LPL Financial Holdings Inc (LPLA) 2024 Q2 法說會逐字稿

Good afternoon, and thank you for joining the second-quarter 2024 earnings conference call for LPL Financial Holdings Inc. Joining the call today are 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. (Operator Instructions)

下午好，感謝您參加 LPL Financial Holdings Inc. 的 2024 年第二季財報電話會議。財務長兼業務營運主管 Matt Audette。丹和馬特將做介紹性發言。 （操作員說明）

The company has posted its earnings press release and supplementary information on the Investor Relations section of the company's website, investor.lpl.com.

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 Financial's future financial and operating results, outlook, business strategies, and plans, as well as other opportunities and potential risks that management foresees. Such forward-looking statements reflect management's current estimates or 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 Financial 未來財務和營運業績、前景、業務策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或信念，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事件發生時間有重大差異。

For more information about such risks and uncertainties, the company refers listeners to the disclosure 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所載的披露內容，以及該公司最近向美國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 such non-GAAP financial measures to 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措施。有關此類非 GAAP 財務指標與可比較 GAAP 數據的調整表，請參閱該公司的收益報告，該報告可在 Investor.lpl.com 上找到。

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

這樣，我會將電話轉給阿諾德先生。

Thank you, operator, and thanks to everyone for joining our call today. To set the stage for tonight’s call, I’ll start by taking us through our quarterly business results and hand it over to Matt to cover the financials. Then before we open the call for Q&A, I’ll take a few minutes to share our perspective on recent events in the marketplace related to sweep deposits.

謝謝接線員，也謝謝大家今天加入我們的通話。為了為今晚的電話會議做好準備，我將首先介紹我們的季度業務業績，然後將其交給馬特來介紹財務狀況。然後，在我們開始問答環節之前，我將花幾分鐘時間分享我們對近期市場上與掃蕩存款相關的事件的看法。

Okay, with that as context, over the past quarters, our advisors continued 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 remained focused on our mission of taking care of advisors so they can take care of their clients.

好的，以此為背景，在過去的幾個季度中，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，我們仍然專注於照顧顧問的使命，以便他們可以照顧他們的客戶。

During the second quarter, we continued to see the appeal of our model grow due to the 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 in helping advisors and institutions solve challenges and capitalize on opportunities better than anyone else, and thereby, serve as the most appealing player in the industry.

在第二季度，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，我們在幫助顧問和機構解決挑戰並比其他任何人更好地利用機會方面繼續取得紮實進展，從而成為業內最具吸引力的參與者。

Now 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 second-quarter business results.

現在就我們的業績而言，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。我將從第二季的業務表現開始回顧這兩個領域。

In the quarter, total assets increased to $1.5 trillion, as continued solid organic growth was complemented by higher equity markets. Regarding organic growth, second-quarter organic net new assets were $29 billion, representing 8% annualized growth. This contributed to organic net new assets over the past 12 months of $104 billion, also representing an 8% growth rate.

本季度，總資產增至 1.5 兆美元，持續穩健的有機成長得到股市上漲的補充。在有機成長方面，第二季有機淨新資產為 290 億美元，年化成長 8%。這使得過去 12 個月的有機淨新資產達到 1,040 億美元，成長率也達到 8%。

In the second quarter, recruited assets were $24 billion, bringing our total for the trailing 12 months to a record $93 billion. These results reflect the continuing appeal of our model, as well as the strength of our recruiting across our expanded addressable markets.

第二季度，募集資產為 240 億美元，使我們過去 12 個月的資產總額達到創紀錄的 930 億美元。這些結果反映了我們的模式的持續吸引力，以及我們在擴大的潛在市場中的招募實力。

Looking at same store sales, our advisors remain focused on taking care of their clients and delivering a differentiated experience. As a result, our advisors are both winning new clients, and expanding wallet share with existing ones, a combination that drove solid same store sales in Q2.

就同​​店銷售而言，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，這一組合推動了第二季同店銷售的強勁成長。

At the same time, we continue to enhance the advisor experience through the delivery of new capabilities and technology and the evolution of our service and operations functions. As a result, asset retention for the second quarter was approximately 98% and 98% over the last 12 months.

同時，我們繼續透過提供新的​​功能和技術以及我們的服務和營運功能的發展來增強顧問的體驗。因此，第二季的資產保留率約為 98%，過去 12 個月的資產保留率為 98%。

Our second-quarter business results led to solid financial outcomes with adjusted EPS of $3.88. Let’s now turn to the progress we made on our strategic plan.

我們第二季的業務成果帶來了穩健的財務成果，調整後每股收益為 3.88 美元。現在讓我們來看看我們在策略計劃方面的進展。

Now as a reminder, our long-term vision is to become the leader across the advisor-centered marketplace. To do that, our strategy is to invest back into the platform to provide unprecedented flexibility in how advisors can affiliate with us and to deliver capabilities and services to help maximize advisors’ success throughout the lifecycle of their businesses. Doing this well gives us a sustainable path to industry leadership across the advisor experience, organic growth, and market share.

現在提醒一下，我們的長期願景是成為以顧問為中心的市場的領導者。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，幫助顧問在整個業務生命週期中最大限度地取得成功。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。

Now to execute on our strategy, we organize our work into two strategic categories: horizontal expansion, where we look to expand the ways that advisors and institutions can affiliate with us, such that we are positioned to compete for all 300,000 advisors in the marketplace; and vertical integration, where we focus on delivering capabilities, technology, and services that help our advisors differentiate and win in the marketplace and be great operators of their businesses.

現在，為了執行我們的策略，我們將工作分為兩個策略類別：橫向擴張，我們希望擴大顧問和機構與我們合作的方式，以便我們能夠競爭市場上所有 30 萬名顧問；和垂直整合，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獲勝，並成為其業務的出色運營商。

Now with that as context, let’s start with our efforts around horizontal expansion. Over the second quarter, we saw strong recruiting in our traditional independent market, reaching a new quarterly high of approximately $19 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.

現在以此為背景，讓我們從橫向擴展的努力開始。第二季度，我們看到傳統獨立市場的招募強勁，資產達到約 190 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。

With respect to our new affiliation models, strategic wealth, employee, and our enhanced RIA offering, we delivered another solid quarter, recruiting roughly $4 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.

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 40 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 Q2 we added approximately $1 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 within the large institution marketplace, where we advanced our preparation to onboard the retail wealth management businesses of Prudential Financial and Wintrust Financial. Collectively, these two deals will add approximately $66 billion of brokerage and advisory assets by early 2025.

接下來，在第二季度，我們在傳統銀行和信用合作社領域增加了約 10 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，我們在大型機構市場也持續取得進展，並推動了保德信金融和盈信金融零售理財業務的準備工作。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 are on track to close the acquisition of Atria Wealth Solutions later this year and complete the conversion in mid-2025. As a reminder, this acquisition will add approximately 2,400 advisors and 150 banks and credit unions, managing approximately $100 billion in client assets. In addition, we’re seeing solid momentum within our liquidity and succession solution as demand continues to build with existing LPL advisors, and with advisors outside of our ecosystem, including the signing of another external deal in Q2.

現在，作為我們有機成長的補充，我們預計在今年稍後完成對 Atria Wealth Solutions 的收購，並在 2025 年中期完成轉換。需要提醒的是，此次收購將增加約 2,400 名顧問以及 150 家銀行和信用合作社，管理約 1,000 億美元的客戶資產。此外，隨著現有 LPL 顧問以及我們生態系統之外的顧問的需求不斷增加，包括在第二季度簽署另一項外部協議，我們的流動性和繼任解決方案呈現出強勁的勢頭。

Next, I want to update you on our OSJ ecosystem. A reminder that for many years, we have collaborated with large OSJs in serving and supporting independent advisors on our platform. We’ve been actively working to strengthen our alignment with these firms for a number of years, driving incremental changes to the broader OSJ ecosystem over that period. This year, we put a capstone on those efforts and through that work, there were a couple of isolated firms that surfaced as strategically misaligned with our mission and model as they were limiting advisors’ ability to choose how and where they do business. That posture is in stark contrast to our core principles of advisor independence, and as a result, we have resolved to separate from these relationships.

接下來，我想向您介紹我們 OSJ 生態系統的最新情況。提醒您，多年來，我們一直與大型 OSJ 合作，為我們平台上的獨立顧問提供服務和支援。多年來，我們一直在積極努力加強與這些公司的合作，推動在此期間對更廣泛的 OSJ 生態系統進行漸進式變革。今年，我們為這些努力奠定了頂峰，透過這項工作，有幾家孤立的公司在策略上與我們的使命和模式不一致，因為它們限制了顧問選擇開展業務的方式和地點的能力。這種態度與我們顧問獨立的核心原則形成鮮明對比，因此，我們決定脫離這些關係。

Collectively, these firms have roughly $20 billion of client assets, which began to off-board from our platform in July. At the end of the day, these separations will strengthen our overall ecosystem and position us to better serve the great partners on our platform.

這些公司總共擁有約 200 億美元的客戶資產，這些資產從 7 月開始從我們的平台上撤出。最終，這些分離將加強我們的整體生態系統，並使我們能夠更好地為平台上的優秀合作夥伴提供服務。

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 advisors differentiate and win in the marketplace and run thriving businesses. As 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.

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。

Now within this body of work, we are developing a comprehensive suite of trading capabilities that will help advisors deliver a differentiated client experience and manage their advisory business more efficiently and effectively. In that spirit, we’re rolling out a new trading system, ClientWorks Rebalancer, which enables advisors to rebalance models across multiple client accounts at one time and deliver a more personalized client experience across their book of business.

