LPL Financial Holdings Inc (LPLA) 2025 Q1 法說會逐字稿

Good afternoon, and thank you for joining the first-quarter 2025 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. Rich and Matt will offer introductory remarks and then the call will be open for questions.

下午好，感謝您參加 LPL Financial Holdings Inc. 2025 年第一季財報電話會議。今天參加電話會議的有我們的執行長； Rich Steinmeier 和總裁兼財務長 Matt Audette。Rich 和 Matt 將進行開場發言，然後開始回答問題。

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

（操作員指示）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。

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.

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階層目前的估計或信念，並受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 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，公司請聽眾參閱標題下的披露內容、收益新聞稿中的前瞻性陳述以及公司最近向美國證券交易委員會提交的文件中包含的風險因素和其他披露內容。

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

在電話會議期間，該公司還將討論某些非公認會計準則財務指標。有關此類非 GAAP 財務指標與可比較 GAAP 數據的對照表，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.

現在，我將把發言權交給施泰因邁爾先生。

Thanks, operator, and thank you to everyone for joining our call. It's a pleasure to speak with you again. It's been a strong start to the year for LPL. We delivered another quarter of strong business performance, we reported excellent financial results, and we reached an agreement to acquire Commonwealth, significantly accelerating our progress towards our vision to be the best firm in wealth management. We accomplished this against a challenging operating backdrop with rising macroeconomic uncertainties. It's periods like this that serve as a reminder of the value of professional advice, the importance of our responsibility to support our advisors, and the strength and resiliency of our business model.

謝謝接線員，也謝謝大家參加我們的電話會議。很高興再次與您交談。對 LPL 來說，今年是個強勁的開端。我們又一個季度取得了強勁的業務表現，報告了出色的財務業績，並達成了收購 Commonwealth 的協議，大大加快了我們實現成為最佳財富管理公司的願景的步伐。我們在宏觀經濟不確定性不斷增加且充滿挑戰的經營環境下實現了這一目標。正是這樣的時期提醒我們專業建議的價值、支援顧問的責任的重要性以及我們商業模式的實力和彈性。

Okay. Now let's turn to our Q1 results. Despite market headwinds during the quarter, total assets increased to a new quarterly high of $1.8 trillion as we attracted record organic net new assets of $71 billion, representing a 16% annualized growth rate. Our first-quarter business results led to strong financial performance with record adjusted EPS of $5.15.

好的。現在讓我們來看看第一季的業績。儘管本季市場面臨阻力，但總資產仍增至 1.8 兆美元的季度新高，因為我們吸引了創紀錄的 710 億美元有機淨新資產，年增率為 16%。我們第一季的業務成果帶來了強勁的財務表現，調整後的每股盈餘達到創紀錄的 5.15 美元。

Now let's turn to our strategic plan and our growth across our organic and inorganic activity initiatives. Our vision is clear. We aspire to be the best firm in wealth management. To do that, we are focused on three key priorities: one, pursuing novel and differentiated strategies that enable the firm's sustained success; two, creating an extraordinary employee experience, so employees in turn deliver an unparalleled client experience; and three, leading the firm with operational excellence through increased intentionality and rigor.

現在讓我們來談談我們的策略計劃以及我們的有機和無機活動計劃的成長。我們的願景很明確。我們立志成為財富管理領域最好的公司。為了實現這一目標，我們專注於三個關鍵優先事項：一是推行新穎的差異化策略，確保公司持續成功；二、創造非凡的員工體驗，從而讓員工反過來提供無與倫比的客戶體驗；第三，透過提高意向性和嚴謹性來帶領公司實現卓越營運。

Effectively executing on these focus areas will help us sustain our industry-leading growth while delivering improved operating leverage. With that as context, let's review a few highlights of our business growth. In the first quarter, Recruited Assets were $39 billion, bringing our total for the trailing 12 months to a record $167 billion.

有效執行這些重點領域將有助於我們維持業界領先的成長，同時提高營運槓桿。在此背景下，讓我們回顧一下我們業務成長的一些亮點。第一季度，招募資產為 390 億美元，使我們過去 12 個月的總資產達到創紀錄的 1,670 億美元。

In our traditional independent market, we added approximately $20 billion in assets during Q1, a record for the first quarter of the year. This improves 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，我們在第一季增加了約 200 億美元的資產，創下了今年第一季的最高紀錄。這提高了我們本已處於業界領先地位的流動顧問捕獲率，同時也擴大了我們通路的廣度和深度。

With respect to our expanded affiliation models, Strategic Wealth, Independent Employee and our enhanced RIA offering, we delivered another solid quarter, recruiting roughly $2 billion in assets. And as we look ahead, we expect that the increasing awareness of these models in the marketplace and the ongoing enhancements to our capabilities will drive sustainable growth.

關於我們擴展的聯盟模式、戰略財富、獨立員工和增強的 RIA 產品，我們又取得了一個穩健的季度，募集了約 20 億美元的資產。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。

Next, we added approximately $1 billion of assets in the traditional bank and credit union market. We also continued to make progress with large institutions. During the first quarter, we onboarded the retail wealth management business of Wintrust Financial and completed the transition of Prudential Advisors onto our platform. Our momentum continued in Q2, where in April, we announced that First Horizon would onboard its wealth management business to our Institution Services platform.

接下來，我們在傳統銀行和信用合作社市場增加了約 10 億美元的資產。我們與大型機構的合作也不斷取得進展。在第一季度，我們引進了 Wintrust Financial 的零售財富管理業務，並完成了 Prudential Advisors 向我們平台的過渡。我們在第二季度繼續保持良好的發展勢頭，4 月份，我們宣布 First Horizo​​n 將把其財富管理業務納入我們的機構服務平台。

Turning to overall asset retention. It remains industry-leading at 98% for the first quarter and over the last 12 months. 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. As a complement to our organic growth, we closed and onboarded the acquisition of The Investment Center and advanced our work to onboard and integrate Atria Wealth Solutions, for which the conversions began last weekend.

轉向整體資產保留。第一季和過去 12 個月，其市佔率仍保持行業領先地位，達到 98%。這證明了我們透過提供新功能和技術以及改進服務和營運功能來持續努力提升顧問體驗。作為我們有機成長的補充，我們完成並啟動了對投資中心的收購，並推進了 Atria Wealth Solutions 的啟動和整合工作，該專案的轉換工作已於上週末開始。

Now, as for our planned acquisition of Commonwealth Financial Network, I can't underscore enough how honored we are to be partnering with the team at Commonwealth as we jointly engage with their advisors to articulate the power of combining our two firms. I have personally had the good fortune of speaking with a number of Commonwealth advisors. And the more time I spend with them, the more I understand the power of this distinguished community.

現在，至於我們計劃收購 Commonwealth Financial Network，我非常榮幸能夠與 Commonwealth 的團隊合作，並與他們的顧問共同闡明合併兩家公司的力量。我個人有幸與多位英聯邦顧問進行了交談。我與他們相處的時間越長，我就越能理解這個傑出社群的力量。

Many of these advisors have worked together for decades, supported by a highly responsive management team that has cultivated a unique culture and family-like atmosphere. I have the utmost conviction in the value of preserving and fostering the Commonwealth community.

許多顧問已經合作了幾十年，並得到了高度負責的管理團隊的支持，培育了獨特的文化和家庭般的氛圍。我堅信維護和培育英聯邦共同體的價值。

We remain steadfast in our commitment to delivering on this tremendous opportunity to bring together the best of two great firms. We will preserve Commonwealth's industry-leading service experience, which has garnered the number-one in independent advisor satisfaction with J.D. Power for 11 consecutive years and we'll build upon that with an upgraded best-of-breed platform, including more flexible technology, a more comprehensive product set, extensive research and unique capabilities like LPL's Liquidity & Succession offering.

我們始終堅定不移地致力於抓住這個絕佳機會，將兩家偉大公司的優點結合起來。我們將保留 Commonwealth 業界領先的服務體驗，該體驗已連續 11 年獲得 J.D. Power 獨立顧問滿意度第一名，我們將在此基礎上升級最佳平台，包括更靈活的技術、更全面的產品組合、廣泛的研究和 LPL 的流動性和繼任產品等獨特功能。

By preserving the Commonwealth experience for advisors and maintaining continuity in the broader community and culture, while also leveraging the substantial resources and capabilities of LPL, we will deliver an unparalleled offering for independent financial advisors with Commonwealth at LPL.

