雷蒙詹姆斯金融 (RJF) 2026 Q1 法說會逐字稿

Good evening, and welcome to Raymond James Financial's fiscal first-quarter 2026 earnings call. This call is being recorded and will be available for replay for 30 days 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 Raymond James Financial 2026 財年第一季財報電話會議。本次電話會議將被錄音，並將在公司投資者關係網站上提供30天的回放。我是投資者關係資深副總裁克莉絲蒂沃夫。感謝您的參與。

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 our Investor Relations website. Following the prepared remarks, the operator will open the line for questions.

今天和我一起參加電話會議的有執行長保羅·舒克里和財務長布奇·奧爾洛格。今天審閱的簡報可在我們投資者關係網站上查閱。發言結束後，接線員將開放提問通道。

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. 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.

請看第二張投影片。請注意，本次電話會議中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戰略目標、業務前景、財務業績、行業或市場狀況、收購的預期時間和收益以及我們在整合被收購業務方面的成功程度、訴訟和監管發展的預期結果以及總體經濟狀況的信息。此外，諸如「相信」、「預期」、「預計」、「打算」、「計畫」、「估計」、「預測」等詞語，以及諸如「可能」、「將」、「可以」、「應該」和「會」等表示未來或條件的動詞，以及任何其他必然取決於未來事件的陳述，都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 Form 10-K and subsequent Forms 10-Q and Forms 8-K, which are available on our website.

請注意，實際結果可能與這些聲明中表達的結果有重大差異，這一點無法保證。我們強烈建議您考慮我們在最新的 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查閱。

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

現在，我很高興將電話交給執行長保羅舒克里。保羅？

Thank you, Kristie. Good evening, and thank you for joining us. Before we begin, we recognize that difficult weather conditions are impacting many of you and communities across the US. Our thoughts are with everyone affected, and we appreciate the dedication of our teams as they continue to clients during this time.

謝謝你，克里斯蒂。晚上好，感謝各位的參與。在開始之前，我們意識到惡劣的天氣狀況正在影響美國各地的許多人和社區。我們與所有受影響的人同在，並感謝我們的團隊在此期間繼續為客戶提供服務所展現出的奉獻精神。

Our focus on being the absolute best firm for financial professionals and their clients has contributed to strong results this quarter. The strength and consistency of our client-first culture alongside a robust technology and products platform, coupled with our strong balance sheet, continues to appeal to financial advisers. This is reflected in our solid recruiting momentum and net asset annualized growth of 8% this quarter.

我們致力於成為金融專業人士及其客戶的最佳公司，這一理念促成了本季的強勁業績。我們以客戶至上的文化、強大的技術和產品平台，以及穩健的資產負債表，持續吸引財務顧問。這體現在我們強勁的招募動能和本季8%的淨資產年化成長率。

We continue to deploy capital with a focus on the long term as demonstrated by our robust organic growth, continued investments in our technology and platform, our consistent deployment through dividends, our recently announced acquisitions as well as share repurchases.

我們繼續以長期發展為重點進行資本部署，這體現在我們強勁的內生成長、對技術和平台的持續投資、透過分紅進行的持續部署、最近宣布的收購以及股票回購。

In the fiscal first quarter, we recruited financial advisers to our domestic independent contractor and employee channels, with trailing 12-month production totaling $96 million and approximately $13 billion of client assets at their previous firms, a strong result for a quarter that typically experiences a seasonal slowdown.

在第一財季，我們透過國內獨立承包商和員工管道招募了財務顧問，他們在之前的公司過去 12 個月的業績總計達 9,600 萬美元，客戶資產約為 130 億美元，對於通常經歷季節性放緩的季度來說，這是一個強勁的成績。

Over the past 12 months, we recruited financial advisers with trailing 12-month production totaling nearly $460 million and over $63 billion of client assets. Including assets recruited into our RIA and custody service division, we recruited total client assets over the past 12 months of more than $69 billion across all of our platforms.

在過去的 12 個月裡，我們招募了財務顧問，他們過去 12 個月的表現總計接近 4.6 億美元，客戶資產超過 630 億美元。包括納入我們 RIA 和託管服務部門的資產在內，過去 12 個月裡，我們所有平台上的客戶資產總額超過 690 億美元。

Our optimism about future growth is fueled by our robust adviser recruiting pipeline and strong levels of commitments to join in the coming quarters. We offer a unique combination of an adviser and client-focused culture, coupled with leading technology and solutions. This value proposition, coupled with our strong balance sheet and commitment to independence, is proving to be a differentiator for advisers evaluating alternatives.

我們對未來成長的樂觀態度源於我們強大的顧問招募管道以及未來幾季加入的大量潛在顧問的承諾。我們提供以顧問和客戶為中心的獨特文化，並結合領先的技術和解決方案。這項價值主張，加上我們強勁的資產負債表和對獨立性的承諾，正成為顧問在評估各種方案時的一個差異化優勢。

In order to continue retaining and attracting the best advisers, we continue making investments in our platform and offerings. For example, our private wealth adviser program and expanded alternative investments platform supports advisers and focus on high net worth clients. We continue to make investments and implement solutions to automate and streamline processes that provide advisers with incremental time to invest in their client relationships.

為了持續留住和吸引最優秀的顧問，我們不斷投資我們的平台和產品。例如，我們的私人財富顧問計劃和擴展的另類投資平台為顧問提供支持，並專注於高淨值客戶。我們持續進行投資並實施解決方案，以實現流程的自動化和簡化，從而為顧問提供更多時間來投入客戶關係。

Highlighting this is our newly launched proprietary digital AI operations agent named Rai, which builds on our service-focused long-term AI strategy. The firm's suite of AI-based tools and technologies is focused on empowering financial advisers and professionals across the firm by applying artificial intelligence to enhance service models in secure, scalable applications.

我們最新推出的專有數位人工智慧營運代理 Rai 就是最好的例證，它建立在我們以服務為中心的長期人工智慧策略之上。該公司的一套基於人工智慧的工具和技術專注於透過應用人工智慧來增強安全、可擴展應用程式中的服務模式，從而賦予公司內的財務顧問和專業人員。

Capital Markets results declined this quarter, primarily driven by lower M&A and advisory revenues and also lower debt underwriting and affordable housing investment revenues on a sequential basis. Given the very strong M&A results in both the year ago and sequential periods, this quarter faced tough comparables. Even so, we entered the second quarter with a robust pipeline that continues to reflect the potential resulting from the strategic investments we have made in this segment over the past few years. We are confident we are well-positioned with motivated buyers and sellers, along with deep expertise across the industries we cover.

本季資本市場業績下滑，主要原因是併購和諮詢收入下降，以及債務承銷和經濟適用房投資收入較上季下降。鑑於去年同期和上一季併購業績都非常強勁，本季面臨嚴峻的業績基數。即便如此，我們進入第二季時仍然擁有強勁的研發管線，這繼續反映了過去幾年我們在該領域進行策略性投資所帶來的潛力。我們有信心憑藉積極的買家和賣家，以及在我們所覆蓋的行業中的深厚專業知識，佔據有利地位。

We remain committed to opportunistically enhancing the platform by broadening and deepening its capabilities, whether through strategic hiring or acquisitions as evidenced by the announced acquisition of the boutique investment bank, GreensLedge, during the quarter, which we anticipate closing later in the year.

我們將持續致力於透過策略性招募或收購等方式，把握機遇，拓展和深化平台的能力，進而提昇平台實力。正如本季宣布收購精品投資銀行 GreensLedge 所證明的那樣，我們預計將在今年稍後完成收購。

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 10% and reflects the complementary impact of being able to offer high-quality investment alternatives to our financial advisers as well as growth resulting from our successful recruiting efforts.

在資產管理領域，私人客戶集團管理的收費項目的淨流入在本季度表現強勁，年化增長率接近 10%，這反映了我們能夠為財務顧問提供高品質的投資選擇所帶來的互補影響，以及我們成功的招聘工作帶來的增長。

In the Bank segment, loans ended the quarter at a record $53.4 billion, primarily reflecting outstanding 28% annual growth in securities-based lending balances and 10% growth in this quarter alone, yet another synergistic impact from our growing private client business as we are able to deploy our strong balance sheet in support of clients. Importantly, the credit quality of the loan portfolio remains strong.

在銀行業務板塊，貸款額在本季度末達到創紀錄的 534 億美元，主要反映了證券抵押貸款餘額的未償付年增長率 28%，以及僅本季度就增長了 10%，這再次體現了我們不斷增長的私人客戶業務的協同效應，因為我們能夠利用我們強大的資產負債表來支持客戶。重要的是，貸款組合的信用品質依然良好。

Turning to capital deployment. We continue to deploy capital with a focus on the long term as evidenced by our robust organic growth, continued investments in our technology and platform, and recently announced acquisitions.

轉向資金部署。我們繼續進行資本部署，注重長期發展，這體現在我們強勁的內生成長、對技術和平台的持續投資以及最近宣布的收購。

In January, we announced the acquisition of Clark Capital Management, a leading asset management firm specializing in wealth-focused solutions to financial advisers and their clients with expertise across the growing segment of model portfolios and SMA and UMA wrappers. With over $46 billion in combined discretionary assets under management and nondiscretionary assets, Clark Capital is recognized as a high-growth firm in the industry and has a track record of strong inflows.

1 月，我們宣布收購 Clark Capital Management，這是一家領先的資產管理公司，專門為財務顧問及其客戶提供以財富為中心的解決方案，在不斷增長的模型投資組合以及 SMA 和 UMA 包裝領域擁有豐富的專業知識。Clark Capital 管理的全權委託資產和非全權委託資產總額超過 460 億美元，被公認為業內高成長公司，並擁有強勁的資金流入記錄。

We are excited to welcome Clark Capital into the Raymond James family where it will maintain its independence in brands going forward. We believe their services and capabilities further strengthen Raymond James Investment Management's existing investment, and wealth planning offerings. This announced acquisition, along with that of GreensLedge, demonstrates our steadfast pursuit of acquisitions that are a strong cultural fit, a good strategic fit, and valuations that generate attractive returns for our shareholders.

我們很高興歡迎 Clark Capital 加入 Raymond James 大家庭，未來它將保持其品牌獨立性。我們相信他們的服務和能力將進一步加強 Raymond James Investment Management 現有的投資和財富規劃產品。此次宣布的收購，連同對 GreensLedge 的收購，顯示我們始終堅持收購那些在文化上高度契合、策略上高度契合，且估值能夠為股東帶來可觀回報的公司。

As we continue to pursue both organic and inorganic growth opportunities, we also maintain our share repurchase program to effectively manage capital levels. This quarter, we repurchased $400 million of common stock at an average share price of $162. We ended the quarter with a Tier 1 leverage ratio of 12.7%.

在繼續尋求有機和無機成長機會的同時，我們也維持股票回購計劃，以有效管理資本水準。本季度，我們以平均每股 162 美元的價格回購了 4 億美元的普通股。本季末，我們的一級槓桿率為 12.7%。

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

現在，我將把電話交給 Butch Oorlog，讓他詳細回顧一下我們的財務表現。布奇？

Thank you, Paul. I'll begin on slide 6. The firm reported record net revenues of $3.7 billion for the fiscal first quarter. Net income available to common shareholders was $562 million with earnings per diluted share of $2.79. Excluding expenses related to acquisitions, adjusted net income available to common shareholders equaled $577 million, resulting in adjusted earnings per diluted share of $2.86.