現在，在這項工作中，我們正在開發一套全面的交易功能，這將幫助顧問提供差異化的客戶體驗並更有效率地管理他們的諮詢業務。本著這種精神，我們正在推出一種新的交易系統 ClientWorks Rebalancer，它使顧問能夠同時跨多個客戶帳戶重新平衡模型，並在其業務範圍內提供更個人化的客戶體驗。

In doing so, our aspiration is to help more advisors run models-based practices and ultimately turn trading from an administrative function into a strategic asset. The initial feedback on ClientWorks Rebalancer has been positive. We’re seeing solid early adoption.

在這個過程中，我們的願望是幫助更多顧問運行基於模型的實踐，並最終將交易從管理職能轉變為策略資產。 ClientWorks Rebalancer 的初步回饋是正面的。我們看到了早期的廣泛採用。

In summary, in the second quarter, we continued to invest in the value proposition for advisors 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 advisors further differentiate and win in the marketplace, and as a result, drive long-term shareholder value.

總之，在第二季度，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. In the second quarter, we remained focused on serving our advisors, 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。在第二季度，我們仍然專注於為顧問提供服務、發展業務和創造股東價值。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 continued to build momentum in our liquidity and succession solution, closing six deals during the quarter, and signing one deal with an external practice. Lastly, we remain on track to close on the Atria transaction in the second half of the year, and plan to onboard their business in mid-2025. So as we look ahead, we remain excited by the opportunities we have to serve and support our 23,000 advisors, while continuing to deliver an 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，在本季度完成了六項交易，並與外部實踐簽署了一項協議。最後，我們仍有望在今年下半年完成 Atria 交易，並計劃在 2025 年中期開展業務。因此，展望未來，我們仍然對為 23,000 名顧問提供服務和支援的機會感到興奮，同時繼續提供行業領先的價值主張並推動有機成長。

Now let’s turn to our second-quarter business results. Total advisory and brokerage assets were $1.5 trillion, up 4% from Q1, as continued organic growth was complemented by higher equity markets. Total organic net new assets were $29 billion or approximately an 8% annualized growth rate.

現在讓我們來看看第二季的業績。諮詢和經紀資產總額為 1.5 兆美元，較第一季成長 4%，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 290 億美元，年化成長率約 8%。

Our Q2 recruited assets were $24 billion, which prior to large institutions, was the highest quarter on record. Looking ahead to Q3, our momentum continues, and we are on pace to deliver another strong quarter of recruiting. As for our Q2 financial results, the combination of organic growth and expense discipline, led to adjusted EPS of $3.88.

我們第二季招募的資產為 240 億美元，領先大型機構，是有史以來最高的季度。展望第三季度，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。至於我們第二季的財務業績，有機成長和費用紀律相結合，導致調整後每股收益為 3.88 美元。

Gross profit was $1.079 billion, up $13 million sequentially. As for the components, commission and advisory fees net of payout were $263 million, up $3 million from Q1. Our payout rate was 87.3%, up 70 basis points from Q1 due to typical seasonality.

毛利為 10.79 億美元，比上一季增加 1,300 萬美元。至於組成部分，扣除支出後的佣金和諮詢費為 2.63 億美元，比第一季增加 300 萬美元。由於典型的季節性因素，我們的支付率為 87.3%，比第一季上升 70 個基點。

Looking ahead to Q3, we anticipate our payout rate will increase to approximately 87.5%, driven by the typical seasonal build in the production bonus. With respect to client cash revenue, it was $361 million, down $12 million from Q1, as average client cash balances declined slightly during the quarter. Overall client cash balances ended the quarter at $44 billion, down $2 billion sequentially, driven by record client net buying activity of $39 billion.

展望第三季度，我們預計，在生產獎金典型季節性成長的推動下，我們的支付率將增加至約 87.5%。客戶現金收入為 3.61 億美元，比第一季減少 1,200 萬美元，因為本季平均客戶現金餘額略有下降。本季末，客戶總現金餘額為 440 億美元，比上一季減少 20 億美元，主要得益於創紀錄的 390 億美元客戶淨購買活動。

Within our ICA portfolio, the mix of fixed rate balances increased slightly to roughly 70%, within our target range of 50% to 75%. As a reminder, during Q2, there were roughly $2.1 billion of fixed rate contracts that matured. We placed $1.7 billion of these maturing balances into new, three- to six-year contracts, yielding approximately 420 basis points, which is roughly 220 basis points higher than their prior yield.

在我們的 ICA 投資組合中，固定利率餘額的組合略有增加，達到約 70%，在我們 50% 至 75% 的目標範圍內。提醒一下，第二季度，大約有 21 億美元的固定利率合約到期。我們將這些到期餘額中的 17 億美元投入新的三到六年期合約，收益率約為 420 個基點，比之前的收益率高出約 220 個基點。

Looking more closely at our ICA yield, it was 318 basis points in Q2, down 5 basis points from Q1. As for Q3, based on where client cash balances and interest rates are today, as well as the yields on our new fixed rate contracts, we expect our ICA yield to increase by approximately 10 basis points.

更仔細地觀察我們的 ICA 收益率，第二季為 318 個基點，比第一季下降 5 個基點。至於第三季度，根據今天的客戶現金餘額和利率，以及我們新的固定利率合約的收益率，我們預計 ICA 收益率將增加約 10 個基點。

As for service and fee revenue, it was $135 million in Q2, up $3 million from Q1. Looking ahead to Q3, we expect service and fee revenue to increase by approximately $10 million sequentially, driven by revenues from our annual Focus conference, as well as higher IRA fees.

至於服務和費用收入，第二季為 1.35 億美元，比第一季增加 300 萬美元。展望第三季度，我們預計服務和費用收入將連續增加約 1000 萬美元，這得益於我們年度焦點會議的收入以及更高的 IRA 費用。

Also, depending on the timing of the previously mentioned separation from a couple large OSJs, we could record up to an additional $5 million of fees. Moving on to Q2 transaction revenue. It was $59 million, up $2 million sequentially due to increased trading volumes.

此外，根據前面提到的與幾個大型 OSJ 分離的時間，我們可能會額外記錄高達 500 萬美元的費用。接下來是第二季的交易收入。由於交易量增加，該數字為 5,900 萬美元，比上一季增加了 200 萬美元。

As we look ahead to Q3, we expect transaction revenue to be relatively flat with Q2. Now let’s turn to expenses, starting with core G&A. It was $371 million in Q2. Looking ahead, if our strong levels of organic growth continue into the second half of this year, we would expect to be in the upper half of our 2024 core G&A guidance range. As a reminder, this is prior to expenses associated with Prudential and Atria.

展望第三季度，我們預期交易收入將與第二季相對持平。現在讓我們轉向支出，從核心 G&A 開始。第二季為 3.71 億美元。展望未來，如果我們強勁的有機成長水準持續到今年下半年，我們預計將處於 2024 年核心 G&A 指導範圍的上半部分。提醒一下，這是在與 Prudential 和 Atria 相關的費用之前。

To give you a sense of the near-term timing of the spend, in Q3, we expect core G&A to increase by $5 million to $10 million sequentially. Moving on to Q2 promotional expense. It was $148 million, up $16 million from Q1, primarily driven by Prudential-related onboarding costs, as well as increased transition assistance resulting from our strong recruiting.

為了讓您了解近期支出的時間安排，我們預計第三季核心 G&A 將連續增加 500 萬美元至 1,000 萬美元。接下來是第二季的促銷費用。該數字為 1.48 億美元，比第一季增加 1,600 萬美元，這主要是由於保德信相關的入職成本以及我們大力招募帶來的過渡援助增加所致。

Looking ahead to Q3, we expect promotional expense to increase to approximately $170 million to $180 million, primarily driven by conference spend as we will host our annual Focus conference next month, as well as continued Prudential-related onboarding and integration costs.

展望第三季度，我們預計促銷費用將增加至約1.7 億至1.8 億美元，這主要是由會議支出推動的，因為我們將在下個月舉辦年度焦點會議，以及與保誠相關的持續入職和整合成本。

Turning to depreciation and amortization, it was $71 million in Q2, up $4 million sequentially. Looking ahead to Q3, we expect depreciation and amortization to increase by roughly $8 million sequentially, which includes approximately $3 million of technology development related to Prudential. Regarding capital management, we ended Q2 with corporate cash of $684 million, up $373 million from Q1. Our leverage ratio increased slightly to 1.7 times, within our target leverage range of 1.5 to 2.5 times.

至於折舊和攤銷，第二季為 7,100 萬美元，比上一季增加 400 萬美元。展望第三季度，我們預計折舊和攤提將環比增加約 800 萬美元，其中包括與保誠相關的技術開發費用約 300 萬美元。在資本管理方面，第二季末，我們的企業現金為 6.84 億美元，比第一季增加了 3.73 億美元。我們的槓桿率小幅上升至1.7倍，處於1.5至2.5倍的目標槓桿範圍內。

I would note that during the quarter we issued $1 billion of senior notes, the proceeds of which, will be used to finance our acquisition of Atria. 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.

我要指出的是，我們在本季發行了 10 億美元的優先票據，其收益將用於為我們收購 Atria 提供資金。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 Q2, the majority of our capital deployment was focused on supporting organic growth, as well as M&A, where we allocated capital to our liquidity and succession solution and closed on the acquisition of Crown Capital. Specific to share repurchases, a reminder that we paused buybacks following the announcement of the Atria acquisition. Our plan remains to evaluate restarting share repurchases following the close, which we expect to occur in the second half of this year.

