雷蒙詹姆斯金融 (RJF) 2026 Q4 法說會逐字稿

Good evening, and welcome to Raymond James Financial's fourth quarter and fiscal 2026 earnings call. This call is being recorded and will be available for replay for the next 30 days on the company's Investor Relations website. I'm Kristie Waugh, Senior Vice President of Investor Relations. Thank you for joining us.

晚安，歡迎參加 Raymond James Financial 2026 會計年度第四季暨 2026 會計年度財報電話會議。本次會議將進行錄音，並將於未來 30 天在公司投資人關係網站提供重播。我是投資人關係資深副總裁 Kristie Waugh。感謝各位與會。

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

今天與我一同出席的有執行長 Paul Shoukry，以及財務長 Butch Oorlog。今日所檢視的簡報已公布於 Raymond James 投資人關係網站。在預先準備的發言結束後，接線員將開放提問。

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

請各位注意投影片第 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、我們收購案預期的時程與效益、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 等字眼，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，皆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，無法保證實際結果不會與這些陳述所表達的內容存在重大差異。我們敦促各位考量我們最新的 Form 10-K 以及後續的 Form 10-Q 與 Form 8-K 中所描述的風險；相關文件可於我們網站查閱。

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

現在我很高興把電話交給執行長 Paul Shoukry。Paul？

Thank you, Kristie. Good evening and thank you for joining us. Some people like to tailgate and eat hamburgers and hot dogs prior to a world series games. Others like to listen to a really good earnings call. I want to thank all of you for being in that latter category and joining our call this evening.

謝謝你，Kristie。晚安，感謝各位加入我們。有些人喜歡在世界大賽開打前到停車場聚會，吃漢堡和熱狗。也有人喜歡收聽一場非常精彩的財報電話會議。我要感謝各位屬於後者，今晚加入我們的電話會議。

Us folks in Tampa Bay are rooting for the raise to keep things alive tonight, but there are thousands of really great Brew Crew fans who have made the trip down and are ready to pop the champagne. We will see how things shake out in the next few hours. But first, our results.

我們坦帕灣這邊的人今晚都在為 Rays 加油，希望能延續戰局；但也有成千上萬非常棒的 Brew Crew 球迷遠道而來，準備開香檳慶祝。接下來幾個小時就會見分曉。不過先來看我們的業績。

Raymond James delivered record net revenues and record net income for both the fourth quarter and fiscal year 2026. This was our sixth consecutive year of record annual results, underscoring the strength of our long-term approach and resilient, diversified business model and most importantly, reflecting the commitment of our financial advisers, bankers and associates to serving clients with integrity and putting people first every single day.

Raymond James 在 2026 會計年度第四季與 2026 會計年度全年，皆創下淨營收與淨利的新高紀錄。這是我們連續第六年創下年度紀錄，凸顯我們長期策略的實力與具韌性、分散化的商業模式；更重要的是，反映我們的財務顧問、銀行家與同仁每天以誠信服務客戶、以人為本的承諾。

In the quarter, we generated record quarterly revenues of $4.27 billion representing growth of 15% over the prior year quarter and 9% above the preceding quarter. Record pre-tax income of $862 million increased 18% over the year ago quarter and 15% over the preceding quarter. What has always set Raymond James apart is our ability to invest for the long term without losing sight of the deeply personal relationships at the heart of our business.

本季我們創下單季營收新高，達 42.7 億美元，較去年同期成長 15%，較前一季成長 9%。稅前淨利亦創新高，達 8.62 億美元，較去年同期增加 18%，較前一季增加 15%。Raymond James 一直以來與眾不同之處，在於我們能以長期視角投資，同時不忽略我們業務核心中極為個人化的深厚關係。

That was evident this fiscal year as our investments across the organization in people, technology, and capabilities enabled advisers, bankers, and associates to meet the increasingly complex needs of their clients. In the Private Client Group, we had record quarter end client assets under administration of $1.87 trillion, up 1% from the preceding quarter and 12% year-over-year.

本會計年度這一點表現得很明顯：我們在全公司對人才、科技與能力的投資，使顧問、銀行家與同仁得以滿足客戶日益複雜的需求。在私人客戶集團（Private Client Group），期末客戶管理資產（assets under administration）創下 1.87 兆美元的季度新高，較前一季增加 1%，年增 12%。

Strong retention and continued recruiting momentum again demonstrated that Raymond James remains a destination of choice for financial advisers across our affiliation options, where our growth remains focused on quality over quantity.

強勁的留任率與持續的招募動能再次證明，Raymond James 仍是各種合作隸屬模式下財務顧問的首選目的地，而我們的成長始終聚焦於「重質不重量」。

For the fiscal year, domestic PCG net new assets increased 88% to a record of more than $98 billion, representing 6.4% of beginning-of-year assets. Contributing to the excellent net new asset results were not only our record recruiting results, which far surpassed the previous year's records, but also increased net new assets from existing advisers and strong adviser retention.

就全年而言，美國本土 PCG 淨新增資產年增 88%，創下超過 980 億美元的紀錄，約占年初資產的 6.4%。促成優異淨新增資產表現的因素，不僅是我們創紀錄的招募成果（遠超越前一年的紀錄），也包括既有顧問帶來的淨新增資產增加，以及顧問留任表現強勁。

Over the fiscal year, we recruited financial advisers to our domestic independent contractor and employee channels with trailing 12-month production totaling $538 million and more than $82 billion of client assets at their previous firms. The source of this year's recruiting success as well as our current pipeline remains diverse across all of our affiliation channels.

