LPL Financial Holdings Inc (LPLA) 2025 Q2 法說會逐字稿

Good afternoon and thank you for joining the second 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 opened for questions. (Operator Instructions)

下午好，感謝您參加 LPL Financial Holdings Inc. 2025 年第二季財報電話會議。今天參加電話會議的有我們的執行長 Rich Steinmeier；以及總裁兼財務長 Matt Audette。Rich 和 Matt 將進行開場發言，然後開始回答問題。（操作員指示）

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. 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.

本公司已在本公司網站 investor.lpl.com 的投資者關係板塊發布了其盈利新聞稿及補充資訊。今天的電話會議將包含前瞻性陳述，包括關於 LPL Financial 未來財務和營運績效、前景展望、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。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 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陳述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 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. With that, I will now turn the call over to Mr. Steinmeier.

在電話會議期間，該公司還將討論某些非公認會計準則財務指標。有關非公認會計準則 (Non-GAAP) 財務指標與可比公認會計準則 (GAAP) 資料的對賬，請參閱公司財報，該報告可在 investor.lpl.com 上找到。現在，我將把電話轉給施泰因邁爾先生。

Thanks, operator, and thank you to everyone for joining our call. It's a pleasure to speak with you again. After an outstanding start to the year, we delivered another quarter of strong business performance and excellent financial results, while continuing to advance key initiatives.

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。在年初取得優異成績後，我們又一個季度取得了強勁的業務表現和出色的財務業績，同時繼續推進關鍵舉措。

We entered the second quarter against a backdrop of elevated macroeconomic uncertainty and market weakness. While markets rebounded sharply as the quarter progressed, questions remain regarding the resiliency of the equity markets. In this rapidly evolving operating environment, our advisors continued to serve as a steady hand, helping to guide their clients and reinforcing our commitment to support them.

我們在宏觀經濟不確定性加劇和市場疲軟的背景下進入了第二季。儘管隨著本季的進展，市場大幅反彈，但對於股票市場的彈性仍存在疑問。在這個快速發展的營運環境中，我們的顧問繼續提供穩健的服務，幫助指導他們的客戶並加強我們為他們提供支援的承諾。

Okay. Now let's turn to our Q2 results. In the quarter, total assets increased to a record $1.9 trillion. A solid organic growth was complemented by higher equity markets. We attracted organic net new assets of $21 billion, representing a 5% annualized growth rate. Our second quarter business results led to strong financial performance with adjusted EPS of $4.51, an increase of 16% from a year ago.

好的。現在讓我們來看看第二季的業績。本季度，總資產增至創紀錄的 1.9 兆美元。穩健的有機成長與股票市場的走高相輔相成。我們吸引了210億美元的有機淨新資產，年增率為5%。我們第二季的業務表現帶來了強勁的財務表現，調整後的每股盈餘為 4.51 美元，比去年同期成長 16%。

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

接下來，讓我們談談我們的策略計劃以及有機和無機舉措的進展。我們的願景很明確：我們立志成為財富管理領域中最好的公司。為了實現這一目標，我們將重點放在三個關鍵優先事項上。一是追求新穎和差異化的策略，使公司能夠持續成功；二是創造非凡的員工體驗，從而使員工反過來提供無與倫比的客戶體驗；三是透過提高目的性和嚴謹性來引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 second quarter, Recruited Assets were $18 billion, bringing our total for the trailing 12 months to $161 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。第二季度，招募資產為 180 億美元，使我們過去 12 個月的總資產達到 1,610 億美元。

In our traditional independent market, we added approximately $15 billion in assets during Q2, where despite a broader slowdown of industry-wide advisor movement, we maintained our industry-leading capture rates of advisors in motion, while also expanding the breadth and depth of our pipeline.

在我們的傳統獨立市場中，我們在第二季度增加了約 150 億美元的資產，儘管全行業顧問流動速度普遍放緩，但我們仍保持了行業領先的流動顧問捕獲率，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 $3 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，我們又交出了一份穩健的季度業績，募集了約 30 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 continue to make progress with large institutions, where we announced that First Horizon would transition its wealth management business to our Institution Services platform. As a reminder, First Horizon supports approximately 120 financial advisors, managing roughly $17 billion in client assets, which we expect to onboard later in Q3.

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。我們也繼續與大型機構取得進展，我們宣布 First Horizo​​n 將把財富管理業務轉移到我們的機構服務平台。提醒一下，First Horizo​​n 支援大約 120 名財務顧問，管理約 170 億美元的客戶資產，我們預計將在第三季稍後加入。

Turning to overall asset retention, it remains industry-leading at 98% for the second 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.

談到整體資產保留率，其第二季和過去 12 個月的資產保留率仍保持行業領先，為 98%。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功能來持續努力提升顧問體驗。

As a complement to our organic growth, in July, we completed the conversion of Atria Wealth Solutions. This is no small feat when you consider that Atria had seven distinct broker-dealers that used multiple custodians. This is a testament to our experienced team and the diligent investments we've made in recent years, and it highlights our differentiated transition capabilities relative to the rest of the industry.

作為我們有機成長的補充，我們在 7 月完成了 Atria Wealth Solutions 的轉換。如果你考慮到 Atria 擁有七家不同的經紀交易商並使用多家託管人，那麼這絕非易事。這證明了我們經驗豐富的團隊和近年來的勤奮投資，並凸顯了我們相對於其他產業差異化的轉型能力。

As for retention, we're still finalizing results, but anticipate asset retention landing at approximately 82%, ahead of our initial target of 80%. Now, as for our pending acquisition of Commonwealth Financial Network, our leadership team has had the pleasure of spending focused time with Commonwealth advisors and leadership over the last four months. This has been time well spent, helping to foster increasingly constructive conversations.

至於保留率，我們仍在最終確定結果，但預計資產保留率將達到約 82%，高於我們最初 80% 的目標。現在，就我們即將收購的 Commonwealth Financial Network 而言，我們的領導團隊很高興在過去四個月與 Commonwealth 顧問和領導層進行了集中交流。這是非常值得的時光，有助於促進越來越有建設性的對話。

Today we have a better understanding of what's important to them, preserving and fostering the Commonwealth community and culture. Plus, we've had the opportunity to showcase the resources and capabilities at LPL. The combination creates a firm with the scale, the experience, and the permanent capital needed to serve and support their growth for decades to come.

今天，我們更了解對他們來說什麼是重要的，即保護和促進英聯邦社區和文化。此外，我們還有機會展示 LPL 的資源和能力。此次合併將創建一家擁有規模、經驗和永久資本的公司，以服務和支持未來幾十年的成長。

As a result, we've made steady progress with advisor commitments and remain on track to achieve our retention target. We expect to close the transaction tomorrow morning and are excited to hit the ground running as we prepare to onboard this community of advisors. To summarize, we are pleased with the second quarter results, and we feel great about our position as a critical partner to our advisors and institutions while we continue to create long-term value for our shareholders. With that, I'll turn the call over to Matt.

因此，我們在顧問承諾方面取得了穩步進展，並有望實現我們的保留目標。我們預計明天早上完成交易，並且很高興能夠立即開始工作，為加入這個顧問社群做好準備。總而言之，我們對第二季的業績感到滿意，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創造長期價值。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. To Rich's point, it's been an active quarter, with the team delivering tremendous results at a rapid pace. To reiterate some of those highlights, we delivered another quarter of industry-leading organic growth, launched our first-ever national marketing campaign, continued to make progress in the institutional channel as we prepare to onboard First Horizon, successfully onboarded Atria and completed all pre-close work for the acquisition of Commonwealth. Our disciplined execution continues to translate into strong business and financial results, with our cost-efficiency work, pulling through to sustainable improvements in our margins.

