chubak with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Steven Chubak。

So I wanted to start with a follow-up on just the liquidity and succession discussion. Matt, you alluded to some of the limitations on the pace of deployment. But I was hoping you could just speak to the cadence now that this has been launched externally that we should be contemplating. And given the higher year-on-year payout ratio guide for 2Q, when should we expect to see those reductions in the adviser payout rate as some of that liquidity and succession accretion really starts to come through?

因此，我想從流動性和繼任問題的後續討論開始。馬特，您提到了部署速度的一些限制。但我希望你能談談現在的節奏，因為這已經是我們應該考慮的外部啟動了。鑑於第二季的年比支付率指南較高，隨著部分流動性和繼任者的增加真正開始實現，我們何時應該看到顧問支付率的下降？

I think on -- so on that last point, right? I think when you look at the payout, there's a handful of things going on. But I think you're already seeing it within the payout rate just based on the 27 deals we've done so far. So maybe, if you just looked at payout rate year-over-year for Q1, so just to eliminate kind of seasonal production build. And as a reminder, the Q1 payout for last year had a 40 basis point kind of catch-up onetimer. So overall, payout was flat year-over-year.

我想——所以最後一點，對吧？我認為當你查看支出時，會發現一些事情正在發生。但我認為您已經根據我們迄今為止完成的 27 筆交易的支付率看到了這一點。所以也許，如果你只看第一季的年比支付率，那麼只是為了消除季節性生產建設。提醒一下，去年第一季的支出有 40 個基點的追趕一次性。因此整體而言，支出與去年同期持平。

And there are 2 things in there that actually drove out up a little bit. The first is, and kind of building on what Dan was just talking through, the institutions channel and the growth in the institutional channel, which I think you know has a much higher payout than the average, also has a much lower cost to serve, lower TA rates. When you get down to things, bottom line economics like up margins quite compelling. But if you're just looking at the payout rate, you're going to see that grow as that business grows.

其中有兩件事實際上略有上升。第一個是，在丹剛才談到的基礎上，機構管道和機構管道的成長，我想你知道機構管道的支出比平均水平高得多，而且服務成本也低得多，較低的技術援助費率。當你認真對待事情時，底線經濟學（例如利潤率的提高）非常引人注目。但如果你只專注於支付率，你會發現支付率隨著業務的成長而成長。

And then we had some pricing reductions or pricing investments on our corporate advisory platform. We had announced those last year. Those took effect on the first quarter. So had those 2 things, that [bias] payout up. But then liquidity and succession did drive payout down to offset that. So there are moving parts in there, but you are absolutely starting to see that show up in the payout rate. Maybe not on an individual quarter-to-quarter just given the size of our overall business, but you are starting to see that over time.

然後我們在我們的企業諮詢平台上進行了一些定價降低或定價投資。我們去年就宣布了這些。這些措施於第一季生效。這兩件事也是如此，[偏見]支出增加了。但隨後流動性和繼任者確實降低了支出，以抵消這種影響。所以其中有一些變化的部分，但你絕對開始看到它出現在支付率中。考慮到我們整體業務的規模，也許不是單一季度的情況，但隨著時間的推移，你會開始看到這一點。

I think on the capacity point, and not sure where you're specifically doing that. So maybe just a follow up if we're not hitting that. But I think overall, when you look at whether it's internal or external, and you think through the process to onboard these teams, make sure we're putting the proper field management in place, all the complexities associated with it, that's really where the 30 to 40 deals per year comes from just to make sure that we're bringing those on board in a way that really delivers the strategic value that Dan was describing earlier.

我認為是在容量點上，不確定你具體在哪裡這樣做。如果我們沒有做到這一點，也許只是跟進。但我認為總的來說，當你考慮是內部還是外部，並思考這些團隊的入職流程時，確保我們將適當的現場管理落實到位，以及與之相關的所有複雜性，這才是真正需要解決的問題。

Really helpful color, Matt. And for my follow-up, just a question on cash levels and expectations around reinvestment, just given the significant number of fixed-rate contracts coming due, I believe, roughly $6 billion over the next 3 quarters. Where are those fixed contracts going to get renewed relative to that 240 basis point back book? And should we expect that that's all going to be renewed in fixed rate contracts, given that we are starting to see some signs of cash stabilization?

非常有用的顏色，馬特。對於我的後續行動，我只想問一個關於現金水準和再投資預期的問題，考慮到大量固定利率合約即將到期，我相信未來 3 個季度約為 60 億美元。相對於 240 個基點的回賬，這些固定合約將在哪裡續約？鑑於我們開始看到一些現金穩定的跡象，我們是否應該期望這一切都將在固定利率合約中得到更新？

Yes. I mean I think on the plans to renew, I think we like being in the center of that range, that 50% to 75% range, which is where we are now. So we'll make decisions and judgments about that. But I think with a stable cash balance and being at 65%, I think it's a fair assumption to assume our plans would be to renew.