在本會計年度，我們於美國本土的獨立承攬與員工通路招募財務顧問，其過去 12 個月（trailing 12-month）的產能合計達 5.38 億美元，且其在原任職機構的客戶資產合計超過 820 億美元。今年招募成功的來源，以及我們目前的人才管線，皆在各合作隸屬通路間呈現多元分布。

Throughout the year, we remain focused on expanding capabilities and empowering advisers. For example, enhanced succession and capital solutions for advisers, streamlined branch workflows, and adviser productivity initiatives support practice continuity, growth planning, and adviser transitions.

全年期間，我們持續專注於擴充能力並賦能顧問。例如，為顧問提供更完善的接班與資本解決方案、簡化分公司作業流程，以及顧問生產力提升計畫，皆有助於維持業務延續性、成長規劃與顧問轉換。

With regard to clients, we have expanded specialized resources available to business owners, high net worth families, and multigenerational households, helping advisers address clients' increasingly complex planning, succession, and liquidity needs.

就客戶面而言，我們擴大提供給企業主、高淨值家庭與多世代家庭的專業資源，協助顧問因應客戶在規劃、接班與流動性方面日益複雜的需求。

Lastly, we continue advancing automation, process improvement, and AI as part of our more than $1.1 billion annual technology spend. These enhancements help advisers work more efficiently and deliver increasingly personalized advice, spending less time on administrative tasks and more time with clients. Tools such as our proprietary AI assistant Raymond, an AI-powered integrated CRM solution meeting manager, improve access to institutional knowledge, client insights, and workflow support.

最後，作為我們每年超過 11 億美元科技支出的一部分，我們持續推進自動化、流程改善與 AI。這些強化措施可協助顧問更有效率地工作並提供更個人化的建議，減少行政作業時間、增加與客戶互動的時間。例如我們自有的 AI 助理 Raymond、以及由 AI 驅動的整合式 CRM 解決方案 meeting manager 等工具，可改善對機構知識、客戶洞察與工作流程支援的取得。

In Capital Markets, revenues grew this quarter driven primarily by stronger investment banking results as well as higher affordable housing investment business revenues. We generated record consolidated investment banking revenues of more than $1.1 billion for the fiscal year. We achieved this milestone despite economic and global challenges and uncertainty including concerns about disruption from emerging technologies.

在資本市場（Capital Markets）方面，本季營收成長主要由投資銀行業務表現轉強，以及平價住宅投資業務營收提高所帶動。本會計年度我們創下合併投資銀行營收新高，超過 11 億美元。即便面臨經濟與全球性挑戰及不確定性（包括對新興科技可能造成擾動的疑慮），我們仍達成此一里程碑。

These results reflect the continued investments in our capital markets businesses. During the year, we acquired GreensLedge, which provides origination and structuring capabilities that complement our existing structured products distribution.

這些成果反映我們對資本市場業務的持續投資。本年度我們收購了 GreensLedge，其提供的承作（origination）與結構設計（structuring）能力，可與我們既有的結構型產品分銷業務相互補強。

Additionally, we made strategic hires and expanded specialized practices to continue to deepen our expertise, including adding a leveraged finance and debt advisory practice and expanding our ESOP advisory team and our consumer franchise.

此外，我們進行策略性延攬並擴大專業團隊，以持續深化專業能力，包括新增槓桿融資與債務顧問業務，並擴編我們的 ESOP 顧問團隊以及消費者特許經營（consumer franchise）業務。

In Public Finance, the addition of MBS Capital Markets increases our capabilities in land secured finance and strengthens our ability to serve special districts, master planned communities, and mixed-use developments. Our investment banking pipeline remains strong, and as we saw this quarter, we believe we are well positioned for future growth.

在公共金融（Public Finance）方面，併入 MBS Capital Markets 提升了我們在土地擔保融資（land secured finance）的能力，並強化我們服務特殊行政區（special districts）、總體規劃社區（master planned communities）與複合式開發案（mixed-use developments）的能力。我們的投資銀行業務案源管線仍然強勁；正如本季所見，我們相信自己已為未來成長做好良好布局。

In the Asset Management segment, net inflows into managed fee-based programs in the Private Client Group were strong during the quarter. This reflected the growth from our successful recruiting efforts as well as a cross-business collaboration with PCG and to provide high-quality investment offerings such as the newly launched private wealth guided portfolios that expand solutions for private wealth clients looking to add alternative investments in their managed portfolios.

在資產管理（Asset Management）部門，本季私人客戶集團的管理型收費（managed fee-based）方案淨流入表現強勁。這反映了我們成功招募所帶來的成長，以及與 PCG 的跨業務協作，提供高品質投資產品，例如新推出的私人財富引導式投資組合（private wealth guided portfolios），以擴充解決方案，滿足希望在其受託管理投資組合中加入另類投資的私人財富客戶需求。

Additionally, we experienced solid net flows into Raymond James Investment Management, including the recently acquired Clark Capital, which continues to grow assets by serving adviser-oriented channels with high-touch asset management and model portfolio capabilities.

此外，Raymond James Investment Management 的淨流量亦穩健，包括近期收購的 Clark Capital；該公司持續透過以顧問為導向的通路，憑藉高接觸式（high-touch）資產管理與模型投資組合能力推動資產成長。

In the Bank segment, loans ended the quarter at a record $57.5 billion driven predominantly by continued growth in securities-based lending balances. Those balances increased more than $6 billion or 32% from the year ago period and 6% sequentially. This growth continues to reflect the synergy with our expanding Private Client Group business as we deploy our balance sheet in support of clients.

