LPL Financial Holdings Inc (LPLA) 2024 Q3 法說會逐字稿

Good afternoon, and thank you for joining the third-quarter 2024 earnings conference call for LPL Financial Holdings Inc. Joining the call today are our Chief Executive Officer, Rich Steinmeier; and President and Chief Financial Officer, Matt Audette.

下午好，感謝您參加 LPL Financial Holdings Inc. 2024 年第三季財報電話會議。總裁兼財務長 Matt Audette。

Rich and Matt will offer introductory remarks, and then the call will be open for questions.

里奇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 one question and one follow-up each.

如果分析師能將自己限制在一個問題和一個後續行動上，公司將不勝感激。

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 strategy and plans, as well as other opportunities and potential risks that management foresees.

今天的電話會議將包括前瞻性陳述，包括有關 LPL Financial 未來財務和營運績效、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。

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.

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 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所載的披露信息，以及該公司最近向證券和證券交易委員會提交的文件中包含的風險因素和其他揭露資訊。

During the call, the company will also discuss certain non-GAAP financial measures.

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。

For a reconciliation of such 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.

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 will now turn the call over to Mr. Steinmeier.

現在我將把電話轉給施泰因邁爾先生。

Thank you so much, operator.

非常感謝你，接線生。

As a long-time listener and first-time caller, it is great to speak to everyone on today's call.

作為長期聽眾和第一次來電者，很高興在今天的電話會議上與大家交談。

And for those that haven't met me, I'm Rich Steinmeier, and it is my privilege to serve as LPL's Chief Executive Officer.

對於那些還沒有認識我的人，我是 Rich Steinmeier，我很榮幸擔任 LPL 的執行長。

I joined the firm in 2018, following roughly a decade working in wealth management at a couple of wirehouses, after having started my career in management consulting.

我於 2018 年加入該公司，此前我在幾家電線公司從事財富管理工作大約十年，之後開始了管理諮詢的職業生涯。

I joined LPL with the mandate to accelerate our growth and, for the past six years, have worked closely with Matt and the rest of our leadership team to set our strategic vision and to build and execute on the plan to achieve that vision.

我加入 LPL 的任務是加速我們的發展，在過去的六年裡，我與 Matt 和我們領導團隊的其他成員密切合作，制定我們的策略願景，並製定和執行計劃以實現該願景。

Looking forward, our opportunity is clear: to assert our leadership and shape both the advisor and institutional markets.

展望未來，我們的機會很明確：維護我們的領導地位並塑造顧問和機構市場。

Our focus is on creating the culture, strategy and capabilities to achieve sustainable outperformance by serving as an indispensable partner to our advisors and institutions, while delivering long-term value to shareholders.

我們的重點是創造文化、策略和能力，透過成為我們的顧問和機構不可或缺的合作夥伴來實現可持續的卓越績效，同時為股東提供長期價值。

Okay.

好的。

With introductions complete, let's turn to our results.

介紹完畢，讓我們來看看我們的結果。

In the quarter, total assets increased to a record $1.6 trillion as we attracted organic net new assets of $27 billion, representing a 7% annualized growth rate.

本季度，總資產增至創紀錄的 1.6 兆美元，我們吸引了 270 億美元的有機淨新資產，年化成長率為 7%。

This was on pace with the past 12 months, during which we brought on nearly $100 billion of organic net new assets, representing approximately 8% growth rate.

這與過去 12 個月的步伐一致，在此期間我們帶來了近 1000 億美元的有機淨新資產，成長率約為 8%。

Our third-quarter business results led to strong financial performance, with an adjusted EPS of $4.16.

我們的第三季業績帶來了強勁的財務業績，調整後每股收益為 4.16 美元。

Next, let's turn to our strategic plan and recent growth across our organic and inorganic initiatives.

接下來，讓我們談談我們的策略計劃以及近期有機和無機舉措的成長。

As a reminder, our long-term vision is to become the leader across the advisor-centered marketplace.

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。

To do that, our strategy to is to invest back into the platform, and provide unmatched flexibility in how advisors can affiliate with us, and to deliver capabilities and services to help maximize advisor success throughout the life cycle of their businesses.

為此，我們的策略是重新投資該平台，並為顧問如何與我們合作提供無與倫比的靈活性，並提供能力和服務以幫助顧問在整個業務生命週期中取得最大成功。

Doing this well gives us a path to sustainable industry leadership, not just in the independent and institution markets, but across all of wealth management.

做好這件事為我們提供了一條通往永續產業領導地位的道路，不僅在獨立市場和機構市場，而且在所有財富管理領域。

In the third quarter, recruited assets were $26 billion, bringing our total for the trailing 12 months to $87 billion, both of which represent records, excluding periods where we've onboarded large institutions.

第三季度，招募的資產為 260 億美元，使我們過去 12 個月的總資產達到 870 億美元，這兩個數字均創歷史新高，不包括我們招募大型機構的時期。

In our traditional independent market, recruiting reached a new quarterly high of approximately $23 billion in assets, improving on our already industry-leading capture rates of advisors in motion, while also expanding the breadth and depth of our pipeline.

在我們傳統的獨立市場中，招募資產達到了約 230 億美元的季度新高，提高了我們業已領先的流動顧問的捕獲率，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, Independent Employee, and our enhanced RIA offering, we delivered another solid quarter, recruiting roughly $3 billion in assets.

就我們新的隸屬關係模式、策略性財富、獨立員工和增強的 RIA 產品而言，我們又實現了穩健的季度業績，招募了約 30 億美元的資產。

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.

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。

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.

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。

Collectively, these two partnerships will add approximately $76 billion of brokerage and advisory assets by early 2025.

到 2025 年初，這兩位合作夥伴將總共增加約 760 億美元的經紀和諮詢資產。

As a complement to our organic growth, earlier this month, we closed the acquisition of Atria Wealth Solutions, welcoming their approximately 2,200 advisors, 160 institutions, and home office staff to the LPL family.

作為我們有機成長的補充，本月早些時候，我們完成了對 Atria Wealth Solutions 的收購，歡迎他們的約 2,200 名顧問、160 家機構和家庭辦公室員工加入 LPL 大家庭。

The transaction is progressing well, and we are on track to meet our 80% retention target.

交易進展順利，我們預計將實現 80% 的保留率目標。

And as an aside, I've had the opportunity to spend time with the Atria team over the past several months.

順便說一句，過去幾個月我有機會與 Atria 團隊共度時光。

And it is clearer than ever that their advisor-centric orientation and high-quality relationships with their advisors and institutions makes them a perfect fit for LPL.

比以往任何時候都更加清楚的是，他們以顧問為中心的導向以及與顧問和機構的高品質關係使他們非常適合 LPL。

As for our broader business, asset retention remains industry leading at 98% over the last 12 months.

至於我們更廣泛的業務，過去 12 個月的資產保留率仍保持業界領先，達到 98%。

This is a testament to our continued efforts to enhance the advisor experience through the delivery of new capabilities and technology, and the evolution of our service and operations functions.

這證明了我們不斷努力透過提供新的​​功能和技術以及我們的服務和營運職能的發展來增強顧問體驗。

In that spirit, I would be remiss not to call out a driving force behind our improving advisor experience, which is the ongoing operational transformation of the firm spearheaded by Matt.

本著這種精神，如果我不指出我們改善顧問體驗背後的驅動力，那就是我的失職，這就是馬特領導的公司正在進行的營運轉型。

Beyond his leadership as CFO, Matt has been at the helm of our Operations and Risk organizations, and in his expanded role as President, we've consolidated additional responsibilities for the day-to-day operations of the firm under his purview, including Customer Service and Supervision.

除了擔任財務長之外，馬特還負責我們的營運和風險組織，在他擔任總裁的職責範圍擴大後，我們在他的職權範圍內整合了公司日常運營的額外職責，包括客戶服務與監​​督。

It goes without saying that all of these critical functions are in very good hands.

不用說，所有這些關鍵功能都掌握在非常好的手中。

In closing, I want to reiterate how honored I am to lead this amazing firm and to express my gratitude to our employees for the way they show up every single day, to our advisors and institutions for their partnership, and to our shareholders for continuing to place their support and trust in LPL Financial.

最後，我想重申我是多麼榮幸能夠領導這家令人驚嘆的公司，並向我們的員工表達感謝，感謝他們每天的表現，感謝我們的顧問和機構的合作夥伴關係，感謝我們的股東繼續努力他們對LPL Financial 的支持和信任。

With that, I'll turn the call over to Matt who, I would like to point out, dressed up as Johnny Cash for our company Halloween event last Friday.

這樣，我會將電話轉給馬特，我想指出的是，他上週五打扮成約翰尼卡什參加了我們公司的萬聖節活動。

And I just wanted you all to visualize that image as he dives into our results.

我只是想讓大家在他深入研究我們的結果時想像出那個圖像。

Are you telling me that was a Halloween event on Friday?

你是告訴我那是星期五的萬聖節活動嗎？

That's what I normally wear.

我平常就是這樣穿的。

I figure the white onesie you were wearing is what you wore on Fridays.

我想你穿的白色連身衣就是你星期五穿的。

Who knew?

誰知道？

Well, thanks, Rich.

好吧，謝謝，里奇。

I'm glad to speak with everyone on today's call.

我很高興在今天的電話會議上與大家交談。

I, too, feel exceedingly fortunate to serve this great firm in an expanded capacity as LPL's President and CFO.

我也感到非常幸運，能夠以 LPL 總裁兼財務長的身份為這家偉大的公司服務。

To echo Rich's sentiment, we have built an advantaged position in the advisor-mediated market and have a tremendous opportunity to extend our leadership.

為了回應里奇的觀點，我們在顧問介導的市場中建立了優勢地位，並且有巨大的機會來擴大我們的領導地位。

I look forward to partnering with Rich in continuing to enhance value for all the stakeholders we serve.

我期待與 Rich 合作，繼續為我們服務的所有利害關係人提高價值。

Turning to our results, in the third quarter, we remained focused on serving our advisors, growing our business, and delivering shareholder value.

