LPL Financial Holdings Inc (LPLA) 2025 Q3 法說會逐字稿

Good afternoon, and thank you for joining the third-quarter 2025 earnings conference call for LPL Financial Holdings, Inc. Joining the call today are 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. The company would appreciate if analysts would limit themselves to only one question. The company has posted its earnings press release and supplementary information on the Investor Relations section of the company's website, investor.lpl.com.

下午好，感謝各位參加 LPL Financial Holdings, Inc. 2025 年第三季財報電話會議。今天參加電話會議的有執行長 Rich Steinmeier 和總裁兼財務長 Matt Audette。Rich 和 Matt 將致開幕詞，然後將開放提問環節。公司希望分析師能只提一個問題。該公司已在公司網站 investor.lpl.com 的投資者關係部分發布了盈利新聞稿和補充資訊。

Today's call will include forward-looking statements, including statements about our LPL Financial 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. For more information about such risks and uncertainties, the company refers listeners to the disclosure set forth under the caption, forward-looking statements, in the earnings press release; as well as the risk factors and other disclosures contained in the company's recent filings to the Securities and Exchange Commission.

今天的電話會議將包含前瞻性聲明，包括關於我們 LPL Financial 的未來、財務和營運績效、展望、業務策略和計劃，以及管理層預見的其他機會和潛在風險的聲明。此類前瞻性陳述反映了管理階層目前的估計或信念，並受到已知和未知風險及不確定性的影響，這些風險和不確定性可能導致實際結果或事件發生的時間與此類前瞻性陳述中明示或暗示的結果或時間有重大差異。有關此類風險和不確定性的更多信息，該公司建議聽眾參閱盈利新聞稿中標題為“前瞻性聲明”的披露內容；以及該公司最近向美國證券交易委員會提交的文件中所包含的風險因素和其他披露信息。

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.

在電話會議期間，該公司還將討論一些非GAAP財務指標。如欲了解這些非GAAP財務指標與可比較GAAP資料的調節情況，請參閱本公司在investor.lpl.com上發布的獲利報告。

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

接下來，我將把電話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 is hard to believe, but it's been a little over a year since I became the CEO of LPL Financial. In that time, we've advanced the firm, extending our privileged competitive position in the advisor-mediated marketplace, while driving efficiency in the business. So I'd like to spend some time today sharing an update on our progress against the key initiatives I outlined on my first earnings call.

謝謝接線員，也謝謝各位參與我們的通話。很高興再次與您交談。難以置信，但我擔任 LPL Financial 執行長至今已經一年多了。在此期間，我們推動了公司的發展，鞏固了我們在顧問中介市場的競爭優勢，同時提高了業務效率。今天我想花點時間跟大家分享我在第一次財報電話會議上概述的關鍵舉措的最新進展。

But first, let's hit our Q3 results. In the quarter, total assets increased to a record $2.3 trillion, driven by our acquisition of Commonwealth and complemented by solid organic growth and higher equity markets. We attracted organic net new assets of $33 billion representing a 7% annualized growth rate. Our third quarter business results led to strong financial performance with a record adjusted EPS of $5.20, an increase of 25% from a year ago.

但首先，讓我們先來看看第三季的業績。本季度，總資產增至創紀錄的 2.3 兆美元，這主要得益於我們對 Commonwealth 的收購，以及穩健的內生成長和更高的股票市場。我們吸引了 330 億美元的有機淨新增資產，年化成長率達 7%。第三季業務業績強勁，財務表現良好，調整後每股盈餘創歷史新高，達到 5.20 美元，比去年同期成長 25%。

With that as context, let's review a few highlights of our business growth. In the third quarter, recruited assets were $33 billion, bringing our total for the trailing 12 months to a record $168 billion. In our traditional independent market, we added approximately $12 billion in assets during Q3, where despite depressed 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. 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.

以此為背景，讓我們回顧一下我們業務成長的一些亮點。第三季度，新增資產達 330 億美元，使過去 12 個月的總資產達到創紀錄的 1,680 億美元。在我們傳統的獨立市場中，第三季我們新增了約 120 億美元的資產。儘管整個行業的顧問流動性較低，但我們保持了行業領先的流動顧問獲取率，同時也擴大了我們業務管道的廣度和深度。就我們擴展的聯盟模式、戰略財富、獨立僱員以及我們增強的 RIA 產品而言，我們又取得了穩健的季度業績，募集了約 30 億美元的資產。

Our third quarter advisor recruiting underscores the evolution of our business and the appeal of our flexible affiliation models. During the quarter, we attracted four separate $1 billion-plus practices, which joined us from a range of firms, including regional broker-dealers, insurance companies, and wirehouses. Our recruiting results this quarter underscore the extensibility of our offering across the entire advisor-mediated marketplace, where we have created the flexibility to serve any advisor where they are in the evolution of their practice. This breadth of affiliation models is key to the sustainability of our growth as we look ahead.

我們第三季的顧問招募凸顯了我們業務的發展演變以及我們靈活的加盟模式的吸引力。本季度，我們吸引了四家資產規模超過 10 億美元的公司加入我們，這些公司來自各種類型的企業，包括區域經紀交易商、保險公司和大型券商。本季的招募結果凸顯了我們在整個顧問中介市場中的可擴展性，我們創造了靈活性，可以為處於業務發展各個階段的任何顧問提供服務。展望未來，這種廣泛的聯盟模式是我們持續成長的關鍵。

We also continued to make progress with large institutions onboarding the wealth management business of First Horizon. It's only been a couple of months, but there are already signs that the integrated experience and enhanced capabilities we are delivering are improving the efficiency of their advisor practice.

我們在大型機構加入 First Horizo​​n 的財富管理業務方面也取得了持續進展。雖然只有短短幾個月的時間，但已有跡象表明，我們提供的整合體驗和增強功能正在提高他們顧問業務的效率。

Turning to overall asset retention, prior to previously disclosed misaligned OSJ assets that off-boarded during the quarter, it was 98% for Q3 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.

就整體資產留存率而言，在先前揭露的錯配 OSJ 資產在本季被剝離之前，第三季和過去 12 個月的留存率均為 98%。這證明了我們不斷努力，透過提供新的​​功能和技術以及改進我們的服務和營運功能來提升顧問體驗。

As a complement to our organic growth, we closed our acquisition of Commonwealth Financial, welcoming their approximately 3,000 advisors and home office staff to the LPL family. The transaction is progressing well, and we continue to track towards our 90% retention target. Thus far, advisors representing nearly 80% of assets have signed to stay with Commonwealth and LPL.

作為我們自身成長的補充，我們完成了對 Commonwealth Financial 的收購，歡迎其約 3,000 名顧問和總部員工加入 LPL 大家庭。交易進展順利，我們正朝著 90% 的客戶留存目標穩步邁進。到目前為止，代表近 80% 資產的顧問已簽約繼續留在 Commonwealth 和 LPL。

From an operational standpoint, following the close, we commenced work on the capability build and onboarding planning. To give you a sense of the scope of this work, we are ushering in a foundational shift in our advisor workstation, ClientWorks, establishing a householding-based architecture, compared to our historically account-based orientation, further bolstering this relationship-based logic with a single relationship agreement to vastly improve the client onboarding experience and simplify ease of movement between account types, and launching a mobile version of our ClientWorks workstation for ease of access for advisors on the go. These are key capabilities that not only enable Commonwealth conversion, but also accelerate the delivery of core functionality for the benefit of all LPL advisors.

從營運角度來看，交易完成後，我們立即著手進行能力建構和入職規劃。為了讓您了解這項工作的範圍，我們正在顧問工作站 ClientWorks 中進行根本性的轉變，建立以家庭為基礎的架構，而不是我們以往以帳戶為基礎的架構，並透過單一關係協議進一步加強這種基於關係的邏輯，從而大大改善客戶入職體驗，簡化帳戶類型之間的轉換，並推出 ClientWorks 工作站的移動版本，以便隨時隨地訪問。這些關鍵能力不僅能夠實現聯邦轉換，還能加快核心功能的交付，從而使所有 LPL 顧問受益。

Next, let's turn to our strategic plan. Our vision is clear: we aspire to be the best firm in wealth management. To connect this back to my first earnings call a year ago, in service of this goal, we've amplified our focus in three key areas: one, maintaining the client centricity the firm was built on;two, empowering our employees to deliver exceptionally for our advisors and their clients; and three, delivering improved operating leverage. Effectively executing on these focus areas will help us sustain our industry-leading growth while advancing the efficiency and effectiveness of our model.