謝謝，里奇。我很高興在今天的電話會議上與大家交談。正如里奇所說，這是一個活躍的季度，團隊以快速的速度取得了巨大的成果。為了重申其中的一些亮點，我們又實現了行業領先的有機增長，啟動了我們有史以來第一次全國營銷活動，在準備加入 First Horizo​​n 的同時繼續在機構渠道取得進展，成功加入 Atria，並完成了收購 Commonwealth 的所有前期工作。我們的嚴格執行繼續轉化為強勁的業務和財務業績，而我們的成本效益工作則推動了利潤率的可持續提高。

Now turning to a few highlights from our Q2 business results. Total advisory and brokerage assets were $1.9 trillion, up 7% from Q1 as continued organic growth was complemented by higher equity markets. Total organic net new assets were $21 billion, an approximately 5% annualized growth rate, a strong result both on an absolute and relative basis. On the recruiting front, Q2 recruited assets were $18 billion, contributing to $161 billion over the trailing 12 months.

現在來看看我們第二季業務業績的一些亮點。諮詢和經紀資產總額為 1.9 兆美元，較第一季成長 7%，這得益於持續的有機成長和股票市場的走高。總有機淨新資產為 210 億美元，年增長率約為 5%，無論從絕對值還是相對值來看，這都是一個強勁的結果。在招聘方面，第二季招聘資產為 180 億美元，過去 12 個月的招聘資產總額達到 1,610 億美元。

With respect to large onboardings, during the quarter, we successfully completed the conversion of Atria’s seven broker-dealers, continued to prepare for First Horizon, which we expect to onboard in Q3, and we're progressing towards closing Commonwealth as planned.

關於大規模入職，在本季度，我們成功完成了 Atria 七家經紀交易商的轉換，繼續為 First Horizo​​n 做準備，我們預計將於第三季度入職，並且我們正在按計劃關閉 Commonwealth。

As Rich mentioned, we expect to close the transaction tomorrow and convert Commonwealth’s assets to our platform in the fourth quarter of 2026, which has moved out slightly from our original timeframe as we've begun to scope the tech and operational work required to ensure advisors have an exceptional experience.

正如 Rich 所提到的，我們預計明天完成交易，並在 2026 年第四季將 Commonwealth 的資產轉換為我們的平台，這與我們最初的時間表略有不同，因為我們已開始確定確保顧問擁有卓越體驗所需的技術和營運工作。

At close, we continue to expect run-rate EBITDA to be roughly $120 million, and approximately $415 million once fully integrated, which is underpinned by our 90% retention target. With that as context and given the timing of the close, we'll include Commonwealth in our guidance items today. I would just note, given we have not yet closed the deal, there could be some variability in the line-item geography.

最終，我們繼續預計運行率 EBITDA 將達到約 1.2 億美元，全面整合後將達到約 4.15 億美元，這得益於我們 90% 的保留目標。基於此背景並考慮到結束的時間，我們將把 Commonwealth 納入我們今天的指導計畫中。我想指出的是，鑑於我們尚未完成交易，專案地理位置可能會存在一些差異。

Looking at Q2 financial results, the combination of organic growth and expense discipline led to an adjusted pre-tax margin of approximately 38%, and adjusted EPS of $4.51. Gross profit was $1.304 billion, up $32 million sequentially.

綜觀第二季的財務業績，得益於有機成長和嚴格的費用控制，調整後的稅前利潤率約為38%，調整後每股收益為4.51美元。毛利為13.04億美元，季增3200萬美元。

As for the key drivers, commission and advisory fees, net of payout, was $349 million, down $14 million from Q1. Our payout rate was 87.3%, up approximately 60 basis points from Q1, largely due to the typical seasonality.

至於關鍵驅動因素，扣除支出後的佣金和諮詢費為 3.49 億美元，比第一季下降 1,400 萬美元。我們的派息比率為 87.3%，較第一季上升約 60 個基點，這主要是由於典型的季節性因素。

Looking ahead to Q3, we anticipate our payout rate will increase to approximately 87.6%, driven by the typical seasonal build and the production bonus, as well as our acquisition of Commonwealth. With respect to client cash revenue, it was $414 million, up $5 million from Q1. Overall client cash balances ended the quarter at $51 billion, down $2 billion sequentially, primarily driven by continued elevated levels of net buying activity. Within our ICA portfolio, the mix of fixed-rate balances ended the quarter at roughly 65%, slightly above the midpoint of our target range of 50% to 75%.

展望第三季度，我們預計我們的派息率將增加至約 87.6%，這得益於典型的季節性建設和生產獎金，以及我們對 Commonwealth 的收購。客戶現金收入為 4.14 億美元，比第一季增加 500 萬美元。本季末，客戶現金餘額總額為 510 億美元，比上一季減少 20 億美元，主要原因是淨購買活動持續增加。在我們的 ICA 投資組合中，本季末固定利率餘額組合約為 65%，略高於我們 50% 至 75% 的目標範圍的中點。

Looking more closely at our ICA yield, it was 342 basis points in Q2, up 5 basis points from Q1 as higher renewal rates on our fixed-rate contracts offset lower average cash balances. As we look ahead to Q3, based on where client cash balances and interest rates are today, as well as the Commonwealth-related cash, we expect our ICA yield to be roughly flat sequentially.

更仔細地觀察我們的 ICA 收益率，第二季度為 342 個基點，比第一季度上升了 5 個基點，因為我們固定利率合約的續約率較高抵消了平均現金餘額較低。展望第三季度，根據目前客戶現金餘額和利率以及與聯邦相關的現金，我們預計 ICA 收益率將與上一季基本持平。

As for service and fee revenue, it was $152 million in Q2, up $7 million from Q1, primarily driven by strong organic growth. Looking ahead to Q3, we expect service and fee revenue to increase by approximately $20 million sequentially, driven by revenues from our annual Focus Conference, as well as our pending acquisition of Commonwealth.

至於服務和費用收入，第二季為 1.52 億美元，比第一季增加 700 萬美元，主要得益於強勁的有機成長。展望第三季度，我們預計服務和費用收入將環比增加約 2000 萬美元，這主要得益於我們年度焦點會議的收入以及我們即將收購的 Commonwealth。

Moving on to Q2 transaction revenue, it was $61 million, down $7 million sequentially due to lower trading volumes. As we look ahead to Q3, we expect transaction revenue to increase by approximately $5 million sequentially, primarily driven by Commonwealth.

第二季交易收入為 6,100 萬美元，由於交易量下降，季減 700 萬美元。展望第三季度，我們預計交易收入將環比增加約 500 萬美元，主要由 Commonwealth 的推動。

Now let's turn to expenses, starting with Core G&A. It was $426 million in Q2, below our outlook range for the quarter, as we continue to make progress on our renewed focus on driving operating leverage in the business.

現在讓我們來談談費用，從核心一般及行政費用開始。第二季的營業利潤為 4.26 億美元，低於我們對該季度的預期範圍，因為我們繼續在重新專注於推動業務營運槓桿方面取得進展。

For the full year 2025, given our cost initiatives are tracking ahead of schedule, we are lowering our 2025 outlook to a range of $1.720 billion to $1.750 billion, which includes $170 million to $180 million of expense related to Prudential and Atria.

對於 2025 年全年，鑑於我們的成本計劃提前完成，我們將 2025 年預期下調至 17.2 億美元至 17.5 億美元，其中包括與 Prudential 和 Atria 相關的 1.7 億美元至 1.8 億美元的支出。

Additionally, given the expected close of Commonwealth tomorrow, we’ve factored these expenses into our overall Core G&A outlook and expect an incremental $160 million to $170 million. As a result, our new Core G&A outlook range is $1.880 billion to $1.920 billion. To give you a sense of the near-term timing of the spend, in Q3, we expect Core G&A to be in a range of $495 million to $510 million, including Commonwealth.