談到我們的業績，在第三季度，我們仍然專注於為我們的顧問提供服務、發展我們的業務並提供股東價值。

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.

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。

As a complement to our strong organic growth, we closed on the acquisition of Atria earlier this month.

作為我們強勁有機成長的補充，我們在本月初完成了對 Atria 的收購。

In addition, we entered into an agreement to acquire The Investment Center, which we plan to onboard in the first half of 2025.

此外，我們也簽署了收購 The Investment Center 的協議，計劃於 2025 年上半年入駐。

So as we look ahead, we remain excited by the opportunities we have to serve and support our growing advisor base, while continuing to deliver an industry-leading value proposition and drive organic growth.

因此，展望未來，我們仍然對為不斷增長的顧問群體提供服務和支持的機會感到興奮，同時繼續提供行業領先的價值主張並推動有機增長。

With respect to our third-quarter business results, as Rich mentioned, it was another quarter of strong growth, with an annualized growth rate of approximately 7%, or 9% prior to the planned separation from misaligned large OSJs.

至於我們第三季度的業績，正如Rich 所提到的，這是又一個強勁增長的季度，年化增長率約為7%，在計劃從失調的大型OSJ 中分離出來之前，年化增長率為9 %。

On the recruiting front, Q3 recruited assets for $26 billion which, prior to large institutions, was a new quarterly high.

在招聘方面，第三季招聘資產達 260 億美元，領先大型機構，創季度新高。

Looking ahead to Q4, in addition to the expected onboarding of one of our largest institutional partners, Prudential, we continue to have a strong pipeline.

展望第四季度，除了我們最大的機構合作夥伴之一保誠集團的預期加入之外，我們仍然擁有強大的管道。

However, I would note the natural seasonal headwinds to advisor movement during the back half of December related to FINRA’s shutdown and the holidays.

不過，我要指出的是，12 月下半月，與 FINRA 關閉和假期相關的顧問活動面臨自然季節性阻力。

As for our Q3 financial results, the combination of organic growth and expense discipline led to adjusted EPS of $4.16. Gross profit was $1.128 billion, up $49 million sequentially.

至於我們第三季的財務業績，有機成長和費用紀律的結合導致調整後每股收益為 4.16 美元。毛利為 11.28 億美元，比上一季增加 4,900 萬美元。

As for the components, commission advisory fees net of payout were $274 million, up $11 million from Q2.

至於組成部分，扣除支出後的佣金諮詢費為 2.74 億美元，比第二季增加 1,100 萬美元。

Our payout rate was 87.5%, up 20 basis points from Q2, due to typical seasonality.

由於典型的季節性因素，我們的支付率為 87.5%，比第二季上升 20 個基點。

With respect to client cash revenue, it was $372 million, up $11 million from Q2, driven by higher renewal rates on our fixed rate contracts.

客戶現金收入為 3.72 億美元，比第二季增加 1,100 萬美元，這是由於我們的固定利率合約續約率提高所致。

Overall client cash balances ended the quarter at $46 billion, up $2 billion sequentially, driven by organic growth.

在有機成長的推動下，本季末客戶現金餘額總額達到 460 億美元，比上一季增加 20 億美元。

Within our ICA portfolio, the mix of fixed rate balances was roughly 65%, within our target range of 50% to 75%.

在我們的 ICA 投資組合中，固定利率餘額的比例約為 65%，在我們 50% 至 75% 的目標範圍內。

Looking more closely at our ICA yield, it was 332 basis points in Q3, up 14 basis points from Q2.

更仔細地觀察我們的 ICA 收益率，第三季為 332 個基點，比第二季上升 14 個基點。

As we look ahead to Q4, we expect the yields on our new fixed rate contracts to more than offset the impact of the two additional rate cuts expected by year-end.

展望第四季度，我們預計新的固定利率合約的收益率將足以抵消年底預計的兩次額外降息的影響。

As a result, we expect our ICA yield to increase by approximately 5 basis points.

因此，我們預期 ICA 收益率將增加約 5 個基點。

As for service and fee revenue, it was $146 million in Q3, up $11 million from Q2.

至於服務和費用收入，第三季為 1.46 億美元，比第二季增加 1,100 萬美元。

Looking ahead to Q4, we do not have any large advisor conferences and expect seasonally lower IRA fees.

展望第四季度，我們沒有任何大型顧問會議，預計 IRA 費用將季節性降低。

However, given the acquisition of Atria earlier this month and the onboarding of Prudential later this quarter, we expect service and fee revenue to be roughly flat sequentially.

然而，考慮到本月稍早收購了 Atria 以及本季稍後保誠集團的加入，我們預計服務和費用收入將大致持平。

Moving on to Q3 transaction revenue, it was $59 million, flat compared to Q2.

第三季交易收入為 5,900 萬美元，與第二季持平。

As we look ahead to Q4, based on activity levels to date, as well as the expected contribution from Atria and Prudential, we expect transaction revenue to increase by approximately $5 million sequentially.

展望第四季度，根據迄今為止的活動水平以及 Atria 和 Prudential 的預期貢獻，我們預計交易收入將環比增加約 500 萬美元。

Now, let's move on to Atria and Prudential.

現在，讓我們轉向 Atria 和 Prudential。

Starting with Atria, as mentioned, we closed on the transaction and continue to expect to onboard the advisors in mid-2025.

正如前面提到的，我們從 Atria 開始完成了交易，並繼續預計在 2025 年中期聘請顧問。

Overall, the transaction is progressing well.

整體而言，交易進展順利。

We are on track to meet our estimate of 80% retention, but factoring in current asset levels, we now expect the run rate EBITDA benefit to be approximately $150 million, up from our original estimate of $140 million.

我們預計將實現 80% 的保留率預期，但考慮到當前的資產水平，我們現在預計 EBITDA 收益運行率約為 1.5 億美元，高於我們最初估計的 1.4 億美元。

That said, in the near term, given the timing of when synergies are realized, we anticipate our post-close, pre-conversion EBITDA to be roughly $40 million.

也就是說，在短期內，考慮到實現綜效的時間，我們預期交割後、轉換前的 EBITDA 約為 4,000 萬美元。

Moving on to Prudential, we are on track to onboard them during Q4.

接下來是保誠集團，我們預計在第四季加入他們。

As for Prudential's financial contribution, given current asset levels which, at the end of Q3 were approximately $60 billion, as well as current cash balances, we now expect approximately $70 million of run rate EBITDA, up from our original $60 million estimate.

至於保誠集團的財務貢獻，鑑於第三季末的當前資產水準約為 600 億美元，以及當前現金餘額，我們現在預計 EBITDA 運行率約為 7,000 萬美元，高於我們最初估計的 6,000 萬美元。

Now, let's turn to expenses, starting with core G&A.

現在，讓我們談談費用，從核心管理費用開始。

It was $359 million in Q3.

第三季為 3.59 億美元。

Looking ahead, while there are variable costs associated with supporting our strong levels of organic growth, given our ongoing focus on efficiency, we are tightening our 2024 core G&A outlook to a range of $1.475 billion to $1.485 billion.

展望未來，雖然支持我們強勁的有機成長水準存在可變成本，但考慮到我們對效率的持續關注，我們將 2024 年核心一般管理費用展望收緊至 14.75 億美元至 14.85 億美元的範圍。

Additionally, now that we have closed our acquisition of Atria and expect to onboard Prudential by the end of the year, we are including those costs in our overall core G&A outlook.

此外，現在我們已經完成了對 Atria 的收購，並預計在今年年底前加入保誠集團，我們將這些成本納入我們的整體核心 G&A 展望中。

As such, we expect Prudential and Atria to add $35 million to $40 million of core G&A in 2024.

因此，我們預計保德信和 Atria 將在 2024 年增加 3,500 萬至 4,000 萬美元的核心管理費用。

As a result, our new core G&A outlook range is $1.510 billion to $1.525 billion.

因此，我們新的核心 G&A 展望範圍為 15.10 億美元至 15.25 億美元。

Moving on to Q3 promotional expense, it was $176 million, up $28 million from Q2, primarily driven by conference spend as we hosted our annual Focus Conference, as well as increased transition assistance resulting from our strong recruiting.

接下來是第三季的促銷費用，為 1.76 億美元，比第二季增加 2800 萬美元，這主要是由於我們主辦年度焦點會議時的會議支出，以及由於我們強大的招募而增加的過渡援助。

Looking ahead to Q4, we expect promotional expense to decrease by approximately $10 million, driven by lower conference spend, partially offset by transition assistance related to Atria.

展望第四季度，我們預計促銷費用將減少約 1000 萬美元，原因是會議支出減少，但部分被 Atria 相關的過渡援助所抵消。

As for regulatory expense, it was $25 million in Q3, up from Q2, as we recorded an $18 million charge related to a planned SEC settlement for anti-money laundering controls.

至於監管費用，第三季為 2500 萬美元，高於第二季度，因為我們記錄了與 SEC 反洗錢控制計劃和解相關的 1800 萬美元費用。

Looking ahead, given the non-recurring nature of this item, we continue to expect regulatory expense to be roughly $10 million in the quarter.

展望未來，鑑於該項目的非經常性質，我們繼續預計本季的監管費用約為 1000 萬美元。

Turning to depreciation and amortization, it was $78 million in Q3, up $7 million sequentially.

至於折舊和攤銷，第三季為 7,800 萬美元，比上一季增加 700 萬美元。

This included approximately $3 million of technology development related to Prudential.

其中包括與保德信相關的技術開發費用約為 300 萬美元。

Looking ahead, we continue to invest in technology and recently went live with two new internal data centers.

展望未來，我們將繼續投資技術，最近啟用了兩個新的內部資料中心。

As a result, we expect depreciation amortization to increase by approximately $10 million sequentially.

因此，我們預計折舊攤銷將比上一季增加約 1,000 萬美元。

I would just note that we don't expect this level of sequential increase going forward.

我想指出的是，我們預計未來不會出現這種程度的連續成長。

As for interest expense, it was $68 million in Q3, up $4 million sequentially, driven by the full-quarter impact of the May debt issuance.

