LPL Financial Holdings Inc (LPLA) 2024 Q4 法說會逐字稿

Good afternoon and thank you for joining the Fourth 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 年第四季財報電話會議。里奇·施泰因邁爾；以及總裁兼財務長馬特·奧德特（Matt Audette）。

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

Rich 和 Matt 將作開場發言，然後開始回答問題。

(Operator Instructions)

（操作員指令）

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

該公司已在公司網站 investor.lpl.com 的投資者關係部分發布了其收益新聞稿和補充資訊。今天的電話會議將包括前瞻性聲明，其中包括有關 LPL Financial 未來財務和經營業績、展望、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聲明。

Such forward-looking statements reflect management's current estimates or beliefs that 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階層目前的估計或信念，這些估計或信念受已知和未知風險和不確定性的影響，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表達或暗示的結果或時間有重大差異。

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

有關此類風險和不確定性的更多信息，公司請聽眾參閱收益新聞稿中“前瞻性聲明”標題下列出的披露內容，以及公司最近向美國證券交易委員會提交的文件中的風險因素和其他披露內容。

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指標。

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 數據的調節，請參閱該公司的收益報告，可在 investor.lpl.com 上找到。

With that, I will now turn the call over to Mr. Steinmeier.

說完這些，我現在將發言權轉給施泰因邁爾先生。

Thanks so much, operator, and thank you to everyone for joining our call.

非常感謝接線生，也感謝大家加入我們的通話。

It's a pleasure to speak with you again.

我很高興再次與您交談。

Before touching on our fourth quarter results, I'd like to reflect on a few of our key accomplishments during 2024.

在談到我們第四季的業績之前，我想回顧一下我們在 2024 年取得的一些主要成就。

Against an evolving market backdrop, we remained focused on serving our advisors and institutions growing our business and delivering shareholder value.

在不斷變化的市場背景下，我們仍然專注於服務我們的顧問和機構，發展我們的業務並為股東創造價值。

We delivered industry-leading organic asset growth of 10%, with contributions from both our traditional and new markets, including the onboarding of one of our largest institutional partners, Prudential Advisors.

我們實現了業界領先的 10% 有機資產成長率，這得益於傳統市場和新市場的共同貢獻，包括我們最大的機構合作夥伴之一 Prudential Advisors 的加入。

We set recruiting records in both our independent advisor and institutional channels.

我們在獨立顧問和機構管道都創下​​了招聘記錄。

As a complement to that strong organic growth, we closed on the acquisition of Atria and entered into an agreement to acquire The Investment Center.

作為強勁有機成長的補充，我們完成了對 Atria 的收購，並簽署了收購 The Investment Center 的協議。

In addition, we continued to advance our pioneering Liquidity & Succession program, where we closed 22 deals, including 5 with external practices.

此外，我們繼續推進我們開創性的流動性和繼任計劃，我們完成了 22 筆交易，其中包括 5 筆與外部機構的交易。

Finally, we delivered impressive financial results with record adjusted earnings per share of $16.51.

最後，我們取得了令人印象深刻的財務業績，調整後每股收益達到創紀錄的 16.51 美元。

Now let's turn to our Q4 results.

現在讓我們來看看第四季的業績。

In the quarter, total assets increased to a new high of $1.7 trillion as we attracted record organic net new assets of $68 billion, representing a 17% annualized growth rate.

本季度，我們吸引了創紀錄的 680 億美元的有機淨新資產，年化成長率為 17%，總資產增至 1.7 兆美元的新高。

Our fourth quarter business results led to strong financial performance with adjusted EPS of $4.25.

我們第四季的業務業績帶來強勁的財務表現，調整後的每股盈餘為 4.25 美元。

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

接下來，讓我們談談我們的有機和無機舉措的策略計劃和成長。

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 is to invest back into the platform, provide unmatched flexibility in how advisors can affiliate with us, and to deliver capabilities and services to help maximize advisor’ success throughout the lifecycle of their businesses.

為了實現這一目標，我們的策略是重新投資該平台，為顧問與我們建立合作關係的方式提供無與倫比的靈活性，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。

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

做好這一點將使我們走上可持續的行業領導地位，不僅在獨立和機構市場，而且在整個財富管理領域。

It's a bold aspiration, but one I'm confident that we can achieve.

這是一個大膽的願望，但我相信我們能夠實現。

Over the near-term, we are amplifying our focus on three key priorities: one, to maintain the client-centricity that this firm was built on; two, to empower our employees to deliver exceptionally for our advisors and their clients; and three, to deliver improved operating leverage.

短期內，我們將專注於三個關鍵優先事項：第一，維持公司秉持的以客戶為中心的理念；二、授權我們的員工為我們的顧問及其客戶提供優質的服務；三是提高營運槓桿。

To help us achieve this, during the fourth quarter, we shifted our organizational structure and leadership to better align our teams, sharpened our focus on key priorities and increase accountability.

為了幫助我們實現這一目標，我們在第四季度調整了組織結構和領導層，以便更好地協調我們的團隊，更加關注關鍵優先事項並提高責任感。

As part of these changes, we recognized outstanding individual contributions with the largest class of internal senior promotions in our history.

作為這些變革的一部分，我們以歷史上最大規模的內部高級晉升來表彰傑出的個人貢獻。

Together, these actions strengthen our ability to leverage our tremendous talent to execute on our long-term vision.

總之，這些措施增強了我們利用大量人才實現長期願景的能力。

With that as context, let's review a few highlights of our business growth.

基於此，讓我們回顧一下我們業務成長的一些亮點。

In the fourth quarter, Recruited Assets were $79 billion, bringing our total for the year to $149 billion, both of which represent records.

第四季度，招募資產達到 790 億美元，使我們全年總資產達到 1,490 億美元，這兩項均創下了歷史新高。

In our traditional independent market, we added approximately $13 billion in assets during the quarter, which contributed to record full year recruited assets of $71 billion, exceeding our prior high by more than 40%.

在我們的傳統獨立市場中，我們在本季增加了約 130 億美元的資產，這使得全年新增資產達到創紀錄的 710 億美元，比之前的高點高出 40% 以上。

This improves on our already industry-leading capture rates of advisors in motion, while also expanding the breadth and depth of our pipeline.

這提高了我們本來就處於業界領先地位的顧問捕獲率，同時也擴大了我們通路的廣度和深度。

With respect to our new affiliation models, Strategic Wealth, Independent Employee, and our Enhanced RIA offering, we delivered another solid quarter, recruiting roughly $2 billion in assets.

關於我們的新聯盟模式、策略財富、獨立員工和增強型 RIA 產品，我們又取得了一個穩健的季度業績，招募了約 20 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 sustainable growth.

展望未來，我們預期市場對這些模型的認知度不斷提高以及我們能力的不斷增強將推動永續成長。

We also continued to make progress within the large institutional marketplace, where during the fourth quarter, we onboarded the retail wealth management business of Prudential.

我們在大型機構市場中也持續取得進展，第四季我們加入了保誠的零售財富管理業務。

It's only been a couple of months, but there are already signs that the integrated experience and enhanced capabilities we delivered are improving their attractiveness in the market place for advisors.

雖然才過了幾個月，但已經有跡象表明，我們提供的綜合體驗和增強功能正在提高其對顧問在市場上的吸引力。

Our momentum continues in Q1, where earlier this week, we onboarded Wintrust Financial's wealth management business to our Institutional Services platform.

我們的第一季繼續保持強勁勢頭，本週早些時候，我們將 Wintrust Financial 的財富管理業務納入我們的機構服務平台。

As a complement to our organic growth, 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，我們完成了對 Atria Wealth Solutions 的收購，歡迎其約 2,200 名顧問、160 家機構和總部員工加入 LPL 大家庭。

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

交易進展順利，我們仍有望達到 80% 的留任目標。

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

就我們更廣泛的業務而言，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.

這證明了我們透過提供新功能和新技術以及改進服務和營運來持續努力提升顧問體驗。

In closing, the fourth quarter was a capstone on another outstanding year.

最後，第四季為又一個出色的年份畫上了句點。

We are well positioned to serve as an indispensable partner to our advisors and institutions, to continue delivering industry-leading organic growth, and to maximize long-term value for shareholders.

我們有能力成為我們的顧問和機構不可或缺的合作夥伴，繼續實現業界領先的有機成長，並實現股東的長期價值最大化。

All of this is driven by the dedication and hard work of our fantastic team.

這一切都源自於我們優秀團隊的奉獻和努力。

So, above all, I want to thank them for their efforts.

因此，我首先要感謝他們的努力。

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

說完這些，我會把電話轉給馬特。

All right.

好的。

Thanks, Rich, and I'm glad to speak with everyone on today's call.

謝謝，里奇，我很高興在今天的電話會議上與大家交談。

As Rich mentioned, 2024 was a strong year for the firm as we delivered meaningful growth and progressed our capabilities, leaving us well positioned to continue to serve and support our nearly 29,000 advisors, grow our business, deliver shareholder value and advance our key strategic priorities.

正如Rich 所提到的，2024 年對公司來說是強勁的一年，因為我們實現了有意義的成長並提升了我們的能力，使我們能夠繼續為近29,000 名顧問提供服務和支持，發展我們的業務，實現股東價值並推進我們的關鍵策略重點。

Turning to our fourth quarter business results.

談談我們第四季的業務業績。

Total advisory and brokerage assets were $1.7 trillion, up 9% from Q3, as continued organic growth was complemented by our acquisition of Atria, which added $88 billion of assets in Q4.

總諮詢和經紀資產為 1.7 兆美元，較第三季成長 9%，持續的有機成長得益於我們收購 Atria，Atria 在第四季度增加了 880 億美元的資產。

Total organic net new assets were $68 billion and approximately 17% annualized growth rate.

總有機淨新資產為 680 億美元，年增率約 17%。

Prior to the onboarding of Prudential Advisors, our annualized growth rate was approximately 7%, A strong result both on an absolute and relative basis.

在 Prudential Advisors 加入之前，我們的年成長率約為 7%，無論從絕對值或相對值來看，這都是一個強勁的結果。

For the full year, total organic net new assets were $141 billion or an approximately 10% growth rate.

全年有機淨新資產總額為 1,410 億美元，成長率約 10%。

On the recruiting front, Q4 recruited assets were a record $79 billion, which included $63 billion from Prudential.

在招募方面，第四季招募資產達到創紀錄的 790 億美元，其中包括來自保誠的 630 億美元。

Looking ahead, given our strong pipelines, we expect our recruiting momentum to continue into 2025.

展望未來，鑑於我們強大的人才儲備，我們預計我們的招募動能將持續到 2025 年。

However, I would note the natural seasonal headwinds to advisor movement in the back half of December typically carry into Jan. So we expect recruiting to ramp throughout Q1.

不過，我要指出的是，12 月下半月顧問流動的自然季節性逆風通常會延續到 1 月。

As for our Q4 financial results, a combination of organic growth and expense discipline led to adjusted EPS of $4.25.

至於我們的第四季財務業績，有機成長和費用控制相結合導致調整後的每股盈餘達到 4.25 美元。

Gross profit was $1.228 billion, up $100 million sequentially.

毛利為12.28億美元，較上一季增加1億美元。

As for the components, commission and advisory fees net of payout were $313 million, up $39 million from Q3.

