雷蒙詹姆斯金融 (RJF) 2026 Q2 法說會逐字稿

Good evening, and welcome to Raymond James Financial's fiscal second-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.

各位晚安，歡迎參加 Raymond James Financial 2026 會計年度第二季財報電話會議。本次電話會議將被錄音，並將於公司投資人關係網站提供 30 天重播。

I'm Kristie Waugh, Senior Vice President of Investor Relations. Thank you for joining us. 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.

我是投資人關係資深副總裁 Kristie Waugh。感謝各位加入。今天與我一同出席電話會議的有執行長 Paul Shoukry，以及財務長 Butch Oorlog。今天所檢視的簡報已發布於 Raymond James 的投資人關係網站。於預備發言結束後，接線員將開放提問。

Call 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.

請各位注意投影片第 2 頁。請注意，本次電話會議中所作的某些陳述可能構成前瞻性陳述。這些陳述包括但不限於：有關未來策略目標、業務前景、財務結果、產業或市場狀況、我們收購案的預期時程與效益，以及我們整合所收購業務的成功程度、訴訟結果與監管發展的預期結果，以及整體經濟狀況等資訊。

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 statement that necessarily depends on future events are intended to identify forward-looking statements.

此外，believes、expects、anticipates、intends、plans、estimates、projects、forecasts 等字詞，以及 may、will、could、should、would 等未來式或條件式動詞，或任何必然取決於未來事件的其他陳述，均意在識別前瞻性陳述。

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，無法保證實際結果不會與上述陳述所表達者存在重大差異。我們敦促各位考量我們最新的 Form 10-K 以及其後的 Form 10-Q 與 Form 8-K 中所描述的風險，相關文件可於我們網站取得。

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

現在我很高興將電話會議交給執行長 Paul Shoukry。Paul？

Thank you, Kristie. Good evening. Thank you for joining us. Raymond James delivered strong results this quarter despite a challenging and volatile market environment. Our steady, consistent performance reflects our disciplined execution against our objective of being the absolute best firm for financial professionals and their clients. In an industry built on relationships and trust, we believe in the power of personal, our commitment to building and maintaining deeply personal relationships with advisors, bankers, associates, and clients.

謝謝你，Kristie。各位晚安。感謝各位加入。儘管市場環境充滿挑戰且波動劇烈，Raymond James 本季仍交出強勁成果。我們穩健且一致的表現，反映出我們以紀律執行「成為金融專業人士及其客戶的最佳公司」這一目標。在一個以關係與信任為基礎的產業中，我們相信「個人化」的力量，並致力於與理財顧問、銀行家、同仁與客戶建立並維繫深度且個人化的關係。

Turning to the quarter, continued focus on our long-term strategy drove record quarterly revenues of $3.86 billion, representing growth of 13% over the prior-year quarter and 3% above the preceding quarter. Pre-tax income of $735 million increased 10% compared to the year-ago quarter and 1% over the preceding quarter. By supporting our advisors and financial professionals across the firm with a personal approach, we consistently retain and recruit high-quality professionals who deliver excellent service and advice to their clients.

回到本季，持續聚焦我們的長期策略，帶動單季營收創新高達 38.6 億美元，較去年同期成長 13%，並較前一季高出 3%。稅前盈餘 7.35 億美元，較去年同期增加 10%，較前一季增加 1%。透過以個人化方式支持全公司各地的理財顧問與金融專業人士，我們得以持續留任並招募高品質專業人才，為其客戶提供卓越服務與建議。

In the Private Client Group, we ended the quarter with $1.7 trillion of client assets under administration, down slightly compared to the preceding quarter, but representing year-over-year growth of 15%. Our client-first culture, together with our robust technology and product platforms and strong balance sheet continues to differentiate Raymond James as a destination of choice for financial advisors across our affiliation options, as reflected again this quarter in our strong retention and continued recruiting momentum.

在私人客戶事業群（Private Client Group）方面，本季末客戶代管資產（assets under administration）為 1.7 兆美元，較前一季略降，但年增 15%。我們以客戶為先的文化，加上強健的科技與產品平台以及穩健的資產負債表，持續使 Raymond James 在各種合作隸屬選項中成為理財顧問的首選目的地；本季再次反映在我們強勁的留任率與持續的招募動能上。

In the fiscal second quarter, quarterly domestic net new assets were $23 billion, representing a 5.8% annualized growth rate. We recruited financial advisors to our domestic independent contractor employee channels with trailing 12-month production totaling $141 million and nearly $21 billion of client assets at their previous firms, the second highest quarterly result in our history in terms of both recruited production and assets.

在會計年度第二季，單季美國境內淨新增資產為 230 億美元，折合年化成長率為 5.8%。我們在美國境內的獨立承攬與員工通路招募的理財顧問，其過去 12 個月（trailing 12-month）產能合計 1.41 億美元，且其在原任職公司所帶來的客戶資產接近 210 億美元；以招募產能與資產兩項指標衡量，均為我們史上第二高的單季成果。

Our optimism about future growth is fueled by our commitment to our existing advisors, which is reflected in high retention, along with a robust advisor recruiting pipeline and a strong number of financial advisors who have made commitments to join in the coming quarters. Our value proposition is becoming increasingly differentiated. At Raymond James, advisors do not have to choose between culture and capabilities. We offer a unique combination of an advisor and client-focused culture together with leading technologies, products, and solutions advisors need to serve clients at a high level.

我們對未來成長的樂觀，來自於我們對既有理財顧問的承諾，並反映在高留任率上；同時也來自於強健的顧問招募管線，以及已有相當數量的理財顧問承諾將於未來幾季加入。我們的價值主張正變得愈加差異化。在 Raymond James，理財顧問不必在文化與能力之間二選一。我們提供獨特的組合：以顧問與客戶為核心的文化，搭配領先的科技、產品與解決方案，讓顧問能以高水準服務客戶。

Combined with our strong balance sheet, long-term thinking, and commitment to independence, that continues to set Raymond James apart for advisors evaluating alternatives. But we won’t rest on our laurels. We will continue investing in automation, process improvement and AI as part of our more than $1.1 billion annual technology spend to create efficiencies, give advisors more time to deepen client relationships, and further enhance the client experience.

再加上我們強健的資產負債表、長期思維與對獨立性的承諾，這些持續使 Raymond James 在評估替代方案的理財顧問眼中脫穎而出。但我們不會自滿。我們將持續投資自動化、流程改善與 AI，作為每年超過 11 億美元科技支出的一部分，以創造效率、讓理財顧問有更多時間深化客戶關係，並進一步提升客戶體驗。

For example, our proprietary AI operations agent provides curated natural language answers and guidance to operational questions while intelligently evolving based on user activities and preferences. This agent has been rolled out to a few hundred advisors and their team so far, in addition to service focus groups at the home office. We are very encouraged by the strong initial feedback and will continue to expand advisor and associate access over time.

例如，我們自有的 AI 營運代理（AI operations agent）可針對營運問題提供經整理的自然語言答案與指引，並能依使用者活動與偏好智慧演進。迄今該代理已推廣至數百位理財顧問及其團隊，並涵蓋總部的服務焦點小組。我們對初期回饋非常鼓舞，並將隨時間持續擴大理財顧問與同仁的使用權限。

Capital Markets results improved this quarter, primarily driven by stronger investment banking revenues with a particularly strong performance in the month of March. We entered this third quarter with a robust pipeline that continues to reflect the opportunities that come from the strategic investments we have made in this segment over the past few years.

本季資本市場（Capital Markets）表現改善，主要由投資銀行收入走強所帶動，且 3 月份表現尤為強勁。我們以強健的案源管線進入第三季，該管線持續反映出我們過去幾年在此事業群所做策略性投資所帶來的機會。

We are confident we are well-positioned to continue building upon this quarter’s momentum with motivated buyers and sellers engaging us for our deep expertise across the industries we cover. We remain committed to opportunistically enhancing the platform by broadening and deepening our capabilities through strategic hiring or acquisitions such as GreensLedge, which closed toward the end of the quarter.

我們有信心，憑藉本季動能並在積極的買方與賣方委託下，能持續推進成長；客戶看重我們在所覆蓋產業中的深厚專業。我們仍致力於把握時機強化平台，透過策略性招募或收購來拓展並深化能力，例如本季末完成交割的 GreensLedge。

In the Asset Management segment, net inflows into managed fee-based programs in the Private Client Group were strong in the quarter, reflecting the complementary impact of offering high-quality investment alternatives to financial advisors and their clients, as well as growth resulting from our successful recruiting efforts. Additionally, our Raymond James Investment Management business brought in positive net inflows in the quarter.