至於利息支出，第三季利息支出為 6,800 萬美元，季增 400 萬美元，受到 5 月份債券發行對全季影響的推動。

Looking ahead to Q4, given revolver balances following the close of the Atria transaction, we expect interest expense to increase by approximately $14 million sequentially.

展望第四季度，考慮到 Atria 交易結束後的循環餘額，我們預計利息支出將連續增加約 1,400 萬美元。

Regarding capital management, we ended Q3 with corporate cash of $708 million, up $24 million from Q2.

在資本管理方面，第三季末，我們的企業現金為 7.08 億美元，比第二季增加了 2,400 萬美元。

As for our leverage ratio, at the end of Q3, it was 1.6 times.

至於我們的槓桿率，第三季末是1.6倍。

Looking ahead, consistent with our expectations, following the closing of the Atria transaction earlier this month, we anticipate our Q4 leverage ratio to be near the midpoint of our target leverage range of 1.5 to 2.5 times.

展望未來，與我們的預期一致，繼本月初 Atria 交易結束後，我們預計第四季度的槓桿率將接近我們目標槓桿範圍 1.5 至 2.5 倍的中點。

And we expect corporate cash to return to more normalized levels, near our management target range of approximately $200 million.

我們預計企業現金將恢復到更正常的水平，接近我們約 2 億美元的管理目標範圍。

Moving on to 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.

在資本配置方面，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 Q3, 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, on October 1, closed on the acquisition of Atria.

在第三季度，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，並於 10 月 1 日完成了對 Atria 的收購。

Specific to share repurchases, a reminder that we paused buybacks following the announcement of the Atria acquisition.

具體到股票回購，提醒我們在宣布收購 Atria 後暫停了回購。

Now that we closed on the transaction, we plan to restart share repurchases in Q4 and anticipate buying back $100 million of our shares in the quarter.

現在我們已經完成了交易，我們計劃在第四季度重新啟動股票回購，並預計在本季回購 1 億美元的股票。

To summarize, our balance sheet is strong and we are well positioned to drive value through our capital allocation frame.

總而言之，我們的資產負債表強勁，我們有能力透過資本配置架構推動價值。

In closing, we delivered another quarter of strong business and financial results.

最後，我們又一個季度實現了強勁的業務和財務業績。

As we look forward, we remain excited about the opportunities we have to continue investing to serve our advisors, grow our business, and create long-term shareholder value.

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) Alex Blostein, Goldman Sachs.

（操作員指示）Alex Blostein，高盛。

Hey.

嘿。

Good afternoon, everyone.

大家下午好。

Rich, Matt, congrats to both of you on new and expanded roles.

里奇、馬特，祝賀你們兩位擔任新的和擴大的角色。

That's good stuff.

那是好東西。

Rich, I was hoping we could start with you, given this is your first opportunity to speak with a broader kind of investor and analyst group in your new role, obviously, the CEO of the firm.

里奇，我希望我們能從你開始，因為這是你在你的新角色（顯然是公司的執行長）中第一次有機會與更廣泛的投資者和分析師群體交談。

Maybe spend a couple of minutes on the key priorities for the business over the next one to two years.

也許花幾分鐘時間討論未來一到兩年內業務的關鍵優先事項。

What are the key areas of focus likely for you to be?

您可能關注的關鍵領域是什麼？

And is there going to be sort of any strategic change in direction for the business?

業務方向是否會發生任何策略變化？

Great.

偉大的。

Thanks, Alex.

謝謝，亞歷克斯。

Thanks for congratulating Matt and I on the expanded roles.

感謝您祝賀馬特和我的角色得到擴展。

I actually really appreciate it.

我真的很感激。

So as we jump in as a newly formed management committee into moving the business forward, I'd say there are three top priorities that we're thinking about every day.

因此，當我們作為新成立的管理委員會介入推動業務向前發展時，我想說，我們每天都在考慮三個首要任務。

The first are that we have got to maintain the client centricity that this firm is known for, and that is in serving our advisors, our institutions, and allowing them to serve their end clients with distinction.

首先，我們必須保持這家公司聞名的以客戶為中心的理念，為我們的顧問、我們的機構提供服務，並讓他們能夠以卓越的方式服務最終客戶。

It's what the firm was built on.

這就是公司的基礎。

And so for us, that is one of the top priorities as we advance, making sure that we don't lose sight of what's made us special.

因此，對我們來說，這是我們前進的首要任務之一，確保我們不會忽視讓我們與眾不同的因素。

Second, which is a slight pivot, is to empower our employees.

其次，這是一個小小的重點，是賦予我們的員工權力。

This is the ability to take the employees who sit at all levels of this firm, who are deeply connected with our clients, and empower them to take the decisions to help those clients achieve success in however they may define it.

這是一種能力，能夠讓公司各個層級的員工與我們的客戶有著密切的聯繫，並授權他們做出決策，幫助這些客戶以他們定義的方式取得成功。

And so for us, that's about putting in place a decision-making framework and a control framework that allows all of our employees to have the authority to make better decisions in support of our clients.

因此，對我們來說，這就是建立一個決策框架和一個控制框架，使我們所有的員工都有權利做出更好的決策來支持我們的客戶。

It'll allow us to feel nimbler and more direct in serving the clients.

它將使我們在為客戶服務時感覺更靈活、更直接。

The third priority is driving operating leverage.

第三個優先事項是提高營運槓桿。

We have had the privilege of high levels of growth extended over the last couple of years.

我們有幸在過去幾年中保持了高水準的成長。

And as I mentioned in remarks, we have had Matt take over all of the operations, service, compliance, and supervision to try to drive and continue to drive operating leverage and value for our shareholders.

正如我在評論中提到的，我們讓馬特接管了所有營運、服務、合規和監督，以努力推動並繼續推動股東的營運槓桿和價值。

The one thing, Alex, that I would point out that is not going to change is actually our strategy.

亞歷克斯，我要指出的一件事是不會改變的，這實際上是我們的策略。

Our long-term vision is to become the leader across the advisor-centered marketplace, and that outlook remains positive.

我們的長期願景是成為以顧問為中心的市場的領導者，而這個前景仍然樂觀。

And as a reminder, that's driven by our conviction in three structural and durable trends: the growing demand for investor advice, the appeal to receive that advice from a financial professional, and the attractiveness of the independent model.

提醒一下，這是由我們對三個結構性和持久趨勢的信念推動的：對投資者建議的需求不斷增長、從金融專業人士那裡獲得建議的吸引力以及獨立模式的吸引力。

We actually sit in a privileged position in the marketplace.

我們實際上在市場上處於有利地位。

We have outsized gains in advisors that change firms, and that growth has enabled us to fuel our strategy of investing back in our platform and our capabilities.

我們在改變公司的顧問方面獲得了巨大的收益，這種成長使我們能夠推動我們對我們的平台和能力進行投資的策略。

I think that strategy should persist, and it will give us the opportunity to outperform over the longer term.

我認為這項策略應該堅持下去，這將使我們有機會在長期內跑贏大盤。

And maybe if you'll allow me just one final thought, it's been three weeks where I have spent time meeting with hundreds of our clients.

如果您允許我最後想一想，我已經花了三週的時間與數百名客戶會面。

And what I've learned in those three weeks is that this firm is a very special place.

在這三週我了解到這家公司是一個非常特別的地方。

In fact, the thing is, our clients actually -- when I reach out to them -- say, Rich how can we help you?

事實上，問題是，我們的客戶實際上 - 當我聯繫他們時 - 說，里奇我們可以幫助你嗎？

These relationships that we have with our clients have been built over years and decades.

我們與客戶的這些關係是經過多年和數十年建立的。

And in fact those relationships are built on foundations of relationships, but it's not relationships with me as the CEO.

事實上，這些關係是建立在關係的基礎上的，但不是與我作為執行長的關係。

It's relationships with relationship managers, advisory consultants, branch managers, supervisory consultants, transition specialists.

它是與客戶關係經理、諮詢顧問、分公司經理、監督顧問、過渡專家的關係。

And what I've seen in the last three weeks are those employees have stepped up in a major way.

在過去三週裡，我看到這些員工已經取得了重大進展。

Our clients are echoing that back to us.

我們的客戶也向我們反映了這一點。

And if you think about our ability to succeed in the future, it will be driven by our clients being the loudest advocates for our firm, and that's what I've seen.

如果你考慮我們未來成功的能力，你會發現我們的客戶是我們公司最響亮的倡導者，這將是我所看到的。

I give huge, huge kudos to our employee base.

我對我們的員工群表示極大的敬意。

Great.

偉大的。

Thank you for that perspective.

謝謝你的觀點。

Very helpful.

非常有幫助。

Matt, I guess since you dressed up as Johnny Cash, let's talk about cash.

馬特，我想既然你打扮成強尼卡什，我們來談談現金吧。

You guys and the industry broadly put up really nice growth in cash balances for the first time in a while.

你們和整個行業在一段時間內首次實現了現金餘額的良好成長。

Obviously, much, much welcome development for you guys in the space.

顯然，這個領域的發展非常非常受歡迎。

Maybe unpack a little bit what have been sort of the sources of growth, and totally understand the hesitation of sort of calling the bottom on cash balances.

也許我們可以稍微了解成長的源泉，並完全理解對現金餘額觸底的猶豫。

We've tried to do that before, and that hasn't played out yet.

我們之前曾嘗試過這樣做，但尚未實現。

But are you starting to see a more durable kind of outlook just based on where recruited assets are and the outlook for growth on cash balances starting to grow over time from these levels?

但是，您是否開始看到一種更持久的前景，僅基於招募的資產的位置以及現金餘額的增長前景隨著時間的推移從這些水平開始增長？

Yeah.

是的。

Alex, I think on your point about calling the bottom, it's always tough.

亞歷克斯，我認為你關於觸底的觀點總是很困難。

But I think just to reiterate some things that we've talked a fair bit about in the past that I think are relevant now is you just start to hone in on when you're looking at cash sweep, those are cash balances that are largely operational.