此外，考慮到 Commonwealth 預計明天關閉，我們已將這些費用納入我們的整體核心 G&A 展望中，並預計將增加 1.6 億至 1.7 億美元。因此，我們新的核心 G&A 預期範圍為 18.80 億美元至 19.20 億美元。為了讓您了解近期的支出時間，在第三季度，我們預計核心 G&A 費用將在 4.95 億美元至 5.1 億美元之間，包括 Commonwealth 費用。

Moving on to Q2 promotional expense, it was $164 million, up $12 million from Q1, primarily driven by conference spend and transition assistance resulting from our strong recruiting. Looking ahead to Q3, we expect promotional expense to increase by approximately $35 million, driven by conference spend, as we will host our Annual Focus Conference next month, as well as transition assistance related to Commonwealth.

第二季的促銷費用為 1.64 億美元，比第一季增加了 1,200 萬美元，主要原因是我們大力招募帶來的會議支出和過渡援助。展望第三季度，我們預計促銷費用將增加約 3500 萬美元，這主要是由於會議支出（因為我們將於下個月舉辦年度焦點會議）以及與英聯邦相關的過渡援助。

Turning to depreciation and amortization, it was $96 million in Q2, up $4 million sequentially. Looking ahead to Q3, we expect depreciation and amortization to increase by roughly $5 million. As for interest expense, it was $102 million in Q2, up $22 million sequentially, driven by our April debt issuances. Looking ahead to Q3, given our revolver balances following the close of the Commonwealth transaction, we expect interest expense to increase by approximately $5 million from Q2. Moving on to our tax rate, it was approximately 26% in Q2. Looking ahead, we expect Q3 to be around 27% as we anticipate recording a reserve on a couple of tax items.

談到折舊和攤銷，第二季為 9,600 萬美元，季增 400 萬美元。展望第三季度，我們預計折舊和攤提將增加約 500 萬美元。至於利息支出，第二季為 1.02 億美元，比上一季增加 2,200 萬美元，主要得益於我們 4 月發行的債務。展望第三季度，考慮到聯邦交易結束後我們的循環信貸餘額，我們預計利息支出將比第二季度增加約 500 萬美元。說到我們的稅率，第二季的稅率約為 26%。展望未來，我們預計第三季的稅率將在 27% 左右，因為我們預計將對幾個稅項記錄儲備。

Turning to capital management, as a reminder, we funded Commonwealth through a combination of corporate cash, debt, and equity. We ended Q2 with corporate cash at $3.6 billion, up $3 billion from Q1, which included proceeds from our capital raises.

談到資本管理，需要提醒的是，我們透過公司現金、債務和股權的組合為 Commonwealth 提供資金。截至第二季度，我們的企業現金為 36 億美元，比第一季增加了 30 億美元，其中包括我們籌集的資金所得。

Following the close, we expect corporate cash to come back down closer to our management target range of roughly $200 million, and as such, we expect Q3 interest income to be approximately $40 million. As for our leverage ratio, it was 1.23x at the end of Q2. In line with the plans we shared previously, we expect our leverage ratio to be approximately 2.25x following the close, with a path to deleverage to approximately 2x by the end of 2026.

收盤後，我們預計公司現金將回落至接近我們管理目標範圍約 2 億美元，因此，我們預計第三季利息收入約為 4,000 萬美元。至於我們的槓桿率，第二季末為 1.23 倍。按照我們先前分享的計劃，我們預計收盤後的槓桿率約為 2.25 倍，到 2026 年底將去槓桿至約 2 倍。

Moving on to capital deployment, our framework remains focused on allocating capital aligned with the returns we generate, investing in organic growth first and foremost, pursuing M&A where appropriate, and returning excess capital to shareholders.

在資本配置方面，我們的框架仍然專注於根據我們產生的回報分配資本，首先投資於有機成長，在適當的情況下進行併購，並將多餘的資本返還給股東。

In Q2, the majority of our capital deployment was focused on supporting organic growth and M&A, where we continued to allocate capital to our Liquidity & Succession solution. To uphold our commitment to maintaining a strong and flexible capital position, we paused share repurchases, which we will revisit once we onboard Commonwealth.

在第二季度，我們的大部分資本部署都集中在支援有機成長和併購上，我們繼續將資本分配給我們的流動性和繼承解決方案。為了履行我們對維持強大而靈活的資本狀況的承諾，我們暫停了股票回購，一旦我們加入 Commonwealth，我們將重新審視這一舉措。

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

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。接線員，請打開電話詢問。

(Operator Instructions) Alex Blostein, Goldman Sachs.

（操作員指示）高盛的 Alex Blostein。

I was hoping we could start with a question around Commonwealth. Obviously, it's a big focus for investors. Congrats on the deal, I guess, closing here tomorrow. But maybe to just start with how the conversations with the team are evolving. You guys are clearly sticking with a 90% retention expectation. So a little bit of color on what gives you confidence in being able to achieve that.

我希望我們可以從有關英聯邦的問題開始。顯然，這是投資人關注的重點。我想，祝賀這筆交易，明天就完成了。但也許只是從與團隊的對話如何發展開始。你們顯然堅持 90% 的保留率預期。因此，讓我們稍微解釋一下是什麼讓您有信心實現這一目標。

And then financially, Matt, I was hoping you maybe could hit on reasons behind keeping EBITDA run rate at $120 million to start off despite the fact that the asset levels are a decent amount higher from the time you announced the deal?

然後從財務角度來說，馬特，我希望你能解釋為什麼一開始就將 EBITDA 運行率保持在 1.2 億美元，儘管自你宣布這筆交易以來資產水平已經有了相當高的提高？

Thanks, Alex. This is Rich. I'll start out and then hand that second part over to Matt. So on Commonwealth, I think we've had four months of fever-pitched engagement with them where we have gotten to know the advisors, the leadership team, and more broadly the employees better and better. And what we thought before we got into this partnership has been completely reinforced, which is that the Commonwealth team has built something truly special.

謝謝，亞歷克斯。這是里奇。我先開始，然後將第二部分交給馬特。因此，關於 Commonwealth，我認為我們已經與他們進行了四個月的熱烈接觸，我們對顧問、領導團隊以及更廣泛的員工有了越來越深入的了解。我們在建立合作關係之前的想法得到了完全的證實，那就是英聯邦團隊已經創造了一些真正特別的東西。

They set the mark for what it means to serve independent advisors. Hopefully you've seen just a few weeks ago, Commonwealth received their 12th consecutive number one ranking from JD Power for Independent Advisor Satisfaction. And as we've stated continually, we are committed to preserving that unique culture, the advisory experience, the brand, and in fact, we will only enhance what they already receive with the combination of the LPL capabilities with that Commonwealth experience.

他們為服務獨立顧問樹立了標竿。希望您已經看到幾週前的消息，Commonwealth 連續第 12 次獲得 JD Power 獨立顧問滿意度第一名。正如我們一直強調的那樣，我們致力於保護這種獨特的文化、諮詢經驗和品牌，事實上，我們只會透過結合 LPL 的能力和英聯邦的經驗來增強他們已經獲得的東西。

Beyond that, we’ll actually transfer so much of those learnings of that exceptional delivery of the client experience, reception of advisor feedback, ingestation of that disposition and changing capabilities to the broader LPL base. We feel really great about that moving over there as well.

除此之外，我們實際上會將大量關於如何提供卓越的客戶體驗、如何接收顧問回饋、如何吸收這種性格以及如何改變能力的經驗轉移到更廣泛的 LPL 基礎上。我們對搬到那裡也感到非常高興。

As we've gotten closer to the close of the transaction, which we announced is tomorrow, we anticipate tomorrow, and we've also begun the cross-pollination of our cultures. We've connected with advisors, employees, leadership, better understand the secret sauce behind their success.