在第二季度，我們的大部分資本部署都集中在支援有機成長以及併購，其中我們將資本分配給我們的流動性和繼任解決方案，並完成了對 Crown Capital 的收購。具體到股票回購，提醒我們在宣布收購 Atria 後暫停了回購。我們的計劃仍然是評估收盤後重新啟動股票回購，我們預計這將在今年下半年進行。

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 advisors, 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。

Before we open the call up for questions, I’d like to turn it back over to Dan.

在我們開始提問之前，我想把它轉回給丹。

Thanks, Matt. I would be remiss not to acknowledge recent developments in the marketplace related to cash revenue and speculation on the potential read throughs to our business. We have been evaluating the announced changes to better understand the impetus, magnitude, and competitive implications. As for the firms that have made changes, they have different business models and monetization frameworks than ours, so we can only speculate as to the issues they may be addressing.

謝謝，馬特。如果我不承認市場上與現金收入相關的最新發展以及對我們業務的潛在解讀的猜測，那就是我的失職。我們一直在評估已宣布的變化，以更好地了解其推動力、規模和競爭影響。至於做出改變的公司，他們的商業模式和貨幣化框架與我們不同，因此我們只能推測他們可能要解決的問題。

As it relates to LPL, we continuously strive to ensure advisors have choice in the tools and products they use to serve their clients in a comprehensive way and feel good about our position both competitively and regulatorily. To that end, and specific to client cash, our broad-based offerings range from solutions for operational balances, to cash-like alternatives when seeking yield or income. Solutions like our sweep deposit program, which offers expanded FDIC insurance and immediate liquidity for transactional cash, to positional money market funds, for those seeking higher yield in a liquid product, to CDs and fixed income funds to achieve interest rate exposure at various maturities.

就 LPL 而言，我們不斷努力確保顧問可以選擇用於全面服務客戶的工具和產品，並對我們在競爭和監管方面的地位感到滿意。為此，針對客戶現金，我們提供廣泛的產品，從營運平衡解決方案到尋求收益或收入時的類似現金的替代方案。像我們的掃一掃存款計劃這樣的解決方案，為交易現金提供擴大的FDIC 保險和即時流動性，為那些尋求流動性產品更高收益的人提供定位貨幣市場基金，為CD 和固定收益基金提供不同期限的利率曝險。

In all, we feel good about the strong complement of cash solutions we provide. In that spirit, we do not have plans to change our pricing and believe our product set provides advisors with the solutions they need to successfully serve their clients. As always, we will remain agile and nimble, as we continuously evaluate our solution set and control framework for opportunities to enhance our offering.

總而言之，我們對我們提供的現金解決方案的強大補充感到滿意。本著這種精神，我們沒有計劃改變我們的定價，並相信我們的產品集為顧問提供了成功服務客戶所需的解決方案。一如既往，我們將保持敏捷和敏捷，不斷評估我們的解決方案集和控制框架，尋找增強我們產品的機會。

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

那麼，接線員，請打開提問電話。

(Operator Instructions) Steven Chubak, Wolfe Research.

（操作說明）Steven Chubak，Wolfe Research。

Good afternoon, Dan. Good afternoon, Matt. So again, just appreciated their remarks around some of the sweep cash developments across the industry. Made it clear you have no plans to adjust sweep pricing on the platform at this time. Just looking out over the next few years, do you anticipate any wholesale changes to sweep deposit pricing and how sweep cash is monetized across the industry more broadly?

下午好，丹。下午好，馬特。再次強調，我很欣賞他們對整個產業的一些現金發展的言論。明確表示您目前沒有計劃調整平台上的統一定價。展望未來幾年，您是否預期存款定價會發生大規模變化，以及整個產業如何更廣泛地貨幣化現金？

Yeah. Thanks for the question. And look, maybe just a little context to our jumping off point, and then I love the future question. At the highest level, we have a -- evaluate all of our pricing in the context of our overall strategic pricing framework and value proposition, which we review regularly. Within that framework, we consider a host of factors, including industry benchmarking to ensure that we've competitively position ourselves in the market.

是的。謝謝你的提問。看，也許只是我們的出發點的一些背景，然後我喜歡未來的問題。在最高層，我們在我們定期審查的整體策略定價框架和價值主張的背景下評估我們的所有定價。在該框架內，我們考慮了許多因素，包括行業基準，以確保我們在市場中處於競爭地位。

So specific to the pricing of our cash sweep program, our ICA, we take a dynamic and thoughtful approach, including household AUM-based tiers that range anywhere from 35 to 220 basis points. That typically puts us in the top half of the marketplace and that's where we are the day. And of course, because you look out over the next year and you look at the dot plots, you expect rates to change over that period of time. That certainly will influence some of that pricing. But that's kind of where we are from a jumping off point and how we've approached it at this point.

因此，針對我們的現金掃蕩計劃（ICA）的定價，我們採取了動態且深思熟慮的方法，包括基於家庭資產管理規模（AUM）的分級，範圍從 35 到 220 個基點不等。這通常會讓我們處於市場的上半部分，而這就是我們目前所處的位置。當然，因為您展望未來一年並查看點圖，您預計利率會在這段時間內發生變化。這肯定會影響部分定價。但這就是我們的起點以及我們目前的做法。

I think, as we look into the future, we obviously don't know what exactly the pricing might look like. But I do believe it challenges all of us to evolve and transform and maybe even disrupt our value proposition, including pricing, all in the spirit of helping our advisors better service their clients.

我認為，當我們展望未來時，我們顯然不知道定價會是什麼樣子。但我確實相信，它對我們所有人提出了發展和轉型的挑戰，甚至可能顛覆我們的價值主張，包括定價，所有這些都是本著幫助我們的顧問更好地服務客戶的精神。

And that's what we've been trying to do over the last five years that we shared with you all that journey of investing back into the advisor's value proposition by lowering prices in areas that matter most to the advisors and their clients in exchange for obviously then enhancing the value we provide to them.

這就是我們在過去五年中一直在努力做的事情，我們與您分享了透過降低對顧問及其客戶最重要的領域的價格來重新投資顧問的價值主張的整個旅程，以換取明顯的回報提高我們為他們提供的價值。

Now with respect to cash sweep pricing, this is one element of the various discrete pricing mechanisms we consider and not one of great priority to advisors. That said, as we think about the future, we'll continue to focus on pricing through a highly strategic plan, evaluating all fees and charges at the aggregate of our value proposition and in context of the overall priorities and needs of the advisors and their clients. And to the extent that we're compelled to make a change with respect to this cash sweep program, I think, because of our scale, because of our vertically integrated solution, because of the number of different affiliation programs that we have.

現在就現金掃蕩定價而言，這是我們考慮的各種離散定價機制的要素之一，而不是顧問最優先考慮的要素之一。也就是說，當我們考慮未來時，我們將繼續透過高度策略性的計劃專注於定價，根據我們的價值主張的總體以及顧問及其顧問的整體優先事項和需求來評估所有費用和收費。我認為，就我們被迫對現金掃蕩計劃做出改變而言，因為我們的規模，因為我們的垂直整​​合解決方案，因為我們擁有不同的附屬計劃的數量。

We have great flexibility in how we think about our options and alternatives from a pricing standpoint and believe that across the aggregate of our different pricing options and alternatives that we can make most any adjustments, do it in a very competitive way, and most likely put it into strategic opportunities. So I hope that helps and color. We don't know exactly what that looks like, but that's the discipline and the framework and the approach that we take with respect to our pricing model.

從定價的角度來看，我們在考慮我們的選擇和替代方案方面具有很大的靈活性，並且相信，在我們不同的定價選項和替代方案的總體中，我們可以做出任何調整，以非常有競爭力的方式進行，並且最有可能將並將其轉化為戰略機會。所以我希望這能有所幫助和色彩。我們並不確切地知道它是什麼樣的，但這就是我們在定價模型方面所採取的紀律、框架和方法。

Yeah, that's very helpful color, Dan, in framing your philosophy around that. Maybe just sticking to the same topic, but just looking at it from a growth strategy lens, you had another strong quarter of NNA, continue to be active on liquidity and succession front, just given some of the unknowns around the developments relating to sweep cash, whether it's competitive or regulatory, just want to get a sense as to whether that would alter your approach to underwriting deals and do you anticipate any changes to TA for you and the industry peers in light of some of these developments?

是的，丹，這對於圍繞這一點構建你的哲學非常有幫助。也許只是堅持同一個主題，但只是從成長策略的角度來看，NNA 又一個強勁的季度，繼續在流動性和繼任方面保持活躍，只是考慮到與掃現金相關的發展的一些未知因素，無論是競爭性的還是監管性的，只是想了解這是否會改變您承銷交易的方式，並且根據其中的一些發展，您預計您和行業同行的技術援助會發生什麼變化嗎？

Let me let Matt start with that and then I'll follow with any color.

讓我讓 Matt 從這個開始，然後我將跟隨任何顏色。

Yeah, hey, Steven. I think when you look at TA, just first and foremost, a reminder of what's most important for advisors when they're determining and deciding to change firms, right? Their top priorities are really the capabilities, technology, service. That's tier one for them. And then second is ongoing economics. And third is TA to really just facilitate, as the name named would say, it's just a transition from one firm to another.