但我想重申我們過去經常討論過的一些事情，我認為現在相關的是，當你考慮現金掃蕩時，你剛開始磨練，這些現金餘額很大程度上是操作。

You're starting to get down to what is really the amount of cash necessary to do things like rebalancing, paying advisory fees, facilitating withdrawals, things of that nature.

你開始認真考慮做再平衡、支付諮詢費、促進提款等類似事情所需的實際現金金額。

And when we look at that as a cash as a percent of AUM, that has been coming down.

當我們將其視為現金佔資產管理規模的百分比時，這一比例一直在下降。

We've stabilized the last couple of quarters in the just under 3% zone.

過去幾季我們已經穩定在略低於 3% 的區域。

But even if you look at the few quarters leading up to that, a big part of the driver -- the primary part of the driver was really the denominator.

但即使你看看導致這一情況的幾個季度，驅動因素的很大一部分 - 驅動因素的主要部分實際上是分母。

I mean, the market's going up so that percentage came down.

我的意思是，市場正在上漲，所以這個百分比下降了。

So if you look at it just as cash balances on an average per account, they have stabilized for a few quarters at just over $5,000.

因此，如果您將其視為每個帳戶的平均現金餘額，您會發現它們在幾個季度中一直穩定在 5,000 美元多一點。

To your point, it's always tough to call the bottom.

就您而言，判斷底部總是很困難。

But I think when you look at where we are right now with the amount of cash that's in there, it really is the cash necessary to manage an account.

但我認為，當你看看我們現在的現金狀況時，你會發現這確實是管理帳戶所需的現金。

Then, I think you pivot to really what does our growth outlook look like?

然後，我認為您真正關注的是我們的成長前景是什麼樣的？

Because as you bring in new accounts, if those on average are $5,000, you've got strong organic growth like we do, and you do couple that with a stabilization, you can start to be in a place where you can see cash balances start growing again.

因為當你引入新帳戶時，如果平均帳戶金額為 5,000 美元，你就會像我們一樣獲得強勁的有機增長，並且你確實將其與穩定結合起來，你就可以開始看到現金餘額開始出現再次成長。

It's hard to promise that.

很難做出這樣的承諾。

But I think the dynamics that would lead to that are there, and we'll see how that plays out.

但我認為導致這種情況的動力是存在的，我們將看看結果如何。

Great.

偉大的。

All right.

好的。

Thank you both.

謝謝你們倆。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Hi.

你好。

Good afternoon, Matt, and welcome, Rich.

下午好，馬特，歡迎，里奇。

I guess echoing Alex's remarks, congrats to both of you on the new and expanded roles.

我想呼應亞歷克斯的言論，祝賀你們兩個獲得新的和擴展的角色。

Rich, maybe just starting with you, since you've been the primary architect of the growth strategy these last six years, I thought it might be helpful if you could lay out your either strategic vision or growth priorities, specifically for the institutional and private wealth channels, just given those are much larger TAMs.

里奇，也許只是從你開始，因為過去六年你一直是成長策略的主要設計師，我認為如果你能列出你的策略願景或成長優先事項，特別是對於機構和私人企業，這可能會有幫助。

You're increasing your share, but the penetration is still quite low.

你的份額正在增加，但滲透率仍然很低。

What does that success just look like for you over the next five years across both of those channels?

對您來說，未來五年在這兩個管道上的成功是什麼樣的？

Thanks, Steven.

謝謝，史蒂文。

I will take those each in turn.

我將依次採取這些措施。

Let's start with the institutional channel.

我們先從機構管道開始。

As you know, we've had some nice success in the recent past, but maybe I'd start this discussion a little bit earlier.

如您所知，我們最近取得了一些不錯的成功，但也許我應該早一點開始討論。

Because while we've had an acceleration, certainly in our participation in the institutional channel in the last five years, this story starts decades ago.

因為雖然我們在過去五年中加速了對機構管道的參與，但這個故事始於幾十年前。

This firm has always served community banks, credit unions, and built capabilities to actually serve them.

該公司一直為社區銀行、信用合作社提供服務，並建立了實際服務它們的能力。

And as we built those capabilities and committed to the growth in that channel, we started to attract really progressive firms -- Old National Bank, SouthState, Webster, Simmons -- and we grew our sophistication in the ability to serve larger institutions.

當我們建立這些能力並致力於該管道的成長時，我們開始吸引真正進步的公司——老國家銀行、南州銀行、韋伯斯特、西蒙斯——並且我們在為大型機構提供服務的能力方面也日益成熟。

As we did that, we made a concerted effort probably around 2020 to say, there is a real opportunity inside the large bank channel.

當我們這樣做時，我們可能會在 2020 年左右共同努力，說大型銀行管道內部存在真正的機會。

That opportunity for us is because the demands of serving and delivering a wealth business, which used to sit with lower thresholds to be able to participate, those were growing because of the expectations of regulatory changes, of the needs to deliver an outstanding platform, and the expectations of what end investors were requiring.

對我們來說，這個機會是因為服務和提供財富業務的需求過去參與門檻較低，但由於監管變化的預期、提供出色平台的需求以及最終投資者的期望。

We had a pivotal moment around 2021 when we had a leader, in M&T, choose us.

2021 年左右，我們經歷了一個關鍵時刻，M&T 領域的領導者選擇了我們。

That was probably one of the first times that a firm above $20 billion in wealth had chosen to partner with an outsource firm.

這可能是財富超過 200 億美元的公司第一次選擇與外包公司合作。

At that point, it actually changed the dynamic in the marketplace, from large firms being asked why on earth would you outsource to starting to ask the question of the leaders asking why aren't you considering outsourcing and partnering with a world-class partner.

到那時，它實際上改變了市場的動態，從大公司被問到為什麼要外包，到領導者開始問你為什麼不考慮外包並與世界一流的合作夥伴合作。

That's not just the M&T, but it's the credibility of a Doris Meister and a Matt McAfee, the leaders at that firm, and the position that they held in the marketplace, where others actually really trusted their vision and trusted the decision that they made.

這不僅僅是 M&T，而是該公司領導者 Doris Meister 和 Matt McAfee 的可信度，以及他們在市場中所佔據的地位，其他人實際上真正信任他們的願景並信任他們所做的決定。

From there, we saw us beginning to snowball into the larger bank segment in a material way.

從那時起，我們開始以滾雪球的方式以物質方式進入更大的銀行領域。

As a reminder, that's a $1 trillion market segment.

提醒一下，這是一個價值 1 兆美元的細分市場。

At this point, we've built capabilities where we are clearly the leader in the ability to deliver a world-class wealth management program in partnership with a financial institution.

目前，我們已經建立了與金融機構合作提供世界一流財富管理計劃的能力，在這方面我們顯然處於領先地位。

Beyond our capabilities, what happens is, in two weeks, we'll have a roundtable where you will see the leaders of the industry at the roundtable and they happen to be our clients.

除了我們的能力之外，兩週後我們將舉行一次圓桌會議，您將在圓桌會議上看到行業的領導者，而他們恰好是我們的客戶。

What happens in that scenario is that they are feeding from each other, learning from each other, pushing us and pushing each other.

在這種情況下，他們會互相汲取營養，互相學習，推動我們並互相推動。

And so there are dynamics there that allow us to extend our leadership in that market.

因此，那裡的動力使我們能夠擴大我們在該市場的領導地位。

In a similar way, we then realized there is an opportunity for us to integrate the data that sits inside of a product manufacturer and insurance firm with the wealth data that allowed us to have a distinctive offering in the marketplace.

以類似的方式，我們隨後意識到我們有機會將產品製造商和保險公司內部的數據與財富數據整合起來，使我們能夠在市場上提供獨特的產品。

We began discussions and found a willing partner in Prudential.

我們開始討論並找到了願意合作的保誠集團。

And as we progressed those discussions with Prudential and built towards this solution that we'll deliver in the last quarter of this year, we then realized that we now also have a distinctive offering in that marketplace in the integration of two different types of experiences, that being the insurance, as well as the wealth.

當我們與保誠集團進行討論並建立我們將在今年最後一個季度提供的解決方案時，我們意識到我們現在在該市場上也有一個獨特的產品，整合了兩種不同類型的體驗，這是保險，也是財富。

Instead of having folks having to swivel chair back and forth, they now have a world-class integrated platform with end investor capabilities that is second to none.

他們現在不再需要來迴旋轉椅子，而是擁有一個世界一流的綜合平台，具有首屈一指的最終投資者能力。

Again, taking Caroline Feeney and Brad Hearn, the leaders of the wealth business there, taking a big bold step with us.

那裡財富行業的領導者卡羅琳·菲尼 (Caroline Feeney) 和布拉德·赫恩 (Brad Hearn) 再次與我們一起邁出了大膽的一步。

And in fact, what that has led to is beginnings of conversations inside the marketplace around, I think, the pivot that M&T drove in the marketplace, which is not why on earth would you outsource, but why aren't you considering a partner to achieve the efficiency, the derisking, and the platform capabilities that would come with being with a world-class leader.

事實上，我認為，這導致了市場內部圍繞 M&T 在市場中推動的樞紐展開對話，這並不是您要外包的原因，而是您為什麼不考慮與 M&T 建立合作夥伴？所帶來的效率、降低風險和平台能力。

So we think we feel pretty good about our opportunity to continue to progress our momentum, not only in the bank segment, but as well as in that product manufacturer and insurance segment.

因此，我們認為我們對繼續推進我們的勢頭的機會感到非常滿意，不僅在銀行領域，而且在產品製造商和保險領域。

And as a reminder, that segment is a $1.5 trillion market opportunity as well.

提醒一下，該細分市場也是一個價值 1.5 兆美元的市場機會。

So I think we're building momentum.

所以我認為我們正在積蓄動力。

It still feels like early days, and it feels great that we're a leader presenting an opportunity to continue to grow as the requirements of scale continue to increase in those markets.

感覺仍然還處於早期階段，隨著這些市場規模要求的不斷增加，我們作為領導者提供了繼續成長的機會，這感覺很棒。

If I turn the page, Steven, and talk about high net worth and private wealth, maybe I have to go backwards again to go forwards here.