隨著我們越來越接近交易的結束，我們宣布交易將在明天完成，我們期待明天，我們也已經開始了我們文化的相互影響。我們與顧問、員工、領導層建立了聯繫，更了解他們成功背後的秘訣。

Just recently, 27 Commonwealth employees attended the LPL Summer Bash at our Fort Mill campus. We sent emissaries from LPL up to Commonwealth's Annual Wing Eating Contest and Cornhole Tournament. In just over a week, we'll have 70 Commonwealth advisors and home office staff scheduled to join our Annual Focus Conference.

就在最近，27 名 Commonwealth 員工參加了在我們 Fort Mill 園區舉行的 LPL Summer Bash 活動。我們派遣 LPL 的特使參加 Commonwealth 的年度雞翅大賽和 Cornhole 錦標賽。再過一周多一點，我們將有 70 名英聯邦顧問和總部工作人員參加我們的年度焦點會議。

And as of tomorrow, I'm really excited to announce that Commonwealth CEO Wayne Bloom will join the LPL Management Committee upon the close of the transaction. As for the transaction itself, I feel like we're progressing things according to plan. From an operational standpoint, the teams have been working closely to complete the pre-closing work, and we're on track to close that deal tomorrow.

從明天起，我很高興地宣布，Commonwealth 執行長 Wayne Bloom 將在交易結束後加入 LPL 管理委員會。至於交易本身，我覺得我們正在按照計劃進行。從營運的角度來看，各個團隊一直在密切合作以完成交易前的工作，我們預計在明天完成該交易。

With respect to integration planning, we're early in the journey. But we've scoped the work to ensure we're preserving the experience for Commonwealth advisors on the other side of the conversion. And we expect that to take place Q4 of next year.

就整合規劃而言，我們還處於早期階段。但我們已經確定了工作範圍，以確保在轉換的另一方保留英聯邦顧問的經驗。我們預計這將在明年第四季發生。

With respect to the advisor retention, Alex, which you asked specifically about, at this stage, I feel good. We've engaged with so many advisors, and for those Commonwealth advisors who are prioritizing the Commonwealth experience, their community, the technology, service, ongoing economics, and really staying at their forever home for their business and their clients, staying with Commonwealth is their only option. But like, as with any transaction or competitive recruiting events, some advisors will prioritize differently. And that exact dynamic is contemplated in our retention target.

關於顧問的保留，亞歷克斯，你特別問到的，在現階段，我感覺很好。我們與許多顧問合作過，對於那些優先考慮聯邦體驗、社區、技術、服務、持續經濟效益以及真正為他們的業務和客戶留在永久家園的聯邦顧問來說，留在聯邦是他們唯一的選擇。但是，就像任何交易或競爭性招募活動一樣，有些顧問會有不同的優先順序。在我們的保留目標中就考慮到了這個動態。

So in the end, we continue to feel confident about our ability to capture 90%, which does mean we understand that 10% of the advisors will make a different choice and go somewhere else. All that being said, there's nothing that's been surprising in terms of competitive response or advisor decisioning. Maybe it's been a little bit noisier in the trades than we had expected, but that's of little consequence.

所以最終，我們仍然對我們獲得 90% 客戶的能力充滿信心，這也意味著我們知道 10% 的顧問會做出不同的選擇並去其他地方。話雖如此，但就競爭反應或顧問決策而言，並沒有什麼令人驚訝的。也許交易中的噪音比我們預期的要大一些，但這並不重要。

So to summarize, we remain extremely excited about the partnership, and the deal is progressing according to plan. I'll turn it to Matt.

總而言之，我們對此次合作感到非常興奮，交易正在按計劃進行。我將把它交給馬特。

Yeah. So on the run rate EBITDA, AUM is definitely up, but cash balances are down a little bit. So they kind of roughly offset. So the mix of that run rate EBITDA, you could say it improved a little bit, but that's the reason it hasn't changed.

是的。因此，就運行率 EBITDA 而言，AUM 肯定上升了，但現金餘額略有下降。所以它們大致上是抵消的。因此，您可以說運行率 EBITDA 的組合有所改善，但這就是它沒有改變的原因。

Steven Chubak, Wolf Research.

史蒂文‧楚巴克，沃爾夫研究公司。

Hi, good afternoon, Rich and Matt. Thanks for taking my question. Matt, a question on the expense optimization. And specifically, the updated guidance for core G&A growth of 5% ex deals certainly suggest that your efforts to bend the cost curve are clearly bearing fruit.

嗨，Rich 和 Matt，下午好。感謝您回答我的問題。馬特，關於費用優化有一個問題。具體來說，最新指導顯示核心一般及行政費用（G&A）成長 5%（不含交易）無疑表明，您為降低成本曲線所做的努力顯然正在取得成果。

Given you continue to surprise positively versus the original guidance, I was hoping you could speak to whether you see room to drive further efficiency gains from here as we think about the longer-term expense journey? And do you see 5% or better G&A growth as a sustainable long-term target given some of those efficiency efforts?

鑑於您繼續對最初的指導產生積極驚喜，我希望您能談談，當我們考慮長期費用旅程時，您是否看到了進一步提高效率的空間？考慮到這些效率方面的努力，您是否認為 5% 或更高的 G&A 成長率是可持續的長期目標？

Yes, Steven, I mean, I think the broad point just to underscore what I said in the prepared remarks here is I think we've got really good momentum on the efficiency work. And I think the thing that is really exciting, and I think the thing that has this team collectively working hard together on it is it's efficiencies that not only drive operating margin, but they are driving improvement in the client experience.

是的，史蒂文，我的意思是，我認為主要的觀點只是為了強調我在準備好的發言中所說的內容，我認為我們在效率工作方面取得了非常好的勢頭。我認為真正令人興奮的事情是，我認為讓這個團隊共同努力的事情是，它的效率不僅推動了營業利潤率，而且還推動了客戶體驗的改善。

And maybe just take the obvious, it's easy for everyone to get really motivated and really focused around that. So things are moving faster than we expected. We're just -- there are things like just automating manual processes in our operations group. There are things where it's reducing friction with advisors. So it's improving that experience as well as reducing our need to answer calls related to those things.

也許只是顯而易見的一點，每個人都很容易受到激勵並真正專注於此。所以事情進展比我們預期的還要快。我們只是——我們的營運小組中有一些事情只是自動化手動流程。在某些方面，它可以減少與顧問之間的摩擦。因此，它不僅改善了體驗，還減少了我們接聽與這些事情相關的電話的需要。

And to get to your specific part of your question, I think this is not a one-year thing. I think we have got a long runway here to continue to drive efficiencies before we even get to really starting to deploy the newer technologies that are coming out.

至於你問題的具體部分，我認為這不是一年就能解決的事情。我認為，在我們真正開始部署即將問世的新技術之前，我們還有很長的路要走，以繼續提高效率。

So I think we'll have to see each year from a guidance standpoint, what that looks like. But I think from a broad strategic standpoint, I think we have many, many years where we can drive improvements here, not only to op leverage but also to the experience that we're able to deliver which dovetails back to this being just the best place for advisors to be and ultimately can be a catalyst for driving organic growth as well.

所以我認為我們必須從指導的角度來觀察每年的情況。但我認為，從廣泛的戰略角度來看，我們有很多年的時間可以推動這裡的改進，不僅可以提高營運槓桿，還可以提高我們能夠提供的經驗，這與這裡成為顧問的最佳場所相吻合，並最終可以成為推動有機增長的催化劑。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thank you. Good afternoon, everyone. I had a question on net new assets in the independent RIA channel. What drove the modest outflows this quarter? And can you provide us an update on the long-term growth trajectory in this channel?