是的，嘿，史蒂文。我認為當你看到TA時，首先也是最重要的是，提醒顧問當他們決定並決定更換公司時什麼是最重要的，對吧？他們的首要任務其實是能力、技術和服務。這對他們來說是第一層。其次是持續的經濟。第三，助教實際上只是提供便利，正如名字所說，這只是從一家公司到另一家公司的過渡。

I think our approach of underwriting to returns, which we've been doing for quite some time at 3 to 4 times EBITDA as a general rule, I wouldn't change. And I think when you look across our revenue model, to the extent things move up and down within that, we've always reflected that and we've underwritten this way across a range of interest rate environment. So I don't I don't think that would change. We don't expect that to change.

我認為我們承保回報的方法，我們已經這樣做了很長一段時間，一般來說是 EBITDA 的 3 到 4 倍，我不會改變。我認為，當你審視我們的收入模式時，你會發現，在這種情況下，我們總是反映這一點，並且我們在一系列利率環境中都以這種方式進行承保。所以我不認為這會改變。我們預計這種情況不會改變。

Just reiterating this there're other things that are much, much more important, and then perhaps emphasizing Dan's point, I'll turn it back over to him, that we don't -- we feel good where we are positioned from a value proposition to, specifically for cash sweep, unless you want to --

只是重申這一點，還有其他更重要的事情，然後也許是強調丹的觀點，我會把它轉回給他，我們不 - 我們對我們所處的價值定位感覺良好提議，特別是現金掃蕩，除非你想——

Yeah, I just might add that I reinforce the -- it's the availability of the product set to give the advisors, the necessary flexibility they need and meet the clients' needs. If I'm looking for yield or I'm looking for income, we make it very easily and accessible for them to access those solutions necessary to meet the needs of their clients.

是的，我只是想補充一點，我強調的是，產品集的可用性可以為顧問提供他們所需的必要靈活性並滿足客戶的需求。如果我正在尋找收益或收入，我們會讓他們非常輕鬆且輕鬆地獲得滿足客戶需求所需的解決方案。

We're looking to simplify our clients' life and make it very easy to pay for fees or get quick access to some liquidity or to store some cash in between trades, et cetera. Then we have a sweep vehicle that is intended to do that. And I think that's the key to the advisors, we do give them the necessary flexibility so they can deliver great experience to the client and have the solutions necessary to help them achieve their life goals and dreams. And we think that our portfolio does a good job of doing that.

我們希望簡化客戶的生活，讓支付費用或快速獲得一些流動性或在交易之間儲存一些現金等變得非常容易。然後我們有一輛清掃車就是為了做到這一點。我認為這對顧問來說至關重要，我們確實為他們提供了必要的靈活性，以便他們能夠為客戶提供豐富的經驗，並擁有必要的解決方案來幫助他們實現人生目標和夢想。我們認為我們的投資組合在這方面做得很好。

Devin Ryan, Citizens JMP.

Devin Ryan，公民 JMP。

I guess, first question, want to ask on the centrally managed accounts specifically because we've received some questions on that as well. And so it would be great just to get the percentage range of cash in these accounts.

我想，第一個問題，想專門詢問集中管理帳戶，因為我們也收到了一些相關問題。因此，如果能夠獲得這些帳戶中現金的百分比範圍，那就太好了。

And then if you can just talk about kind of the fiduciary obligation, either at the advisor level or at the firm level, when appropriate, on advisory cash in centrally managed accounts and maybe how that's different from just fee-based more broadly, if at all?

然後，如果您可以談論某種信託義務，無論是在顧問層面還是在公司層面，在適當的時候，在集中管理帳戶中的諮詢現金上，也許這與更廣泛的基於費用的信託義務有何不同，如果在全部？

Yeah, Devin, I'll start there. I mean, I think when you look at centrally managed, we've got around $127 billion of assets in there, is about 8% of total assets. From a cash standpoint, just similar to our business overall, the cash levels from a transactional cash standpoint are at low levels. Think about it as about 3% of AUM like our business overall. And in those models, right, if there's a portfolio allocation of cash beyond that, that goes into what Dan was just talking about those investing cash options. So it would go into things like money market funds, treasuries, short-term bonds, and things like that.

是的，德文，我就從這裡開始。我的意思是，我認為當你看看集中管理的資產時，我們有大約 1270 億美元的資產，約佔總資產的 8%。從現金的角度來看，與我們的整體業務類似，從交易現金的角度來看，現金水準處於較低水準。可以將其視為占我們整體業務 AUM 的 3% 左右。在這些模型中，如果有超出此範圍的現金投資組合配置，那就屬於丹剛才所說的那些投資現金選擇權。因此，它將涉及貨幣市場基金、國債、短期債券等。

So I think when we look at the cash allocations within centrally managed, I'd just reiterate our overall perspective that Dan articulated, I think, quite well, applies just the same to centrally managed, and we feel good about how that is set up, how that is priced, and the value prop, both on transactional cash, but as well as those investing cash products that are really available for advisors to make sure that they can serve and support their clients as needed.

因此，我認為，當我們審視集中管理內的現金分配時，我只是重申丹所闡述的總體觀點，我認為，這很好地適用於集中管理，我們對其設置方式感到滿意，如何定價，以及價值支撐，既包括交易現金，也包括那些真正可供顧問使用的投資現金產品，以確保他們能夠根據需要為客戶提供服務和支援。

I just would add that our allocations to cash within our centrally managed programs are consistent and the same across all models, whether they're contributed to by LPL research or external third-party management. So there's a consistent common structure between --

我只是想補充一點，我們的集中管理計劃中的現金分配在所有模型中都是一致且相同的，無論它們是由 LPL 研究還是外部第三方管理部門貢獻的。因此，兩者之間存在一致的共同結構—

Okay, terrific. Thank you. And then just as a follow-up, can you remind us on what the OSJ economics generally look like on an EBIT ROA basis relative to the firm-wide average? I believe they're lower, but would love just get a little color there.

好吧，太棒了。謝謝。作為後續行動，您能否提醒我們，相對於全公司平均水平，以息稅前利潤 ROA 為基礎的 OSJ 經濟狀況通常是什麼樣的？我相信它們較低，但希望在那裡有一點顏色。

And then, we know this topic has been in the headline events, so not too surprising, but do you anticipate other OSJs to potentially exit intermediate term? It sounded like this was maybe part of the mutual process, but just wanted to get a little bit more color on expectations there. Thanks.

然後，我們知道這個主題已經成為頭條新聞，所以並不太令人驚訝，但您是否預計其他 OSJ 可能會在中期退出？聽起來這可能是共同過程的一部分，但只是想在那裡獲得更多的期望。謝謝。

Yeah, Devin, I'll start on the returns. You're right. I think when you look at our overall gross profit ROA for the firm, it's in the low-$30 millions. For the firms that we're talking about, this $20 billion, it's around two-thirds of that. So, think in the low-$20 millions. So returns are lower. And then, from organic growth standpoint, these folks weren't growing. They were actually a drag or reduction on organic growth. So I think lower returning, lower growing would be the headline on those firms.

是的，德文，我將從退貨開始。你說得對。我認為，當你看看我們公司的整體毛利 ROA 時，你會發現它只有 3000 萬美元左右。對於我們談論的公司來說，這 200 億美元大約是其中的三分之二。因此，請考慮 2000 萬美元以下的資金。所以報酬率較低。然後，從有機成長的角度來看，這些人並沒有成長。它們實際上拖累或減少了有機增長。因此，我認為較低的回報、較低的成長將成為這些公司的頭條新聞。

Maybe on -- Dan, maybe I'll turn it back to you on the (multiple speakers)

也許 - 丹，也許我會透過（多個發言者）將其轉回給您

Yeah, Devin, and as we look forward or strategically, I think now that we've strengthened and done a good job of aligning with these large OSJs, I think we're more convicted than ever that we can collectively pull through the synergies of our relationships and serve and support advisors really well, which ultimately will contribute to the overall growth of the business. I think we feel great about where we landed and it's work that it needed to be done and it was done over an extended period of time dating back to 2018.

是的，德文，當我們展望未來或戰略時，我認為現在我們已經加強並在與這些大型OSJ 的協調方面做得很好，我認為我們比以往任何時候都更有信心，我們可以共同實現以下目標的協同作用：我們與顧問的關係以及服務和支援非常好，這最終將有助於業務的整體成長。我認為我們對我們的目標感到滿意，這是需要完成的工作，而且是從 2018 年以來的很長一段時間內完成的。

So I think in working through it, there's some key things that we focused on and solved for. One was making sure that we were well aligned on the value to be delivered by both parties, us and them; refining the policies on how to operate within our ecosystem; and then the legal agreements that helped memorialize all of that.

所以我認為在解決這個問題的過程中，我們專注並解決了一些關鍵問題。一是確保我們在雙方（我們和他們）要交付的價值上保持一致；完善有關如何在我們的生態系統內運作的政策；然後是有助於紀念這一切的法律協議。

Yeah, and I think that's the right structure that gives us the foundation to go forth and work with these folks as a real contributor to growth and hope that helps.

是的，我認為這是正確的結構，它為我們提供了基礎，讓我們能夠繼續與這些人合作，為成長做出真正的貢獻，並希望有所幫助。

Alex Blostein, Goldman Sachs.

亞歷克斯·布洛斯坦，高盛。

Hey, Dan. Hey, Matt. Hope you guys doing well. So sticking with the topic, I guess, of the starting season, I appreciate that you might not have the perfect visibility at what happened with some of your larger competitors and the details and rationale, obviously, seem to be pretty murky there. But can you discuss how LPL's advisory offering might differ from what's transpired to the larger banks?