謝謝你，保羅。我將從第6張投影片開始。該公司公佈第一財季淨收入創歷史新高，達 37 億美元。歸屬於普通股股東的淨利為 5.62 億美元，每股稀釋收益為 2.79 美元。剔除與收購相關的費用後，歸屬於普通股股東的調整後淨利為 5.77 億美元，調整後每股稀釋收益為 2.86 美元。

Our pretax margin for the quarter was 19.5% and adjusted pretax margin was 20%. We generated annualized return on common equity of 18% and annualized adjusted return on tangible common equity of 21.4%. Solid results for the quarter, particularly given our conservative capital base.

本季稅前利潤率為 19.5%，調整後稅前利潤率為 20%。我們實現了 18% 的年化普通股收益率和 21.4% 的年化調整有形普通股收益率。本季業績穩健，尤其考慮到我們較保守的資本基礎。

Turning to slide 7. Private Client Group generated pretax income of $439 million on record quarterly net revenues of $2.77 billion. Results were driven by higher PCG assets under administration compared to the previous year, resulting from the impact of market appreciation, retention, and the consistent addition of net new assets. Pretax income declined 5% year over year, primarily due to the impact on the segment of interest rate reductions, which reduced our non-compensable revenues. Interest rates have declined 125 basis points since early November 2024.

翻到第7張投影片。私人客戶集團實現稅前收入 4.39 億美元，季度淨收入創歷史新高，達到 27.7 億美元。與前一年相比，PCG 管理的資產規模擴大，推動了業績成長，這得益於市場升值、資產留存以及淨新增資產的持續成長。稅前收入較去年同期下降 5%，主要原因是利率下調對該業務板塊的影響，導致我們的非補償性收入減少。自 2024 年 11 月初以來，利率已下降 125 個基點。

Our Capital Markets segment generated quarterly net revenues of $380 million and a pretax income of $9 million. Segment net revenues declined year over year and sequentially due to the factors Paul already mentioned.

我們的資本市場部門季度淨收入為 3.8 億美元，稅前收入為 900 萬美元。由於保羅已經提到的那些因素，該部門的淨收入年比和季比均有所下降。

The Asset Management segment generated record pretax income of $143 million on record net revenues of $326 million. Results were largely attributable to higher financial assets under management compared to the prior year quarter due to the market appreciation over the 12-month period and strong net inflows in the PCG fee-based accounts.

資產管理部門實現了創紀錄的稅前收入 1.43 億美元和創紀錄的淨收入 3.26 億美元。與上年同期相比，業績主要歸功於管理的金融資產增加，這得益於過去 12 個月的市場升值以及 PCG 收費帳戶的強勁淨流入。

The Bank segment generated net revenues of $487 and record pretax income of $173 million. On a sequential basis, the bank segment net interest income grew 6%, primarily driven by strong loan growth fueled by securities-based loans and lower funding costs, driven by the decline in short-term rates and a favorable mix shift in deposits.

銀行業務部門實現淨收入 4.87 億美元，稅前利潤創歷史新高 1.73 億美元。銀行業務部門淨利息收入季增 6%，主要得益於證券抵押貸款推動的強勁貸款成長以及短期利率下降和存款結構有利轉變帶來的融資成本降低。

Turning to consolidated revenues on slide 8. Asset management and related administrative fees of nearly $2 billion grew 15% over prior year and 6% over the preceding quarter. Record PCG fee-based assets equaled $1.04 trillion at quarter end, up 19% year over year and 3% over the preceding quarter.

接下來請看第 8 頁的合併收入。資產管理及相關行政費用近 20 億美元，較上年同期成長 15%，較上一季成長 6%。PCG 的收費資產在季度末達到創紀錄的 1.04 兆美元，年增 19%，比上一季增長 3%。

As we look ahead, we expect fiscal second quarter 2026 asset management and related administrative fees to be higher by approximately 1% over the first quarter level, driven by the impact of two fewer billing days in our second quarter, which partially offsets the impact of the 3% increase in PCG assets and fee-based accounts at quarter end.

展望未來，我們預計 2026 財年第二季度資產管理及相關行政費用將比第一季水準高出約 1%，這主要是由於第二季帳單日減少了兩天，部分抵銷了季度末 PCG 資產和收費帳戶 3% 成長的影響。

Moving to slide 9. Clients' domestic cash sweep and enhanced savings program balances ended the quarter at $58.1 billion, up 3% over the preceding quarter and representing 3.7% of domestic PCG client assets. Based on January activity to date, domestic cash sweep and enhanced savings program balances have declined as a result of the collection of record quarterly fee billing of $1.8 billion and with further decline due to client reinvestment activity.

切換到第9張投影片。客戶的國內現金掃款和增強儲蓄計畫餘額在本季末達到 581 億美元，比上一季成長 3%，佔國內 PCG 客戶資產的 3.7%。根據 1 月至今的活動情況來看，由於季度收費創紀錄地達到 18 億美元，國內現金掃款和增強儲蓄計劃餘額有所下降，並且由於客戶的再投資活動，餘額進一步下降。

Turning to slide 10. Combined net interest income and RJBDP fees from third-party banks grew 2% over the prior quarter to $667 million. Net interest margin in the bank segment increased 10 basis points to 2.81% for the quarter, driven by the factors I previously mentioned. The average yield on RJBDP balances with third-party banks decreased 15 basis points to 2.76% primarily due to the impact of the Fed interest rate cuts since mid-September 2025.

翻到第10張投影片。第三方銀行的淨利息收入和 RJBDP 費用合計較上一季成長 2%，達到 6.67 億美元。受我之前提到的因素推動，銀行業務淨利差在本季成長了 10 個基點，達到 2.81%。受聯準會自 2025 年 9 月中旬以來降息的影響，RJBDP 在第三方銀行的餘額平均收益率下降了 15 個基點至 2.76%。

Based on current interest rates, including the full impact of the October and December rate cuts and assuming unchanged quarter-end balances, net of the $1.8 billion fiscal second-quarter fee billing collections, we would expect the aggregate of NII and RJBDP third-party fees in the second quarter to be 3% down from the first quarter level. The decline due to two fewer interest earning days in the second fiscal quarter as lower yields resulting from the full quarter impact of the recent Fed rate cuts are partially offset by the higher interest-earning asset balances as of the beginning of the quarter.

根據目前的利率，包括 10 月和 12 月降息的全部影響，並假設季度末餘額不變，扣除 18 億美元的第二財季費用賬單收款，我們預計第二季度 NII 和 RJBDP 第三方費用的總額將比第一季度下降 3%。由於聯準會近期降息對本季整體的影響導致殖利率下降，第二財季少了兩天計息日，因此出現下滑，但本季初計息資產餘額較高，部分抵銷了降息的影響。

Keep in mind, there are many variables which could 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.

請記住，有許多變數可能會影響實際結果，包括下一季的任何利率變動以及影響我們資產負債表的因素，包括我們的貸款和存款餘額的變動。

Turning to consolidated expense on slide 11. Compensation expense was $2.45 billion, and the total compensation ratio for the quarter was 65.6%. Excluding acquisition-related compensation expenses, the adjusted compensation ratio was 65.4%. Commencing this quarter, we presented recruiting and retention-related compensation expense in the PCG segment for each reporting period to aid the understanding of the impact of such costs on our business. These costs have increased as a direct result of our strong recruiting successes and reflect a component of the execution of our highest capital deployment priority of investing in organic growth.

接下來請看第 11 頁的合併費用部分。薪酬支出為 24.5 億美元，本季總薪酬率為 65.6%。剔除與收購相關的補償費用後，調整後的補償率為 65.4%。從本季開始，我們在 PCG 部門的每個報告期間內列示了與招聘和留任相關的薪酬費用，以幫助了解此類成本對我們業務的影響。這些成本的增加是由於我們在招募方面取得了巨大成功，也是我們最高資本部署優先事項——投資內生成長——執行情況的一部分。

Non-compensation expenses of $557 million increased 8% over the year-ago quarter, but decreased 7% sequentially. For the fiscal year, we expect non-compensation expenses, excluding the bank loan loss, provision for credit losses, unexpected legal and regulatory items, and non-GAAP adjustments presented on the non-GAAP financial measures to be approximately $2.3 billion, representing about 8% growth over the same adjusted non compensation metric for the prior year.

非薪酬支出為 5.57 億美元，比去年同期成長 8%，但較上季下降 7%。本財年，我們預計非薪酬支出（不包括銀行貸款損失、信貸損失準備金、意外的法律和監管項目以及非GAAP財務指標中列示的非GAAP調整）約為23億美元，比上一年的相同調整後的非薪酬指標增長約8%。

Importantly, we will continue to invest to support growth across our businesses while maintaining discipline over controllable expenses. The majority of the projected increase reflects our continued investment in leading technology supporting our financial advisers as well as our expectations for overall growth in our businesses. This projection, therefore, includes, for example, incremental recruiting-related and transition support costs, which are driven by continued successful recruiting, higher sub advisory fees which grow as fee-based client assets increase, and FDIC insurance premium, which grows as the bank's segment balance sheet increases.

重要的是，我們將繼續投資以支持旗下各業務的成長，同時嚴格控制可控支出。預計成長的大部分反映了我們對支援財務顧問的領先技術的持續投資，以及我們對業務整體成長的預期。因此，該預測包括例如與招聘相關的增量成本和過渡支援成本（由持續成功的招聘推動）、隨著收費客戶資產增加而增長的更高子諮詢費，以及隨著銀行部門資產負債表增加而增長的 FDIC 保險費。

Slide 12 presents the pretax margin trends for the past five quarters. The achievement of our 20% adjusted pretax margin target this quarter despite the headwinds we experienced a lower interest-related and investment banking revenues, highlights stability and strength of our diversified businesses to consistently generate strong margins.

第 12 張投影片展示了過去五個季度的稅前利潤率趨勢。儘管本季面臨利息相關收入和投資銀行收入下降等不利因素，但我們仍實現了 20% 的調整後稅前利潤率目標，這凸顯了我們多元化業務的穩定性和實力，能夠持續產生強勁的利潤率。

On slide 13, at quarter end, our total assets were $88.8 billion, a 1% sequential increase, resulting primarily from loan growth, partially offset by lower corporate cash balances, which declined primarily due to corporate share actions as well as seasonal funding obligations. Record bank loans of $53.4 billion grew 13% over the year-ago quarter and 4% sequentially with that loan growth largely in support of our clients. Securities-based loans and residential mortgages represent 60% of our total loan book, reflecting approximately 40% and 20% of the total, respectively.