是的。我的意思是，我認為在續約計劃中，我認為我們喜歡處於該範圍的中心，即 50% 到 75% 的範圍，這就是我們現在所處的位置。所以我們會對此做出決定和判斷。但我認為，鑑於現金餘額穩定且達到 65%，我認為我們的計畫更新是一個合理的假設。

When you look, maybe just to look at the next quarter, so not have to go too far out, the maturities, that $2 billion of maturities are towards the end of next quarter and those specifically are at 200 basis points right now. So they're kind of below that average for the year. And if you look at where we would typically place in the 3- to 5-year range, where that marketplace is, I think in today's market, you can assume in the 450 basis point range is where we place those. So of course, things can move between now and the end of Q2. But where we're sitting right now, you'd be going from 200 basis points up to the mid-450s on that $2 billion.

當你看時，也許只是看看下個季度，所以不必太過關注到期日，20 億美元的到期日將在下個季度末到期，而目前具體是 200 個基點。所以它們有點低於今年的平均值。如果你看看我們通常在 3 到 5 年範圍內放置的位置，我認為在今天的市場中，你可以假設 450 個基點範圍是我們放置的位置。當然，從現在到第二季末，事情可能會改變。但我們現在的情況是，這 20 億美元的利率將從 200 個基點上升到 450 個基點。

And our next question is going to come from the line of Michael Cyprys with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的邁克爾·賽普里斯 (Michael Cyprys)。

Maybe just circling back to the enterprise channel. You guys have had a lot of success there over the past couple of years. I'm just hoping you could talk a little bit about the pipeline for new mandates, how those conversations are evolving. And then on the Pru platform, more broadly on that. I was hoping maybe you could speak a little bit to the platform that you've customized and built for Pru, just how that differs from what you've done with other enterprise clients and how you might be able to take the sort of capability set into other channels or markets over time?

也許只是回到企業頻道。在過去的幾年裡，你們在那裡取得了巨大的成功。我只是希望你能談談新任務的流程，以及這些對話是如何演變的。然後是在 Pru 平台上，更廣泛地說。我希望您能談談您為 Pru 定制和構建的平台，它與您為其他企業客戶所做的有何不同，以及您如何能夠採用這種功能集隨著時間的推移進入其他渠道或市場？

Yes. So with respect to the institution pipeline, we have continued opportunity to get swings in the batter's box in the large bank space. Obviously, we've had established a series of a number of years of success in bringing those clients on and a success that those institutions are having once on the platform from a financial performance standpoint, from new capabilities and solutions and features, I think certainly reinforces the value that the model can provide them and thus helps us in those ongoing dialogues with other opportunities within the bank space. That's about a $1 trillion opportunity or a marketplace. And so there's a number of opportunities that remain out there, and we're encouraged by the dialogue we're having in that part of the marketplace.

是的。因此，就機構管道而言，我們繼續有機會在大型銀行空間的擊球手區進行波動。顯然，我們在吸引這些客戶方面已經取得了一系列的成功，並且從財務績效的角度來看，從新的功能、解決方案和功能來看，這些機構在平台上也取得了成功，我認為當然強化了該模型可以為他們提供的價值，從而幫助我們與銀行領域內的其他機會進行持續對話。這大約是一個價值 1 兆美元的機會或市場。因此，仍然存在許多機會，我們對這部分市場的對話感到鼓舞。

And then I think also with the win with Pru, right, we expanded that market to include kind of wealth management solutions that are owned or operated by audit manufacturers and specifically insurance companies. And I think that's -- certainly that win created the opportunity to have a number of dialogues that companies that are similar in nature to a Prudential and certainly exploring the possibility of outsourcing, where an outsourcing solution wasn't always available in that part of the marketplace. And so a longer sales cycle and sort of longer iterative consultative approach to that. We are encouraged by the emerging dialogue and discussions we're having in that part of the markets.

然後我認為，隨著 Pru 的勝利，我們擴大了該市場，包括由審計製造商，特別是保險公司擁有或經營的財富管理解決方案。我認為，當然，這場勝利創造了機會，讓性質與保德信類似的公司進行多次對話，當然也探索了外包的可能性，而外包解決方案在該領域並不總是可用。因此，需要更長的銷售週期和更長的迭代諮詢方法。我們對這部分市場中不斷出現的對話和討論感到鼓舞。

I think that's your first question. Your second one, ask again, please?

我想這是你的第一個問題。你的第二個，請再問一次，好嗎？

Sorry, the first part was just on the pipeline for new mandates and conversations. And then the second part was just around the Pru custom-built platform and opportunities to take that elsewhere to other markets or channels over time.