嘿，丹。嘿，馬特。希望你們一切順利。因此，我想，堅持起始賽季的主題，我很高興您可能無法完全了解一些較大的競爭對手所發生的事情，並且顯然，細節和理由似乎相當模糊。但您能否討論一下 LPL 的諮詢服務與大型銀行的情況有何不同？

And I guess, what gives you confidence that you will remain insulated from any regulatory action that may result in either higher client credit and rates or incremental shift to money market funds or kind of other higher yielding options? So is it a function of disclosure? Or is it a function of account size? Anything else that you could provide supporting your view and thinking there would be great?

我想，是什麼讓您有信心免受任何監管行動的影響，這些監管行動可能會導致更高的客戶信用和利率，或逐漸轉向貨幣市場基金或其他更高收益的選擇？那麼它是披露的功能嗎？還是它是帳戶規模的函數？您還可以提供其他什麼來支持您的觀點並認為那會很棒嗎？

Alex, let me start with just maybe how we think about the programs being different, and then I'll answer your bigger question around how do we think about our positioning from a regulatory standpoint going forward. So I think, look, as a starting point, relative to the differences in the programs, we don't have an affiliated bank or proprietary mutual fund complex. So we don't have that same structure or potential conflicts of interest. And we certainly have a different monetization program because of that with our cash sweep solution.

亞歷克斯，讓我先談談我們如何看待這些計劃的不同，然後我將回答你更大的問題，即我們如何從監管的角度考慮我們的定位。所以我認為，作為一個起點，相對於專案的差異，我們沒有附屬銀行或專有的共同基金綜合體。所以我們沒有相同的結構或潛在的利益衝突。由於我們的現金掃蕩解決方案，我們當然有不同的貨幣化計劃。

As you know, they would tend to monetize that business both on the cash sweep as well as potentially through the banks, and then the foundational structure around why we don't have proprietary products and the potential elimination of conflicts associated with essentially also earning asset management fees. So those are, I think, foundational or big foundational difference, if you will, in our models.

如您所知，他們傾向於透過現金掃蕩以及可能透過銀行的方式將該業務貨幣化，然後圍繞為什麼我們沒有專有產品以及潛在消除與本質上也是盈利資產相關的衝突的基本結構管理費。因此，我認為，如果你願意的話，這些是我們模型中的根本性或重大根本差異。

Second, those companies' sweep programs potentially don't have -- are only single sweep through their banks, right, and where we have a program that contracts with ultimately third-party banks. And so we can actually create added benefit with our program through that by having 10 times the amount of FDIC insurance limits, $2.5 million for an individual, $5 million for a joint account. It's another place where I think there's a fundamental difference in our programs and our platforms from a value standpoint.

其次，這些公司的掃蕩計劃可能沒有——只是透過他們的銀行進行一次掃蕩，對吧，而我們有一個與最終第三方銀行簽訂合約的計劃。因此，我們實際上可以透過我們的計劃創造額外的福利，透過 FDIC 保險限額的 10 倍，個人帳戶 250 萬美元，聯名帳戶 500 萬美元。從價值的角度來看，這是我認為我們的計劃和平台存在根本差異的另一個地方。

Additionally, as part of our cash program offerings, we make all of the positional money market funds available to our advisors with a really low entry point of $10,000, and which is less typical in a lot of those, I think, firms that have contemplated moves. And for purchases in an advisory account, there's no ticket charge associated with these movements in and out of the money funds.

此外，作為我們現金計劃產品的一部分，我們向顧問提供所有頭寸貨幣市場基金，其入場點非常低，為 10,000 美元，我認為，這在許多已經考慮過的公司中並不常見。對於在諮詢帳戶中進行的購買，貨幣基金的進出不收取任何費用。

So, we've tried to make it really easy and accessible to access money market fund or any other of the alternative cash-like solutions so that these advisors can make sure they're easily meeting the needs of their clients and performing their duty of care. So that's just some of the high-level places we're different. It's not meant to be exhaustive. It's not meant to be comprehensive, but it gives you a little color.

因此，我們試圖讓獲得貨幣市場基金或任何其他替代現金解決方案變得非常容易和方便，以便這些顧問能夠確保他們輕鬆滿足客戶的需求並履行他們的職責關懷。這只是我們在高層的一些不同之處。這並不意味著詳盡無遺。它並不意味著全面，但它給了你一點色彩。

Maybe to your second part of your question, you know, and as I said in the prepared remarks, we feel good about our positioning from a regulatory standpoint. Now, why do we think that? Maybe a little color around that. If you take and create a framework around the regulatory guidelines, these typically will focus on duty of care obligations, operating control environment, and disclosure requirements. And as such, we regularly review all of these elements to ensure that we're operating within the prescribed requirements and guidelines.

也許對於你問題的第二部分，你知道，正如我在準備好的發言中所說，從監管的角度來看，我們對我們的定位感到滿意。現在，我們為什麼這麼想？也許周圍有一點顏色。如果您圍繞監管準則制定並建立一個框架，這些準則通常將重點放在註意義務、營運控制環境和揭露要求。因此，我們定期審查所有這些要素，以確保我們在規定的要求和準則範圍內運作。

So with respect to duty of care, we regularly review our sweep program and cash investment products to ensure we're meeting both our conduct standards and the needs of our advisors and their clients, and that we provide the flexibility and low barriers to entry in our solutions for investing cash to help our advisors serve and support their clients, and that's what I was just referring to earlier. And that is done consistent with their obligations as advisors. And then, we don't provide incentives for advisors to direct allocations to cash sweep programs, another important point, I think, with respect to duty of care.

因此，就謹慎義務而言，我們定期審查我們的掃蕩計劃和現金投資產品，以確保我們滿足我們的行為標準以及顧問及其客戶的需求，並確保我們提供靈活性和低准入門檻。現金以幫助我們的顧問服務和支持他們的客戶的解決方案，這就是我之前提到的。這符合他們作為顧問的義務。然後，我們不鼓勵顧問直接分配現金掃蕩計劃，我認為，關於注意義務的另一個重要點。

Now with respect to controls, there's any number of controls that we might have, but one specifically in this area is we actively monitor the levels of cash position within advisory accounts, making sure that advisors are actively managing those accounts and there's not idle cash sitting in there that is not optimized, aligned with the client's goals and objectives for that overall portfolio.

現在就控製而言，我們可能擁有許多控制措施，但這一領域的具體控制措施是我們積極監控諮詢帳戶內的現金頭寸水平，確保顧問積極管理這些帳戶，並且沒有閒置現金那裡沒有優化，與客戶的整體投資組合的目標和目標一致。

And then with respect to controls -- I mean, sorry, and then with respect to disclosures, we provide clear and transparent disclosures describing the features and terms of our programs, including the fees we earn relative to the yield clients receive. So to that end, that's why we feel that our cash offering, controls, monetization framework meet the needs and the expectations of all of the advisors.

然後就控製而言——我的意思是，抱歉，然後就披露而言，我們提供清晰透明的披露，描述我們計劃的功能和條款，包括我們相對於客戶收到的收益賺取的費用。為此，這就是為什麼我們認為我們的現金發行、控制、貨幣化框架滿足所有顧問的需求和期望。

I know that was a lot, but I'll pause there.

我知道這已經很多了，但我會在這裡暫停。

I got you. No, that was very comprehensive. I'll actually leave it there. I'm sure others will have questions as well. Thank you.

我接到你了。不，那是非常全面的。我實際上會把它留在那裡。我相信其他人也會有疑問。謝謝。

Michael Cyprus, Morgan Stanley.

麥可‧塞浦路斯，摩根士丹利。

Great. Thanks for taking the question. Maybe just continuing with the same theme on understanding that you don't have plans to change your sweep pricing. But maybe just to clarify, I was just hoping you might be able to unpack like what might lead you to change that at some point, what might be those different scenarios? And to what extent have you heard from regulators on your sweep rates or disclosure practices and such? Thank you.

偉大的。感謝您提出問題。也許只是繼續相同的主題，了解您沒有計劃改變您的全面定價。但也許只是為了澄清，我只是希望你能夠解開可能導致你在某個時候改變這一點的東西，那些不同的場景可能是什麼？您在多大程度上從監管機構聽到了有關您的清查率或披露做法等的資訊？謝謝。

Yeah, I think, Michael, with respect to the second part of your question, you know, as an ongoing matter around our ongoing reviews with regulators, this is always a part of their review and we've had that consistent and constant discussion with them along the way, part of the reason we feel very confident in our regulatory positioning today.

是的，我認為，邁克爾，關於你問題的第二部分，你知道，作為我們與監管機構正在進行的審查的持續事項，這始終是他們審查的一部分，我們已經與監管機構進行了一致和持續的討論他們一路走來，這也是我們對今天的監管定位充滿信心的部分原因。

I think with respect to the first part of your question, first and foremost, when we look at pricing, it's through the strategic lens. We're always looking to make sure that we do two things: how do we make sure that we're differentiating in the marketplace with our overall holistic value proposition; and then two, is that well aligned with our advisors' needs and their clients' needs. And those are the two biggest drivers that we think about relative to how we might invest, innovate, or evolve our pricing strategies.

我認為關於你問題的第一部分，首先也是最重要的是，當我們考慮定價時，是透過策略視角來考慮的。我們始終希望確保做兩件事：如何確保我們的整體價值主張在市場中脫穎而出；第二，與我們顧問的需求及其客戶的需求非常一致。這是我們考慮的與如何投資、創新或發展定價策略相關的兩個最大驅動因素。

In the past five years, we've very much focused on advisory and transaction charges because that's of where the trend in the business was going and that's where our advisors really challenged us to focus on. So that's what drove that activity. And that's a great example of those two being the real catalyst for how we think about that.