史蒂文，如果我翻過這一頁，談論高淨值和私人財富，也許我必須再次倒退才能在這裡前進。

But a couple of years ago, we identified that we wanted to expand our participation in the wealth management market and we realized that our capabilities were really strong.

但幾年前，我們確定要擴大對財富管理市場的參與，並且意識到我們的能力非常強大。

And in fact, the independent movement and the offering that we could bring to market around independence was incredibly well regarded in the marketplace.

事實上，獨立運動以及我們圍繞獨立向市場推出的產品在市場上受到了難以置信的好評。

But we needed to build more capabilities to allow folks to get to independence.

但我們需要建立更多的能力來讓人們獨立。

And that began our journey to introducing our strategic wealth services, which is the supported 1099 model; then we introduced our Linsco independent employee model.

我們的策略財富服務由此開始，即受支持的 1099 模式；然後我們介紹了我們的Linsco獨立員工模式。

And now, more recently, what we've realized is, as we've built capabilities to support those more sophisticated advisors that are by and large coming out of the wires, or other regionals, we've built capabilities that allowed us to progress into a private wealth market.

現在，最近，我們意識到，隨著我們建立了支持那些大體上來自網路或其他區域的更複雜的顧問的能力，我們建立了使我們能夠進步的能力進入私人財富市場。

And we've been able to introduce in that market a unique offering because it brings the principles of independence and book ownership.

我們能夠在該市場推出獨特的產品，因為它帶來了獨立性和書籍所有權的原則。

It brings higher payouts to the advisors while also providing all of the capabilities expected in a private wealth offering -- advanced planners, access to capital markets, partnership models to secure solutions for high net worth investors.

它為顧問帶來了更高的回報，同時也提供了私人財富產品所期望的所有功能——高級規劃師、資本市場准入、為高淨值投資者提供解決方案的合作模式。

And as you put that together, it feels like a second to none offering in the marketplace.

當你把它們放在一起時，感覺就像市場上首屈一指的產品。

Now, there's a couple of things we'll have to build, more capabilities around our alt capabilities, integrated banking capabilities, and further progression inside of our advisory platforms, and we're on that journey.

現在，我們需要建立一些東西，圍繞著我們的替代能力、綜合銀行能力以及我們的諮詢平台內部的進一步發展，提供更多能力，我們正在踏上這趟旅程。

But as we progress those capabilities, married with our learning, what we've seen is early momentum that we feel really good about.

但當我們不斷提高這些能力並結合我們的學習時，我們看到的是我們感覺非常好的早期動能。

And so, so far, since we launched that offering, November 3rd a year ago, we've had four teams join, serving over $2 billion in assets.

因此，到目前為止，自從我們一年前 11 月 3 日推出該產品以來，已有四個團隊加入，為超過 20 億美元的資產提供服務。

And as we expand our participation in that market, that's a $5 trillion market opportunity that we see ourselves at the beginning of a trend.

隨著我們擴大對該市場的參與，這是一個價值 5 兆美元的市場機會，我們認為自己正處於趨勢的開端。

And just like the Linsco offering and the strategic wealth offering that allowed us to penetrate wirehouse and regional advisors with greater distinction, we think that this is a distinctive offering that goes after those private wealth advisors and should lead us to sustained growth in this segment.

就像Linsco 產品和策略性財富產品使我們能夠以更大的優勢滲透到電線公司和區域顧問一樣，我們認為這是一項針對私人財富顧問的獨特產品，應該會引導我們在這一領域實現持續成長。

Really helpful insights, Rich.

非常有幫助的見解，里奇。

Thanks for all the color.

感謝所有的顏色。

Just a follow-up for Matt, over the past year, we've seen a pretty meaningful decoupling between the share price and NNA.

Matt 的後續行動是，在過去的一年裡，我們看到股價和 NNA 之間出現了相當有意義的脫鉤。

Your stock currently trading at a pretty steep discount to wealth peers, despite generating much stronger NNA and in a consistent fashion, mind you.

請注意，儘管產生了更強勁的 NNA 並且以一致的方式，但您的股票目前的交易價格比財富同業的折扣相當大。

It clearly suggests the market is just not willing to capitalize that stronger organic flow momentum.

這清楚地表明市場不願意利用更強勁的有機流動勢頭。

I wanted to get your perspective just on what you believe the market's underappreciating first.

我想先了解您對市場低估的看法。

And second, why not consider leaning more aggressively into buyback, just to take advantage of this valuation disconnect that exists today?

其次，為什麼不考慮更積極地進行回購，只是為了利用當今存在的估值脫節呢？

Yeah.

是的。

Steven, I think there -- we certainly view the stock as undervalued, maybe hitting the leading into buybacks first, which we are restarting as I covered in the prepared remarks.

史蒂文，我認為，我們當然認為該股被低估，可能會首先進行回購，正如我在準備好的演講中所提到的那樣，我們正在重新啟動回購。

I think one of the really important things that we are unwavering on is having a strong balance sheet.

我認為我們堅定不移的真正重要的事情之一是擁有強大的資產負債表。

For many reasons, I think a lot of them are obvious, but maybe some of them are less obvious in that that is also a contributor to the driver of organic growth.

出於多種原因，我認為其中許多都是顯而易見的，但也許其中一些不太明顯，因為這也是有機成長的推動力。

When you look at the businesses that we serve and support, being with a partner that's going to be able to withstand environments where interest rates go down or equity markets go down and not have to look inward and reduce their levels of investment, like some other firms that they've come from, that is a really important thing.

當您查看我們服務和支持的企業時，會發現與能夠承受利率下降或股市下跌的環境的合作夥伴在一起，而不必像其他一些企業那樣向內看並降低投資水平他們來自的公司，這是一件非常重要的事。

So I think when we look at our capital allocation, it's all in a construct of being within that leverage target range.

因此，我認為，當我們審視我們的資本配置時，一切都是在槓桿目標範圍內的。

And then I think when you click down within that, we continue to focus on driving returns, which include share purchases.

然後我認為，當您點擊其中時，我們將繼續專注於提高回報，其中包括股票購買。

I think the returns on organic growth are better, returns on M&A have been better, but the returns on share purchases are compelling.

我認為有機成長的回報更好，併購的回報也更好，但股票購買的回報也很引人注目。

So I think we would anticipate allocating capital to all those areas.

因此，我認為我們預計會向所有這些領域分配資金。

I think to the first part of your question, I think from a market disconnect standpoint, I think there certainly is one.

我認為對於你問題的第一部分，我認為從市場脫節的角度來看，我認為肯定存在一個。

It's tough to understand how and why, other than I think our conviction on the investments we're making that are going to drive long-term value, that when you're doing things like bringing on a Prudential, and that certainly does require a lot of upfront investment, upfront capital, that not only is a compelling return for that particular opportunity, but opens up for broader market.

很難理解如何以及為什麼，除了我認為我們對我們正在進行的投資將推動長期價值的信念之外，當你做諸如引入保德信之類的事情時，這當然需要大量的前期投資、前期資本，這不僅是特定機會的令人信服的回報，而且為更廣泛的市場打開了大門。

These are all things that are an example of things that just drive long-term value.

這些都是推動長期價值的例子。

Probably not the first time in the history of the markets where the long-term opportunity is perhaps underappreciated.

長期機會可能被低估的情況在市場歷史上可能不是第一次。

Certainly not underappreciated by us, which is why we've got the conviction to keep doing what we're doing.

當然，我們並沒有低估這一點，這就是為什麼我們有信心繼續做我們正在做的事情。

So hopefully that helps.

希望這會有所幫助。

No.

不。

Well said, Matt.

說得好，馬特。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

Michael Cyprys, Morgan Stanley.

麥可‧賽普里斯，摩根士丹利。

Great.

偉大的。

Thanks, Rich, Matt.

謝謝，里奇，馬特。

Good afternoon, and congratulations on the well-deserved expanded roles.

下午好，祝賀您當之無愧的擴大角色。

Maybe just one on liquidity and succession for you.

也許對您來說只是一份關於流動性和繼任者的問題。

Great to see your first off-platform deal.

很高興看到您的第一筆平台外交易。

Maybe you could just update us on the traction you're seeing.

也許您可以向我們通報您所看到的最新情況。

Remind us how much capital you're putting into this and anticipate deploying into this over the next 12 months relative to, say, the last 12 months.

提醒我們您為此投入了多少資金，並預計在未來 12 個月（相對於過去 12 個月）進行部署。

And more broadly, strategically, how you're thinking about the opportunities that are unfolding as you look out over the next couple of years.

更廣泛地說，從戰略上講，您如何看待未來幾年所出現的機會。

Hey, Michael.

嘿，麥可。

It's Rich.

這是富有的。

Thank you so much for the kind words at the beginning.

非常感謝您一開始的客氣話。

I'm going to start, and then I'm going to hand it over to Matt around the capital deployment.

我要開始了，然後我會把資本部署的事情交給馬特。

And so let's start with the momentum inside of liquidity and succession.

因此，讓我們從流動性和繼任者內部的動力開始。

I think you've got to start with the background of, “how big is the opportunity?”

我認為你必須從這樣的背景開始：“機會有多大？”

And so we think that over the next 10 years, we expect to see one-third of advisors retire in the industry.

因此，我們認為在未來 10 年中，我們預計該行業將有三分之一的顧問退休。

And as you look at the independent segment, which is the fastest growing segment in the marketplace, there really wasn't a mature set of solutions to help those advisors retire.

當你觀察市場上成長最快的獨立細分市場時，你會發現確實沒有一套成熟的解決方案來幫助這些顧問退休。

In fact, in the past, those solutions largely were seller financed moving from one advisor to the next.

事實上，在過去，這些解決方案主要是由賣方資助的，從一名顧問轉移到另一名顧問。

But the risk was often borne by the advisor who was selling the business.

但風險往往由出售業務的顧問承擔。

And so in 2022, with that backdrop, we came at this, I would say, from a different angle than many folks.

因此，在 2022 年，在這樣的背景下，我想說，我們從與許多人不同的角度來看這個問題。

We started -- we had, in fact, it was driven by our existing clients asking us, please provide us a solution because we want to stay with LPL.