抱歉，第一部分正在醞釀新的任務和對話。第二部分圍繞著 Pru 定制平台以及隨著時間的推移將其帶到其他市場或管道的機會。

Yes. Thank you. Sorry. So I think I answered the first one. So on the second half, with respect to some of the capabilities that we're thinking about relative to Pru, part of the opportunity in exploring that and solving for that was I think creating what I think are 2 interesting applications that are somewhat novel in the marketplace today. The first one is the expansion of our platform that will enable the audit manufacturer and the LPL suite of products to exist in a single experience.

是的。謝謝。對不起。所以我想我回答了第一個問題。因此，在下半年，關於我們正在考慮的相對於 Pru 的一些功能，探索和解決這個問題的部分機會是我認為創建兩個有趣的應用程序，這些應用程式在今天的市場。第一個是擴展我們的平台，使審核製造商和 LPL 產品套件能夠以單一體驗存在。

And if you think about that relative to insurance, as an example, that can be a really important element and differentiator where you get a really seamless integrated solution set across your entire product offering in. Again, that's kind of a novel concept and a hypothesis of a lot of folks thinking, wow, that would be a really interesting thing to solve for and I think inside this opportunity, we're solving for that. So we're really encouraged about that. And again, once you do that, that can be valuable to any a number of other different larger institutions that might value that.

舉個例子，如果你考慮一下與保險相關的問題，這可能是一個非常重要的元素和差異化因素，你可以在整個產品中獲得真正無縫的集成解決方案集。概念和假設很多人都在想，哇，這將是一件非常有趣的事情，我認為在這個機會中，我們正在解決這個問題。所以我們對此感到非常鼓舞。再說一次，一旦你這樣做了，這對於任何其他可能重視這一點的不同大型機構來說都是有價值的。

Second one would be an integrated operating platform that embeds workflows and connectivity, not only through our systems, but to the parent and third-party systems. And so it's kind of a cool operational efficiency, again, across the landscape of business they do, that makes it easy for them to collaborate, operate and work with us in a very integrated way. So those are just 2 [different sets.] I think we think are really, again, interesting and differentiating them but also applicable to other potential prospects. I hope that helps. Thanks.

第二個是一個整合的操作平台，不僅透過我們的系統，而且還透過母系統和第三方系統嵌入工作流程和連接。因此，在他們從事的業務領域，這是一種很酷的營運效率，這使得他們可以輕鬆地以非常整合的方式與我們協作、運作和工作。所以這些只是 2 個[不同的集合]。我希望這有幫助。謝謝。

Just a follow-up question, if I could, just on client cash. Just curious what you're seeing in terms of underlying client behavior. I realize the cash allocation a bit lower today versus historical. But when you look at the customer behavioral trends under the hood with cash going in and out of the account, just curious if there's anything different now that you're seeing relative to historical. And as you kind of look out from here, is there a certain macro or rate environment that you think would be helpful in terms of catalyzing cash allocations to (inaudible)?

如果可以的話，我想問一個關於客戶現金的後續問題。只是好奇您在潛在客戶行為上看到了什麼。我意識到今天的現金分配比歷史水準低一些。但是，當您觀察現金進出帳戶的客戶行為趨勢時，您會好奇現在您所看到的與歷史相比是否有任何不同。當您從這裡觀察時，您認為是否存在某種宏觀或利率環境有助於促進現金配置（聽不清楚）？

Michael, yes, I think -- I mean, the headline is -- and I think you can see it in our metrics. I think we've seen stability in the category of near full deployment for quite some time now, right? Look at Q1 results and cash balances kind of remained in that just above 3% zone, largely coming down just by fees in the quarter. So I think you're starting to get to that place where you're really at full deployment. And I think from an environment standpoint, and where things could go, I think history is the best guide. I think we're in a place where clients are fully deployed, the equity markets are rising. Interest rates are high, and they're fully deployed in the market. And I think when we've seen environments that are the opposite of that, where they're in more of a defensive position, you see cash balances come back up, right? That doesn't feel like that, of course, in the moment, but I think that is the behavior we've seen time and time again. And I think that's the dynamic we would expect to continue.

邁克爾，是的，我認為 - 我的意思是，標題是 - 我認為你可以在我們的指標中看到它。我認為我們已經看到接近全面部署類別的穩定性已經有一段時間了，對嗎？看看第一季的業績，現金餘額仍保持在略高於 3% 的區域，主要是由於本季的費用而下降。所以我認為你已經開始達到真正全面部署的地步了。我認為從環境的角度來看，以及事情的發展方向，我認為歷史是最好的指南。我認為我們正處於客戶充分部署、股市上漲的階段。利率很高，並且在市場上得到充分配置。我認為，當我們看到與此相反的環境時，他們更處於防禦地位，你會看到現金餘額回升，對嗎？當然，目前感覺並非如此，但我認為這是我們一次又一次看到的行為。我認為這就是我們期望持續下去的動力。

All that being said, I'd just emphasize, we are seeing that stability where cash is really coming down for things like paying fees and things as opposed to deployment in the marketplace has gotten pretty stable in the last quarter or so.