第 13 頁顯示，截至季度末，我們的總資產為 888 億美元，環比增長 1%，主要來自貸款增長，部分被公司現金餘額下降所抵消，公司現金餘額下降主要是由於公司股票交易以及季節性融資義務。銀行貸款額達到創紀錄的 534 億美元，比去年同期成長 13%，較上季成長 4%，貸款成長主要是為了支持我們的客戶。證券抵押貸款和房屋抵押貸款占我們貸款總額的 60%，分別約佔總額的 40% 和 20%。

We continue to have strong levels of liquidity and capital. RJF corporate cash at the parent ended the quarter at approximately $3.3 billion, providing excess liquidity of $2.1 billion, well above our $1.2 billion target. Our capital levels provide significant flexibility to continue being opportunistic in our pursuit of strategic acquisitions and to invest in organic growth.

我們依然擁有充足的流動資金和資本。RJF 母公司本季末的現金約為 33 億美元，提供了 21 億美元的超額流動性，遠高於我們 12 億美元的目標。我們的資本水準為我們提供了極大的靈活性，使我們能夠繼續抓住機會進行策略性收購，並投資內生成長。

With a Tier 1 leverage ratio of 12.7% and a total capital ratio of 24.3%, we remain well-above regulatory requirements with approximately $2.4 billion of excess capital capacity to deploy before reaching our targeted Tier 1 capital ratio of 10%. The effective tax rate for the quarter was 22.7%, reflecting a seasonal tax benefit arising from share-based compensation that settled during the quarter. Looking ahead, we continue to estimate our tax rate for fiscal 2026 to be approximately 24% to 25%.

一級資本槓桿率為 12.7%，總資本比率為 24.3%，遠高於監管要求，在達到 10% 的一級資本比率目標之前，我們還有約 24 億美元的超額資本能力可供部署。本季實際稅率為 22.7%，反映了本季結算的股權激勵帶來的季節性稅收優惠。展望未來，我們預計 2026 財年的稅率約為 24% 至 25%。

Slide 14 provides a summary of our capital actions over the past five quarters through the combination of common dividends paid and share repurchases, we returned $511 million of capital to shareholders during the quarter. In January, the firm opportunistically redeemed all of its outstanding shares of Series B preferred stock for an aggregate redemption value of $81 million. which reduces Tier 1 capital in the fiscal second quarter. Taking this capital action into consideration, we expect to target approximately $400 million of common share repurchases again in the fiscal second quarter.

第 14 頁總結了我們過去五個季度的資本行動，透過支付普通股股息和回購股票，我們在本季度向股東返還了 5.11 億美元的資本。1 月份，該公司趁機贖回了所有已發行的 B 系列優先股，贖回總額為 8,100 萬美元，這導致其在第二財季的一級資本減少。考慮到這項資本行動，我們預計將在第二財季再次以約 4 億美元為目標回購普通股。

Over the past 12 months, we have repurchased $1.45 billion of common shares and including dividends paid, we have returned nearly $1.87 billion of capital to common shareholders, reflecting a combined return of 89% of our earnings. We maintain our long-term commitment to operating our businesses at capital levels consistent with established targets.

在過去的 12 個月裡，我們回購了價值 14.5 億美元的普通股，加上支付的股息，我們已向普通股股東返還了近 18.7 億美元的資本，相當於我們收益的 89%。我們將繼續長期致力於以符合既定目標的資本水平運營業務。

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

現在我將電話轉回給保羅，請他作最後總結發言。

Thank you, Butch. In summary, we are off to a strong start in fiscal 2026, and I believe we are very well-positioned entering the second quarter with record client assets and strong competitive positioning across all of our businesses. Financial adviser recruiting activity remains strong, and the investment banking pipeline is robust.

謝謝你，布奇。總而言之，我們在 2026 財年開局強勁，我相信，憑藉創紀錄的客戶資產和所有業務的強大競爭地位，我們進入第二季時處於非常有利的地位。財務顧問招募活動依然強勁，投資銀行人才儲備充足。

Near term, there are headwinds with lower interest rates and seasonal impacts typical in the second fiscal quarter with fewer billing days in the quarter and payroll taxes resetting at the beginning of the calendar year. However, that doesn't distract us from our focus on general long-term sustainable growth.

短期來看，不利因素包括利率走低、第二財季常見的季節性影響（該季度帳單日較少）以及年初工資稅重置等。然而，這並不會分散我們對長期永續發展的關注。

Well, in some ways, there's more competition in our space. We are confident that our established approach and focus on the power of personal is setting us apart in our industry more than ever. We are focused in the long-term and providing a stable platform for our advisers, bankers, and associates, with the foundation of deeply personal relationships.

在某些方面，我們這個領域的競爭確實更加激烈了。我們相信，我們既定的方法和對個人力量的重視，使我們在行業中比以往任何時候都更加脫穎而出。我們著眼於長遠發展，致力於為我們的顧問、銀行家和合作夥伴提供穩定的平台，並以深厚的個人關係為基礎。

We attract and retain financial advisers with our unique culture, leader service, and robust platform. We value independence to foster an environment where our advisers can provide objective advice to their clients.

我們以獨特的企業文化、卓越的領導服務和強大的平台，吸引並留住財務顧問。我們重視獨立性，以創造一個讓我們的顧問能夠為客戶提供客觀建議的環境。

We're focused on sustainable growth and quality over quantity. We strive to maintain a strong balance sheet with strong levels of capital and liquidity and a conservative amount of leverage. We are confident our long-standing approach will continue to endure in both good times and more challenging times and help us deliver on our vision of being the absolute best firm for financial professionals and their clients.

我們注重永續成長和品質而非數量。我們力求維持穩健的資產負債表，擁有充足的資本和流動性，並維持保守的槓桿水準。我們相信，我們長期以來堅持的方法無論在順境或逆境中都將繼續有效，並幫助我們實現成為金融專業人士及其客戶的最佳公司的願景。

So I want to thank our advisers, bankers, and associates for great service and advice they provide to their clients and delivering on our firm's mission to help clients achieve their financial objectives.

因此，我要感謝我們的顧問、銀行家和同事們，感謝他們為客戶提供的優質服務和建議，並履行我們公司的使命，幫助客戶實現他們的財務目標。

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

我們的發言稿到此結束。接線生，請您接通電話提問好嗎？

(Operator Instructions) Michael Cho, JPMorgan.

（操作說明）Michael Cho，摩根大通。

Hi. Good evening, Paul and Butch. Thanks for taking my question. I just want to start on net new assets. It's been seen a pretty nice acceleration over the last several quarters at 8% this quarter. I mean, are there areas that saw any particular strength this quarter.

你好。晚上好，保羅和布奇。謝謝您回答我的問題。我只想從新增資產開始。過去幾季以來，增速相當不錯，本季達到 8%。我的意思是，本季有哪些領域表現特別強勁？

And if you look back maybe over the last four quarters, what segment or tweaks in Raymond James' approach? Do you think it's been supporting that acceleration and how would you frame that pipeline today relative to the past couple of quarters?

回顧過去四個季度，Raymond James 的方法有哪些面向或調整？你認為它是否促進了這種加速發展？與過去幾季相比，你如何看待目前的供應鏈狀況？

Thanks, Michael. Yeah, $31 billion of net new assets in the quarter would be our second-best quarter ever, just to put that in perspective. So as I've been messaging last few quarters here, the recruiting activity is robust. It's broad-based across our affiliation options, maybe more heavily tilted in the last six months on the independent contractor side of the business.

謝謝你，麥可。是的，從這個角度來看，本季新增淨資產310億美元將是我們有史以來第二好的季度業績。正如我過去幾個季度一直在傳達的訊息，招募活動非常活躍。它廣泛適用於我們的各種加盟方式，但在過去六個月中，這種趨勢可能更明顯地偏向獨立承包商業務方面。

But really, what's resonating now is what's really always resonated. We've kind of consistently been a leading destination for financial advisers in the industry. And more importantly, the retention of our existing advisers remains very strong.

但實際上，現在引起共鳴的，其實一直都引起共鳴。我們一直以來都是業內財務顧問的首選目的地之一。更重要的是，我們現有顧問的留任率依然非常高。

Yeah, there are more competitive pressures now with private equity backed roll-ups and that sort of thing. But really, retention of our existing advisers, the adviser satisfaction is the highest it's been since I think 2014 and really having a platform where advisers feel like there's a culture that really respects the independents and their book ownership, the book ownership they have of their clients.

是的，現在由於私募股權支持的併購等原因，競爭壓力更大了。但實際上，我們現有顧問的留任率，顧問滿意度，是自 2014 年以來最高的，而且我們真正擁有一個平台，讓顧問們感受到一種真正尊重獨立顧問及其客戶群所有權的文化。

And coupling that with the platform, the technology, we've been investing close to $1.1 billion this year. The AI to support that, to help them save time, to help them make better decisions, to help them be more efficient in their operations with their clients and then the products.

再加上平台和技術方面的投入，我們今年已經投入了近 11 億美元。人工智慧可以為此提供支持，幫助他們節省時間，幫助他們做出更好的決策，幫助他們更有效率地開展與客戶和產品的業務。

And so having the culture and the products as a platform and the technology is really differentiating us more than ever. And the power personal, the value proposition that we released with our annual report of several weeks ago is increasingly differentiating as well.

因此，將文化、產品和技術作為平台，使我們比以往任何時候都更具差異化優勢。而我們在幾週前發布的年度報告中提出的個人能力和價值主張也越來越具有差異化優勢。

Other firms are talking about IRRs and exit periods in three to five years or funnels and all sorts of impersonal things. And what we're doing in that world of what I'd call noisy competition is really doubling and tripling down on what we've always done, which is really focusing on the personal relationships with financial advisers and giving them tools and resources to strengthen the personal relationships that they have with their clients. And that's really resonating with advisers, both our existing advisers and prospective advisers, which is driving our consistently leading recruiting activity.

其他公司都在談論內部收益率 (IRR)、三到五年的退出期、銷售漏斗以及各種不涉及個人因素的事情。在如今這個競爭激烈的環境中，我們正在做的，實際上是加倍甚至三倍地投入到我們一直以來所做的事情中，那就是真正專注於與財務顧問建立個人關係，並為他們提供工具和資源，以加強他們與客戶之間的個人關係。這點引起了顧問們的強烈共鳴，包括我們現有的顧問和潛在的顧問，這也推動了我們持續領先的招募活動。

Great, thanks for all that color, Paul. If I could just quickly follow up on a modeling question, just on expenses. Sorry if I missed it, was there anything to call out in terms of comp expense or comp ratio during the quarter? And now I know it's typically builds seasonally from here. I think Paul, you mentioned the payroll taxes. But how should we think about kind of modeling in terms of comp ratio, whether in the fiscal second quarter or even fiscal '26? Thanks.

太棒了，謝謝你帶來的繽紛色彩，保羅。我能否快速跟進一個關於建模的問題，僅涉及費用方面。如果我錯過了什麼，請見諒。本季在薪資支出或薪酬比率方面有什麼需要特別指出的嗎？現在我知道它通常是從這裡開始季節性建造的。保羅，我想你剛才提到了薪資稅。但是，無論是在2026財年或2026財年，我們該如何考慮薪酬比率的建模問題呢？謝謝。

Yeah. I mean, the comp ratio target that we laid out on the last analyst Investor Day was 65% or better. And really, this quarter, it was impacted by revenue mix. So Private Client Group business with the independent channel, which has a higher payout. Some firms break that out of compensation.