在過去的五年中，我們非常關注諮詢和交易費用，因為這是業務趨勢的發展方向，也是我們的顧問真正要求我們關注的地方。這就是推動該活動的原因。這是一個很好的例子，說明這兩者是我們如何思考這個問題的真正催化劑。

I think with respect to any other drivers, I mean, we should always be challenging ourselves to think outside the box. What can we learn from other places, other industries around how they create value, how they price, how they make some great new value that extends new revenue streams that then could offset pricing somewhere else. So I think those are all part of how we challenge ourselves from an innovation standpoint to evolve this business model to ultimately enhance its value to the end client and to the advisor. And if we do that really well going forward, we'll create a lot of shareholder value through that.

我認為，相對於其他車手，我們應該始終挑戰自己，跳脫框架思考。我們可以從其他地方、其他產業學到什麼，了解他們如何創造價值、如何定價、如何創造一些巨大的新價值，從而擴展新的收入來源，從而抵消其他地方的定價。因此，我認為這些都是我們如何從創新的角度挑戰自己，發展這種業務模式，最終提高其對最終客戶和顧問的價值的一部分。如果我們在未來做得很好，我們將透過它創造大量的股東價值。

So the good news is because we're vertically integrated, we have a clearing solution. We're a broker dealer. We're an RIA. We've created lots of services that are down inside the advisors ecosystem. With that vertical integration, we've got lots of different levers of revenue of which we could think about, hey, where do we innovate to create new levels of revenue? If we wanted to modify or change one level of revenue, we can look at that as an investment back into the business. But we can look at it as a bigger priority for advisors. So we'll offset that with the fee somewhere else.

所以好消息是，因為我們是垂直整合的，所以我們有一個清算解決方案。我們是經紀商。我們是 RIA。我們在顧問生態系統中創造了許多服務。透過這種垂直整合，我們獲得了許多不同的收入槓桿，我們可以思考，嘿，我們在哪裡進行創新以創造新的收入水平？如果我們想修改或改變一個收入水平，我們可以將其視為對業務的投資。但我們可以將其視為顧問的更重要的優先事項。所以我們會用其他地方的費用來抵銷它。

So I think that's the flexibility and the approach that we take in terms of scenario planning and trying to think about how we evolve this pricing, again, and best in line serving the advisors and their clients.

因此，我認為這就是我們在情境規劃方面所採取的靈活性和方法，並試圖思考我們如何發展這種定價，並最好地為顧問及其客戶提供服務。

I hope that helps. It's nothing specific, but it, at least, gives you the sense of how we think about it.

我希望這有幫助。這並不具體，但至少讓您了解我們是如何看待它的。

Great. And just a follow-up question, if I could here. Just as you look at the actions of others across the industry and based on conversations you're having with folks across the industry, including regulators, do you have any sense whether or not the goalpost is moving beyond practices that have been accepted over the years that are disclosure based?

偉大的。我想問一個後續問題，如果可以的話。正如您觀察整個行業其他人的行為並根據您與包括監管機構在內的整個行業人士的對話一樣，您是否知道目標是否超出了多年來已被接受的做法是基於披露的？

That is not our sense. I think there's a pretty tidy and clear regulatory framework of which that we all understand how to operate in. That regulatory framework governs the entire aggregate value proposition and relationship that we have with clients. And again, I think anywhere where there may be a potential conflict within that overall aggregate business model, you know, there's a requirement to disclose, and to be clear, to set that expectation for the clients so that they can make an informed choice.

這不是我們的感覺。我認為有一個非常整潔和清晰的監管框架，我們都知道如何在其中運作。再說一次，我認為在整個聚合業務模型中可能存在潛在衝突的任何地方，都需要披露並明確，為客戶設定期望，以便他們能夠做出明智的選擇。

And that's a very logical and very principled way to approach it and we think when we begin to change principles, it's much, much harder to change that. And so we don't necessarily see that on the landscape. I will tell you we're not clairvoyant. So we don't have all the answers, but we're not seeing signs that that would ultimately change from the goalpost. It's a great question.

這是一種非常合乎邏輯、非常有原則的處理方式，我們認為，當我們開始改變原則時，改變它就會變得非常非常困難。所以我們不一定會在景觀中看到這一點。我告訴你，我們沒有千里眼。所以我們沒有所有的答案，但我們沒有看到最終會改變球門柱的跡象。這是一個很好的問題。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Hi, good evening. Maybe I'll start on the same topic that everyone else has but just a follow-up on the advisory cash discussion. You mentioned that 3% of the centrally managed program is in sweep. I guess, can you provide any color on cash as a percentage of client assets for total advisory accounts in corporate RIA, so on the $568 billion of assets or so? I think, in the past, you've mentioned that typically there's higher cash allocations in those accounts versus brokerage, but not sure if that's still true today.

嗨，晚上好。也許我會從其他人都有的相同主題開始，但只是諮詢現金討論的後續內容。您提到 3% 的集中管理計畫已清除。我想，您能否對現金占公司 RIA 諮詢帳戶總客戶資產（即 5,680 億美元左右的資產）的百分比進行說明？我認為，您過去曾提到，與經紀業務相比，這些帳戶中的現金分配通常更高，但不確定今天是否仍然如此。

Yeah, I think when you look at cash as a percent of AUM overall, it's around 3%. The centrally managed is little bit above that. I think when you look at the rest of advisory, it's still in the same ballpark. That's a little bit above centrally managed.

是的，我認為當你看一下現金佔總資產管理規模的百分比時，大約是 3%。集中管理的程度略高於此。我認為，當你查看其餘的諮詢意見時，你會發現它們仍然處於同一範圍內。這比集中管理略高一些。

I think on brokerage, that cash is around 2.5%. And that's because brokerage has a lot of business and accounts that just simply have no cash at all, like annuities, indirect business on the mutual fund side. So you end up -- brokerage overall ends up having a smaller balance or smaller percentage. But headline point is on the outside of centrally managed on the advisory side, it's in the same ballpark, just a little bit higher.

我認為在經紀業務中，現金比例約為 2.5%。這是因為經紀公司有很多業務和帳戶，但根本沒有現金，例如年金、共同基金的間接業務。因此，最終經紀業務的餘額或百分比會變小。但重點是在諮詢方面集中管理的外部，它處於相同的範圍，只是稍微高一點。

That's helpful. Thank you. And then, Matt, just wondering also if you could give an update on July to date sweep cash balances? And related to the OSJs that are off boarding towards the end of this month or starting this month, any color on if they have a similar cash as percentage client asset as well, which I think would imply maybe $600 million or so of an impact that we should expect to show up in the monthly figures this quarter?

這很有幫助。謝謝。然後，馬特，我想知道您是否可以提供 7 月份迄今為止的現金餘額更新？與本月底或本月開始的 OSJ 相關，如果他們也擁有類似的現金百分比客戶資產，我認為這意味著可能會產生 6 億美元左右的影響，我們應該預期會出現在本季度的月度數據中嗎？

Yeah. I think so. So on how things are trending so far in July, I mean the headline I would give you is it's shaping up to be a good month. And especially when you factor in the seasonality that I think you're well familiar with on month one of a quarter, but I'll walk through that.

是的。我想是的。因此，關於 7 月迄今為止的趨勢，我的意思是我要給你們的標題是，這將是一個美好的月份。尤其是當你考慮到季節性因素時，我認為你對季度第一個月非常熟悉，但我會詳細介紹一下。

I think specific to client cash, so a reminder that seasonality is advisory fees primarily hit in the first month of the quarter. So that will reduce cash in July by around $1.4 billion, all else being equal. And flows outside of that have been an inflow of around $700 million. So when you put those two things together, what we've seen, from a cash flow standpoint in July, is a decline of around $700 million or putting it at around $43.3 billion.

我認為具體針對客戶現金，因此提醒一下，季節性是諮詢費主要在本季第一個月受到的影響。因此，在其他條件相同的情況下，7 月的現金將減少約 14 億美元。除此之外的資金流入約 7 億美元。因此，當你把這兩件事放在一起時，從 7 月現金流的角度來看，我們看到的是下降了約 7 億美元，約 433 億美元。

To add to that on the organic growth side, those advisory fees impact organic growth just the same, hit in that first month at $1.4 billion. And outside of that, the momentum we've seen in the first half of this year, and as we saw in this quarter, has really continued. So I think that puts us, from an organic growth standpoint in July, looking at something in that 6% to 6.5% zone, keeping in mind that it's usually the lowest month of the quarter.

除此之外，在有機成長方面，這些諮詢費同樣對有機成長產生影響，第一個月就達到了 14 億美元。除此之外，我們在今年上半年以及本季看到的勢頭確實持續了。因此，我認為，從 7 月有機成長的角度來看，我們應該關注 6% 至 6.5% 區域的成長，並記住這通常是該季度最低的月份。

Now those numbers are -- to your point on the OSJs, those numbers are prior to any impact of those OSJs leaving. We'll make sure as we report results to clearly delineate the impact that those have had, meaning how much of that $20 billion has flowed out. We'll just make that clear going forward. Very little has flowed out so far.

現在，這些數字——就您關於鐵組的觀點而言，這些數字是在這些鐵組離開造成的影響之前的。我們將確保在報告結果時清楚描述這些結果所產生的影響，即這 200 億美元中有多少已經流出。我們將在未來明確這一點。到目前為止，流出的資金很少。

And to your point on cash, I don't think there's anything distinctive different from an amount of cash standpoint for those two firms. But again, we'll make it clear in the metrics as probably over the next three or four months is when it'll flow out. We'll make it clear so you can see that versus the rest of the business.