從組成部分來看，佣金和諮詢費淨支出為 3.13 億美元，較第三季增加 3,900 萬美元。

Our payout rate was 87.8%, up 30 basis points from Q3 due to the seasonal build in the production bonus and the onboarding of Prudential.

我們的股利率為 87.8%，較第三季上升了 30 個基點，這得益於生產獎金的季節性增加以及保誠的加入。

With respect to client cash revenue, it was $397 million, up $25 million from Q3, as the sequential growth in balances more than offset the impact of lower short-term interest rates.

客戶現金收入為 3.97 億美元，較第三季增加 2,500 萬美元，因為餘額的連續成長超過了短期利率下降的影響。

Overall client cash balances ended the quarter at $55 billion, up $9 billion sequentially, which included approximately $4 billion from Atria and Prudential.

本季末客戶現金餘額總體為 550 億美元，比上一季增加 90 億美元，其中包括來自 Atria 和 Prudential 的約 40 億美元。

The remaining $5 billion of cash balance growth was our largest sequential increase since the second quarter of 2022, a strong result even when considering the natural seasonal build in Q4.

剩餘 50 億美元的現金餘額成長是我們自 2022 年第二季以來的最大連續增幅，即使考慮到第四季的自然季節性成長，這也是一個強勁的結果。

Within our ICA portfolio, the mix of fixed rate balances was roughly 55% within our target range of 50% to 75%.

在我們的 ICA 投資組合中，固定利率餘額的組合約佔 55%，在我們的目標範圍內，即 50% 到 75%。

Looking more closely at our ICA yield, it was 335 basis points in Q4, up 3 basis points from Q3, driven by higher yields on our fixed rate contract renewals.

更仔細地觀察我們的 ICA 收益率，第四季度該收益率為 335 個基點，較第三季度上升 3 個基點，這得益於我們的固定利率合約續約收益率上升。

As we look ahead to Q1, we expect continued tailwinds from the yields on our new fixed rate contracts to be partially offset by the full quarter impact of the November and December rate cuts.

展望第一季度，我們預期新固定利率合約收益率的持續上漲將被 11 月和 12 月降息對整個季度的影響部分抵消。

And as a result, we expect our ICA yield to increase by a few basis points.

因此，我們預期 ICA 收益率將增加幾個基點。

As for Service and Fee revenue, it was $139 million in Q4, down $7 million from Q3 due to lower conference revenue and IRA fees.

至於服務和費用收入，第四季為 1.39 億美元，較第三季下降 700 萬美元，因為會議收入和 IRA 費用下降。

Looking ahead to Q1, we expect Service and Fee revenue to be roughly flat as the full quarter contribution from Prudential is offset by lower conference revenue and OSJ termination fees.

展望第一季度，我們預計服務和費用收入將大致持平，因為保誠整個季度的貢獻被較低的會議收入和 OSJ 終止費所抵消。

Moving on to Q4 transaction revenue, it was $62 million, up $3 million from Q3.

第四季交易收入為 6,200 萬美元，比第三季增加了 300 萬美元。

As we look ahead to Q1, trading activity levels remain roughly in line with Q4.

展望第一季度，交易活動水準與第四季大致持平。

However, I would note there are 3 fewer trading days in Q1, so we expect transaction revenue to decline by a few million sequentially.

不過，我要指出的是，第一季的交易日減少了 3 個，因此我們預計交易收入將比去年同期下降數百萬美元。

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

現在讓我們討論 Atria 和 Prudential，首先從 Atria 開始。

Overall, the transaction is progressing well, and we remain on track to onboard our Atria advisors this year.

總體而言，交易進展順利，我們今年仍有望引進 Atria 顧問。

As for Prudential, we onboarded $40 billion of assets in Q4 and expect the remaining $23 billion to onboard in Q1.

至於保誠，我們在第四季引入了 400 億美元的資產，預計剩餘的 230 億美元將在第一季引入。

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

現在讓我們來談談費用，從核心一般及行政開支開始。

It was $422 million in Q4, bringing our full year Core G&A to $1.515 billion, which was within our outlook range.

第四季的核心一般及行政開支為 4.22 億美元，使得全年核心一般及行政開支達到 15.15 億美元，符合我們的預期範圍。

For the full year, prior to the impact of Atria and Prudential, we grew 2024 core G&A by approximately 8%, roughly half the rate we grew in 2023.

在受到 Atria 和 Prudential 的影響之前，全年來看，2024 年核心 G&A 成長了約 8%，大約是 2023 年成長率的一半。

As we look ahead to 2025, we remain focused on delivering operating leverage in the business.

展望 2025 年，我們仍將專注於實現業務經營槓桿。

In recent years, we have ramped investments to scale our business and drive greater efficiencies.

近年來，我們加大投資以擴大業務規模並提高效率。

So, while we will continue to invest to drive and support growth, the benefits of our ongoing efficiency efforts are slowing core G&A growth in 2025.

因此，雖然我們將繼續投資以推動和支持成長，但我們持續的效率努力將減緩 2025 年核心 G&A 成長。

As a result, we plan to grow our Core G&A in a range of 6% to 8%.

因此，我們計劃將核心一般及行政開支增加 6% 至 8%。

In addition, we'll have the full year impact of expenses related to Atria and Prudential, which adds $170 million to $180 million.

此外，與 Atria 和 Prudential 相關的費用也將對全年產生影響，這將增加 1.7 億至 1.8 億美元。

This brings our overall expectation for 2025 Core G&A to be in the range of $1.730 billion to $1.780 billion.

這使得我們對 2025 年核心 G&A 的整體預期在 17.3 億美元至 17.8 億美元之間。

To give you a sense of the near-term timing of the spend, as we look ahead to Q1, we expect Core G&A to be in a range of $420 million to $430 million.

為了讓您了解近期支出的時間安排，展望第一季度，我們預計核心 G&A 費用將在 4.2 億美元至 4.3 億美元之間。

Moving on to Q4 promotional expense.

繼續討論第四季的促銷費用。

It was $173 million, down $3 million from Q3, as lower conference expense was partially offset by seasonal increases in marketing spend, as well as transition assistance related to our strong recruiting and the acquisition of Atria.

該數字為 1.73 億美元，較第三季下降 300 萬美元，因為會議費用的減少部分被行銷支出的季節性增加以及與我們強大的招聘和收購 Atria 相關的過渡援助所抵消。

Looking ahead to Q1, we expect promotional expense to decrease to approximately $160 million, driven by lower Prudential related onboarding costs.

展望第一季度，我們預計促銷費用將減少至約 1.6 億美元，這得益於與保誠相關的入職成本的降低。

Looking at share-based compensation expense, it was $26 million in Q4, which included a $12 million impact related to the departure of our former CEO.

從股權激勵費用來看，第四季度的股權激勵費用為 2,600 萬美元，其中包括與我們前任執行長離職相關的 1,200 萬美元的影響。

As we look ahead to Q1, we expect this to return to a more normalized level, or roughly $20 million.

展望第一季度，我們預計這一數字將恢復到更正常的水平，約 2000 萬美元。

Turning to depreciation and amortization, it was $92 million in Q4, up $14 million sequentially.

談到折舊和攤銷，第四季為 9,200 萬美元，比上一季增加 1,400 萬美元。

In addition to technology development related to Prudential, as we noted last quarter, we recently went live with two new internal data centers, which was the main driver of the increase in Q4.

除了與 Prudential 相關的技術開發之外，正如我們上個季度所指出的，我們最近啟動了兩個新的內部資料中心，這是第四季度成長的主要驅動力。

Looking ahead to Q1, we expect depreciation and amortization to return to more typical levels of growth as we expect an increase of a few million.

展望第一季度，我們預計折舊和攤銷將恢復到更典型的成長水平，因為我們預計將增加數百萬美元。

As for interest expense, it was $82 million in Q4, up $14 million sequentially, driven by higher revolver balances following the close of the Atria transaction.

至於利息支出，第四季為 8,200 萬美元，比上一季增加 1,400 萬美元，主要是由於 Atria 交易結束後循環信貸餘額增加。

I would also note that during the quarter, we completed a leverage-neutral refinancing of our existing $1 billion Term Loan B into a new Term Loan A, and as a result, expect roughly $5 million of annual interest expense savings.

我還要指出的是，在本季度，我們完成了將現有的10 億美元定期貸款B 轉換為新的定期貸款A 的槓桿中性再融資，因此預計每年可節省約500 萬美元的利息支出。

Regarding capital management, we ended Q4 with corporate cash of $479 million, down $229 million from Q3.

關於資本管理，我們第四季末的企業現金為 4.79 億美元，比第三季下降了 2.29 億美元。

As for our leverage ratio, at the end of Q4, it was 1.9 times, just below the midpoint of our target range.

至於我們的槓桿率，截至第四季末，為 1.9 倍，略低於我們的目標範圍的中點。

Moving on to capital deployment.

繼續進行資本部署。

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.

我們的框架仍然專注於分配與我們產生的回報一致的資本：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 Q4, we deployed capital across our entire framework, as we continued to invest to drive and support organic growth, allocated capital to M&A, both within our Liquidity & Succession program, as well as the acquisition of Atria, and lastly, return capital to our shareholders, restarting share repurchases, buying back $100 million of our shares.

在第四季度，我們在整個框架內部署了資本，我們繼續投資以推動和支持有機成長，將資本分配給併購，包括我們的流動性和繼任計劃以及對 Atria 的收購，最後，將資本返還給我們的股東，重啟股票回購，回購價值1 億美元的股票。

As we look ahead to Q1, we expect to repurchase another $100 million shares.

展望第一季度，我們預計將再回購價值 1 億美元的股票。

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

最後，我們又一個季度取得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 to drive growth, deliver operating leverage and create long-term shareholder value.

展望未來，我們仍然對繼續推動成長、實現經營槓桿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.

接線員，請打開電話回答問題。

(Operator Instructions)

（操作員指令）

Steven Chubak, Wolfe Research.

Steven Chubak, Wolfe Research.

Thanks so much.

非常感謝。

Rich Matt, good afternoon and hope you're both.

Rich Matt，下午好，希望你們都好。

Well, Rich, I wanted to start off with a question on organic growth.

好吧，Rich，我想先問一個關於有機成長的問題。

In '24, you achieved a 10% NNA in a backdrop where many of your peers actually saw a pretty marked deceleration in organic flows.

1924 年，在許多同行都看到有機流量明顯減速的背景下，您實現了 10% 的 NNA。

Just given the further widening of the NNA gap between you and your peers, as we look ahead to 2025, how do your backlogs compare today versus year ago levels?

鑑於您與同行之間的 NNA 差距進一步擴大，展望 2025 年，您今天的積壓訂單量與去年同期相比如何？

And is the 7% to 13% M&A target still achievable just given a much larger asset base today?

那麼，在目前資產基礎大幅擴大的情況下，7%至 13% 的併購目標是否仍可實現？

Stephen, you're playing the role of Ricky Henderson for us here, the lead off hitters.

史蒂芬，你在這裡扮演的是里奇·亨德森的角色，是先發擊球手。

So I appreciate it.

我很感激。

I appreciate the question thanks for the well wishes regarding Matt and I. So regarding the question, so we're really proud of the results that we were able to deliver not only in the fourth quarter but throughout the entire year in recruiting.