透過為顧問保留 Commonwealth 經驗並保持更廣泛的社區和文化的連續性，同時利用 LPL 的大量資源和能力，我們將透過 LPL 的 Commonwealth 為獨立財務顧問提供無與倫比的服務。

We are still in the early innings of the retention effort, but are tracking to our plan and in line with our expectations with respect to advisor commitments. We spent the last several years building out the team, processes and capabilities to execute large and complex boardings, all geared towards ensuring a frictionless experience for transitioning advisors. We are now focusing those resources on this important opportunity to ensure that we deliver a seamless transition.

我們仍處於保留工作的早期階段，但正在按照我們的計劃進行，並符合我們對顧問承諾的期望。過去幾年，我們一直致力於組建團隊、建立流程和能力，以執行大型且複雜的登機程序，所有這些都是為了確保過渡顧問獲得順暢的體驗。我們現在將這些資源集中在這項重要機會上，以確保實現無縫過渡。

In closing, the first quarter was a strong start to the year, and we feel great about our position as a critical partner to our advisors and institutions, while we continue to maximize long-term value for shareholders.

最後，第一季是今年的一個強勁開局，我們對自己作為顧問和機構的重要合作夥伴的地位感到非常滿意，同時我們將繼續為股東實現長期價值最大化。

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

說完這些，我會把電話轉給馬特。

Thanks, Rich. I'm glad to speak with everyone on today's call. As we move into 2025, we remain focused on serving our advisors, growing our business, and delivering shareholder value. This focus led to another quarter of strong organic growth in both traditional and expanded markets as we onboarded the wealth management businesses of Prudential and Wintrust, and are preparing to onboard First Horizon later this year.

謝謝，里奇。我很高興在今天的電話會議上與大家交談。邁入 2025 年，我們將繼續專注於服務我們的顧問、發展我們的業務和實現股東價值。隨著我們引入 Prudential 和 Wintrust 的財富管理業務，並準備在今年稍後引入 First Horizo​​n，這一重點使我們在傳統市場和擴展市場中又實現了一個季度的強勁有機成長。

As a complement to our strong organic growth, we closed and onboarded the acquisition of The Investment Center in March, continue to prepare to onboard our Atria advisors, and lastly, entered into an agreement to acquire Commonwealth Financial Network. So as we look ahead, we are more excited than ever 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.

作為我們強勁有機成長的補充，我們於 3 月完成並啟動了對投資中心的收購，繼續準備引入我們的 Atria 顧問，最後，我們達成了收購 Commonwealth Financial Network 的協議。因此，展望未來，我們比以往任何時候都更加興奮，因為我們有機會服務和支持我們不斷增長的顧問群體，同時繼續提供行業領先的價值主張並推動有機增長。

Now turning to our first-quarter business results. Total advisory and brokerage assets were $1.8 trillion, up 3% from Q4 as record organic net new assets more than offset lower equity markets. Total organic net new assets were $71 billion, an approximately 16% annualized growth rate. Prior to the onboarding of Wintrust advisors in the remaining Prudential assets, our annualized organic growth rate was approximately 7%, a strong result, both on an absolute and relative basis.

現在來談談我們第一季的業務業績。諮詢和經紀資產總額為 1.8 兆美元，較第四季成長 3%，創紀錄的有機淨新資產抵消了股市下跌的影響。總有機淨新資產為 710 億美元，年增率約 16%。在 Wintrust 顧問加入 Prudential 剩餘資產之前，我們的年化有機成長率約為 7%，無論從絕對值或相對值來看，這都是一個強勁的業績。

On the recruiting front, Q1 recruited assets were $39 billion, which included $16 billion from Wintrust. Prior to large institutions, recruited assets were approximately $22 billion, a record for the first quarter of the year. As for our Q1 financial results, the combination of organic growth and expense discipline led to an adjusted pretax margin of approximately 40% and record adjusted EPS of $5.15.

在招募方面，第一季招募的資產為 390 億美元，其中包括來自 Wintrust 的 160 億美元。在大型機構之前，募集的資產約為220億美元，創下今年第一季的最高紀錄。至於我們的第一季財務業績，有機成長和費用控制相結合導致調整後的稅前利潤率達到約 40%，調整後的每股盈餘達到創紀錄的 5.15 美元。

Gross profit was $1.273 billion, up $45 million sequentially. As for the components, commission and advisory fees net of payout were $363 million, up $50 million from Q4. Our payout rate was 86.8%, down 100 basis points from Q4, largely due to the seasonal reset of the production bonus at the beginning of the year.

毛利為 12.73 億美元，比上一季成長 4,500 萬美元。從組成部分來看，佣金和諮詢費淨支出為 3.63 億美元，比第四季增加了 5,000 萬美元。我們的派息率為 86.8%，比第四季度下降了 100 個基點，這主要是由於年初生產獎金的季節性調整。

Looking ahead to Q2, we anticipate our payout rate will increase by approximately 60 basis points, driven by the typical seasonal build in the production bonus. With respect to client cash revenue, it was $408 million, up $11 million from Q4 as average cash balances increased during the quarter. Overall client cash balances ended the quarter at $53 billion, down $2 billion sequentially, primarily driven by advisory fees paid during the quarter.

展望第二季度，我們預計我們的派息率將增加約 60 個基點，這主要得益於生產獎金的典型季節性成長。就客戶現金收入而言，為 4.08 億美元，較第四季增加 1,100 萬美元，因為本季平均現金餘額增加。本季末，客戶現金餘額總額為 530 億美元，比上一季減少 20 億美元，主要原因是本季支付了諮詢費。

Within our ICA portfolio, the mix of fixed rate balances ended the quarter at roughly 60% within our target range of 50% to 75%. Looking more closely at our ICA yield, it was 337 basis points in Q1, up 2 basis points from Q4, driven by higher yields on our fixed rate contract renewals. As we look ahead to Q2, based on where client cash balances and interest rates are today, as well as the yields on our new fixed rate contracts, we expect our ICA yield to be roughly flat to Q1.

在我們的 ICA 投資組合中，本季末固定利率餘額組合約為 60%，處於我們 50% 至 75% 的目標範圍內。更仔細地觀察我們的 ICA 收益率，第一季為 337 個基點，比第四季度上升了 2 個基點，這得益於我們的固定利率合約續約收益率上升。展望第二季度，根據當前客戶現金餘額和利率狀況，以及我們新的固定利率合約的收益率，我們預計 ICA 收益率將與第一季大致相同。

As for Service and Fee revenue, it was $145 million in Q1, up $6 million from Q4, driven by strong organic growth and higher IRA fees. Looking ahead to Q2, we expect Service and Fee revenue to increase by approximately $5 million sequentially, driven by conference revenues and the underlying growth of the business.

至於服務和費用收入，第一季為 1.45 億美元，比第四季增加 600 萬美元，這得益於強勁的有機成長和更高的 IRA 費用。展望第二季度，我們預計服務和費用收入將環比增加約 500 萬美元，這主要得益於會議收入和業務的潛在成長。

Moving on to Q1 transaction revenue. It was $68 million, up $6 million sequentially due to increased trading volumes. As we look ahead to Q2, we expect transaction revenue to be roughly flat.

繼續討論第一季交易收入。由於交易量增加，該數字達到 6,800 萬美元，比上一季增加 600 萬美元。展望第二季度，我們預期交易收入將大致持平。

Now let's move on to our recent large institution onboardings as well as our closed and upcoming acquisitions. As for large institutions, in Q1, we onboarded Wintrust and completed the transition of Prudential onto our platform. Collectively, these onboardings added over $80 billion of client assets.

現在讓我們來談談我們最近的大型機構入職以及我們已經完成和即將進行的收購。對於大型機構，在第一季度，我們加入了 Wintrust，並完成了 Prudential 向我們平台的過渡。總的來說，這些新增客戶資產增加了 800 多億美元。

In terms of M&A, we recently started the onboarding of Atria advisors, which will continue for the next few months and expect to close our acquisition of Commonwealth in the second half of this year. These acquisitions are expected to add nearly $350 billion of client assets to our platform.

在併購方面，我們最近開始引進 Atria 顧問，這項工作將在接下來的幾個月內持續進行，並預計將在今年下半年完成對 Commonwealth 的收購。這些收購預計將為我們的平台增加近3500億美元的客戶資產。

Now let's turn to expenses, starting with Core G&A. It was $413 million in Q1. For the full year 2025, we're seeing early returns on our renewed focus to drive operating leverage in the business, as our efficiency efforts have slowed the growth of core G&A. As a result, we're lowering the upper end of our outlook range by $15 million. We now anticipate full year '25 core G&A to be in a range of $1.730 billion to $1.765 billion, which includes $170 million to $180 million of expenses related to Prudential and Atria, but is prior to expenses associated with Commonwealth.