接下來，我們來看看我們的策略計劃。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。回到一年前我的第一次財報電話會議，為了實現這一目標，我們加強了對三個關鍵領域的關注：第一，保持公司賴以建立的客戶中心；第二，賦予員工權力，為我們的顧問及其客戶提供卓越的服務；第三，提高營運槓桿。有效執行這些重點領域將有助於我們維持領先業界的成長，同時提高我們模式的效率和有效性。

In terms of our clients, we have been laser-focused on preparing for a seamless onboarding of Commonwealth, including the delivery of capabilities and implementation of systems and practices which will benefit all LPL advisors, new and existing. Separately, we continue to look for opportunities to strengthen our value proposition in the market, while ensuring that we are pricing our services aligned with the value that we deliver.

就我們的客戶而言，我們一直專注於為順利引入 Commonwealth 做準備，包括提供各種能力以及實施各種系統和實踐，這將使所有 LPL 顧問（包括新顧問和現有顧問）受益。此外，我們將繼續尋找機會來加強我們在市場上的價值主張，同時確保我們的服務定價與我們提供的價值相符。

Earlier this year, we made adjustments to our production bonus, as well as within our Business Solutions group. And looking ahead, we plan to make additional adjustments as we evolve our offering, streamlining our services portfolio to focus on high-demand, high-impact services that deliver the greatest value to advisors, while simplifying pricing across our advisory platforms. And to ensure we maintain our competitive position, we're making a few targeted offsetting fee adjustments where we've been priced below the market.

今年早些時候，我們對生產獎金以及業務解決方案團隊進行了調整。展望未來，隨著我們產品和服務的不斷發展，我們計劃進行更多調整，精簡我們的服務組合，專注於高需求、高影響力的服務，為顧問帶來最大價值，同時簡化我們諮詢平台的定價。為了確保我們保持競爭力，我們將對一些定價低於市場水平的項目進行有針對性的抵消性費用調整。

As for our employees, we've been focused on elevating our benefits and better distributing decision-making authority to the teammates closest to our advisors. During the quarter, we also welcomed Emily Field, our new Chief People Officer, to help guide this critical work. And just last week, she kicked off our revamped manager learning program aimed at giving managers the necessary skills to build empowered teams and deliver exceptional employee and client experiences.

至於我們的員工，我們一直致力於提高員工福利，並將決策權更好地分配給與顧問關係最密切的團隊成員。本季度，我們也迎來了新的首席人力資源長艾米麗·菲爾德，她將幫助指導這項關鍵工作。就在上週，她啟動了我們改進的經理學習計劃，旨在為經理提供必要的技能，以建立賦能團隊，並提供卓越的員工和客戶體驗。

Finally, regarding our efforts to drive improved operating leverage, we've made meaningful progress reducing our cost to serve, and Matt will share some additional detail on that in a moment.

最後，關於我們為提高營運槓桿所做的努力，我們在降低服務成本方面取得了實質進展，Matt 稍後會分享更多細節。

To summarize, we are pleased with the third 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.

總而言之，我們對第三季的業績感到滿意，並對我們作為顧問和機構的重要合作夥伴的地位感到非常自豪，同時我們將繼續為股東創造長期價值。

With that, I'll turn the call over to Matt, but before I do, I just wanted to preempt that first question that we're hearing from so many of you. You wanted an update on our favorite Halloween candy. Well, mine is 100 Grand bars, and Matt's is actually Muscle Milk.

接下來，我會把電話交給馬特，但在那之前，我想先回答一下大家可能都會問的第一個問題。你想了解我們最喜歡的萬聖節糖果的最新情況。我的是 100 Grand 能量棒，而 Matt 的其實是 Muscle Milk 能量棒。

So with that, Matt, take it away.

那麼，馬特，請開始吧。

Not on the script, Rich. You're very funny. I do like me a good protein shake, but it's not my favorite candy. Like, I do have a favorite candy. And I didn't want to tell you. I figured it'd be too triggering, given your high school football nickname, Butterfingers.

劇本裡沒有，里奇。你真幽默。我喜歡喝蛋白奶昔，但它不是我最喜歡的糖果。我確實有自己最喜歡的糖果。我不想告訴你。考慮到你高中橄欖球時期的綽號是“笨手笨腳”，我覺得這可能會讓你感到很受傷。

Oh, boo. I love those.

哦，真掃興。我喜歡這些。

Now I can eat them. Now I can eat them. All right, well, thank you for that intro. And I'm glad to speak with everyone on today's call.

現在我可以吃它們了。現在我可以吃它們了。好的，謝謝你的介紹。我很高興今天能和大家一起通話。

It was another productive quarter as we advanced several strategic priorities, including another quarter of industry-leading organic growth, the onboarding of the wealth management business of First Horizon, closing of our acquisition of Commonwealth, and the continued advancement of our cost efficiency work, which is driving sustainable improvement in our margins.

又是一個碩果累累的季度，我們推進了多項戰略重點，包括再次實現行業領先的內生增長、收購 First Horizo​​n 的財富管理業務、完成對 Commonwealth 的收購，以及持續推進成本效益工作，從而推動了利潤率的可持續提高。

Now turning to a few highlights from our Q3 business results. Total advisory and brokerage assets were $2.3 trillion, up 21% from Q2, as continued organic growth and higher equity markets were complemented by our acquisition of Commonwealth, which added $275 billion of assets in Q3.

接下來，我們來看看第三季業務業績的一些亮點。諮詢和經紀業務總資產達 2.3 兆美元，較第二季成長 21%，這得益於持續的內生成長和更高的股票市場，以及我們對 Commonwealth 的收購，該收購在第三季度增加了 2,750 億美元的資產。

Total organic net new assets were $33 billion, an approximately 7% annualized growth rate, a strong result both on an absolute and relative basis. On the recruiting front, Q3 recruited assets were $33 billion, contributing to a record $168 billion over the trailing 12 months. With respect to large institutions, we successfully onboarded First Horizon with $18 billion of AUM, of which $17 billion transitioned onto our platform in Q3.

有機淨新增資產總額為 330 億美元，年化成長率約為 7%，無論從絕對值或相對值來看，這都是一個強勁的成績。在招聘方面，第三季招聘資產為 330 億美元，使過去 12 個月的招聘資產總額達到創紀錄的 1,680 億美元。對於大型機構而言，我們已成功將管理資產規模達 180 億美元的 First Horizo​​n 納入我們的平台，其中 170 億美元在第三季度轉移到了我們的平台。

Looking at Q3 financial results, the combination of organic growth and expense discipline led to an adjusted pre-tax margin of approximately 38% and record adjusted EPS of $5.20. Gross profit was $1,479 million, up $175 million sequentially.

從第三季財務表現來看，有機成長和成本控制相結合，使得調整後的稅前利潤率約為 38%，調整後的每股盈餘創下 5.20 美元的歷史新高。毛利為 14.79 億美元，季增 1.75 億美元。

As for the key drivers, commission and advisory fees, net of payout were $426 million, up to $77 million from Q2. Our payout rate was 87.5%, up approximately 14 basis points from Q2, driven by the typical seasonal build in the production, as well as our acquisition of column.

至於主要驅動因素，扣除支出後的佣金和諮詢費淨額為 4.26 億美元，比第二季增加了 7,700 萬美元。我們的派息率為 87.5%，比第二季度增長了約 14 個基點，這主要是由於產量的季節性增長以及我們收購了塔器。

With respect to client cash revenue, it was $442 million, up $28 million from Q2. Overall client cash balances ended the quarter at $56 billion, up $5 billion, which included approximately $4 billion from Commonwealth. The remaining $1 billion of cash balance growth was a result of the organic growth for our business.

客戶現金收入為 4.42 億美元，比第二季增加了 2,800 萬美元。本季末，客戶現金餘額總額為 560 億美元，增加了 50 億美元，其中包括來自 Commonwealth 的約 40 億美元。剩餘的 10 億美元現金餘額成長是我們業務自然成長的結果。

Within our ICA portfolio, the mix of fixed rate balances ended the quarter at roughly 60%, near the midpoint of our target range of 50% to 75%. Looking more closely at our ICA yield, it was 351 basis points in Q3, up 9 basis points from Q2, driven by benefits from the Atria conversion and our acquisition of Commonwealth. As we look ahead to Q4, based on where client cash balances and interest rates are today, we expect our ICA yield to decrease to roughly 345 basis points, driven by the impact of recent rate cuts.

在我們的 ICA 投資組合中，固定利率餘額佔比在本季末約為 60%，接近我們 50% 至 75% 目標範圍的中點。更仔細地觀察我們的 ICA 收益率，第三季度為 351 個基點，比第二季度增長了 9 個基點，這主要得益於 Atria 改造和我們收購 Commonwealth 的收益。展望第四季度，根據客戶目前的現金餘額和利率狀況，我們預期受近期降息的影響，我們的ICA收益率將下降至約345個基點。

As for service and fee revenue, it was $175 million in Q3, up $23 million from Q2, primarily driven by revenues from our annual Focus conference, as well as our acquisition of Commonwealth.