我很感謝這個問題，感謝你們對馬特和我的良好祝愿。

And as you kind of alluded to, the market itself, the advisor movement remains below historical norms.

正如您所提到的，市場本身、顧問的活動仍然低於歷史標準。

And we've even discussed this at points now internally to say I think maybe this is where the norm is in that 5% kind of churn rate versus historical 6% to 6.5%.

我們甚至已經在內部討論過這個問題，我認為現在 5% 的客戶流失率是正常的，而歷史客戶流失率是 6% 到 6.5%。

So in spite of that market environment where you see that movement being lower, we actually continue to win in that market because we're growing our win rates.

因此，儘管在市場環境下，您會看到走勢較低，但我們實際上仍在該市場中繼續獲勝，因為我們的勝率正在提高。

We're growing our market share of advisors that are moving between firms and not just only independent advisors, but also advisors at wires and regional firms as well.

我們正在擴大在公司之間流動的顧問的市場份額，這些顧問不僅包括獨立顧問，還包括電信公司和地區公司的顧問。

And that's what you see inside of our Q4 results.

這就是您在我們的第四季業績中看到的。

And as those advisors move, I think they've prioritized capability delivery, technology and service experiences as the number one priority as they think through firms.

隨著這些顧問的行動，我認為他們在考慮公司時將能力交付、技術和服務體驗作為首要任務。

And in that regard, what I think you're seeing is the payoff in the marketplace of our value exchange to advisors being unparalleled.

在這方面，我認為您看到的是我們為顧問提供的價值交換在市場上帶來的回報是無與倫比的。

You see an increasing amount of advisors recognizing that our capability sets, our technology, and the way we orient serving our clients is differentiated.

您會看到越來越多的顧問認識到我們的能力、我們的技術以及我們為客戶提供服務的方式是不同的。

And so the conversations are actually getting easier, not harder for us as we enter into recruiting conversations.

因此，當我們進入招募對話時，對話實際上變得越來越容易，而不是越來越困難。

Second, those advisors are going to look at ongoing economics.

其次，這些顧問將關注當前的經濟狀況。

And again, here, as we take a look at how we compete in the marketplace, we feel really competitive as to how we can help advisors grow and achieve success, which isn't just financial payouts, but also the ability to grow and sustain their practices.

再次，在這裡，當我們看看我們如何在市場上競爭時，我們真正感受到競爭力在於我們如何幫助顧問成長並取得成功，這不僅僅是財務支出，還包括成長和維持的能力他們的做法。

And then last, the priority is usually going to be around TA rates, which have been stable in the marketplace and for which we're consistently competitive on those.

最後，優先考慮的通常是TA利率，市場上的TA利率一直很穩定，而且我們在這些利率上始終保持競爭力。

But to say how I think -- how do we think about our ability to win ongoing and sustain that performance over a longer arc, I do think it represents a demonstration of the payoff of the investments we've made in our model and our capabilities, expanding advisors choice in affiliating with our firm, and building greater capabilities not only for advisors, but institutions to choose to join us.

但說到我的想法——我們如何看待我們持續取勝並在更長的時間內維持這種表現的能力，我認為這代表了我們對我們的模式和能力的投資的回報的證明擴大顧問與我們公司合作的選擇範圍，並為顧問和機構選擇加入我們提供更強大的能力。

One of the things that's probably a little bit understated is actually the dedication and the performance of our world-class business development team.

其中一件可能被低估的事情實際上是我們世界一流的業務開發團隊的奉獻精神和表現。

This is a team that is made up of individuals who come to work every day to reflect to advisors how they could join this firm to improve their performance of their practice.

這個團隊由每天上班的個人組成，他們向顧問反映如何加入這家公司以提高他們的實踐表現。

And I am just blown away.

我真是被震撼了。

I had the privilege of leading that team for a number of years and feel that they are the best team by far in the marketplace and demonstrate that quarter-in and quarter-out.

我有幸領導團隊多年，我認為他們是迄今為止市場上最好的團隊，並且在每個季度都表現出色。

But you asked specifically about whether we can keep up that momentum.

但您具體問到我們是否能夠保持這種勢頭。

And I think the answer, in short, Stephen is yes.

簡而言之，我認為答案是肯定的。

We continue to strengthen that value proposition.

我們將繼續強化這個價值主張。

We continue to out invest competitors in the ability to build new capabilities and service new markets.

我們將繼續在打造新功能和服務新市場的能力方面超越競爭對手。

We continue to get demonstrated wins that actually validate us in new markets, not only in the private wealth market and are the large institutional markets, but a continuing progress in the momentum in serving wirehouse and regional advisors through our new models as well.

我們不斷獲得實際勝利，這實際上證明了我們在新市場中的優勢，不僅在私人財富市場和大型機構市場，而且透過我們的新模式，我們在為大型證券公司和地區顧問提供服務方面也持續取得進展。

In addition to that, we plugged in a new capability over the last 1.5 years around Liquidity & Succession.

除此之外，在過去的一年半里，我們在流動性和繼承方面增加了一項新功能。

And as you're aware, one-third of advisors are going to retire over the next 10-year arc, a distinctive Liquidity & Succession solution that allows advisors to monetize their life work without having to have it homogenized and move that to the next generation of advisors is differentiated in the marketplace and quite honestly, resonating.

如你所知，三分之一的顧問將在未來10 年內退休，這是一種獨特的流動性和繼任解決方案，允許顧問將他們的終身工作貨幣化，而不必將其同質化並轉移到下一個顧問的世代在市場上是有差異的，而且坦白說，引起了共鳴。

And so as I take that all together, in spite of the fact that, obviously, we're happy to have a stronger kind of denominator in that mathematical equation you asked about, I think we feel confident in our ability to sustain our performance in the range of organic growth that you had articulated and that we've articulated over the last couple of years.

因此，當我把所有這些因素綜合起來考慮時，儘管我們顯然很高興在你提到的數學等式中有一個更強的分母，但我認為我們對維持我們業績的能力充滿信心。的以及我們在過去幾年所闡述的有機成長範圍。

And if I could add, Stephen, some -- Rich and I play our roles well here.

如果我可以補充的話，史蒂芬，一些——里奇和我在這裡很好地扮演了我們的角色。

I think you hear the passion and excitement there.

我想你聽到了那裡的激情和興奮。

I'll just throw in some empirical data that I'm sure you know, but that 7% to 13% was the growth rates we had in 2020 and 2021, which I think were good bookend years of a challenging year in a year kind of where things were right in the tailwind.

我只想提供一些我相信你們知道的經驗數據，但 7% 到 13% 是我們在 2020 年和 2021 年的增長率，我認為這是一年中充滿挑戰的一年的好收尾年順風順水。

And then if you look at 2022, we grew at 8% with our AUM at $1.1 trillion.

如果你看 2022 年，我們的成長率為 8%，AUM 達到 1.1 兆美元。

If you look at 2023, we were at 9% with AUM at $1.4 trillion, and we grew at 10% this year with AUM ending at $1.7 trillion.

展望 2023 年，我們的成長率為 9%，AUM 達到 1.4 兆美元，而今年我們的成長率為 10%，AUM 最終達到 1.7 兆美元。

So up to you if you extrapolate or not, but I think the trends, I think, are pretty telling.

因此，是否進行推論取決於你，但我認為趨勢非常有說服力。

Yes, I'm not extrapolating just to make sure you know, but Rich has given me a thumbs up here.

是的，我並不是進行推斷，只是為了確保你知道，但 Rich 在這裡對我表示了讚賞。

I don't know what that means.

我不知道那是什麼意思。

So jokes aside, hopefully, that data was helpful.

拋開笑話不說，希望這些數據能有所幫助。

No, it was extremely helpful.

不，這非常有幫助。

And that's it for me, unless no one asks about January cash levels, in which case, I'll certainly get back in the queue.

對我來說就是這樣了，除非沒有人詢問一月份的現金水平，在這種情況下，我肯定會回到隊列中。

Thanks so much.

非常感謝。

All right.

好的。

Well, I'll just blurt it out if no one does Stephen, so you don’t have to get back in.

好吧，如果沒有人像史蒂芬那樣做，我就會脫口而出，這樣你就不必再回來了。

Thanks, Matt.

謝謝，馬特。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

Hey, good afternoon guys.

嘿，大家下午好。

Thank you for the question as well.

也感謝您的提問。

Another one for you around organic growth, but maybe more from an organic revenue side of things.

另一個是關於有機成長，但可能更多是從有機收入考慮。

One of the sort of pillars of your growth algorithm has been to improve kind of revenues on assets over time.

成長演算法的支柱之一是隨著時間的推移提高資產收入。

And part of that has been growth in the centrally managed accounts, centrally managed assets.

其中一部分是集中管理帳戶和集中管理資產的成長。

If we look at the results this quarter, obviously, a very meaningful step up.

如果我們看一下本季的業績，顯然這是一個非常有意義的進步。

It's likely due to Pru, but I was hoping you could unpack what the organic growth has been in that part of the business, where you're seeing the most uptake, and when you zoom out a little bit more.

這很可能是由於保誠，但我希望您能夠解釋一下該業務部分的有機增長情況，您看到哪裡的增長最快，以及當您進一步放大範圍時的情況。

What are some of the most needle-moving areas where you see improving return on client assets over the next couple of years?

您認為未來幾年內哪些領域將最顯著地提高客戶資產的報酬率？

Yes, I'll start on centrally managed, and Rich, if you want to take the longer-term point.

是的，我將從集中管理開始，Rich，如果你想從更長遠的角度考慮。

I think you're right, Alex.

我認為你是對的，亞歷克斯。

There's definitely a lot of Prudential in that number, centrally managed NNA was $25 billion in the quarter. $18 billion of that was from Prudential where other advisory assets went in there.

這個數字中肯定包含了許多保誠的成分，本季集中管理的 NNA 為 250 億美元。其中 180 億美元來自保誠，其他諮詢資產也都投入其中。

So outside of that, you have, call it, $6.5 billion of -- think of that as core growth during the quarter.

除此之外，還有 65 億美元 — — 這可以視為本季的核心成長。

And that was a record by far.

這是迄今為止的最高紀錄。

But our prior record was $4.4 billion and that was set this year in last quarter.

但我們之前的記錄是 44 億美元，這是今年上個季度創下的。

So I think what you see in centrally managed is really our focus on making sure we're building tools, capabilities, services that are supportive of our advisors.

因此，我認為您在集中管理中看到的實際上是我們的重點，即確保我們正在建立支援我們顧問的工具、功能和服務。

And then I think centrally managed is a great example of that.

我認為集中管理就是一個很好的例子。

We continue to invest in making sure it's priced right, capabilities are correct.

我們將繼續投資以確保其定價合理、功能正確。

And it can support advisors in their asset management, asset allocation part of their roles and jobs so they can spend more time on what's most valuable for them, which is with their clients.

它可以支援顧問進行資產管理、資產配置部分的角色和工作，以便他們可以花更多時間在對他們來說最有價值的事情上，也就是與客戶在一起。

So I think that's just a key part of our value proposition and investment.

所以我認為這只是我們的價值主張和投資的關鍵部分。

And I think that's why you're starting to see that those NNA numbers continue to improve.

我認為這就是為什麼你開始看到這些 NNA 數字持續改善的原因。

Rich over to you?