話雖這麼說，我只是想強調一下，我們看到，在上個季度左右，現金真正減少的情況是支付費用等，而不是在市場上部署，這種穩定性已經變得相當穩定。

And our next question is going to come from the line of Dan Fannon with Jefferies.

我們的下一個問題將來自 Dan Fannon 與 Jefferies 的對話。

Matt, was hoping you could talk to the factors that are going to get us -- or get you towards the low or the high end of your G&A growth for this year and now that we're 4 months in, kind of where you think you're tracking based upon current trends.

Matt，希望您能談談影響我們的因素，或讓您今年的 G&A 成長達到低點或高點，現在已經過去 4 個月了，這就是您所認為的您正在根據當前趨勢進行追蹤。

Yes. I mean, I think when you look at just the first quarter, right, from an annualized rate, we're at the low end of that guidance. And I think when you look ahead to Q2 would probably be something in a similar zone. So I think we're -- we feel good that we are tracking towards our guidance overall. I think the things that can move us within that range are similar to things that are in the prior years, which is more about our levels of organic growth, opportunities that we see during the year that really drive, whether it be variable cost, variable compensation, or the costs associated with that growth.

是的。我的意思是，我認為當你從年化率來看第一季時，我們正處於該指導的低端。我認為，當你展望第二季度時，可能會處於類似的區域。所以我認為我們感覺很好，我們正在追蹤我們的整體指導。我認為能夠讓我們在這個範圍內前進的事情與前幾年的事情類似，這更多的是我們的有機增長水平，我們在這一年中看到的真正推動的機會，無論是可變成本，可變成本補償，或與成長相關的成本。

But the headline I would give is, we feel comfortable of landing within that zone. And just a reminder, that is prior to expenses associated with Pru and Atria and to the extent that those impact core G&A, we'll give updates later in the year on that. The headline is we feel good.

但我要給出的標題是，我們對降落在該區域感到很舒服。提醒一下，這是在與 Pru 和 Atria 相關的費用之前，就這些影響核心 G&A 而言，我們將在今年稍後提供更新。標題是我們感覺良好。

Understood. And then, Dan, I was hoping you could provide some updated thoughts around the DOL rule. Obviously, we got the full proposal last week. Any changes to how you were thinking about it and what you said previously?

明白了。然後，丹，我希望您能提供一些有關勞工部規則的最新想法。顯然，我們上週收到了完整的提案。您的想法和之前所說的話有什麼改變嗎？

Yes. So as we said, it's been a hot topic over the last week since the release. But look, the headline is that I think the final rule reflects some hopeful changes from the original proposal and generally better aligns with the SEC's Reg BI, which we believe is a good thing for investors. And as you probably have seen, the rules is scheduled to become effective in September, although there is a 1-year transition period for firms that acknowledge [fiduciary established] and comply with specified conduct standards. So that's probably a long-winded way to say. There's probably a year time line in and around getting any changes that need to be required or made in your compliance programs in place such that you can build those new responsibilities.

是的。正如我們所說，自發布以來，它一直是上週的熱門話題。但看，標題是，我認為最終規則反映了最初提案的一些有希望的變化，並且總體上與 SEC 的 Reg BI 更加一致，我們認為這對投資者來說是一件好事。正如您可能已經看到的，這些規則預計將於 9 月生效，儘管承認[已建立信託]並遵守特定行為標準的公司有 1 年的過渡期。所以這可能是一種冗長的說法。可能需要一年的時間來完成合規計劃中需要或進行的任何更改，以便您可以建立這些新的職責。

That said, our team is working to finalize the design and implementation of our compliance program. And again, we feel good about that preparation and the ability to execute around the effective framework -- effective dates and framework that we've seen thus far. We're able to leverage some of the work we did in 2016, which ultimately wasn't implemented, in addition to some work that we've already done connected to Reg BI. So at the same time, there are a few areas like around rollovers where we'll have to deploy new approaches and solutions, again, we can come -- they're solvable for us.

也就是說，我們的團隊正在努力完成合規計畫的設計和實施。再次，我們對圍繞有效框架的準備和執行能力感到滿意——我們迄今為止看到的有效日期和框架。除了我們已經完成的一些與 Reg BI 有關的工作之外，我們還能夠利用 2016 年所做的一些工作（這些工作最終沒有實施）。因此，同時，在某些領域，例如圍繞延期，我們必須部署新的方法和解決方案，同樣，我們可以來——它們對我們來說是可以解決的。

All that said, it's safe to assume that there will be litigation challenging the rule as there was a case with successful litigation we saw back in response to the 2016. All of that could potentially impact both the compliance approach that any of us take in the time line. So we draw out on that, but we do think it was a better landing spot than originally.