至於服務和費用收入，第三季為 1.75 億美元，比第二季增加了 2,300 萬美元，主要得益於我們年度 Focus 會議的收入以及我們對 Commonwealth 的收購。

Looking ahead to Q4, we expect service and fee revenue to be roughly flat sequentially, as a full quarter of revenue from Commonwealth is offset by lower conference revenue and seasonally lower IRA fees.

展望第四季度，我們預計服務和費用收入將與上一季度大致持平，因為來自聯邦的收入將減少，而會議收入和季節性下降的個人退休帳戶 (IRA) 費用將被抵消。

Moving on to Q3 transaction revenue. It was $67 million, up $7 million sequentially, primarily driven by Commonwealth. As we look ahead to Q4, based on activity levels to date, we expect transaction revenue to be roughly $70 million.

接下來來看第三季交易收入。達到 6,700 萬美元，比上一輪增加 700 萬美元，主要得益於 Commonwealth 的推動。展望第四季度，根據目前的業務活動水平，我們預計交易收入約為 7,000 萬美元。

With respect to the monetization initiatives Rich mentioned earlier, we regularly evaluate how effectively we're delivering services, pricing, and an overall experience that aligns with advisor needs. Starting next year, we will streamline our Business Solutions portfolio to focus on those that deliver the greatest value to advisors, further reduce pricing across our advisory and make targeted offsetting fee increases, where we've been priced below the mark. These actions are designed to strengthen our competitive position, while ensuring we have the resources to continue investing in the platforms, tools, and services that enable advisors to grow and succeed.

關於 Rich 前面提到的獲利舉措，我們會定期評估我們提供服務、定價和整體體驗的有效性，以確保其符合顧問的需求。從明年開始，我們將精簡我們的商業解決方案組合，專注於那些能為顧問帶來最大價值的解決方案，進一步降低我們諮詢服務的價格，並針對定價低於市場水平的部分進行有針對性的抵消性費用上漲。這些措施旨在加強我們的競爭地位，同時確保我們擁有足夠的資源，並持續投資於能夠幫助顧問成長和成功的平台、工具和服務。

To help frame the financial impact to our 2026 results, we estimate that these changes would increase our trailing 12-month adjusted pre-tax margin by approximately 1 percentage point.

為了更好地理解這些變化對我們 2026 年業績的財務影響，我們估計這些變化將使我們過去 12 個月的調整後稅前利潤率提高約 1 個百分點。

Now let's move on to our recent acquisitions, starting with Commonwealth. Overall, the transaction is progressing well, and we are on track to onboard Commonwealth in the fourth quarter of 2026. We continue to track towards our 90% retention target, with advisors representing nearly 80% of assets already signed. In addition, factoring in current asset levels, our run rate EBITDA expectation has increased to approximately $425 million once fully integrated. As for Atria, the onboarding is complete, and considering current assets, we are increasing our expected run rate EBITDA to approximately $155 million.

現在讓我們來看看我們最近的收購，首先是 Commonwealth。總體而言，交易進展順利，我們預計在 2026 年第四季完成 Commonwealth 的併入。我們持續朝著 90% 的客戶留存率目標穩步邁進，目前已有近 80% 的資產由顧問管理。此外，考慮到目前的資產水平，我們預計完全整合後，年度 EBITDA 預期將增至約 4.25 億美元。至於 Atria，其入駐工作已經完成，考慮到現有資產，我們將預期年化 EBITDA 提高到約 1.55 億美元。

Now, let's turn to expenses, starting with core G&A. It was $477 million in Q3 below our outlook range for the quarter, as we continue to make progress driving incremental operating leverage in the business. To give you a sense of the work, we're automating manual processes in our operations and service groups, increasing straight-through processing and reducing friction in our services. In addition, these initiatives have the added benefit of improving the client experience.

現在，讓我們來看看各項費用，首先從核心一般及行政費用開始。第三季營收比我們預期的季度營收低了 4.77 億美元，因為我們在推動業務營運槓桿方面持續取得進展。為了讓您了解我們的工作，我們正在營運和服務部門中實現手動流程的自動化，提高直通式處理效率，減少服務中的摩擦。此外，這些措施也有助於改善顧客體驗。

With that as context, looking at the full year 2025, given our cost initiatives are tracking ahead of schedule, we are lowering our 2025 outlook to a range of $1,860 million to $1,880 million.

有鑑於此，展望 2025 年全年，考慮到我們的成本控制計畫進展順利，我們將 2025 年的預期目標下調至 18.6 億美元至 18.8 億美元之間。

Moving on to Q3 promotional expense, it was $202 million, up $38 million from Q2, primarily driven by conference spend as we hosted our annual Focus conference in August, as well as transition assistance related to Commonwealth.

第三季促銷支出為 2.02 億美元，比第二季增加了 3,800 萬美元，主要原因是我們在 8 月舉辦了年度 Focus 會議，以及與聯邦相關的過渡援助。

Turning to depreciation and amortization, it was $100 million in Q3, up $3 million sequentially. Looking ahead to Q4, we expect depreciation and amortization to increase by roughly $5 million.

折舊和攤銷方面，第三季為 1 億美元，比上一季增加 300 萬美元。展望第四季度，我們預計折舊和攤提將增加約 500 萬美元。

As for interest expense, it was $106 million in Q3, up $4 million sequentially, driven by increased usage of our revolver following the close of the Commonwealth transaction. Looking ahead to Q4, given current debt balances and interest rates, we expect interest expense to increase by approximately $5 million from Q3.

至於利息支出，第三季為 1.06 億美元，比上一季增加了 400 萬美元，這是由於在完成對 Commonwealth 的交易後，我們的循環信貸額度使用量增加所致。展望第四季度，鑑於目前的債務餘額和利率，我們預計利息支出將比第三季增加約 500 萬美元。

Turning to capital management, we ended Q3 with corporate cash of $568 million, down $3 billion from Q2, as we deployed the proceeds from our capital raises to fund the acquisition of Commonwealth. While the majority of transition assistance was deployed in Q3, we expect a couple hundred million of additional payments in the fourth quarter, which will return corporate cash to more normalized levels. As a result, we anticipate Q4 interest income to decline to approximately 30 million. As for our leverage ratio, it was 2.04x at the end of Q3, below our initial expectations for roughly 2.25x following the close of Commonwealth.

談到資本管理，第三季末，我們的公司現金為 5.68 億美元，比第二季減少了 30 億美元，因為我們將籌集資金所得用於收購 Commonwealth。雖然大部分過渡援助已在第三季發放，但我們預計第四季還將有數億美元的額外款項發放，這將使企業現金恢復到更正常的水平。因此，我們預計第四季利息收入將下降至約 3,000 萬美元。至於我們的槓桿率，第三季末為 2.04 倍，低於我們在 Commonwealth 交易完成後最初預期的約 2.25 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. In Q3, the majority of our capital deployment was focused on supporting organic growth and M&A, where we closed Commonwealth and continued to allocate capital to our Liquidity & Succession solution. To uphold our commitment to maintaining a strong and flexible capital position, share repurchases remain paused, which we will revisit once we onboard Commonwealth.

接下來是資金部署部分。我們的框架仍然專注於將資本分配與我們產生的回報一致：首先投資於內生成長，在適當的時候進行併購，並將多餘的資本回饋給股東。第三季度，我們的大部分資本部署都集中在支援內生成長和併購上，我們完成了對 Commonwealth 的收購，並繼續為我們的流動性和繼承解決方案分配資本。為了履行我們保持強大而靈活的資本狀況的承諾，股票回購仍然暫停，我們將在完成對 Commonwealth 的收購後重新考慮此事。

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.

綜上所述，我們又一個季度取得了強勁的業務和財務業績。展望未來，我們對繼續推動成長、實現營運槓桿和創造長期股東價值的機會感到興奮。

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

接線員，現在開始接受提問。

(Operator Instructions) Alex Blostein, Goldman Sachs.

（操作說明）Alex Blostein，高盛。

Hey, guys. Good afternoon. Thank you for all the details, including the snack preferences. Just maybe starting with Commonwealth, obviously, it's a big topic; helpful update with the 80%.

嘿，夥計們。午安.謝謝你提供的所有細節，包括你對零食的喜好。或許可以從聯邦開始，這顯然是一個大話題；80% 的更新很有幫助。

Maybe help us frame how that's tracking at this point of integration relative to your original plan and given that 80% is already quite a sizable number, at what point do you find that your recruiting teams could start to focus more externally again to re-accelerate the pace of net organic growth? Thank you.