富有的人交給你了嗎？

Yes.

是的。

So maybe, Alex, just to follow up on one thing that be of import as we think about that centrally managed as well.

因此，亞歷克斯，也許我們只需要跟進一件重要的事情，因為我們也考慮集中管理。

I think it's critically important to recognize that we actually have our own advisory platform.

我認為至關重要的是認識到我們實際上有自己的諮詢平台。

And so as advisors evolve and grow their business over time, as they look at that brokerage to advisory mix and when it's appropriate for their clients, it is deeply integrated and easy for them to actually move from one account type structure to another.

因此，隨著顧問逐漸發展和壯大其業務，當他們審視經紀與諮詢組合併發現其適合其客戶時，它就會深度整合，並且他們可以輕鬆地從一種帳戶類型結構轉移到另一種帳戶類型結構。

And I think us owning and understanding and having that direct feedback from nearly 29,000 advisors on what's best to deliver capabilities in advisory, is incredibly important because then we can go and build those capabilities directly.

我認為，我們擁有、理解並從近 29,000 名顧問那裡獲得關於如何最好地提供諮詢能力的直接回饋，這一點非常重要，因為這樣我們才能直接去建立這些能力。

But if you think about -- you asked about some other areas where we may continue to see a positive mix shift, I would double down not just on centrally managed, but we still think there's a pretty sizable opportunity as advisors look at their books in the way they choose to serve their clients to move from brokerage to advisory.

但是，如果你考慮一下——你問到我們可能繼續看到積極組合轉變的其他領域，我會加倍關注，不僅僅是集中管理，但我們仍然認為，當顧問們審視他們的賬簿時，這是一個相當大的機會他們選擇為客戶提供服務的方式從經紀轉向諮詢。

And so I think you'll see continued movement from brokerage to advisory in time -- as well, we look at the ability to expand our suite of offerings.

因此，我認為隨著時間的推移，您會看到從經紀到諮詢的持續轉變——同時，我們也在考慮擴展我們的服務套件的能力。

And there, for us, that's a meaningful opportunity.

對我們來說，這是一個很有意義的機會。

If we think about banking and lending for our advisors to continue their progression in serving their clients on both sides of the balance sheet with integrated capabilities that we would have on the banking and lending side around cash management as well as lending capabilities against their portfolios.

如果我們考慮銀行和貸款業務，讓我們的顧問繼續在資產負債表的兩邊為客戶提供服務，並利用我們在銀行和貸款方面所擁有的綜合能力，包括現金管理以及針對其投資組合的貸款能力。

Maybe last couple of things I would think about is, as we think about the continued progression, I think you'd look at our scale, and Matt impromptu came up with that growth in our AUM, But as we continue to grow scale, that means that our product and platform sponsorship partnerships are more important.

也許我想說的最後幾件事是，當我們考慮持續發展時，我想你會看看我們的規模，馬特即興提出了我們的 AUM 的增長，但隨著我們規模的不斷擴大，意味著我們的產品和平台贊助夥伴關係更為重要。

We become an incredibly important component of distribution.

我們成為分銷中極為重要的一環。

And so thinking about how we monetize the business in our partnerships on the asset management side, I think is one area where we think there's good opportunity.

因此，思考我們如何在資產管理方面的合作中將業務貨幣化，我認為這是我們認為存在良好機會的一個領域。

And lastly, as we kind of draw our arms around this value exchange that I alluded to, at some point in time, you continue to think about potentially the ability to price our services aligned with the value that we deliver to advisors and their end investors.

最後，當我們圍繞著我提到的這種價值交換展開討論時，在某個時間點，你會繼續思考我們服務定價的能力是否與我們為顧問及其最終投資者提供的價值相一致。

And I think there's an opportunity there to continue progression in that velocity that you alluded to.

我認為有機會繼續以您提到的速度取得進步。

Great.

偉大的。

Awesome.

驚人的。

Thanks very much guys.

非常感謝大家。

Devin Ryan, JMP Securities.

JMP證券的Devin Ryan。

Thanks so much.

非常感謝。

Hi, Rich, hi Matt.

嗨，Rich，嗨，Matt。

Want to ask a question on Prudential.

想問一個有關 Prudential 的問題。

Clearly, early days of the integration, but it sounds like it's going really well.

顯然，整合還處於早期階段，但聽起來進展非常順利。

And so, with that said, just it would be great to hear about more of the capabilities that you kind of integrated there that are resonating the most?

因此，話雖如此，如果能聽到更多您整合的、引起最大共鳴的功能，那豈不是很棒呢？

And then how you expect those advisors to grow their books of business relative to the average LPL advisor.

然後，您期望這些顧問相對於普通的 LPL 顧問如何發展他們的業務。

And then just more broadly, how Prudential is perhaps a catalyst for more conversations in either insurance or enterprise more broadly, assuming it has been.

從更廣泛的角度來看，假設保誠一直如此，那麼它或許可以成為保險或企業領域更多對話的催化劑。

Thanks.

謝謝。

Yes.

是的。

Thanks, Devin.

謝謝，德文。

I'll start out, Matt, if you have any impromptu things you want to on scribble on that note pad and add to.

我先開始了，馬特，如果你有任何即興的想法想要寫在記事本上並添加進去的話。

Happy to create that space.

很高興創造這個空間。

So let's talk about coming out.

那麼就讓我們來談談出櫃吧。

I think look, in all honesty, we're incredibly proud.

我想，說實話，我們感到無比自豪。

I am so proud of the team and what we delivered to be able to deliver on time on point for Prudential, their advisors and their clients.

我為我們的團隊以及我們能夠按時為 Prudential、其顧問和客戶提供服務感到非常自豪。

It's a fantastic organization.

這是一個非常棒的組織。

They took a tremendous leap of faith with us that we could build those capabilities and deliver them.

他們對我們充滿信心，相信我們能夠建立這些能力並實現它們。

And I am just so proud that we were able to deliver for them.

我對我們能夠為他們提供這些服務感到非常自豪。

In regards to the capabilities, I think Devin, this is one of those things that you think about, those insurance-based advisors who are both doing insurance business as well as wealth business, in so many firms, that's a swivel chair type of arrangement that you're working through.

關於能力，我認為 Devin，這是你要考慮的事情之一，那些從事保險業務和財富業務的保險顧問，在很多公司裡，都是轉椅式的安排你正在努力解決的問題。

You're working on one platform to think about your insurance assets, another platform and in many cases, multiple platforms.

您在一個平台上考慮您的保險資產，在另一個平台上考慮，在許多情況下，在多個平台上考慮。

So think about a brokerage platform and an advisory platform, and you may even have additional add-on tools.

因此，請考慮經紀平台和諮詢平台，您甚至可能還有其他附加工具。

We have a page that we put together, we call it the Kirby Haram page shout out to Kirby, and on that page, it actually goes through when we talk to our institutional partners we end up being the counterparty and the partner, whereas to replace up to 15 to 16 vendors that they're pulling together on the technology, compliance, supervision, CRM, et cetera.

我們有一個頁面，我們把它叫做 Kirby Haram 頁面，向 Kirby 致敬，在這個頁面上，當我們與機構合作夥伴交談時，我們最終成為交易對手和合作夥伴，而要更換他們正在與多達15 到16 家供應商合作，共同提供技術、合規性、監管、CRM 等方面的服務。

And so there's a simplified operating environment that is easier to understand.

因此有一個簡化且更容易理解的操作環境。

There is a singularity of the client experience where an advisor can actually see their clients see their 360 view of that client all in one place, open accounts in one place, sell annuities in one place, and it just makes it a lot easier for them to do their business instead of having to have a swivel chair where they are logging into multiple systems, that simplicity married with, and I will tell you, it's not just the integration of those capabilities, it is also that we have leading experiences in terms of our NIGO rate which is best-in-class.

客戶體驗的獨特之處在於，顧問實際上可以在一個地方看到他們的客戶，在一個地方看到該客戶的360 度視圖，在一個地方開立帳戶，在一個地方銷售年金，這讓他們的工作變得容易得多開展業務，而不必坐在轉椅上登錄多個系統，這種簡單性與…相結合，我會告訴你，這不僅僅是這些功能的集成，而且我們在…方面擁有領先的經驗。

Matt runs the operations group and gotten the NIGO rate below 2%.

馬特 (Matt) 負責營運小組並將 NIGO 率降至 2% 以下。

That's “Not In Good Order.”

那是「不太好」。

And you'll see that a lot of different firms will have that number in 20% to 30% NIGO rates.

您會發現很多不同的公司都會有 20% 到 30% 的 NIGO 率。

So what happens is these advisors will come over, they'll get better capabilities, it's easier for them to do their business as well, and more of their business doesn't get bounced back.

所以會發生的情況是，這些顧問過來後，他們將獲得更好的能力，他們做生意也會更容易，而且他們的更多業務不會被退回。

You have that, you get half your advisors.

如果你有這個，你就得到了一半的顧問。

That leads to the ability to attract more advisors in the marketplace, and that's where we feel pretty confident Prudential has a fantastic brand name in the marketplace.

這使我們能夠在市場上吸引更多的顧問，因此我們非常有信心保誠在市場上擁有良好的品牌聲譽。

They actually have a tremendous offering to advisors.

他們確實為顧問提供了巨大的幫助。

And so we're hopeful that us coming together in that partnership will allow them to accelerate their growth.

因此，我們希望透過這種合作，他們可以加速發展。

The second question or the second part of the question that you'd asked was how do you think about the growth of the Prudential advisors relative to other advisors on our platform.

您提出的第二個問題或問題的第二部分是，您如何看待保誠顧問相對於我們平台上其他顧問的成長。

Now it's not been long enough and not a demonstrated long enough time for us to say, okay, we see absolutely that they will grow at a higher or lower rate advisors on the platform.

現在時間還不夠長，也沒有證據表明時間足夠長，我們可以說，好吧，我們完全看到平台上的顧問將以更高或更低的速度增長。

So I will use some intuition and maybe historical experience to share with you.

所以我會用一些直覺，也許還有歷史經驗可以跟大家分享。

Prudential actually has lead generation outside of -- from Prudential into their advisors into their wealth advisors.

事實上，保誠集團已經從其顧問那裡獲得了潛在客戶，並將其轉化為財富顧問。

And so having a lead generation source, not unlike banks, gives the advisors an advantage in their ability to grow because they're growing likely more new client relationships than another advisor might grow.

因此，與銀行不同，擁有潛在客戶生成來源為顧問帶來了成長優勢，因為他們可能比其他顧問發展出更多的新客戶關係。

In addition, I think you see Prudential bringing more new-to-the-industry advisors in.

此外，我認為您會看到保誠引入更多新入行的顧問。

And so as now they'll start with lower denominators, but on average, you would see a new-to-industry advisor that is actually being presented the opportunities for leads.

因此現在他們會從較低的分母開始，但平均而言，你會看到一個新進入行業的顧問實際上正在獲得銷售線索的機會。

We would expect that they might grow faster in time than a more mature advisor in the ecosystem.

我們預計，隨著時間的推移，他們可能會比生態系統中更成熟的顧問成長得更快。

Third part of your question in the one question format was.

以一個問題的形式來表示，你的問題的第三部分是。

In regards to Prudential, how do we think about that presenting an opportunity for other financial institutions similar to Prudential to engage in conversations with us, to potentially win.