在銀行（Bank）部門，期末放款餘額創下 575 億美元新高，主要由證券擔保放款（securities-based lending）餘額持續成長所帶動。該餘額較去年同期增加逾 60 億美元（或 32%），並較前一季成長 6%。此一成長持續反映我們與不斷擴大的私人客戶集團業務之間的協同效應，因我們運用資產負債表以支援客戶需求。

Importantly, credit quality across the loan portfolio remains strong. Our capital deployment strategy remains disciplined and long-term focused with priorities that include organic growth, technology and platform investments, strategic acquisitions, and returning capital to shareholders.

重要的是，整體貸款投資組合的信用品質仍然強勁。我們的資本部署策略仍保持紀律並聚焦長期，優先事項包括內生成長、科技與平台投資、策略性併購，以及向股東返還資本。

Before I turn the call over to Butch, I want to highlight two things we are excited about. First and most importantly, our latest satisfaction survey showed that advisers' overall satisfaction with Raymond James' service levels reached an all-time high of 96% with 87% of our advisers saying that they have experienced an improvement over our already strong service levels over the past year. These remarkable results reflect the collective efforts of our associates to serve advisers and their clients.

在我把電話交給 Butch 之前，我想強調兩件我們感到振奮的事。第一且最重要的是，我們最新的滿意度調查顯示，顧問對 Raymond James 服務水準的整體滿意度達到歷史新高的 96%，其中 87% 的顧問表示，在過去一年中，他們感受到我們本已強勁的服務水準仍有提升。這些卓越的結果反映了我們同仁共同努力，為顧問及其客戶提供服務。

Also during the quarter, we announced a new partnership with the PGA Tour as a title sponsor of the GO by Raymond James Golf Tournament in Greensboro, North Carolina. One of the tours most historic tournaments the event will become a championship level competition featuring the best players in the world. This partnership provides a unique opportunity to invest in our brand and deepen relationships with clients and prospects.

此外，在本季度期間，我們宣布與 PGA 巡迴賽建立新的合作夥伴關係，擔任北卡羅來納州格林斯伯勒「GO by Raymond James」高爾夫錦標賽的冠名贊助商。作為巡迴賽最具歷史性的賽事之一，該活動將成為錦標賽等級的競賽，匯聚全球最頂尖的球員。此合作夥伴關係提供了投資我們品牌並深化與客戶及潛在客戶關係的獨特機會。

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

現在我把電話交給 Butch Oorlog，請他詳細回顧我們的財務結果。Butch？

Thank you, Paul. I'll begin on slide 6. The firm reported record net revenues of $4.27 billion for the fiscal fourth quarter. Net income available to common shareholders was $666 million with record earnings per diluted share of $3.40.

謝謝你，Paul。我將從第 6 張投影片開始。本公司在會計年度第四季報告淨營收創新高，達 42.7 億美元。可歸屬於普通股股東的淨利為 6.66 億美元，稀釋後每股盈餘創新高，為 3.40 美元。

Adjusted net income available to common shareholders, which excludes acquisition-related expenses, equaled $703 million resulting in record adjusted earnings per diluted share of $3.59. Our pre-tax margin for the quarter was 20.2% and adjusted pre-tax margin was 21.3%. We generated annualized return on common equity of 20.6% and annualized adjusted return on tangible common equity of 26.6%, strong results for the quarter, particularly given our conservative capital base.

可歸屬於普通股股東的調整後淨利（不含併購相關費用）為 7.03 億美元，使稀釋後每股調整後盈餘創新高，達 3.59 美元。我們本季稅前利潤率為 20.2%，調整後稅前利潤率為 21.3%。我們產生的普通股權年化報酬率為 20.6%，有形普通股權年化調整後報酬率為 26.6%；就本季而言屬於強勁表現，尤其考量到我們保守的資本基礎。

Turning to slide 7. The Private Client Group generated pre-tax income of $458 million on record quarterly net revenues of $3.06 billion. Revenues grew 15% year-over-year primarily driven by higher PCG assets under administration, resulting from market appreciation, strong retention, and the continued addition of net new assets.

接著看第 7 張投影片。私人客戶集團（PCG）在季度淨營收創新高、達 30.6 億美元的情況下，產生稅前收入 4.58 億美元。營收年增 15%，主要由 PCG 管理下資產（AUA）增加所帶動，這反映了市場升值、強勁留存率，以及持續新增的淨新資產。

Pre-tax income grew 10% over the year ago quarter as the revenue growth was partially offset by higher financial adviser commissions tied to strong compensable revenue growth and increased expense supporting the record recruiting results Paul mentioned earlier.

稅前收入較去年同期季度成長 10%；營收成長部分被較高的理財顧問佣金（與強勁的可計酬營收成長連動）以及為支援 Paul 先前提到的創紀錄招募成果而增加的費用所抵銷。

The Capital Markets segment generated quarterly net revenues of $549 million and pre-tax income of $106 million. Segment net revenues increased year-over-year and sequentially, driven by higher M&A and advisory revenues. This growth was partially offset by lower fixed income brokerage revenues as rising interest rates and increased market volatility created a challenging environment, especially for municipal securities.

資本市場部門本季淨營收為 5.49 億美元，稅前收入為 1.06 億美元。部門淨營收年增且較前一季增加，主要由更高的併購（M&A）與顧問收入所帶動。但此成長部分被固定收益經紀收入下滑所抵銷；利率上升與市場波動加劇造成具挑戰性的環境，尤其對市政債券而言更是如此。

Fourth quarter results also benefited from seasonally high revenues in our affordable housing investments business. The Asset Management segment generated record pre-tax income of $170 million on record net revenues of $409 million. Results were largely driven by higher financial assets under management compared with the prior year quarter, reflecting market appreciation over the past 12 months and strong net inflows into PCG fee-based accounts as well as the addition of Clark Capital.

