雷蒙詹姆斯金融 (RJF) 2025 Q3 法說會逐字稿

Good evening, and welcome to Raymond James Financial's Fiscal 2025 third-quarter earnings call. This call is being recorded and will be available for replay on the company's Investor Relations website. I'm Kristie Waugh, Senior Vice President of Investor Relations. Thank you for joining us.

晚上好，歡迎參加雷蒙德詹姆斯金融 2025 財年第三季財報電話會議。本次電話會議將會被錄音，並可在公司投資人關係網站上重播。我是投資者關係資深副總裁 Kristie Waugh。感謝您加入我們。

With me on the call today are Chief Executive Officer, Paul Shoukry; and Chief Financial Officer, Butch Oorlog. The presentation being reviewed today is available on Raymond James' Investor Relations website. Following the prepared remarks, the operator will open the line for questions.

今天與我一起參加電話會議的還有執行長 Paul Shoukry 和財務長 Butch Oorlog。今天正在審查的簡報可在 Raymond James 的投資者關係網站上查閱。講完準備好的發言後，接線員將開通熱線接受提問。

Calling your attention to slide 2. Please note that certain statements made during this call may constitute forward-looking statements. These statements include, but are not limited to, information concerning future strategic objectives, business prospects, financial results, industry or market conditions, anticipated timing and benefits of our acquisitions and our level of success in integrating acquired businesses, anticipated results of litigation and regulatory developments, and general economic conditions.

請您注意投影片 2。請注意，本次電話會議中所做的某些陳述可能構成前瞻性陳述。這些聲明包括但不限於有關未來策略目標、業務前景、財務結果、行業或市場狀況、我們收購的預期時間和收益以及我們整合收購業務的成功程度、訴訟和監管發展的預期結果以及一般經濟狀況的資訊。

In addition, words such as believes, expects, anticipates, intends, plans, estimates, projects, forecasts, and future or conditional verbs such as may, will, could, should, and would as well as any other statements that necessarily depends on future events are intended to identify forward-looking statements.

此外，相信、期望、預期、打算、計劃、估計、項目、預測等詞語以及可能、將、可以、應該和會等未來或條件動詞以及任何其他必然依賴於未來事件的陳述旨在識別前瞻性陳述。

Please note that there can be no assurance that actual results will not differ materially from those expressed in these statements. We urge you to consider the risks described in our most recent Forms 10-K and subsequent Forms 10-Q and Forms 8-K, which are available on our website.

請注意，我們無法保證實際結果不會與這些聲明中表達的結果有重大差異。我們敦促您考慮我們最新的 10-K 表格以及後續的 10-Q 表格和 8-K 表格中描述的風險，這些表格可在我們的網站上取得。

Now, I'm happy to turn the call over to CEO, Paul Shoukry. Paul?

現在，我很高興將電話轉給執行長 Paul Shoukry。保羅？

Thank you, Kristie. Good evening. Thank you for joining us. We are holding this call from the firm's Annual Summer Development Conference in Orlando, Florida, where financial advisers in our employee channel, along with their families, come for education, networking, and activities, one of the great tradition of Raymond James and unique to our culture. I really enjoy being able to spend time and hear directly from such dedicated professionals.

謝謝你，克里斯蒂。晚安.感謝您加入我們。我們正在佛羅裡達州奧蘭多舉行的公司年度夏季發展會議上召開這次電話會議，我們員工管道的財務顧問及其家人將前來接受教育、交流和參加活動，這是雷蒙德詹姆斯的偉大傳統之一，也是我們文化所獨有的。我真的很享受能夠花時間直接聽取這些敬業的專業人士的意見。

Our results this quarter marked the firm's 150th consecutive quarter of profitability. Since our inception, the firm has endured thriving in good times but also persevering through challenges, including recessions, financial crisis, and events such as the pandemic and other global threats. This long-term record of resilient profitability reflects the strength of our diverse and complementary businesses and our ongoing commitment to always putting clients first.

本季的業績標誌著該公司連續第 150 個季度實現盈利。自成立以來，公司在順境中蓬勃發展，同時也克服了經濟衰退、金融危機以及疫情和其他全球威脅等挑戰。這項長期穩健獲利記錄反映了我們多元化和互補性業務的實力，以及我們始終將客戶放在第一位的持續承諾。

As current market and macroeconomic conditions remain uncertain, we continue to adhere to strategies that have supported consistent success over the past 150 quarters, guided by our vision to be the absolute best firm for financial professionals and their clients.

由於當前市場和宏觀經濟條件仍然不確定，我們將繼續堅持過去 150 個季度以來持續成功的策略，並以成為金融專業人士及其客戶的最佳公司為願景。

I'm also excited to share that Raymond James has topped the J.D. Power rankings in its annual US Investor Satisfaction Study as the number one wealth management firm for advised investor satisfaction. The firm also ranked as the most trusted and highest in the Study's individual metrics on people and products and services as well as strong rankings in the J.D. Power Financial Advisor satisfaction rankings in each of the employee and independent adviser surveys. This recognition is purely a reflection of all advisers, branch staff, and corporate associates do every day to serve clients so well, so thank you. These are well deserved owners.

我還很高興告訴大家，雷蒙德詹姆斯 (Raymond James) 在 J.D. Power 年度美國投資者滿意度調查排名中名列前茅，成為顧問投資者滿意度第一的財富管理公司。該公司還在研究的人員、產品和服務等各項指標中被評為最值得信賴和最高的公司，並且在 J.D. Power 財務顧問滿意度排名中，在每項員工和獨立顧問調查中都名列前茅。這項認可純粹是對所有顧問、分行員工和公司同事每天為客戶提供優質服務的努力的體現，非常感謝。這些都是當之無愧的主人。

Turning to our financial results for the quarter. The firm's values-based client-focused approach continues to generate steady performance. Quarterly net revenues of $3.4 billion grew 5% over the prior-year quarter. Pretax income of $563 million declined 13% compared to the year-ago quarter. Results this quarter included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwriting for specific issuer sold to institutional investors between 2013 to 2015.

談談我們本季的財務業績。該公司以價值觀為基礎、以客戶為中心的方法繼續帶來穩定的業績。季度淨收入為 34 億美元，較去年同期成長 5%。稅前收入 5.63 億美元，與去年同期相比下降 13%。本季業績包括 5,800 萬美元的儲備金增加，該增加與 2013 年至 2015 年期間向機構投資者出售特定發行人債券承銷相關的法律問題解決有關。

Although the firm maintains and has strong defenses and denied any liability, given the complexity of the case and the unpredictability of litigation outcomes, we determined to resolve the long-running dispute without admission of wrongdoing.

儘管該公司堅持並擁有強有力的辯護並否認承擔任何責任，但鑑於案件的複雜性和訴訟結果的不可預測性，我們決心在不承認有過錯的情況下解決長期糾紛。

For the first nine months of fiscal 2025, we generated record net revenues of $10.3 billion and record pretax income of $1.98 billion, up 10% and 5% over the first nine months of fiscal 2024. These solid results were attributable to our diverse and complementary businesses anchored by the Private Client Group and augmented with the Capital Markets, Asset Management, and Bank segments.

2025 財年前九個月，我們的淨收入達到創紀錄的 103 億美元，稅前收入達到創紀錄的 19.8 億美元，分別比 2024 財年前九個月增長 10% 和 5%。這些穩健的表現歸功於我們以私人客戶集團為基礎、以資本市場、資產管理和銀行部門為補充的多元化和互補性業務。

Across our businesses, we have achieved consistent success retaining and recruiting financial professionals who provide high-quality advice to their clients.

在我們的業務中，我們在留住和招募為客戶提供高品質建議的金融專業人士方面取得了持續的成功。

In the Private Client Group, we ended the quarter with a record $1.57 trillion of client assets under administration, representing year-over-year growth of 11%. Over the past 12 months, we recruited into our domestic independent contractor and employee channels, financial advisers with $336 million of [tailing] trail production and $52 billion of client assets at their previous firms. Including assets recruited into our RIA and Custody Services division, we recruited total client assets over the past 12 months of over $60 billion across all of our platforms.

在私人客戶集團，我們在本季結束時管理的客戶資產達到創紀錄的 1.57 兆美元，年增 11%。在過去的 12 個月中，我們招募了在先前的公司擁有 3.36 億美元 [尾礦] 產量和 520 億美元客戶資產的財務顧問，加入我們的國內獨立承包商和員工管道。包括招募到我們的 RIA 和託管服務部門的資產在內，我們在所有平台上招募的客戶資產總額在過去 12 個月內超過 600 億美元。

Quarterly domestic net new assets equaled $11.7 billion, representing a 3.4% annualized growth rate. We saw net new assets improved throughout the quarter, with June activity producing annualized growth in the high-single-digit level. Based on our robust recruiting pipeline and strong level of commitments, we are even more optimistic about our momentum and growth over the coming quarters.

季度國內淨新增資產達 117 億美元，年增率為 3.4%。我們看到整個季度淨新資產有所改善，其中 6 月份的活動實現了高個位數的年化成長率。基於我們強大的招募管道和堅定的承諾，我們對未來幾季的發展動能和成長更加樂觀。

Our best of both world's value proposition where we offer a unique combination of an adviser and client-focused culture, coupled with leading technology and solutions, continues to resonate with advisers across all of our affiliation options. Additionally, our strong balance sheet and commitment to independence is increasingly becoming a differentiator as well. To continue retaining and attracting the best advisers, we are continuing to make investments in our platforms and offerings.