或許您可以幫我們分析一下，在目前的整合階段，與您最初的計畫相比，進展如何？鑑於 80% 已經是一個相當大的數字，您認為您的招募團隊在什麼情況下可以再次將重點放在外部，以重新加快淨有機成長的速度？謝謝。

Thanks. Good question, Alex. Appreciate you asking. So let me start out.

謝謝。問得好，Alex。感謝你的提問。那麼，讓我先開始吧。

So it's been around six months since we signed the deal and three months since we closed. And as we mentioned, the transaction continues to progress as planned. It's really been an ongoing engagement with Commonwealth advisors and home office staff, and it is incredibly productive as we jointly chart this course ahead together. And as we've said previously, the Commonwealth advisors are really thoughtful and they are a very diligent community, which really doesn't surprise us given that they include many of the best advisors in the industry. And so it stands to reason that they have been extremely thorough in their diligence.

從我們簽署協議到現在已經大約六個月了，從我們完成交易到現在已經三個月了。正如我們之前提到的，交易仍在按計劃進行。我們一直與英聯邦顧問和內政部工作人員保持著密切的溝通，共同規劃未來的發展方向，這種溝通非常有成效。正如我們之前所說，聯邦顧問們都非常體貼周到，他們是一個非常勤奮的群體，考慮到他們囊括了業內許多最優秀的顧問，這一點我們並不感到驚訝。因此，他們進行調查工作極為細緻周全也就不足為奇了。

And we have been dedicated to making sure that we can give them all the information they need to make their very best decision. And that includes thousands of interactions since the announcement to ensure the advisors understand the benefits of the combination. Most recently, last week, there were over 1,000 CFN advisors at their national conference in Washington, D.C. We had sessions from main stage, breakouts, as well as a number of individual sessions across both the Commonwealth leadership as well as the LPL leadership. And as well, we know that we have scheduled many more in-person home office visits and virtual meetings for the next coming months.

我們一直致力於確保能夠向他們提供他們所需的所有信息，以便他們做出最佳決定。這其中包括自宣布合併以來進行的數千次互動，以確保顧問了解合併的好處。最近，就在上週，超過 1000 名 CFN 顧問參加了在華盛頓特區舉行的全國會議。會議內容包括主舞台會議、分組會議以及聯邦領導層和 LPL 領導層的一些單獨會議。此外，我們也知道，在接下來的幾個月裡，我們將安排更多面對面的家庭辦公室參觀和虛擬會議。

And so as we said earlier, we're at that kind of nearly 80% of assets having signed their agreements stay with Commonwealth, on track for the 90%. And putting all of that retention aside, we feel over the moon with this transaction. Cultural alignment and complementary capabilities are creating a combined firm that is far stronger than the sum of the parts. We feel great about the value that this will deliver to Commonwealth advisors, existing LPL advisors, and shareholders. And the work that we're doing here significantly advances our progress on creating the best firm in wealth management.

正如我們之前所說，目前已有近 80% 的資產簽署了協議，這些資產將留在聯邦政府，我們正朝著 90% 的目標穩步前進。拋開所有保留金不談，我們對這筆交易感到非常滿意。文化契合和能力互補正在打造一個遠比各部分總和更強大的合併後的公司。我們相信這將為聯邦顧問、現有 LPL 顧問和股東帶來巨大的價值。我們在這裡所做的工作，大大推動了我們打造財富管理領域最佳公司的進程。

One last thing you did mention, as we begin to continue to progress towards higher and higher percentages of the advisors who have decisions, to stay with Commonwealth, that does present us the opportunity to bring back some of the recruiting and retention specialists that we had ring-fenced and allocated into educating Commonwealth advisors. And that's beginning throughout the second half of this year and will continue.

您還提到了最後一點，隨著越來越多的顧問選擇留在聯邦保險公司做出決定，這確實為我們提供了一個機會，讓我們能夠重新啟用一些我們之前專門用於培訓聯邦保險公司顧問的招聘和留任專家。這種情況將從今年下半年開始，並將持續下去。

But Matt, is there more you'd like to add?

但馬特，你還有什麼要補充的嗎？

Sure. I mean, I think maybe just to underscore what you said, I mean, I think we feel great about the transaction. We feel great about Commonwealth as a firm; high-quality advisors, they have high-quality leadership team, home office team, culture. So just all around, from an acquisition standpoint, before we even get to the economics, which I'll give a little more color on, we feel really great about it.

當然。我的意思是，我想強調一下你剛才說的，我們對這筆交易非常滿意。我們對 Commonwealth 這家公司非常滿意；他們擁有高素質的顧問、高素質的領導團隊、總部團隊和企業文化。所以總的來說，從收購的角度來看，甚至在我們談到經濟方面之前（我稍後會詳細介紹），我們對此感覺非常好。

I think since there's been, let's just say, a little bit of focus on the retention targets and how those have been progressing, I think, Alex, to your question, it's always hard to predict exactly how things will trend. But I think as a general point, we are on track to where we thought we would be.

我認為，既然大家對留存目標及其進展給予了一定的關注，那麼，Alex，對於你的問題，要準確預測事情的發展趨勢總是很困難的。但總的來說，我認為我們正朝著預期的方向前進。

But if you just look at where we are right now at nearly 80% retention and the economics that come with that, where we are right now, I mean, you're just under a nine times multiple. So I think for a property of the quality that Commonwealth is, I think we'd be very happy with that.

但如果你看看我們現在的近 80% 的客戶留存率以及隨之而來的經濟效益，就會發現我們現在的收益倍數接近 9 倍。所以我覺得對於像 Commonwealth 這樣品質的房產來說，我們會非常滿意的。

And to Rich's point, as we progress to 90% retention, just to give a little bit of the sensitivities, every incremental percentage of retention that we have is about a reduction of a tenth of a turn on the multiple or an increase of $5 million in run rate EBITDA, just so you have kind of the sensitivities on how that would work. But I think as you pull back up, I mean, we're incredibly excited to have the opportunity to engage with them, sign the transaction, to close the transaction. And now that we're much, much closer and involved with the teams, as Rich said, we're over the moon. We're really, really happy.

正如 Rich 所說，隨著我們逐步提高到 90% 的客戶留存率，為了稍微說明一下這種敏感性，我們每提高 1% 的客戶留存率，市盈率就會下降十分之一，或者 EBITDA 的年化率就會增加 500 萬美元，這樣你就能大致了解這種敏感性是如何體現的了。但我覺得當你重新審視這個問題時，我的意思是，我們非常興奮有機會與他們接觸，簽署交易協議，完成交易。正如里奇所說，現在我們與球隊的關係更加密切，參與度也更高了，我們欣喜若狂。我們真的非常非常高興。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Hello, Rich. Hello, Matt. Good afternoon. I appreciate you guys taking my question.

你好，里奇。你好，馬特。午安.感謝各位回答我的問題。

So maybe to start, I was hoping to dive a bit deeper into the pricing changes you mentioned in the prepared remarks. It's certainly encouraging to hear the net impact will be a 100 bps benefit to the margin, but I wanted to clarify whether the 100 bps net benefit contemplates both efficiency in addition to pricing changes and how these pricing adjustments could enhance the value prop, maybe drive some better organic growth outcomes going forward?

所以，首先，我希望能夠更深入地探討您在準備好的演講稿中提到的價格變化。聽到淨影響將使利潤率提高 100 個基點，這當然令人鼓舞，但我想要澄清的是，這 100 個基點的淨收益是否考慮了效率提升和價格變化，以及這些價格調整如何增強價值主張，或許還能在未來推動更好的內生增長？

Sure, Steven. So I think the 100 bps improvement was solely from the pricing changes. So any additional improvements on the cost side would be in addition to that.

當然可以，史蒂文。所以我認為這100個基點的改善完全是價格變動帶來的。因此，成本方面的任何額外改進都將是在此基礎上進行的。

I think to your second part of your question, I think when you look at the areas where the pricing changes are being made, in the core area where our advisors are bringing in assets on the advisory side, and I think our pricing there has been competitive and we're lowering the pricing there to make it even more competitive. So if you think about where advice is being delivered and where the flows are, I think that helps enhance our opportunity to grow.

關於你問題的第二部分，我認為，當你審視價格調整的領域時，尤其是在我們顧問在諮詢方面引入資產的核心領域，我認為我們在那裡的定價一直很有競爭力，而我們正在降低那裡的價格，使其更具競爭力。所以，如果你思考建議的提供地點和流動方向，我認為這有助於提高我們的發展機會。

And on the other side, on the brokerage side, you know, as we looked at the market, we were priced below the market. So I think what you see us doing on the brokerage side is bringing fees up into line where the market is currently. So broadly, brokerage is in line, and I think we positioned advisory to be a place that can grow even further.