第四季結果亦受惠於我們可負擔住宅投資業務的季節性高營收。資產管理部門在淨營收創新高、達 4.09 億美元的情況下，稅前收入創新高，達 1.70 億美元。結果主要由管理資產規模較去年同期季度增加所驅動，反映過去 12 個月的市場升值、PCG 收費型帳戶的強勁淨流入，以及納入 Clark Capital 的貢獻。

The Bank segment generated net revenues of $483 million and pre-tax income of $180 million. Segment net revenues increased 5% year-over-year, largely due to net loan growth over the period. Results also benefited from a loan loss reserve release during the quarter, driven by continued strength in credit quality measures as the loan portfolio continues to shift towards lower credit risk, securities-based loans, and residential mortgages.

銀行部門淨營收為 4.83 億美元，稅前收入為 1.80 億美元。部門淨營收年增 5%，主要由期間內貸款淨成長所帶動。本季結果亦受惠於貸款損失準備回轉，係由於信用品質指標持續強勁，且貸款投資組合持續轉向信用風險較低的證券擔保貸款與住宅抵押貸款。

Turning to consolidated revenues on slide 8. Asset management and related administrative fees were $2.31 billion, up 23% over the prior year and 11% over the preceding quarter. Record quarter end PCG fee-based assets were $1.16 trillion, up 15% year-over-year and 1% over the preceding quarter. Looking ahead, we expect fiscal first quarter 2027 asset management and related administrative fees to increase approximately 1% from the fourth quarter level driven by higher PCG assets and fee-based accounts at quarter end.

接著看第 8 張投影片的合併營收。資產管理及相關行政費用為 23.1 億美元，較去年同期增加 23%，較前一季增加 11%。PCG 期末收費型資產創新高，達 1.16 兆美元，年增 15%，較前一季增加 1%。展望未來，我們預期 2027 會計年度第一季的資產管理及相關行政費用，將在第四季水準基礎上增加約 1%，主要由期末 PCG 資產與收費型帳戶增加所帶動。

Brokerage revenues were $614 million, down 2% from the preceding quarter as higher PCG retail brokerage revenues were more than offset by a decline in fixed income trading revenues described earlier.

經紀業務營收為 6.14 億美元，較前一季下降 2%；原因是 PCG 零售經紀營收增加，仍不足以抵銷前述固定收益交易營收的下滑。

Moving to slide 9. Clients' domestic cash sweep and enhanced savings program balances ended the quarter at $58 billion, up 3% over the year ago quarter and down 1% from the preceding quarter. Our client deposit balance mix continues to highlight our diverse funding sources through both the suite program and the enhanced savings program through Raymond James Bank as well as TriState Capital's deposit gathering capabilities.

接著看第 9 張投影片。客戶的國內現金掃入（cash sweep）與增強型儲蓄計畫餘額於季末為 580 億美元，較去年同期增加 3%，較前一季下降 1%。我們的客戶存款餘額組合持續凸顯多元的資金來源，包括透過套裝（suite）計畫與 Raymond James Bank 的增強型儲蓄計畫，以及 TriState Capital 的存款募集能力。

Additionally, a portion of the suite balances held off balance sheet with third-party banks, which totaled over $16 billion at quarter end, is immediately available to fund future loan growth as client demand warrants.

此外，套裝計畫餘額中有一部分以表外方式存放於第三方銀行，季末合計超過 160 億美元；在客戶需求允許的情況下，這些資金可立即用於支應未來貸款成長。

Turning to slide 10. Combined net interest income and RJBDP fees from third-party banks were $674 million, up $16 million or 2% from the prior quarter. Fee revenues earned on RJBDP balances with third-party banks increased $12 million as a result of both an increase in average balances swept to third-party banks in the quarter as well as a 6-basis point increase in the yield on such balances to 2.81%.

接著看第 10 張投影片。合併後的淨利息收入與來自第三方銀行的 RJBDP 費用為 6.74 億美元，較前一季增加 1,600 萬美元（或 2%）。在第三方銀行持有的 RJBDP 餘額所賺取的費用收入增加 1,200 萬美元，係由於本季掃入第三方銀行的平均餘額增加，以及此類餘額的收益率上升 6 個基點至 2.81%。

Firm net interest income increased year-over-year and sequentially as higher interest income driven primarily by higher bank segment interest-earning assets more than offset higher interest expense. Looking ahead, based on interest rates that include the full impact of the September rate increase and assuming unchanged quarter end balances, net of the fiscal first quarter fee billing collection of $2.1 billion, we would expect aggregate NII in RJBDP fees from third-party banks in the first quarter to be up approximately 1% over the fourth quarter level.

本公司淨利息收入較去年同期及較前一季均增加；主要原因是銀行部門生息資產增加所帶動的利息收入上升，足以抵銷較高的利息費用。展望未來，基於包含 9 月升息完整影響的利率水準，並假設期末餘額不變，且扣除會計年度第一季 21 億美元的費用帳單收款影響，我們預期第一季來自第三方銀行的合計淨利息收入與 RJBDP 費用，將較第四季水準增加約 1%。

Keep in mind, actual results could be influenced by several variables, including any interest rate actions during the upcoming quarter as well as changes in loan and deposit balances.