我們的最佳價值主張是提供顧問和以客戶為中心的文化的獨特組合，再加上領先的技術和解決方案，繼續引起我們所有附屬機構的顧問的共鳴。此外，我們強大的資產負債表和對獨立的承諾也日益成為我們的差異化因素。為了繼續留住和吸引最優秀的顧問，我們將繼續對我們的平台和產品進行投資。

For example, in the private wealth space, we remain focused on providing education, training, accreditation, and enhanced capabilities and product solutions to allow advisers to meet the needs of their most sophisticated clients. About 370 advisers have completed or enrolled in our private wealth adviser program, which continues to attract strong interest from advisers due to its client benefits and contribution to business growth.

例如，在私人財富領域，我們仍然專注於提供教育、培訓、認證和增強的能力和產品解決方案，以使顧問能夠滿足其最複雜的客戶的需求。約有 370 名顧問已完成或加入了我們的私人財富顧問計劃，該計劃由於其為客戶帶來的利益和對業務增長的貢獻而繼續吸引著顧問們的濃厚興趣。

We also continue to invest in technology, including AI, to drive continued operational efficiencies and improve advisers' productive capacity. We are making investments to automate and streamline processes, which in turn frees up associates and advisers to do what they do best, which is to engage human-to-human and deepen relationships, add more value, and importantly, have more capacity to grow their businesses by attracting new clients.

我們也將繼續投資包括人工智慧在內的技術，以推動持續的營運效率並提高顧問的生產能力。我們正在進行投資以實現流程的自動化和簡化，從而使員工和顧問能夠自由地做他們最擅長的事情，即進行人與人之間的交流並加深關係，創造更多價值，更重要的是，透過吸引新客戶來增強業務發展能力。

In the Capital Markets segment, the investment banking pipeline is strong. And we are becoming more optimistic about macroeconomic conditions relative to the near term, although the environment remains uncertain. However, we are confident that we are well-positioned with motivated buyers and sellers along with deep expertise across the industries we cover whenever the market does become more conducive. We remain committed to enhancing the platform by broadening and deepening its capabilities, whether through strategic hiring or acquisitions.

在資本市場領域，投資銀行通路強勁。儘管環境仍然不確定，但我們對短期宏觀經濟狀況越來越樂觀。然而，我們相信，只要市場變得更加有利，我們就會擁有積極的買家和賣家，以及我們所涉及行業的深厚專業知識。我們將持續致力於透過策略性招募或收購等方式拓寬和深化平台功能，進而增強平台的實力。

In the Asset Management segment, net inflows into managed fee-based programs in the Private Client Group were strong during the quarter, annualizing at nearly 5% and reflecting the complementary impact of our successful recruiting efforts.

在資產管理領域，本季私人客戶集團管理收費項目的淨流入強勁，年化成長率接近 5%，反映了我們成功的招募工作帶來的補充影響。

In the Bank segment, loans ended the quarter at a record $49.8 billion, primarily reflecting strong growth in securities-based lending balances, yet another synergistic impact from our growing Private Client Group business as we are able to deploy our strong balance sheet in support of our clients. Importantly, the credit quality of the loan portfolio remains strong.

在銀行部門，本季貸款金額達到創紀錄的 498 億美元，主要反映了證券抵押貸款餘額的強勁增長，這也是我們不斷增長的私人客戶集團業務的另一個協同效應，因為我們能夠部署強大的資產負債表來支持我們的客戶。重要的是，貸款組合的信用品質依然強勁。

Turning to capital deployment. Our long-standing priorities have remained unchanged, and that starts with investing in growth. First, organically and complemented with strategic acquisitions. We continue to pursue acquisition opportunities that meet our criteria of being a strong cultural fit, a good strategic fit, and valuations that would generate attractive returns for our shareholders.

談到資本部署。我們的長期優先事項始終沒有改變，那就是投資成長。一是有機結合，策略收購相輔相成。我們將繼續尋求符合我們標準的收購機會，即強大的文化契合度、良好的策略契合度以及能為股東帶來可觀回報的估值。

During the quarter, we repurchased $451 million of common stock at an average share price of $137. Year-to-date, we have returned capital of over $1 billion through common dividends and share repurchases. As previously discussed in recent quarters, the capital deployment plan is to repurchase shares on a consistent basis throughout the quarter, with total amounts expected to be similar to the fiscal third quarter. This approach is expected to maintain capital liquidity levels, which provide ample capacity to fund organic growth initiatives and execute future acquisitions.

本季度，我們以平均每股 137 美元的價格回購了價值 4.51 億美元的普通股。今年迄今為止，我們已透過普通股股息和股票回購返還了超過 10 億美元的資本。正如最近幾季所討論的那樣，資本配置計劃是在整個季度持續回購股票，預計總金額與第三財季相似。這種方法有望維持資本流動性水平，從而為資助有機成長計劃和執行未來收購提供充足的能力。

Now, I'll turn the call over to our CFO, Butch Oorlog, to review our financial results in detail. Butch?

現在，我將把電話轉給我們的財務長 Butch Oorlog，詳細審查我們的財務結果。布奇？

Thank you, Paul. I'll begin on slide 6.

謝謝你，保羅。我將從第 6 張投影片開始。

The firm reported net revenues of $3.4 billion for the fiscal third quarter. Net income available to common shareholders was $435 million with earnings per diluted share of $2.12. Excluding expenses related to acquisitions, adjusted net income available to common shareholders equaled $449 million resulting in adjusted earnings per diluted share of $2.19, and our adjusted pretax margin was 17.1%. We generated annualized return on common equity of 14.3% and annualized adjusted return on tangible common equity of 17.2%. Solid results for the quarter, particularly given our conservative capital base.

該公司公佈第三財季淨收入為 34 億美元。普通股股東淨利為4.35億美元，稀釋每股收益為2.12美元。扣除收購相關費用後，調整後普通股股東淨利為4.49億美元，稀釋每股收益為2.19美元，調整後稅前利潤率為17.1%。我們實現了 14.3% 的普通股年化回報率和 17.2% 的有形普通股年化調整回報率。本季業績穩健，特別是考慮到我們保守的資本基礎。

Turning to slide 7. Private Client Group generated pretax income of $411 million on quarterly net revenues of $2.49 billion. Results were driven by higher PCG assets under administration compared to the previous year, the result of market appreciation and the consistent addition of net new assets.

翻到幻燈片 7。私人客戶集團季度淨收入為 24.9 億美元，稅前收入為 4.11 億美元。績效成長的推動因素包括：與前一年相比，PCG 管理資產增加，這是市場升值和淨新資產持續增加的結果。

Pretax income declined year over year, primarily due to the impact of lower interest rates. Fiscal year to date, PCG generated record revenues.

稅前收入較去年同期下降，主要由於利率下降的影響。本財年迄今為止，PCG 創造了創紀錄的收入。

Our Capital Markets segment generated quarterly net revenues of $381 million and a pretax loss of $54 million. Net revenues grew 15% year over year, driven primarily by higher investment banking, fixed income, and equity brokerage revenues. However, sequential results declined 4%, largely due to lower M&A and fixed income brokerage revenues, which were partially offset by higher underwriting and affordable housing investments revenues. Pretax income was negatively impacted by the $58 million legal reserve increase previously described.

我們的資本市場部門本季淨收入為 3.81 億美元，稅前虧損為 5,400 萬美元。淨收入年增 15%，主要得益於投資銀行、固定收益和股票經紀收入的成長。然而，連續業績下降了 4%，主要是由於併購和固定收益經紀收入下降，但承銷和經濟適用房投資收入增加部分抵消了下降。稅前收入受到前述 5,800 萬美元法定儲備金增加的負面影響。

The Asset Management segment generated record pretax income of $125 million on net revenues of $291 million. Results were largely attributable to higher financial assets under management compared to the prior year quarter due to market appreciation over the 12-month period and strong net inflows into PCG fee-based accounts. We had strong net inflows of approximately $2.1 billion into managed programs on our platform. The Asset Management segment generated record revenues and pretax income fiscal year to date.

資產管理部門的淨營收為 2.91 億美元，稅前收入創歷史新高，達 1.25 億美元。業績主要歸因於與去年同期相比管理的金融資產增加，這歸因於 12 個月期間市場升值以及 PCG 收費帳戶的強勁淨流入。我們平台上的管理項目獲得了約 21 億美元的強勁淨流入。資產管理部門本財年迄今創造了創紀錄的收入和稅前收入。

The Bank segment generated net revenues of $458 million and pretax income of $123 million. On a sequential basis, Bank segment net interest income grew 5%, driven by continued loan growth and a 7-basis-point expansion of net interest margin to 2.74%, resulting from a favorable shift in asset mix along with a higher portion of lower cost deposits.

銀行部門的淨收入為 4.58 億美元，稅前收入為 1.23 億美元。以環比計算，銀行部門淨利息收入增長 5%，這得益於貸款持續增長以及淨息差擴大 7 個基點至 2.74%，這得益於資產組合的有利轉變以及低成本存款佔比的提高。

Turning to consolidated revenues on slide 8. Third-quarter net revenues grew 5% over the prior year and were flat sequentially. Asset management and related administrative fees of $1.73 billion grew 8% over the prior year and were slightly higher than the preceding quarter. Record PCG fee-based assets equaled $944 billion at quarter end, up 15% year over year and 8% over the preceding quarter.