我們開始—事實上，這是由我們現有的客戶要求我們提供一個解決方案，因為我們想留在LPL。

We don't want to have to sell away and we don't want to lose control of our business.

我們不想被迫出售，也不想失去對業務的控制。

And in listening to those clients, like we do on so many different things, we comprise an offering that, one, helps those advisors monetize their business at a fair market rate.

在傾聽這些客戶的意見時，就像我們在許多不同的事情上所做的那樣，我們提供了一項服務，一是幫助這些顧問以公平的市場價格將他們的業務貨幣化。

Two, it identifies and supports the next generation of advisors.

第二，它確定並支援下一代顧問。

We call those the G2 advisors, where we will build a relationship with those advisors to help finance them in buying back that practice from the founder or the practitioner as it stands.

我們將這些顧問稱為 G2 顧問，我們將與這些顧問建立關係，幫助他們資助他們從創辦人或從業者那裡回購現有的做法。

And in fact, 70% of those transactions that we're involved in have an identified G2 advisor already in place inside of the practice.

事實上，我們參與的 70% 的交易中已經有一位指定的 G2 顧問。

Three, we then move that business from that first generation to the second generation, but without changing the experience for the clients.

第三，我們接著將該業務從第一代轉移到第二代，但不改變客戶的體驗。

It's the same office.

這是同一個辦公室。

It's the same brand.

這是同一個品牌。

It's the same way that they deliver advice.

這與他們提供建議的方式相同。

Maybe it's a planning-based orientation to advice.

也許這是基於規劃的建議方向。

And so the clients actually feel continuity in that progression and not a disruptive move from one firm to the next.

因此，客戶實際上感受到了這一進程的連續性，而不是從一家公司到下一家公司的破壞性轉變。

And then fourth, maybe oftentimes most important, those founders or those principals of the business, they want to see the legacy of their business protected.

第四，也許往往是最重要的，那些創辦人或企業負責人，他們希望看到他們的企業遺產受到保護。

They're not in it for actually the top dollar.

他們其實並不是為了獲得最高的收入。

They want to see that what they built or maybe what their father or mother built continues into the next generation.

他們希望看到他們或他們的父親或母親所建造的東西能夠延續到下一代。

And that's so important for them.

這對他們來說非常重要。

And so as we built that solution, which I will tell you does not exist in the marketplace other than at this firm, we now see the proof in the pudding.

因此，當我們建造該解決方案時（我會告訴您，除了這家公司之外，市場上不存在該解決方案），我們現在在布丁中看到了證據。

Our advisors who have gone through and entered into a liquidity and succession agreement with us are some of the happiest advisors that we have at this firm.

我們的顧問已經與我們簽訂了流動性和繼承協議，他們是我們在這家公司擁有的最快樂的顧問。

Their NPSs are off the chart -- Net Promoter Score is off the charts.

他們的 NPS 超乎尋常——淨推薦值超乎想像。

And I got a tangible experience of this.

我對此有切身的體會。

We had our Focus Conference not that long ago and we hosted a happy hour with a number, probably 15 of those teams and advisors that had entered into that agreement with us.

不久前，我們召開了焦點會議，並與許多（可能是 15 個）與我們達成協議的團隊和顧問一起度過了歡樂時光。

And I felt like the bell of the ball.

我感覺就像是舞會的鈴聲。

I couldn't be -- I was spun like a top because every one of them said, thank you so much for derisking my business.

我不可能——我像陀螺一樣旋轉，因為他們每個人都說，非常感謝你們冒著我的生意風險。

Thank you so much for getting it to the next generation.

非常感謝您將其傳給下一代。

Thank you so much for not making me sell to another firm that is going to whitewash my business, change the way my clients are served and shut my office down.

非常感謝你們沒有讓我賣給另一家將粉飾我的業務、改變我的客戶服務方式並關閉我的辦公室的公司。

And so that momentum we've seen internally, we have -- our most outspoken advisors are our largest advisors and our most influential advisors, and so many of them are already in partnership with us.

因此，我們在內部看到了這種勢頭，我們最直言不諱的顧問是我們最大的顧問和最有影響力的顧問，他們中的許多人已經與我們合作。

And so I think you'll see a continuing momentum on that internal opportunity for liquidity and succession.

因此，我認為您會看到內部流動性和繼任機會的持續勢頭。

And what that's led to, first, in the external marketplace was that advisors who we were in discussions with to recruit them learned of how strong this program was, and it began to influence advisors consideration of our firm, not to necessarily go through a liquidity and succession event, but recognizing that this was a unique solution that would want them -- that would be attractive to them to join our firm.

首先，在外部市場上，我們正​​在討論招募他們的顧問了解到這個計劃有多強大，它開始影響顧問對我們公司的考慮，而不一定要經歷流動性和繼任活動，但認識到這是一個獨特的解決方案，將吸引他們加入我們公司。

And I've been on so many HOVs with those large teams that are coming over specifically because they have optionality at some point to provide continuity into their staff and consistency into their clients.

我曾與那些專門過來的大型團隊一起參加過很多 HOV，因為他們在某些時候可以選擇為員工提供連續性並為客戶提供一致性。

But then it went probably a step further is obviously we're trafficking in a lot of conversations with advisors at all stages of their development and their progression.

但更進一步的是，我們顯然在顧問的發展和進步的各個階段與他們進行了大量的對話。

And so as you've seen in the last quarter, we've begun to move into having direct liquidity and succession transactions with external advisors to our firm.

正如您在上個季度所看到的，我們已經開始與我們公司的外部顧問進行直接流動性和繼任交易。

We think that it works from two ways.

我們認為它有兩個作用。

One primarily is attractive to join this firm because then they have the L&S solution, which is unique in the marketplace available for them when they want to move towards transitioning to the next generation.

人們之所以加入這家公司，主要是因為他們擁有 L&S 解決方案，當他們想要過渡到下一代時，解決方案在市場上是獨一無二的。

But two, we also do see -- you can't look past that a third of advisors are going to retire in the next 10 years.

但有兩點，我們也確實看到——你無法忽視三分之一的顧問將在未來 10 年內退休。

That's not just at this firm.

這不僅僅是在這家公司。

And with that offering, we think that it will be able to augment our way that we go to market in a way that will allow us to have an addressable market that is even larger than we have today.

透過該產品，我們認為它將能夠增強我們進入市場的方式，使我們能夠擁有比今天更大的潛在市場。

I'll turn it over to Matt to think about -- to talk about the use of capital.

我會把它交給馬特思考——談論資本的使用。

Yeah.

是的。

Mike, I think the use of capital, I think on the external side, it's early, kind of hard to have a sharp estimate on where that goes from a capital allocation standpoint other than to underscore where Rich said the opportunity set there is quite large.

麥克，我認為資本的使用，我認為在外部方面，從資本配置的角度來準確估計資本的使用還為時過早，除了強調里奇所說的機會相當大之外，還很難。

But it's all volume dependent.

但這完全取決於音量。

So I just go back to kind of the key metrics that we use on these deals.

所以我只是回到我們在這些交易中使用的關鍵指標。

We're typically -- they're in the $10 million to $20 million zone if you look at those internal deals, per deal.

如果你看看這些內部交易，每筆交易的價格通常在 1,000 萬至 2,000 萬美元之間。

And we're doing 6 to 8 times EBITDA, largely the zone that we land.

我們的 EBITDA 是原來的 6 到 8 倍，這主要是我們所著陸的區域。

We've done about 40 so far.

到目前為止我們已經做了大約 40 個。

And the purchase prices have kind of been in the middle of that zone, so call it $0.5 billion.

購買價格有點處於該區域的中間，所以稱之為 5 億美元。

So that's probably a good way to think about going forward from here.

因此，這可能是考慮下一步的好方法。

And then I think external deals would just add on to that, probably at a lower multiple because you're getting not only -- you're basically getting two things.

然後我認為外部交易只會增加這一點，可能會以較低的倍數，因為你不僅得到了——你基本上得到了兩件事。

You're getting the recruiting economics, which are typically at 3 to 4 times, and you're doing the L&S transaction, which is at 6 to 8.

你得到的是招募經濟學，通常是 3 到 4 倍，而你正在進行 L&S 交易，通常是 6 到 8 倍。

So on average, it's probably a multiple that's a little bit lower than an internal one.

因此，平均而言，它的倍數可能比內部倍數低一點。

So hopefully that helps guide you.

希望這對您有所幫助。

Great.

偉大的。

Thanks so much.

非常感謝。

And just a follow-up question, coming back to one of your strategic priorities was to drive operating leverage.

只是一個後續問題，回到您的策略重點之一是提高營運槓桿。

I was hoping you could elaborate on some of the steps you might take to drive operating leverage in the business, what we might see there, what sort of magnitude do you think is achievable over the next couple of years, and what success might look like there?

我希望您能詳細說明為提高業務營運槓桿而可能採取的一些步驟，我們可能會看到什麼，您認為未來幾年可以實現多大的規模，以及成功可能會是什麼樣子那裡？

Yeah.

是的。

I mean, I think when you look at just the areas where we add costs as we grow, it's great insight to see where we can get more efficient and get more leverage and really drive down our cost to serve.

我的意思是，我認為當你只專注於隨著我們的發展而增加成本的領域時，你會發現我們可以在哪些領域提高效率、獲得更多槓桿作用並真正降低我們的服務成本，這是很有洞察力的。

So it's in the areas that have the largest headcount, and as Rich covered, kind of the areas that I'm largely responsible for now.

因此，這是人員最多的領域，正如里奇所說，我現在主要負責的領域。

And I think when you look at what we're doing there is you've got a combination of investing in efficiencies, things like robotics.

我認為，當你看看我們正在做的事情時，你會發現，你已經對效率進行了投資，例如機器人技術。

You've got opportunities as we improve our technology, as we improve our capabilities, the reasons that advisors may need to call our service center will decline, which allows you to grow this business without adding more heads there.