請記住，實際結果可能受到多項變數影響，包括即將到來季度內的任何利率行動，以及貸款與存款餘額的變動。

Turning to consolidated expenses on slide 11. Compensation expense was $2.77 billion and the total compensation ratio for the quarter was 65%. The adjusted compensation ratio, which excludes acquisition-related compensation expenses was 64.6%, a really strong result given the business mix and robust compensable revenue growth in PCG.

接著看第 11 張投影片的合併費用。薪酬費用為 27.7 億美元，本季總薪酬比率為 65%。調整後薪酬比率（不含併購相關薪酬費用）為 64.6%；考量業務組合以及 PCG 可計酬營收的強勁成長，這是一個非常亮眼的結果。

As we said at our Analyst Day in June, we expect to achieve an adjusted compensation ratio of approximately 65% based on our revenue mix. And as evident this quarter, improvement in that ratio can result from strong performance of the Capital Markets segment.

正如我們在 6 月的分析師日所說，基於我們的營收組合，我們預期可達成約 65% 的調整後薪酬比率。而如本季所示，該比率的改善可能來自資本市場部門的強勁表現。

Non-compensation expenses were $633 million, up 5% from the year ago quarter. Sequentially, non-compensation expenses increased 6% driven primarily by a lower bank loan benefit for credit losses compared to the preceding quarter as well as higher investment sub-advisory fees that align with higher fee-based assets.

非薪酬費用為 6.33 億美元，較去年同期季度增加 5%。就季比而言，非薪酬費用增加 6%，主要由於相較前一季，銀行貸款信用損失利益較低，以及與較高收費型資產相一致的投資次顧問費用增加所致。

Certain non-compensation expenses are tied directly to our growth and many of those expenses, particularly those associated with successful recruiting benefit future periods. For the fiscal year, we delivered adjusted non-compensation expenses, excluding the bank loan benefit for credit losses of approximately $2.3 billion, in line with our target.

某些非薪酬費用與我們的成長直接相關，而其中許多費用，特別是與成功招募相關的費用，將使未來期間受益。就本會計年度而言，我們交付的調整後非薪酬費用（不含銀行貸款信用損失之利益）約為23億美元，符合我們的目標。

Importantly, we achieved this while absorbing incremental operating expenses from businesses acquired during the year, which were not contemplated in our target. Excluding those expenses, we would have come in below our target.

重要的是，我們在吸收本年度收購業務所帶來、且未納入我們目標中的新增營運費用的同時，仍達成了這一點。若排除這些費用，我們本會低於目標。

Looking ahead to fiscal 2027, we expect non-compensation expenses, excluding the bank loan loss provision for credit losses, non-GAAP adjustments presented in our non-GAAP financial measures and any unexpected legal and regulatory items to be approximately $2.5 billion, representing about an 8% increase year-over-year. This target reflects the full year impact of the businesses acquired in fiscal 2026, contributing approximately 100 basis points of the expected expense increase.

展望2027會計年度，我們預期非薪酬費用（不含銀行貸款信用損失準備、我們於非GAAP財務衡量中呈列的非GAAP調整項，以及任何非預期的法律與監管事項）約為25億美元，年增約8%。此目標反映2026會計年度收購業務的全年影響，約貢獻預期費用增幅中的100個基點。

Slide 12 presents the pre-tax margin trends for the past five quarters. This quarter, we achieved adjusted pre-tax margin of 21.3%, a strong result and above our guidance of approximately 20%, helped by higher capital markets results and also reflecting an increase in operating leverage in our PCG segment. Our long-term trend on profitability continues to highlight the stability and strength of our diversified businesses to consistently generate strong margins throughout various market cycles.

投影片12呈現過去五個季度的稅前利潤率趨勢。本季度，我們達成調整後稅前利潤率21.3%，表現強勁且高於我們約20%的指引，主要受資本市場業績較佳所帶動，同時也反映我們PCG部門營運槓桿的提升。我們長期的獲利趨勢持續凸顯多元化業務的穩定性與韌性，能在各種市場循環中持續產生強勁利潤率。

On slide 13, at quarter end, our total assets were $94.4 billion, which approximated the preceding quarter end level. Record bank loans of $57.5 billion grew 11% over the year ago quarter and 2% sequentially with that loan growth largely in support of our clients.

在投影片13，截至季度末，我們總資產為944億美元，約與前一季度末水準相當。創新高的銀行貸款達575億美元，較去年同期季度成長11%，較前一季度成長2%，該貸款成長主要用於支持我們的客戶。

Securities-based loans and residential mortgages represent 65% of our total loans held for investment, reflecting 45% and 20% of the total, respectively. RJF corporate cash at the parent ended the quarter at $2.9 billion, providing excess liquidity of $1.7 billion above our $1.2 billion target. With a Tier 1 leverage ratio of 12.1% and a total capital ratio of 24.2%, we remain well above regulatory requirements with approximately $1.9 billion of excess capital capacity to deploy before reaching our conservative Tier 1 leverage ratio target of 10%.

以證券作擔保的貸款與住宅房貸占我們投資持有貸款總額的65%，分別占總額的45%與20%。母公司層級的RJF企業現金於季度末為29億美元，較我們12億美元目標多出17億美元的超額流動性。第一級槓桿比率為12.1%、總資本比率為24.2%，我們仍遠高於監管要求；在達到我們保守的第一級槓桿比率10%目標之前，約有19億美元的超額資本容量可供運用。

The effective tax rate for the year was 23%. Looking ahead, we estimate our effective tax rate for the fiscal 2027 to be approximately 25%, which excludes any impact the corporate-owned life insurance or COLI portfolio valuation could have on the rate during the year.