是的。我的意思是，我們在上次分析師投資者日上提出的薪酬比率目標是 65% 或更高。而實際上，本季業績受到了收入結構的影響。因此，私人客戶集團透過獨立管道開展業務，可以獲得更高的回報。有些公司會將這部分費用從薪酬中單獨列出。

We included in compensation drives a higher mix of compensation relative to the Capital Markets business, which, for us, largely due to timing of the investment banking pipeline, we still feel very good about.

我們納入薪酬體系的因素導致資本市場業務的薪酬組成相對更高，而對我們來說，這主要是由於投資銀行業務的時機安排，我們對此仍然感到非常滿意。

But this quarter, it was a weaker quarter. And so due to the revenue mix, also with lower interest on short-term rates, When you look at those mixes of revenue, it ended up being slightly above 65%, but really, at 65.4% for the quarter, with lower rates in a very tough quarter for Capital Markets, again, due to timing. We're really pleased with that results.

但本季業績較為疲軟。因此，由於收入結構的變化，以及短期利率的下降，當你觀察這些收入結構時，最終略高於 65%，但實際上，該季度為 65.4%，這是由於資本市場在一個非常艱難的季度利率下降造成的，同樣也是由於時機的原因。我們對這個結果非常滿意。

Great. Thanks, Paul.

偉大的。謝謝你，保羅。

Ben Budish, Barclays.

本·布迪什，巴克萊銀行。

Hi. Good evening, and thank you for taking my question. Maybe just following up on Michael's first question there on NNAs. Really solid quarter, but it does seem like from what we're hearing from competitors, from a lot of the kind of media, the media coverage that the competitive intensity is picking up quite a bit, whether it's manifesting in more incentives, more aggressive retaining of existing advisers. Just curious, is that something you're seeing? How are you thinking about responding? Is it the sort of environment where this quarter -- was there anything unusual? Or do you think that kind of growth is sustainable over the next at least coming quarters? Just would be great to get your thoughts there.

你好。晚上好，感謝您回答我的問題。或許只是想跟進一下麥可關於 NNA 的第一個問題。本季業績非常穩健，但從競爭對手和許多媒體的報告來看，競爭強度似乎正在大幅上升，這體現在更多的激勵措施和更積極地留住現有顧問等方面。我只是好奇，你也看過這種情況嗎？你打算如何回應？這個季度的環境是否正常——有沒有什麼不尋常的情況？或者您認為這種成長勢頭至少在接下來的幾個季度內能夠持續嗎？非常希望能聽到你的想法。

Thanks, Ben, and welcome to being one of our covering analysts, I think, just starting this morning. So yeah, I mean the environment though is competitive, I think in the last five years, the biggest change has been the entry of these private equity roll-ups.

謝謝本，歡迎你成為我們的分析師之一，我想你今天早上才剛開始。是的，我的意思是，雖然市場環境競爭激烈，但我認為在過去五年裡，最大的變化是這些私募股權整合公司的進入。

And we've talked a lot, as you know, in the past around that dynamic. I think this is going to be a really important year for those type of firms. A lot of them have thought liquidity events and haven't been able to achieve them at the multiples that I think they were targeting, and a lot more will come out, I think, in the next year or two. And that will dictate whether or not they can still afford to pay what they have been paying, which has actually been increasing over the last couple of years. But I call that short-term noise, short-term impact.

正如你所知，我們過去曾多次討論過這種動態。我認為今年對這類公司來說將會是非常重要的一年。很多公司都考慮過流動性事件，但未能達到他們預期的估值倍數，我認為未來一兩年內還會有更多公司推出類似事件。這將決定他們是否還能負擔得起他們一直以來支付的費用，而這筆費用在過去幾年裡實際上一直在增加。但我認為這只是短期噪音、短期影響。

We obviously had to deal with that from a competitive perspective. But the advisers we're recruiting are not looking for a three- to five-year destination. They're looking for a much longer -- three- to five-year destination with another liquidity event that's going to cause other sorts of disruption for them and their clients.

我們顯然必須從競爭的角度來處理這個問題。但我們正在招募的顧問並不尋求三到五年的短期工作。他們尋求的是一個更長遠的目標——三到五年，並期待另一個流動性事件，這將為他們和他們的客戶帶來其他類型的衝擊。

We are kind of a long-term stable play for advisers and their clients. We're looking for advisers who are really looking for a platform in a home for them, their teams, and their clients where they're not going to have to have another disruption in three to five years.

我們為顧問及其客戶提供了長期穩定的投資選擇。我們正在尋找真正希望為自己、團隊和客戶打造一個穩定平台，並且在未來三到五年內無需再次經歷業務中斷的顧問。

They want -- they're looking at our balance sheet to see how much tangible equity we have, how much leverage we have, how much cash flow we have in capital because they want a platform in a home that can remain independent. And we're absolutely committed to remaining independent because, again, they don't want to have to make a change again in three to five years.

他們想要——他們正在查看我們的資產負債表，看看我們有多少有形權益，有多少槓桿，有多少現金流資本，因為他們想要一個能夠保持獨立的平台。我們絕對致力於保持獨立，因為他們不想在三到五年內再次做出改變。

So while the competition has increased in the industry, for us, our differentiation, we feel like we have, in some ways, less competition than ever because we're focused on the long term. We're focused on the power of personal relationships, and we're able to invest $1 billion in technology.

雖然產業競爭加劇，但對我們來說，由於我們專注於長期發展，我們的差異化優勢讓我們感覺在某些方面競爭比以往任何時候都要少。我們注重人際關係的力量，並且有能力在科技領域投資 10 億美元。

A lot of our competitors who also are focused on personal relationships and that have similar cultures, their technology investment, for example, is a fraction of ours. And that's hard to remain competitive when you can't invest in AI and the tools that you need to help advisers develop more efficiency in their businesses with their clients.

我們的許多競爭對手也注重人際關係，並且擁有類似的企業文化，例如，他們在技術方面的投入只有我們的一小部分。如果你無法投資人工智慧以及幫助顧問提高與客戶業務效率所需的工具，就很難保持競爭力。

Got it. All very helpful. Maybe for my follow-up, just curious if you could unpack a little bit more the near-term outlook on the Capital Markets side. Sounds like you're still confident on the pipeline. Obviously, the revenues can swing quite a bit from quarter to quarter. So anything you can share from a modeling perspective how we should think about the very near term, we're about a third of the way through Q1. Anything you can share would be helpful. Thank you very much.

知道了。都很有幫助。或許我可以進一步詢問，能否更詳細地分析一下資本市場的近期前景？聽起來你對這條管道仍然很有信心。顯然，收入可能會因季度而異，波動幅度較大。所以，從建模的角度來看，您能否分享我們該如何看待近期情況？目前我們已經度過了第一季的三分之一。您能分享的任何資訊都將對我們有所幫助。非常感謝。

The pipeline remains very strong. There are a lot of pent-up demand in terms of buyers and sellers, buyers with capital, dry powder to deploy and sellers. Again, the majority of our M&A activities driven by financial sponsors, either on the buy and/or on the sell side, and there's a lot of holdings and funds that are well beyond their original holding period.

管道依然非常暢通。買賣雙方都有大量被壓抑的需求，買家有資金，有閒置資金可供投入，而賣家也有閒置資金。再次強調，我們的大部分併購活動都是由金融贊助商推動的，無論是買方還是賣方，而且有很多持股和基金的持有期都遠遠超過了最初的持有期。

And so there's a lot of pent-up demand. There's a lot of -- we're signing a lot of engagement letters, and we feel good about the demand. But you can never predict timing. And so we don't try to guess on when they will close or if they will close if the market conditions have to be conducive and there have to be buyers and sellers that meet on price and terms.

因此，存在大量的積壓需求。我們簽了很多合同，對市場需求感到滿意。但時間永遠無法預測。因此，我們不去猜測它們何時會關閉，或者是否會關閉，這必須取決於市場條件是否有利，以及買賣雙方是否能在價格和條款上達成協議。

Okay. Thanks so much for taking my questions.

好的。非常感謝您回答我的問題。

Thank you.

謝謝。

Craig Siegenthaler, Bank of America.

克雷格·西根塔勒，美國銀行。

Hey, good evening, Paul. First, just a big congrats on the 8%. But there actually has been a wide range to recent quarters. We saw 2% a couple of quarters ago. 8% this past quarter. So I was wondering if you can comment on the sustainability of the 8%? And in your view as maybe the midpoint, something like 5% to 6% a better go-forward run rate to model.

嘿，晚上好，保羅。首先，恭喜你獲得 8% 的成績。但實際上，近幾個季度以來，價格波動幅度很大。幾季前是2%，上季是8%。所以我想知道您能否就這8%的可持續性發表一下看法？而您認為，或許 5% 到 6% 這樣的中間值是一個更適合建模的未來運行率。

Yeah. I mean, 8% did benefit from not only the really strong retention results, recruiting results, but also there's year-end -- calendar year-end dynamics, which help all firms in the industry with dividends and interest payments and those sorts of things. But with that being said, we're confident that based on our pipelines now and our retention that I spoke about earlier, that we can continue to be a leading grower in wealth management, which we have been on a pretty consistent basis.

是的。我的意思是，8% 的公司不僅受益於非常強勁的員工留任率和招聘業績，還受益於年末（日曆年末）的動態變化，這有助於業內所有公司支付股息和利息等等。但即便如此，我們仍然有信心，基於我們目前的業務管道和我之前提到的客戶留存率，我們可以繼續成為財富管理領域的領先成長者，而我們一直以來也確實保持著這樣的成長勢頭。

And doing it in a way that we feel sustainable. We're really focused on quality over quantity. And so we've been really growing assets by bringing on higher-quality teams that are focused on higher net worth clients. And so that will -- and that enables us to keep a high touch service model and really reinforce the value proposition of power personal.

而且要以我們認為可持續的方式來做這件事。我們非常注重品質而非數量。因此，我們透過組建專注於服務高淨值客戶的高品質團隊，真正實現了資產的成長。因此，這將使我們能夠保持高度個人化的服務模式，並真正強化以人為本的價值主張。

Thanks for that, Paul. And then given the stronger recurring that we've seen and we're seeing the results today, but also elevated competition. Could we see the PCG comp ratio creep up in 2026, or does the 5- to 10-year smoothing really protect the operating margins if recruiting NNAs remain robust?

謝謝你，保羅。鑑於我們已經看到的更強勁的持續成長，以及我們今天看到的成果，還有日益激烈的競爭。我們能否看到 PCG 薪酬比率在 2026 年緩慢上升？或者，如果招募 NNA 保持強勁，5 到 10 年的平滑處理真的能保護營運利潤率嗎？

Yeah. I mean, there's a lot of investment that goes into recruiting. The reason we broke out the retention and transition assistance-related expense for the first time this quarter because in the last 12 months, we recruited advisers who had $460 at their prior firm. That's equivalent to a pretty decent sized acquisition in our space, especially when you look at what is remaining out there. And we'd much rather recruit one by one where we know the advisers are a good cultural fit and 100% of what we pay in transition assistance is going to retention versus the seller.