現在讓我們來談談費用，從核心一般及行政費用開始。第一季為 4.13 億美元。對於 2025 年全年而言，由於我們的效率努力已經減緩了核心 G&A 的成長，我們將看到重新專注於推動業務營運槓桿的早期回報。因此，我們將預期範圍的上限降低了 1500 萬美元。我們現在預計 25 年全年核心一般及行政費用將在 17.3 億美元至 17.65 億美元之間，其中包括與 Prudential 和 Atria 相關的 1.7 億美元至 1.8 億美元的費用，但高於與 Commonwealth 相關的費用。

To give you a sense of the near-term timing of the spend, as we look ahead to Q2, we expect core G&A to be in a range of $435 million to $445 million.

為了讓您了解近期支出的時間安排，展望第二季度，我們預計核心 G&A 費用將在 4.35 億美元至 4.45 億美元之間。

Moving on to Q1 promotional expense. It was $152 million down $21 million from Q4, primarily driven by lower Prudential related onboarding costs as well as seasonally lower conference expense. Looking ahead to Q2, we expect promotional expense to increase by approximately $20 million, driven by conference spend as well as increased transition assistance resulting from strong recruiting.

繼續討論第一季的促銷費用。與第四季度相比，這一數字下降了 1.52 億美元，減少了 2,100 萬美元，主要原因是保誠相關的入職成本降低以及季節性會議費用降低。展望第二季度，我們預計促銷費用將增加約 2000 萬美元，主要原因是會議支出以及強勁招聘帶來的過渡援助增加。

Turning to depreciation and amortization. It was $92 million in Q1, flat –sequentially. Looking ahead to Q2, we expect depreciation and amortization to increase by roughly $5 million.

轉向折舊和攤銷。第一季為 9,200 萬美元，與上一季持平。展望第二季度，我們預計折舊和攤提將增加約 500 萬美元。

As for interest expense, it was $81 million in Q1, down $1 million sequentially due to lower interest expense on our floating rate debt.

至於利息支出，第一季為 8,100 萬美元，比上一季下降 100 萬美元，原因是浮動利率債務的利息支出較低。

In addition, in early April, we issued $1.5 billion of senior notes to finance a portion of the acquisition of Commonwealth. As a result, in Q2, we expect interest expense to increase by approximately $20 million sequentially.

此外，4月初，我們發行了15億美元的優先票據，為收購Commonwealth提供部分資金。因此，我們預計第二季利息支出將較上季增加約 2,000 萬美元。

Lastly, a reminder that until the closing of Commonwealth, we will earn interest on the proceeds from our recent capital raise. As such, we expect interest income to increase by approximately $30 million sequentially.

最後，提醒一下，在 Commonwealth 關閉之前，我們將從最近的融資收益中賺取利息。因此，我們預計利息收入將環比增加約 3,000 萬美元。

Regarding capital management, We ended Q1 with corporate cash of $621 million, up $142 million from Q4. As for our leverage ratio, at the end of Q1, it was 1.8x.

關於資本管理，我們第一季末的公司現金為 6.21 億美元，比第四季增加了 1.42 億美元。至於我們的槓桿率，在第一季末，它是1.8倍。

As a reminder, we expect to close our acquisition of Commonwealth in the second half of this year, and following the close, we expect our leverage ratio to be approximately 2.25x, a little above the midpoint of our target range of 1.5x to 2.5x.

提醒一下，我們預計將在今年下半年完成對 Commonwealth 的收購，收購完成後，我們預計我們的槓桿率將達到約 2.25 倍，略高於我們 1.5 倍至 2.5 倍目標範圍的中點。

To uphold our commitment to maintaining a strong and flexible capital position, we paused share repurchases following the announcement of our planned acquisition of Commonwealth. Following the close, we have a plan to reduce leverage closer to the midpoint of the range by the end of 2026. Once we onboard Commonwealth, we will revisit share repurchases, guided by our leverage ratio at that time, and our overall capital allocation framework.

為了履行我們維持強大而靈活的資本狀況的承諾，我們在宣布計劃收購 Commonwealth 後暫停了股票回購。收盤後，我們計劃在 2026 年底前將槓桿率降低至接近區間中點。一旦我們加入 Commonwealth，我們將根據當時的槓桿率和整體資本配置框架重新審視股票回購。

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 captial to shareholders.

繼續進行資本部署。我們的框架仍然專注於分配與我們產生的回報相符的資本：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 Q1, 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 The Investment Center, and lastly, return capital to our shareholders, buying back $100 million of our shares.

在第一季度，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投資中心的收購，最後，向股東返還資本，回購價值 1 億美元的股票。

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

最後，我們又一個季度取得了強勁的業務和財務業績。展望未來，我們仍然對繼續推動成長、發揮經營槓桿作用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，請打開電話詢問。

Devin Ryan, Citizens Bank.

德文·瑞安（Devin Ryan），公民銀行。

On Commonwealth, Rich, I heard the prepared remarks. It would be great to get some additional context just on how the conversations have been going anecdotally, if you can frame how far through the recruiting process you are and how the financial packages are coming together relative to what you modeled?

關於聯邦，里奇，我聽到了準備好的發言。如果您能概括一下招募流程進展如何，以及相對於您所模擬的情況，財務方案的進展情況，那麼獲得一些關於談話進展情況的額外背景資訊將會非常好？

And then interrelated, on the other side, the reaction from LPL advisors and other advisors in motion, you're speaking with, I'm assuming, others could be excited about what this could look like pro forma or are at least curious. So I'd love to get some thoughts on that as well.

然後，另一方面，LPL 顧問和其他顧問的反應相互關聯，我假設您正在與之交談，其他人可能會對這種形式感到興奮，或者至少感到好奇。因此我也想聽聽大家對此的看法。

Yeah. Thanks, Devin. I think the way you were able to package a bunch of questions together there that didn't technically violate the single question rule, but definitely a nuance in itself. So maybe let's hit this thing head on. And if I don't hit all of the sub-elements, just come back to me.

是的。謝謝，德文。我認為你能夠將一堆問題打包在一起的方式從技術上來說並不違反單一問題規則，但其本身絕對是一種細微差別。所以也許我們應該正面解決這個問題。如果我沒有觸及所有子元素，就回到我這裡。

So I would say on balance, the trend is going very well. We announced it at the end of March, and so we're about five weeks into the effort. And so that's still quite early as -- especially as you head through an event like this where folks really cherish Commonwealth and so they need a little bit of time, the advisors, to reflect on the announcement as well.

所以我想說，總的來說，趨勢非常好。我們在三月底宣布了這項消息，至今已經進行了大約五週的時間。所以現在還為時過早——尤其是當你參加這樣的活動時，人們真的珍惜英聯邦，所以他們需要一點時間，顧問們，也需要一點時間來思考這個聲明。

But we're progressing in line with our expectations. As I mentioned, tracking towards our 90% retention target. We've seen there's been ample chatter in the marketplace around the deal, but that really speaks to the importance of the Commonwealth franchise and quite honestly, the quality of their advisors.

但我們的進展符合我們的預期。正如我所提到的，我們正在努力實現 90% 的保留率目標。我們看到市場上對這筆交易的討論非常熱烈，但這確實說明了 Commonwealth 特許經營權的重要性，坦白地說，也說明了其顧問的素質。

It's exactly what we expected to see with the franchise of this quality. So we've spent the last several weeks working closely with the Commonwealth team and I've been really engaged personally with their advisors. The collective team has been engaged in person and in virtual meetings. Good news is they've had conferences recently, so we've had joint conference participation with the advisors to share the forward-looking LPL value proposition plus Commonwealth proposition together.

這正是我們對這種特質的特許經營權的期望。因此，過去幾週我們一直與英聯邦團隊密切合作，我與他們的顧問進行了深入的個人交流。整個團隊一直參與現場和虛擬會議。好消息是他們最近召開了會議，因此我們與顧問聯合參加了會議，共同分享了前瞻性的 LPL 價值主張和英聯邦主張。

We have regular engagement with the Commonwealth leadership team on how to make sure that we're reflecting this properly back to all of the advisors. And in every manner of human interaction, even in just this week alone, I shout out a couple of great conversations I personally had with Dan and Kari Pennise during a rain-soaked bike ride in Scottsdale with 21 advisors and families.