謝謝。大家下午好。我對獨立 RIA 頻道中的淨新資產有疑問。是什麼原因導致本季資金流出量溫和？您能否向我們提供有關該通路長期成長軌跡的最新資訊？

Craig, can you repeat that middle part about the modest? I didn't hear the middle part of that.

克雷格，你能重複一下中間關於謙虛的部分嗎？我沒聽到中間部分。

The independent RIA channel, I think, had modest negative net new assets this past quarter. I had a question on what drove that? And then maybe you could just refresh us on the long-term growth trajectory in this channel.

我認為，獨立 RIA 通路上個季度的淨新資產為輕微負值。我有一個疑問，是什麼導致了這種情況？然後也許您可以向我們介紹一下該管道的長期成長軌跡。

Yes, Craig, there's nothing I would highlight there. I think when you look at those -- the growth there, I mean, you can see quarter after quarter after quarter, the growth is really in the corporate channel. We do have a little bit of the misaligned OSJs that we've talked about the last couple of quarters that would impact. But there's nothing that I would highlight in particular in the quarter. You can see on these charts that it's the corporate RIA NNA that really is a huge driver of that area. Rich, anything you want to add more on the strategy in the area?

是的，克雷格，我沒有什麼好強調的。我認為，當你看到這些時——那裡的成長，我的意思是，你可以看到一個季度又一個季度的成長實際上是在企業通路中。我們確實存在一些不一致的 OSJ，正如我們在過去幾個季度討論過的，這會產生影響。但本季我沒有什麼特別要強調的。您可以從這些圖表中看到，企業 RIA NNA 確實是該領域的巨大推動力。里奇，您還想補充有關該領域策略的更多資訊嗎？

Yeah. I think the thing I would say is that we continue to strengthen our offering, Craig, in supporting RIAs. One of the questions, I think, that you'll see arise is you've seen less flows to the RIA segment. We see more flowing into our corporate RIA. Mostly, that has to do with ambiguity around the current regulatory environment.

是的。我想說的是，我們將繼續加強我們的服務，Craig，以支持 RIA。我認為，您會看到的一個問題是，流向 RIA 部分的流量減少了。我們看到越來越多的資金流入我們的企業 RIA。這主要與當前監管環境的模糊性有關。

I think the SEC is currently evaluating whether or not they're going to raise the threshold for SEC level registration of an RIA versus state registration. And so when you see that potentially moving from $100 million up to $1 billion threshold, I think you're going to see more folks that are pausing and actually flowing into our corporate shared ADV model.

我認為美國證券交易委員會 (SEC) 目前正在評估是否要提高 RIA 在 SEC 層級註冊的門檻，而不是州註冊的門檻。因此，當您看到這個門檻可能從 1 億美元上升到 10 億美元時，我認為您會看到更多的人暫停並真正湧入我們的企業共享 ADV 模型。

So I think you got to look at those things in tandem to take a look at where do you see overall flows moving into the firm. And there will be times when you'll see flows move into our corporate RIA versus independent RIAs. And I would say this is maybe that moment in time where you're seeing a little slowdown of the movement into independent RIAs because of the ambiguity in the regulatory environment. That probably contributes to some of those outcomes.

所以我認為你必須綜合考慮這些因素才能知道整體資金流向了哪裡。有時您會看到流量流入我們的企業 RIA 而不是獨立 RIA。我想說，現在可能正是因為監管環境的模糊性，獨立 RIA 的發展速度有所放緩的時候。這很可能導致了其中一些結果。

Devin Ryan, Citizens.

德文·瑞安（Devin Ryan），公民。

Another one here on Commonwealth. So first off, great to confirm the retention target there, and congrats on closing that here tomorrow. Several industry newswires in recent weeks have talked about how some of these Commonwealth advisors are setting up their own RIAs or looking into doing the same thing? And maybe that's actually connected to the last answer you made.

聯邦上還有另一個。首先，很高興確認那裡的保留目標，並祝賀明天在這裡完成該目標。最近幾週，幾家行業新聞通訊社討論了這些英聯邦顧問如何建立自己的 RIA 或考慮做同樣的事情？也許這實際上與您上次的回答有關。

But Rich, would love to get some thoughts on what this means for LPL in the context of the deal? Do you lose those advisors? Are they in that 10%? Or is there an opportunity to continue to work with them. And so just trying to think about kind of the implications of this more broadly.

但是 Rich，您想知道這筆交易對 LPL 來說意味著什麼嗎？你失去了那些顧問嗎？他們是那 10% 嗎？或是否有機會繼續與他們合作。因此，我們嘗試更廣泛地思考這個問題的含義。

So I think you have seen a little bit more of conversations about options for the advisors. And look, this is the time of enhanced due diligence for Commonwealth advisors. You have to keep in mind, those advisors were likely not doing diligence before the announcement of the sale of Commonwealth. And so as they've gone through their evaluation process, which we've been really supportive of, they've explored all kinds of different options.

所以我認為你已經看到了更多關於顧問選擇的對話。瞧，現在是英聯邦顧問加強盡職調查的時候了。你必須記住，這些顧問很可能在宣佈出售 Commonwealth 之前沒有做過盡職調查。因此，當他們完成評估過程時（我們對此非常支持），他們探索了各種不同的選擇。

One of those options would be forming their own RIA. And it shouldn't be too surprising given the makeup of the Commonwealth advisors, where they skew more towards advisory. And many of them were moving down the pathway to already dropping their licenses.

其中一個選擇就是組成自己的 RIA。考慮到英聯邦顧問的組成，這並不太令人驚訝，他們更傾向於提供諮詢。其中許多人已經走上了放棄執照的道路。

Keep in mind, as you go through that evaluation on your own, you can either drop your own licenses to become an IFA inside of a shared ADV model, but you can go set up your own RIA. What you're referring to, Devin, is that kind of conversations and thought about setting up their own RIAs.

請記住，當您自己進行評估時，您可以放棄自己的許可證，成為共享 ADV 模型中的 IFA，但您可以設定自己的 RIA。德文，你所指的是關於建立他們自己的 RIA 的那種對話和想法。

Usually, it's under this premise of there will be better economics, enhanced autonomy by setting up your own RIA. And I would say, as we've begun doing one-on-one conversations, webinars, et cetera, what we've begun to help them realize and many have realized is, you may have underestimated the operational lift and the regulatory complexity that comes with running your own RIA.

通常，建立自己的 RIA 會帶來更好的經濟效益和更強的自主權，這是建立在這樣的前提下的。我想說，當我們開始進行一對一對話、網路研討會等時，我們開始幫助他們意識到，而且許多人已經意識到，你可能低估了運行自己的 RIA 所帶來的營運提升和監管複雜性。

As an RIA, they're responsible for their own regulatory compliance and risk management, in addition to running the responsibilities of the small business like tech and HR. And I just alluded to in the previous answer, one of the things that I think is adding ambiguity into whether you set up your own RIA or move under a shared ADV model, is that ambiguity in the regulatory environment relative to the threshold for SEC regulation, which is quite a bit easier to work with one regulatory body than working with multiple states if you even serve a de minimis number of clients inside the state, you have to register with that state itself.