本年度的有效稅率為23%。展望未來，我們估計2027會計年度的有效稅率約為25%，此估計不包含公司持有的人壽保險（COLI）投資組合估值在年度內可能對稅率造成的任何影響。

Slide 14 provides a summary of our capital actions. Through the combination of common dividends paid and share repurchases, we returned $154 million of capital to shareholders during the quarter. In the quarter, we repurchased $50 million of common shares at an average price of $166 per share.

投影片14提供我們資本行動的摘要。透過支付普通股股利與回購股份的組合，我們在本季度向股東返還了1.54億美元資本。本季度我們以每股平均166美元的價格回購了5,000萬美元的普通股。

Over the past 12 months, we repurchased 8 million common shares for approximately $1.25 billion. Including dividends, over that period, we returned $1.7 billion to common shareholders, representing 71% of earnings.

過去12個月，我們回購了800萬股普通股，金額約12.5億美元。包含股利在內，在該期間我們向普通股股東返還了17億美元，相當於盈餘的71%。

Through successful execution on our capital deployment priorities over the past year, with strategic balance sheet growth, completion of acquisitions, and capital return to shareholders our Tier 1 leverage ratio has declined 100 basis points over that period to its still strong 12.1% level. We remain committed to operating our businesses over the long run at capital levels consistent with our established targets.

透過過去一年成功執行我們的資本運用優先事項，包括策略性的資產負債表成長、完成收購，以及向股東返還資本，我們的第一級槓桿比率在該期間下降了100個基點，至仍然強勁的12.1%。我們仍致力於長期以符合既定目標的資本水準來經營各項業務。

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

我現在把電話交回給Paul，請他做最後的結語。Paul？

Thank you, Butch. In summary, we finished fiscal 2026 with record results and an adjusted return on tangible common equity of 23% while investing in future growth. We are entering fiscal 2027 with many tailwinds, including records for client assets and a strong investment banking pipeline.

謝謝你，Butch。總結來說，我們在投資未來成長的同時，以創紀錄的成果結束2026會計年度，調整後有形普通股權益報酬率達23%。我們以多項順風進入2027會計年度，包括客戶資產創新高以及強勁的投資銀行業務案源（pipeline）。

Of course, we also maintain a watchful eye on the uncertain geopolitical and macroeconomic environment. But we avoid trying to time the markets and instead focus on making investments to better support our advisers and their clients over the long term while also maintaining a strong balance sheet with ample liquidity and capital to be nimble and opportunistic in a wide range of potential market environments.

當然，我們也密切關注不確定的地緣政治與總體經濟環境。但我們避免試圖踩點市場，而是專注於進行投資，以在長期更好地支持我們的理財顧問及其客戶；同時維持強健的資產負債表，具備充足的流動性與資本，以便在各種潛在市場環境中保持靈活並把握機會。

Our leadership team believes what people want more than ever in this world of technology, AI and social media which I call antisocial media is deeply personal relationships. And counterintuitively, it was harder to find than since our founding in 1962 across almost any industry is a deeply personal relationship.

我們的領導團隊相信，在這個充滿科技、AI與社群媒體（我稱之為「反社交媒體」）的世界裡，人們比以往任何時候都更渴望深度且個人化的關係。而反直覺的是，自我們1962年創立以來，幾乎在任何產業中，深度且個人化的關係都變得更難尋得。

To that end, we are making significant investments in technology and AI, not with a focus on disintermediating our financial advisers, but instead, with a focus on saving our advisers and associates time on administrative tasks so they can spend more time developing deeply personal relationships with their clients. We believe human financial advice grounded in these relationships will be an even bigger differentiator going forward.

因此，我們正大幅投資於科技與AI，但重點不是要去中介化（disintermediate）我們的理財顧問；相反地，我們的重點是替顧問與同仁節省行政作業時間，讓他們能投入更多時間與客戶建立深度且個人化的關係。我們相信，以這些關係為基礎的人類理財建議，未來將成為更大的差異化優勢。

I want to thank all of our advisers, bankers and associates for helping Raymond James generate our sixth consecutive year of record results.

我要感謝我們所有的理財顧問、銀行家與同仁，協助Raymond James連續第六年創下紀錄成果。

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

以上為我們事先準備的發言。接線員，請您開放提問線路好嗎？

(Operator Instructions)

（接線員指示）

David Smith, Truist Securities.

David Smith，Truist Securities。

You had a pretty healthy capital uptick to 12.1% Tier 1 leverage this quarter. But despite that, you really curtailed the buyback. Can you share more about that decision and whether there's been any shift in your capital allocation strategy right now on the blackout period just made it tough to take advantage of the leg down for the stock in September.

你們本季度第一級槓桿比率升至12.1%，資本增幅相當可觀。但即便如此，你們卻大幅縮減了回購。能否多分享一下這個決策，以及你們目前的資本配置策略是否有任何轉變？另外，是否因為禁售期（blackout period）使得你們難以把握9月股價下跌的機會？

No. Really, what happened during the quarter was we were evaluating an M&A opportunity. And so we kind of suspended buybacks as we were evaluating that opportunity to see if we can get it to progress through the process. As of right now, that opportunity does not look like it will progress. And so as of right now, our plan is to resume buybacks at that $400 million a quarter level going forward.

沒有。其實本季度發生的是，我們正在評估一個併購（M&A）機會。因此在評估該機會、看能否推進流程期間，我們就暫停了回購。截至目前，那個機會看起來不太可能繼續推進。所以就目前而言，我們的計畫是未來恢復每季4億美元的回購水準。

Okay. So not with a catch-up necessarily?

好的。所以不一定會有補回（catch-up）？

No, we'll just continue at the same level going forward.