是的。我的意思是，招募需要投入大量資源。本季我們首次單獨列出與留任和過渡援助相關的費用，是因為在過去的 12 個月裡，我們招募的顧問在之前的公司只有 460 美元。這相當於我們這個領域一次相當可觀的收購，尤其是在考慮市場上剩餘的收購機會時。我們更傾向於逐一招聘，確保顧問與公司文化契合，並且我們支付的過渡援助費用 100% 用於留住人才，而不是支付給賣方。

And if we did do with acquisitions, that type of expense would typically be non-GAAP. So we wanted to at least break it out for you to see because that is a part of the expense. But so as we pay recruiters and we have to pay for account transfer fees and other things that support that growth.

如果我們進行收購，這類費用通常屬於非GAAP費用。所以我們希望至少把它列出來讓你們看看，因為這也是一部分開支。但是，我們也需要支付招募人員費用，也需要支付帳戶轉移費以及其他支援業務成長的費用。

But again, organic growth is the number one capital priority in terms of capital deployment. So we'll continue to invest in that organic growth. We are confident that generates the best long-term returns for our shareholders and then growing the top line gives more opportunities for everyone and allows us to reinvest in the platform overall.

但再次強調，就資本部署而言，內生成長才是首要的資本優先事項。因此，我們將繼續投資於這種內生成長。我們相信這將為我們的股東帶來最佳的長期回報，而營收的成長將為每個人帶來更多機會，並使我們能夠對整個平台進行再投資。

Thanks, Paul.

謝謝你，保羅。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

Good evening, Paul and Butch. Thanks for taking my questions. Curious -- totally hear you on how robust the Capital Markets pipelines are the need for the sponsors to engage and absolutely hear you there. So it sounds like you guys are setting up for solid revenue growth as we come into the coming year. Is that fair, or do you think that it's going to take a little bit longer to come to market, the sort of revenue translation there has been a bit long in the tooth, so to speak.

晚上好，保羅和布奇。謝謝您回答我的問題。很好奇——我完全理解你說的資本市場管道有多強大，發起人需要參與其中，我完全明白你的意思。聽起來你們正在為來年實現穩健的營收成長做準備。這樣公平嗎？還是你認為這種收入轉換還需要更長時間才能實現？可以說，這種轉化已經有些年了。

And then when you eventually do get some revenue, how should we be thinking about operating leverage on revenue growth? Is there a rubric or an algorithm we can and just think about when we're confirming that we're tuning up our forecast correctly?

那麼，當最終獲得一些收入時，我們該如何看待收入成長的經營槓桿作用呢？有沒有什麼標準或演算法，我們可以參考一下，來確認我們的預測是否調整得當？

Yeah. No, I mean, we had a really strong quarter in investment banking just last quarter. So if you look at Capital Markets last quarter, it was over $500 million in revenues, and we certainly don't think that's a ceiling, but you saw how that impacted the operating leverage relative to this quarter. I think the pretax margin last quarter was around 17.5% in that segment.

是的。不，我的意思是，上個季度我們在投資銀行業務方面表現非常強勁。所以，如果你看看上個季度的資本市場，其收入超過 5 億美元，我們當然不認為這是一個上限，但你可以看到它對本季的經營槓桿產生了怎樣的影響。我認為上個季度該業務板塊的稅前利潤率約為 17.5%。

So there's a lot of operating leverage with higher levels of revenue in Capital Markets. We are optimistic about the pipeline. And we would be disappointed for the rest of the year if the revenue in the Capital Markets segment doesn't improve meaningfully above the $380 million level that it's achieved this quarter.

因此，資本市場收入水準較高，營運槓桿作用也很大。我們對這條輸油管持樂觀態度。如果資本市場部門的收入在今年剩餘時間內沒有顯著提高，超過本季達到的 3.8 億美元水平，我們將感到失望。

Okay, got it. Thank you. And then a lot of questions around the outlook for recruiting and whatnot. The certainly a robust net new asset growth this quarter sort of following up on Craig's question around -- because it has been volatile, it moves around.

好的，明白了。謝謝。然後還有很多關於招募前景等方面的問題。本季淨新增資產成長強勁，這算是對克雷格提出的問題的回應——因為市場波動較大，所以數據會有所變化。

And also in the marketplace, there's a couple of deals out there that have been very much in focus, which could cause some maybe movement to be a bit more elevated. Did you see that -- did that impact you guys were you guys able capitalize on some of that movement? And how long do you expect such disruption could create opportunity for you?

此外，市場上也有幾筆交易備受關注，這可能會導致一些交易價格上漲。你們看到了嗎？這是否對你們產生了影響？你們是否能夠利用這股潮流？你預期這種變革能為你帶來多久的機會？

Yeah. I mean, I hate to speak on any specific M&A or transactions. We have a lot of friendly competitors, and they're doing good jobs keeping the advisers through those transactions.

是的。我的意思是，我不想談論任何具體的併購或交易。我們有很多友好的競爭對手，他們在留住顧問方面做得很好，順利完成了這些交易。

So what I would speak to is just the broad-based strength. It's not one firm that we're seeing success from. There's a lot of different firms. Advisers are coming from wires, regionals, other independents.

所以我想談的是它廣泛的優勢。我們看到的並非只有一家公司取得了成功。有很多不同的公司。顧問來自通訊社、地區性通訊社和其他獨立通訊社。

And again, that value proposition -- we have the largest addressable market across our affiliation options, from employees, independent contractors to the RIA custody, and we have critical mass and decades of experience in all of them. It's not a new venture for us. It's not something that we're testing out or trying out or seeing how it will work.

再次強調，我們的價值主張是——我們在所有加盟選項中擁有最大的潛在市場，從員工、獨立承包商到 RIA 託管，我們在所有這些方面都擁有足夠的規模和數十年的經驗。這對我們來說並非一項全新的嘗試。這並不是我們正在測試、嘗試或觀察其效果的事情。

And so that value proposition, the cultural fit, the platform that I talked about, the multiple affiliation options, it's appealing to advisers from a lot of different firms.

因此，這種價值主張、文化契合度、我提到的平台、多種合作選擇，對許多不同公司的顧問都很有吸引力。

Okay. Thanks for taking my question.

好的。謝謝您回答我的問題。

Bill Katz, TD Cowen.

比爾·卡茨，TD Cowen。

Okay. Thank you very much for taking the question. Just coming back to the M&A, I hear you on organic growth, and it seems like the pipeline there is quite good. Just wondering if you could unpack maybe the Clark transaction a little bit, how to think about the accretion to that, and then how should we be thinking about where you might be interested in terms of incremental inorganic opportunities given such a strong balance sheet and maybe trying to understand the path back to a 10% Tier 1 leverage ratio? Thank you.

好的。非常感謝您回答這個問題。回到併購的話題，我明白你的意思，內生成長似乎很有前景。我想請您稍微解讀一下克拉克交易，如何看待它帶來的收益增長，以及鑑於公司目前強勁的資產負債表，我們應該如何考慮您可能感興趣的其他非內生性增長機會，並嘗試了解公司如何才能恢復到 10% 的一級資本槓桿率？謝謝。

Thanks, Bill. Yeah, Clark Capital is really a perfect representation of our M&A priorities. And that's first and foremost firm that has a good cultural fit. The Clark family, who started the firm and the team, the entire team there -- our client-focused long-term focus and exactly approach the business in a very similar way that we approach it with our values and our culture.

謝謝你，比爾。是的，克拉克資本完美地體現了我們的併購重點。首先，公司文化必須與自身文化契合。克拉克家族創立了這家公司和團隊，整個團隊——我們以客戶為中心，著眼長遠，並以與我們秉持的價值觀和文化非常相似的方式來經營業務。

And then as a strategic fit in terms of their focus on treating advisers like clients. We're going to maintain the independence that Clark has both in terms of brand and the way they interface with their clients, not our clients, but their clients. And so the cultural fit, the strategic fit, and then the financials have to make sense for both us and for the sellers. And so that was the case here as well.

而且，從策略角度來看，他們也秉持著將顧問視為客戶的理念。我們將保持 Clark 在品牌和與客戶（不是我們的客戶，而是他們的客戶）互動方式方面的獨立性。因此，文化契合度、策略契合度以及財務狀況，對我們和賣方都必須有意義。這裡的情況也是如此。

And so we are very excited, their high growth -- high organic growth, differentiated product, but really, really deep personal relationships with their clients, which is what was so appealing about Clark Capital.

因此我們非常興奮，他們的高成長——高有機成長、差異化產品，以及與客戶之間真正非常深厚的個人關係，這正是 Clark Capital 如此吸引人的地方。

And those are the type of deals we're going to look at across all of our businesses. It's firms that have good cultural fit, strategic fit and makes financial sense for us and for the sellers. And so we're very active. We have an active corporate development apparatus. We have a lot of capital, and we're confident with our ability to integrate. And so we're going to continue to look for deals that make sense. So we're not going to force deals just to do deals. They have to make sense for our shareholders over the long term.

而這些正是我們將在所有業務領域關注的交易類型。那些與我們和賣方在文化、策略上契合度高，且在財務上也合理的公司才是我們理想的選擇。所以我們非常活躍。我們擁有活躍的企業發展機制。我們擁有大量資金，對自身的整合能力充滿信心。因此，我們將繼續尋找合適的交易。所以，我們不會為了達成交易而強行達成交易。從長遠來看，這些舉措必須對我們的股東有利。

Okay, thank you. And just as a follow-up, maybe just a two part, so I apologize for squeezing it in. Can you talk a little bit about the path to support the interest-earning asset growth from here? And how you sort of see the interplay of the sort of liquidity on the third party versus maybe cash coming in to doing net new assets.

好的，謝謝。作為後續補充，可能只有兩個部分，所以很抱歉把它擠進這個時間。您能否談談接下來如何支持生息資產的成長？以及你如何看待第三方流動性與現金流入之間，以及現金流入如何促進淨新增資產投資之間的關係。

And then if you could just review what you said in terms of the January numbers. The way it was phrased, I wasn't quite quick clear, if you were down 1.8% for the quarter or down something less than that inclusive of billings and activity. If you could just clarify, that would be helpful. Thank you.

然後，如果您能回顧一下您之前提到的關於一月份數據的內容就更好了。根據措辭，我沒能很快弄清楚，這個季度是下降了 1.8%，還是包括帳單和活動在內下降了更少。如果您能解釋一下，那就太好了。謝謝。

Yeah. So hey, Bill. In terms of the stand currently in January, our total combined program sweep out and ESP balances are down $2.6 billion, which includes the $1.8 billion fee billing, which have already come out of the account as we indicated. And what we're seeing for that difference is a strong client reinvestment of their balance for the rest of it.

是的。嗨，比爾。就目前 1 月的情況而言，我們的綜合項目結算和 ESP 餘額減少了 26 億美元，其中包括 18 億美元的費用帳單，正如我們之前所指出的，這些費用已經從帳戶中扣除。我們看到，這種差異帶來的結果是，客戶會將剩餘資金進行強而有力的再投資。

The breakdown between sweep program and ESP balance of that $2.6 billion is we've seen $2.1 billion of that in the sweep program and about $500 million of that in the ESP program since the quarter-end balance.