隨著我們改進技術、提高能力，顧問可能需要致電我們服務中心的原因將會減少，這使您能夠在不增加更多負責人的情況下發展這項業務。

So there's just a host of areas, Mike, where the more that we invest in efficiencies, the more that we improve our technology, the more that we get deeper and deeper into our expertise in all these different areas, the things that were driving costs will come down.

因此，麥克，在很多領域，我們對效率的投資越多，我們對技術的改進就越多，我們對所有這些不同領域的專業知識的了解也就越深入，這些領域推動了成本的提高會下來。

So I think it's a classic just cost to serve opportunity set that really has allowed us, if you just look at this year and this quarter, where we're delivering on quite strong levels of growth, but our core G&A guidance is really within the range of where we started the year.

因此，我認為這是一個典型的服務機會集的公正成本，如果你看看今年和本季度，我們確實實現了相當強勁的增長水平，但我們的核心一般管理費用指導確實在我們年初的範圍。

And the reason for that is our cost to serve is coming down.

原因是我們的服務成本正在下降。

And I think that's the focus and the intent that we'll have going forward as well.

我認為這也是我們前進的重點和意圖。

Hey, Mike.

嘿，麥克。

It's Rich.

這是富有的。

I'd love to add just one thing to that.

我想補充一件事。

One thing I wouldn't overlook in the construct of how we improve operating leverage is actually our organizational alignment.

在我們如何提高營運槓桿的過程中，我不會忽視的一件事實際上是我們的組織一致性。

So the guy sitting across from me, who has demonstrated that he is one of the best CFOs in wealth management with an eye towards making sure he understands how the business is put together, also now leads the largest components of cost for the firm.

因此，坐在我對面的人已經證明了他是財富管理領域最好的財務長之一，並著眼於確保他了解業務的組成方式，現在也領導著公司成本的最大組成部分。

He understands how to responsibly deploy capital to build efficiencies, to achieve sustained improvement in our operating costs, while doing that inside of that environment of being both the CFO and President.

他了解如何負責任地部署資本來提高效率，實現營運成本的持續改善，同時在擔任財務長和總裁的環境中做到這一點。

And so I think there's a lot of harmony in that evolved organizational alignment that should allow us to continue to make progress against that operating leverage.

因此，我認為不斷發展的組織協調中有很多和諧之處，這應該使我們能夠繼續在營運槓桿上取得進展。

I don't think anybody heard that, if you mind repeating it.

如果你介意重複的話，我認為沒有人聽過。

Yeah.

是的。

I do it every day and twice on Sunday.

我每天都這樣做，週日兩次。

Great.

偉大的。

Thanks so much.

非常感謝。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Rich, Matt, first, just want to offer you both a congrats on the expanded roles.

里奇、馬特，首先，我想對你們兩個的角色擴大表示祝賀。

My question is on free cash flow conversion, and I'm looking at page 15 of the release.

我的問題是關於自由現金流轉換，我正在查看新聞稿的第 15 頁。

We saw positive sequential growth and year-over-year growth in corporate cash balances, although the growth was smaller after backing out the excess cash at the regulated subs.

我們看到企業現金餘額較上月成長和年比成長，儘管在收回受監管子公司的多餘現金後成長幅度較小。

Given the return of the buyback, how should we think about your cash and liquidity objectives at the company and the whole co, and really, what metrics are you focused on?

考慮到回購的回報，我們應該如何考慮您在公司和整個公司的現金和流動性目標？

Yeah.

是的。

Craig, I think when you look at the two big metrics that we'll focus on, really it is overall leverage, so 1.5 to 2.5 times target range.

克雷格，我認為當你查看我們將關注的兩個大指標時，實際上是整體槓桿率，即目標範圍的 1.5 至 2.5 倍。

I think we'll -- between the mix of cash flow that we generate and deploy and the borrowings that we use, which I think is a more efficient use of capital than equity, is really being in that range.

我認為我們產生和部署的現金流量與我們使用的借款的組合（我認為這是比股權更有效的資本利用）確實在這個範圍內。

And then allocating that capital to the areas that we've talked through, so organic growth, M&A, share purchases.

然後將資金分配到我們討論過的領域，例如有機成長、併購、股票購買。

I think maybe specifically on your point on cash itself, that was elevated the last couple of quarters as we did opportunistically go to market in May when the markets were quite good to raise the cash to get ready to close on Atria.

我想也許特別是在你關於現金本身的觀點上，過去幾個季度的現金水平有所提高，因為我們在 5 月份機會主義地進入了市場，當時市場非常適合籌集現金以準備關閉 Atria。

So when you go into Q4, you should expect to see that cash level, that corporate cash level, to come back down to where we typically operate, which is in that $200 million-plus zone, which is the amount of cash we typically like to keep around.

因此，當你進入第四季度時，你應該期望看到現金水平，即公司現金水平，回到我們通常經營的水平，即 2 億美元以上的區域，這是我們通常喜歡的現金數量留在身邊。

But then you'll see leverage more in that -- right in the middle of that range, kind of call it around 2 times.

但隨後你會看到槓桿率更高——就在該範圍的中間，可以說是兩倍左右。

So that's where we like to anchor.

這就是我們喜歡錨定的地方。

And then based on where we are from a leverage standpoint, just take that liquidity and apply it to our capital allocation framework like we always have.

然後，根據我們從槓桿的角度來看，只需將流動性應用到我們的資本配置框架中，就像我們一直以來所做的那樣。

Thank you, Matt.

謝謝你，馬特。

My follow-up is on your alternative investment offering.

我的後續行動是關於您的另類投資產品。

I was wondering if you could remind us what the offering looks like today between both private market strategies and drawdown funds and also semi-liquid vehicles.

我想知道您是否可以提醒我們，目前私募市場策略、回撤基金以及半流動性工具之間的發行情況如何。

And do you have plans to expand this offering further, which could enhance your recruiting effort?

您是否計劃進一步擴展此服務，以加強您的招募工作？

Hey, Craig.

嘿，克雷格。

It's Rich.

這是富有的。

I'll take that on.

我會接受的。

So let me start at the end of your question, which is, do we intend to expand this platform further?

那麼讓我從你的問題的末尾開始，即我們是否打算進一步擴展這個平台？

The answer is yes.

答案是肯定的。

It goes to the journey that we've been on, which is that we started to serve really exceptional independent advisors.

這涉及我們一直以來的旅程，即我們開始為真正出色的獨立顧問提供服務。

We then expanded our total addressable market by being very intentional at looking at wirehouse and regional advisors.

然後，我們透過非常有意識地尋找電線公司和區域顧問來擴大我們的整體目標市場。

And as we began to have success into those wires and regionals, the demand to join our firm continued to increase, but some of our capabilities were short of the absolute need that those advisors may have been used to at the other firms.

隨著我們開始在這些線路和區域領域取得成功，加入我們公司的需求持續增加，但我們的一些能力還不足以滿足這些顧問在其他公司可能已經習慣的絕對需求。

And so that would center on alts, some of our banking capabilities, and as I mentioned, the further extension of our wealth management platform and specifically our UMA.

因此，這將集中在替代品、我們的一些銀行業務能力，以及正如我所提到的，我們的財富管理平台，特別是我們的 UMA 的進一步擴展。

Inside of alts, over the last year, we've made significant progress in building towards a world-class platform.

在 alts 內部，去年，我們在建立世界級平台方面取得了重大進展。

The first thing we did was expand our custodial and operational capabilities.

我們做的第一件事就是擴大我們的保管和營運能力。

And the second was then beginning the material expansion of our shelf of alts themselves.

第二個是開始我們的另類貨架本身的物質擴張。

This is a multi-year effort.

這是一個多年的努力。

In fact, now, we have over 20 folks working full-time inside of the alts to go through diligence, as well as to position to our advisor base to help them understand solutions and help position them to their clients.

事實上，現在我們有超過 20 名全職人員在替代品內部工作，進行盡職調查，並向我們的顧問庫定位，幫助他們了解解決方案，並幫助他們向客戶定位。

In addition to those capabilities, specifically this year, we've deployed a new alternative investment order entry system which we launched in the second quarter with a pilot set of advisors and have gotten a lot of feedback on.

除了這些功能之外，特別是今年，我們還部署了一個新的另類投資訂單輸入系統，該系統是我們在第二季度與一組試點顧問一起推出的，並收到了許多回饋。

And in fact, we have used that launch in the second quarter to build and enhance what we call AIOE, our Alternative Investment Order Entry system, so that it's much more intuitive and has better capabilities in support of a broad deployment at the end of the fourth quarter.

事實上，我們已經利用第二季的發布來建立和增強我們所說的 AIOE（我們的另類投資訂單輸入系統），使其更加直觀，並具有更好的功能來支援年底的廣泛部署。季度。

The feedback that we've got from the advisors who went on the pilot has been incredibly positive.

我們從參與試點的顧問那裡得到的回饋非常積極。

And as they've learned into our expanded capabilities in response to their feedback, it's only gotten stronger.

當他們根據他們的回饋了解我們擴充的功能時，它只會變得更強大。

So we look forward over the next year to finalizing that build reflective of the needs of those advisors and continue to expand that breadth of product offerings to achieve, not only the opportunity to support our existing advisors, but as you mentioned, make us more attractive inside of those high net worth oriented advisors that either sit as what we would call maybe high net worth dabblers inside of the wires and regionals or those that are inside of the private wealth channels themselves.

因此，我們期待在明年完成反映這些顧問需求的構建，並繼續擴大產品提供的廣度，不僅有機會支持我們現有的顧問，而且正如您提到的，讓我們更具吸引力在那些以高淨值以資產為導向的顧問內部，這些顧問要不是我們所說的電線和區域內的高淨值涉足者，就是私人財富管道內部的顧問。

That goes to a little bit of maybe one of the earlier questions that I was answering.

這可能涉及到我之前回答過的一個問題。

So you're spot on.

所以你是對的。

This is a capability that is important to us that we have made investments in and will continue to make investments in until it becomes a world-class capability for us.

這種能力對我們來說很重要，我們已經對此進行了投資，並將繼續進行投資，直到它成為我們的世界級能力。

Thank you, Rich.