轉向幻燈片 8 上的合併收入。第三季淨收入較上年同期成長 5%，較上季持平。資產管理及相關行政費用為 17.3 億美元，較上年成長 8%，略高於上一季。本季末，PCG 費用資產達到創紀錄的 9,440 億美元，年增 15%，季增 8%。

As we look ahead, we expect fourth-quarter asset management and related administrative fees to be higher by approximately 9% over the third quarter, primarily due to higher PCG assets and fee-based accounts at quarter end and one more business day during the quarter. Brokerage revenues of $559 million grew 5% year over year due to higher revenues in Capital Markets and PCG.

展望未來，我們預計第四季度資產管理和相關管理費用將比第三季度增長約 9%，這主要是由於季度末 PCG 資產和收費帳戶增加以及本季度多了一個工作日。經紀業務收入為 5.59 億美元，年增 5%，這得益於資本市場和 PCG 收入的增加。

Investment banking revenues of $212 million increased 16% year over year and declined 2% sequentially. The sequential decline reflected lower M&A and advisory revenues, while underwriting and affordable housing investments results were higher in the quarter.

投資銀行營收 2.12 億美元，年增 16%，季減 2%。連續下降反映了併購和諮詢收入的下降，而承銷和經濟適用房投資業績在本季度有所上升。

Moving to slide 9. Client domestic cash suite and enhanced savings program balances ended the quarter at $55.2 billion, down 4% compared to the preceding quarter and representing 3.8% of domestic PCG client assets. Program balances increased by nearly $1 billion in the month of June after seasonal declines for client tax payments and fee billings resulted in decreases early in the quarter.

移至幻燈片 9。客戶國內現金套件和增強儲蓄計畫餘額本季末為 552 億美元，比上一季下降 4%，佔國內 PCG 客戶資產的 3.8%。由於客戶稅款和費用帳單的季節性下降導致本季度初出現減少，因此 6 月份計劃餘額增加了近 10 億美元。

In July, domestic cash sweep and enhanced savings program balances have declined to date, in line with July's record quarterly fee billings of approximately $1.7 billion.

7 月份，國內現金清掃和增強儲蓄計畫餘額迄今有所下降，與 7 月份創紀錄的約 17 億美元季度費用帳單持平。

Turning to slide 10. Combined net interest income and RJBDP fees from third-party banks increased 1% to $656 million as the decline in RJBDP third-party fees was more than offset by higher net interest income.

翻到第 10 張投影片。來自第三方銀行的淨利息收入和 RJBDP 費用總計成長 1%，達到 6.56 億美元，因為 RJBDP 第三方費用的下降被淨利息收入的增加所抵銷。

Net interest margin in the Bank segment grew 7 basis points to 2.74% for the quarter, the result of the factors I described earlier. The average yield on RJBDP balances with third-party banks decreased 4 basis points to 2.96% primarily due to deployment of incremental cash suite program balances from third-party banks on to the Bank segment balance sheet.

銀行部門淨利差本季成長 7 個基點至 2.74%，這是我之前描述的因素造成的。RJBDP 在第三方銀行的餘額平均收益率下降 4 個基點至 2.96%，主要原因是將第三方銀行的增量現金套件計畫餘額部署到銀行分部資產負債表上。

Based on current interest rates and quarter end balances, net of fourth-quarter fee billings, we would expect the aggregate of NII in RJBDP third-party fees to decline approximately 2% in the fourth quarter, largely the result of the lower beginning of the quarter sweep balances held by third-party banks. Keep in mind, there are many variables which will influence actual results, including any interest rate actions during the upcoming quarter and factors affecting our balance sheet, including changes in our loan and deposit balances.

根據當前利率和季度末餘額，扣除第四季度費用帳單，我們預計 RJBDP 第三方費用中的 NII 總額將在第四季度下降約 2%，這主要是由於第三方銀行持有的季度初清掃餘額較低。請記住，有許多變數會影響實際結果，包括下一季的任何利率行動以及影響我們資產負債表的因素，包括貸款和存款餘額的變化。

Turning to consolidated expenses on slide 11. Compensation expense was $2.2 billion, and the total compensation ratio for the quarter was 64.8%. Excluding acquisition-related compensation expenses, the adjusted compensation ratio was 64.5%, better than our 65% target recently shared at our Investor Day, a good result, especially in a challenging capital markets environment.

轉到第 11 張投影片上的合併費用。薪資費用為22億美元，本季總薪酬比率為64.8%。不包括收購相關的薪酬費用，調整後的薪酬率為 64.5%，高於我們最近在投資者日分享的 65% 的目標，這是一個很好的結果，尤其是在充滿挑戰的資本市場環境中。

Non-compensation expenses of $633 million increased 20% sequentially. Adjusting for the previously mentioned legal matter reserve in the quarter, non-compensation expenses of $633 million increased 20% sequentially. Adjusting for the previously mentioned legal matter reserve in the quarter, non-compensation expenses were $575 million, up 9% sequentially.

非薪酬支出為 6.33 億美元，較上季成長 20%。調整本季前面提到的法律事務儲備金後，非薪資支出為 6.33 億美元，季增 20%。調整本季前面提到的法律事務儲備金後，非薪資支出為 5.75 億美元，季增 9%。

While the third quarter typically experiences higher seasonal costs related to conferences and events, a large portion of this quarterly increase also supports firm-wide growth initiatives, including adviser recruiting, professional fees associated with increased underwriting activity, and higher investment sub-advisory fee expense.

雖然第三季通常會經歷與會議和活動相關的較高季節性成本，但本季成長的很大一部分也支持了全公司的成長計劃，包括顧問招聘、與承銷活動增加相關的專業費用以及更高的投資子諮詢費用支出。

Through the first nine months of the fiscal year, we are on track with our guidance for full-year non-compensation expenses of approximately $2.1 billion, excluding the bank loan provision for credit losses, unexpected legal and regulatory items, and non-GAAP adjustments presented in our non-GAAP financial measures.

在本財年的前九個月中，我們實現了全年非薪酬支出約 21 億美元的預期，不包括銀行貸款信貸損失準備金、意外的法律和監管項目以及非公認會計準則財務指標中列示的非公認會計準則調整。

On slide 12, we provide key credit metrics for our Bank segment. We grew loans during the quarter by 3%, primarily in support of our clients with this loan growth continuing to be led by a securities-based lending and residential mortgage loan growth. These two loan categories represent well over half of our total loan book, reflecting 36% and 20% of the total. The credit quality of the loan portfolio remains strong.

在投影片 12 上，我們提供了銀行部門的關鍵信貸指標。本季我們的貸款增加了 3%，主要是為了支持我們的客戶，而這筆貸款成長繼續由證券貸款和住宅抵押貸款成長所帶動。這兩類貸款占我們貸款總額的一半以上，分別為 36% 和 20%。貸款組合的信用品質依然強勁。

Criticized loans as a percentage of total loans held for investment were stable at 1.14% at quarter end, and nonperforming assets remained low at 34 basis points of Bank segment assets. The bank loan allowance for credit losses as a percentage of total loans held for investment ended the quarter at 93 basis points, consistent with the prior-quarter level. The bank loan allowance for credit losses on corporate loans as a percent of corporate loans held for investment was 1.96%. We believe the total allowance represents an appropriate reserve but we continue to closely monitor economic factors that may affect our loan portfolios.

截至季末，不良貸款佔投資貸款總額的比例穩定在 1.14%，不良資產仍維持在較低水平，佔銀行分部資產的 34 個基點。本季末，銀行貸款信貸損失準備金佔投資貸款總額的百分比為 93 個基點，與上一季水準一致。銀行對企業貸款的信用損失準備佔投資性企業貸款的比例為1.96%。我們認為總準備金代表了適當的儲備，但我們將繼續密切關注可能影響我們貸款組合的經濟因素。

Slide 13 shows the pretax margin trend over the past five quarters, which demonstrates the resilience of our diverse business mix and its ability to consistently deliver strong margins. Adjusting for the legal matter reserve impacting the quarter, as well as acquisition-related expenses, our pretax margin would be approximately 19%, slightly below our target of 20% adjusted pretax margin, largely due to the challenging capital markets environment. We remain committed to investing to support growth across the business while maintaining discipline over controllable expenses.

投影片 13 顯示了過去五個季度的稅前利潤率趨勢，這表明了我們多元化業務組合的彈性及其持續提供強勁利潤率的能力。調整影響本季的法律事務儲備以及收購相關費用後，我們的稅前利潤率約為 19%，略低於 20% 調整後稅前利潤率的目標，這主要是由於充滿挑戰的資本市場環境。我們將繼續致力於投資以支持整個業務的成長，同時對可控的開支保持紀律。

On slide 14, at quarter end, our total assets were $84.8 billion, a 2% sequential increase resulting primarily from loan growth. Liquidity and capital each remain very strong. RJF corporate cash at the parent ended the quarter at approximately $2.3 billion well above our $1.2 billion target with a Tier 1 leverage ratio of 13.1% and a total capital ratio of 24.3%, we remain well above regulatory requirements.

在第 14 張投影片中，截至季末，我們的總資產為 848 億美元，季增 2%，主要原因是貸款成長。流動性和資本均保持強勁。母公司 RJF 公司現金在本季末約為 23 億美元，遠高於我們的 12 億美元目標，一級槓桿率為 13.1%，總資本比率為 24.3%，我們仍遠高於監管要求。

Our capital levels provide significant flexibility to continue being opportunistic in our pursuit of strategic acquisitions and to invest in organic growth. The effective tax rate for the quarter was 22.6%, reflecting the favorable impact of nontaxable corporate-owned life insurance gains that arose during the quarter. For the fiscal year 2025, we estimate our effective tax rate for the year to be approximately 24%.