就保誠而言，我們如何看待這為其他與保誠類似的金融機構提供了一個與我們進行對話並可能獲勝的機會。

I would tell you that our team was out in New York, technically in New Jersey, just two nights ago and went to dinner with some of the Prudential leadership team, and they were incredibly bullish on our partnership on how we delivered and have indicated that they are, of course, getting calls from their compatriots across the industry around what is that opportunity?

我想告訴你，就在兩天前，我們的團隊在紐約，準確地說是在新澤西，與保誠的一些領導團隊共進晚餐，他們對我們的合作以及我們的表現非常樂觀，並表示當然，他們也接到了整個行業同胞的電話，詢問這個機會是什麼？

How has it gone?

進展如何？

And I don't think I'm embellishing when I say that I feel like this team collectively, and Prudential had a lot to do with that delivery, there was a lot in their place, too, this team pulled off an exceptional delivery.

我認為，當我說我覺得這支團隊整體而言，以及保誠在交付方面做出的很大貢獻時，我並不誇張，他們也做了很多工作，這支團隊完成了一項卓越的交付。

It doesn't surprise me because we've been building those capabilities to do it.

這並不讓我感到驚訝，因為我們一直在建立這些能力來實現這一點。

And I would imagine that, Devin, in time, that will result in more firms in the industry, considering us as a potential partner for them as well.

德文，我可以想像，隨著時間的推移，行業中將會有更多的公司將我們視為潛在的合作夥伴。

That was Fantastic.

太棒了。

Thanks Rich and appreciate you answering my three questions in one.Thanks so much.

謝謝 Rich，謝謝你一口氣回答了我的三個問題。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen 公司。

Great.

偉大的。

Thank you very much.

非常感謝。

Just thinking through the sort of modest shift of interest rate expectations -- how are you thinking about, if any, kind of refinement to your sort of management of the fixed versus floating?

只是思考利率預期的適度轉變——如果有的話，您如何考慮對固定利率與浮動利率的管理進行改進？

Very good disclosure in your supplements around your reinvestment rates and sort of the pickup from what you pick up, variable versus fixed.

您的補充資料中非常好地揭露了您的再投資利率以及您所獲得的收益（可變收益與固定收益）。

But just given the potential for higher for longer backdrop, how do you think about maybe that range?

但是，考慮到更長時間內更高的潛力，您如何看待這個範圍？

Does that shift a little bit?

有稍微轉變嗎？

Does duration shift a little bit in your mind?

您心中的持續時間是否有改變？

Just trying to think about that over the longer term.

只是想從長遠角度來考慮這個問題。

And secondarily, thank you for the tighter opening remarks, not lost on me.

其次，感謝您更緊湊的開場白，我很清楚這一點。

Thank you.

謝謝。

All right, you’re welcome, Bill.

好的，別客氣，比爾。

I think on the fixed target, I think the headline is our plans won't change, meaning we like being in that 50% to 75% range.

我認為，就固定目標而言，我認為標題是我們的計劃不會改變，這意味著我們希望處於 50% 到 75% 的範圍內。

We're at the low end of that range now.

我們現在正處於這個範圍的低端。

And I think that's more about the building cash balances in Q4.

我認為這更多與第四季度的現金餘額累積有關。

We'll move back up into the midpoint of that range.

我們將回到該範圍的中點。

But I think the environment itself Bill, other than on the extremes, I don't think it's going to have us move really beyond trying to be in that range in the midpoint.

但我認為，比爾，除了極端情況之外，環境本身並不會讓我們真正超越試圖處於中間範圍的程度。

We like to target a rolling portfolio, not to try and be clairvoyant on where rates are going to go because tomorrow, we could have a completely different view of where they're going to go.

我們希望以滾動投資組合為目標，而不是試圖預測利率的走向，因為明天我們可能對利率的走向有完全不同的看法。

We just want to be steady and consistent in that.

我們只是希望在這方面保持穩定和一致。

And that usually means 3- to 5-year rolling portfolio in the midpoint of that range, and you'll likely see us move back up to that in Q1.

這通常意味著 3 至 5 年的滾動投資組合處於該範圍的中點，您可能會看到我們在第一季回到該水平。

Brennan Hawken, UBS.

瑞銀的布倫南‧霍肯 (Brennan Hawken)。

Good afternoon.

午安.

Thanks for taking my questions.

感謝您回答我的問題。

I'm curious a little bit on D&A.

我對 D&A 有點好奇。

There's been some really strong growth there.

那裡確實出現了強勁增長。

I know that you guys have been investing in the tech platform, and I'm guessing that, that has had something to do with some of that, but also some of the capabilities on the enterprise side.

我知道你們一直在投資科技平台，我猜這與其中一些功能有關，也與企業方面的一些功能有關。

When we're thinking about a more normal potential growth rate, though, it seems like we're back to that few million per quarter sequential that you referenced.

然而，當我們考慮更正常的潛在成長率時，似乎我們又回到了您提到的每季連續幾百萬的水平。

And so -- is that the right way to think about as we progress through 2025?

那麼——這是我們邁向 2025 年時的正確思考方式嗎？

And is the X factor for the progression if you guys continue to have wins in enterprise and adding capabilities and that could put some upward pressure there.

如果你們繼續在企業領域獲勝並增加能力，那麼這是進步的X因素，並且可能會帶來一些上行壓力。

Is that the right way to think about it?

這是正確的思考方式嗎？

Or would you adjust me?

或是你能調整我嗎？

I think you're in the right ballpark.

我認為你的判斷是正確的。

I mean, I think the big increase, sounds like you paid very well attention in the prepared remarks,which is nice.

我的意思是，我認為大幅的成長，聽起來你在準備好的發言中非常用心，這很好。

The big increase this quarter was pretty unique to Prudential and rolling out a couple of new data centers, which you're not going to do every quarter.

本季度的大幅成長對於 Prudential 來說相當獨​​特，並且推出了幾個新的資料中心，而這並不是每個季度都會做的。

So that's why going forward, we’re getting back to that more normalized a few million.

所以這就是為什麼今後我們要回到更正常化的幾百萬。

I do think on the institution side and the technology necessary, that -- outside of Prudential, that hasn't been a huge driver.

我確實認為，從機構方面和必要的技術來看，除了保誠集團之外，這並不是一個巨大的驅動力。

I mean, I think as Rich articulated very well, Prudential was a very big technology build with a lot of capabilities, and that was, from an integration standpoint, $325 million. $200 million of that was technology that drives and goes into that depreciation over time.

我的意思是，我認為正如里奇所明確表達的那樣，保誠是一家非常龐大的技術公司，擁有很多功能，從整合的角度來看，其投資金額為 3.25 億美元。其中 2 億美元是技術導致的，並且會隨著時間的推移而貶值。

That was a little bit unique.

這有點獨特。

I think if you're thinking about just institution growth overall, it certainly could be a driver.

我認為，如果你只考慮機構整體成長，它肯定會成為一個驅動力。

It wouldn't be something at the level of a Prudential typically, because that was about building the capabilities not only for that new platform, but also to get Prudential onto that platform with the tools and capabilities they need.

這通常不會是保誠層面的事情，因為這不僅是為了建立新平台的能力，也是為了讓保誠擁有其所需的工具和能力進入該平台。

So that one is a little bit of an outlier.

所以這個有點異常。

Great, thanks for that clarity.

非常好，感謝您的澄清。

Michael Cho, JPMorgan.

摩根大通的 Michael Cho。

Hi, good afternoon guys.

大家下午好。

Thanks for thanks for taking my question here.

感謝您在這裡回答我的問題。

I just wanted to touch on expenses and the efficiencies.

我只是想談談費用和效率。

I mean, Matt, you talked through kind of slowing Core G&A growth kind of given the efficiencies that you're experiencing, and I think you touched on a few areas in the prepared remarks.

我的意思是，馬特，考慮到您所經歷的效率，您談到了核心 G&A 成長放緩的問題，我認為您在準備好的發言中提到了幾個領域。

I was hoping you can unpack kind of operationally where you've actually been able to extract a lot of these efficiencies and where might there be more ahead?

我希望您能從操作的角度闡述您實際上能夠從哪裡提取大量效率，以及未來還可能在哪些方面實現更多提升？

And just more broadly, on this journey for outside or more operating leverage in the years ahead.

更廣泛地說，在未來幾年中，我們將尋求外部或更多的營運槓桿。

I mean how would you characterize maybe the 2025 expense profile and margin profile on this journey to drive more leverage ahead?

我的意思是，您如何描述 2025 年的費用狀況和利潤狀況，以推動未來更多的槓桿作用？

Thanks.

謝謝。

Yes.

是的。

I'll give some perspective there.

我將在此提供一些觀點。

And I think maybe a broad point is not only about efficiencies on the expense side.

我認為廣泛的觀點可能不僅涉及費用方面的效率。

There's opportunity on the revenue and the monetization side.

收入和貨幣化方面也存在機會。

So I'll start more on the expense side and maybe, Rich, you can jump in on the revenue side.

因此，我將更多地從支出方面入手，也許，Rich，你可以從收入方面入手。

I think -- and maybe the key thing is if we're really continuing the things that we've been doing for the past few years and especially in 2024, and it's really about us dialing up the efforts and focus on that.

我認為——也許關鍵在於我們是否真的要繼續過去幾年，特別是 2024 年一直在做的事情，這真的取決於我們是否要加強努力並專注於此。

And specific to your question, these are investments to really drive efficiencies and they don't sound like they're exciting things, but they're very effective in driving operating leverage, which is automating manual processes in large groups like operations, like service.

具體到你的問題，這些都是為了提高效率而進行的投資，聽起來並不是很令人興奮的事情，但它們在推動營運槓桿方面非常有效，營運槓桿是大型團體（如營運、服務等）的手動流程自動化。

We talked a fair bit about on this call that on bringing large institutions on board and just getting more efficient and effective at doing that not only in a cost-effective way, but in a more -- actually, the lower the cost is actually the faster we get them on as well.

我們在這次電話會議上討論了引入大型機構，並提高效率和效果，不僅要以成本效益高的方式，而且要以更有效率的方式——實際上，成本越低，我們也能更快地讓他們上路。

So it's not only lower cost, it's a benefit to those clients as well.

因此，這不僅降低了成本，而且對客戶也有益。

So I think when we may be getting specific to your point as we look ahead to 2025 and maybe with some context in 2024, right, where we delivered double-digit organic growth, 10% and with a Core G&A growth rate in the 8% range or around 8%.

因此，我認為當我們展望2025 年，並​​結合2024 年的一些背景時，我們可能會具體討論你的觀點，那時我們實現了兩位數的有機增長，即10%，核心G&A 增長率為8 %。

And I think you're starting to see that operating leverage benefit continue into 2025 where if you look at our guidance in the 6% to 8% range prior to the full year impact of Prudential and Atria.

而且我認為，您開始看到經營槓桿優勢將持續到 2025 年，如果您看看我們的預期，在 Prudential 和 Atria 的全年影響之前，該優勢將在 6% 到 8% 的範圍內。

And I think shorthand down the middle, which I think many of you were at 7%, right?