在資產管理（Asset Management）事業群方面，本季私人客戶事業群的管理型收費（managed fee-based）方案淨流入強勁，反映出我們向理財顧問及其客戶提供高品質投資替代方案的互補效益，以及我們成功招募所帶來的成長。此外，我們的 Raymond James Investment Management 業務本季亦實現正向淨流入。

In the Bank segment, loans ended the quarter at a record $54.8 billion, primarily driven by continued outstanding growth in securities-based lending balances, which have increased more than $5 billion or 31% over the year-ago period and 6% sequentially. This growth continues to reflect a synergistic impact from our growing Private Client Group business as we are able to deploy our strong balance sheet in support of clients. Importantly, the credit quality of the loan portfolio continues to be strong.

在銀行（Bank）事業群方面，貸款季末達到創紀錄的 548 億美元，主要由證券擔保融資（securities-based lending）餘額持續亮眼成長所帶動；該餘額較去年同期增加逾 50 億美元或 31%，並較前一季成長 6%。此成長持續反映出我們不斷擴大的私人客戶事業群所帶來的協同效應，使我們能運用強健的資產負債表來支持客戶。重要的是，貸款組合的信用品質仍維持強勁。

Our capital deployment strategies remain disciplined and focused on the long term, as demonstrated by our strong organic growth, ongoing technology and platform investments, and our recent acquisitions of GreensLedge and Clark Capital. Clark Capital is expected to close this quarter.

我們的資本運用策略仍保持紀律並聚焦長期，這可由我們強勁的有機成長、持續的科技與平台投資，以及近期對 GreensLedge 與 Clark Capital 的收購所證明。Clark Capital 預計將於本季完成交割。

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 $155. We ended the quarter with a Tier 1 leverage ratio of 12.4%.

我們也維持股票回購計畫，以有效管理資本水準。本季我們以每股平均 155 美元回購 4 億美元普通股。本季末第一類槓桿比率（Tier 1 leverage ratio）為 12.4%。

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

現在，我將電話會議交給 Butch Oorlog，請他詳細說明我們的財務結果。Butch？

Thank you, Paul. I'll begin on slide 6. The firm reported record net revenues of $3.86 billion for the fiscal second quarter. Net income available to common shareholders was $542 million with earnings per diluted share of $2.72. Adjusted net income available to common shareholders which excludes acquisition-related expenses, equaled $564 million, resulting in adjusted earnings per diluted share of $2.83.

謝謝你，Paul。我將從投影片第 6 頁開始。本公司在會計年度第二季報告淨營收創新高達 38.6 億美元。可歸屬於普通股股東的淨利為 5.42 億美元，稀釋後每股盈餘為 2.72 美元。剔除收購相關費用後的調整後可歸屬於普通股股東淨利為 5.64 億美元，調整後稀釋後每股盈餘為 2.83 美元。

Our pretax margin for the quarter was 19% and the adjusted pretax margin was 19.7%. We generated annualized return on common equity of 17.3% and annualized adjusted return on tangible common equity of 20.9%, solid results for the quarter particularly given our conservative capital base.

本季稅前利潤率為 19%，調整後稅前利潤率為 19.7%。我們創造的普通股權年化報酬率（return on common equity）為 17.3%，有形普通股權年化調整後報酬率（adjusted return on tangible common equity）為 20.9%；就本季而言屬於穩健成果，尤其考量我們較為保守的資本基礎。

Turning to slide 7. Private Client Group generated pretax income of $416 million on record quarterly net revenues of $2.81 billion. This performance was driven by higher PCG assets under administration compared to the previous year, resulting from the impacts of market appreciation, retention and the consistent addition of net new assets. Pretax income declined 3% year over year primarily due to the impact on the segment of interest rate reductions over the past year, which reduced our non compensable revenues.

接著看投影片第 7 頁。私人客戶事業群稅前盈餘為 4.16 億美元，單季淨營收創新高達 28.1 億美元。此表現主要由較去年更高的 PCG 代管資產所帶動，原因包括市場上漲、留任，以及持續增加的淨新增資產。稅前盈餘年減 3%，主要是因過去一年利率下調對該事業群的影響，降低了我們的非補償性收入（non-compensable revenues）。

Our Capital Markets segment generated quarterly net revenues of $464 million and a pretax income of $51 million. Segment net revenues grew year over year and sequentially due to higher debt and equity underwriting revenues as well as higher M&A and advisory revenues.

我們的資本市場事業群單季淨營收為 4.64 億美元，稅前盈餘為 5,100 萬美元。由於債務與股權承銷收入增加，以及併購與顧問收入提高，該事業群淨營收較去年同期及較前一季均有所成長。

The Asset Management segment generated pretax income of $137 million on record net revenues of $327 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.

資產管理事業群在淨營收創新高達 3.27 億美元的情況下，產生稅前盈餘 1.37 億美元。結果主要歸因於相較去年同期，受過去 12 個月市場上漲帶動的受管理金融資產（financial assets under management）增加，以及 PCG 收費型帳戶的強勁淨流入。

The Bank segment generated net revenues of $486 million and pretax income of $166 million. Sequentially, the Bank segment's net interest income increased marginally. Despite robust loan growth driven by securities-based lending, incremental interest revenues were nearly offset by the impact of two fewer interest earning days during the quarter and a full-quarter impact of interest rate cuts during the prior quarter.

銀行業務部門創造淨營收4.86億美元，稅前盈餘1.66億美元。就季比而言，銀行業務部門的淨利息收入小幅增加。儘管在以證券為擔保的放款帶動下，貸款成長強勁，但新增的利息收入幾乎被本季少了兩個計息日的影響，以及前一季降息在本季的整季影響所抵銷。

Turning to consolidated revenues on slide 8. Asset management and related administrative fees of $2.02 billion grew 17% over the prior year and 1% over the preceding quarter. Record PCG fee-based assets equaled $1.04 trillion at quarter end, up 20% year over year and up slightly over the preceding quarter. As we look ahead, we expect fiscal third-quarter 2026 asset management and related administrative fees, to be higher by approximately 1% over the second quarter level, driven by the impact of one additional billing day in our third quarter, along with the slightly higher PCG assets and fee-based accounts balance at quarter end.

接著看第8頁的合併營收。資產管理及相關行政費用為20.2億美元，較去年同期成長17%，較前一季成長1%。季度末創新高的PCG按費計收資產為1.04兆美元，年增20%，並較前一季小幅上升。展望未來，我們預期2026會計年度第三季的資產管理及相關行政費用將較第二季水準高約1%，主要受第三季多一個計費日的影響，以及季度末PCG資產與按費計收帳戶餘額略為提高所帶動。

Moving to slide 9. Clients' domestic cash sweep and enhanced savings program balances ended the quarter at $57.8 billion, down 1% compared to the preceding quarter and representing 3.7% of domestic PCG client assets. Based on April activity to date, domestic cash sweep and enhanced savings program balances have declined due to the collection of record quarterly fee billings of approximately $1.9 billion along with further declines largely driven by the seasonal impact of client tax activity.

接著看第9頁。客戶的國內現金歸集（cash sweep）與增強型儲蓄方案餘額在季度末為578億美元，較前一季下降1%，占國內PCG客戶資產的3.7%。根據截至目前4月的活動，國內現金歸集與增強型儲蓄方案餘額已下降，原因包括收取創紀錄的季度費用帳單約19億美元，以及主要由客戶報稅活動的季節性影響所驅動的進一步下滑。

Turning to slide 10. Combined net interest income and RJBDP fees from third-party banks declined 3% from the prior quarter to $650 million. Net interest margin in the Bank segment remained stable at 2.81% for the quarter driven by the factors I previously mentioned. The average yield on RJBDP balances with third-party banks decreased 6 basis points to 2.7% primarily due to the full quarter impact of the Fed interest rate cuts in the December quarter.

接著看第10頁。合計淨利息收入與來自第三方銀行的RJBDP費用較前一季下降3%至6.50億美元。銀行業務部門的淨利差本季維持穩定在2.81%，主要受我先前提到的因素所驅動。RJBDP在第三方銀行的餘額平均收益率下降6個基點至2.7%，主要因12月季度聯準會降息在本季的整季影響。

Based on static interest rates and assuming unchanged quarter end balances net of the fiscal third-quarter fee billing collection of $1.9 billion, we would expect the aggregate of NII in RJBDP third-party fees in the third quarter to be up approximately 1% from the second-quarter level. The increase is largely due to one additional interest-earning day in the fiscal third quarter. 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.