我們的資本水準提供了極大的靈活性，讓我們能夠繼續抓住機會進行策略性收購並投資於有機成長。本季有效稅率為 22.6%，反映了本季產生的免稅公司人壽保險收益的有利影響。對於 2025 財年，我們估計該年度的有效稅率約為 24%。

Slide 15 provides a summary of our capital actions over the past five quarters. We returned over $550 million of capital to shareholders during the quarter and nearly $1.8 billion over the past five quarters through either common dividends paid or share repurchases. We remain committed over the long term to operate our businesses at capital levels in line with our stated targets.

投影片 15 總結了我們過去五個季度的資本行動。我們在本季向股東返還了超過 5.5 億美元的資本，在過去五個季度中透過支付普通股股息或股票回購的方式向股東返還了近 18 億美元。我們始終致力於長期按照既定目標以資本水準運作我們的業務。

I'll now turn the call back to Paul for some final remarks.

現在我將把電話轉回給保羅，請他做最後的評論。

As we enter the fourth quarter, we are encouraged by the strong tailwinds arising from fee-based assets up 8%, net loans higher by 3% and strong pipelines for growth across our businesses. Our adviser recruiting pipeline is growing significantly across all of our affiliation options, a testament to our unique culture and robust platform that is resonating with advisers.

進入第四季度，我們受到強勁推動力的鼓舞，費用資產成長 8%，淨貸款成長 3%，各項業務的成長潛力巨大。我們所有附屬機構的顧問招募管道都在大幅成長，這證明了我們獨特的文化和強大的平台與顧問產生了共鳴。

We are laser-focused on providing a seamless transition as advisers affiliate with our platform, while importantly, maintaining excellent service levels to existing advisers and their clients. While the investment banking environment is uncertain based on the current pipeline and activity levels, we believe the next two quarters should be better than the prior two.

當顧問加入我們的平台時，我們專注於提供無縫過渡，同時重要的是，為現有顧問及其客戶提供卓越的服務水準。儘管根據目前的通路和活動水平來看，投資銀行環境尚不確定，但我們相信接下來的兩個季度應該會比前兩個季度更好。

Lastly, we have plenty of capital to support organic growth and acquisitions as well as continued share repurchases at a level similar to this quarter. As illustrated by our recent J.D. Power number one rankings, putting clients first has been the cornerstone of Raymond James' value since our inception, and that commitment remains at the center of everything we do. This prestigious honor demonstrates the strength of our client-centric culture and our steadfast dedication to supporting advisers and empowering them with sophisticated resources support and technology.

最後，我們擁有充足的資本來支持有機成長和收購以及與本季類似水準的持續股票回購。正如我們最近的 J.D. Power 第一名排名所示，自成立以來，客戶至上一直是 Raymond James 價值的基石，而這項承諾仍然是我們所做的一切的核心。這項殊榮彰顯了我們以客戶為中心的文化的力量，以及我們堅定不移地致力於支持顧問並為他們提供先進的資源支援和技術。

Our results reflect the many contributions of our associates and advisers and financial professionals across the firm. Thank you for contributing to 150 quarters of consecutive profitability by providing outstanding advice and service to your clients.

我們的業績體現了公司全體員工、顧問和金融專業人士的眾多貢獻。感謝您為客戶提供出色的建議和服務，為我們連續 150 個季度的盈利做出了貢獻。

That concludes our prepared remarks. Operator, will you please open the line for questions.

我們的準備好的演講到此結束。接線員，請開通熱線以便我們解答疑問。

(Operator Instructions) Michael Cho, JPMorgan.

（操作員指示）摩根大通的 Michael Cho。

Hi. Good afternoon, team. Thanks for taking my question. I just wanted to start on recruiting, Paul, you touched on the solid pipeline out there. You called out the June exit rate at a high-single-digit percent level. I was hoping you could unpack a little bit more about that pipeline you see and maybe across different channels where you might be seeing better engagement.

你好。大家下午好。感謝您回答我的問題。我只是想開始招聘，保羅，你提到了那裡堅實的人才管道。您指出，六月的退出率將達到高個位數百分比水準。我希望您能夠更詳細地介紹您所看到的管道，也許在不同的管道上您可能會看到更好的參與。

I mean, I recall you called out during Investor Day about changing some of the recruiting functions, maybe centralizing some things. And so maybe is this result of some of the actions you've been taking in previous months and quarters. And this high-single-digits kind of the right pace for now given what you see in the pipeline?

我的意思是，我記得您在投資者日期間呼籲改變一些招聘職能，也許將一些事情集中化。所以這也許是您在前幾個月和前幾季採取的一些行動的結果。從您所看到的管道情況來看，這種高個位數的成長速度目前是否合適？

Thanks, Michael. Yeah, what I would say on the recruiting pipeline is in terms of the acceleration of activity, the number of events that we're hosting, the number of advisers that we're meeting with the entire team really across all of our affiliation options.

謝謝，麥可。是的，我想說的是，招募管道涉及活動的加速、我們舉辦的活動數量、我們與整個團隊會面的顧問數量，實際上涵蓋了我們所有的附屬選擇。

When we speak to the teams who have been with Raymond James for a long time, we really haven't seen this type of acceleration in activity since the financial crisis. And of course, the advisers that we're talking to now are much larger than the advisers that were talking to us during the -- after the financial crisis as a safe haven given all the disruption that was going on in the industry. So we're really excited about this opportunity.

當我們與長期在雷蒙德詹姆斯公司工作的團隊交談時，我們確實沒有看到自金融危機以來這種類型的活動加速。當然，我們現在洽談的顧問比金融危機期間與我們洽談的顧問規模要大得多——考慮到行業發生的所有混亂，金融危機之後他們把我們視為避風港。所以我們對這個機會感到非常興奮。

It's all hands on deck, both recruiters and also want to give a lot of credit to our transition teams because we -- and we've invested in the transition teams as well, giving them more capabilities and capacities to really help with the uptick to ensure that we have seamless transitions of the new advisers that are affiliating with the platform but also ensure that we provide, and this is really important, exceptional service to our existing advisers and their clients as well. So we don't want that service level to fall off.

所有人都在努力，招募人員和過渡團隊都做出了巨大貢獻，因為我們——我們也對過渡團隊進行了投資，賦予他們更多的能力和容量，以真正幫助提升業績，確保與平台相關的新顧問能夠無縫過渡，同時也確保我們為現有顧問及其客戶提供卓越的服務，這一點非常重要。所以我們不希望服務水準下降。

Their satisfaction is very high right now as evidenced by the number one ranking in the J.D. Power award for service and trust. And so we want to make sure we don't dilute that as we bring on the new advisers who are affiliating with us.

他們目前的滿意度非常高，這從 J.D. Power 服務和信任獎中排名第一就可以看出。因此，我們希望確保在引入新的顧問時不會削弱這一點。

Great. If I could just switch to the balance sheet real quick. You saw some nice growth this quarter. You called out security-based lending and also some growth across CRE and C&I. Just wondering if you could just -- how you're planning the trajectory of balance sheet growth across some of the key segments for the remainder of the year.

偉大的。如果我可以快速切換到資產負債表。本季你看到了一些不錯的成長。您提到了證券化貸款以及商業房地產和工商業領域的一些成長。我只是想知道您是否可以——您如何規劃今年剩餘時間內一些關鍵部門的資產負債表成長軌跡。

And then just on the other side, if we think about the third-party bank mix, how should we think about the normalized level over time as you continue to experience maybe better balance sheet engagement?

另一方面，如果我們考慮第三方銀行組合，隨著您繼續體驗到更好的資產負債表參與度，我們應該如何考慮隨著時間的推移標準化水平？

Yeah. I think it was around this time last year that we were saying that clients are getting used to sort of the new level of interest rates and that we were expecting higher utilization of securities-based loans after really kind of two years of a lot of paydowns and payoffs. And that's exactly what we experienced year-over-year securities-based loans to Private Client Group clients are up 20% across the firm. So really exceptional growth. And even mortgages are up 8% year over year across the firm. So really, using the balance sheet to support clients and client demand and particularly clients of the Private Client Group business.

是的。我想大約在去年這個時候，我們說過客戶正在適應新的利率水平，並且我們預計在經歷了兩年的大量還款和償還之後，證券抵押貸款的利用率將會更高。這正是我們所經歷的：公司向私人客戶集團客戶發放的證券貸款年增了 20%。所以說，這確實是一次非凡的成長。甚至整個公司的抵押貸款也比去年同期增加了 8%。因此，實際上使用資產負債表來支援客戶和客戶需求，特別是私人客戶集團業務的客戶。

And so we don't know what the trajectory is going to look like going forward. The momentum and the pipeline for securities-based lending continues to be strong. And so we, unfortunately, have a strong deposit base and a diversified deposit base to continue supporting that growth going forward.

因此我們不知道未來的軌跡會是什麼樣子。證券借貸的動能和通路持續強勁。因此，不幸的是，我們擁有強大的存款基礎和多元化的存款基礎，可以繼續支持未來的成長。

Dan Fannon, Jefferies.