對於您關於現金的觀點，我認為這兩家公司的現金數量沒有什麼明顯的差異。但同樣，我們將在指標中明確說明，因為可能在接下來的三到四個月內它就會流出。我們會說清楚，以便您可以看到這一點與其他業務的比較。

Michael Cho, JP Morgan.

邁克爾曹，摩根大通。

Hi, good afternoon. Thanks for sweeping me in here. I'm going to skip the regulatory and cash discussion. I just wanted to follow up on the OSJ.

嗨，下午好。謝謝你把我帶到這裡。我將跳過監管和現金討論。我只是想跟進 OSJ 的情況。

Matt, you talked through the timing and that you'll delineate kind of going forward. I'm just curious what -- and this is not necessarily new, but what kind of areas were particularly misaligned as you characterized? And going forward, and Dan you touched on a little bit, how would you frame the potential for other OSJs maybe falling into similar buckets over time?

馬特，你談到了時間安排，並且你將描繪出未來的發展方向。我只是好奇什麼——這不一定是新的，但正如你所描述的那樣，哪些領域特別不一致？展望未來，丹，您提到了一點，您將如何界定其他 OSJ 隨著時間的推移可能陷入類似困境的潛力？

Yeah, so going forward, to answer your second part of your question, because of the alignment and the structure we put around the program, there's very little probability that that will occur. I think back to your first part of your question, we see in some cases where I know OSJ may buy up their advisors' practices, turning them into more of an employee-based construct, and ultimately, because of that approach, it's more of a captive type of model at that point, which again, is very different from the principles of independence and providing the flexibility for those advisors, move those assets where they want to or go where they want to.

是的，所以接下來，回答你問題的第二部分，由於我們圍繞程式設定的對齊和結構，發生這種情況的可能性很小。我回想一下你問題的第一部分，我們在某些​​情況下看到，我知道OSJ 可能會購買他們顧問的做法，將它們變成更多基於員工的結構，最終，由於這種方法，它更多的是在這一點上，這是一種自保模式，這與獨立原則有很大不同，它為這些顧問提供靈活性，將這些資產轉移到他們想要的地方或去他們想去的地方。

And I think that's our point. As soon as they begin to lose the principles of independence within the model, we have a hard time with that sitting within our platform and within our ecosystem. So that's an example of something that I think we were just trying to make sure we had alignment on and teased out such that as we go forward, that foundational principle is in place across our collective ecosystem. Hope that helps.

我認為這就是我們的觀點。一旦他們開始失去模型中的獨立原則，我們的平台和生態系統就會遇到困難。所以這是一個例子，我認為我們只是試圖確保我們保持一致並梳理出來，以便隨著我們的前進，這一基本原則在我們的集體生態系統中得到落實。希望有幫助。

Great. Thanks, Dan. And then just to switch gears a little bit, just on the annuity side, annuities continue to remain solid. Clearly, the rate environment has helped and continues to help. I'm wondering what you're seeing at the incremental level that the strong demand in recent quarters of years could be nearing any sort of normalization point yet, just given the strong growth that annuities have been seeing on LPL's platform.

偉大的。謝謝，丹。然後稍微改變一下，就年金而言，年金繼續保持穩定。顯然，利率環境已經並將繼續發揮作用。我想知道您在增量水平上看到了什麼，考慮到 LPL 平台上年金的強勁增長，最近幾季的強勁需求可能已經接近任何正常化點。

Sorry, what was the second half of that? You just broke up a little bit.

抱歉，後半部是什麼？你們剛剛分手了一點點。

Yeah, no, any sort of normalization that you might see on the strong demand?

是的，不，您可能會在強勁的需求中看到任何形式的正常化嗎？

Sorry, got it. Okay. Thank you.

抱歉，明白了。好的。謝謝。

Yeah. So look, I think that if you looked at the marketplace and the growth, call it over the last year or two, it's a very much -- a couple of things happening. The foundation of an annuity as it supports and helps someone with retirement planning is clearly a relevant problem to be solving for many folks as they think about one of those all-important life goals. And so it's a relevant solution across a broad opportunity set.

是的。所以，我認為，如果你觀察市場和成長情況，稱之為過去一兩年，你會發現發生了很多事情。年金的基礎是支持和幫助人們制定退休計劃，這顯然是許多人在考慮最重要的人生目標之一時需要解決的相關問題。因此，這是一個涵蓋廣泛機會的相關解決方案。

And with the rate environment becoming very, very different than the one we lived in for an extended period of time, it has created an opportunity obviously to help clients solve for creating that revenue stream or income stream in retirement. And certainly, whether it be a fixed or variable, annuities are well positioned to do that, as with a steepening yield curve may a curve as we go forward. That also is helpful with respect to variable annuities in terms of the features and benefits that they provide, and so, that is obviously something that if you've got more appealing features and benefits relative to the macro, then obviously, that's something that can differentiate annuities relative to other options and alternatives.

隨著利率環境與我們長期生活的環境變得非常非常不同，它顯然創造了一個機會來幫助客戶解決在退休時創造收入流或收入流的問題。當然，無論是固定年金還是可變年金，年金都能夠很好地做到這一點，就像隨著我們前進，殖利率曲線變得陡峭，可能會成為一條曲線。就可變年金提供的功能和好處而言，這也很有幫助，因此，如果您擁有相對於宏觀而言更具吸引力的功能和好處，那麼顯然，這可以區分年金相對於其他選項和替代方案。

From a seasonality standpoint, I look at it, it's probably more of a product choice in solving a really important need for a broad set of an advisor's clients than necessarily a found opportunity, if you will, to create new asset gathering opportunity because the features are more sound. I think it's ultimately more of a how do you ultimately pick which solution you're going to use to best serve and support the client. So I don't think it necessarily creates some step down or step up as much as it's just a demonstration of a heavier utilization in a product given the market conditions.

從季節性的角度來看，我認為，它可能更像是一種產品選擇，旨在解決廣大顧問客戶的真正重要需求，而不一定是一個發現的機會（如果你願意的話）創造新的資產收集機會，因為這些功能更健全。我認為這最終更多的是您如何最終選擇要使用哪種解決方案來最好地服務和支援客戶。因此，我認為這不一定會造成一些下降或上升，而這只是在考慮到市場條件的情況下，產品的利用率更高的表現。

That said, as we evolve and grow our -- number of advisors on our platform, that certainly is a tailwind to the overall volumes of brokerage solutions, or in this case, annuity solutions being done. So that certainly does provide some tailwind of growth.

也就是說，隨著我們平台上顧問數量的發展和增長，這肯定會推動經紀解決方案的總量，或者在這種情況下，年金解決方案的總量。因此，這確實提供了一些成長動力。

I hope that helps. Do you want to add anything to that?

我希望這有幫助。您想對此添加什麼嗎？

No. Well said.

不，說得好。

Dan Fannon, Jefferies.

丹‧範農，傑弗里斯。

Thanks. So just a question on the environment for recruiting. Obviously , $24 billion, quite strong in the quarter. Can you talk to the economics of those assets today versus maybe what you were underwriting a year ago? And then ultimately, you talked about good momentum, I think, into July and the backlogs and maybe some characterizations around how that's progressing as we think about the rest of the year.

謝謝。所以只是招募環境的問題。顯然，240 億美元，在本季相當強勁。您能談談今天這些資產與一年前承保的資產的經濟狀況嗎？最後，我認為您談到了 7 月的良好勢頭和積壓的情況，也許還談到了我們在考慮今年剩餘時間時進展的一些特徵。

You want to hit first part there?

你想在那裡打第一部分嗎？

Yeah, Dan, I'll start. On the economics and underwriting, kind of my point earlier to Steven's question, I think our underwriting approach and economics haven't changed. I think we underwrite to returns, on TA, and the economics there are really the third thing that advisors are looking at. But the return hurdles in the underwritings have not changed. If you think about it as recruiting in general comes onboard at 3 to 4 times EBITDA, and that has not moved much.

是的，丹，我要開始了。關於經濟學和承保，我之前對史蒂文的問題的觀點是，我認為我們的核保方法和經濟學沒有改變。我認為我們在技術援助上承保回報，而經濟確實是顧問正在考慮的第三件事。但承銷的報酬障礙並沒有改變。如果你考慮一下，一般招募的費用是 EBITDA 的 3 到 4 倍，而且這並沒有太大變化。

Yeah, with respect maybe to your second question, just again, as we said in the remarks and as you just said, as a jumping off point, you had recruited assets of $24 billion in Q2 and $93 billion over the trailing 12, which is a solid place for momentum. And we continue to see that momentum into the third quarter. I think we're seeing it across all of our affiliation models. So you've got good diversification in that opportunity set.

是的，也許關於你的第二個問題，正如我們在評論中所說，正如你剛才所說，作為一個起點，你在第二季度招募了240 億美元的資產，在過去12 個季度招募了930 億美元的資產，這是一個堅實的動力來源。我們在第三季繼續看到這種勢頭。我認為我們在所有的隸屬關係模型中都看到了這一點。因此，您在該機會集中擁有良好的多元化。

That's being driven by this continued evolution of the appeal of our model and then that breadth of market that we serve, given the different affiliation models. So as we look in the third quarter, we certainly see momentum there.

這是由我們模型的吸引力的持續演變以及我們服務的市場廣度（考慮到不同的從屬模型）所推動的。因此，當我們展望第三季時，我們肯定會看到那裡的勢頭。

And beyond that, given those structural value that we're creating inside the model, our go-to-market strategy and efficacy around how we deliver that to the marketplace, we feel a pretty good, strong structural trends. So as we look out even further and beyond third quarter, we feel good about that momentum across all of our models.