這 26 億美元中，從季末結算來看，其中 21 億美元屬於掃款計劃，約 5 億美元屬於 ESP 計劃。

So yeah, we're continuing to see, like others that have reported a shift of the mix of bigger percentage declines in the enhanced saving program balances as rates come down, clients are -- those high-yield savings rates are less appealing, especially relative to the market. So we're seeing more investment in the market versus higher-yielding alternatives at least over the last couple of quarters as rates started really coming down, which lowers the weighted average mix or the weighted average cost of deposit between suites and enhanced savings.

是的，我們繼續看到，正如其他報告稱隨著利率下降，增強型儲蓄計畫餘額的降幅越來越大一樣，客戶對高收益儲蓄利率的吸引力也越來越小，尤其是相對於市場而言。因此，在過去幾個季度裡，隨著利率開始真正下降，我們看到市場上的投資比收益更高的替代方案更多，這降低了套房和增強儲蓄之間的加權平均組合或加權平均存款成本。

To answer your question about ongoing long-term growth, I mean, you saw securities-based loans grow close to $2 billion this quarter alone, and so the growth is attractive. That's the flip side of the lower rates that floating rate loans become more attractive, and you saw that this past quarter as well. And we'll fund it with the diversified funding sources that we have, both the sweep cash, we have third-party cash that we can redeploy. But also, we have diversified deposit gathering apparatus, particularly at TriState Capital Bank. And so we'll look at all of those levers to fund future growth going forward.

關於您提出的持續長期增長的問題，我的意思是，僅本季度證券抵押貸款就增長了近 20 億美元，因此這種增長很有吸引力。低利率的另一面是，浮動利率貸款變得更有吸引力，上個季度你也看到了這一點。我們將利用我們擁有的多元化資金來源來為其提供資金，包括我們自身的資金以及我們可以重新部署的第三方資金。此外，我們還有多元化的存款吸收機制，尤其是在三州資本銀行。因此，我們將研究所有這些槓桿，為未來的成長提供資金。

Okay, thank you, and thank you for clarifying.

好的，謝謝，也謝謝你的解釋。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Hi, good evening. Thanks for taking my questions.

您好，晚上好。謝謝您回答我的問題。

Hey, Steven.

嘿，史蒂文。

So -- hey, Paul. So I wanted to drill down into the M&A results and the outlook recognizing that pipeline strength you cited also acknowledge one quarter does not a trend make.

嘿，保羅。因此，我想深入分析併購結果和前景，同時也承認您提到的專案儲備實力，但一個季度的數據並不能代表趨勢。

But if I compare for the calendar year, full year '25 versus '24 advisory results, the gap between you and peers was quite substantial. I think you guys were down 20%. Peers big and small, were both up about 20%. And I was hoping you could just speak to any [IDEO] factors that might have weighed disproportionately on your results, whether it's a function of client or sector mix.

但如果我以日曆年比較，2025 年全年與 2024 年的顧問業績，你與同業之間的差距相當大。我認為你們當時落後了20%。同行，無論規模大小，都上漲了約 20%。我希望您能談談可能對您的結果產生不成比例影響的任何 [IDEO] 因素，無論是客戶組成還是行業組成。

And just bigger picture, in the past, you talked about this $1 billion target in M&A fees based on your current scale? Do you still view that as a credible target, and what actions are you taking to help narrow that gap?

從更宏觀的角度來看，您過去曾根據目前的規模談到10億美元的併購費用目標？您是否仍認為這是一個可行的目標？您正在採取哪些措施來縮小這一差距？

Yeah. I mean, we're adding a lot of MDs and have added have been adding a lot of MDs and high-quality MDs in investment banking across various sectors over the last several years. So in terms of comparisons, really it's hard to compare apples-to-apples. Like you mentioned the bigger firms. Last year was a better year for public company M&A, bulge bracket M&A. And that's, as you know, not a space that we really compete or play in.

是的。我的意思是，在過去幾年裡，我們在投資銀行的各個領域都增加了大量的董事總經理，而且都是高素質的董事總經理。所以就比較而言，真的很難做到真正意義上的比較。正如你提到的那些大公司一樣。去年對於上市公司併購和大型投行併購來說都是比較好的一年。如你所知，這並不是我們真正參與競爭或涉足的領域。

So when you compare mid-market growth-oriented firms to the public company firms for the year overall last year, a public company M&A, the bulge bracket M&A definitely led the way in the recovery. And that's not atypical if you look at history, where both on the way up and on the way down, it seems like public company M&A sort of leads the way.

因此，如果將中型市場成長型企業與去年全年的上市公司企業進行比較，就會發現上市公司併購，尤其是大型投行併購，無疑在復甦中發揮了引領作用。如果你回顧歷史，你會發現這種情況並不罕見，無論是在上升期還是下降期，上市公司併購似乎都起到了引領作用。

And in every firm, even on the regional side or the growth of oriented size has different strengths in sectors, the depository sector, some firms have long-standing, deep businesses and depositories, for example, which has really seen a pickup in the new administration proving deals. And you kind of have to go sector by sector. But we feel very confident with our expertise, with the sectors that we are very good in in our pipelines.

即使在區域層面或規模成長方面，每家公司在不同行業也各有不同的優勢，例如存款行業，一些公司擁有長期、深厚的業務和存款機構，例如，在新政府的領導下，該行業確實出現了回暖，交易量也大幅增長。你必須逐一行業進行分析。但我們對自己的專業能力，以及在產品線中擅長的領域，都充滿信心。

And so I hate to compare things quarter to quarter. There's some quarters we do a lot better, and we tell you, don't overindex that because it's timing. And I would tell you in this type of quarter, we're doing worse than, I would say, don't overindex that either.

所以我很討厭按季度比較數據。有些季度我們表現得更好，但我們告訴你，不要過度看好這些季度，因為時機很重要。而且我還要告訴你，在這種類型的季度裡，我們的表現比預期要差，所以也不要過度誇大這一點。

Investment banking is not a recurring revenue business, as you know, as like the Private Client Group businesses. So you really do have to look at long-term trends. And if you look at our long-term trend and growth of investment banking over the last five to seven years, which we'll highlight again at our Analyst Investor Day, it's been very strong and attractive relative to our peers.

如您所知，投資銀行業務並非像私人客戶集團業務一樣，能夠帶來經常性收入。所以你確實需要關注長期趨勢。如果你看看我們過去五到七年的投資銀行業務的長期趨勢和成長情況（我們將在分析師投資者日上再次重點介紹），相對於我們的同行來說，它一直非常強勁且具有吸引力。

So thanks for that. And Paul, you just squeeze into, let's call them, more ticky-tack modeling questions. Non-comps have grown double digit the last three years. The 8% guide is encouraging, reflects the moderation in growth. Just given the commitment to investing, do you feel like you can continue to hold the line and then the cost curve on non-comps?

謝謝。而保羅，你卻擠進了，我們姑且稱之為，更瑣碎的建模問題中。非併購業務在過去三年中實現了兩位數的成長。8% 的指導值令人鼓舞，反映了成長放緩的趨勢。鑑於目前的投資承諾，您認為您能否繼續控制住局面，並控制非可比公司的成本曲線？

And I'll just mention the other one now. The M&A growth is impressive. The AUM growth admittedly lagged our expectations given strong organic flows and market appreciation. I was hoping you could speak to why that better NNA flow rate didn't necessarily translate into a strong AUM conversion, which I know can happen from time to time.

我現在就提一下另一個。併購活動的成長令人矚目。誠然，鑑於強勁的內生資金流入和市場升值，資產管理規模的成長未能達到我們的預期。我希望您能解釋一下，為什麼更高的 NNA 流量並不一定能轉換為強勁的 AUM 轉換率，我知道這種情況有時會發生。

Yeah. Let me take the last part of the question first, and then I'll have Butch touch on your first part of the question on the cost curve.

是的。讓我先回答問題的最後一部分，然後我會讓 Butch 來談談你關於成本曲線的第一部分問題。

But it is a good question around AUA because I was comparing our overall AUA inflows to some of the others that have reported. And I think really, where you see that relationship makes sense is if you look at our fee-based assets. And the fee-based assets were up 19%, which if you compare it to the other firms that are reported and their net new assets, you would see the relationship that you're expecting. So I would kind of look at that as a proxy fee-based assets versus overall firm-wide AUA.

但這是圍繞 AUA 提出的一個好問題，因為我正在將我們整體的 AUA 流入量與其他一些已報告的機構進行比較。我覺得，如果你看看我們基於費用的資產，你就會明白這段關係的意義。收費資產增加了 19%，如果你將其與其他已公佈的公司及其淨新增資產進行比較，你會發現你所期望的關係。所以我會把它看作是基於代理費用的資產與公司整體資產管理規模 (AUA) 的比較。

And I'll have Butch talk about the non-comp trajectory.

我會請 Butch 談談非競爭性發展軌跡。

Yeah. So with respect to non-comp expenses, technology and our continued investments and our leading technology and support of financial advisers just continues to be an area of emphasis. So as we continue to manage those non-comp expense levels, we're going to continue to invest in that technology. It's sort of makes us -- it's part of our unique culture and our unique value proposition at Raymond James. And so we have to balance continued growth in that expense against continuing to achieve that key objective.

是的。因此，在非補償性支出方面，技術、我們持續的投資以及我們領先的技術和對財務顧問的支持仍然是我們重點關注的領域。因此，在繼續控制非補償性支出水準的同時，我們將繼續投資這項技術。這在某種程度上造就了我們——這是我們Raymond James獨特文化和獨特價值主張的一部分。因此，我們必須在持續增加支出和繼續實現這一關鍵目標之間取得平衡。

So the majority of that increase year over year is for technology. And as a growth company, we still have other expense elements that vary directly with our successful growth, both in terms of NNA.

因此，同比增幅的大部分都來自科技領域。作為一家成長型公司，我們還有其他一些費用項目會隨著公司成功發展而直接變化，無論是在 NNA 還是公司規模方面。

We've mentioned the recruiting expenses and the incremental expenses that come with successful NNA. But we also -- as we grow our balance sheet, and we also have a growth expenses that come with growth in the balance sheet.

我們已經提到了招募費用以及成功開展 NNA 活動所帶來的額外費用。但是，隨著我們資產負債表的成長，我們也面臨資產負債表成長帶來的成長費用。

So as we think about the objective, we remain committed to creating, increasing, and improving our operating leverage over time. We believe we have -- continue to have the scale do that. And so we're focused on our operating margin and continuing to pursue opportunities to grow that operating margin over the long term.

因此，在思考目標時，我們始終致力於隨著時間的推移創造、增加和改善我們的經營槓桿。我們相信我們已經——並且繼續保持這種規模。因此，我們專注於提高營業利潤率，並繼續尋求長期提高營業利潤率的機會。

That's a great color, and thanks for accommodating the additional questions.

這個顏色真好看，謝謝你解答我的其他問題。

Our pleasure.