儘管如此，可以肯定的是，將會出現挑戰該規則的訴訟，因為我們在 2016 年看到了一個成功訴訟的案例。所以我們借鑒了這一點，但我們確實認為這是一個比原來更好的著陸點。

And our next question is going to come from the line of Bill Katz with TD Cowen.

我們的下一個問題將來自 Bill Katz 和 TD Cowen 的對話。

So just coming back to cash for a moment. To the extent that we follow the forward curve from here, and I appreciate your comments, Matt, that there's some cyclicality longer looking on this. But just sort of using your current AUM base, even if I sort of apply an 8% growth rate against that and sort of assume a 3% allocation and I adjust for quarterly billings, should we be thinking of a scenario of sort of flatter client cash here until a more strident change of interest rates as we sort of think of through our models?

所以暫時回到現金上來。就我們從這裡開始的遠期曲線而言，我感謝你的評論，馬特，有一些週期性的問題需要更長的時間。但只是使用您當前的 AUM 基礎，即使我對此應用 8% 的增長率，並假設 3% 的分配，並且我根據季度賬單進行調整，我們是否應該考慮一種更平坦的客戶場景現金在這裡，直到利率發生更劇烈的變化，正如我們透過我們的模型所想到的？

Well, I think -- yes, you're walking through your model there, Bill. I think the headline point is if you're assuming the environment remains the same, I think assuming cash is fully deployed in the market, I think, is a good assumption. I think the -- I think the point you're making is we continue to grow, that growth does come with cash. So I think modeling that versus the fees we pay and things of that nature, I think is a good way to look at it. And maybe the bottom line, I think when you look at the cash as a percent of AUM, where we are in that low kind of 3% zone, you're certainly getting to the point of friction from going below that when you've got to have a certain amount of cash to manage rebalancing, paying fees, facilitating withdrawals or just a natural resistance when you get down to the levels that we are.

嗯，我想 - 是的，你正在研究你的模型，比爾。我認為重點是，如果你假設環境保持不變，我認為假設現金在市場上得到充分部署，我認為這是一個很好的假設。我認為——我認為你要表達的觀點是我們繼續成長，成長確實伴隨著現金。因此，我認為將其與我們支付的費用和類似性質的事物進行比較，我認為這是一個很好的看待它的方法。也許底線是，我認為，當你將現金佔資產管理規模的百分比視為 3% 的低區時，當你低於該水平時，你肯定會遇到摩擦點。再平衡、支付費用、促進提款，或只是當你降到我們現在的水平時的自然阻力。

So I think that was where you were probing, but those levels would be what makes sense to us, and there's certainly cash that comes along with growth, if that's what you're trying to confirm.

所以我認為這就是你正在探索的地方，但這些水平對我們來說是有意義的，而且如果你想確認的話，肯定會伴隨著增長帶來現金。

Okay. That's helpful. And then just 1 clarification and 1 question. You mentioned that your ICA yield might be down a couple of basis points quarter-on-quarter. And I guess, I'm a little surprised just given the high reinvestment rates and you're getting more favorable gross spread on the Fed fund on the variable side. So can you just maybe explain that? The broader question I have is going on to just the liquidity and services opportunity -- success, excuse me. Can you talk a little bit about, maybe the external one, Dan, you sort of highlighted that you sort of secured the first one, so congrats on that. What's the same size of that look like? And then just from a devil's advocate perspective, if you're getting 60 basis points on that incremental deployment, why not ratchet that up and slow some of the lower gross profit ROA, larger transactions in the enterprise side? Maybe help me understand the puts and takes as you think about allocation.

好的。這很有幫助。然後只有 1 個澄清和 1 個問題。您提到您的 ICA 收益率可能會比上一季下降幾個基點。我想，考慮到再投資率很高，而且聯邦基金在可變方面的總利差更加有利，我對此感到有點驚訝。那你能解釋一下嗎？我提出的更廣泛的問題是流動性和服務機會——成功，請原諒。你可以談談，也許是外在的，丹，你強調了你已經獲得了第一個，所以恭喜你。同等大小的樣子是什麼樣的？然後，從魔鬼擁護者的角度來看，如果您在增量部署上獲得了 60 個基點，為什麼不提高這一點並減緩一些毛利 ROA 較低、企業方面較大的交易呢？當你考慮分配時，也許可以幫助我理解看跌期權和看跌期權。

All right. Well, I'll start with part one of your 7-part question there. I think on the ICA yield, just the timing. So I think when you look at the decline quarter-over-quarter, the fixed-rate maturity that I think we would reinvest at from 200 basis points to 450, that comes at the very end of the quarter. So if you just look at where cash balances are at the moment, you would just have a movement of those variable ones. I think the point I would hit is that truly that maturity, just coming at the end of the quarter. So you'll see that benefit pull through assuming it comes in at the rates that we talk through, they're in the marketplace right now. You just see that come through in the third quarter.