作為 RIA，除了承擔小型企業的技術和人力資源等職責外，他們還負責自己的監管合規和風險管理。我在前面的回答中提到過，我認為其中一個因素導致您是否應該建立自己的 RIA 或採用共享 ADV 模型存在不確定性，這是因為監管環境相對於 SEC 監管門檻而言存在不確定性，與 SEC 監管門檻相比，與監管機構合作要容易得多，即使您只為該州內極少量的客戶提供服務，您也必須在該州註冊。

And so that's a lot of what you see as advisors weighing those options about does it make sense to do that on my own. Now specifically to your question, we support independent RIAs. We also support advisors who dropped their licenses -- the FINRA licenses, on our shared ADV corporate RIA. And as we've gotten deeper and deeper into these conversations, what the advisors have realized is to keep the Commonwealth experience community culture, service environment, brand, et cetera, that they've come to love, they can still do that either inside of an RIA construct with LPL or if they want to be an IFA inside of that shared ADV model with LPL as well.

因此，您會看到很多顧問在權衡這些選擇，考慮我自己這樣做是否有意義。現在具體回答您的問題，我們支援獨立的 RIA。我們也支持那些在我們共享的 ADV 企業 RIA 上放棄執照（FINRA 執照）的顧問。隨著我們對這些對話的深入，顧問們意識到，為了保持他們喜愛的聯邦體驗社區文化、服務環境、品牌等等，他們仍然可以在與 LPL 的 RIA 構造中做到這一點，或者如果他們想成為與 LPL 共享的 ADV 模型中的 IFA。

So when you hear the evaluation of setting up your own RIA, it doesn't mean that they're going to move. Now, one of the things I think they've also considered is, if they choose to set up their own RIA with another custodian, they're going to have to go through a repapering event. It means they're going to have to engage their clients, they're going to have to repaper all of their accounts. And they're going to find some lost efficiency and spending some time actually working through that transition, whereas with us, they're not going to have to go through that event as well.

因此，當您聽到對建立自己的 RIA 的評價時，並不意味著他們就會採取行動。現在，我認為他們還考慮過的事情之一是，如果他們選擇與另一個託管人建立自己的 RIA，他們將不得不經歷重新歸檔事件。這意味著他們將不得不與客戶接觸，他們將不得不重新記錄所有的帳戶。他們會發現效率有所下降，並需要花費一些時間來完成這項轉變，而與我們合作，他們就不必再經歷這個過程。

So there's a lot for them to consider and weigh. But what on balance we've seen, Devin, is that advisors are seeing that we can support them, they keep their community, they keep their support model, they keep that leadership team that they love. They can do that inside of an RIA or on our shared ADV at LPL. And I think on balance, what we're seeing is we're having very productive conversations there.

因此他們需要考慮和權衡很多事情。但總的來說，德文，我們看到的是，顧問們看到我們可以支持他們，他們保留了他們的社區，保留了他們的支持模式，保留了他們喜愛的領導團隊。他們可以在 RIA 內部或 LPL 的共用 ADV 上執行此操作。我認為總的來說，我們看到的是我們在那裡進行了非常有成效的對話。

Again, I would tell you even at 90%, what you are going to see is announcements of folks that are going to leave. But on balance, we think that center of gravity sits around 10% in spite of the fact that really it seems like each and every one of those stories is being amplified by the trades.

我再說一遍，我要告訴你，即使達到 90%，你看到的仍然是那些即將離開的人的公告。但總的來說，儘管看起來每個故事都因交易而被放大，但我們認為重心仍在 10% 左右。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Wanted to just talk about the recruiting backdrop and your outlook for NNA here as you think about the second half of the year. And maybe also just throw in advisor movement more broadly for the industry and how that compares maybe what you thought earlier in the year to where we sit today.

我想在這裡談談招募背景以及您對 NNA 下半年的展望。或許還可以更廣泛地介紹一下該行業的顧問動向，並將其與您今年早些時候的想法和我們今天的處境進行比較。

Yeah. Thanks, Dan. Look, I think you probably keyed into one of the things that we're seeing as well is that with the macroeconomic uncertainty that exhibited itself in the second quarter, we saw a truncation of some of the advisor movement. And so historically, we think of that advisor churn movement sitting around 5.5% to 6%.

是的。謝謝，丹。聽著，我想你可能也注意到了我們所看到的一件事，那就是隨著第二季宏觀經濟不確定性的出現，我們看到一些顧問活動被削弱。從歷史上看，我們認為顧問流失率約為 5.5% 至 6%。

It has been truncated over the first half of this year. We see the center of gravity sitting around 5%. And so you see a reduction in the overall movement. A lot of times when advisors are faced with enhanced volatility in the markets, they're going to usually defer a move. The reason they don't want to be out of the market for their clients.

今年上半年，這一數字已縮短。我們看到重心位於 5% 左右。因此，您會看到整體運動的減少。很多時候，當顧問面臨市場波動加劇時，他們通常會延後採取行動。他們不想失去客戶市場的原因是。

And so that doesn't mean you're going to see overall movement down over the long term. You'll just see a pushing out until we get to a more stable environment. I think we still sit with slightly elevated ambiguity as to what the macro looks like as we still sit on the tailwind, on the back end of some of that uncertainty around tariffs, et cetera.

所以，這並不意味著從長遠來看你會看到整體走勢下滑。在我們進入一個更穩定的環境之前，你只會看到一種推力。我認為，我們對於宏觀形勢的不確定性仍然略有增加，因為我們仍然處於順風狀態，處於關稅等不確定性的後端。

And so we still see, into the beginnings of this quarter, a more truncated movement environment. But I would highlight that inside of that, we still have industry-leading win rates of the advisors in motion. And for us, I'm really proud of the results we had in the quarter because we recruited $18 billion in Q2 worth of assets. But in addition to that, we have deployed a subset of our recruiting team against retaining the 3,000 Commonwealth advisors. And as I mentioned, that's progressing pretty well.

因此，在本季初，我們仍然看到一個更短暫的運動環境。但我想強調的是，我們的顧問仍然擁有領先業界的成功率。對我們來說，我對本季所取得的業績感到非常自豪，因為我們在第二季招募了價值 180 億美元的資產。但除此之外，我們也部署了招募團隊的一部分來保留 3,000 名英聯邦顧問。正如我所提到的，進展相當順利。

So you take that together. And we feel really good about the results that we've had when you put both of those together, which says that the effectiveness of our -- certainly of our business development team has been really high.

所以你們一起接受它。當我們將這兩者結合起來時，我們對所取得的成果感到非常滿意，這表明我們的業務開發團隊的效率確實很高。

We have heard the commentary from some of the competitors talking about changes in the transition assistance and more competitive TA environments. And we're really attuned to that. We recruit more advisors than any other firm in the marketplace. And so we're in more conversations than anyone else.

我們聽到一些競爭對手談論過渡援助的變化和更具競爭力的 TA 環境的評論。我們確實非常關注這一點。我們招募的顧問比市場上任何其他公司都多。因此，我們的對話比任何人都多。

We're aware of the movement in TA. And I would reiterate that TA for us is not the driver of the selection of advisors as to what firm they choose to join. The number one thing that they look for are capabilities, technology, service, the value exchange that comes with the firm.

我們注意到 TA 的動向。我想重申的是，對我們來說，技術援助並不是選擇顧問加入哪家公司的驅動因素。他們最重視的是能力、技術、服務以及公司帶來的價值交換。

And then second to that are the ongoing economics on both of those we feel were without peer in the industry. And third, in that evaluation of changing firms is the TA rate, which we have seen become more competitive during the course of the first half of the year. So we remain confident that the ongoing appeal of our model positions us well to maintain our industry-leading capture of advisors in motion.

其次，我們認為這兩款產品的持續經濟效益在業界是無與倫比的。第三，在對更換公司的評估中，我們看到技術評估率在今年上半年變得更具競爭力。因此，我們仍然相信，我們模式的持續吸引力使我們能夠保持業界領先的顧問吸引力。

Benjamin Budish, Barclays.