我認為是中間的簡寫，我想你們很多人都是 7%，對嗎？

That's the second year in a row of expense growth coming down, while I think you've heard us have confidence that we're going to continue to invest and continue to drive organic growth.

這是費用成長連續第二年下降，同時我想你們已經聽到我們有信心繼續投資並繼續推動有機成長。

So there's some real power in that.

因此，它確實具有力量。

And I think our confidence on the opportunities for us to continue to make those investments continue to drive those opportunities as high, especially when you couple it with, I think, a new focus and perspective on the revenue side as well.

我認為，我們對繼續進行這些投資的機會充滿信心，這將進一步推動這些機會不斷增高，尤其是當你將它與收入方面的新焦點和新視角結合起來時。

I will jump in on the revenue, but I actually wanted to embellish just one small thing there.

我會加入收入行列，但實際上我只想修飾那裡的一件小事。

I think it's important that you all, as a community, have gotten to know Matt Audette pretty well over the last couple of years, certainly, as a CFO.

我認為重要的是，作為一個社區，你們所有人在過去幾年中已經非常了解馬特·奧德特，當然，作為首席財務官。

But for the last couple of years, he's run our operations our risk functions, our compliance function and now more recently, our service and supervisory functions.

但在過去的幾年裡，他一直負責我們的營運、風險職能、合規職能，最近又負責我們的服務和監督職能。

And as you think about the discipline required not only to kind of think through where you can have efficiency gains, it actually also requires the operating rigor to stay on top of it, set targets, act against those targets and then hold ourselves accountable to achieve those outcomes.

當你考慮紀律時，不僅要思考如何提高效率，實際上還需要嚴謹的運營，以保持領先地位，設定目標，針對這些目標採取行動，然後對自己負責，實現目標那些結果。

And so that rigor and discipline that you've maybe come to experience from the CFO side, we get to experience as well as an operator on the other side.

因此，您可能從財務長的角度體驗到嚴謹和紀律，而我們作為操作員也可以從另一方面體驗。

And so, it's not just the plans.

所以，這不僅僅是計劃。

It's actually the oversight and talent to execute against the plan.

這實際上是執行計劃的監督和才能。

And we've made -- I alluded to some of the organizational changes that we made in the fourth quarter.

我們已經——我提到了我們在第四季所做的一些組織變革。

One of those notably to me, is that we introduced an operating committee that is led by Matt as President and CFO, to continue to make sure that we're actually progressing against that operating margin improvement.

對我來說最值得注意的其中之一是，我們引入了一個由總裁兼財務長馬特領導的營運委員會，以繼續確保我們在提高營業利潤率方面確實取得進展。

I had stepped out for minute.

我剛剛出去了一分鐘。

Do you mind repeating that?

你介意再說一次嗎？

Yes, yes.

是的，是的。

I think Bill Katz would not appreciate me repeating remarks given that you gave us a complement on the succinct nature of the opening remarks.

鑑於您對開場白的簡潔性給予了稱讚，我想比爾·卡茨不會希望我重複您的言論。

Yet every one of my answers is incredibly long.

然而我的每一個答案都非常長。

So I apologize, Bill.

所以我很抱歉，比爾。

I will say -- I alluded to it a little bit earlier, though.

我想說的是——儘管如此，我之前已經提到過這一點。

It's not just the expense side.

這不僅是費用方面的問題。

It also is the monetization side.

這也是貨幣化的一面。

So when you think about the monetization side, you do want to look at those assets, you want to look at your ability to monetize those assets differently.

因此，當你考慮貨幣化方面時，你確實想要看看這些資產，你想要以不同的方式看待你將這些資產貨幣化的能力。

We want to look at your ability to expand your participation in other and other components of the wealth spectrum that we're not participating in, I mentioned banking.

我們希望了解你們擴大參與我們尚未參與的財富領域其他部分的能力，我提到了銀行業。

And there's a lot of things that we're looking there to continue to expand our monetization of the assets.

我們正在尋找很多方法來繼續擴大我們的資產貨幣化。

I mentioned as well, partnerships on the asset management side and then pricing.

我也提到了資產管理方面的合作關係以及定價。

And so we are looking at this in a balanced picture and recognize that there are opportunities on both sides of that equation.

因此，我們要以平衡的眼光看待這個問題，並認識到這個等式的兩邊都存在著機會。

For us to sustainably work towards growing operating leverage and margin.

我們要持續努力提高經營槓桿和利潤率。

Wonderful, thanks guys.

太好了，謝謝大家。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞 (Jefferies)。

Thanks, good evening.

謝謝，晚上好。

Wanted to follow up on just the cash discussion.

想要跟進有關現金的討論。

And December, obviously, a very nice build, some of that's seasonal.

顯然，十二月的建設非常順利，其中一些是季節性的。

Curious if there's anything underneath that in terms of behavior outside of the onboarding of some of the transactions.

好奇除了某些交易的入職之外，是否還有其他行為。

And then maybe, as we mentioned earlier, just update us on kind of the January trends, both, I guess, maybe on cash or anything on NNA that's worth highlighting.

然後也許，正如我們之前提到的那樣，只是向我們更新一月份的趨勢，我想，可能是關於現金或 NNA 上任何值得強調的內容。

Yes, you got it.

是的，你明白了。

And I'll start with organic growth first.

我首先從有機成長開始。

And just a couple of seasonal items.

還有幾件季節性物品。

As a reminder, I know you know, but just to hit them, January is a lower NNA month by nature.

提醒一下，我知道你知道，但要提醒他們，一月本質上是 NNA 較低的月份。

Two things driving that, the lower recruiting that we talked about a little bit earlier in December, that kind of flows into the first month of the quarter, usually the first half of January and it ramps up in the second half.

有兩個因素導致了這一現象，我們在 12 月初談到的招聘人數減少，這種現象會延續到本季度的第一個月，通常是 1 月上半月，然後在下半月增加。

And then second is advisory fees, the biggest month of the quarter for advisory piece is the first month.

第二是諮詢費，本季諮詢費用最高的月份是第一個月。

So those two things make January a lower NNA month.

因此，這兩件事使得一月成為 NNA 較低的月份。

Now specific to this January for us, there's two items that will drive it the other way, which is we have $23 billion of Prudential assets that haven't onboarded yet.

現在具體到我們一月的情況，有兩件事會為我們帶來相反的影響，那就是我們還有 230 億美元的保誠資產尚未入帳。

I think a decent amount of those will come on in January as well as Wintrust onboarded in January with $15 billion, $16 billion of assets coming on board.

我認為其中相當一部分將在 1 月到位，Wintrust 也將在 1 月加入，屆時將有 150 億美元、160 億美元的資產加入。

So when you pull all that together and just looking prior to Prudential and Wintrust, we'd expect January to finish somewhere in the 3% to 4% range, which is similar to what we've seen in prior quarters and then building from there in February and March, usually in the mid- to high single digits in those months.

因此，當你把所有這些因素綜合起來，並僅看Prudential 和Wintrust 之前的情況時，我們預計1 月份的成長率將在3% 到4% 之間，這與我們在前幾個季度看到的情況類似，然後從那裡開始增長在二月和三月，這兩個月的降雨量通常處於中高個位數。

So that would typically bring the quarter to around 6% which would be a good outcome for Q1.

因此，這通常會使本季的成長率達到 6% 左右，這對於第一季來說是一個好的結果。

And then when you layer on top of that, the assets coming from Prudential and Wintrust, I think we could be in a Q1 organic growth that's probably more in the mid-teens.

然後當你在此基礎上加上來自 Prudential 和 Wintrust 的資產時，我認為我們第一季的有機成長率可能會達到 15% 左右。

So I think a really compelling result and a strong setup for Q1 on the growth side.

所以我認為這確實是一個令人信服的結果，並且為第一季的成長奠定了強勁基礎。

On the client cash side.

在客戶現金方面。

So January, as you noticed, we've got some seasonal as well.

因此，正如您所注意到的，一月份我們也有一些季節性的現象。

Two things to note there.

有兩點要注意。

First, same factor on fees, same item on fees.

第一，費用因素相同，費用項目相同。

Those come out primarily in the first month of the quarter.

這些主要出現在季度的第一個月。

That is about $1.6 billion of impact.

這影響的金額約為16億美元。

And then second, that December cash build that we typically see due to things like tax loss harvesting, other repositioning.

其次，我們通常會看到 12 月的現金積累，這是由於稅收損失收穫和其他重新定位等因素造成的。

As I'm sure you saw this -- the build this year was larger than most, and it was just a just under $5 billion.

我相信你已經看到了這一點——今年的建設規模比往年都要大，略低於 50 億美元。

And those balances start to go back into the market in January.

這些餘額將在一月開始回流市場。

We've already started to see that.

我們已經開始看到這一點。

So far, just over $2 billion of that, $5 billion has been deployed back in the market.

到目前為止，其中剛過 20 億美元，即 50 億美元已重新投入市場。

So you put all those factors together and January cash balances are sitting just under $51.5 billion.

所以把所有這些因素放在一起，一月份的現金餘額略低於 515 億美元。

And maybe just a little -- another perspective that I think could be helpful just to look at the overall flows of Q4 and January together, right?

也許只是一點點——我認為另一個視角可能會有所幫助，只需一起看看第四季度和一月份的整體流量即可，對嗎？

Because that eliminates that noise of that December and January -- December buildup and then that January redeployment.

因為這消除了 12 月和 1 月的噪音——12 月的累積和 1 月的重新部署。

So if you just look at that and look at it prior to the $4 billion of cash that came on from Pru and Atria, if we just look at those 4 months, meaning Q4 and January, cash sweep is up around $1.5 billion over that 4-month period.

因此，如果你只看這一點，並在保誠和Atria 注入40 億美元現金之前看，如果我們只看這4 個月，即第四季度和1 月份，現金流在這4 個月內增加了約15 億美元個月期間。

So I think if you go back to the stability we started seeing earlier in the year and then you look at that 4-month trend, I think we're really starting to see some stability in cash.

因此，我認為，如果回顧我們今年早些時候開始看到的穩定性，然後再看看這 4 個月的趨勢，我認為我們確實開始看到現金的穩定性。

Great.

偉大的。

Thank you.

謝謝。

Chris Allen, Citi.

花旗銀行的克里斯艾倫 (Chris Allen)。

Yeah, evening everyone.

嗯，大家晚上好。

Thanks for taking the question.

感謝您回答這個問題。

I wanted to talk a little bit about the high net worth channel, increasing area of focus and the alts platform.

我想稍微談談高淨值管道、增加關注領域和替代平台。

Maybe you could talk about where you are in terms of currently expanding your selling agreements on the alts platform.

也許您可以談談目前您在 alts 平台上擴展銷售協議的進度。

And any color just around how you think about the revenue monetization opportunity longer term there?

您如何看待那裡長期的收入貨幣化機會？

Yes, Chris, it's Rich.

是的，克里斯，我是里奇。

Thank you so much for the question.

非常感謝您的提問。

So let's start with the high net worth channel.

因此，讓我們從高淨值通路開始。

I think it's probably a better place to start.

我認為這可能是一個更好的起點。

So for us, I think you've seen us be pretty systematic over the course of the last several years.

所以對我們來說，我想你已經看到我們在過去幾年變得相當系統化。

and expanding our affiliation models.