在利率維持不變且假設季度末餘額（扣除2026會計年度第三季費用帳單收款19億美元）不變的情況下，我們預期第三季RJBDP第三方費用中的淨利息收入合計將較第二季水準上升約1%。增加主要來自2026會計年度第三季多一個計息日。請記住，仍有許多變數可能影響實際結果，包括未來一季任何利率行動，以及影響我們資產負債表的因素（包含貸款與存款餘額的變動）。

Turning to consolidated expenses on slide 11. Compensation expense was $2.54 billion, and the total compensation ratio for the quarter was 65.8%. The adjusted compensation ratio, which excludes acquisition-related compensation expenses, was 65.7%. The compensation expenses were impacted by the seasonally higher expenses relating to resetting payroll taxes as of the beginning of the calendar year.

接著看第11頁的合併費用。薪酬費用為25.4億美元，本季總薪酬比率為65.8%。調整後薪酬比率（排除併購相關薪酬費用）為65.7%。薪酬費用受到季節性較高費用的影響，主要與在曆年年初重設薪資稅有關。

Non-compensation expenses of $583 million increased 10% over the year-ago quarter and 5% sequentially. For the fiscal year, we remain on track with our target level of non-compensation expenses of approximately $2.3 billion. This measure excludes the bank loan loss provision for credit losses unexpected legal and regulatory items and non-GAAP adjustments presented in our non-GAAP financial measures. As demonstrated this quarter, we will continue to invest to support growth across our businesses. while maintaining discipline over controllable expenses.

非薪酬費用為5.83億美元，較去年同期增加10%，季比增加5%。就本會計年度而言，我們仍按計畫朝非薪酬費用約23億美元的目標水準前進。此指標不包含銀行貸款損失準備（信用損失準備）、非預期的法律與監管項目，以及我們在非GAAP財務衡量中呈列的非GAAP調整。如本季所示，我們將持續投資以支持各項業務的成長，同時對可控費用維持紀律。

Slide 12 presents the pretax margin trends for the past five quarters. This quarter, we achieved adjusted pretax margin of 19.7%, a good result given the headwinds of lower interest-related revenues which we faced this quarter. Our long-term trend continues to highlight the stability and strength of our diversified businesses to consistently generate strong margins throughout various market cycles.

第12頁呈現過去五個季度的稅前利潤率趨勢。本季我們達成調整後稅前利潤率19.7%，考量本季面臨利率相關收入下降的不利因素，這是相當不錯的結果。我們的長期趨勢持續凸顯多元化業務的穩定性與韌性，能在不同市場循環中一貫產生強勁的利潤率。

On slide 13, at quarter end, our total assets were $91.9 billion, up 3% from the preceding quarter primarily due to loan growth and higher cash balances in our Bank segment. Record bank loans of $54.8 billion grew 14% over the year-ago quarter and 3% sequentially with that loan growth largely in support of our clients. Securities-based loans and residential mortgages represent 62% of our total loans held for investment, reflecting approximately 42% and 20% of the total, respectively.

在第13頁，季度末我們的總資產為919億美元，較前一季增加3%，主要因貸款成長以及銀行業務部門現金餘額提高。創新高的銀行貸款為548億美元，較去年同期成長14%，季比成長3%；該貸款成長主要用於支持我們的客戶。以證券為擔保的貸款與住宅房貸占我們投資持有貸款總額的62%，分別約占總額的42%與20%。

We continue to have strong levels of liquidity and capital. RJF corporate cash at the parent ended the quarter at $3 billion providing excess liquidity of $1.8 billion 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.

我們持續維持強勁的流動性與資本水準。母公司層級的RJF企業現金在季度末為30億美元，較我們12億美元的目標多出18億美元的超額流動性。我們的資本水準提供顯著彈性，使我們能在尋求策略性併購時持續把握機會，並投資於內生成長。

With a Tier 1 leverage ratio of 12.4% and a total capital ratio of 24%, we remain well above regulatory requirements with approximately $2.1 billion of excess capital capacity to deploy before reaching our conservative Tier 1 leverage ratio target of 10%. The effective tax rate for the quarter was 26%, which includes the unfavorable impact of nondeductible losses on the corporate-owned life insurance portfolio in the quarter. Looking ahead, we continue to estimate our effective tax rate for fiscal 2026 to be approximately 24% to 25%.

第一級資本槓桿比率為12.4%，總資本比率為24%，我們仍遠高於監管要求；在達到我們保守的第一級資本槓桿比率目標10%之前，約有21億美元的超額資本能力可供運用。本季有效稅率為26%，其中包含本季公司持有的人壽保險（COLI）投資組合出現不可扣抵損失所帶來的不利影響。展望未來，我們仍估計2026會計年度的有效稅率約為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 and we returned $507 million of capital to shareholders during the quarter. Additionally, in January, the firm opportunistically redeemed all of the outstanding shares of its Series B preferred stock for an aggregate value of $81 million.

第14頁彙總我們過去五個季度的資本行動。透過支付普通股股利與回購股份的組合，我們本季向股東返還5.07億美元資本。此外，公司於1月把握時機，以總價值8,100萬美元贖回其所有尚未償還的B系列優先股。

In the quarter, we repurchased $400 million of common shares at an average price of $155 per share. Over the past 12 months, we have repurchased $1.6 billion of common shares, and including dividends paid, we've returned over $2 billion of capital to common shareholders reflecting a combined return of 94% of our earnings.

本季我們以每股155美元的平均價格回購4億美元普通股。過去12個月，我們已回購16億美元普通股；加計已支付的股利，我們向普通股股東返還超過20億美元資本，合計返還相當於我們盈餘的94%。

We maintain our long-term commitment to operating our businesses at capital levels consistent with established targets. Over the past year, the Tier 1 leverage ratio has declined 90 basis points as we have focused on strategic balance sheet growth and disciplined capital actions while maintaining a conservative approach to capital management.

我們維持長期承諾，將各項業務的資本水準維持在既定目標一致的水準。過去一年，第一級資本槓桿比率下降90個基點，因我們在維持保守資本管理方針的同時，聚焦於策略性的資產負債表成長與有紀律的資本行動。

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

我現在把電話交回給Paul做最後結語。Paul？

Thank you, Butch. I am pleased with our record performance during the first half of the fiscal year. Despite challenging and unpredictable market conditions, our steadfast commitment to prioritizing the client in every aspect of our business has resulted in record revenues and record pretax income during the first half of the fiscal year.

謝謝你，Butch。我對本會計年度上半年的創紀錄表現感到滿意。儘管市場環境充滿挑戰且難以預測，我們始終堅定承諾在業務各方面以客戶為優先，因而在本會計年度上半年創下創紀錄的營收與創紀錄的稅前盈餘。

We remain well positioned to generate long-term sustainable growth. We started the third quarter with record PCG fee-based assets under administration, record bank loans and strong competitive positioning across all of our businesses with ample headroom for continued growth. Importantly, as evidenced this quarter, financial adviser recruiting activity remains robust and the investment banking pipeline is strong.

我們仍具備良好條件以實現長期且可持續的成長。我們以創新高的PCG按費計收管理資產、創新高的銀行貸款，以及在各項業務中強勁的競爭定位進入第三季，並保有充足的成長空間。重要的是，如本季所示，財務顧問招募活動仍然強勁，投資銀行業務的案源管線也很扎實。

Before we conclude, I want to thank our financial professionals and associates across the firm for what they do every day for clients. As we look ahead, our focus remains the same, to be the absolute best firm for financial professionals and their clients.

在結束之前，我想感謝全公司各地的財務專業人士與同仁，感謝他們每天為客戶所做的一切。展望未來，我們的重點不變：成為財務專業人士及其客戶的最佳公司。

In a world being shaped by AI, technology and constant change we believe personal relationships will matter more, not less. Our strategy is to keep investing in the people, platforms and capabilities that help our financial professionals deliver more holistic, more personalized advice to clients while staying true to the culture and long-term approach that have always differentiated Raymond James. Thank you for your interest in Raymond James.