不會，我們只是未來會以相同水準持續進行。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

I want to sort of hone in a little bit on balance sheet strategy from here. I heard you in terms of having some of the third-party suite available to fund loan growth. If I look at your balance sheet, it's about 90% funded loan to deposits, the NIM went down a little bit quarter-on-quarter.

我想稍微聚焦一下接下來的資產負債表策略。我聽到你提到可運用部分第三方方案來為貸款成長提供資金。如果我看你們的資產負債表，貸款對存款的資金來源約為90%，而淨利差（NIM）也較上季略有下降。

So strategically, how are you thinking about managing the growth of the strong secured based lending and the mortgage opportunity and how might that sort of play through for the NIM outlook?

因此從策略上，你們如何思考管理強勁的擔保型貸款與房貸機會的成長？以及這可能會如何影響你們對淨利差（NIM）前景的看法？

Yes, Bill, good question. I mean, really, if you look at our overall cash availability, we have lots of flexibility. The loan-to-deposit ratio for us is not as relevant as a pure-play bank because we do have so much cash with third-party banks that provides a lot of flexibility.

是的，Bill，問得很好。我的意思是，如果你看我們整體的現金可用性，我們有很大的彈性。對我們而言，貸存比不像純銀行那樣重要，因為我們在第三方銀行持有大量現金，這提供了很大的彈性。

And beyond that, we have diversified sources of deposits both from Raymond James Bank and TriState Capital. So we feel confident in our ability to continue supporting clients with the balance sheet. And to your point, we're really more focused on growing NII and BDP fees over time than optimizing NIM. We're really focused on increase supporting clients and improving profitability over time. And that's how we think about the strategy going forward.

除此之外，我們的存款來源也已多元化，既來自 Raymond James Bank，也來自 TriState Capital。因此，我們對於能夠持續運用資產負債表來支持客戶充滿信心。而且如你所說，我們其實更著重於隨時間推進提升淨利息收入（NII）與 BDP 費用，而不是去最佳化淨利息利差（NIM）。我們真正關注的是持續加大對客戶的支持，並隨時間提升獲利能力。這就是我們對未來策略的思考方式。

Craig Siegenthaler, Bank of America.

Craig Siegenthaler，美國銀行。

Paul, Butch. Hope everyone is doing well. So just a follow up on the last one. Does that mean the NIMs going down despite the fact that Fed's raising rates because in the quarter, liability cost, as you know, rose a lot faster than asset yields.

Paul、Butch。希望大家都一切順利。我想就上一題再追問一下。這是否表示即使聯準會升息，NIM 仍會下滑，因為在本季，如你所知，負債成本上升的速度遠快於資產收益率。

Yes. I'll have Butch speak to the specifics on our near-term outlook. But I think what might be missing in the long-term perspective is that as deposit costs across the entire industry continues to increase on an incremental basis, you're going to see that reflected in loan pricing as well over time, whether it's in higher spreads than just loan pricing.

是的。我會請 Butch 說明我們短期展望的細節。但我認為從長期角度來看，可能被忽略的一點是：隨著整個產業的存款成本持續以邊際方式上升，你也會看到這會隨時間反映在放款定價上，不論是體現在更高的利差，或不只是單純的放款定價。

So the returns, I think, in the industry will keep up with the deposit costs over time, but Butch can to the near-term sort of outlook from the latest rate increase.

因此，我認為整個產業的報酬率會隨時間推進而跟上存款成本，但 Butch 可以就最近一次升息後的短期展望來補充。

Yes. One aspect of the NIM decline in the bank segment, this particular quarter was, you'll recall that we significantly increased our ESP deposit balances in Q3, and that was a ramp-up over the quarter. So basically, in Q4, we experienced a full quarter effect of the increase in those higher cost deposits, and that was an impact on NIM.

是的。本季銀行業務分部 NIM 下滑的一個因素是，你會記得我們在第三季大幅提高了 ESP 存款餘額，而且那是在整個季度逐步拉升的。因此，第四季我們承受了這些較高成本存款增加所帶來的「完整一季」效果，這對 NIM 造成了影響。

I would also focus that with our third-party bank balances, we actually increased the yield from our third-party banks by 6 basis points. It kind of offsets the NIM. So as Paul mentioned, we really think about it as managing the aggregate of NII and BDP.

我也想強調，我們在第三方銀行的存放餘額方面，實際上把第三方銀行提供的收益率提高了 6 個基點。這在某種程度上抵銷了 NIM 的影響。因此如 Paul 所提到的，我們更傾向把它視為管理 NII 與 BDP 的整體合計表現。

And going forward with future rate hikes, all things being equal, meaning no negative impact on balances. Given the floating nature of our balance sheet, the fact that we don't take interest rate bets. All things being equal, increases in short-term rates would have a positive impact on our NII and typically on our NIM on a longer-term basis.

展望未來的升息，在其他條件相同的情況下，也就是說餘額不受到負面影響。鑑於我們資產負債表的浮動利率特性，以及我們不進行利率押注。在其他條件相同下，短期利率上升將對我們的 NII 產生正面影響，且通常在較長期基礎上也會對我們的 NIM 有正面影響。

Michael Cyprus, Morgan Stanley.

Michael Cyprus，摩根士丹利。

Just wanted to ask about the recruiting backdrop. You've obviously had a very strong year here, and you've talked about the pipeline remaining healthy across the different affiliation options. So I was hoping you could maybe give us a sense of how you see the competitive environment evolving particularly around transition assistance and how you're seeing the sort of advisers in motion evolving across the broader industry? And how you're thinking about sustainability of the sort of growth you put up here into fiscal '27?