並擴大我們的聯盟模式。

Part of that with intentionality was as we were able to build in capabilities to continue to serve more sophisticated advisors who are servicing larger and more complex and investors, we felt increasingly comfortable that we could then launch sequential models into the marketplace that not only allow our existing advisors to affiliate in that way, but allowed us to be attractive externally in the marketplace.

部分原因是，隨著我們能夠建立能力，繼續為服務於更大、更複雜的投資者的更成熟的顧問提供服務，我們越來越放心，我們可以將連續模型推向市場，這不僅讓我們的現有顧問以這種方式加入，但卻讓我們在市場上具有外部吸引力。

So when we think about the high net worth segment, that is a segment that we would as we size that is a $5 trillion market opportunity.

因此，當我們考慮高淨值細分市場時，我們認為這是一個 5 兆美元的市場機會。

And I mentioned we've been building those capabilities, and I'll talk about Alts, but it also has to do with you've heard us allude to banking in development capabilities and some complex financial planning in addition.

我提到過，我們一直在建立這些能力，我將談論 Alts，但這也與您聽到的我們提到的銀行開發能力以及一些複雜的財務規劃有關。

But one of the things we've been really confident in, and I hope you've seen this is that as we've built new offerings in the marketplace, we feel that they're really differentiated in the way that we package capabilities and our high net worth offering or our private wealth offering is no different.

但我們真正有信心的一件事，我希望你們已經看到了，那就是當我們在市場上推出新產品時，我們覺得它們在功能打包方式上確實存在差異，我們的高淨值產品或私人財富產品也沒有什麼不同。

We actually Unlike many other firms, in our high net worth space, we give the advisors the autonomy to run their own business.

事實上，與許多其他公司不同的是，在我們的高淨值領域，我們賦予顧問自主經營業務的權力。

They keep the ownership of their practice.

他們保留了對自己實踐的所有權。

They get enhanced ongoing economics paired with all of the capabilities you would expect to see at a competitor's private wealth shop as well.

他們獲得了增強的持續經濟效益以及您期望在競爭對手的私人財富公司看到的所有功能。

And so for us, we feel that, that has led to an incredibly differentiated offering in the marketplace and feel really good about the first full year in 2024 that we were in the market.

因此對我們來說，我們認為這導致了市場上令人難以置信的差異化產品，並且對我們進入市場的 2024 年第一個整年感到非常滿意。

It already had 4 teams joined serving approximately $2 billion in assets as they come over.

目前已有 4 支團隊加入，服務資產總額約 20 億美元。

I've met with several of those teams.

我曾與其中幾個團隊見過面。

And as they've come over, we've heard them say they're actually overwhelmingly positive around our capabilities and their experiences with LTL, and that's a great way to start out and bring out an offering.

在他們過來之後，我們聽到他們說，他們對我們的能力以及他們在 LTL 的體驗非常滿意，這是一個很好的開始和推出產品的方式。

So I think we are looking forward to continuing to mature that offering, and so much of this is -- now for us, less about the capabilities because I think we're solidly there.

因此，我認為我們期待繼續完善該產品，而現在對我們來說，這其中很大一部分不再關乎能力，因為我認為我們已經穩固地準備好了。

It's about getting more consideration in the marketplace by winning more large and sophisticated teams.

這是為了透過贏得更多大型和更複雜的團隊來在市場上獲得更多的關注。

But specifically, on the capabilities I alluded to banking, I alluded to enhanced ability to deliver financial planning.

但具體來說，我提到的銀行業務能力是指增強財務規劃的能力。

We have a trust company that is incredibly sophisticated as well to help serve.

我們還有一家非常成熟的信託公司來為我們服務。

But you mentioned alts, alts is an incredibly important component of a high net worth advisors ability to serve her or his clients be recognized a couple of years ago that we did not have the platform and capabilities that we needed to be competitive.

但是您提到了 alts，alts 是高淨值顧問為其客戶提供服務的能力的一個極其重要的組成部分，幾年前我們就認識到，我們還沒有競爭力所需的平台和能力。

And as such, we began a multiyear journey to deliver capabilities in that -- around all.

因此，我們開始了一段多年的旅程，以實現各方面的能力。

The first for us was last year, which we delivered in midyear, was building a custody and operational capability on our platform.

我們的第一個專案是去年，也就是年中交付，在我們的平台上建立託管和營運能力。

And that ability to custody ultimate that we now had the ability to onboard 2,500 products available to transfer and hold inside of our custody, which is really important to advisors as they change firms.

這種託管能力最終使我們有能力將 2,500 種產品轉移並託管在我們的託管機構中，這對於更換公司的顧問來說非常重要。

The second leg on that journey that we've been building over the latter half of the year, and we're already in pilot, which we'll deploy over the first half of this year, is actually launching an enhanced selling experience for advisors who are looking to buy at on behalf of their clients that is fully digitized with e-signature capabilities to significantly simplify the subscription process.

我們在下半年開始籌備的第二階段工作，目前已進入試點階段，並將在今年上半年部署，實際上是為顧問推出增強的銷售體驗他們希望代表客戶購買完全數位化且具有電子簽名功能的產品，從而大大簡化訂閱流程。

So now you've got those two core capabilities and maybe to that last point that you asked about then, you have to expand your shelf of alternative investments.

現在您已經掌握了這兩個核心能力，也許對於您當時問到的最後一點，您必須擴大您的另類投資組合。

And for us, we recognize we need private equity and private credit products from reputable sponsors to be credible in that space.

對我們來說，我們認識到我們需要來自信譽良好的贊助商的私募股權和私人信貸產品才能在該領域獲得信譽。

And so over the course of 2024, our alternatives with selling agreements that are available for sale in our platform more than doubled as we exited the year with greater than 80 selling agreements.

因此，在 2024 年期間，我們平台上可供出售的銷售協議替代品增加了一倍多，到年底我們已經簽訂了 80 多項銷售協議。

Our intention over the course of 2025 is to continue to grow that dramatically so that we sit in a fully competitive best-in-class position in regards to our inventory available for sale, with a custody platform that is second to none and with a selling process that we think is incredibly strong in the marketplace.

我們的目標是在 2025 年繼續大幅成長，以便我們在可供銷售的庫存方面處於完全競爭的一流地位，擁有首屈一指的託管平台和銷售我們認為這一流程在市場上非常強大。

You put those three together, we think that advisors will get more comfortable on our platform positioning alternatives as a credible and important component of as portfolios for their clients.

將這三者結合起來，我們認為顧問將更放心地在我們的平台上將替代品定位為其客戶投資組合中可靠且重要的組成部分。

I won't speak exactly to what we think that would mean in terms of the monetization improvement, but back to maybe that operating margin question.

我不會具體說我們認為這對貨幣化改善意味著什麼，但也許可以回到營業利潤率的問題。

That's another one that I would put in there, which is a full set of capabilities to continue to grow the monetization on the platform.

這是我要放進去的另一個內容，它是一整套功能，可以繼續提高平台的貨幣化。

So it works in a number of different dimensions.

所以它可以在多個不同的維度上發揮作用。

Kyle Voigt, KBW.

凱爾·沃格特（Kyle Voigt），KBW。

Hi, good evening everyone.

大家晚上好。

Maybe just a question on the pacing of Atria synergy realization as we move through '25 and towards that $150 million EBITDA run rate.

也許這只是一個關於 Atria 協同效應實現速度的問題，因為我們將進入 25 年，並​​實現 1.5 億美元的 EBITDA 運行率。

What should we expect as the rough split between revenue and cost driving those synergies?

當收入和成本之間的大致分配推動這些協同效應時，我們該期待什麼？

And on the cost side, how much synergy realization is baked into that $170 million to $180 million of core G&A, just so we can think about the trajectory of that part of the core G&A base as we move into 2026.

在成本方面，1.7 億至 1.8 億美元的核心 G&A 中有多少協同效應的實現，這樣我們就可以思考到 2026 年這部分核心 G&A 基礎的走勢。

Yes.

是的。

Kyle, I think the -- I mean, you got some click downs there that we don't really have on those specific components.

凱爾，我認為——我的意思是，你在那裡進行了一些點擊，而我們在那些特定組件上實際上並沒有這樣做。

But I think the core part of the question on where we're going to revise those synergies, they're both on the revenue and expense side.

但我認為問題的核心部分是我們要在哪裡修改這些綜效，它們都是在收入和支出方面。

It's largely around when the onboarding occurs, right?

這主要發生在入職時，對嗎？

So I think you got the numbers right on they're at $40 million of run rate now.

所以我認為你的數字是正確的，他們現在的運行率為 4,000 萬美元。

They will build up to $150 million.

他們將累積高達 1.5 億美元。

And it really is just around the onboarding.

這實際上只是關於入職培訓。

So if you think about kind of mid this year, and as we start to onboard those, we'll give clarity as that happens, but that's really the event.

因此，如果你想想今年年中的情況，當我們開始加入這些內容時，我們會給出明確的說明，但這確實是事件。

So it's not a kind of a slow build throughout the year.

所以這不是一種全年緩慢建設的過程。

It really is centered around the online.

它確實是以網路為中心。

Michael Cyprus, Morgan Stanley.

摩根士丹利的邁克爾·塞浦路斯。

Hey, good evening.

嘿，晚上好。

Thanks for taking the question.

感謝您回答這個問題。

Wanted to circle back to your comments around enhanced monetization of assets. you spoke at length about the alts opportunity.

想回到您關於增強資產貨幣化的評論。您詳細地談到了替代貨幣的機會。

I was hoping maybe you could double-click on banking, lending and other asset management opportunities there.

我希望您能在那裡找到銀行、貸款和其他資產管理機會。

Maybe you could elaborate on that.

也許你可以詳細說明一下。

What we might see from LPL here in '25.

我們可能會在25年看到LPL的情況。

How meaningful could this be over time?

隨著時間的推移這會有多大意義？

And maybe you could talk about your aspirations here.

也許您可以在這裡談談您的願望。

Yes, you want to lead off?

是的，你想領先嗎？

Okay.

好的。

It's Rich.

很豐富。

Thank you so much, Michael.

非常感謝，麥可。

So let's start when you think about that banking set of capabilities.

那麼，當您考慮銀行業務能力時，我們就從它開始。

I think the first, as we think about it, is -- and we're not going into kind of break any tremendous news here, but cash management accounts and the ability to actually handle transactional capabilities inside of brokerage construct is incredibly important.

我認為第一個是——我們不會在這裡透露任何重大新聞，但現金管理帳戶和實際處理經紀結構內部交易能力的能力非常重要。

And so we are building in partnership with third-party banks and cash management account that we will bring out in the first half of this year to allow our advisors to have a more extensive relationship with their clients.

因此，我們正在與第三方銀行和現金管理帳戶建立合作關係，並將在今年上半年推出，以便我們的顧問與他們的客戶建立更廣泛的關係。

And you could imagine there's -- can you achieve the direct deposit there?

您可以想像一下——您可以在那裡實現直接存款嗎？

Where they're helping bill pay integrated.

他們正在幫助整合帳單支付。

And so a cash management account would be a foundational element as you would think about standing beyond traditional investments to move -- more moving on to that other side of the balance.

因此，現金管理帳戶將是一個基礎要素，因為您將考慮超越傳統投資而轉向平衡的另一端。

Beyond that, you're talking about security based line of credit.