在一個由AI、科技與持續變化所塑造的世界裡，我們相信人際關係的重要性只會更高，而非降低。我們的策略是持續投資於人才、平台與能力，協助我們的財務專業人士在忠於Raymond James一貫的文化與長期方法（這些一直是我們的差異化所在）的同時，為客戶提供更全面、更個人化的建議。感謝您對Raymond James的關注。

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

以上為我們準備好的發言。接線員，請開放提問。

(Operator Instructions) Ben Budish, Barclays.

（接線員指示）Barclays的Ben Budish。

Maybe first, just on PCG, can you talk a little bit about the competitive environment there? It sounds like you're quite confident on the recruiting pipeline. I think there's definitely a presumption that there's been some sort of M&A-driven advisers in motion over the last few quarters.

也許先從PCG開始，你能否談談那邊的競爭環境？聽起來你們對招募管線相當有信心。我想市場上確實有一種看法，過去幾個季度有一些由併購驅動、使顧問流動的情況。

I'm not sure if you could comment on whether that's continuing up. But just any other color around your confidence, what competitive intensity looks like in that business would be helpful.

我不確定你是否能評論這種情況是否仍在持續。但若能補充一些你們信心的來源，以及該業務的競爭強度大概是什麼樣子，會很有幫助。

Thanks for the question, Ben. Yeah, our confidence is just really driven by the volume of home office visits that we're conducting with prospective advisers, the volume of new commits prospective advisers across our affiliation options.

謝謝你的問題，Ben。是的，我們的信心主要來自於我們與潛在顧問進行的總部拜訪（home office visits）數量，以及在我們各種合作／隸屬選項下，新承諾加入的潛在顧問數量。

We're actually seeing an uptick of commits in our employee affiliation option as well. It was consistently strong, but we're seeing an uptick there as well. And so while there have been catalysts -- really, there seems to be catalysts every 12 to 18 months over the 16 years that I've been with the firm. There's different types of catalysts. But what remains consistent is our focus on being the absolute best destination and firm for financial advisers and their clients and matching that culture with the capabilities that are very hard to find in the marketplace.

我們其實也看到在員工隸屬選項上的承諾有所增加。這一直都很強勁，但我們也看到那裡同樣出現上升。而且，雖然確實有一些催化因素——坦白說，在我加入公司這16年裡，似乎每12到18個月就會出現一次催化因素。催化因素的類型各不相同。但始終不變的是，我們專注於成為金融顧問及其客戶的絕對最佳去處與最佳公司，並將這種文化與市場上非常難以找到的能力相匹配。

Private equity has certainly been competitive over the last five years as well as some of the strategic firms. And I think this is going to be an interesting year for private equity. I've heard that there's at least one or two firms that have tried to raise capital in the last three to six months that weren't able to do so. And so I think the valuation -- there'll be close eyes on the valuation in that space to see what the ongoing commitment and value -- and prices that they'll be willing to pay will be going forward. And that certainly could be another catalyst potentially down the road if that doesn't work out the way some people expect.

過去五年，私募股權以及一些策略型公司確實競爭激烈。我認為今年對私募股權而言會是有意思的一年。我聽說在過去三到六個月裡，至少有一兩家公司嘗試募資但未能成功。因此我認為，市場會密切關注該領域的估值，看看其持續投入與價值——以及未來他們願意支付的價格會是什麼。而如果事情沒有如部分人預期般發展，這當然也可能在未來成為另一個潛在的催化因素。

So again, our focus is just to remain the absolute best destination for financial advisers and their clients across all of our affiliation options. We call it adviser choice and that's really what's driven the 7% annualized net new assets for the first half of our fiscal year, which is leading the industry and at least a leader in the industry as far as net new assets go, and that's both from recruiting but also retention, strong retention despite the very competitive environment.

所以再次強調，我們的重點就是在所有隸屬選項中，持續成為金融顧問及其客戶的絕對最佳去處。我們稱之為「顧問選擇」（adviser choice），而這正是推動我們在本財年上半年淨新增資產年化成長7%的原因，這在業界領先，至少就淨新增資產而言也是業界領導者之一；這既來自招募，也來自留任——即使在競爭非常激烈的環境下，留任仍然強勁。

Okay. I appreciate all that. Maybe just a follow-up, sticking with PCG. The pretax yield there has been coming down a bit sequentially. I know you talked a little bit about the company-wide comp ratios, some seasonal factors, but anything decline down for that segment in particular?

好的。我很感謝這些說明。也許再追問一下，仍然聚焦在PCG。該部門的稅前收益率（pretax yield）按季似乎有些下滑。我知道你談到了一些全公司層面的薪酬比率、一些季節性因素，但就該部門本身而言，還有什麼因素導致下滑嗎？

Yeah. I mean, year over year, short-term rates are down. And so that obviously is a headwind to margins in the Private Client Group business because there's a spread dynamic there, which I think everyone sort of anticipates both on the way up with rates and on the way down with rates.

是的。我的意思是，年比年來看，短期利率下降了。因此這顯然會對私人客戶集團（Private Client Group）業務的利潤率造成逆風，因為那裡存在利差（spread）的動態；我想大家對於利率上升時與利率下降時會發生什麼，多少都有所預期。

We've also ramped up recruiting substantially year over year. So we've actually broken out the cost of recruiting and retention because if we were to do an acquisition, which our annual recruiting now is a medium-sized acquisition, a lot of firms break that out. And so we wanted to make sure that you had that transparency to see exactly how much we're paying to recruit and to grow the firm.

我們也在年比年大幅加速招募。因此我們其實把招募與留任的成本單獨拆出來，因為如果我們進行一項併購——而我們目前每年的招募規模已相當於一筆中型併購——很多公司都會把那部分拆出來。因此我們希望確保你能有那樣的透明度，清楚看到我們為了招募、為了擴大公司規模究竟支付了多少。

Again, very good returns when we make those recruiting -- when we recruit financial advisers and most importantly, those advisers are big cultural fit. So we prefer to recruit one by one versus doing acquisitions because we know -- first, 100% of the transition assistance is going to retention of the adviser. And secondly, we can ensure that the advisers we're bringing over a really good cultural fits for the firm.

再次強調，當我們進行這些招募——當我們招募金融顧問時——回報非常好；而最重要的是，這些顧問在文化上高度契合。因此我們更偏好逐一招募，而不是透過併購，因為我們知道——第一，100%的轉換協助（transition assistance）都會用在顧問的留任上。第二，我們可以確保我們引進的顧問在文化上非常適合公司。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

I want to start with an AI question. I appreciate some of the current initiatives that you already launched and you talked about, Paul. It sounds like you think AI will be a net positive for the business versus an overall risk. So would love to hear a little bit more about why.

我想先從AI的問題開始。我很欣賞你們已經推出並且談到的一些現行計畫，Paul。聽起來你認為AI對業務而言會是淨正面，而不是整體風險。所以很想多聽你談談原因。

And then if you can just weigh in on how you're thinking about implications of this potential agent cash sweep optimization, which I think some people think in theory could pressure transactional cash balances and whether you would consider kind of evolving the monetization with like a platform fee or something else? Just wanted to get some thoughts on both.

另外，也請你談談你們如何看待這個潛在的代理式（agentic）現金掃描（cash sweep）最佳化的影響；我想有些人理論上認為這可能會對交易性現金餘額造成壓力，以及你們是否會考慮在變現方式上做一些演進，例如收取平台費或其他方式？想聽聽你對這兩點的看法。

Devin, maybe on your second question first around the agentic AI cash optimization tool, which I think is conceptual. I haven't seen it yet. But I think when you step back, it's really the dynamic that the industry has been seeing since rates started rising.

Devin，我先回答你的第二個問題，關於代理式AI現金最佳化工具。我認為那目前還是概念性的，我還沒看到。但我想如果你退一步看，這其實就是自利率開始上升以來，整個產業一直在看到的動態。

And we were talking about before, as you recall, Devin, before rates started rising, which is as rates rise, advisers will help clients invest in higher-yielding alternatives. At Raymond James, we've been offering one of the most open platforms of higher-yielding alternatives, whether it's the enhanced savings program, which offers a very competitive rate with up to $50 million -- $50 million of FDIC insurance as well as the purchase money market funds, which we let all clients avail themselves to the institutional share class to get higher rates and a whole host of other higher-yielding alternatives for their cash.