好的。好吧，我將從您的 7 部分問題的第一部分開始。我認為 ICA 收益率只是時間問題。因此，我認為，當你看到季度環比下降時，我認為我們將在本季末將固定利率期限從 200 個基點再投資到 450 個基點。因此，如果您只查看目前的現金餘額，您將看到這些可變現金餘額的變化。我認為我要強調的一點是，真正的成熟度將在本季末到來。因此，假設它們按照我們討論的價格進入，您就會看到這種好處，它們現在就在市場上。你會在第三季看到這一點。

I think on the L&S economics, maybe I'll just give a comment there and then turn it over to Dan. I think it's not necessarily about pure decisions on capital allocation where to put it. I think it's about these advisers in finding a succession offering that works for them and doing it in a way that is very thoughtful and helpful and lands them on our platform and really hits the marks of the really strategic benefits of the transaction itself. And I think that's what leads to our thoughts on the capacity of 30 to 40 a year, as opposed to just some financial choice. And maybe, Dan, if there's anything you want to add to that.

我想關於 L&S 經濟學，也許我會在那裡發表評論，然後將其交給 Dan。我認為這不一定是關於資本配置的純粹決定。我認為這些顧問要找到適合他們的繼任產品，並以一種非常周到和有幫助的方式來做，讓他們進入我們的平台，並真正達到交易本身的真正戰略利益的目標。我認為這就是我們對每年 30 到 40 個容量的想法的原因，而不僅僅是一些財務選擇。也許，丹，如果你還有什麼要補充的。

Yes. So Bill, you were speaking to the opportunity set. Again, it goes back to, in many cases, what we're solving for is the succession for these advisers. And I think given the size of that need has driven the proliferation of maybe innovation in that area to try to solve for it. And so if it's -- there's 300,000 advisers in the marketplace and 1/3 of them are going to retire over the next 10 years, that would be a total opportunity set.

是的。比爾，你說的是機會集。同樣，在許多情況下，我們要解決的問題是這些顧問的繼任問題。我認為，鑑於這種需求的規模已經推動了該領域創新的激增，試圖解決這個問題。因此，如果市場上有 30 萬名顧問，其中 1/3 將在未來 10 年內退休，那麼這將是一個完整的機會集。

I think, for now, a lot of these transactions have been targeted for larger practices because to do these transactions, it's just -- it could be a complex administrative process to work through it. And so it's probably not fair to say then it's all 100,000 that are retiring in the next 10 years as the opportunity set.

我認為，目前，許多此類交易已針對更大的實踐，因為要進行這些交易，它可能是一個複雜的管理流程來完成它。因此，如果說未來 10 年內將有 10 萬人退休，這可能是不公平的。

That said, the constraints around the administrative complexity to do these deals will certainly get easier as everyone in the marketplace learns, iterates, evolves on how to do that. And that constraint then will allow that capacity to go up. And as firms learn how to onboard these folks and do it in a highly successful way, then again, I think that constraint will go up and you'll see increased number and sizes of these over time. And so that's how we think at least about how we think about the opportunity set and make sure that we have a compelling value proposition to support these folks once they transition over. And once we serve them in the context and the capacity that they are being served in as an employee of LPL and thus as part of a transition of the succession plan over the 5-year period of time, we're delivering value and capabilities that we've built in a lot of our affiliation models that enable us to do that really in an efficient and effective way.

也就是說，隨著市場上每個人都在學習、迭代和發展如何做到這一點，圍繞完成這些交易的管理複雜性的限制肯定會變得更容易。然後，這種限制將允許容量上升。隨著公司學習如何讓這些人加入並以非常成功的方式做到這一點，我認為這種限制將會增加，隨著時間的推移，你會看到這些人的數量和規模不斷增加。因此，這就是我們至少如何看待機會集，並確保我們有一個令人信服的價值主張來支持這些人一旦過渡。一旦我們按照他們作為 LPL 員工的環境和能力為他們提供服務，從而作為 5 年期間繼任計劃過渡的一部分，我們就會提供以下價值和能力：我們建立了許多隸屬關係模型，使我們能夠真正以高效且有效的方式做到這一點。

And so we can scale that where we couldn't have if we didn't have the 3 or 4 years of experience in building those capabilities. And so I think it's just that front-end administrative operational work for doing these deals, and those again, we can get more efficient at them, we'll scale that up. We do think, again, it's compelling opportunity that is some relevant for folks that are in traditional employee-based models. It's relevant for anyone that has their own independent business, just trying to explore how to transition the business and create a succession outcome that's good for them. So it is a relevant business across the -- sorry, a relevant opportunity across the industry, and again, I think we'll continue to innovate, evolve and get better and better at it. I suspect we'll have competition out in the marketplace because it's a big problem to solve. But we think we've got a good head start and good infrastructure of which to leverage and scale.