我們定期與英聯邦領導團隊溝通，以確保向所有顧問正確反映這種情況。在各種人際交往中，甚至僅在本週，我都大聲說出了我與丹和卡里·佩尼斯在斯科茨代爾與 21 位顧問和家人在雨中騎自行車時進行的幾次精彩對話。

I was out on a wine thing tour, actually blind wine tasting with Reagan Saylor, Wes Botto and other advisors, again, having casual interactions. I had lunch on Sunday in Sacramento with Leslie Roper Day, coincidentally whose brother is the drummer for the band Cake, and Landon Tymochko, and just having those interactions to hear where they stand.

我參加了一次葡萄酒之旅，實際上是與裡根·塞勒 (Reagan Saylor)、韋斯·博托 (Wes Botto) 和其他顧問一起盲品葡萄酒，同樣進行了隨意的互動。週日，我在薩克拉門託與 Leslie Roper Day 和 Landon Tymochko 共進午餐，巧合的是，Leslie Roper Day 的兄弟是 Cake 樂隊的鼓手，我們透過這些互動了解了他們的立場。

And of course, the advisors are wanting to make sure they do proper diligence and they're wanting to understand this continuation of Commonwealth, and I think those reflect those conversations as really productive, folks listening, asking really great questions, as you might expect from real professionals.

當然，顧問們希望確保他們進行了適當的盡職調查，他們希望了解英聯邦的延續，我認為這些反映出這些對話非常富有成效，人們傾聽，提出非常好的問題，正如你對真正的專業人士所期望的那樣。

What those discussions have really reflected for me, and the two conferences I've attended the last two weeks, is that Commonwealth is a very tight-knit community that oftentimes feels are more like a family. And we are deeply committed to keeping that community intact, safeguarding their experience, their cultures, their capabilities.

這些討論以及過去兩週我參加的兩次會議真正反映出，英聯邦是一個非常緊密的社區，常常感覺更像一個家庭。我們堅定地致力於維護這個社區的完整，保護他們的經驗、文化和能力。

And so with LPL, Commonwealth advisors can look forward to all of what makes Commonwealth great plus the enhancements that will improve their overall experience while together, including preserving the brand, premium service model, their leadership team, committing meaningful resources to train and onboard Commonwealth Financial Network service professionals to continue to deliver the service to the existing Commonwealth advisors. We'll deliver capabilities that preserve the elements of the advisor experience as well, like robust feedback mechanisms, et cetera.

因此，透過 LPL，Commonwealth 顧問可以期待 Commonwealth 的所有優點以及可以改善他們整體體驗的增強功能，包括保留品牌、優質服務模式、領導團隊，投入有意義的資源來培訓和引導 Commonwealth Financial Network 服務專業人員繼續為現有的 Commonwealth 顧問提供服務。我們還將提供保留顧問體驗元素的功能，例如強大的回饋機制等。

And so, beyond all of that, we’ll facilitate as seamless a conversion possible and we've demonstrated a peerless track record of executing scale conversions, with over 90% of Commonwealth accounts moving without repapering. And so -- in addition to all of that, the Commonwealth advisors will benefit from our best-of-breed platform, more flexible technology, comprehensive product set, extensive research, unique capabilities like L&S.

因此，除此之外，我們還將盡可能促進無縫轉換，並且我們已經展示了執行規模轉換的無與倫比的記錄，超過 90% 的聯邦帳戶無需重新紙質化即可轉移。因此，除此之外，Commonwealth 顧問還將受益於我們一流的平台、更靈活的技術、全面的產品組合、廣泛的研究以及 L&S 等獨特的功能。

But all in all, we feel great about the value proposition we're delivering to Commonwealth advisors, and feel great about the shape of the transaction itself.

但總而言之，我們對向聯邦顧問提供的價值主張感到非常滿意，並且對交易本身的形式感到非常滿意。

Now you asked specifically about how LPL advisors have reacted. And I would tell you, on balance, it is almost nearly universal in LPL advisors being incredibly supportive of joining together with Commonwealth. So many of our advisors have deep friendships with Commonwealth advisors. Like us as a firm, they've held them in high regard for years, and look forward to being part of a bigger ecosystem that includes both of the advisor sets.

現在你具體詢問了 LPL 顧問的反應。我想告訴你，總的來說，LPL 顧問幾乎一致支持與 Commonwealth 合併。我們的許多顧問與英聯邦顧問有著深厚的友誼。就像我們公司一樣，他們多年來一直高度重視他們，並期待成為包括這兩組顧問的更大生態系統的一部分。

They also know that so much of the culture that we're talking about at Commonwealth is actually going to be delivered back into LPL more broadly. And so the enhancements of our service experience, the ability to capture feedback real time and then disposition and act on that feedback, the responsive culture and again, in an aligned environment that, quite honestly, these are the two best firms in the 1099 marketplace.

他們也知道，我們在 Commonwealth 上談論的許多文化實際上將會更廣泛地傳遞到 LPL。因此，我們的服務體驗得到了增強，能夠即時捕捉反饋，然後根據反饋進行處理和採取行動，響應式文化，並且在一致的環境中，老實說，這是 1099 市場上最好的兩家公司。

They support independent advisors unlike any other firm, and the advisors recognize that harmony of those two firms coming together. And so across the board, I just getting high fives and handshakes from our LPL advisors about the thought of bringing those best-of-breed capabilities that Commonwealth, has into LPL, while being able to be party to a community that has some of their best friends as well.

他們支持獨立顧問，這與其他公司不同，而顧問們也認識到這兩家公司合併後的和諧。因此，我得到了來自 LPL 顧問們的熱烈歡迎和握手，他們表示願意將 Commonwealth 的最佳能力帶入 LPL，同時能夠加入一個擁有他們最好的朋友的社區。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

I did want to ask on expenses. So encouraging to see the tightening of the core G&A range and moving that upper bound lower. I was hoping we can get some additional context around the source of those efficiencies and your confidence in the ability to deliver positive operating leverage while still making the necessary investments in the services platform and deploying that firm-wide, leveraging the Commonwealth offering.

我確實想詢問費用問題。看到核心 G&A 範圍收緊且上限降低，真是令人鼓舞。我希望我們能夠獲得一些關於這些效率的來源的額外背景信息，以及您對提供積極運營槓桿的能力的信心，同時仍然對服務平台進行必要的投資並在整個公司範圍內部署，利用聯邦產品。

Yes, I think the headline is the conviction is high. I think even when you just look at what we talked about on guidance for just this quarter, right? I think when you -- maybe a little bit of context first, in our core G&A growth rate -- as you know well, going back just a couple of years ago, we're in the double-digit range, 15% in 2023. And just the plans for this year to be down to 6% to 8% and then just one quarter in a year, I think you know us well, is not very often that we would update our guidance just after one quarter.

是的，我認為標題的信念很高。我認為，即使你只看一下我們討論的本季指導內容，對嗎？我想，當你——首先讓我們了解一點背景，關於我們的核心 G&A 成長率——正如你所知，回顧幾年前，我們的成長率處於兩位數範圍，到 2023 年將達到 15%。而今年的計劃是下降到 6% 到 8%，然後每年只更新一個季度，我想你很了解我們，我們很少在一個季度之後就更新我們的指導。

And I think that gets to the heart of your question, on the confidence that we have in delivering operating and we're making great progress already. And to your question on the things that we are doing and the source of those, it's kind of basic things, but I think we are very focused on executing.

我認為這觸及了你的問題的核心，我們對實現營運充滿信心，而且我們已經取得了很大進展。至於你問到我們正在做的事情以及這些事情的來源，這些都是基本的事情，但我認為我們非常專注於執行。

It's automating manual processes, it's reducing friction in the system that leads to fewer calls into the service center, it leads to fewer errors in documents that both frustrates advisors and our teams on our side that have to process them. So it's the types of investments that I think it's a rarity where you can invest a dollar in something, where not only does it reduce costs, but it also improves the client experience and improves our employee experience. So kind of a three for one on what we're delivering here.

它使手動流程自動化，減少了系統中的摩擦，從而減少了服務中心的呼叫次數，減少了文件中的錯誤，這些錯誤讓顧問和我們處理這些錯誤的團隊都感到沮喪。所以，我認為這種類型的投資很少見，你可以在某件事上投入一美元，它不僅可以降低成本，還可以改善客戶體驗和員工體驗。因此，我們在這裡提供的服務可以說是三者兼具。

So I think our conviction is high. And of course, we'll continue to update along the way. But this is something, and maybe just to add to it, it's not just about our conviction is high for 2025. I think this is something that has really been something we focused on before, but I think with the focus, the enhanced focus we have now, I'd describe it as more ingrained in our culture because this, again, to repeat the point, if we can do something that improves our client experience, our employee experience, and drop savings to the bottom line, meaning our investor experience, it's a no-brainer to really, really focus on that.