而且我們之前也談過，你也記得，Devin，在利率開始上升之前——也就是當利率上升時，顧問會協助客戶把資金投向更高收益的替代方案。在Raymond James，我們提供了最開放的平台之一，讓客戶選擇更高收益的替代方案；不論是增強型儲蓄計畫（enhanced savings program），它提供非常具競爭力的利率，並且最高可享有5,000萬美元——5,000萬美元的FDIC保險；以及購買貨幣市場基金（money market funds），我們讓所有客戶都能使用機構級別的股份類別（institutional share class）以取得更高利率，還有一整套其他更高收益的現金替代方案。

And because of that, you've seen in our industry cash transactional or sweep cash balances go down 40% to 50%. And now in fee-based accounts, the average cash balance per account is less than $10,000. So without AI, you've seen that trend happen and I don't think it requires AI for that cash to be invested in higher-yielding alternatives.

也因為如此，你已經看到我們這個產業的交易性現金或掃描現金（sweep cash）餘額下降了40%到50%。而現在在收費型帳戶（fee-based accounts）中，每個帳戶的平均現金餘額不到1萬美元。所以即使沒有AI，你也已經看到這個趨勢發生；我不認為需要AI才能讓這些現金被投向更高收益的替代方案。

I think AI is kind of being sort of used to describe the phenomenon that we already anticipated would happen. And so I don't see much more of an incremental threat, maybe to the e-brokers where there's not a financial adviser involved that's been helping clients reinvest those cash balances, perhaps. I'm not sure. We're not an e-broker so I'm not an expert in that space. But I don't see it really impacting our space much more incrementally.

我認為AI某種程度上只是被用來描述我們原本就預期會發生的現象。因此我看不到太多額外的增量威脅；也許對於沒有金融顧問介入、一直在協助客戶再投資這些現金餘額的電子券商（e-brokers）而言，可能會有影響。我不確定。我們不是電子券商，所以我不是那個領域的專家。但我不認為它會對我們這個領域造成更多的增量影響。

But again, I haven't seen the AI agentic solution neither that everyone is talking about. So I'm not sure to tell you the truth. But we feel like the sweep balances have stabilized over the last several quarters. We have the quarterly fee billings. We have the tax dynamic every year that we talked about. But outside of that, there's not a whole lot of cash in movement right now given where rates are at. It's been pretty stable across the industry overall.

但再次強調，我也還沒看到大家在談的那個代理式AI解決方案，所以老實說我也不確定。不過我們覺得掃描餘額在過去幾個季度已經穩定下來。我們有季度費用計費（quarterly fee billings）。我們每年也有我們談過的稅務動態。但除此之外，在目前利率水準下，現金的流動並不大；整體產業都相當穩定。

As far as AI goes and your question around AI, I think it's already been helpful in our industry. And so we've had three client events in the last quarter with advisers and clients, one in Memphis, one in Atlanta, one in Miami. And I would tell you, when you see the adviser relationship with clients, there's no doubt that the deeply personal relationships that advisers have with clients trump any kind of technology or AI bot that may exist in the future.

至於AI，以及你關於AI的問題，我認為它在我們的產業裡已經有所幫助。因此在上一季度，我們與顧問和客戶舉辦了三場客戶活動，一場在孟菲斯，一場在亞特蘭大，一場在邁阿密。我會告訴你，當你看到顧問與客戶之間的關係時，毫無疑問，顧問與客戶之間那種非常個人化、深度的關係，勝過未來可能存在的任何技術或AI機器人。

I mean these are deeply personal relationships. I know just with my financial adviser at Raymond James, one of the things that help me sleep better at night, my wife sleep better at night as my financial adviser God forbid, if something will ever happen to me in the shorter -- intermediate term, my financial adviser knows my wife, knows my family and knows what our financial objectives are and can help my wife navigate that situation. And -- if that were to exist. And that's not something I would trust to an AI bot no matter how good the algorithm is.

我的意思是，這些都是非常個人化的深度關係。就以我在Raymond James的理財顧問為例，讓我晚上睡得更安穩、也讓我太太晚上睡得更安穩的一件事是：我的理財顧問——但願不會——如果在短期到中期我發生任何意外，我的理財顧問認識我太太、認識我的家人，也了解我們的財務目標，能協助我太太度過那種情況。——如果真的發生的話。而不管演算法多好，那都不是我會交給AI機器人的事情。

And so those are the type of things you hear stories where clients with tears in their eyes talk about what their loved ones funerals, who was there was the religious leader, their family, their best friends and their financial adviser. So when we talk about AI we need to understand the value of those personal relationships advisers have with these families.

所以你會聽到這類故事：客戶含著眼淚談到他們摯愛的葬禮，現場有哪些人——宗教領袖、家人、最好的朋友，以及他們的理財顧問。因此當我們談AI時，我們需要理解顧問與這些家庭之間個人關係的價值。

It's not about transactions. It's not just about portfolio returns. It's about really deeply understanding the family's financial objectives. And that's something that AI should help down the road because it will help advisers come up with more bespoke tailored insights that advice safe there, save them time on administrative tasks and allow them to spend more time developing those deeply personal relationships with their clients.

這不只是交易。也不只是投資組合報酬。它是關於真正深刻地理解這個家庭的財務目標。而AI在未來應該能提供協助，因為它將幫助顧問提出更具客製化、量身打造的洞見，提供更安全的建議，節省他們在行政工作上的時間，並讓他們能花更多時間去培養與客戶之間那種非常個人化的深度關係。

Michael Cho, JPMorgan.

Michael Cho，JPMorgan。

I'm just going to follow along to the same line of the question just more operationally. Paul, you talked about, I think, $1.1 billion in tax spend this year. Can you just unpack kind of where the priorities are in terms of the growth of that spend?

我會沿著同一條問題脈絡，但更偏營運面。Paul，你提到我想是今年有11億美元的科技支出。你能否拆解一下，這筆支出成長的優先順序大概在哪些方面？

And if we look at the various AI initiatives that Raymond James has instituted internally, and I think you called out to get operational chatbot as well. How are you gauging success of some of these initiatives? And really, how do you think the next step evolves as you roll out these capabilities?

另外，如果我們看Raymond James在內部推動的各項AI計畫，我想你也提到了營運聊天機器人（operational chatbot）。你們如何衡量這些計畫的成功？以及當你們逐步推出這些能力時，你認為下一步會如何演進？

I mean the $1.1 billion in technology spend, the vast majority of it is being focused on the Private Client Group business. And that's one of the things that make us unique for the size of our platform. Well, there are some bigger firms out there that have higher technology spend. They have to focus on credit cards, payments, treasury banking, a lot -- a whole host of other priorities, whereas most of our technology spend is really focused on supporting the financial advisers and their clients in the Private Client Group business.

我的意思是，11億美元的科技支出，其中絕大部分都聚焦在私人客戶集團（Private Client Group）業務上。這也是以我們平台規模而言讓我們與眾不同的地方之一。確實有一些更大的公司科技支出更高，但他們必須把重點放在信用卡、支付、財資銀行（treasury banking）以及許多——一整套其他優先事項上；而我們的大部分科技支出，真正是聚焦在支援私人客戶集團業務中的金融顧問及其客戶。

And so -- and that's been a key differentiator for us. When advisers come in to the home office visits and they look at our technology, they're blown away by our capabilities relative to what they have even at the largest firms in the industry because of our focus on that wealth management technology.

因此——這一直是我們的一項關鍵差異化因素。當顧問到總部參訪並查看我們的科技時，會對我們的能力感到震撼；相較於他們在業界即便是最大型的公司所擁有的系統，我們之所以能做到這點，是因為我們專注於財富管理科技。

And the way we test whether or not it's working, I mean, first of all, all the development of the technology is guided and directed by our Technology Advisory Council, which is made up of our financial advisers. And so they tell us what they're looking for. They give us real-time feedback. They've become representatives for the other financial advisers that they have a network with to tell us what they need, what's working, what's not working. And that's what's given us. I mean, we've won awards in our technology, and we'll continue to deliver for financial advisers and their clients there.

而我們用來檢驗它是否有效的方法是——首先，所有科技開發都由我們的科技諮詢委員會（Technology Advisory Council）引導與主導，該委員會由我們的理財顧問組成。因此他們會告訴我們他們在找什麼，並提供即時回饋。他們也成為其他理財顧問的代表——透過他們的人脈網絡——告訴我們他們需要什麼、哪些有效、哪些無效。這也帶來了成果。我的意思是，我們的科技已經獲獎，而且我們也會持續為理財顧問及其客戶交付成果。

Great. I appreciate all that color. If I could just switch gears just for my follow-up, just on the capital market pipeline. I was hoping you could unpack some of your comments there as well. You called out the strong pipeline. I think you also called out March was pretty strong as well.