除此之外，您還在談論基於擔保的信用額度。

So that would be securities-based lending.

這就是證券借貸。

We currently have margin lending.

我們目前有保證金貸款。

But in addition to that, today, we use third parties to position securities base line of credit loans and lines that can be drawn upon by generally high net worth investors.

但除此之外，今天我們也利用第三方來定位證券基礎信用貸款和一般高淨值投資者可以利用的額度。

We're building that capability internal to ourselves.

我們正在內部建構這種能力。

That means that the ability to open the account, to service the account, to establish the line, to draw the line, to close the line, all of that operational engagement that goes on will make it easier for advisors actually established those lines of credit as well as to manage the lines of credit that will be integrated into our ClientWorks platform as well as be integrated into our account view platform for the end investors.

這意味著開立帳戶、服務帳戶、建立信用額度、提取信用額度、關閉信用額度的能力，所有這些操作參與都將使顧問更容易建立這些信用額度以及管理將集成到我們的ClientWorks 平台和最終投資者整合到我們的帳戶查看平台的信用額度。

And so we think making it easier simpler and more integrated will be an incredibly important component as we move forward into cash and then into lending as well.

因此，我們認為，在我們進軍現金和貸款業務的過程中，讓業務變得更加簡單和一體化將是一個非常重要的因素。

So I think if you think about both of those, we draw out and look at other competitors in the marketplace and look at their penetration of their clients into those opportunities, and we view that as the opportunity set.

因此，我認為，如果您考慮這兩者，我們就會抽出時間並觀察市場上的其他競爭對手，並觀察他們將客戶滲透到這些機會中，並將其視為機會集。

And so you guys are probably as deep as we are in looking at some of the better competitors there.

所以，你們可能和我們一樣深入研究那裡的一些更優秀的競爭對手。

So that's how we look about it and then say, okay, we want to achieve industry-leading penetration of those solutions over an arc of multiple years.

這就是我們對此的看法，然後說，好吧，我們希望在多年的時間裡實現這些解決方案的行業領先滲透率。

And you probably can figure out the monetization that's attached to those solutions as well. we do the same math and then it drives our conviction and it drives our investment of capital, again, something that is a good solution for our advisors, good solutions for their clients and ultimately good for LPL as well.

您或許還能弄清楚與這些解決方案相關的貨幣化情況。我們做同樣的計算，然後它推動了我們的信念，推動了我們的資本投資，同樣，這對我們的顧問來說是一個很好的解決方案，對他們的客戶來說也是一個很好的解決方案，最終對LPL 也有好處。

Great.

偉大的。

Thanks so much.

非常感謝。

Jeff Schmitt, William Blair.

傑夫施密特、威廉布萊爾。

Hi, Rich Matt.

你好，Rich Matt。

One more question on Core G&A and just following up on Matt's answer earlier, but you kind of pointed to growth being below your organic growth target next year.

還有一個關於核心一般及行政費用的問題，只是跟進馬特之前的回答，但你指出增長低於明年的有機增長目標。

I guess my question is, should we expect that to be the new norm going forward or at least over the medium term to keep that lower than organic?

我的問題是，我們是否應該預期這將成為未來的新常態，或者至少在中期內將其保持低於有機水平？

And are there any cuts to get to the bottom end of that range?

是否有任何削減措施來達到該範圍的底端？

Or is that all efficiency-driven?

或者說這一切都是為了效率？

Yes, Jeff.

是的，傑夫。

I definitely didn't give a target for next year.

我絕對沒有設定明年的目標。

But I think the key is continuing to drive down our core G&A growth will continue to drive organic growth.

但我認為關鍵是繼續降低我們的核心 G&A 成長將繼續推動有機成長。

However, that may play out.

然而，這種情況可能會發生。

I think the dialogue back with Steven a little bit earlier at the start of the call, I think, is probably a good way to think about that.

我認為在通話開始時稍早與史蒂文進行的對話可能是思考這個問題的一個好方法。

I think to what gets us there.

我認為是什麼讓我們到達了那裡。

I think 6% to 8%, we just look at the size of our growth, the size of our activity, the variable expenses that can come along with the growth rates that we have, that's why we typically have a range.

我認為是 6% 到 8%，我們只是看我們的成長規模、我們活動的規模以及伴隨我們成長率而來的變動費用，這就是為什麼我們通常有一個範圍。

I think when we think about the efficiencies embedded in there, I think, the core part of your question, I think we've got really good line of sight on what we need to go do, the investments we need to make, the actions we need to take that will deliver those efficiencies, and it's just all about executing and getting it done.

我認為，當我們考慮其中蘊含的效率時，我認為，你問題的核心部分，我認為我們對需要做什麼、需要進行的投資、需要採取的行動有了很好的認識。實現這些效率，而這一切都與執行和完成有關。

So I think the range is more about uncertainty on things -- they're usually pretty positive, which is the levels of organic growth because that comes with a lot of upfront variable expenses.

因此，我認為範圍更多地與事物的不確定性有關——它們通常非常積極，這是有機增長的水平，因為這伴隨著大量的前期變動費用。

And so it's more -- the range is usually more about that.

因此，範圍通常更多地與此有關。

Okay, great.

好的，太好了。

Thanks.

謝謝。

Steven Chubak, Wolfe Research.

Steven Chubak, Wolfe Research.

Oh, we already talked about January.

哦，我們已經討論過一月份了。

Ready hearing rumblings, Yes, I know you already talked about January.

準備好聽到隆隆聲，是的，我知道你已經談到了一月。

But Matt, what wasn't touched on, and it's come up in -- at least I've read a number of press reports is the changes that you've implemented to pay out at pricing across the platform in recent months, whether it's a DCA, something out to production bonuses I was hoping you could just speak to your philosophy around how you're implementing these pricing changes and how we should think about the financial benefits as we look out to '25 and beyond.

但是 Matt，我還沒有提到，而且至少我已經閱讀了一些新聞報道，其中提到了近幾個月來你們對整個平台的支付定價所做的改變，無論是DCA，一些與生產獎金相關的內容，我希望您能談談您對如何實施這些價格變化的理念，以及我們應該如何看待25 年及以後的財務利益。

Sure.

當然。

So I'll start with DCA and Rich I don't know if you want to jump in on the production

所以我先從 DCA 開始，Rich，我不知道你是否想參與製作

(inaudible).

（聽不清楚）。

I think on DCA, that's just a little bit of the nuances of the account and how it works, Steven.

我認為，關於 DCA，這只是帳戶及其運作方式的一些細微差別，史蒂文。

It's priced as a fee per account as opposed to based on balances.

其收費是按每個帳戶計算的，而不是根據餘額計算的。

So when you have balanced growth, I'm sure you can see like we did on average DCA balances, really, the only way to eventually affect that is to periodically change the feet on that account.

因此，當您實現平衡成長時，我相信您會看到，就像我們對平均 DCA 餘額所做的那樣，最終影響它的唯一方法是定期更改該帳戶的條款。

So that's why we changed that fee.

這就是我們改變費用的原因。

Just numbers for you.

對你來說只是數字。

We've got about 1.5 million of those accounts.

我們擁有大約 150 萬個此類帳戶。

And based on the fee changes that we make that may that will be a quarterly run rate benefit of about $4 million to $5 million beginning when that fee change takes effect on February 1.

根據我們所做的費用調整，從 2 月 1 日費用調整生效起，每季的運行率收益可能達到約 400 萬至 500 萬美元。

She'll get partial benefit in Q1 and then ramping up there.

她將在第一季獲得部分利益，然後逐漸增加。

That one is really about just the nuances of that product.

這實際上只是關於該產品的細微差別。

And when balances move around, eventually, you have to move the fee up or down, and it can go either way just depending on where balances go.

當餘額改變時，最終您必須提高或降低費用，而費用的增加或降低取決於餘額的去向。

Maybe, Rich, on the production bonus change.

也許吧，Rich，關於生產獎金的改變。

Yes.

是的。

So thanks, Stephen.

所以謝謝你，史蒂芬。

I think if you look at the production bonus change, I think you could maybe draw a conclusion here.

我認為，如果你看一下生產獎金的變化，也許你可以在這裡得出結論。

Historically, we want to make sure that we have been pricing our offering in the appropriate value exchange to our clients.

從歷史上看，我們希望確保我們向客戶提供的定價能夠實現適當的價值交換。

That has meant for several years, we've taken pricing reductions so that we can have incredibly competitive advisory platforms and be positioned well in the marketplace.

這意味著幾年來我們一直在降低價格，以便我們能夠擁有極具競爭力的諮詢平台並在市場上佔據有利地位。

Make sure that our advisors think that we're the best partner for them.

確保我們的顧問認為我們是他們最好的合作夥伴。

But if you look over the last several years, we've made tremendous investments in capabilities.

但如果你回顧過去幾年，我們會發現我們在能力上投入了龐大的資金。

We have made tremendous investments in supporting advisors through business solutions capabilities through technology investments, through enhancements to the way that we've built our affiliation models as well as how our field management team goes to market in support of advisors, advisory support teams as well.

我們在支援顧問方面進行了巨大的投資，透過業務解決方案能力、技術投資、透過改進我們建立聯盟模式的方式，以及我們的現場管理團隊如何進入市場支援顧問、諮詢支援團隊以及。

And we feel that there is an incredibly strong value proposition here.

我們認為這裡有一個非常強大的價值主張。

And as you go to market, it is a responsible approach to look at the value exchange and the value delivery and price for value delivered.

當你進入市場時，以負責任的態度看待價值交換、價值交付以及價值交付的價格。

We believe that we are an incredibly high-quality firm with an incredibly high-quality offering to our clients and believe that there is an appropriate price for that in the marketplace.

我們相信，我們是一家非常優質的公司，能夠為客戶提供非常優質的產品，我們也相信，在市場上，我們的產品有合適的價格。

And so as we continue to look at that, that's one of the levers we will look at to identify making sure that we are competitive and making sure that they are successful, but also making sure that we are pricing for value, and that would be a reflection of our intention to price for value.

因此，當我們繼續關注這一點時，這是我們將要研究的槓桿之一，以確保我們具有競爭力，確保他們取得成功，同時也確保我們的定價符合價值，這將是體現了我們以價值為定價的意圖。

Well said and thanks so much for accommodating the follow up.

說得很好，非常感謝您的後續跟進。

Thank you.

謝謝。

I would now like to turn the call back over to Mr. Steinmeier for any closing remarks.

現在我想將發言時間轉回給施泰因邁爾先生，請他做最後發言。

Everybody, thank you so much for joining us.

大家好，非常感謝你們的加入。

As many of you may know, yesterday was Lunar New Year.

大家可能都知道，昨天是農曆新年。

And today at LPL, I got to celebrate the year of the snake with a lion dance celebration hosted by our Asian employee resource group, and I can tell you it was absolutely pure joy.

今天在 LPL，我有幸與亞洲員工資源小組一起舉辦了舞獅慶祝活動來慶祝蛇年，我可以告訴你們，這絕對是一種純粹的快樂。

And so for you, we appreciate you spending the time with us, and I wish you joy and prosperity for the year ahead, and we look forward to speaking with you again in May.

因此，對於您來說，我們感謝您花時間與我們在一起，我祝您來年快樂、富足，我們期待在五月再次與您交談。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes the conference.

會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。