另一方面，從經紀公司的角度來看，當我們審視市場時，發現我們的定價低於市場價格。所以我認為，你們看到的我們在經紀業務方面所做的，是將費用提高到與當前市場水平一致的水平。總的來說，經紀業務發展勢頭良好，我認為我們已經將諮詢業務定位為一個可以進一步發展的領域。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Thanks. Good evening, everyone. I have another follow-up on Commonwealth. And congrats on getting to the 80% retention. That fell faster than expected.

謝謝。各位晚上好。關於英聯邦，我還有後續問題。恭喜你們達到了 80% 的客戶留存率。下降速度比預期的快。

But on the 90% target, is the timeline there the 4Q26 onboarding target, or could that actually be sooner?

但是，90% 的目標完成時間是指 2026 年第四季完成部署目標，還是實際上可能會更早？

Well, I think, Craig, maybe the answer could be yes to both. I think when you look at when we will finalize what the retention, is when they're onboarded. So that's when you snap the chalk. But whether we get from 80 to 90 before that certainly could occur. But ultimately, it's when they're onboarded is when we'll measure that. And our estimate is that that's the estimate of $425 million when we'll start to begin to recognize synergies and building up to that $425 million is when onboarding happens as well. So all a little bit over a year from now.

嗯，克雷格，我想，或許這兩個問題的答案都是肯定的。我認為，我們最終確定員工留存率的時間點，就是他們入職的時候。所以這時你就該掰粉筆了。但我們是否能在那之前從 80 升到 90，當然是有可能的。但歸根究底，只有在他們正式入職後，我們才能衡量這一點。我們估計，當綜效開始顯現，而達到 4.25 億美元目標時，新員工入職流程也將完成。所以這一切大概還要一年多一點的時間。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

Good afternoon. Thanks for taking my question, Rich and Matt. Good to hear from you.

午安.謝謝Rich和Matt回答我的問題。很高興收到你的來信。

So I know Commonwealth brings new capabilities to you. You've also been steadily investing in building out the service offering, particularly for high-net-worth investors. You know, really with the goal of pursuing larger teams and targeting to more wirehouse advisors. Could you speak to how that's progressing and what your updated expectations are on that front?

所以我知道聯邦會為你帶來新的能力。您也一直在穩步投資，以拓展服務產品，特別是針對高淨值投資者的服務。你知道，真正的目的是為了組建更大的團隊，並瞄準更多的大型券商顧問。您能否談談這方面的進展以及您對此的最新預期？

Yeah, hey, thanks, Brennan. And I would thank you for painting within the lines on that question. So I appreciate your sticking to the netting there. So let me try to hit it.

是啊，嘿，謝謝你，布倫南。感謝你在這個問題上沒有越界。所以我很欣賞你堅持使用防護網。那我試試能不能打中它。

So first off, you're right. I mean, we have been pursuing a multi-year journey to become increasingly more relevant to wirehouse advisors. I think Commonwealth adds a tremendous amount, not only of capabilities, of brand credibility, capabilities, and a service orientation that is second to none in the independent channel, that is very attractive to wirehouse breakaways as well.

首先，你說得對。我的意思是，我們多年來一直在努力提升自身對大型券商顧問的相關性。我認為 Commonwealth 不僅帶來了巨大的能力，還帶來了品牌信譽、實力以及在獨立管道中首屈一指的服務理念，這對從大型券商跳槽出來的公司來說也極具吸引力。

But when you take a couple of steps back and think about the way we've built towards methodically serving this market more expansively, it started with expanding our affiliation models several years ago, specifically as you think about our independent advisor channel around our W2 channel we call Linsco, as well as our Strategic Wealth supported independent channel, and progress with our introduction of a private wealth channel.

但當你退後幾步，想想我們是如何有條不紊地更廣泛地服務於這個市場的，就會發現這一切始於幾年前我們擴展了我們的聯盟模式，特別是考慮到我們圍繞 W2 渠道（我們稱之為 Linsco）建立的獨立顧問渠道，以及我們戰略財富支持的獨立渠道，以及我們推出私人財富渠道所取得的進展。

The three of those offerings plus a continued investment in capabilities around degrading the difference between ourselves and the wires, certainly now on alternative investments, high-net-worth capabilities, specifically advanced tax planning, long-term planning, investment solutions as well, and our ability to upgrade our service experience with the introduction of our field management organization oriented towards the success of those larger advisors.

這三項服務加上持續投資於縮小我們與傳統金融機構之間差距的能力，尤其是在另類投資、高淨值服務能力（特別是高級稅務規劃、長期規劃、投資解決方案）以及透過引入面向大型顧問成功的現場管理組織來提升服務體驗的能力。

Taken together with our pool of existing high-net-worth oriented advisors, you have a community that is building in capabilities. And kind of the capstone to those investments for us over the last year has been the introduction of and enhancement of the LPL brand in the marketplace. All of those things taken together have expanded consideration for us in that wirehouse W2 market.

結合我們現有的面向高淨值客戶的顧問團隊，您將擁有一個不斷增強能力的社群。過去一年，我們這些投資的最終成果就是在市場上推出並提升了 LPL 品牌。綜合以上所有因素，我們更重視這家券商W2市場。

And I believe now have begun to expand our consideration for those high-net-worth wire house advisors that represent an additional $5 trillion market opportunity. So we continue to run into that space. We continue to build capabilities. We continue to build credible capabilities, and we've enhanced consideration.

我相信，我們現在已經開始擴大對那些高淨值證券公司顧問的關注，他們代表著額外的 5 兆美元的市場機會。所以我們繼續探索這個領域。我們持續提升自身能力。我們持續提升自身實力，並加強了考量。

Taken together, I would expect that that would continue to advance our capture of flow and movement out of the wires and the regionals across our affiliation models in a way that we have methodically seen, I would expect it to continue at pace.

綜上所述，我預計這將繼續推進我們透過聯盟模式捕捉來自網路和區域的資訊流動和轉移，正如我們已經有條不紊地看到的那樣，我預計這種情況將繼續快速發展。

Devin Ryan, Citizens Bank.

Devin Ryan，公民銀行。

Hey, thanks. Good afternoon, Rich and Matt. One asked a question just on expenses. Obviously, it's good to see the improvement on the 2025 G&A guide. So, just trying to think about bigger picture, there's been a lot of moving parts on expenses just with a couple big acquisitions coming into the system here in recent quarters, the same time you guys are taking actions to become more efficient.

嘿，謝謝。Rich和Matt，下午好。有人問了一個關於費用的問題。顯然，看到 2025 年 G&A 指南有所改進是件好事。所以，從大局來看，最近幾個季度，由於幾項大型收購進入系統，支出方面有很多變動，同時，你們也在採取措施提高效率。

So, I'd love to just think about, I guess, first off, some of the drivers that improve the guidance for the year, how much of that is structural, carries into 2026? And then just more broadly, how you're feeling about the expense trajectory of the firm is, you're probably finding more efficiencies with these transactions at the same time? There's still plenty of growth investment to do and some business inflation. So just trying to think about the guidance, but then also the trajectory. Thanks.

所以，我想先思考一下，有哪些因素會改善今年的業績預期，其中有多少是結構性的，又有多少會延續到 2026 年？更廣泛地說，您對公司支出趨勢有何看法？您是否同時發現這些交易能帶來更高的效率？仍有許多成長投資空間，而且商業通膨也在加劇。所以，我既要考慮指導方針，也要考慮發展軌跡。謝謝。

Yeah, Devin. So I think when you look at the things that we're doing that are driving the savings, I mean, there are -- to the point of your question, there are things that are ongoing, right? There are things where we're making investments to automate things in our service areas and our operations groups.

是的，德文。所以我覺得，當你審視我們正在做的事情，也就是那些能夠節省成本的事情時，我的意思是——回到你的問題，有些事情正在進行中，對吧？我們正在投資，以實現服務領域和營運團隊中某些環節的自動化。

There are process improvements, capability deployments. We're starting to use AI in a way that is practical and delivering. And you think about where and how that shows up as you're able to improve those things. lower NIGO rates, which are things that have to be reworked back and forth between us and our clients, which is a frustration from a client standpoint. It has also incurred costs on our side.

包括流程改善和能力部署。我們開始以一種切實可行且有效的方式使用人工智慧。然後你會思考，當你能夠改進這些方面時，這些改進會在哪些方面以及如何反映出來。降低 NIGO 費率，這些事項需要我們和客戶之間反覆協商，從客戶的角度來看，這令人沮喪。這給我們這邊也帶來了一些成本。

Our advisors and their staff have to call us less because there's less to call about. We have less folks that have to spend time answering those calls. We have increased use of our digital tools. It goes on and on, and I think those are the things that really led to the improvements this year. And those are the things that I think we're going to continue to focus on from here going forward. Now, I think we do get into some things, even if you just look at next year.