丹‧範農 (Dan Fannon)，傑富瑞集團。

Thank you. One more on just organic growth. So Paul, your comments this quarter seemed a little bit more bullish, but generally consistent with what we've heard for the last few quarters. But yet, the NNA, both on a dollar basis and on a percentage growth basis is still below where you were last year and other periods. So what is the disconnect or could you talk to what maybe the negatives are that are maybe drawing down the overall growth level?

謝謝。再談有機成長。保羅，你本季的評論似乎更加樂觀，但與我們過去幾季聽到的總體一致。但無論以美元計算或以百分比成長計算，NNA 仍然低於去年和其他時期的水平。那麼，這種脫節是什麼呢？或者您能否談談哪些負面因素可能會拉低整體成長水準？

Well, I mean, hopefully, you're hearing sound more confident about our recruiting pipeline because that's the intent. I mean, we -- the activity levels are accelerating and picking up. And so we are increasingly, while we have been very consistently and successfully recruiting advisers across affiliation options, we have been consistent in our success there. We are growing even more optimistic just looking at the pipeline.

嗯，我的意思是，希望您聽到的聲音對我們的招募管道更有信心，因為這就是我們的目的。我的意思是，我們的活動水平正在加速和提高。因此，我們一直在不斷努力，成功地從各個附屬機構招募顧問，我們在這方面也一直取得成功。光從管道來看，我們就變得更加樂觀。

Now, again, these are pipelines. We don't count our eggs until they hatch. And so we'll -- we have to convert the pipeline, and so they'll look at that. And as a reminder, once you -- once the new adviser affiliates with the firm, there is a lag in terms of when that shows up into NNA because then they have to bring over their clients and they have to bring over their assets. So it's not a just-in-time impact to NNA from the time we feel good about our pipeline to the time we see it in NNA. It could be three, six, nine months, just depending on how quickly that pipeline is converting.

現在，再說一遍，這些都是管道。直到蛋孵化出來，我們才會數蛋的數量。所以我們必須轉換管道，他們才會考慮這一點。提醒一下，一旦新的顧問加入公司，其結果在 NNA 中體現會存在滯後，因為他們必須先引入客戶，然後再引入資產。因此，從我們對我們的管道感到滿意到我們在 NNA 中看到它，它對 NNA 的影響並不是即時的。可能是三個月、六個月、九個月，這取決於管道轉換的速度。

We are still seeing pressure on the existing adviser base, private equity, we always say with the roll-ups in the absence of a value proposition, they compete with big checks. And so while we're seeing that moderate a bit as I think some of the valuations have just gotten so lofty that I think across the industry, a lot of the participants are questioning the valuations and the prices that these private equity backed roll-ups are paying for certain advisers, I think some firms are taking breathers, but there's still a handful of aggressive firms out there. And from time to time, that is disruptive, particularly in the independent channel. But aside from that, retention, morale, service levels, satisfaction levels have been very good, and our pipeline continues to accelerate.

我們仍然看到現有顧問基礎、私募股權面臨的壓力，我們總是說，在缺乏價值主張的情況下，他們會與大額支票競爭。因此，雖然我們看到這種情況有所緩和，但我認為一些估值已經變得如此之高，我認為整個行業中的許多參與者都在質疑這些私募股權支持的整合為某些顧問支付的估值和價格，我認為一些公司正在喘口氣，但仍然有少數積極的公司在那裡。有時，這會造成乾擾，特別是在獨立管道。但除此之外，留任率、士氣、服務水準、滿意度水準都非常好，而且我們的管道還在持續加速發展。

Great. That's helpful. And then as my follow-up, just within brokerage, can you talk about the fixed income outlook? And what type of environment is best for that business to really accelerate?

偉大的。這很有幫助。然後作為我的後續問題，僅在經紀業務內，您能談談固定收益前景嗎？什麼樣的環境最適合該業務真正加速發展？

Yeah. I mean, our biggest business in fixed income brokerage, and this is an important distinction from the bigger bulge bracket banks and wire houses who've had really strong quarters on the much higher volatility that you get with commodities and currencies and interest rates, especially in the environment we saw last quarter.

是的。我的意思是，我們最大的業務是固定收益經紀，這與大型投行和電信公司有著重要區別，在商品、貨幣和利率波動性大幅上升的背景下，這些投資銀行和電信公司表現非常強勁，尤其是在上個季度的環境下。

We're really not heavily engaged in those higher volatility segments within fixed income. I mean, we're really serving our biggest client base in the fixed income business, our depositories, banks, and credit unions helping them manage their securities portfolio. So in an environment where they're deposit-rich, and there's a lack of loan demand and opportunity to earn more by investing in securities out on the curve is an environment that's most conducive for us in fixed income.

我們其實並沒有深入參與固定收益中波動性較高的領域。我的意思是，我們確實在為固定收益業務中最大的客戶群、我們的存管機構、銀行和信用合作社提供服務，幫助他們管理他們的證券投資組合。因此，在存款充裕、貸款需求不足且透過投資曲線上的證券來賺取更多收入的機會較多的環境中，我們的固定收益業務是最有利的。

When there's spread volatility, that helps our SumRidge business that technology-enabled business is really driven more on spread volatility. And spreads have been actually fairly tight and resilient. And so we haven't seen the volatility that you may expect given sort of the macro uncertainty surrounding it. So that business hasn't really seen the type of tailwind that you would have otherwise expect with higher spread volatility.

當價差波動時，這有助於我們的 SumRidge 業務，因為技術支援的業務實際上更多地受到價差波動的驅動。而且利差實際上相當小且具有彈性。因此，考慮到周圍的宏觀不確定性，我們還沒有看到您可能預期的波動。因此，該業務實際上並沒有看到您所期望的利差波動較大的順風。

Devin Ryan, Citizens JMP.

德文·瑞安（Devin Ryan），公民 JMP。

First question, just here on for cash balances, the decline was maybe a bit more than we had expected, and I know there's a lot that goes into that with taxes and advisory fees and investors leaning to the market, but it's a bit difficult from the outside to parse through kind of what's cash sorting versus other trends. So just be good to get an update on what you're seeing around your client behavior there, what you've seen through July, if you can share that? And then also what you're expecting in the back half of the year just given what you talked about with kind of accelerating organic growth. So how much that could help for kind of rebuilding some of that transactional cash.

第一個問題，就現金餘額而言，下降幅度可能比我們預期的要大一些，我知道這其中有很多因素，包括稅收、諮詢費以及投資者傾向於市場，但從外部來看，很難分析現金分類與其他趨勢的區別。因此，如果您能分享一下您目前看到的客戶行為以及 7 月的情況，那會是一件好事嗎？然後，根據您談到的加速有機成長，您對下半年的預期是什麼？那麼這對重建部分交易現金有多大幫助呢？

Yeah. I'll let Butch speak to the cash movements, particularly in the quarter. What I would say is you're right, the pipeline as it converts as new advisers bring on new clients with new assets that should be, all else being equal, a tailwind to our cash balances.

是的。我會讓布奇談談現金流動狀況，特別是本季的現金流動狀況。我想說的是，您說得對，隨著新顧問帶來擁有新資產的新客戶，管道的轉變應該會對我們的現金餘額產生推動作用，在其他條件相同的情況下。

And before turning it over to Butch to talk about the quarterly change in cash balances, what I would do is kind of step back first and look at the year-over-year change in sweep balances, which have been pretty resilient. It's been almost flat year-over-year at right around $42 billion for the sweep balances.

在讓布奇談論現金餘額的季度變化之前，我想先回顧一下，看看清掃餘額的同比變化，這一變化一直相當有彈性。與去年同期相比，清算餘額幾乎持平，約 420 億美元。

So as we said maybe a year, 1.5 years ago, we feel like cash balances are relatively stable. We're not ready to declare victory on that until we actually start seeing growth in those balances.

因此，正如我們一年或一年半前所說的那樣，我們感覺現金餘額相對穩定。在我們真正看到這些餘額的增長之前，我們還沒有準備好宣布勝利。

And to your point, as Butch will talk about, that wasn't the case this quarter. Butch?

正如布奇將要談到的，本季的情況並非如此。布奇？

Yeah. Thanks, Devin. As we talked about on last quarter's call that there's a seasonal element to cash balances in this quarter, client tax payments in -- especially in the month of April, typically having the adverse effect on client balances in the short run. And so we certainly experienced that as well as the industry at large.

是的。謝謝，德文。正如我們在上個季度的電話會議上所討論的那樣，本季度的現金餘額存在季節性因素，尤其是四月份的客戶稅款支付，通常會在短期內對客戶餘額產生不利影響。因此，我們以及整個行業都經歷了這一點。

And what we've seen in the month of June, and we're encouraged by the month of June is what we've seen is we've seen $1 billion of growth in the balances that occurred in the month of June kind of as those seasonal factors reverse.

我們在六月看到的情況讓我們感到鼓舞，因為隨著季節性因素的逆轉，六月的餘額增加了 10 億美元。

And so we're hopeful that, that portends a positive trend for the balance is upcoming in the fourth quarter. But as Paul mentioned, when you look at those balance levels on a year-over-year basis, I mean, there's -- continues to be relative stability in those balances year over year.

因此，我們希望這預示著第四季度平衡將出現積極的趨勢。但正如保羅提到的那樣，當你逐年查看這些餘額水平時，我的意思是，這些餘額逐年保持相對穩定。

All right. Great color there. And then as my follow-up, I caught the press release on -- in the Canadian business, you recently announced what you framed as a significant investment in [FNC] accelerate the digital transformation of the wealth management infrastructure and elevate the advisory experience nationwide. So I predicate Canada is a smaller piece of Raymond games today, maybe were significant relative to the Canadian platform, but my attention.