樂意效勞。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Good evening, guys. This is Michael on for Alex. Maybe back to the non-com growth that you guys are laying out for '26. So you mentioned this year will include further investments in tech and supportive recruiting efforts as well. Can you maybe elaborate on what specifically is going into that growth this year? And I'll stop there.

晚上好，各位。這裡是邁克爾替亞歷克斯解說。或許可以回到你們為 2026 年所製定的非商業成長計畫。您提到今年將加大對科技的投資，並加強招募。能否詳細說明今年的成長具體體現在哪些方面？我就說到這裡吧。

I mean, if you look just at our investment in cybersecurity, the growth of AI investments, and the development that we're doing with applications across all of our businesses, the infrastructure investment, there's a lot that goes into it. And that's why I was saying earlier, just harder and harder for smaller firms to remain independent and competitive without being able to invest $1 billion a year in technology.

我的意思是，如果你看看我們在網路安全方面的投資、人工智慧投資的成長，以及我們在所有業務中應用開發的成果和基礎設施投資，你會發現這涉及很多方面。這就是為什麼我之前說的，對於規模較小的公司來說，如果不能每年在技術上投資 10 億美元，就越來越難保持獨立性和競爭力。

We recruited advisors from another great firm culturally and they came over, and six months later, they said, you know we didn't realize it until we made them move over but we were basically on [doc] prompt at our prior firm you know and they just not able to necessarily keep up with the technology. It's nothing inherently wrong with the other firm; it's just you have to have scale and critical mass to make those investments.

我們從另一家文化氛圍很好的公司招募了一些顧問，他們過來之後，六個月後，他們說，你知道，直到我們讓他們過來，我們才意識到，我們以前的公司基本上是按時完成文檔的，你知道，他們根本無法跟上技術發展的步伐。另一家公司本身並沒有什麼問題；只是你需要達到一定的規模和臨界質量才能進行這類投資。

And so as Butch said, we're going to continue focusing on technology. I do think long term, especially with AI, we will find more efficiencies in the cost structure as we deploy AI and automation. We're not going to mention that or even put a timetable on that now because it's still early innings, but we're starting to see some great benefits already.

正如 Butch 所說，我們將繼續專注於科技。我認為從長遠來看，尤其是在人工智慧領域，隨著人工智慧和自動化技術的部署，我們將在成本結構方面發現更多效率提升。我們現在不會提及此事，也不會為此制定時間表，因為還處於早期階段，但我們已經開始看到一些巨大的好處。

I mean, we just launched Rai. We had a press release that came out. Rai, R-A-I, short for kind of Raymond James, a play on that. But it's a natural language sort of Q&A model, if you will, that uses generative AI that to answer questions for advisers and their sales assistance and their teams. That way, they don't even have to call in, and that's going to create efficiencies for them. That's going to allow our service people to spend their time on higher value problems and solutions and opportunities.

我的意思是，我們才剛推出Rai。我們發布了一份新聞稿。Rai，R-A-I，是 Raymond James 的縮寫，這是個玩笑。但它是一種自然語言問答模型，或者說，它使用生成式人工智慧來回答顧問、銷售助理及其團隊的問題。這樣一來，他們甚至不需要打電話，這將提高他們的工作效率。這將使我們的服務人員能夠把時間花在更有價值的問題、解決方案和機會上。

So again, we're not even in the first inning of those opportunities going forward, but it's important that we have the critical mass and the expertise to make the investments to take advantage of those opportunities over the medium term and long term.

所以，我們甚至還沒開始把握這些未來的機遇，但重要的是，我們要有足夠的規模和專業知識來進行投資，以便在中長期內抓住這些機會。

That's helpful, thanks. Maybe one modeling question. When you guys originally increased the kind of cadence of the share repurchases, I think the original range was $400 million to $500 million a quarter. It seems the past couple of quarters has been closer to like $350 million to $400 million range, including the target for the fiscal second. Can you kind of walk through the rationale? Because you guys are allocating capital to other things? Is the target going to remain $400 million to $500 million, or is $400 million a better run rate for the rest of the year?

很有幫助，謝謝。或許可以問一個建模問題。你們最初提高股票回購頻率的時候，我記得最初的範圍是每季 4 億至 5 億美元。過去幾季的營收似乎更接近 3.5 億美元至 4 億美元，包括第二財年的目標。你能大致解釋一下其中的理由嗎？因為你們要把資金分配到其他方面？目標金額是維持在 4 億至 5 億美元，還是 4 億美元更適合今年剩餘時間的營收水準？

Yeah, so as you noted, we did repurchase $400 million in this most recent quarter, which was within the guidelines, the guidance that we had provided, and we have indicated an expectation that we'll repurchase at the $400 million for this current quarter.

是的，正如您所指出的，我們在最近一個季度回購了 4 億美元，這符合我們先前提供的指導方針，我們也表示預計本季將回購 4 億美元。

And keep in mind that we just added other capital deployment action this quarter where we redeemed $80 million of preferred equity. That has the same effect on Tier 1 capital as the share repurchase. It doesn't have the same EPS effect as the share repurchase.

另外，請記住，我們本季還增加了其他資本部署措施，贖回了 8,000 萬美元的優先股。這與股票回購對一級資本的影響相同。它對每股盈餘的影響與股票回購不同。

So I would say we're deploying in capital actions this quarter, targeting $480 million of activity. And going forward, we remain committed to that $400 million to $500 million quarterly level going forward as we continue to monitor our Tier 1 leverage ratio until such time that we deployed it in our other priorities.

因此，我認為我們本季將進行資本活動，目標是 4.8 億美元。展望未來，我們將繼續致力於每季 4 億至 5 億美元的資金水平，同時我們將繼續監控一級槓桿率，直到我們將資金用於其他優先事項為止。

Great, thank you.

太好了，謝謝。

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，海港環球證券。

Hey, good afternoon. Just on the deposit mix, had ESP balances down $1 billion, quarter over quarter, another $500 million so far. Is that just demand driven, or are you actively looking to shrink those deposits and just trying to think through the trajectory of those balances and the mix going forward?

嘿，下午好。僅就存款結構而言，ESP 餘額環比下降 10 億美元，迄今又下降了 5 億美元。這只是需求驅動的結果，還是你們正在積極尋求減少存款，並試圖思考未來這些餘額和組合的走向？

No, Jim. It really was demand driven because it kind of had 100% deposit beta. So we haven't been accelerating that to change the demand.

不，吉姆。這確實是需求驅動的，因為它的測試版幾乎達到了 100% 的存款率。所以，我們並沒有加速這個進程來改變需求。

I think -- and if you look at the outflows, the outflows have been pretty consistent. It's really the inflows that have decelerated as rates have started coming in, and I think more clients or funds are getting invested into the markets.

我認為──如果你看一下流出量，你會發現流出量一直相當穩定。隨著利率開始下降，資金流入速度確實放緩了，我認為更多的客戶或資金正在投資市場。

So I think that's consistent with what you've seen with other firms and their higher yielding savings products is just that rates are coming in. As you would expect, the demand for placing cash there is declining.

所以我認為這與其他公司的情況一致，他們高收益的儲蓄產品只是因為利率上升而已。正如你所預料的那樣，對現金存款的需求正在下降。

Right, okay. That's fair. And so when we kind of put it all together with kind of the thoughts on mix from here, deposit mix from here, the forward curve, and your pretty significant loan growth that's picking up at lower rates. How do you think about the combination of NII and RJBDP fees as we go forward for the rest of the year?

好的。這很合理。因此，當我們把所有這些因素綜合起來考慮時，例如從現在開始的貨幣組合、存款組合、遠期曲線，以及在較低利率下貸款成長顯著等問題。您如何看待今年剩餘時間內 NII 和 RJBDP 費用的組合？

Yeah. I would say it really kind of depends on the rate trajectory from here. So anywhere the markets pricing in anywhere from zero to two rate cuts, the lower the lower the rates. I mean, we have pretty good deposit beta on the balances that we have, which provides resiliency on both the NIM and the BDP yield.

是的。我認為這很大程度取決於接下來的匯率走勢。因此，無論市場預期降息幅度是零到兩次，利率都會越低。我的意思是，我們目前的存款餘額具有相當不錯的存款貝塔係數，這為淨利差和BDP收益率提供了彈性。

But in terms of the balances in ESP, I still think clients are price-sensitive to what they're earning on their cash balances even if rates were to be cut a couple more times, it's just a real difficult question to answer is to what extent does that sensitivity decrease as rates go down. And we really don't know the answer to that. That we would be guessing, but that's what we would have to monitor going forward.

但就 ESP 帳戶餘額而言，我認為即使利率再下調幾次，客戶仍然會對其現金餘額的收益保持敏感。真正難以回答的問題是，隨著利率下降，這種敏感度會在多大程度上降低。我們真的不知道答案。這只是我們的猜測，但這是我們接下來需要密切關注的。

Okay, fair enough. Thanks.

好吧，這說得有道理。謝謝。

Michael Cyprys, Morgan Stanley.

麥可‧西普里斯，摩根士丹利。

Great. Thanks for taking the question. I just wanted to ask about the ALTS platform that you've been investing across. So if you could elaborate on how you've been expanding that platform where that stands today relative to where you'd like that to be, and what steps can we expect from Raymond James over the next 12, 24 months with respect to the ALTS platform?

偉大的。感謝您回答這個問題。我只是想問您一直在投資的另類投資平台（ALTS平台）。那麼，您能否詳細說明您是如何擴展該平台的，以及它目前的發展狀況與您期望達到的目標之間的差距？在接下來的 12 到 24 個月裡，我們可以期待 Raymond James 在 ALTS 平台方面採取哪些措施？

Yeah. I mean, with our ALTS platform, we have a very similar approach that I described with growing the number of advisers that we have and it's approach of quality over quantity. We don't want to have every product under the sun just because it might make a headline or a news story, then there might be some interest that comes in.

是的。我的意思是，我們的 ALTS 平台採取了與我之前描述的非常相似的方法，即增加顧問數量，並且注重品質而非數量。我們不想因為某種產品可能會成為頭條新聞或報道內容而引進它，以免引起一些人的興趣。

We've got to make sure, one, there's critical mass of interest and demand, but most importantly, that the product is well-diligent from both an operational and an investment perspective and well-supported on an ongoing basis, which requires ongoing servicing. And that really, to do it well, we really want to make sure that there's critical mass and the products that we do offer.

我們必須確保，首先要有足夠的興趣和需求，但最重要的是，產品在營運和投資方面都要非常可靠，並且要得到持續的良好支持，這就需要持續的服務。而要真正做好這件事，我們真的希望確保我們所提供的產品達到一定的規模。

So we're being deliberate on it. We invest a lot in education. We've seen other firms in the industry use alternative investments as sort of a tool to make it harder for advisers to leave from one firm to the other because they kind of create friction when advisers want to move and/or as a profit driver. That's not how we look at any product.

所以我們對此非常謹慎。我們在教育方面投入了大量資金。我們看到業內其他公司將另類投資作為一種工具，使顧問更難從一家公司跳槽到另一家公司，因為當顧問想要跳槽時，另類投資會造成摩擦，而且另類投資還可以作為利潤驅動因素。我們看待任何產品都不會採用這種方式。

First of all, all advisers are free agents. And they want to leave on good standing will help them move to another firm, and we don't want to try to sell any products to them that makes that harder for them and their clients.