所以我認為我們的信念很高。當然，我們會繼續更新。但這是有意義的，也許只是要補充一點，這不僅僅是我們對 2025 年的信心很高。我認為這是我們以前真正關注的事情，但我認為，隨著我們現在的關注，特別是強化關注，我會將其描述為更加根深蒂固於我們的文化中，因為，再次重申這一點，如果我們可以做一些事情來改善我們的客戶體驗，我們的員工體驗，並將節省的資金投入到底線，也就是我們的投資者體驗，那麼真正關注這一點是理所當然的。

And I think to your point on how we can continue to do that while still investing in the Services Group, still investing to deliver and support the Commonwealth experience, they're related. Like that is the reason that we can do that. The reason that we can just deliver and support those and those capabilities because we are getting more efficient, more effective in the rest of the company.

我認為，正如您所說，我們如何繼續這樣做，同時繼續投資服務集團，繼續投資提供和支持英聯邦的經驗，它們是相關的。這就是我們能夠做到這一點的原因。我們之所以能夠提供和支援這些功能，是因為我們在公司的其他部門變得更有效率、更有效率。

So it's all connected, but headline perhaps is obvious. We're excited about the progress we've made so far and our conviction on continuing to do this remains high.

所以這一切都是有關聯的，但標題也許很明顯。我們對迄今為止所取得的進展感到非常興奮，我們堅信我們會繼續這樣做。

Michael Cyprys, Morgan.

邁克爾·賽普里斯，摩根。

Maybe just on the recruiting pipeline, maybe you could just speak to that for a moment, just in terms of how you see that shaping up in this more volatile backdrop here across the markets? Curious what you're seeing, what your expectations are for LPL, but also the broader industry, do you see advisor movement slowing? Have changed? Do you think there's scope for advisor movement to pick up? And how are you seeing the pipeline shape up across your various channels?

也許只是關於招聘管道，也許您可以簡單地談一下，只是就您如何看待在整個市場更加動蕩的背景下招聘渠道的發展而言？我很好奇您看到了什麼，您對 LPL 以及整個行業的期望是什麼，您是否認為顧問的流動正在放緩？有變化嗎？您認為顧問的變動還有上升的空間嗎？您如何看待各個通路的通路形成情況？

Thanks, Michael, it's Rich. So maybe let me try to hit those in turn. I think as we've looked over, we've seen a new normal in the advisor movement. It's moved to about 5% movement in or around that range. Historically, we have been used to seeing advisor movements it in that some is 6%, sometimes as high as 6.5% range. And so when you think about the environment that we're in today, it does feel like we're in a new normal.

謝謝，邁克爾，我是里奇。所以也許讓我嘗試依次擊打它們。我認為，正如我們所看到的，我們已經看到了顧問運動的新常態。它已移至該範圍內或附近的約 5% 的變動。從歷史上看，我們已經習慣看到顧問的變動，有些是 6%，有時甚至高達 6.5% 的範圍。因此，當你思考我們今天所處的環境時，你確實感覺我們正處於一種新常態。

Now for us, while we see that as potentially the new normal and would be opportunistic if that were to move higher, you see us continuing to deliver improved results because that's reflective of our win rates continuing to move higher. I think you can see that in our Q1 results. And I think you've seen that sustainably over the last quarters as well as the last couple of years.

現在對我們來說，雖然我們認為這可能是新常態，如果這個數字繼續上升，那將是一個機會，但您會看到我們繼續提供更好的結果，因為這反映了我們的勝率繼續走高。我想您可以在我們的第一季業績中看到這一點。我認為在過去幾個季度以及過去幾年中，你已經看到了這種持續的趨勢。

We have heard a little bit in the marketplace around an enhanced competitive landscape -- that doesn't feel much different than the competitive landscape we've been in before. We have heard, as you have heard from several peers that they are intended to change their transition assistance to try to drive more capture.

我們在市場上聽到了一些關於競爭格局增強的消息——這與我們之前所處的競爭格局並沒有太大不同。正如您從幾位同行那裡聽到的那樣，我們聽說他們打算改變過渡援助，以試圖推動更多的捕獲。

But I would remind you that as we talk to advisors, and we probably talk to more advisors on the move than any other firm in the industry. They're looking for a firm that has capabilities, technology, service that is unparalleled, that's the first. Then they look at ongoing economics for which I can tell you, even in the throes of this Commonwealth recruiting event, what we see from ourselves relative to competitive peers are, they may be throwing large TA, but their ongoing economics are not compelling relative to ours.

但我要提醒你，當我們與顧問交談時，我們與顧問交談的次數可能比業內任何其他公司都要多。他們正在尋找一家擁有無與倫比的能力、技術和服務的公司，這是第一位的。然後他們會考慮當前的經濟狀況，我可以告訴你，即使在這次英聯邦招募活動的陣痛中，我們從自己相對於競爭對手的情況來看，他們可能會投入大量的技術援助，但他們的持續經濟狀況相對於我們來說並不引人注目。

And the third thing that advisors will look at is transition assistant rates. And so we feel really confident that the appeal of our model continues to strengthen that we should be able to maintain our industry leading capture of advisors in motion.

顧問要考慮的第三件事是過渡助理費率。因此，我們非常有信心，我們的模式的吸引力會繼續增強，我們應該能夠保持我們在行業中領先的顧問吸引力。

Now, specific to an environment that looks a little more volatile. And I think that's seen recently is a little more volatility. Historically, when we've seen more volatile market environment, you will see sometimes advisors push out moves. That's what we're used to. Those advisors don't not move, but there are often times, they don't want to be out in the marketplace during a highly volatile experience for their end-investors, or their clients.

現在，具體到看起來更加不穩定的環境。我認為最近出現的波動性有所增強。從歷史上看，當我們看到更動盪的市場環境時，你會看到顧問有時會採取一些措施。這就是我們所習慣的。這些顧問不會一動也不動，但很多時候，他們不想在最終投資者或客戶經歷高度動盪的市場中出現。

So you can see the push that may move and give you a little idiosyncratic results quarter-to-quarter. But over a longer arc, those advisors are still going to move firms. We continue to see in our pipeline that we're having really good conversations. We continue to see the pipelines grow. But I would say, I'm probably a little bit wary of what will happen in a continued volatile market around the margins as to whether some of that movement doesn't push out a quarter or two.

因此，你可以看到推動力可能會產生影響，並為你帶來季度間一些特殊的結果。但從長遠來看，這些顧問仍然會更換公司。我們繼續看到，在我們的管道中，我們正在進行非常好的對話。我們持續看到管道不斷成長。但我想說的是，我可能對持續波動的市場邊緣情況感到有些擔心，擔心這種波動是否會延續一兩個季度。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

So maybe just building on that last question around the current environment. It feels like the underlying client, the wealth client, the customer, has been hanging better in this market sell off than what we've seen in the past. So maybe talk a little bit about just the same-store sales dynamics in the book that you've seen through this market volatility, to what extent that differs maybe from other periods of market sell off? And as part of that, the obligatory question on cash, where that stands, would be helpful.

因此，也許只是圍繞當前環境來建立最後一個問題。感覺基礎客戶、財富客戶、顧客在這次市場拋售中表現比我們過去看到的要好。那麼，也許您可以談談您在書中看到的在這次市場波動中同店銷售的動態，這與其他市場拋售時期有何不同？作為其中的一部分，關於現金的強制性問題以及現金狀況將會很有幫助。

Thanks, Alex. So let's talk about same-store sales. So for us, same-store sales has been a real point of emphasis, certainly over the last couple of years, to continue to build more support into our advisors and give them the tools and capabilities to consistently grow their practice.

謝謝，亞歷克斯。那我們來談談同店銷售額。因此，對我們來說，同店銷售額一直是我們真正的重點，尤其是在過去幾年中，我們將繼續為我們的顧問提供更多支持，並為他們提供工具和能力，以不斷發展他們的業務。

We've done that through building more growth coaching programs, through having more active engagement and financial planning, being active in the marketplace to help our advisors as they think about brokerage to advisory.