巴克萊銀行的班傑明‧布迪什 (Benjamin Budish)。

Hi, good evening and thank you for taking my question. I was wondering if you could kind of comment at a high level about your overall gross profit ROA. It's been declining for a few years now, and I'm sure some of that is mix. Some of that is as you onboard larger enterprises kind of move upmarket with larger financial institutions.

大家好，晚上好，感謝您回答我的問題。我想知道您是否可以從宏觀角度評價您的整體毛利 ROA。它已經下降了幾年了，我確信其中有些是混合的。其中之一就是當你加入更大的企業時，你會與更大的金融機構一起進入高端市場。

Just curious, how do you think about how the next couple of years should look, especially ex cash. How much of this is sort of due to that kind of rapid growth, M&A? How much of this trend can be booked? How should we think about that sort of medium-term outlook for that KPI?

只是好奇，您認為未來幾年會是什麼樣子，尤其是不包括現金。這在多大程度上是由於這種快速成長和併購造成的？這種趨勢能預訂多少？我們該如何看待該 KPI 的中期前景？

Yeah, you bet. I mean I think broadly that as we've grown and as our revenue is diversified, that's not necessarily the best metric to look at, especially in a market where AUM is rising at a rapid, pace, and not all of our gross profit is AUM driven.

是的，沒錯。我的意思是，我認為，隨著我們的成長和收入的多樣化，這不一定是最好的衡量標準，特別是在 AUM 快速成長的市場中，而且我們的毛利並非全部由 AUM 驅動。

So I think that's a little bit to your point on seeing gross profit ROA decline. You see that being driven by cash balances. You see that happening in line-items like service and fees, where -- those are fees that are primarily driven by advisor levels and account levels, not AUM levels.

所以我認為這與你關於毛利 ROA 下降的觀點有點吻合。您會發現這是由現金餘額驅動的。您會看到這種情況發生在服務和費用等項目中，這些費用主要由顧問級別和帳戶級別而不是 AUM 級別驅動。

When you start to look at the line-items that are AUM-driven like advisory fees. Commissions is a little bit more transactional. I think you can see a lot more there. So a long way of saying, I think the decline there, I think, is more driven by, not every metric, or item in that metric is driven by basis points on AUM.

當您開始查看由 AUM 驅動的項目（例如諮詢費）時。佣金的交易性更強。我想你可以在那裡看到更多。所以，長話短說，我認為那裡的下降更多的是由 AUM 的基點驅動的，而不是每個指標或指標中的項目都是由 AUM 的基點驅動的。

As we take a step back and look at where and how we're driving revenue, I think we feel very good about our gross profit growth overall, especially when you couple that with the efficiency measures, and you start to look at EBITDA ROA and how that's grew for the first time this quarter in quite some time when you couple those two things together. So overall, I think we feel really good. I think you just get a little bit of noise in that metric because not everything is really AUM driven.

當我們退一步看看我們在何處以及如何推動收入時，我認為我們對整體毛利潤增長感到非常滿意，特別是當你將其與效率措施結合起來時，當你開始關注 EBITDA ROA 時，當你將這兩件事結合起來時，本季度這是相當長一段時間以來的首次增長。所以總的來說，我認為我們感覺非常好。我認為你在這個指標中會發現一些噪音，因為並不是所有的事情都是由 AUM 驅動的。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Hey, good afternoon. Thanks for the question. I just wanted to ask about capital allocation with the deal closing tomorrow. Just how are you thinking about that in the quarters ahead? And then related to that, on Liquidity & Succession, I was hoping you could update us on the progress there. How that's contributing to results? And how you anticipate the pace of deals and capital allocation to that going forward from here?

嘿，下午好。謝謝你的提問。我只是想問一下明天交易結束後的資本配置。您對未來幾季有何看法？與此相關的是，關於流動性和繼承，我希望您能向我們通報這方面的進展。這對結果有何貢獻？您預計未來交易速度和資本配置將如何？

Yeah, Michael. I think when you look at capital allocation, I think I'd just reiterate, we've talked about a bit on the -- once we file the close of Commonwealth, keeping our plans and intentions about our leverage ratio are key for us, right?

是的，邁克爾。我認為，當您考慮資本配置時，我想我只想重申一下，我們已經討論過一些內容 - 一旦我們提交了 Commonwealth 的收盤申請，保持我們關於槓桿率的計劃和意圖對我們來說是關鍵，對嗎？

So we expect to be at a leverage ratio of 2.25x post-close. We have a plan to deleverage down to the midpoint of our range at 2x by the end of 2026 as we integrate. So I think that that is going to really guide our capital allocation, perhaps specific -- not overtly asked in your question, but specific to share repurchases, I think we'll reassess those once we've gotten back down to that leverage issue.

因此，我們預計收盤後的槓桿率為 2.25 倍。我們計劃在 2026 年底前將槓桿率降低至 2 倍的中間值，以完成整合。所以我認為這將真正指導我們的資本配置，也許是具體的——在你的問題中沒有明確問到，但具體到股票回購，我認為一旦我們回到槓桿問題上，我們會重新評估這些問題。

Within that though, I think we can continue to drive and allocate capital to organic growth, which typically is our capability development and technology, as well as the TA behind recruiting. And on the M&A front, which is the second part of your question in L&S, I think that continues to go quite well.

不過，我認為我們可以繼續推動和分配資本用於有機成長，這通常是我們的能力發展和技術，以及招募背後的技術援助。在併購方面，也就是您在 L&S 中提出的問題的第二部分，我認為進展相當順利。

We've ended up putting about 10 deals the last couple of quarters in a row. Those are relatively small from a capital standpoint, in the $10 million to $20 million range each, but they drive a lot of good earnings generation for us. But I think more importantly, there's just a great capability to help advisors transition their practices to the next generation.

過去幾季我們已連續達成約 10 筆交易。從資本角度來看，這些資金相對較小，每筆資金在 1,000 萬至 2,000 萬美元之間，但它們為我們帶來了大量良好的利潤。但我認為更重要的是，它能夠幫助顧問將他們的實踐過渡到下一代。

So overall, it continues to go well. The pace has picked up to about 10 per quarter and it's a good use of our capital that continues to be in our plans while still landing our leverage ratio or deleveraging them to 2x.

所以整體來說，一切進展順利。這個速度已經加快到每季度約 10 個，這很好地利用了我們的資本，並且繼續在我們的計劃中，同時仍然達到我們的槓桿率或將其去槓桿化到 2 倍。

Jeff Schmitt, William Blair.

傑夫施密特、威廉布萊爾。

Hi, good evening. So for Commonwealth, you're adding $160 million or $170 million of core G&A for the deal. And that's around 5 or 6 basis points of AUM versus I think LPL is running at 9 basis points. I guess, one, is that the right way to look at it? And two, what would be driving that efficiency difference if so?

嗨，晚上好。因此，對於 Commonwealth 而言，您需要為這筆交易增加 1.6 億美元或 1.7 億美元的核心 G&A。這相當於 AUM 的 5 或 6 個基點，而我認為 LPL 的 AUM 為 9 個基點。我想，首先，這是正確的看待方式嗎？第二，如果確實如此，那麼造成這種效率差異的原因是什麼？

Yeah, Jeff. I mean, I think that I wouldn't get too focused on the initial EBITDA and the initial expense guidance because remember, that is the existing Commonwealth business. We haven't integrated that, which we will through the end of 2026.

是的，傑夫。我的意思是，我認為我不會太專注於初始 EBITDA 和初始費用指導，因為請記住，這是現有的聯邦業務。我們尚未整合這一點，我們將在 2026 年底前完成。

So I think really, when we -- as we start to do that work and as we start to get to the run rate EBITDA of $415 million, I think broadly, you're going to see a business that, from a gross profit standpoint, is similar to our business and from a margin standpoint is going to be in the same tone. So I won't get too hung up on the initial run rate numbers.