除此之外，考慮到我們在模型內創造的結構性價值、我們的上市策略以及我們如何將其交付給市場的功效，我們感受到了一個非常好的、強勁的結構性趨勢。因此，當我們進一步展望第三季之後，我們對所有模型的這種勢頭感到滿意。

At the same time, we have some built in -- as we've talked about institutions, large institutions that have yet to onboard, they collectively represent $66 million in sort of recruited large institutions. So that certainly is a tailwind to that outlook as well.

同時，我們還有一些內建的——正如我們所討論的機構，尚未加入的大型機構，它們總共代表了 6,600 萬美元的已招募大型機構。因此，這當然也是這種前景的動力。

So we got really good positioning across all models in your advisor recruiting. And then, on the institution side, you've got that already committed wins in the pipeline. And then, beyond that, we feel good about that evolving and growing pipeline across both large banks as well as insurance services. Hope that helps.

因此，我們在您的顧問招募中的所有模型中都獲得了非常好的定位。然後，在機構方面，您已經獲得了已經承諾的勝利。除此之外，我們對大型銀行和保險服務不斷發展和成長的管道感到滿意。希望有幫助。

That is helpful. And then just a quick one, Matt, on expenses. The promo spend is a sizable pickup, both sequentially as well as year over year. I think you said conferences, but I mean, you have this conference every year. So just curious about the magnitude of the pickup. And then, should we see that normalize again in the fourth quarter after, I guess, what would be seasonal pickups?

這很有幫助。馬特，然後簡單介紹一下費用。無論是環比還是同比，促銷支出都大幅增加。我想你說的是會議，但我的意思是，你每年都會舉辦這個會議。所以只是好奇皮卡的幅度有多大。然後，我想，在季節性回升之後，我們是否應該看到第四季再次正常化？

Yeah. I mean, I think, a couple of things. I think the conference from a seasonality standpoint, it is in Q3 each year, so just given a little -- I was giving color on the sequential change.

是的。我想，我的意思是，有幾件事。我認為從季節性的角度來看，這次會議是在每年的第三季度，所以只是給了一點——我對順序變化進行了說明。

The other thing I'd keep in mind is specific to the onboarding costs associated with Prudential. Just a reminder of the spend there to bring them onboard. There's no TA associated with Prudential. It's really important to them. It's really -- the technology build and the process to get onboard.

我要記住的另一件事是與保德信相關的入職成本。只是提醒人們為了讓他們加入而花費的錢。沒有與保德信相關的 TA。這對他們來說真的很重要。這確實是技術的建構和加入的過程。

So when you look at what we're spending there, $125 million of integration costs and $200 million of technology, that is the entire amount that's being spent there. And a lot of that will show up in promotional. So when you think about the trends, especially year over year, probably the spin-related Prudential, which will, when you look at the overall spend, probably peak or the two highest quarters are likely be Q2 and Q3, related to that.

因此，當你看到我們在那裡花費的金額時，1.25 億美元的整合成本和 2 億美元的技術，這就是在那裡花費的全部金額。其中很多都會出現在促銷中。因此，當您考慮趨勢時，尤其是逐年變化時，可能會想到與旋轉相關的保德信，當您查看總體支出時，可能會出現峰值，或者兩個最高的季度可能是第二季度和第三季度，與此相關。

I think when you get on the other side of that, meaning on the other side of our largest conference, you get into Q4 and you get on the other side of Prudential-related spend, I think then you get into the core drivers, just the level and amount of our recruiting, right? So, the underwriting to TA hasn't changed, then it's really just driven by the -- really the tonnage or the amount of recruiting we're doing, which I think we've covered a few times, we keep hitting new record levels. So we think it's a good use of capital, but hopefully, that helps give you a little sense as to why that number is increasing. It's largely a timing of conference and Prudential.

我認為，當你到達另一邊時，也就是說，在我們最大的會議的另一邊，你進入第四季度，你進入保德信相關支出的另一邊，我想然後你就會進入核心驅動因素，只是我們的招募程度和數量是吧？所以，對 TA 的承保並沒有改變，那麼它實際上只是由我們正在做的噸位或招募量驅動的，我想我們已經報道過幾次了，我們不斷創下新的紀錄水平。因此，我們認為這是對資本的良好利用，但希望這有助於讓您了解為什麼這個數字正在增加。這主要是會議和保誠集團的時間安排。

Brennan Hawken, UBS.

布倫南霍肯，瑞銀集團。

Hey, good evening. Thanks for fitting me in. I'd like to ask a question on the upcoming fixed rate maturities. So you guys are now at about 70% of the ICA and fixed rate. Are you going to continue to roll the maturities into fixed rate? Or at this point, is there some benefit to seeing the floating rate side pickup, bring you closer to the mid or even lower end of the targeted range?

嘿，晚上好。感謝您讓我加入。所以你們現在大約是 ICA 的 70% 和固定利率。您打算繼續將到期日轉為固定利率嗎？或者在這一點上，看到浮動利率側拾取是否有一些好處，使您更接近目標範圍的中端甚至下端？

Yeah, Brennan. I think when you when you look at our approach there in targeting 50% to 75% and I think looking at what I think most folks will conclude a peak rate environment that we're in right now. I think while we always want to be within that range. I think we like being towards the, call it, the upper half of the range and where we are now, just given where the rate environment is.

是的，布倫南。我想，當你看到我們的目標是 50% 到 75% 的方法時，我認為大多數人都會得出我們現在所處的峰值率環境的結論。我認為雖然我們總是希望處於這個範圍內。我認為我們喜歡接近這個範圍的上半部分，以及我們現在所處的位置，只要考慮到利率環境。

So I think as we move forward in the next couple of quarters, we've got about $2 billion maturing each quarter. Based on where sweep balances are overall, where rates are overall, we'll make those choices. But I think, in the near term, I think we like being in that upper half. When you look at where rates are for this fixed rate contracts, we typically will deploy in the three- to five-year points on the curve. And those rates, including the spreads that you can earn, which are in that 20 to 30 basis point range are around 400 right now.

因此，我認為，隨著我們在接下來的幾個季度繼續前進，我們每個季度將有約 20 億美元到期。根據掃算餘額的總體情況、費率的整體情況，我們將做出這些選擇。但我認為，在短期內，我認為我們喜歡處於上半區。當您查看此固定利率合約的利率時，我們通常會在曲線上的三到五年點進行部署。這些利率，包括你可以賺取的利差，在 20 到 30 個基點範圍內，目前約為 400 個基點。

So that should hopefully give you a sense as to where we deploy that, which would be above the rates that they're currently earning. So I hope that helps with the headline is we like 50% to 75%. We like being kind of towards the top half of that, just given where the rate environment is.

因此，這應該能讓您了解我們在哪裡部署它，這將高於他們目前的收入。所以我希望對標題有所幫助，我們喜歡 50% 到 75%。考慮到利率環境，我們喜歡接近上半部分。

Great. Thanks, Matt. That's helpful.

偉大的。謝謝，馬特。這很有幫助。

And then second question, I noticed that the advisor loan growth was a little healthy here quarter over quarter, up about 12%. I know that you closed some deals. So I expect some might be deal related, but really be helpful if you could maybe unpack some of the contributors to that growth here?

第二個問題，我注意到顧問貸款的季度環比成長有點健康，成長了約 12%。我知道你完成了一些交易。因此，我預計其中一些可能與交易相關，但如果您能在這裡解開一些對該增長的貢獻者，真的會有幫助嗎？

Yes. I think from a TSA standpoint, remember, there's two things in there. We don't necessarily break them out in the release, but there's all -- there is TA as well as repayable loans, right? So it's not all entirely TA related.

是的。我認為從 TSA 的角度來看，請記住，其中有兩件事。我們不一定會在發布中詳細列出它們，但都有——有 TA 以及可償還貸款，對吧？所以這並不完全與TA有關。

For the components that are TA related, just emphasize kind of we were talking about before. The underwriting standards have not changed. We do continue to deliver record levels of recruiting. So it's more volume, but the rates that we're paying are consistent. And just keep in mind that the TA is not the entire driver of that line item.

對於與 TA 相關的組件，只需強調我們之前討論過的那種。承保標準沒有改變。我們確實繼續提供創紀錄的招募水準。所以數量更大，但我們支付的費率是一致的。請記住，助教並不是該訂單項目的全部驅動因素。

Okay. Was there some contribution from the recently closed deals though in that growth?

好的。最近完成的交易對這種成長有貢獻嗎？

Yeah. So I think when you're talking about advisor loans, so the recently closed deals were acquisitions. So that would be -- that would come out in a different spot. It would show up in goodwill and other places.

是的。所以我認為當你談論顧問貸款時，最近完成的交易就是收購。所以這會在不同的地方出現。它會體現在善意和其他方面。

Specific to the loans, that would just be to the extent we're doing growth-related loans or things of that nature. The primary driver is typically TA. It would just be connected to the record recruiting quarter.

具體到貸款，這只是我們進行與成長相關的貸款或類似性質的事情的程度。主要驅動力通常是助教。這只是與創紀錄的招募季度有關。

Thank you. This does conclude the question and answer session of today's program. I'd like to hand the program back to Dan Arnold for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將程序交還給丹·阿諾德以供進一步評論。

Just thanks, everyone, for taking the time to join us this afternoon. And we look forward to speaking with you again next quarter. Take care.

感謝大家今天下午抽出時間來參加我們的活動。我們期待下個季度再次與您交談。小心。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。