由於需要諮詢的事情減少了，我們的顧問及其工作人員需要打電話給我們的次數也減少了。我們現在需要花更多時間接聽這些電話的人員減少了。我們增加了對數位化工具的使用。事情就這樣一件接一件地發生，我認為正是這些因素真正促成了今年的進步。我認為，接下來我們將繼續專注於這些方面。現在，我認為即使只展望明年，我們也會遇到一些問題。

We'll give our guidance for next year on the next call like we normally do. But to your point on some of the other deals coming on board, maybe there's two things I would highlight that are in addition to the efficiencies that we are driving.

我們將像往常一樣，在下次電話會議上給出明年的指導意見。但就你提到的其他一些即將達成的交易而言，除了我們正在推動的效率提升之外，我或許想強調兩點。

One is maybe obvious, but just keeping in mind, you're going to have a full year impact of Commonwealth expenses next year. And as they onboard towards the end of the year, the synergies on the expense side largely won't show up until 2027. So you just want to keep that in mind.

有一點可能很明顯，但請記住，明年聯邦政府的開支將對你產生一整年的影響。由於這些項目要到年底才會陸續完成，因此在成本方面的協同效應要到 2027 年才會顯現出來。所以你只需要記住這一點。

And then second is a little bit building on what Rich was talking about earlier with respect to recruiting capacity. Another big driver of our expenses is the level of organic growth. So as recruiting frees up from Commonwealth pivots back to the marketplace in general to the extent that drives up organic growth, you would naturally have some incremental expenses coming on the core G&A side.

其次，我想稍微補充一下 Rich 之前談到的招募能力方面的內容。另一個導致我們支出大幅增加的因素是內生成長水準。因此，隨著聯邦招聘業務的放鬆，以及整體市場招聘業務的全面復甦，推動了有機增長，核心一般及行政費用方面自然會出現一些額外的支出。

Now, at a more efficient level, given all the automation that we've done, but that's something that could drive it as well, which I think we'd all put in the category of a high-class problem on an expense side. So hope that helps frame it, but I think the headline I'd hit is I think we feel really good about what we're able to drive on the automation side, how that's dropping to the bottom line, but also how it improves our client experience and improves our employee experience. I mean, the things that we are removing are rote, monotonous things that allow people to focus on things that are more interesting.

現在，由於我們已經實現了高度自動化，效率更高了，但這也可能是一個驅動因素，我認為我們都會將其歸類為成本方面的一個棘手問題。希望這能幫助你更好地理解，但我認為我想強調的是，我們對在自動化方面取得的成就感到非常滿意，這不僅降低了成本，還改善了我們的客戶體驗和員工體驗。我的意思是，我們剔除的是那些枯燥乏味、單調乏味的事情，讓人們可以專注於更有趣的事情。

So, I think it's exciting. The entire management team's aligned on it and, you know, hopefully the results show that we're able to deliver here.

所以，我覺得這很令人興奮。整個管理團隊對此意見一致，希望結果能證明我們能夠做到這一點。

Jeff Schmitt, William Blair.

傑夫·施密特，威廉·布萊爾。

Hi, thank you. You had talked about how advisor movements are still depressed for the industry, I believe. And I was curious, how is your share of those movements trending? And do you still expect that to be kind of a temporary phenomenon and ultimately lead to higher organic growth in future quarters? Thanks.

您好，謝謝。我記得你之前說過，顧問流動對整個產業來說仍然很低迷。我很好奇，你在這些趨勢中的份額如何？您是否仍然認為這只是一種暫時現象，並最終在未來幾季帶來更高的內生成長？謝謝。

Yeah, thanks for the question. We have seen that that movement continues to stay a little bit artificially low. The truth is that when you look at movement in the industry, you see overall movement but then you often see times where there are events in the marketplace that drive advisor churn.

謝謝你的提問。我們已經看到，這種趨勢持續保持在略微人為的低點。事實上，當你觀察產業動態時，你會看到整體趨勢，但你也經常看到市場上發生一些事件，導致顧問流失。

And those two events that we're seeing right now in the marketplace that would drive churn are: one, the advisor compensation changes at the wirehouse. They just continue to get further and further away from market competitive, and so you see more and more advisors in increasing numbers picking up their heads to consider their alternatives. So I think that actually is a good trend for the independent segment where you could see continued movement and may move us back towards historical norms.

而我們目前在市場上看到的兩件導致客戶流失的是：一是券商顧問薪酬的變化。他們離市場競爭力越來越遠，因此你會看到越來越多的顧問開始考慮其他選擇。所以我認為這對獨立音樂領域來說實際上是一個好趨勢，你可以看到它持續發展，並可能使我們回歸歷史常態。

The other side of that is actually our Commonwealth acquisition as well, which drove activity in the marketplace, certainly from competitors, and drove more, I would say, even elevated TA rates that have extended more broadly, not only just at Commonwealth opportunities, but I think more broadly across the industry.

另一方面，我們的聯邦收購也推動了市場活動，當然也帶動了競爭對手的活動，而且我認為，它甚至推高了TA費率，這種費率不僅在聯邦的機會中如此，而且我認為在整個行業中也得到了更廣泛的提升。

How do we think about that extending in time? I think we would be hopeful that we would return to historical norms as well. As for how our capture has been trending, our capture has stayed consistent. We are the number one capture of advisors in movement and in motion in the marketplace. That has persisted at historical levels. And in time, over the last five years, we have seen that we have continued to grow share capture of advisors in motion, and we would hope to believe that that would continue in time as well.

我們如何看待這種時間上的延長？我想我們也會希望能夠回歸到歷史上的正常狀態。至於我們的拍攝量趨勢，我們的拍攝量一直保持穩定。我們是市場上最能捕捉流動和動態顧問資訊的平台。這種情況一直持續到歷史最高水準。在過去的五年裡，我們看到顧問在業務拓展方面的份額持續成長，我們希望這種成長動能持續下去。

So as we head back towards more stable times, I think we would expect to see ourselves continue to participate in the way that we have in the marketplace. We feel as convicted, if not, more convicted that our relative value proposition is absolutely the strongest in the marketplace in support of advisors. And so I think we feel good at the forward-looking outlook.

因此，隨著我們逐漸回歸到更穩定的時期，我認為我們將繼續以我們以往的方式參與市場活動。我們深信，甚至比其他人更確信，我們為顧問提供的價值主張在市場上絕對是最強的。所以我覺得我們對未來的前景感到樂觀。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Hi, good afternoon. Thanks for taking the question. Wanted to ask about alternatives. So something you could update us on the progress of building out your alternative investment capabilities, how that stands today, steps you're looking to take over the next 12, 24 months?

您好，下午好。感謝您回答這個問題。想諮詢一下其他方案。能否請您向我們介紹一下您在建立另類投資能力方面的進展，目前的狀況如何，以及您計劃在未來 12 到 24 個月內採取哪些措施？

And if you could also touch upon digital assets, speaking of alts generally, what sort of access do your customers have today? How's that evolving? What sort of demand are you seeing, and how might both of these enhance your appeal to advisors in the marketplace as you build this out? And how might it also support revenue ROCA monetization? Thanks.

如果您還能談談數位資產，特別是另類資產，那麼您的客戶目前有哪些取得途徑？情況如何發展？您目前看到的需求是什麼樣的？隨著您不斷拓展業務，這兩方面又將如何增強您對市場上顧問的吸引力？它又將如何支持 ROCA 的收入貨幣化呢？謝謝。

Yeah, I'll hit the developments of the - that's like a quadruple embedded question, which is pretty awesome. Thanks, Michael.

是的，我會探討一下進展——這就像一個四重嵌入問題，真是太棒了。謝謝你，麥可。

So on alternative investments, we have, and we've shared a couple of times on earnings, we've been on a multi-year journey to delivering a very compelling alternative investment offering. I would tell you, by the end of this calendar year, I think we're on par with any player in the marketplace around the breadth and quality of our offering.

所以，在另類投資方面，我們已經投入了數年時間，並在收益報告中多次提到，我們一直在努力提供極具吸引力的另類投資產品。我可以告訴你，到今年年底，我認為我們在產品廣度和品質方面將與市場上的任何競爭對手並駕齊驅。

That journey was, for us, one, building a core technology platform, which we have largely implemented; two, was expanding the offering and so those selling agreements across a broad set of alts that we've done diligence on and we're making really good progress there and expect to be our alternatives improved for sale have more than doubled to 80 by the end of, that was from the end of 2024 and we're moving towards 120 alts available for sale by the end of this year which I think puts us toe-to-toe with anybody in the industry.