所以我認為，當我們開始做這項工作，當我們開始達到 4.15 億美元的 EBITDA 運行率時，我認為從大體上講，你會看到，從毛利的角度來看，我們的業務與我們的業務相似，從利潤率的角度來看，我們的業務也將保持相同的基調。所以我不會太糾結於初始運轉率數字。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Hi, good evening, everyone. Thanks for my question. So it's been a volatile quarter for sweep cash. Obviously, there was a focus on the level of decline in the May cash number. So it's good to see the rebound in June.

大家好，晚上好。謝謝你的提問。因此，對於現金清掃而言，這是一個動盪的季度。顯然，人們關注的是五月現金數量的下降程度。因此，很高興看到六月出現反彈。

Just wondering if you could hit on some of the bigger factors that drove the volatility in cash in the quarter, particularly over the past two months. And it would be great to hear if there's been any change in yield-seeking behavior or whether it's been driven by different factors. And then, Matt, maybe you could also update us on July sweep cash as well.

只是想知道您是否可以談談導致本季現金波動的一些主要因素，特別是過去兩個月的現金波動。如果能了解收益追求行為是否發生了變化，或者是否受到不同因素的影響，那就太好了。然後，馬特，也許您也可以向我們更新七月的現金清掃情況。

Yeah, you bet. I mean, I think when you look at the quarter, it really is just driven by two factors. One, in April, which is the primary driver of the decline, it’s your typical seasonal items, the advisory fees coming out and tax payments. And as you noted, as you got deeper into the quarter we saw some growth in June growing by $1.4 billion.

是的，沒錯。我的意思是，我認為當你看這個季度時，它實際上只是由兩個因素驅動的。首先，四月是導致銷售額下降的主要原因，這是典型的季節性因素，包括諮詢費和稅金。正如您所說，隨著本季的深入，我們看到 6 月有所成長，成長了 14 億美元。

So I think overall, it's kind of an expected trend that you would see in the balances. But the primary driver, about two-thirds of that, if you look at the cash as a percent of AUM coming down, it's just the denominator of growing, right? We've got a strong equity market.

所以我認為總的來說，這是你會在餘額中看到的預期趨勢。但主要的驅動力，大約三分之二，如果你把現金視為 AUM 下降的百分比，它只是增長的分母，對嗎？我們擁有強大的股票市場。

If you look at our AUM overall, it's growing almost $100 billion on average for the last several quarters in a row. So you just have the denominator growing. Cash balances themselves have been pretty stable around $5,000 per account for quite some time, several quarters in a row. So I think it's -- maybe to hit home the point, that percent decline is really just driven by tax payments as well as the denominator growing.

如果你看一下我們的整體資產管理規模，你會發現過去幾季它平均成長了近 1000 億美元。因此分母就會不斷增大。現金餘額本身已經連續幾個季度穩定在每個帳戶 5,000 美元左右。所以我認為——也許要強調的是，百分比下降實際上只是由稅收以及分母成長所驅動。

Now bridging into what we've seen so far in July, sitting here almost at the end of the month. Again, first month of a quarter, it's as expected with that seasonality, and specifically, advisory fees hitting in that first month of the quarter.

現在我們來回顧一下七月迄今為止所看到的情況，現在已經快到月底了。同樣，對於一個季度的第一個月來說，這與季節性預期一致，具體來說，諮詢費用在該季度的第一個月達到。

For July, that's around $1.8 billion of a decline. Outside of that, cash balances were flat other than fees. And then just to add on to that from an organic growth standpoint, very similar driver there. Advisory fees reducing that in the first month of the quarter. And then to Rich's point earlier, that slowdown in industry-wide advisor movement on the recruiting side, you'll see that carry over into NNA into the third quarter. We're seeing that in July.

7 月的降幅約為 18 億美元。除此之外，除費用外，現金餘額保持不變。然後從有機成長的角度來看，那裡的驅動因素非常相似。諮詢費在本季的第一個月減少了。然後回到 Rich 之前提到的，招募方面的全產業顧問流動放緩，你會看到這個趨勢延續到第三季的 NNA。我們將在七月看到這一點。

If you put that together, we expect organic growth in July to be in the 4% zone, which for month one of a quarter, I think is what you would expect. And I'd just highlight that is prior to any additional attrition that we'll have from the misaligned OSJs that are leaving.

如果把這些綜合起來，我們預計 7 月的有機成長率將達到 4% 左右，對於一個季度的第一個月來說，我認為這是可以預期的。我想強調的是，這是在因不協調的 OSJ 離開而造成進一步人員流失之前。

And just a reminder there that was an overall $20 billion that we expected to depart. $13 billion has already departed through Q2. So there's $7 billion more to go. And that's primarily direct business at this point, which is a little harder to see and predict when that's going to leave, which is why I didn’t include it in the estimate. But again, no changes in the expected total there of $20 billion. Hope that helps.

需要提醒的是，我們預計總共會有 200 億美元流出。到第二季度，已經有 130 億美元流出。因此還需 70 億美元。目前這主要是直接業務，很難預見和預測何時會消失，這就是我沒有將其納入估算的原因。但預計總額仍為 200 億美元，沒有變動。希望有幫助。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Just maybe a couple of embedded questions. Inside of the AUM for Commonwealth, just wondering if you could update us on the split between cash and the rest of the business. And then secondly, the broader question, just on the Liquidity & Succession, what we continue to hear is that private equity firms continue to be quite aggressive in terms of scaling wealth management platforms. I'm wondering, is that having any impact on the deal multiple in terms as you deploy that capital, whether it be internally or externally? Thank you.

也許只是幾個嵌入式問題。在 Commonwealth 的 AUM 內部，我只是想知道您是否可以向我們介紹現金和其他業務之間的分配情況。其次，更廣泛的問題，僅就流動性和繼承而言，我們繼續聽到的是，私募股權公司在擴大財富管理平台方面繼續非常積極。我想知道，當您部署資本時，無論是內部還是外部，這是否會對交易倍數產生任何影響？謝謝。

Yes, Bill, I can take both of those. The cash as a percent of AUM at Commonwealth is a little bit below ours, call it, 1.5%-2% zone. So a little bit smaller balances there than we have. On the L&S side, I mean the short answer is, no.

是的，比爾，我都可以接受這兩個。聯邦的現金佔 AUM 的百分比略低於我們的，我們稱之為 1.5%-2% 區域。因此那裡的餘額比我們的餘額少一點。從 L&S 角度來說，我的簡短回答是：不。

I mean I think when you look at the multiples that we're paying, they have been consistent. I think the value prop that we have for a host of reasons, including staying at LPL, staying on our systems, the overall support that the team brings when they go into that model, I mean, I could go on and on and on.

我的意思是，我認為當你查看我們支付的倍數時，它們是一致的。我認為我們的價值主張有很多原因，包括留在 LPL、留在我們的系統、團隊進入模式時帶來的整體支持，我的意思是，我可以繼續說下去。

I think the price has not changed. The value prop is really what's driving that. And anything that from a private equity standpoint or the things that you had referenced has really not changed the multiples that we're paying at all.

我認為價格沒有改變。價值主張才是真正推動這項進程的因素。從私募股權的角度或您所提到的任何事情實際上都沒有改變我們支付的倍數。

Thank you. At this time, I would now like to turn the conference back over to Rich Steinmeier for closing remarks.

謝謝。現在，我想將會議交還給里奇·施泰因邁爾，請他致閉幕詞。

Thank you all for joining us. We look forward to speaking with you all again in October. Have a good night and go chase down the rest of those MLB trade deadline rumors.

感謝大家的參與。我們期待十月再次與大家交談。祝大家晚安，然後去追尋 MLB 交易截止日期的剩餘傳聞。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。