很好。我很感謝你提供的這些補充說明。若我可以在追問時稍微轉換一下話題，想談談資本市場的案源（pipeline）。我希望你也能把你剛才的一些評論再拆解說明一下。你提到案源很強，我想你也提到 3 月表現相當強勁。

So I was hoping you can provide any incremental color there and how you'd characterize the pipeline as it sits today, maybe relative to maybe the start of calendar '26.

所以我想請你提供一些額外的補充說明，並描述一下目前案源的狀況，或許相較於 2026 年曆年初的情況。

Yeah. I mean we feel really good about the investment banking pipeline. The month of March was a strong month for us, frankly, stronger than we expected. And so there's been a lot of volatility to contend with geopolitical issues, with oil prices and other things. And so there's a lot to -- and AI concerns on certain sectors like technology and software, fintech, et cetera.

是的。我的意思是，我們對投資銀行的案源感覺非常好。3 月對我們來說是個強勁的月份，坦白說，比我們預期的還要強。當然，市場存在許多波動需要因應，包括地緣政治議題、油價以及其他因素。此外，某些產業如科技與軟體、金融科技（fintech）等，也有 AI 方面的疑慮。

But notwithstanding all those things, we have a very strong platform with great bankers across various verticals. In the pipeline, the activity levels, engagement letters being signed are all very promising. So we feel great about the pipeline. There's certainly -- certain volatility and other things that need to be navigated through over the course of the year, but we don't know when those pipelines will convert to revenues.

但儘管有上述種種，我們擁有非常強的平台，並在多個垂直領域配置了優秀的銀行家。在案源方面，活動水準、簽署委任書（engagement letters）等都非常令人鼓舞。因此我們對案源很有信心。當然，今年過程中仍有一些波動與其他因素需要穿越與因應，但我們無法確定這些案源何時會轉化為營收。

But most of our pipeline is driven by financial sponsors on the buy side and/or on the sell side, and they're motivated buyers and sellers. They have -- the buyers have capital and dry powder and the sellers have investments that are, in many cases, beyond their original holding period.

不過，我們大部分的案源是由金融贊助方（financial sponsors）在買方和／或賣方所驅動，而他們都是有動機的買家與賣家。買方有資金與充裕的可用資金（dry powder），賣方則有投資標的，在許多情況下已超過其原先的持有期間。

So we feel like these will get done. We feel great about the pipeline. And most importantly, we feel very good about the professionals that we have in investment banking and their expertise and relationships.

所以我們覺得這些交易會完成。我們對案源非常有信心。更重要的是，我們對投資銀行團隊的專業人士，以及他們的專業能力與人脈關係感到非常有把握。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

I wanted to ask you a question around longer-term profitability and maybe some -- that's something you will talk to on the Investor Day coming up in a few weeks. But was hoping you could help us think through the benefits of AI and other related initiatives that could have on the business longer term?

我想問一個關於較長期獲利能力的問題，或許這也是你們在幾週後即將舉行的投資人日會談到的內容。不過我希望你能協助我們思考：AI 以及其他相關計畫，長期來看可能會為業務帶來哪些效益？

You guys have been sort of hovering around the 20%-ish margin, which is great, considering I guess, that Capital Markets obviously hasn't been contributing to its full extent. But as you think about a more normal backdrop with the benefits of AI and any other efficiencies, what do you think the margins could go to over time?

你們的利潤率大致徘徊在約 20% 左右，這已經很不錯了，考量到資本市場業務顯然還沒有完全發揮貢獻。但當你們思考在較正常的環境下，結合 AI 的效益與其他效率提升，你們認為利潤率隨時間推進可能提升到什麼水準？

No, it's a fantastic question and one that we talk about a lot because really a lot of the focus on AI across corporate America right now and for us included, has been around the large language models and some of the sort of benefits of an efficiency and increased productivity that large language models can provide by synthesizing a lot of data.

不，這是個非常棒的問題，也是我們經常討論的議題。因為目前全美企業界對 AI 的許多關注——我們也包括在內——主要集中在大型語言模型（large language models），以及大型語言模型透過整合大量資料所能帶來的效率與生產力提升等效益。

In fact we rolled it out. We have a solution called Ray that we rolled out and that advisers and sales assistants can use to find -- to sit through a lot of information, self-service and very quickly find the answers the complicated questions. And so we're piloting it with a few hundred advisers and the early feedback has been extremely positive.

事實上我們已經推出了。我們有一個名為 Ray 的解決方案，顧問與銷售助理可以用它來查找——在大量資訊中自助式地快速篩選——並很快找到複雜問題的答案。我們正與數百位顧問進行試點，早期回饋非常正面。

But what we're all wondering is the next phase of AI really is around agentic AI and what can agentic AI do to improve processes and streamline processes and ultimately, the cost curve across not only our industry, but all industries. And we're still -- I think Raymond James and all of corporate America is still early in that journey, frankly.

但我們都在思考的是，AI 的下一階段其實是「代理式 AI」（agentic AI），以及代理式 AI 能如何改善流程、精簡流程，並最終影響不僅是我們產業、而是所有產業的成本曲線。而我們仍然——我認為 Raymond James 以及整個美國企業界——坦白說都還在這段旅程的早期。

And so we think that there will be significant opportunities. The compute power being invested is substantial and significant. We're using AI in a lot of areas already, whether it be in our cybersecurity area, although that's continuing to evolve as we saw with a new release a couple of weeks ago and some of the notifications from Washington around that.

因此我們認為會有重大的機會。投入的運算能力（compute power）規模龐大且相當可觀。我們已在許多領域使用 AI，例如在資安（cybersecurity）領域；不過這也仍在持續演進，正如我們在幾週前看到的一次新版本發布，以及華盛頓方面針對此事的一些通知。

So we're using AI, and we're seeing a lot of benefits from AI, but it's hard to dimension the actual margin impact at this juncture. I think anyone who's talking about cost reductions or margin benefits from AI today -- at least I would be arbitrary and too preliminary in providing that type of specificity.

所以我們正在使用 AI，也看到 AI 帶來許多效益，但在此時此刻很難量化其對利潤率的實際影響。我認為，任何人在今天談 AI 帶來的成本下降或利潤率改善——至少以我來看——若提供那種程度的具體數字，會顯得武斷且為時過早。

No, fair enough, too early. Follow-up for you guys related to something, Paul, you mentioned earlier around private equity having perhaps a little bit more of a challenging backdrop in terms of deploying and raising capital. You guys continue obviously just had a significant amount of excess capital you've been putting in to work via more recurring buybacks, which is definitely welcome.

了解，確實還太早。接著追問一個與你先前提到的內容相關的問題，Paul：私募股權在資金投放與募資方面，可能面臨較具挑戰的環境。你們顯然仍有相當可觀的超額資本，並透過更常態化的回購把資本投入運用，這當然很受歡迎。

As you think about the probability of a larger deal and perhaps absence of sort of the private equity competition, which has been weighing on your ability to pull something off that's a little larger, what are the odds of that today? So you sort of think about your pipeline of corporate M&A, particularly in the wealth space. What are the chances that you think you guys might be able to do something more meaningful in the next, I don't know, 12, 18 months?

當你們思考進行一筆更大型交易的可能性，並且可能少了私募股權競爭——過去這一直影響你們完成較大型交易的能力——那麼以目前來看，機率如何？也就是說，從你們企業併購（corporate M&A）的案源來看，特別是在財富管理領域，你認為未來 12 到 18 個月內，你們有多大機會做出更具意義的交易？

Yeah. I mean the biggest obstacle and challenges, there's -- we have a lot of great competitors with strong cultures and strong franchises. The biggest challenge is they haven't necessarily been for sale. And so we continue to stay close to those friendly competitors and exchange notes with them and compete with them on a friendly basis. But ultimately, it's hard to know what the catalyst might be to want to join forces and ultimately, make one plus one equals something greater than two.