對我們來說，這段歷程包括兩方面：第一，建立核心技術平台，我們已基本實現；第二，擴展產品範圍，包括與眾多我們已盡職調查的替代能源公司達成銷售協議，我們在這方面取得了非常好的進展，預計到 2024 年底，我們可供出售的替代能源公司數量將增加一倍以上，達到 80 種。我們正朝著今年年底前可供出售的替代能源公司數量達到 120 種的目標邁進，我認為這將使我們與業內任何公司都處於同等地位。

And then the third thing for us is beginning to educate advisors and assisting them in how alternatives can help the needs of their clients. And so we've done a couple of things there. Not only introduced an Alts Connect last year, which is our e-signature and digital sign and simplifying the subscription process, but we also launched a learning hub in Q1, which is a one-stop shopping for educational resources designed to empower advisors. with the knowledge and tools necessary to incorporate alts into their practices.

第三，我們要開始教育顧問，幫助他們了解另類投資如何滿足客戶的需求。所以，我們在那裡做了一些事情。去年，我們不僅推出了 Alts Connect（我們的電子簽名和數位簽章服務，簡化了訂閱流程），而且還在第一季度推出了學習中心，這是一個一站式教育資源平台，旨在為顧問提供必要的知識和工具，以便他們將替代療法融入實踐中。

And so I think on Alts, I think I can reflect and say we have made tremendous progress over the last 18 months. I'm incredibly proud of the team and the work that they've done. And I think we feel really good about not only the technology platform, because in addition to those for which we have helped selling agreements, we've actually enhanced our custodial and operational capabilities so that we can actually convert over 2,500 products that are held away to be brought onto our custodial platform.

因此，我認為在 Alts 方面，我可以回顧並說，在過去的 18 個月裡，我們取得了巨大的進步。我為團隊和他們所做的工作感到無比自豪。而且我認為我們不僅對技術平台感到非常滿意，因為除了我們幫助銷售協議之外，我們還增強了我們的託管和營運能力，以便我們能夠將超過 2,500 種被擱置的產品轉移到我們的託管平台上。

And so the ability to move advisors, move those holdings, sell forward, give them a really good operating environment with technology, I think we feel strong about our position to compete in the marketplace. You asked about digital assets.

因此，我們有能力調動顧問，調動這些持倉，提前出售，並利用科技為他們提供一個非常好的營運環境，我認為我們對自身在市場上的競爭地位充滿信心。你問到了數位資產。

As for crypto, we'll always prioritize solutions that align with our advisors' needs. Today, we have five cryptocurrency ETFs on the platform. And we're hearing from advisors and making available the products they need to manage their business in a control environment that is responsible, not only for the advisors and the risk, but also for end investors. And so while we don't currently facilitate crypto trading, we are closely monitoring the competitive landscape, and so we'll keep you updated on that continued progress.

至於加密貨幣，我們將始終優先考慮符合我們顧問需求的解決方案。目前，我們的平台上共有五隻加密貨幣ETF。我們正在聽取顧問的意見，並提供他們所需的產品，以便在一個對顧問和風險負責、對最終投資者負責的控制環境中管理他們的業務。因此，雖然我們目前不提供加密貨幣交易服務，但我們正在密切關注競爭格局，並將隨時向您通報最新進展。

All in all, I think we feel good about continuing to extend those offerings. They make us more competitive in the marketplace. They make us an available landing spot for more sophisticated advisors. And they allow our advisors to have a range of offerings that are second to none in the industry.

總而言之，我認為我們很樂意繼續拓展這些服務。它們使我們在市場上更具競爭力。他們讓我們成為更成熟的顧問們可以落腳的地方。它們使我們的顧問能夠提供業內首屈一指的一系列服務。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi. Good evening, and thanks for taking my question. Matt, a few questions ago you were talking about how the slowdown in advisors in motion has resulted in some elevated TA rates, not just that are impacting Commonwealth, but across the industry more broadly. I'm curious, you know, you guys have talked in the past about, you know, these sort of slowdowns being temporary.

你好。晚上好，感謝您回答我的問題。馬特，在幾個問題前，你談到了活躍顧問數量的減少導致TA費率上升，這不僅影響了聯邦保險公司，而且更廣泛地影響了整個行業。我很好奇，你們之前也說過，這種經濟放緩只是暫時的。

Given where rates are -- you know, I think you've explained in the past that TA rates rose as somewhat reflecting a reinvestment of higher rates on cash balances. What would your expectation be or how do you think about the, you know, the progression of TA rates from here as rates come down? Would it be natural to expect that if advisors in motion, the turnover picks up, that rates come back down? Or what would your expectation be there? How should we be thinking about the oversight the next 12 months?

鑑於目前的利率水準——你知道，我想你過去已經解釋過，TA利率上昇在某種程度上反映了現金餘額較高利率的再投資。隨著利率下降，您對TA利率的未來走勢有何預期或看法？如果顧問流動性增加，人員更替加快，利率自然會下降，這是否合乎情理？或者你對那裡有什麼期望？我們該如何看待未來 12 個月的監督工作？

Yeah, I mean, I think if history is a guide, the overall returns are going to guide where TA rates go, right? So as interest rates have gone up, you saw TA rates go up, and as it comes down, you would expect them to come down. I think the other dynamic you have or a couple of dynamics to your point of less advisors moving, so there's more demand for that. And when you have transactions in the marketplace, like we are currently engaging with Commonwealth, folks will bring more money to the table from a TA standpoint. And I think that's what we're seeing right now.

是的，我的意思是，我認為如果歷史可以作為參考，那麼整體回報將決定TA利率的走向，對吧？所以，隨著利率上升，TA利率也上升了；隨著利率下降，TA利率也隨之下降。我認為你提到的另一個動態因素，或者說幾個動態因素，就是流動的顧問越來越少，所以對顧問的需求更大。當市場上有交易時，就像我們目前與聯邦進行的交易一樣，從技術援助的角度來看，人們會帶來更多的資金。我認為這就是我們現在所看到的。

I think, for us, which you've heard us talk about before, we always underwrite to returns with a consistent framework and return hurdle. Which for us is usually deploying capital in the 3 to 4 times EBITDA range. I think when you have an environment like this, we'll just hedge towards the upper end of that, so being closer to four times than three times, but still going back to what really, really matters, which is really the environment that an advisor is going to land on, meaning the capabilities, technology, service, and their ongoing economics.

我認為，對我們來說（你們之前也聽我們說過），我們始終堅持以一致的框架和回報門檻來承保回報。對我們來說，這通常意味著投入的資本相當於 EBITDA 的 3 到 4 倍。我認為在這種環境下，我們會採取更保守的策略，也就是接近四倍而不是三倍，但最終還是要回到真正重要的方面，也就是顧問最終所處的環境，包括能力、技術、服務以及他們持續的經濟狀況。

That's really what's going to carry the day. TA, of course, is important. I think where it trends over time is, you know, it's hard to predict, but it's going to be driven by the factors that you highlighted, the number of advisors moving, what's happening in the marketplace, and where rates are going. But I think from our standpoint, we've operated in all those environments, and ultimately, what matters is the value that we're bringing to the table is going to carry the day, and I think that's why, to what Rich was just talking about, when advisors do decide to change firms, we're the number one place they come.

這才是真正決定成敗的關鍵。助教工作當然很重要。我認為隨著時間的推移，它的趨勢走向很難預測，但它將受到你​​提到的那些因素的影響，例如顧問的流動數量、市場動態以及利率走向。但我認為從我們的角度來看，我們已經在所有這些環境中運營過，最終重要的是我們帶來的價值，我認為這就是為什麼，正如 Rich 剛才所說，當顧問決定更換公司時，我們是他們的首選。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Hi, thanks so much for accommodating the follow-up. Given the NNA trajectory has been impacted by the repurposing of resources to support better or higher Commonwealth retention, has anything changed about your long-term NNA expectations and I was also hoping you can give an update, Matt, on October cash and NNA trends as well?

您好，非常感謝您配合我的後續工作。鑑於 NNA 的發展軌跡受到了資源重新分配以支持更好或更高聯邦留任率的影響，您對 NNA 的長期預期是否有任何變化？另外，馬特，我還希望您能更新 10 月的現金流和 NNA 趨勢？

Sure, I'll start with October and then I think Rich can jump in on the NNA.

當然，我先從十月開始，然後我認為 Rich 可以加入 NNA。

So I think October has been a good month, similar to September. So if you look at client cash balances, reminders that you know well, Steven, but I'll hit them anyways, advisory fees primarily hit in the first month of the quarter. and now just given our size, right, including with Commonwealth at $2.3 trillion of AUM, those fees get bigger and bigger.