好的。那裡的色彩很棒。然後，作為我的後續行動，我看到了關於加拿大業務的新聞稿，您最近宣布了對 [FNC] 的一項重大投資，以加速財富管理基礎設施的數位轉型並提升全國的諮詢體驗。因此，我認為加拿大目前在雷蒙德遊戲中所佔的份額較小，也許相對於加拿大平台而言很重要，但卻引起了我的注意。

So what you can kind of the size and strategy of that investment more broadly in this world where outright acquisitions in the space have been really competitive and maybe pricey, could we see more of these strategic investments as maybe an outlet for excess capital? Thanks.

那麼，在這個領域直接收購競爭非常激烈且昂貴的情況下，您能更廣泛地了解這種投資的規模和策略嗎？我們能否將更多這類策略投資視為過剩資本的出路？謝謝。

Yeah. We've been in the Canadian market for a very long time, and it's certainly an important market for us, particularly in wealth management, but also in capital markets. And we have a profitable business in wealth management. It generates good profitability, and we have a best of both world's value proposition in Canada that's very similar to the value proposition that we have in the US, where we're competing against the big six banks up there, and we offer a more adviser-centric culture and all the capabilities that the advisers that are mostly -- most of them come from those banks have become accustomed to having.

是的。我們進入加拿大市場已經很長一段時間了，這對我們來說無疑是一個重要的市場，特別是在財富管理方面，而且在資本市場方面也是如此。我們的財富管理業務利潤豐厚。它產生了良好的盈利能力，我們在加拿大擁有兩全其美的價值主張，這與我們在美國的價值主張非常相似，我們在美國與六大銀行競爭，我們提供更加以顧問為中心的文化和顧問（大多數來自這些銀行的顧問已經習慣了）所擁有的所有能力。

And so that value proposition resonates up in Canada. It's a very attractive market for us. It's one that we're committed to. And we're going to continue just like we do in the US and in the UK to continue to invest in their resources.

因此這項價值主張在加拿大引起了共鳴。對我們來說這是一個非常有吸引力的市場。這是我們致力於的。我們將繼續像在美國和英國一樣，繼續投資他們的資源。

The press release mentioned a new technology system for them that we're really excited about and the advisers they are excited about as well. So it'll just continue to be, we look for acquisitions in the Canadian market as well. There's not as many as not as fragmented as the US, although US is becoming a lot less fragmented, too.

新聞稿中提到了他們的一個新技術系統，我們對此感到非常興奮，他們的顧問也對此感到興奮。因此，我們也將繼續尋求在加拿大市場進行收購。儘管美國的分裂程度正在大大降低，但其數量和分裂程度都不如美國。

But we would be -- if we find a firm up in Canada, on the wealth side, that's a good cultural fit, strategic fit and at a price that makes sense, we would welcome inviting them to the Raymond James family.

但如果我們在加拿大找到一家在財富方面具有良好文化契合度、戰略契合度且價格合理的公司，我們很樂意邀請他們加入雷蒙德詹姆斯家族。

Kyle Voigt, KBW.

凱爾·沃伊特（Kyle Voigt），KBW。

Hi. Good evening. So it sounds like some positive momentum on the recruiting side. Paul, you mentioned some easing dynamics very recently, maybe some firms in the industry taking [readers] on transition assistance rates or recruiting packages. But just curious how you would describe the current environment -- competitive environment even after that easing versus where we've been over the past year or two?

你好。晚安.因此，這聽起來像是招聘方面出現了一些積極的勢頭。保羅，你最近提到了一些寬鬆的動態，也許行業中的一些公司會向[讀者]提供過渡援助率或招聘方案。但我只是好奇您如何描述當前的環境——即使在放鬆政策之後，競爭環境與過去一兩年相比如何？

And then also wondering if you could comment on whether Raymond James has changed anything in terms of how it's approaching recruiting packages in recent periods.

然後，我也想知道您是否可以評論一下雷蒙德詹姆斯公司最近在招聘方案方面是否有任何變化。

Yeah. I mean, I would just say the environment remains competitive. It's been -- I've been with the firm for 15 years, and it's been competitive since I joined the firm, and those who have been here much longer have described an environment that was competitive before that. So the dynamic that's relatively novel in the last five years is these PE backed roll-ups cropping up everywhere.

是的。我的意思是，我只想說環境仍然具有競爭力。我已經在公司工作了 15 年，自從我加入公司以來，競爭一直很激烈，而那些在這裡工作更長時間的人則描述了在此之前競爭激烈的環境。因此，過去五年中相對新穎的動態是這些由 PE 支持的整合交易隨處可見。

And over the last three years, in particular, they've been extremely aggressive and trading and paying at higher and higher multiples. And I think they're getting to the point now somewhat of an inflection point, I think, in that business where they're trying to figure out what's next.

尤其是過去三年，他們表現得非常積極，交易和支付的倍數越來越高。我認為他們現在已經到達了該行業的轉折點，他們正在試圖弄清楚下一步該怎麼做。

How much higher can those multiples go, especially when you compare them to public company multiples, I mean, it's significantly higher in many cases than public company multiples. So they're -- I think they're looking at what's next. Is there a public market for that type of multiple or are there strategic buyers for that type of multiple. Is there another private equity buyer or a continuation fund.

這些倍數能達到多高呢，特別是當你將它們與上市公司倍數進行比較時，我的意思是，在很多情況下，它比上市公司倍數要高得多。所以他們——我認為他們正在考慮下一步該做什麼。此類倍數是否存在公開市場，或是否有策略性買家。是否有其他私募股權買家或延續基金。

And so that's just, I think, surfacing those type of questions. But I don't want to overstate the impact that's having on the competitive environment because, again, it only takes two or three firms that are earlier in their stage of deploying their capital that they've already raised to keep that competitive environment sort of (inaudible). And so that is still a competitive environment out there.

所以我認為這只是提出了這類問題。但我不想誇大這對競爭環境的影響，因為只需要兩、三家處於早期階段的公司部署他們已經籌集的資本，就能維持這種競爭環境（聽不清楚）。所以外面的競爭環境依然存在。

But I do think that the tone that I'm hearing is a little bit different from some of those roll-up firms than maybe it was a year or two ago.

但我確實認為，我聽到的一些整合公司的聲音與一兩年前有些不同。

That's very helpful. And maybe just staying on the recruiting topic. And just regarding your earlier comments about the largest acceleration in activity since the financial crisis. Like do you think this is an industry-wide dynamic or you'd expect to see overall industry-wide churn levels increase over the next 12 months? Or do you think it's more idiosyncratic or something about Raymond James' positioning in the market currently that's made the platform more attractive and has caused you to see this acceleration recently?

這非常有幫助。也許只是繼續討論招募話題。關於您先前關於金融危機以來經濟活動最大幅度加速的評論。例如，您是否認為這是整個產業的動態，或者您預計未來 12 個月整個產業的流失率將會增加？或者您認為這是更具特色的，或者與雷蒙德詹姆斯目前在市場上的定位有關，這使得該平台更具吸引力，並導致您最近看到這種加速？

No. I think -- I mean, there's certainly been M&A-driven catalyst, particularly on the independent side of the business that you all are well aware of. And so I think that, again, the success that we're having, though is not concentrated only from that particular catalyst. We're seeing success from a lot of different firms across our affiliation options. But that catalyst certainly has led to -- or contributed to the acceleration in our recruiting pipeline and our recruiting activity.

不。我認為——我的意思是，肯定存在著由併購驅動的催化劑，特別是在你們都很清楚的獨立業務方面。因此，我認為，我們所取得的成功並不僅僅集中在那個特定的催化劑上。我們看到，透過我們的合作選擇，許多不同的公司都取得了成功。但這種催化劑確實導致或促成了我們的招募管道和招募活動的加速。

Bill Katz, TD Cowen.

比爾·卡茨（Bill Katz），TD Cowen。

Great. Thank you. Maybe sticking on just sort of dynamic of accelerating financial adviser and the new asset growth. I was wondering, could you talk a little bit about does that have any structural impact on your comp ratio? And also, I was wondering with the assets that are coming in, given that the teams are larger, does that have any kind of adverse impact on the client cash as a percentage of those assets that are coming in the door?

偉大的。謝謝。也許只是堅持加速財務顧問和新資產成長的動力。我想知道，您能否談談這對您的補償比率是否有任何結構性影響？此外，我想知道，考慮到團隊規模較大，流入的資產是否會對客戶現金（佔流入資產的百分比）產生不利影響？

I would say, again, we have over $1.6 trillion of client assets. So for anything to really make a meaningful change to any of these firm-wide ratios, it would have to be really substantial. So I would say it would be more of a glide path than a sudden change in any of the ratios across the board with what we're talking about. Just given the size of the base and the magnitude of what you'd have to bring on to change to move the needle given the size of the base.

我想再次強調，我們的客戶資產超過 1.6 兆美元。因此，要想對整個公司範圍內的任何比率產生真正有意義的改變，就必須具有實質的改變。因此，我想說，這更像是一條下滑路徑，而不是我們正在談論的任何比率的突然變化。只要給出基數的大小，以及在給定基數的情況下，你必須做出的改變的幅度，才能移動指標。

Okay. And this is my follow-up. Just from a big picture down at your Investor Day, you're pretty rich in terms of looking at the market and it seemed a little heavy from an M&A perspective on pricing. You've seemingly passed on a few things. Wondering if you could update us on your thoughts about how the strategic backdrop is looking from an M&A perspective, and where you might be most focused? Thank you.