謝謝你，里奇。

Mike Brown, Wells Fargo Securities.

麥克布朗，富國銀行證券。

Great.

偉大的。

Thank you for taking my questions.

感謝您回答我的問題。

I appreciate all the background, Rich, on the institutional side of the business and the momentum is clearly very strong there.

我很欣賞 Rich 在業務機構方面的所有背景，而且那裡的勢頭顯然非常強勁。

Can you just speak to the constraints in growing in that channel?

您能談談在該管道中成長的限制嗎？

What is the kind of annual pace that you could tackle there when you're considering that $1.5 trillion opportunity?

當您考慮 1.5 兆美元的機會時，您每年可以採取什麼樣的速度？

And as you onboard some of these bigger complex clients like Prudential, can that speed of onboarding begin to pick up?

當您加入一些像保德信這樣的大型複雜客戶時，加入的速度可以開始加快嗎？

Absolutely, Mike.

當然，麥克。

Thank you for the question.

謝謝你的提問。

Audette, I would note that Mike is the first person that has not congratulated you on your expanded role.

奧黛特，我要指出的是，麥克是第一個沒有祝賀你的角色擴大的人。

I also feel the same way you do, Mike.

我也有跟你一樣的感覺，麥克。

I think he should have just been a little more humble.

我認為他應該謙虛一點。

So let's get into that question as it is.

那麼讓我們就照原樣探討這個問題。

There's still time.

還有時間。

I can congratulate you.

我可以祝賀你。

Okay.

好的。

Let's talk about the constraints on the institutional segment.

我們來談談機構部分的限制。

There's a couple of things.

有幾件事。

If you think about accelerating the pace in an institutional segment, one of the differences between an advisor segment and the institutional segment is that the sales and engagement process is quite a bit longer.

如果您考慮加快機構細分市場的步伐，顧問細分市場和機構細分市場之間的區別之一是銷售和參與流程要長得多。

If you think about our engagement with Prudential, we actually were in discussions for a couple of years before we got to contracting, which then led us to a pretty sizable build to build those capabilities.

如果你想想我們與保德信的合作，我們實際上在簽訂合約之前就進行了幾年的討論，這導致我們建立了相當大的規模來建立這些能力。

Now, the good news is for incremental initiatives or incremental partnerships that we would have, for so many of them, we won't have that long build cycle because we will have built the capabilities certainly inside the product manufacturer segment.

現在，好消息是我們將擁有增量計劃或增量合作夥伴關係，對於其中許多人來說，我們不會有那麼長的構建週期，因為我們肯定會在產品製造商領域內建立能力。

On the bank side, we're the leader in capabilities.

在銀行方面，我們的能力處於領先地位。

And so that again -- that's going to have a longer sales cycle.

再說一次——這將有一個更長的銷售週期。

That's not going to look like years.

這看起來不會像幾年那樣。

It's going to look like probably a nine-month sales cycle.

看起來可能是九個月的銷售週期。

You're going to see an RFI and an RFP, and they're going to go through decisioning, and then you've got contracting.

您將看到 RFI 和 RFP，他們將進行決策，然後您就可以簽訂合約。

And then you can think of anything between 6 months to 12 months as a timeframe for which we're preparing to onboard that.

然後您可以將 6 個月到 12 個月之間的任何時間視為我們準備啟動的時間範圍。

And so what you'll get, Mike, is as you're building momentum, some of that you're not going to see in the short term is because as firms, I specifically mentioned inside of that product manufacturer space, as they see through the Prudential transition and successful Prudential transition, as they then raise their heads and start to get into an engagement process with us, you're going to have a pretty sizable lead time.

所以，麥克，你會得到的是，當你正在建立勢頭時，其中一些你在短期內不會看到的，是因為作為一家公司，我特別提到了產品製造商空間的內部，正如他們所看到的那樣透過保德信轉型和成功的保德信轉型，當他們抬起頭並開始與我們進行接觸時，您將有相當長的準備時間。

And so that's one of the things you would see.

這就是你會看到的事情之一。

Now, you specifically asked about constraints, and so let's get back to constraints.

現在，您特別詢問了約束，那麼讓我們回到約束。

A couple of years ago, as we would go through a major transition, we would think about having the capacity to do one a quarter.

幾年前，當我們經歷重大轉變時，我們會考慮是否有能力每季進行一次。

And I think that would have been a constraint at the time.

我認為這在當時是一個限制。

And then we began to think about the ability to do one major transition a month.

然後我們開始考慮每月進行一次重大轉變的能力。

And I can tell you in the last year or so, we started to feel that that might be a constraint.

我可以告訴你，在過去一年左右的時間裡，我們開始覺得這可能是個限制。

And so we've built the capabilities and the capacity and the sophistication of our onboarding.

因此，我們已經建立了入職培訓的能力和複雜性。

And that's probably a really important component that I didn't allude to earlier.

這可能是我之前沒有提到的一個非常重要的組成部分。

Because we've done so many of these large transition events, we've invested pretty heavily in digitizing and automating those transitions themselves.

因為我們已經完成瞭如此多的大型過渡活動，所以我們在這些過渡本身的數位化和自動化方面投入了大量資金。

And so when Matt was talking about driving that operating leverage up, part of that is ongoing, but part of it is actually reducing the cost and the friction to actually get those large firms over in a large event, either an M&A event or a partnership event.

因此，當馬特談到提高營運槓桿時，其中一部分正在進行中，但一部分實際上是減少成本和摩擦，以真正讓這些大公司在大型活動中成功，無論是併購活動還是合作夥伴事件。

And so as we've gone through that, we have built the capacity now to handle multiple events inside of even a single month.

因此，當我們經歷過這些之後，我們現在已經具備了處理多個事件的能力，甚至可以在一個月內處理多個事件。

We had that happen not that long ago.

不久前我們就發生過這種事。

We had two events across a three-week period, and we did not miss a beat.

我們在三週內舉辦了兩場活動，並且沒有錯過任何一個節拍。

And so we've begun to take away the constraint around the ability to transition material events at a pace that feels a lot more accelerated than we would have had in the past.

因此，我們已經開始消除物質事件轉變能力的限制，其速度比過去快得多。

But probably one of the things, Mike, is I'd probably lean more towards the first part of my answer, which is, as firms see us as a more attractive offering, there's a lot of due diligence to go through.

但麥克，其中一件事可能是，我可能更傾向於我的答案的第一部分，即，由於公司認為我們是一個更具吸引力的產品，因此需要進行大量的盡職調查。

And in many cases, there's some custom build that has to go on.

在許多情況下，必須進行一些自訂建造。

And so that back and forth, there's a lot of complex solutioning that our team is engaged with to understand their operating environment, especially in those larger firms.

因此，我們的團隊不斷參與許多複雜的解決方案，以了解他們的營運環境，尤其是在那些較大的公司中。

And that timeframe is very hard to compress.

而且這個時間很難壓縮。

You can compress the conversion, but it's harder to compress the sales cycle because of the complexity of so many of these really larger firms.

你可以壓縮轉換率，但壓縮銷售週期就更難了，因為很多大公司都很複雜。

I hope that helps.

我希望這有幫助。

Yes.

是的。

Yeah, very helpful.

是的，非常有幫助。

And then just for a follow-up, as you -- to build on the operating leverage comment, just hoping to maybe get a little sneak peek on to 2025.

然後，作為您的後續行動，以營運槓桿評論為基礎，只是希望能夠對 2025 年有所了解。

The annual core G&A growth for 2024 was 7.5% to 8.5% prior to Pru and Atria.

在 Pru 和 Atria 之前，2024 年核心 G&A 年度成長率為 7.5% 至 8.5%。

I'm just trying to think through, is that perhaps the right range to consider for 2025?

我只是想思考一下，這也許是 2025 年考慮的正確範圍嗎？

Or what's the puts and takes there, Matt?

或者那裡的看跌期權是什麼，馬特？

Yeah.

是的。

Mike, we're in that planning process now.

麥克，我們現在正處於計劃過程中。

So we'll come back like we normally do in the year-end call and give that guidance.

因此，我們將像往常一樣在年終電話會議中回來並提供指導。

But I think that maybe the higher level things I would hit is, one, just keeping in mind, we'll have Pru and Atria for the full year effect of that in 2025.

但我認為，也許我會達到的更高層次的目標是，一，請記住，我們將在 2025 年全年擁有 Pru 和 Atria。

So if you kind of put that aside, I think, and just reiterate what we talked about on this call, I think our focus will be continuing to invest to drive organic growth, but at the same time delivering that operating leverage.

因此，我認為，如果你把這一點放在一邊，只是重申我們在這次電話會議上討論的內容，我認為我們的重點將是繼續投資以推動有機成長，但同時提供營運槓桿。

And I think this year is a good example of those growth rates starting to come down and balance those two things versus '22 and '23, where we had more of an outsized investment.

我認為今年是成長率開始下降並平衡這兩件事的一個很好的例子，而 22 和 23 年我們有更多的巨額投資。

So we'll have that same perspective going into 2025, but we haven't landed those plans yet.

因此，到 2025 年，我們將持同樣的觀點，但我們尚未落實這些計劃。

It'll be guided by the opportunities we see to invest and drive growth and by the opportunities we see to invest and deliver operating leverage.

它將以我們看到的投資和推動成長的機會以及我們看到的投資和提供營運槓桿的機會為指導。

But those principles will be the things that guides us.

但這些原則將成為指導我們的東西。

Okay.

好的。

Great.

偉大的。

Thank you, and congrats to both of you.

謝謝你們，並祝賀你們兩位。

Thank you.

謝謝。

That's all the time we have for questions.

這就是我們提問的時間。

I'd like to turn the call back over to Rich Steinmeier for closing remarks.

我想將電話轉回給里奇·施泰因邁爾，讓其結束語。

Thank you, operator.

謝謝你，接線生。

And thank you all for joining us.

感謝大家加入我們。

We look forward to speaking with you again in January.

我們期待在一月份再次與您交談。

Have a great night, and have a safe and happy Halloween.

祝您有個美好的夜晚，度過一個安全快樂的萬聖節。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。