我們透過建立更多的成長輔導計劃、透過更積極的參與和財務規劃、積極參與市場來幫助我們的顧問思考經紀業務和諮詢業務來實現這一目標。

And you can look at some, even teaming and structure of teams. And so we've continued to enhance our support of our advisor same-store sales by building a robust team and support network to help them implement not only best practices, but, even not just learn about best practices, but in practice, if they want to do more planning, our Business Solutions come into the fold in a very material way. We've got support of High-Net-Worth Services and helping them win high-net-worth cases as well.

您甚至可以了解一些團隊的組建和結構。因此，我們透過建立強大的團隊和支持網絡，繼續加強對顧問同店銷售的支持，幫助他們不僅實施最佳實踐，甚至不僅僅是學習最佳實踐，而且在實踐中，如果他們想做更多的規劃，我們的業務解決方案就會以非常實質性的方式發揮作用。我們得到了高淨值服務的支持，並幫助他們贏得高淨值案件。

We have paraplanners and advanced planning teams that can help them not only with straightforward planning, but with advanced planning capabilities, including tax planning and estate planning. And so for us, we've been building a more and more robust set of services and solutions in support of our advisors. And likewise, we've seen strengthening in our same-store sales that we think -- we hope, is going to be sustainable across a longer arc.

我們擁有助理規劃師和高級規劃團隊，他們不僅可以幫助他們進行簡單的規劃，還可以提供高級規劃能力，包括稅務規劃和遺產規劃。因此，對我們來說，我們一直在建立越來越強大的服務和解決方案來支援我們的顧問。同樣，我們看到同店銷售額有所成長，我們認為——我們希望——這種成長能夠在較長時期內保持永續性。

In this market segment, I think you’re probably right during this movement. We've seen what you get to in volatility, Alex, it's not -- it's a little bit different than the advisor discussion we just had, which is that in volatility, advisors may stay put. What you'll see in volatility for end investors is a flight to quality.

在這個細分市場中，我認為你在這次運動中可能是正確的。亞歷克斯，我們已經看到了波動性所帶來的影響，這與我們剛才討論的顧問情況略有不同，即在波動性中，顧問可能會留在原地。對最終投資者來說，波動性是一種對品質的追求。

In fact, what you will see is more often than not, a flight out of robo-solutions, self-serve solutions, self-directed solutions into advisors. Reflecting this resilient offering that we support in marketplace, which is the best advisors in the industry, delivering advice to end investors.

事實上，您經常會看到人們從機器人解決方案、自助服務解決方案、自我導向解決方案轉向顧問解決方案。反映我們在市場上支持的這種有彈性的產品，這是業內最好的顧問，為最終投資者提供建議。

And investors are looking for support, they’re looking for advice, they're looking for guidance. You will see that in the form of financial advisors. And so it wouldn't surprise me that across highly volatile times, what you would see is advisors seeing, winning more and more new clients, while losing less clients at the same time. So that's maybe a broad-brush stroke over same-store sales, and I'll let Matt hit the cash question.

投資人正在尋求支持、尋求建議、尋求指導。您將以財務顧問的形式看到這一點。因此，在高度動盪的時期，我並不感到驚訝，你會看到顧問贏得越來越多的新客戶，同時失去更少的客戶。因此，這也許只是對同店銷售額的粗略概括，我將讓馬特來討論現金問題。

And Alex, given we're sitting here in May, I'll give maybe a bit of a comprehensive update on April, starting with cash to your question. So as I think you know well, but just to emphasize for everybody, there are two seasonal factors in April from a cash standpoint. The biggest is annual cash payments, typically occur primarily in that month. That reduced cash for us by around $2.5 billion.

亞歷克斯，考慮到現在是五月，我將對四月份的情況做一個全面的更新，首先從現金狀況開始回答你的問題。所以我想你們都很清楚，但我只是想向大家強調一下，從現金的角度來看，四月有兩個季節性因素。最大的一筆是年度現金支付，通常主要發生在當月。這使我們現金減少了約 25 億美元。

And in the normal month one of a quarter, advisory fees of the highest month, in the first month of the quarter, which brought cash down around $1.7 billion. So put those two things together, just from a seasonal standpoint, cash was down a little over $4 billion in the month. Outside of that, though, normal activity had cash grow by almost $3 billion.

而在正常情況下，一個季度的第一個月，諮詢費最高的月份出現在該季度的第一個月，這使得現金減少了約 17 億美元。因此，將這兩件事放在一起，僅從季節性的角度來看，當月現金減少了 40 億多美元。除此之外，正常活動現金成長了近 30 億美元。

So you net all of that out, in April cash decreased by about $1.3 billion to a total of around $51.8 billion, which I would describe as being a bit better than typical or a bit better than expected for the month of April.

因此，將所有這些因素都考慮進去，4 月份現金減少了約 13 億美元，總額約為 518 億美元，我認為這比 4 月份的典型情況或預期情況要好一些。

On the organic growth side, similar seasonality for April. Both those items, taxes and advisory fees also reduce NNA by about 3 percentage points. And when you factor that in, April organic growth came in around 4%. So 7% prior to those two seasonal factors.

從有機成長來看，四月的季節性特徵相似。這兩項費用、稅費和諮詢費也使 NNA 降低了約 3 個百分點。如果將這一因素考慮進去，四月份的有機成長率將達到 4% 左右。因此，除去這兩個季節性因素，這一比例為 7%。

One thing I would remind though, for NNA for Q2 is those large OSJ separations that we discussed a few quarters back. They collectively served around $20 billion of assets. $9 billion of that has off-boarded so far through Q1. So we have $11 billion to go, which we expect the majority of that to be in Q2 and potentially into Q3. So just keep that in mind for the quarter.

不過，我想提醒的一點是，對於第二季的 NNA 來說，我們幾個季度前討論過的那些大型 OSJ 分離。他們總共管理約 200 億美元的資產。其中，第一季迄今已流出 90 億美元。因此，我們還有 110 億美元要投入，我們預計其中大部分將在第二季投入，並可能在第三季投入。所以本季請記住這一點。

And then lastly, given -- again, we are sitting here in May, just pointing to where April overall AUM ended, with the market headwinds offsetting the organic growth that we had, April ended right around where March did.

最後，鑑於——再次強調，我們現在是五月份，只是指出四月份整體 AUM 結束的位置，由於市場逆風抵消了我們的有機增長，四月份的結束位置與三月份大致相同。

So around $1.8 trillion. So a little bit of a unique update given, we're already sitting here in month two, but I hope that helps.

大約是1.8兆美元。因此，給予一些獨特的更新，我們已經進入第二個月了，但我希望這會有所幫助。

Dan Fannon, Jeffries.

丹範農、傑弗里斯。

I was hoping to get an update on the integration and onboarding of Atria and Prudential. Really how that's tracking versus the original estimates and expectations you gave us when those deals were announced.

我希望獲得有關 Atria 和 Prudential 整合和入職的最新消息。實際上，這與這些交易宣佈時您給我們的最初估計和預期相比如何。

Sure. I'll start with Atria. So overall, is we're on track, right? If you remember, we closed in Q4 last year. We're on track to meet our estimate of 80% retention, which would be around $88 billion of assets. And in terms of the run rate EBITDA, nothing has changed there. Even despite a little market pullback, we anticipate still hitting that run rate benefit from an EBITDA standpoint of $150 million by the end of this year.

當然。我先從 Atria 開始。總的來說，我們的進展順利，對嗎？如果您還記得的話，我們去年第四季就關閉了。我們預計將實現 80% 的保留率，約 880 億美元的資產。就運行率 EBITDA 而言，沒有任何變化。即使市場略有回落，我們預計到今年年底，從 EBITDA 的角度來看，運行率收益仍將達到 1.5 億美元。

And then maybe just an update on the conversions, which have begun. We mentioned that a little bit in the prepared remarks, but we've got, as a reminder, seven conversions to do in total. We just did the first two just this last weekend, two conversions with two different custodians, which is not an easy thing to do.

然後也許只是對已經開始的轉換進行更新。我們在準備好的發言中稍微提到了這一點，但提醒一下，我們總共需要進行七次轉換。就在上週末，我們剛剛完成了前兩項工作，與兩個不同的保管人進行了兩次轉換，這並不是一件容易的事。

And I would tell you overall, the conversions went really well. And I think it's just a testament to that team, the capabilities that we've built, the experience that we have, and really doing the conversions -- those went well. So five more to go, and those will happen over the next couple of quarters. And then the revenue and expense synergies really follow for that. So headline is going well and in line with those estimates.