好的。這是我的後續行動。僅從投資者日的整體情況來看，您在市場上的投入相當大，但從併購角度來看，定價似乎有點沉重。您似乎已經傳遞了一些東西。想知道您是否可以從併購角度向我們介紹您對策略背景的看法，以及您最關注的領域是什麼？謝謝。

We continue to stay very, very busy in our corporate development function. And so we're developing relationships across the spectrum in terms of early inning relationships to more advanced discussions around potential opportunities, and so we would just continue to look for opportunities.

我們的企業發展職能持續保持著非常非常忙碌的狀態。因此，我們正在從早期關係到圍繞潛在機會的更高級討論等各個方面發展關係，因此我們將繼續尋找機會。

Our biggest business is private clients, and we envision that 5, 10, 15 years from now that will still be our biggest business. So that is in terms of targets, where we would look for acquisitions first, but also capital markets and asset management.

我們最大的業務是私人客戶，我們預計5年、10年、15年後這仍將是我們最大的業務。因此，就目標而言，我們首先會尋找收購，但也會尋找資本市場和資產管理。

I think the bank, we already have two charters. And so -- and we have one branch and two ATMs across those two charters. So we have really a utility bank to serve clients and not a brick-and-mortar type business structure there. And so we continue to remain active across all of our businesses and develop relationships again across the spectrum from early discussions, preliminary discussions to more advanced discussions. But most importantly, we're not going to do a deal to just do a deal.

我認為，我們已經有兩份銀行章程。所以——我們在這兩個特許經營店設有一個分支機構和兩台 ATM。因此，我們實際上是一家為客戶服務的公用事業銀行，而不是實體類型的商業結構。因此，我們將繼續在所有業務中保持活躍，並在從早期討論、初步討論到更高級討論的各個階段重新發展關係。但最重要的是，我們不只是為了達成協議而達成協議。

It has to meet our three criteria. First being a good cultural fit. No matter how good the revenues and profits are. If it's not a good cultural fit, it's not going to work in our business. And if it's a good cultural fit and it has to be a good strategic fit, where 1 plus 1 gives us a chance of being more than 2, where we make them better and they make us better.

它必須滿足我們的三個標準。首先是良好的文化契合度。無論收入和利潤有多好。如果文化不契合，我們的業務就無法開展。如果文化契合度高，那麼策略契合度也必須高，那麼 1 加 1 就有機會大於 2，我們讓對方變得更好，對方也會讓我們變得更好。

In our history of acquisitions, we've always tried to retain the management team, and we have a great track record of doing that. Our Public Finance and Fixed Income business is still run by the leaders that came over from Morgan Keegan back in 2012, for example, and so we want to be better after the acquisition, not just add assets or revenues.

在我們的收購歷史中，我們一直試圖保留管理團隊，並且我們在這方面有著良好的記錄。例如，我們的公共財政和固定收益業務仍然由 2012 年從摩根基根 (Morgan Keegan) 過來的領導人負責，因此我們希望在收購後做得更好，而不僅僅是增加資產或收入。

And then finally, if those first two boxes are checked, then the valuation has to make sense for us and has to make sense to the selling party. And so those -- we're going to remain disciplined in that regard.

最後，如果前兩個條件都滿足，那麼估價對我們來說是合理的，對賣方來說也是合理的。因此，在這方面我們將保持紀律。

Alex Blostein, Goldman Sachs.

高盛的亞歷克斯‧布洛斯坦 (Alex Blostein)。

I wanted to ask you guys a question around just the margins in the quarter, but also the targets and sort of relay that back to your capital markets commentary from earlier in the call. So 19% for the quarter, as you mentioned, it's running a little bit below the 20% target that you guys are shooting for. Is the pipeline in banking what are you seeing right now and stuff that's sort of tangible enough to get you guys into that 20%-plus pretax margin goal that you outlined at the Investor Day?

我想問你們一個問題，不僅關於本季的利潤率，還有目標，並將其與你們在電話會議早些時候對資本市場的評論聯繫起來。因此，正如您所說，本季的 19% 略低於您所追求的 20% 的目標。您現在看到的銀行業的管道是什麼樣的？這些管道是否足夠具體，能夠幫助你們實現在投資者日上提出的 20% 以上的稅前利潤率目標？

Yeah. With respect to the current quarter, we were pleased with the 19% pretax margin for the quarter given the softness in the Capital Markets segment for the quarter that we experienced. And although we continue to see the capital markets business long term as a mid-teens margin type of business, we do continue to expect to be able to achieve that. And just with the improvement in the capital markets environment, it wouldn't foretell well for us to be able to deliver on that pretax margin target of 20% that we that we shared at Investor Day.

是的。就本季而言，考慮到本季資本市場部門的疲軟表現，我們對本季 19% 的稅前利潤率感到滿意。儘管我們仍然認為資本市場業務長期來看屬於中等利潤率的業務，但我們仍期望能夠實現這一目標。而且，隨著資本市場環境的改善，我們可能無法實現在投資者日上宣布的 20% 的稅前利潤率目標。

And as we previously mentioned, we feel -- also feel good about the tremendous tailwinds that we have in the private client business with the upcoming quarter with the 8% increase in fee billable assets. And so we continue to feel good about the opportunities to improve on the margin from this quarter.

正如我們之前提到的，我們對私人客戶業務在即將到來的季度中遇到的巨大順風感到高興，費用計費資產將增加 8%。因此，我們繼續對本季提高利潤率的機會感到樂觀。

Got it. Thank you. Second question for you guys, just around opportunities to better leverage the wealth platform as you think about incremental revenues related to the alternative platforms, alternative business that are out there. Some of your peers, especially on the larger cap side, did quite a good job monetizing that opportunity where effectively shelf space payments.

知道了。謝謝。第二個問題是關於如何更好地利用財富平台的機會，同時考慮與現有的替代平台、替代業務相關的增量收入。你們的一些同行，尤其是大盤股方面的同行，在利用這一機會進行有效貨架空間支付方面做得相當不錯。

How are you thinking about that for RJ? It feels like the opportunity to increased penetration of alternative products, private market strategies continues to expand. So maybe some guidepost in terms of what percentage of the asset base is in private strategy today. where you guys think that could go? And again, the revenue opportunity attached to that over time?

您對於 RJ 有何看法？感覺替代產品滲透率增加、私人市場策略的機會不斷擴大。因此，也許可以就當今資產基礎中有多少百分比用於私人策略給予一些指導。你們認為這會走向何方？那麼，隨著時間的推移，這會帶來哪些收入機會呢？

Yeah. Our penetration in the private markets is lower than some of the bigger firms that we compete against. So I think there's a lot of headroom there. But we, unlike some of our firms that we compete against, we're not going to push the products to create more monetization opportunities or create more stickiness. That's really not our culture. So it will be driven by demand of clients and their advisers.

是的。我們在私人市場的滲透率低於我們競爭的一些大公司。所以我認為這裡還有很大的發展空間。但與我們競爭的一些公司不同，我們不會推銷產品來創造更多的獲利機會或創造更多的黏性。這確實不是我們的文化。因此它將由客戶及其顧問的需求所驅動。

And so -- and there is more demand for those type of products that is just naturally organically happening. We're providing a lot of education and resources and a broader and deeper set of products alternatives in that space. And so we'll continue to invest in it.

因此，對這類產品的需求自然而然地就增加了。我們在該領域提供大量的教育和資源以及更廣泛、更深入的產品替代品。因此我們將繼續對此進行投資。

We have a new leadership team in that space that we put in place four months ago or so and they're really investing in the education and increasing the awareness of the solutions to the advisers and the increasingly high net worth clients that these products make more sense for.

大約四個月前，我們在該領域組建了一​​個新的領導團隊，他們確實在投資教育，提高顧問和越來越高淨值客戶對這些解決方案的認識，讓他們知道這些產品對他們來說更有意義。

So we have a lot of -- in summary, I would say, we have a lot of headroom. We've got a lot of investments in these areas. We have a great set of products across the spectrum. But we are not going to have quotas or push products or create sort of variable incentives to try to drive growth in those products. It's just not the type of culture that we have at Raymond James.

所以我們有很多——總而言之，我想說，我們有很大的發展空間。我們在這些領域進行了大量投資。我們擁有一系列涵蓋各領域的優質產品。但我們不會設定配額或推銷產品，或創造各種不同的激勵措施來推動這些產品的成長。這不是我們雷蒙詹姆斯所秉持的企業文化。

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，Seaport Global Securities。

Thanks. Maybe you mentioned a couple of times strong inflows into fee-based assets in PCG. I know you don't disclose that data, but can you kind of give us a sense of at least a ballpark of the level of growth you're seeing in fee-based flows. And is that materially better than NNA, and maybe just talk about the dynamic between the two?

謝謝。也許您曾幾次提到 PCG 收費資產的大量流入。我知道您沒有透露這些數據，但您能否讓我們至少大致了解一下您所看到的收費流量的增長水平。這在實質上是否比 NNA 更好，也許只是談論兩者之間的動態？

Yeah. I mean, the fee-based flows have been stronger than the overall flows. And you see that with just the level of client asset. I mean, overall, if you look year over year, client assets under administration overall for the firm have grown at 11% where fee-based assets have grown 15%. And so that's the best way, I think, to just to mention the relative growth of fee-based assets versus overall assets at Raymond James.