是的。我的意思是，最大的障礙與挑戰在於——我們有許多優秀的競爭對手，擁有強大的文化與強勢的特許經營（franchises）。最大的挑戰是，他們未必在出售。因此我們持續與這些友好的競爭對手保持密切聯繫，彼此交流，也以友善的方式競爭。但最終，很難知道什麼催化因素會促使彼此想要結盟，並讓一加一最終大於二。

We don't really do takeovers. We invite other firms to the Raymond James family and we keep the best of both worlds. We've done that over and over again, starting with Morgan Keegan back in 2012. If you look at our fixed income leadership team, it's still led by legacy Morgan Keegan leaders. We've actually grown headcount in our fixed income area in Memphis, for example, over that period of time.

我們不太做敵意收購。我們是邀請其他公司加入 Raymond James 大家庭，並保留雙方最好的部分。我們一再這麼做，從 2012 年的 Morgan Keegan 開始。如果你看我們的固定收益領導團隊，至今仍由原 Morgan Keegan 的領導者帶領。舉例來說，在那段期間，我們其實還在孟菲斯（Memphis）的固定收益部門增加了人力。

So we're not a traditional acquirer in the sense that we take over and slash and burn costs, and we want to keep the franchise intact. We want to keep the culture intact and keep the best of both worlds. And so that makes us unique relative to other potential acquirers out there. We're in it for the long term. We're not looking for a five-year holding period. We're looking for a much longer holding period.

因此我們不是傳統意義上的收購方——不是那種接管後大砍成本的模式——我們希望維持特許經營的完整性，維持文化的完整性，並保留雙方最好的部分。因此相較於其他潛在收購方，我們是獨特的。我們著眼長期，不是追求五年的持有期；我們追求的是更長得多的持有期。

And so we're -- we believe that there are great partners out there. We're confident that they will happen that the families will join that to alter at some point. But in the meantime, we'll be patient and continue to develop those relationships.

因此我們——我們相信外面有很好的合作夥伴。我們也有信心，這些事情終究會發生，這些家族在某個時間點會加入並與我們結合。但在此期間，我們會保持耐心，並持續經營這些關係。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO 資本市場。

I got one on the FA comp ratio in PCG. So it's great that you're breaking out the cost of recruiting and certainly, see that it's rising. But if we look at like the revenues for the segment, even the baseline compensation is growing slower than the revenues.

我有一個關於 PCG 中理財顧問（FA）薪酬比率的問題。你們把招募成本拆出來揭露，這很好，也確實看到它在上升。但如果我們看該部門的營收，即便是基礎薪酬的成長也比營收成長慢。

And so even though we've got kind of like low-double digit or even teen revenue growth, we're seeing the comp ratio continue to grind up. So can you explain maybe what's going on there and why we're seeing operating leverage negative despite pretty decent revenue growth?

因此，即使我們看到營收是低雙位數、甚至十幾%的成長，薪酬比率仍持續緩步上升。你能否解釋一下可能發生了什麼，以及為什麼在營收成長相當不錯的情況下，我們卻看到營運槓桿為負？

Yeah. I would just say, in PCG in particular, with the compensation and payouts to independent advisers versus employee advisers, of course, the independent payouts are higher because they cover their overhead costs, their real estate, their health insurance, et cetera, as you know.

是的。我會說，特別是在 PCG，獨立顧問相較於受雇顧問的薪酬與分成（payouts）——當然，獨立顧問的分成較高，因為他們需要自行負擔營運費用、辦公室租金、健康保險等，如你所知。

And so over the last year, in particular, much more of our recruiting has come from the independent side of the business versus the employee side of the business. So there's just a mix shift there to some extent that you're looking at over the last year or so. And as production increases, we are on the -- even on the employee side, we have tiered payout systems. And so as production increases, you kind of get higher up on the payout grid as well.

因此在過去一年，特別是，我們的招募更多來自業務中的獨立端，而不是受雇端。所以在你觀察過去一年左右的數據時，某種程度上存在組合移轉（mix shift）。此外，隨著產能（production）提升，即便在受雇端，我們也有分級的分成制度；因此當產能增加時，你也會在分成表（payout grid）上往更高的級距移動。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

Paul, Butch, hope you're well. Yeah. So maybe just to double-click on Brennan's line of questioning with regards to the PCG margin dynamics. So certainly appreciate the mix shift and the impact that, that has. I was hoping you could speak to where the recruiting pipelines are across the different affiliation options.

Paul、Butch，希望你們都好。是的。所以也許我想就 Brennan 關於 PCG 利潤率動態的提問再深入追問一下。我當然理解組合轉移（mix shift）以及其帶來的影響。我想請你談談在不同隸屬選項下，你們的招募管道目前的狀況。

Just trying to gauge whether we should expect this mix shift headwind to persist for a little bit given the wires appear to be doing a little bit of a better job in terms of retention and just given the expectation that the momentum may be more concentrated within the independent channel that we could continue to see some modest pressure even as the M&A momentum accelerates.

我只是想評估，鑑於大型券商（wires）在留任方面似乎做得更好，以及考量到動能可能更集中在獨立通路，我們是否應預期這種組合轉移的逆風還會持續一段時間；即便併購（M&A）動能加速，我們仍可能看到一些溫和的壓力。

Yeah. No, we're actually seeing pretty good uptick in the employee affiliation option as well. And the mix shift is really what I was referring to more about the comp ratio than the margin because of the payout difference in the independent channel versus the employee channel.

是的。不，我們其實也看到員工隸屬選項（employee affiliation option）有相當不錯的回升。而我提到的組合轉移，更多是指薪酬比率（comp ratio）而非利潤率（margin），因為獨立通路與員工通路在分成（payout）上存在差異。

But no, we're seeing really good momentum across all affiliation options and the pipeline is strong. There has been some catalysts on the independent side, as you all are aware. But I don't want it to totally overshadow the success we're having on the employee side, which has been significant and actually it's been -- continues to tick up.

但不，我們在所有隸屬選項上都看到非常好的動能，招募管道也很強。大家也知道，獨立端確實有一些催化因素。但我不希望它完全掩蓋我們在員工端取得的成功，那是相當顯著的，而且其實還在——持續走升。

And just for my follow-up, I did one digging into some of the comments you made around agentic AI, specifically, as it relates to the impact that, that could have on cash levels. And Paul, you made compelling points about easy access to cash alternatives. You cited lower sweep cash per account. But it's also pretty clear that the market is ascribing a lower terminal value to cash derived profits just given the risk from whether it's agent, tokenization, pick your poison here.

另外追問一下，我有再深入研究你對代理式 AI（agentic AI）的幾點評論，特別是它可能對現金水位造成的影響。Paul，你提到現金替代品更容易取得，觀點很有說服力；你也引用了每個帳戶較低的掃入現金（sweep cash）。但也很明顯，市場正在對由現金衍生的獲利給予較低的終端價值（terminal value），因為存在風險——不論是代理（agent）、代幣化（tokenization），隨便你選哪一種風險來源。

Just trying to gauge in a scenario where competitors, in the event that they pivot to more of a fee-based model or approach to reduce the reliance on cash economics, is that something that you're amenable to? And are there barriers to introducing things like platform fees, given the fact that you service multiple affiliation options with your omnichannel approach?

我想了解的是，在一種情境下，如果競爭對手為了降低對現金經濟（cash economics）的依賴而轉向更偏手續費制（fee-based）的模式或做法，這是否是你們也願意採行的方向？另外，考量你們以全通路（omnichannel）方式服務多種隸屬選項，引入像平台費（platform fees）這類收費是否存在障礙？

I mean, ultimately, we want to have a profitable and competitive and fair pricing structure, fair for most importantly for the clients, also the financial professionals and the firm. And so if that evolves in the industry based on competitive pressures and competitive dynamics and client preferences, most importantly, then of course, we would be flexible and open to evolving with where clients and advisers in the industry is evolving to. I mean we look at that on an ongoing basis for all of our pricing fees and payout.

我的意思是，最終我們希望擁有一個有利可圖、具競爭力且公平的定價架構——最重要的是對客戶公平，同時也對金融專業人士與公司公平。因此，如果在競爭壓力、競爭態勢以及最重要的客戶偏好之下，產業的做法有所演進，那麼我們當然會保持彈性，並願意隨著客戶與顧問、以及整個產業的演進而調整。我們會持續檢視所有定價、費用與分成（payout）。

Mike Cyprys, Morgan Stanley.

Mike Cyprys，Morgan Stanley。

I was hoping you could maybe talk a little bit about the steps that you're taking at Raymond James to help and expand deepened relationships with advisers in the coming years. How might your offerings evolve? What additional services or value what you'd be able to provide advisers? Is there navigating a very quickly evolving world?