我想告訴你，整體而言，轉換進行得非常順利。我認為這只是對團隊的證明，我們所建立的能力，我們所擁有的經驗，以及真正進行的轉換——一切都進展順利。因此還剩下五個，這些將在接下來的幾個季度內發生。然後收入和支出的協同效應就真正隨之而來。因此整體情況良好，符合這些估計值。

With respect to Prudential, we've now completed that onboarding which led to an overall $67 billion of assets coming onto the platform, $27 billion of that was this quarter. And that was a bit better than the numbers at announcement, which we were expecting to be $60 billion. So that flows through a bit to the EBITDA contribution as well. So we had initially expected a $70 million run rate. And with those incremental assets as well as syncing up the rest of the model, we now expect to hit a run rate of $80 million of EBITDA from Prudential.

就保誠而言，我們現在已經完成了入職培訓，總共有 670 億美元的資產進入該平台，其中 270 億美元是本季的。這比我們宣佈時預計的 600 億美元數字要好一些。所以這也對 EBITDA 貢獻有一定影響。因此我們最初預計的運行率是 7,000 萬美元。透過這些增量資產以及同步模型的其餘部分，我們現在預計保誠的 EBITDA 運行率將達到 8,000 萬美元。

And we're about through the quarter, we're about halfway there on that. And so the rest of the synergies will come through. And one of the big drivers of that is the cash balances as they make their way into our cash sweep program. That's driven by trading activity.

我們已經度過了這個季度，大約完成了一半。這樣，其餘的綜效就會實現。其中一個主要驅動因素是現金餘額進入我們的現金清掃計劃。這是由交易活動所推動的。

So that will shift over the remainder of this year. Hard to predict because it is trading activity, but I think we've done this enough times. If history is a guide, by the end of this year, the majority of those balances will shift through. So that should lead to that $80 million of run rate EBITDA from Prudential.

因此，這種情況將在今年剩餘時間內發生變化。很難預測，因為這是交易活動，但我認為我們已經做過很多次了。如果以歷史為鑑，到今年年底，大部分餘額將會轉移。因此，這將使保誠的 EBITDA 達到 8,000 萬美元。

Mike Brown, Wells Fargo.

富國銀行的麥克布朗。

So the pace of institution wins has continued at a high pace. I just wanted to check in, how is the pipeline looking for activity there? And what is the right cadence for you now on an annual basis?

因此，機構獲勝的步伐仍保持在高水準。我只是想檢查一下，管道在那裡尋找活動的情況如何？那麼，現在每年最適合您的節奏是怎麼樣的呢？

Yeah. Thanks. Appreciate the question. It's Rich. So I think maybe I'll take a step back and we'll answer the question, but I want to give you maybe a bit of a broader perspective. As we look at -- we look at a couple of markets. First, as we look at the large bank market, where we really have clear leadership in that market, and we've successfully attracted $120 billion in assets to date, including First Horizon, which we announced earlier.

是的。謝謝。感謝你的提問。很富有。所以我想也許我應該退一步來回答這個問題，但我想給你一個更廣闊的視角。正如我們所見——我們關注幾個市場。首先，就大型銀行市場而言，我們確實擁有明顯的領導地位，迄今為止，我們已成功吸引了 1200 億美元的資產，其中包括我們先前宣布的 First Horizo​​n。

That large bank opportunity is around a $1.5 trillion market opportunity. We got to like our position in that market, because we’re usually the first call you're going to make as you begin exploring, thinking about a partnered outsourced model.

這個大型銀行的市場機會大約是 1.5 兆美元。我們喜歡我們在該市場中的地位，因為當您開始探索、考慮合作外包模式時，我們通常是您第一個打電話聯絡的公司。

And we continue to make enhancements to our experiences, delivery in that marketplace to continue that leadership. And then subsequently, we've extended our offerings into that insurance BD as well as product manufacturers, which for us, again, represents an additional $1.5 trillion additional market opportunity. As Matt alluded to, we completed that conversion with Prudential in Q1, which I think as well gives us a run rate client at scale, we can reflect the experiences, the ease of the transition, and then the ongoing value in the partnership.

我們將繼續增強我們的經驗，在市場上提供服務，以保持領先地位。隨後，我們將服務範圍擴展到保險 BD 以及產品製造商，這對我們來說，又代表著額外的 1.5 兆美元的市場機會。正如馬特所提到的，我們在第一季完成了與保誠的轉換，我認為這也為我們提供了規模化的運行率客戶，我們可以反映經驗、過渡的便利性以及合作夥伴關係的持續價值。

Now all of those, with leadership in those two marketplaces would reflect in our pipeline, we continue to add to a deep list of potential partners considering. But I would give you one other perspective coming here.

現在，所有這些，加上這兩個市場的領導地位，都會反映在我們的管道中，我們將繼續增加考慮的潛在合作夥伴名單。但來到這裡，我想給你另一個視角。

Given the critical work we have ahead of us to complete the Atria onboarding and to prepare for the acquisition of Commonwealth, we're really focusing our resources on delivering a seamless experience for those new advisors joining our platform, and while ensuring we continue to deliver a great experience for our existing advisors. So I wouldn't expect too much by way of other large announcements for the time being.

鑑於我們面臨的關鍵工作是完成 Atria 入職培訓並為收購 Commonwealth 做準備，我們真正集中資源為加入我們平台的新顧問提供無縫體驗，同時確保繼續為現有顧問提供良好的體驗。因此，我暫時不會對其他重大公告抱持太多期待。

Bill Katz, TD Cohen.

比爾·卡茨、TD·科恩。

Just coming back to the knock-on effects with the Commonwealth transaction. More interested now in terms of what the strategic response is by some of the smaller players and whether or not the combination or the pro forma combination might unlock more opportunities to consolidate strategically versus just through regular way financial advisor wins. Thank you.

剛剛回到聯邦交易的連鎖反應。現在更感興趣的是一些較小參與者的策略反應是什麼，以及組合或形式組合是否可能釋放更多的策略整合機會，而不是僅僅透過常規方式獲得財務顧問的青睞。謝謝。

Yes, Bill, I'll take a cut at it, Rich. And then you redirect me if you don't think you're getting the answer to the question you asked. So I think what we've seen in the marketplace is, a lot of activity regarding Commonwealth advisors, as I had alluded to. But to be completely frank with you, I'm not sure that there are a lot of credible players that Commonwealth advisors would consider as an alternative to LPL.

是的，比爾，我會嘗試一下，里奇。如果您認為您沒有得到所提問題的答案，請重新引導我。所以我認為我們在市場上看到的是，有很多關於英聯邦顧問的活動，正如我所提到的。但坦白說，我不確定有多少可靠的選手能讓英聯邦顧問考慮作為 LPL 的替代者。

I think there are a couple out there and they're being very active. I think you see a lot of the smaller players trying to take and assert themselves into this market opportunity. And I think it's just going to be a struggle for them to be competitive relative to our robust set of capabilities, especially when you think of how we have been very clear on that we are keeping the Commonwealth experience. We are keeping the brand, that we are keeping the service associates that deliver their experience today.

我認為那裡有幾個人，而且他們非常活躍。我認為你會看到很多小公司都在試圖抓住這個市場機會並展現自己的實力。我認為，相對於我們強大的實力，他們要保持競爭力將會非常困難，特別是當你想到我們已經非常明確地表示要保留英聯邦的經驗時。我們正在保留這個品牌，我們正在保留今天提供體驗的服務夥伴。

So we are keeping the culture, the community, the trips, study groups, the practice consultants, power of practice consultants that help them grow. You look at that and say, that has been an exceptional franchise with an exceptional leadership team that has delivered support for advisors over 46 years, put that together with LPL. And it is very hard, Bill, to come credibly forward as an alternative to that.

因此，我們保留了幫助他們成長的文化、社區、旅行、學習小組、實踐顧問以及實踐顧問的力量。你看看這個，然後說，這是一個卓越的特許經營權，擁有卓越的領導團隊，46 年來一直為顧問提供支持，再加上 LPL。比爾，很難提出令人信服的替代方案。

And I'd say whether you're small or whether you're large, I do not believe there is a credible alternative that is close to our experience. And when you put on top of that the fact that we are going to go through a non-conversion event, meaning that largely these advisors, as I mentioned, over 90% of their accounts will not have to be repapered, they will keep the continuity of the service experience. They will not change their brand. They will not have to explain to their clients a major change. They will not have to be out of the marketplace for 30, 60, 90 days as they work through repapering.