首先，所有顧問都是自由工作者。他們希望體面地離開，這有助於他們轉到另一家公司，我們不想向他們推銷任何會讓他們及其客戶更難做到這一點的產品。

And secondly, I think it's problematic long term when you start looking at products as profit drivers versus what's most importantly good for clients long term. And so we invest a lot in education and making sure advisers help their clients understand the liquidity impact of investing in private equity and what portion -- what is the appropriate amount of allocation of private equity given the individual client's liquidity needs, which is different among every clients, which is why it's so important for the adviser to understand their client's risk tolerance or liquidity needs, where they are in their investment process.

其次，我認為從長遠來看，當你開始把產品視為利潤驅動因素，而不是從長遠角度考慮什麼對客戶最有利時，就會出現問題。因此，我們投入大量資源用於教育，確保顧問幫助客戶了解投資私募股權的流動性影響，以及考慮到每位客戶的流動性需求，私募股權的適當配置比例是多少。每個客戶的流動性需求都不同，因此，顧問了解客戶的風險承受能力或流動性需求，以及他們在投資過程中所處的階段，就顯得特別重要。

And so we have a balanced approach when it comes to offering any product, but particularly, private equity because it is on a relative basis less liquid than the more traditional investments, and it becomes even less liquid when you need the cash typically if you look at history. So we just want to have a balanced approach and a long-term approach there.

因此，我們在提供任何產品時都採取平衡的方法，尤其是在提供私募股權產品時，因為私募股權的流動性相對低於更傳統的投資，而且如果你回顧歷史，你會發現，當你需要現金時，它的流動性通常會變得更差。所以我們希望採取平衡的、長遠的策略。

Great, thanks. And then just a follow-up question on AI. You spoke about automating processes and launching your AI operations agent, Rai. I was hoping you could speak to your aspirations there. How you see this ramping in terms of usage and adoption compared to where that adoption is today.

太好了，謝謝。然後還有一個關於人工智慧的後續問題。您談到了流程自動化以及推出您的 AI 營運代理 Rai。我希望你能談談你在那裡的抱負。您認為與目前的普及程度相比，這種趨勢在應用和普及方面會有怎樣的發展？

For Rai, what sort of ROI do you anticipate? And then just more broadly, where's their scope to launch additional agents and how you're thinking about potential for an agentic workforce at Raymond James?

對於 Rai，您預期能獲得怎樣的投資報酬率？更廣泛地說，他們拓展更多代理商的範圍在哪裡？您如何看待 Raymond James 代理商團隊的潛力？

No, it's a great question. I mean, I spend a lot of time with our technology leadership asking the same thing. really, we don't know yet. It's early. It's first inning of opportunities here and deployment.

不，這是一個很好的問題。我的意思是，我花了很多時間和我們的技術領導層討論同樣的問題。說實話，我們現在還不知道。現在還早。這是機會和部署的第一局。

We already have over 10,000 associates that are using AI on a regular basis in one way, shape, or form. the penetration has been pretty significant.

我們已經有超過1萬名員工以各種方式定期使用人工智慧。人工智慧的普及程度相當顯著。

I think we've -- over 3 million lines of code are written a month using AI with oversight from the technology in this group. So we are using AI to a pretty significant extent already, but I still think it's early innings, and the opportunities to expand that these tools get smarter and more efficient is significant.

我認為我們已經——每月有超過 300 萬行程式碼是使用人工智慧編寫的，並由該團隊的技術部門進行監督。所以我們已經在相當大程度上使用了人工智慧，但我仍然認為這還處於早期階段，這些工具變得更聰明、更有效率的機會還有很多。

Great. Thank you.

偉大的。謝謝。

Devin Ryan, Citizens Bank.

Devin Ryan，公民銀行。

Thanks, everyone. I think we're probably covered everything here. Just one maybe to dig in on the security space loan growth. It's just been really off the charts. And so I'm just curious as we think about kind of the next year here, I get the piece around rates are coming down and that's helpful.

謝謝大家。我想我們應該已經涵蓋了所有方面。或許可以深入研究一下證券領域貸款的成長情況。簡直太不可思議了。所以，當我們展望明年的時候，我很好奇，我知道利率會下降，這很有幫助。

But it seems like there's probably a lot of education going on there. And so I'd love to just get a sense of kind of some of the other drivers and then just capacity because that's a really nice area for you guys and would seem like and the remixing element of that is quite positive. So just want to get a sense of like how much more room there is to go in terms of penetration of your customers. Thanks.

但那裡似乎正在進行許多教育活動。所以我很想了解一下其他一些司機的情況，以及你們的產能，因為那對你們來說是一個非常好的領域，而且看起來，重新混音的元素也相當積極。所以，我只是想了解一下，在客戶滲透率方面還有多少提升空間。謝謝。

Yeah. No, it's, as you said, it's been the growth has been phenomenal. Lower rates have certainly helped that growth. But as you point out, education technology, the tools to tap into the security space lending product has been significant as well. And also, recruiting is driven growth. A lot of the advisers were recruiting or coming with substantial SBL balances to their clients. So it's really all of the above approach.

是的。不，正如你所說，成長速度非常驚人。較低的利率無疑促進了經濟成長。但正如你所指出的，教育技術，以及利用安全空間借貸產品的工具，也發揮了重要作用。而且，招募也是推動成長的因素。許多理財顧問都在招攬客戶，或帶著大量的SBL餘額來找客戶。所以，這其實是以上所有方法的結合。

And we're optimistic long term about SPL continuing to be used by clients because it's a great product for clients relative to other borrowing solutions out there. It's much more flexible, for example, than a home equity loan. And so there's other substitutes out there that are much more mature that people have much higher awareness of. And as they learn about security space loans, there's a lot of clients that are interested in it.

我們對 SPL 的長期發展持樂觀態度，因為與其他借貸解決方案相比，它對客戶來說是一款非常棒的產品。例如，它比房屋淨值貸款靈活得多。因此，市面上還有其他一些更成熟、人們認知度更高的替代品。隨著他們對安全空間貸款的了解加深，許多客戶都對此產生了興趣。

Great. Thanks a lot, guys.

偉大的。非常感謝各位。

Thanks, Devin.

謝謝你，德文。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Great, thanks. Paul, I was just hoping to get some context around the industry and how you're thinking about adviser movement here in 2026 and how that might differ from, say, last year.

太好了，謝謝。保羅，我只是想了解這個行業的背景，以及你對 2026 年顧問流動的看法，以及這與去年相比會有什麼不同。

I think it's going to be -- based on our pipelines, we're optimistic about at least movement to Raymond James. I can't speak to movement to other firms, but we're pretty optimistic about the adviser movement to Raymond James. We're still viewed as a destination of choice. We're still viewed as a leading rower in the wealth space. So we're optimistic about it and still early in the calendar year. So we'll see what happens.

我認為——根據我們的頻道情況，我們樂觀地認為至少會向 Raymond James 轉移。我無法評論顧問們向其他公司流動的情況，但我們對顧問們向 Raymond James 的流動相當樂觀。我們仍然被視為首選目的地。我們仍然被視為財富領域的領導企業。所以，我們對此持樂觀態度，而且現在距離年底還有一段時間。所以，我們拭目以待。

I think depends on some of these roll ups, what happens with them, if anything, over the next year, there'll be a potential catalyst as well.

我認為這取決於這些併購交易的進展情況，如果有的話，在未來一年裡，這可能會成為一個潛在的催化劑。

We don't try to time things, whether we recruit an adviser this year, next year, or five years from now, we're making decisions over the next 5 to 10 years. So we just want to make sure that we reinforce the unique culture that we have, the power of personal, the personal relationships we're building, and the client-first long-term culture and values that we have as an organization and invest in the platform to make sure that we're competitive along all dimensions, technology and product and support and making sure that adviser satisfaction and client satisfaction are very high.

我們不刻意安排時間，無論是今年、明年或五年後招募顧問，我們做的決定都是著眼於未來 5 到 10 年。因此，我們只想確保鞏固我們獨特的文化、個人的力量、我們正在建立的人際關係，以及我們作為一個機構所秉持的以客戶為先的長期文化和價值觀，並投資於平台，以確保我們在技術、產品和支援等各個方面都具有競爭力，並確保顧問滿意度和客戶滿意度都非常高。

We won the JD Power Award for the most trusted in our industry. Trust is critical in our space as well. And then we know that if we preserve that special combination of facets that make Raymond James so attractive, then we will continue to recruit advisers and retain our existing advisers with the high level of satisfaction that they have.

我們榮獲了JD Power頒發的「業界最值得信賴企業獎」。信任在我們這個領域也至關重要。我們知道，如果我們能保持 Raymond James 如此吸引人的特殊優勢組合，我們就能繼續招募顧問，並留住現有顧問，讓他們保持高度滿意。

And frankly, I could care less whether that happens this year or next year or five years from now. It's a marathon, not a sprint. That's why when I hear other firms talk about, oh, we think next quarter, we're going to lean into recruiting and put a little bit more money into it. It's like, well, that's not sustainable long-term recruiting. It's a long-term process that requires a lot of investments.

坦白說，我一點也不關心這件事是今年發生、明年發生還是五年後才發生。這是一場馬拉松，不是短跑。這就是為什麼當我聽到其他公司談論「哦，我們認為下個季度我們將加大招募力度，並投入更多資金」時，我會感到很驚訝。這就像是，嗯，這不是一種可持續的長期招募方式。這是一個需要大量投資的長期過程。

And if you dial up recruiting quarter by quarter, dial it down quarter by quarter, then you're not going to get the quality advisers that you want. You're going to get the advisers that are moving or not moving for the highest check, and that's not who we're targeting. We have to have a competitive check. But we want the advisers that want to be here over the long term to make more money and be satisfied here over the rest of their careers.

如果你每季都加大招募力度，每季又都減少招募力度，那麼你就無法獲得你想要的高品質顧問。你會遇到那些為了最高薪酬而跳槽或不跳槽的顧問，但這並不是我們的目標客戶。我們需要進行競爭性檢定。但我們希望那些想長期留在這裡的顧問能夠賺更多的錢，並在接下來的職業生涯中獲得滿足感。

Understood. Thank you.

明白了。謝謝。

I think we answered all your questions -- sorry to interrupt, but I think we answered all your questions. I really appreciate your time on behalf of the Raymond James leadership team. We do not take your time or interest in Raymond James for granted, and stay warm over the next several days here, and look forward to seeing and talking to all of you soon.

我想我們已經回答了您所有的問題——抱歉打斷一下，但我想我們已經回答了您所有的問題。我謹代表雷蒙德詹姆斯領導團隊，衷心感謝您抽出時間。我們非常珍惜您對 Raymond James 的時間和關注，請您在接下來的幾天裡注意保暖，期待很快能見到您並與大家交談。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation. You may now disconnect.

再次向各位致謝，今天的會議到此結束。感謝各位的參與。您現在可以斷開連線了。