我想請你談談 Raymond James 正在採取哪些措施，以在未來幾年協助並擴大與顧問之間更深層的關係。你們的產品與服務可能會如何演進？你們能為顧問提供哪些額外服務或價值？在一個快速演變的世界中，你們如何因應？

Yeah. It starts with bringing advisers like clients, which already makes us very unique in the industry and really understanding what their needs are, what their demands are, having ultimate accessibility in terms of advisers feeling not only that they're allowed to, but they're welcome to invited to reach out to me if they have any concerns or questions or any way that we can possibly help them out.

是的。首先是我們把顧問當作客戶來對待，這已經讓我們在業界非常獨特；並且真正理解他們的需求與訴求，讓顧問在可近性上感受到——不只是被允許，而是被歡迎、被邀請——如果他們有任何疑慮或問題，或我們能以任何方式協助他們，都可以直接聯繫我。

That culture should not be underestimated or underrated in terms of how unique that is in our industry, both on the independent side and employee side across the board. And that's where we spend the most time making sure we try to get right and we reinforce because that's what's made us successful since our founding in 1962.

這種文化在我們這個產業的獨特性不應被低估或輕忽，無論是在獨立端或員工端，全面皆然。我們花最多時間確保把這件事做好並持續強化，因為這正是自 1962 年創立以來讓我們成功的原因。

But you also have to have competitive technology. That's why we spent $1.1 billion on technology and AI and all the components of technologies from the adviser tools to the client tools. You have to have good competitive products, not just investment products, from the plain vanilla investment products to alternative products, but also managing both sides of the balance sheet with -- we have a bank that helps clients with their lending needs as well on the SBL and mortgage side and then off-balance sheet protection insurance and having competitive insurance offering.

但你也必須具備具競爭力的科技。因此我們在科技與 AI 以及各項技術組成上投入了 11 億美元，從顧問工具到客戶工具都涵蓋在內。你也必須有好的、具競爭力的產品，不只是投資產品——從最基本的傳統投資產品到另類產品——同時也要管理資產負債表的兩端：我們有銀行可在 SBL 與房貸端協助客戶的借貸需求；此外還有表外的保障型保險，並提供具競爭力的保險方案。

So I can go on and on, but it's all of the above. Advisers have been expected and will continue to be expected to provide more holistic and bespoke financial advice to their clients over time. And so that's going to require the firm to provide technology. Again, that's where AI can actually help.

所以我可以一直講下去，但總之就是以上全部。顧問過去被期待、未來也將持續被期待，隨時間推移為客戶提供更全面、更量身打造（bespoke）的財務建議。因此，這將要求公司提供科技；同樣地，這也是 AI 實際能提供協助的地方。

When we look at these AI releases, some of which have negative impacts on our stocks in our industry, I look at it as these are releases that could be extremely helpful to us and to our advisers to help provide more bespoke advice to a larger number of clients. And so that's really what we are here to do is help advisers better help their clients.

當我們看到這些 AI 的發布，其中有些會對我們產業的股票造成負面影響時，我的看法是：這些發布其實可能對我們以及我們的顧問非常有幫助，讓我們能為更多客戶提供更量身打造的建議。因此，我們在這裡真正要做的，就是幫助顧問更好地幫助他們的客戶。

And just a follow-up, I was curious if you could comment on how you see adviser behavior evolving. And when you look at the new advisers that are joining Raymond James, any notable differences in behavior from those versus, say, legacy users? Is there anything notable to speak to on maybe banking adoption or [all] adoptions amongst new versus existing advisers?

再追問一下，我想請你評論你如何看待顧問行為的演變。當你看新加入 Raymond James 的顧問時，他們的行為相較於例如既有（legacy）使用者，有沒有任何顯著差異？例如在銀行業務採用或［各項］採用方面，新顧問與既有顧問之間是否有值得一提的差異？

No, not really. I mean it just depends on where we're recruiting from and what affiliation option. So it varies. There's nothing noticeably different. I would say the advisers that were newer to the firm, sometimes, I think they are more -- actually appreciate our technology capabilities even more because they're coming from a firm where they saw what the alternatives are.

不，沒有特別明顯。我的意思是，這取決於我們從哪裡招募，以及是哪一種隸屬選項，所以會有所不同。沒有什麼特別顯著的差異。我會說，新加入公司的顧問有時候反而更——其實更欣賞我們的科技能力，因為他們來自一個讓他們看過其他替代方案長什麼樣的公司。

And so it's counterintuitively, a lot of the newer advisers in terms of appreciation of the culture and the technology are even more blown away than some of the advisers have been with us for 25 to 30 years. They still love Raymond James and still appreciate the technology, but they don't realize what the alternatives look like.

所以有點反直覺的是，很多新加入的顧問在對文化與科技的認同上，甚至比那些在我們這裡待了 25 到 30 年的顧問更驚艷。那些資深顧問仍然熱愛 Raymond James，也仍然欣賞科技，但他們並不清楚其他選擇看起來是什麼樣子。

Jim Mitchell, Seaport Global.

Jim Mitchell，Seaport Global。

Maybe, Paul, you've had pretty significant growth in SBLs and continue to accelerate. When you think about your different distribution channels there, can you discuss how much is being driven by TriState's platform versus your own private client business? And if you see further opportunities to kind of continue this growth trajectory and further penetration rate PCG?

Paul，你們的 SBL 成長相當顯著，而且還在加速。當你看你們不同的分銷通路時，能否談談其中有多少是由 TriState 的平台所驅動，相對於你們自有的私人客戶業務？以及你是否看到進一步的機會，能夠延續這個成長軌跡並提高在 PCG 的滲透率？

No, it's a great question, Jim, and it's remarkable. Over the last year, it's been almost identical between the two at the 30%-ish rate year-over-year growth, which, again, 30%-ish growth rate, 31% year over year is just truly phenomenal and certainly a reflection of the capabilities that we have there. But it's been pretty consistent. And the opportunity to continue growing on both platforms continues to be significant.

不，這是個很好的問題，Jim，而且確實很驚人。過去一年，兩者幾乎一模一樣，年增大約都是 30% 左右；再說一次，約 30% 的成長率、年增 31% 真的是非常驚人，也確實反映了我們在那方面的能力。但整體相當一致。而在兩個平台上持續成長的機會仍然很大。

And maybe a follow-up. Just on TriState, if you -- you don't talk about it a lot, but it looks like the deposit growth there has been pretty substantial since you acquired it, maybe over 50% and has picked up over the last year.

再追問一下。關於 TriState——你們不常談它，但看起來自從你們收購後，那邊的存款成長相當可觀，可能超過 50%，而且過去一年又加快了。

So how is that helping -- what are the spreads on those deposits? And do you see it as a big contributor to profitable growth in the lending channel?

那麼這對你們有何幫助——那些存款的利差（spreads）是多少？你是否認為它是放款通路獲利成長的重要貢獻者？

Yeah, absolutely. The reason that we had TriState joined the Raymond James family is because, one, their FBL capability, their blending capability more broadly and also it diversifies the funding sources through its various deposit products.

是的，絕對是。我們讓 TriState 加入 Raymond James 大家庭的原因是：第一，他們的 FBL 能力、以及更廣泛的混合（blending）能力；第二，透過其各種存款產品，使資金來源更多元化。

So you're absolutely right. It's been a contributor on all fronts, very successful. The leadership team, again, going back to culture and joining a family, is still in place. They're still independent, branded independently, still separately chartered banks, and so just been a really great addition to the Raymond James family.

所以你說得完全正確。它在各方面都有所貢獻，非常成功。領導團隊——再回到文化與加入一個大家庭——仍然在位。他們仍保持獨立、以獨立品牌運作，也仍是分別持照的銀行，因此一直都是對 Raymond James 大家庭非常好的補強。

We have no further questions at this time. I'd now like to turn the conference over to Paul Shoukry for closing comments.

我們目前沒有其他問題。現在我想把電話會議交給 Paul Shoukry 作結語。

Great. Appreciate everyone's time and attention to Raymond James, and we don't take your trust for granted. So if there's any other questions, we're at your disposal, feel free to reach out to us at any time.

很好。感謝各位撥冗關注 Raymond James，我們不會把各位的信任視為理所當然。所以如果還有任何其他問題，我們隨時為各位效勞，歡迎隨時與我們聯繫。

Ladies and gentlemen, this does conclude today's conference call. Thank you all for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。