因此，如果我們沒有 3 或 4 年來建構這些能力的經驗，我們就可以擴展我們無法實現的範圍。因此，我認為這只是進行這些交易的前端行政運作工作，我們可以提高這些交易的效率，我們將擴大規模。我們確實認為，這對採用傳統員工模式的人來說是一個令人信服的機會。對於任何擁有自己獨立業務的人來說，這都是相關的，只是試圖探索如何實現業務轉型並創造對他們有利的繼任結果。因此，這是整個行業的相關業務——抱歉，是整個行業的相關機會，我認為我們將繼續創新、發展並在這方面做得越來越好。我懷疑我們將在市場上競爭，因為這是一個需要解決的大問題。但我們認為我們已經有了良好的開端和良好的基礎設施，可以利用和擴展。

And our last question is going to come from the line of Benjamin Budish with Barclays.

我們的最後一個問題將來自巴克萊銀行的本傑明·布迪什（Benjamin Budish）。

I wanted to -- first maybe, 1 more follow-up on cash levels, but maybe asking about the April update more holistically. So on cash, it sort of sounds like your comment about the variable piece moving with given the timing of adviser payments and taxes, perhaps cash continues to decline in April, but you also sound quite optimistic on the recruiting pipeline. Any color you can give in terms of what you're seeing there in terms of net new assets in April? I know the month is almost at an end.

我想——首先，也許對現金水平進行更多的跟進，但也許更全面地詢問四月份的更新情況。因此，在現金方面，這聽起來有點像您對可變部分的評論，考慮到顧問付款和稅收的時間，也許現金在四月份繼續下降，但您對招聘管道也聽起來相當樂觀。您能對 4 月份淨新資產的情況給予什麼顏色嗎？我知道這個月快結束了。

Yes, you bet. I mean, I think we've got 1 more day of data to see. But the headline I'd give you on April is,it's shaping up, be a bit better than you would expect, especially given the seasonality that you hinted at in your question of what you see in April.

是的，你敢打賭。我的意思是，我認為我們還有 1 天的數據可以查看。但我在四月給你的標題是，它正在形成，比你預期的要好一點，特別是考慮到你在四月份看到的問題中暗示的季節性。

So starting first on client cash balances. The 2 seasonal factors that do hit April are, first, to your point, taxes, right, taxes get paid in April. That for us typically reduces cash by about $1.5 billion. And then the second factor is advisory fees. Those primarily come out in the first month of the quarter, April, obviously, being the first month of Q2. That reduces cash by about $1 billion a quarter. So those 2 seasonal factors together, all else equal would drive a decline of nearly $3 billion in cash sweep for the month.

因此，首先從客戶現金餘額開始。影響四月的兩個季節性因素首先是稅收，對吧，稅收是在四月繳納的。對我們來說，這通常會減少約 15 億美元的現金。第二個因素是諮詢費。這些主要出現在該季度的第一個月，即四月，顯然，這是第二季的第一個月。這使得每季現金減少約 10 億美元。因此，在其他條件相同的情況下，這兩個季節性因素加起來將導致本月現金支出減少近 30 億美元。

But to the point on stability outside of those factors, we actually have seen cash balances grow by over $1 billion. So you net it all out, and cash balances for the month of April are down just $1.5 billion where we sit right now. And then to your point on organic growth. We're continuing to see the strength that we've talked about in Q1. Those same dynamics, taxes and advisory fees do hit NNA in the month of April. That would -- so it would reduce NNA by about $3 billion or about 3%. But outside of that, when you factor in the recruiting levels that we've had that have -- that ramp -- that's come into April as well as we continue to see from a strength in the month of April, we're seeing organic growth in the 5% to 6% zone which, as a reminder, April is typically the slowest month of the year from a growth standpoint. So at 5% to 6% for that month, I think it's a solid start to the quarter.

但就這些因素之外的穩定性而言，我們實際上已經看到現金餘額增加了超過 10 億美元。因此，如果您將其全部扣除，那麼 4 月份的現金餘額僅比我們目前的情況少了 15 億美元。然後談談你關於有機成長的觀點。我們繼續看到我們在第一季談到的實力。同樣的動態、稅收和諮詢費確實在 4 月影響了 NNA。這將使 NNA 減少約 30 億美元或約 3%。但除此之外，當你考慮到我們四月份的招募水平——即斜坡——以及我們繼續看到四月份的實力時，我們看到了有機的增長在5% 至6% 區域，提醒您，從成長的角度來看，4 月通常是一年中最慢的月份。因此，該月的成長率為 5% 至 6%，我認為這是本季度的良好開端。

Great. And then my follow-up. Just in terms of promotional expenses, I guess 2 questions. One, can you unpack a little bit the prudential related expenses? I guess, how much was in Q1? And then for the step-up you indicated in Q2, how much are you expecting that's Pru specific versus the increase in the TA side?