所以我覺得十月過得不錯，跟九月差不多。所以，如果你看一下客戶的現金餘額，你會發現，你很清楚這一點，史蒂文，但我還是要提一下，諮詢費主要集中在季度首月。而且現在，考慮到我們的規模，包括管理著2.3兆美元資產的聯邦銀行，這些費用將會越來越大。

So for October, they were at $2.4 billion. Outside of that, though, client cash balances continue to grow and they're up so far $700 million in the month. So you kind of net that out down at $1.7 billion or just over $54 billion of cash. So I think a good month on the cash.

因此，10月份他們的資產為24億美元。除此之外，客戶的現金餘額仍在持續成長，本月迄今已成長了 7 億美元。所以，淨額大約是 17 億美元，或是略高於 540 億美元的現金。所以我覺得這個月現金流不錯。

On the organic growth side, those advisory fees hit there as well. So the first month of the quarter is typically lower. And then factoring in that advisory movement still remains low.

在自然增長方面，這些諮詢費也會造成影響。因此，季度首月的業績通常較低。即使考慮到諮詢顧問的變動，其影響仍然很小。

When you factor in those two factors, I think October's looked good. Where we sit today, we're around 4% organic growth for the month; keeping in mind, that's prior to the around $1 billion of AUM left to go on those large OSJs that are off-boarding that we would expect to come out sometime in the fourth quarter.

考慮到這兩個因素，我認為十月的情況看起來不錯。就目前情況來看，我們本月的有機成長率約為 4%；需要注意的是，這還不包括那些大型 OSJ 即將剝離的約 10 億美元的資產管理規模，我們預計這些剝離將在第四季度完成。

So, overall, I think it's a good start to the quarter.

總的來說，我認為本季開局不錯。

Hey, Steven, it's Rich. So, on that NNA trajectory, I think what we've seen would say that you should not think that our NNA trajectory is changing because of this. This is a temporary really ring-fencing of many of our most sophisticated recruiting and or retention resources to move them over to help educate Commonwealth advisors, some of which they've already been in discussions with.

嘿，史蒂文，我是里奇。所以，就 NNA 的發展軌跡而言，我認為我們所看到的表明，你不應該認為我們的 NNA 發展軌跡會因此而改變。這是暫時將我們許多最先進的招募和/或留任資源真正隔離起來，以便將它們轉移到幫助培訓聯邦顧問，其中一些顧問已經與他們進行過討論。

And as such, our feeding has been quite good. It's the progression in the pipeline that was going to be most impacted as that team only has so many hours in the day. So as they begin to move back in to having, you know, enhancing the share of their time that's spent on external advisors to this firm, I think you would expect to see that we would continue to have the successes we've had in the past.

因此，我們的餵食情況相當不錯。受影響最大的將是產品線的推進，因為團隊一天只有24小時。因此，隨著他們開始重新增加花在公司外部顧問身上的時間比例，我認為我們將繼續取得過去的成功。

Bill Katz, Cowen.

比爾·卡茨，考恩。

Great. Thanks very much for taking the questions, and congrats on the one year. I bet you can't believe how quick it's been. Maybe a two-part question, just embedded, a little bit disparate in nature, so I apologize for that.

偉大的。非常感謝您回答問題，也恭喜您一周年快樂。我敢肯定你難以置信時間過得這麼快。這可能是一個包含兩部分的問題，只是嵌套在一起，性質上有點不統一，對此我深表歉意。

Can you give us a sense of where you might stand on the enterprise side? Now that you're working your way through CFN and how you might be able to sort of multitask maybe some larger platforms to the extent that that pipeline is building. And then on the net new money that's coming in the door, can you tell us what kind of cash allocation it is relative to roughly 2.5%,that's the legacy book right now? Thank you.

能否簡單介紹一下您在企業方面的立場？既然你正在學習 CFN，並且你或許能夠同時處理一些更大的平台，那麼隨著這條管道的構建，你就可以進行多任務處理了。那麼，對於新流入的淨資金，您能否告訴我們，相對於目前約佔 2.5% 的現有資產，其現金分配比例是多少？謝謝。

You want to take the institution first? Oh, I was just --well, I was going to say thank you to Bill first because he said something really nice to me. Why don't you hit the last part and then I'll come back on it?

你想先拿下這所院校嗎？哦，我只是想——嗯，我本來想先感謝比爾，因為他跟我說了些很好聽的話。你先完成最後一部分，我再回來繼續。

Yeah, sure. So, Bill, make sure to just jump in. When you say the cash sweep that's coming in, when you say allocation, are you talking about the percent per account on the incremental versus the overall?

當然可以。所以，比爾，你一定要積極參與。您說的「現金流入」和「分配」是指每個帳戶的增量百分比與總百分比的比值嗎？

I apologize for coughing on the call. Yes, like the cash allocation as a percentage of net new assets compared to roughly the 2.5%, that's the average for the quarter.

很抱歉通話中我咳嗽了。是的，就像現金分配佔淨新增資產的百分比與大約 2.5% 相比，這是該季度的平均值。

Yeah, I think the cash that's coming in, it's not a material difference than where things are overall, if that's where you're getting? So, pretty similar.

是的，我認為目前流入的現金流與整體情況相比並沒有實質性的區別，如果你指的是這個方面的話？所以，非常相似。

So then on that institutional side, Bill, maybe I should acknowledge for us, getting Commonwealth right is the singular number one job right now. And so we're focusing a lot of our resources on delivering a seamless experience for the new advisors joining the platform, while ensuring to continue, we deliver a great experience for our existing advisors.

所以，從制度層面來說，比爾，也許我應該承認，對我們來說，把聯邦事務處理好是目前最重要的任務。因此，我們將大量資源集中用於為加入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優質體驗。

So we framed this a couple of times, but I'd just reiterate, I wouldn't expect too much, by the way, of other large announcements for the time being. But that being said, maybe in some broader context, we have been targeting historically large banks, and I think especially as you think about this market environment for large banks. We see the ability for the banks that we work with to be winners and net consolidators in the consolidation of that retail banking industry.

所以我們已經討論過幾次了，但我還是要重申一下，順便說一句，目前不要期待會有太多其他重大消息公佈。但話雖如此，或許從更廣泛的角度來看，我們一直以來都瞄準的是歷史上規模較大的銀行，我認為尤其是在考慮到當前大型銀行的市場環境時更是如此。我們認為，與我們合作的銀行有能力在零售銀行業整合過程中成為贏家和淨整合者。

And so we feel really good about our ability to be a counterparty to large banks as they acquire in that market. And historically, we've had some fantastic partners like M&T, BMO, and where we've seen them be net acquirers and us help them with their wealth management business on some of those transactions.

因此，我們對能夠作為大型銀行在該市場進行收購的交易對手感到非常有信心。從歷史上看，我們曾與一些非常棒的合作夥伴合作，例如 M&T 銀行、BMO 銀行，我們看到他們成為淨收購方，而我們則在一些交易中幫助他們開展財富管理業務。

As well, we continue to be in conversations around insurance broker-dealers and product manufacturers, and as an aside, those markets are similar size. Bank outsource model opportunity sits around $1.5 trillion in the market, and in that insurance broker-dealers and product manufacturers, there's another $1.5 trillion in market opportunity.

此外，我們也持續與保險經紀商和產品製造商進行對話，順便一提，這些市場的規模也差不多。銀行外包模式的市場機會約為 1.5 兆美元，而保險經紀商和產品製造商的市場機會也高達 1.5 兆美元。

And post that onboarding of Prudential that we feel really good about, and we've seen great successes in partnership with them, I think that is a very validating event in the marketplace. But as we've said before, those are some long lead-time conversations.

我們對保誠的加入感到非常滿意，與他們的合作也取得了巨大的成功，我認為這在市場上是一個非常具有驗證意義的事件。但正如我們之前所說，這些都是需要長時間準備的對話。

And just to reiterate, at this moment in time, we are focusing all of our resources on ensuring that we get Commonwealth right and landed, and still progressing conversations, but I would expect less in the way of announcements to come in that large institutional segment.

再次重申一下，目前我們正集中所有資源確保聯邦事務順利進行並落實到位，同時我們也在繼續推進相關對話，但我預計在這一大型機構領域不會有太多公告發布。

Thank you. And I'm showing there are no further questions in the queue at this time. I will now turn the call back over to Mr. Steinmeier for any closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我將把電話轉回給施泰因邁爾先生，請他作總結發言。

Well, thank you, operator, and thank you to everyone for joining us tonight. We look forward to speaking with you all again in January. Have a great evening. Thanks.

好的，謝謝接線生，也謝謝今晚收看節目的各位。我們期待在一月再次與大家交流。祝你有個美好的夜晚。謝謝。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。