我想說，無論你是小還是大，我都不相信有與我們的經驗接近的可信替代方案。除此之外，我們還將經歷一次非轉換事件，這意味著，正如我所提到的，這些顧問的 90% 以上的帳戶將不需要重新開具，他們將保持服務體驗的連續性。他們不會改變自己的品牌。他們不必向客戶解釋重大變化。在進行重新包裝工作時，他們不需要離開市場 30、60 或 90 天。

I think it leads to -- I'm hopeful that we will continue to reflect our capabilities, stay humble, and have the Commonwealth advisors realize that this combined firm will be the leader, not just in the 1099 segment, but across wealth management.

我認為這會導致——我希望我們將繼續體現我們的能力，保持謙遜，並讓英聯邦顧問意識到合併後的公司將成為領導者，不僅在 1099 領域，而且在整個財富管理領域。

And quite honestly, I would say for advisors, you want to be with a term firm that is changing the industry, not reacting to industry change. And that's the orientation of this firm. We are shaping where the industry is headed. We are pushing forward to serve advisors new and differentiated ways while recognizing that advisors are our number-one constituents, and we serve them.

坦白說，對於顧問來說，我想說，你應該加入一家能夠改變行業而不是對行業變化做出反應的定期保險公司。這就是這家公司的定位。我們正在塑造產業的發展方向。我們正在努力以新的、差異化的方式為顧問提供服務，同時認識到顧問是我們最重要的組成部分，我們為他們提供服務。

Now you asked about whether small firms can continue to participate in the marketplace. I'm sure they will have the ability to carve unique positions in the market. But I think day by day, it becomes more challenging for players that are not at scale to compete effectively with firms like ourselves who not only have scale, capacity to invest, but have been committed. I think we are unique in the marketplace and that we have committed to the flexibility to ensure the unique communities and service experiences that have first been demonstrated through our newer affiliation models that subsequently will be demonstrated through our Commonwealth partnership, where we will allow them to feel flexible and small while gaining the scale and capabilities of a leading player in the marketplace.

現在您詢問小公司是否可以繼續參與市場。我相信他們有能力在市場上佔據獨特的地位。但我認為，對於那些規模不夠大的公司來說，與我們這樣不僅擁有規模、投資能力而且有決心的公司進行有效競爭，將變得越來越具有挑戰性。我認為我們在市場上是獨一無二的，我們致力於靈活性，以確保獨特的社區和服務體驗，這些體驗首先透過我們較新的聯盟模式得到展示，隨後將透過我們的聯邦夥伴關係得到展示，我們將讓他們感受到靈活性和小規模，同時獲得市場領先者的規模和能力。

Just think it gets challenging day after day for smaller players to continue to compete. It doesn't mean it's impossible. There are some great players in the marketplace, but I think it's harder.

試想一下，對於身材較小的球員來說，繼續參加比賽變得越來越具有挑戰性。這並不意味著這是不可能的。市場上有一些出色的參與者，但我認為這更難。

Jeff Schmitt, William Blair.

傑夫施密特、威廉布萊爾。

How does your internal capacity look for onboarding deals and partnerships? Obviously you have done quite a few, just curious if you're seeing any constraints where you need to build that out further as these deals get bigger. Or do you think you can continue with deals at this pace?

您的內部能力如何尋求入職交易和合作關係？顯然你已經做了不少，只是好奇隨著這些交易變得越來越大，你是否看到了需要進一步擴大的任何限制。或者您認為您可以按照這樣的速度繼續進行交易嗎？

Jeff, I'll answer that one. I think maybe building a little bit on what Rich was saying earlier and my comments. I think from a capacity standpoint and a team standpoint, I think we've built a great team and tools and capabilities to bring -- if you just look at what we've done in the last 12 months and we're working on right now, to be able to have a really, really high capacity.

傑夫，我來回答這個問題。我想也許可以基於 Rich 之前所說的內容和我的評論進行一些補充。我認為從能力和團隊的角度來看，我們已經建立了一支優秀的團隊、工具和能力——如果你看看我們在過去 12 個月中所做的事情以及我們現在正在做的事情，你會發現我們能夠擁有非常非常高的能力。

I think that said, when you look at what we have in front of us specifically right now, on beginning the Atria conversions and specifically getting ready for Commonwealth, building on Rich's point earlier, I think that the recruiting pipeline continues to be quite large. The dialogue continues to be quite good.

我認為，當你看看我們現在面臨的具體情況，開始進行 Atria 轉換並為 Commonwealth 做準備時，基於 Rich 之前的觀點，我認為招募管道仍然相當龐大。對話仍然相當順利。

But I think from a timing standpoint, we're going to be quite focused on those two initiatives and doing those really, really well for those teams and those advisors. So I wouldn't expect any announcements of other large deals in the near term because I think we've got enough to focus on right now.

但我認為從時間角度來看，我們將非常專注於這兩項舉措，並為這些團隊和顧問做好這些舉措。因此，我預計短期內不會有任何其他大型交易的公告，因為我認為我們現在已經有足夠多的事情需要關注了。

But that doesn't take away from the opportunity that we would have over the long term. It's more of a prioritization of the work that we have in front of us right now.

但這並不會剝奪我們長期擁有的機會。這更多的是對我們當前面臨的工作的優先順序。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

This is Chris O'Brien on for Ben. I wanted to hit on annuity sales. It looks like they've been pretty strong at LPL and we look at the LIMRA data, it looks like LPL is outperforming meaningfully. So, is there any way you can just tell us what you're seeing in terms of activity in annuity sales? And how much of this growth has been driven from the recent acquisitions?

我是克里斯‧奧布萊恩 (Chris O'Brien)，代替班。我想進軍年金銷售。看起來他們在 LPL 上表現相當強勁，我們查看了 LIMRA 數據，發現 LPL 的表現非常出色。那麼，您能否告訴我們您在年金銷售方面看到的情況？這種成長有多少是由最近的收購所推動的？

Yeah. I think on -- I mean we are a large distributor of annuities. So it's a strong part of our business. I think that when you just look at the trends, in this quarter, I think you've got two things going on.

是的。我認為——我的意思是我們是一家大型年金分銷商。所以這是我們業務的重要組成部分。我認為，當你觀察本季的趨勢時，你會發現有兩件事正在發生。

One is bringing Prudential fully on board, right? A big part of their business is annuity sales, it is insurance. And I think when you see the trends in sales commissions and specifically annuities, just looking at this quarter, that's probably 3/4 of it, is really Prudential coming fully on board and ramped up on the platform.

一是讓保誠集團完全加入，對嗎？他們的業務很大一部分是年金銷售，即保險。我認為，當您看到銷售佣金和特別是年金的趨勢時，僅看本季度，大概就有 3/4 是保誠真正全面加入並加大平台建設的結果。

And the other quarter is our core business. And I think it speaks to the diversification of serving and supporting both the advisory business and our brokerage business and being in an environment where, whether it be the volatility, the level of interest rates, whether it be variable annuities, fixed annuities, that's a product that matters and is relevant to a lot of our advisors' clients. I think we have that offering, I think that 25% of that growth is really just our overall client base wanting and needing and having those products.

另一個季度是我們的核心業務。我認為這體現了諮詢業務和經紀業務的服務和支援的多樣化，在這樣的環境中，無論是波動性、利率水平、變額年金還是固定年金，這都是重要的產品，與我們的許多顧問客戶息息相關。我認為我們有這樣的產品，我認為 25% 的成長實際上只是我們的整體客戶群想要、需要並擁有這些產品。

That said, there is a macro driver in that. So as interest rates have leveled off, as volatility has started to come down, I wouldn't be surprised if sales commissions -- because they are primarily driven by those products, come down a bit in future quarters. But I think back to our core offering, it is a big part of our core offering. And as we grow the business with firms like Prudential, this is an area where you see those benefits come through.

也就是說，其中有一個宏觀驅動因素。因此，隨著利率趨於平穩，波動性開始下降，我不會感到驚訝，因為銷售佣金——因為它們主要由這些產品驅動——在未來幾季有所下降。但我回想一下我們的核心產品，它是我們核心產品的重要組成部分。隨著我們與 Prudential 等公司的業務不斷發展，您將會看到這些好處的體現。

That concludes our Q&A session. I will now turn the call back over to Mr. Steinmeier for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給施泰因邁爾先生，請他作最後發言。

Thank you so much, operator, and thank you all for joining us. We look forward to speaking with you again in July. Have a great night.

非常感謝您，接線生，也感謝大家加入我們。我們期待七月再次與您交談。祝你有個美好的夜晚。

That concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。