偉大的。然後是我的後續行動。就促銷費用而言，我猜有兩個問題。第一，您能稍微解釋一下與審慎相關的費用嗎？我猜，第一季是多少？然後，對於您在第二季度指出的增幅，您預計 Pru 特定的增幅與 TA 方面的增幅相比是多少？

And then at a high level, can you kind of just walk us through what happens over the next, like, year, say, with Prudential and Atria, Prudential, I understand there are promo expenses coming off. For Atria, presumably, there's separate M&A spend, but TA, should be ramping up. So how are you thinking about the growth in that line over the next, say, 4 quarters?

然後，在較高的層面上，您能否向我們介紹接下來會發生什麼，例如，保德信和 Atria，保德信，我知道促銷費用會減少。對於 Atria 來說，大概有單獨的併購支出，但 TA 應該會增加。那麼，您如何看待該產品線在未來（例如 4 個季度）的成長？

Yes. You bet. Matt, I think when you look at specific to Q1 and Pru, we had about $17 million of promo-related expense related to Pru in Q1. We'd actually expected it in a low $20 million range. It's a little bit why promotional came in a little bit better than we had guided and the reason why next quarter is up by about $10 million. It's really a shifting of the timing of spend related to Pru.

是的。你打賭。馬特，我認為當您具體查看第一季度和 Pru 時，我們在第一季度與 Pru 相關的促銷相關費用約為 1700 萬美元。我們實際上預計它的價格在 2000 萬美元左右。這就是促銷活動比我們指導的要好一點的原因，也是下個季度增加約 1000 萬美元的原因。這實際上是與 Pru 相關的支出時間的轉變。

I think when you look at the overall year to your question on what's going to drive promotional, and I'll get to the Pru specific pieces of that. But I think there's really 3 factors when you look at the full year. And the first in Q1 is organic growth, right, it's in specifically from recruiting that we talked a little bit about earlier in the call, primarily the level and amount of recruited AUM that comes on to the platform with Q1 had a record prior to large financial institutions. The good momentum we have going into Q2, I think we feel like that will be a key driver of promotional expense going up this year for a very good reason that it's the recruited assets coming on the platform, with TA rates really stable.

我認為，當您審視全年的整體情況時，會問到什麼將推動促銷，我將討論保誠的具體部分。但我認為，從全年來看，確實有 3 個因素。第一季的第一個是有機成長，對吧，特別是我們在電話會議早些時候討論過的招聘，主要是第一季度進入平台的招聘AUM 的水平和數量，在大之前就已經創紀錄了。我們進入第二季度的良好勢頭，我認為這將成為今年促銷費用上漲的關鍵驅動因素，有一個很好的理由，即平台上招募的資產，TA 費率非常穩定。

The other item is our conference spend, right? So that is really in line with the size and the table of the firm. Our conferences are where we get together, we connect with our advisers. They're really important, really valuable, and we would scale that with the size of the firm.

另一項是我們的會議支出，對嗎？所以這確實符合公司的規模和表格。我們的會議是我們聚集在一起、與顧問聯繫的地方。它們非常重要，非常有價值，我們會根據公司的規模來擴大規模。

And then lastly, to deploy in your question on Prudential. Atria really wouldn't impact Prudential this year. But Prudential would. And just as a reminder, for that deal overall, we estimate $325 million of spend to bring them on. $200 million of that is in technology spend that Dan gave a little bit of color on earlier. And then the other $125 million is really onboarding integration costs. That's what shows up in promotional. We've incurred a little over $40 million so far through the first quarter. So the remaining $80 million to $85 million, that will primarily come through in the remainder of this year. So those are the drivers. And hopefully, that gives you a little bit of a double click on Prudential itself.

最後，部署一下你關於保德信的問題。 Atria 今年確實不會影響保德信。但保德信會的。提醒一下，對於整個交易，我們估計花費 3.25 億美元來完成這些交易。其中 2 億美元用於技術支出，Dan 早些時候對此進行了一些說明。另外 1.25 億美元實際上是入職整合成本。這就是促銷中所體現的內容。到目前為止，第一季我們的支出已略高於 4000 萬美元。因此，剩餘的 8,000 萬至 8,500 萬美元將主要在今年剩餘時間內支付。這些就是驅動因素。希望這能讓您雙擊保德信本身。

And I would now like to hand the conference back to Dan Arnold for any closing remarks.

現在我想將會議交還給丹·阿諾德（Dan Arnold）發表閉幕詞。

Yes. I just want to thank everyone for making the time to join us this afternoon, and we look forward to speaking with you again next quarter.

是的。我只想感謝大家今天下午抽出時間加入我們，我們期待下個季度再次與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。