是的。我的意思是，基於費用的流量比整體流量更強。您可以從客戶資產水準看出這一點。我的意思是，總體而言，如果逐年查看，該公司管理的客戶資產總體增長了 11%，而收費資產增長了 15%。因此，我認為這是最好的方式，僅提及雷蒙德詹姆斯的收費資產相對於整體資產的相對增長。

And we're now at 65% or so of our asset -- overall assets in the Private Client Group are fee-based. And so we've always really led the industry in fee-based penetration. And so -- but we also -- when it makes sense for clients, we also want to continue offering a competitive and robust brokerage solution as well.

現在，我們的私人客戶集團整體資產的 65% 左右都是基於費用的。因此，我們在收費滲透率方面一直處於行業領先地位。因此，當這對客戶有意義時，我們也希望繼續提供具有競爭力且強大的經紀解決方案。

So you don't think it's like a difference in client mix that sort of gap between the two is really organic growth and fee-based being a couple of hundred basis points higher than NNA growth?

所以您不認為這就像客戶結構的差異，兩者之間的差距實際上是有機增長和費用增長比 NNA 增長高出幾百個基點？

Well, I mean, advisers over a long period of time have been shifting their business to more fee-based business and advisory-based relationships. But a lot of clients have both a fee-based account and a commission-based account because they have assets that have different objectives and priorities around them and some of those assets may be better invested in a brokerage account or -- and some of those assets may be better invested in an advisory relationship and a fee-based account. So it's not that any adviser, any client just does one or the other. It's a mix, and it's really driven by what is best for clients.

嗯，我的意思是，長期以來，顧問們一直在將他們的業務轉向更多基於收費的業務和基於諮詢的關係。但許多客戶同時擁有收費帳戶和佣金帳戶，因為他們擁有的資產有不同的目標和優先事項，其中一些資產可能更適合投資於經紀帳戶，而其中一些資產可能更適合投資於諮詢關係和收費帳戶。因此，並不是任何顧問、任何客戶只做其中一件事。這是一種混合體，其真正驅動力是客戶的最佳利益。

Yeah, all fair. So just maybe a follow-up on the recruiting pipeline. Is it pretty broad-based across all affiliation options, or is it more concentrated in one specific segment?

是的，一切都公平。因此也許只是對招募管道的後續跟進。它是否涵蓋所有附屬選項，還是更集中在一個特定的領域？

No. I would say, we're seeing good success across all of our affiliation options. There's certainly the acceleration rate within the independent channel is probably higher, but we're still seeing very good success in the employee affiliation option and the independent [RA] option as well.

不。我想說的是，我們在所有加盟選項上都取得了良好的成功。獨立通路內的加速率肯定可能更高，但我們仍然看到員工加入選項和獨立 [RA] 選項也取得了非常好的成功。

Michael Cyprys, Morgan Stanley.

摩根士丹利的麥可‧賽普里斯 (Michael Cyprys)。

Thank you for the question. Just on the investment banking side, you mentioned that you expect the next two quarters to be better than the prior two quarters. Just curious if you could elaborate a bit on what you're seeing, how the magnitude of the pipelines has evolved and what you're seeing from an environmental standpoint, supporting your confidence versus, say, 1.5 months ago at your Investor Day?

謝謝你的提問。僅就投資銀行方面而言，您提到預計接下來的兩個季度將比前兩個季度更好。我只是好奇，您是否可以詳細說明您所看到的情況，管道的規模是如何演變的，以及從環境角度來看，與 1.5 個月前的投資者日相比，您看到了什麼，以支持您的信心？

Yeah. I think there was just an immediate -- and this is an industry-wide statement, not just specific to Raymond James. But I think across the industry, in early April, there was a lot of shock with just the tariff discussions and the magnitude and the breadth of the tariffs and people not really understanding exactly how that will pan out. And so as time has passed, as deals have been struck by the administration as the administration has pivoted on deadlines and shown a willingness to negotiate with the countries and come to a good overall hopefully positive solution.

是的。我認為這只是一種即時反應——這是針對整個行業的聲明，而不僅僅是針對雷蒙德詹姆斯 (Raymond James) 的聲明。但我認為，4 月初，整個產業對關稅討論以及關稅的幅度和範圍感到非常震驚，人們並不真正了解最終結果會如何。隨著時間的推移，政府已經達成了多項協議，政府已經確定了最後期限，並表現出願意與各國進行談判並達成整體良好、希望是積極的解決方案。

I think the shock that we had in early April has not fully worn off. And again, we could be shocked again tomorrow, who knows. But certainly, the market sentiment now is more positive than it was in early April.

我認為我們在四月初受到的衝擊還沒有完全消退。再說，明天我們可能又會再次受到震驚，誰知道呢。但可以肯定的是，現在的市場情緒比四月初更積極。

And so -- and there's a lot of pent-up demand and there has been for several months now because of two years of really lackluster investment banking business across the industry. We have a lot of motivated buyers and sellers, particularly private equity sponsors, which represent 60% of our M&A activity in any given quarter a year, roughly 60%. And so they have companies that are sort of beyond their original timelines in terms of being sold out of the portfolio, so they could distribute capital back to their LPs.

因此，存在著大量被壓抑的需求，而且由於整個行業的投資銀行業務在過去兩年中一直表現低迷，這種情況已經持續了好幾個月。我們有很多積極的買家和賣家，特別是私募股權發起人，他​​們占我們每年任何一個季度的併購活動的 60%，大約 60%。因此，他們擁有的公司在出售投資組合方面已經超出了原定時間表，因此他們可以將資本分配回給他們的 LP。

And then they also have -- on the buyer side, they have capital that needs to be deployed. So there's a lot of pent-up demand. And I think as there's more certainty and less shock in the system and more certainty around tax reform, which was successfully implemented in the tariff reform and now maybe around interest rates to some extent as long as there's certainty around those things, no matter what the outcome is, I think there'll be a better environment for that pipeline to convert to realizations.

然後他們也有——在買方方面，他們有需要部署的資本。因此存在著大量被壓抑的需求。我認為，隨著系統的確定性增強、衝擊減少，稅收改革的確定性增強，關稅改革已經成功實施，現在利率改革可能也在一定程度上確定了這一點，只要這些事情具有確定性，無論結果如何，我認為都會有一個更好的環境讓這些管道轉化為現實。

Great. And then just as a follow-up question, more bigger picture. Just curious if you could just give us a little bit of an update, thoughts around digital assets, stablecoin strategy. How you're seeing the opportunities for Raymond James, what steps might we see you guys take over the next 12 months as it continues to garner more attention across the marketplace?

偉大的。然後作為後續問題，請看更宏觀的圖景。我只是好奇您是否可以向我們提供一些最新消息，關於數位資產、穩定幣策略的想法。您如何看待 Raymond James 的機會？隨著 Raymond James 繼續在市場上獲得更多關注，我們可能在未來 12 個月內看到你們採取哪些措施？

I think we're encouraged. I mean, what we've been asking for through the last couple of years really is for the regulation and the regulatory framework to catch up to the demand into sort of the actually penetration and utilization of these type of products. And so we're encouraged.

我想我們受到了鼓舞。我的意思是，過去幾年我們真正要求的是，監管和監管框架能夠跟上對這類產品的實際滲透和利用的需求。因此我們感到鼓舞。

I think there's a lot more even as recently as last week, our trade associations, I know, which we have senior leadership representation on, we're really engaged on the hill on trying to help regulations catch up to the demand and interest for these type of products.

我認為就在上週，我們的行業協會，我知道，我們有高級領導代表，我們正在積極努力，試圖幫助法規趕上對這類產品的需求和興趣。

And so -- in the meantime, we've been, as you can imagine, very deliberate. We want to protect clients first and foremost. And until the regulations catch up, the clients are at some level of risk that's disproportionate to the other securities where the regulations have been in place for a very long period of time. And so we're not bleeding edge on these type of products, but we are monitoring them very closely.

所以 — — 同時，正如你所想像的，我們一直非常謹慎。我們首先要保護客戶。在法規出台之前，客戶面臨的風險與其他長期受到監管的證券相比是不成比例的。因此，我們在這類產品上並不是最前沿的，但我們正在密切關注它們。

We have teams that are focused on understanding what other competitors are doing and what's available and what's not yet available, what may be available. So we're studying it very closely, trying to be as responsive as we possibly can to our advisers and their clients.

我們的團隊專注於了解其他競爭對手在做什麼、哪些是可用的、哪些是尚未可用的、哪些是可能可用的。因此，我們正在仔細研究這個問題，盡力對我們的顧問及其客戶做出盡可能積極的回應。

Great, thank you.

太好了，謝謝。

Great. Well, I think that was the last question. I just want to thank all of you for your time and interest in Raymond James. We certainly do not take it for granted.

偉大的。嗯，我認為這是最後一個問題。我只想感謝大家對雷蒙詹姆斯的時間和興趣。我們當然不會認為這是理所當然的。

And I also want to thank all of our financial advisers, bankers, associates, and clients for trusting Raymond James and for doing such great work across the country. So we really appreciate it, and we wish all of you well.

我還要感謝我們所有的財務顧問、銀行家、同事和客戶對雷蒙德詹姆斯的信任以及在全國各地所做的出色工作。因此我們非常感激，並祝福大家一切順利。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。