我想詢問一下招募的背景情況。你們今年表現顯然非常強勁，也提到在不同的合作/隸屬選項下，管線仍然健康。因此我希望你們能談談，你們如何看待競爭環境的演變，特別是在轉職協助（transition assistance）方面；以及你們如何觀察整個產業中「正在流動/轉換中的顧問」的變化趨勢？另外，你們如何思考把這樣的成長延續到 2027 財年（'27）的可持續性？

Yes. We feel really good about our pipelines across all of our affiliation options. I pop into a lot of these recruiting meetings, and there's a lot of them happening at our home office. And again, it's from a a wide variety of sources from different firms and they're evaluating a wide variety of our affiliation options. So it's a pretty balanced and strong pipeline.

是的。我們對於所有合作/隸屬選項的招募管線都感到非常樂觀。我會參與很多這類招募會議，而我們總部也正在進行大量會議。而且同樣地，來源非常多元，來自不同公司，他們也在評估我們各式各樣的合作/隸屬選項。因此這是一個相當均衡且強勁的管線。

I know there's a lot of questions around there about the competitive environment and the economics of recruiting right now because I think there's been sort of a fallacy of assuming that the economics are binary and consistent across the industry. And I can't speak for all the participants in the industry, but I could speak for Raymond James in that, the recruiting environment and the way we recruit is very economically attractive for Raymond James.

我知道目前外界對競爭環境以及招募的經濟性有很多疑問，因為我認為市場上存在一種謬誤：假設招募的經濟性在產業內是二元且一致的。我無法代表產業內所有參與者發言，但就 Raymond James 而言，招募環境以及我們的招募方式，對 Raymond James 來說在經濟上非常有吸引力。

And I always say, the proof is in the pudding. You see that this year with an adjusted ROTCE of 23% for Raymond James with consistently strong recruiting results, record results for us in the last couple of years. And so you may be wondering why are you hearing different things across the industry. I think what makes recruiting attractive economically for Raymond James is really three things.

我常說，成果最能說明一切。你可以從今年看出來：Raymond James 的調整後有形普通股權益報酬率（ROTCE）達到 23%，同時招募成果也持續強勁，過去幾年對我們而言更是創下紀錄。因此你可能會疑惑，為什麼你會在產業內聽到不同的說法。我認為讓招募在經濟上對 Raymond James 具有吸引力的原因，主要有三點。

Most importantly, it's the value proposition. We call it the best of both worlds where we tell advisers. They own their book of business across all of our affiliation options, and we have an adviser and client-focused culture and approach, which is getting harder to find across the industry.

最重要的是價值主張。我們稱之為「兩全其美」，我們告訴顧問：在我們所有的合作/隸屬選項下，他們都擁有自己的客戶業務（book of business）；而且我們有以顧問與客戶為核心的文化與做法，這在整個產業中越來越難找到。

And we have a full service offering. We have a bank. We have a trust company. We have equity research, all the things that advisers may want to help provide to their clients to provide the absolute best financial advice possible.

此外，我們提供全方位服務。我們有銀行。我們有信託公司。我們有股票研究，以及顧問可能希望用來協助客戶、提供盡可能最佳財務建議的所有資源。

The second thing that's important in being profitable with the recruiting is scale. We invest $1.1 billion in technology. There's a lot of firms we compete with that just can't keep up with that level of investment given their size. So it's harder to remain competitive, harder to provide that value proposition that I just described as differentiated, and harder to keep up with the demands of clients and advisers. So scale is really important.

第二個對招募獲利能力很重要的因素是規模。我們在科技上的投資達 11 億美元。我們競爭的許多公司，受限於規模，根本無法跟上這種投資水準。因此要維持競爭力更困難、要提供我剛才所描述的差異化價值主張更困難，也更難跟上客戶與顧問的需求。所以規模真的很重要。

And then finally, it's a long-term time horizon that we have as a management team, as a company and that we've always had as a management team as a company because like most growth investments, it actually creates a drag on near-term profitability.

最後，是我們作為管理團隊、作為公司所擁有的長期時間視角，而且我們一直以來都是如此，因為像大多數成長型投資一樣，它其實會在短期獲利上造成拖累。

So if we're just focused on the next quarter or even the next year, recruiting may not be attractive, on an incremental basis, but we're making decisions for the next five years and beyond. And so with the value proposition that we have, that's differentiated, the scale that we have, in our long-term time horizon. That's why we're so excited about the recruiting opportunity, and that's why it's economically attractive for Raymond James.

所以如果我們只關注下一季，甚至下一年，招募在邊際上可能不具吸引力；但我們做決策是以未來五年甚至更久為考量。因此，憑藉我們具差異化的價值主張、我們的規模，以及我們的長期時間視角。這就是為什麼我們對招募機會如此興奮，也為什麼它在經濟上對 Raymond James 具有吸引力。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

Guys, just following up on that last discussion around recruiting and tying that back maybe to PCG comp rate and margins. I was hoping double click on a couple of things. I guess, one, typically, the recruiting TA system comes a little ahead of revenues. So presumably, that's still playing out. So couple that with robust recruiting pipeline, Paul, that you added to, how should we think about PCG comp rate into '27 off of this kind of 75-ish percent range that you exited fiscal '26?

各位，我想延續剛才關於招募的討論，並把它連結到 PCG 薪酬率與利潤率。我希望深入追問幾點。我想第一，通常招募的轉職協助（TA）支出會比營收更早發生一些。所以推測這個情況仍在持續發酵。那麼結合強勁的招募管線（Paul 你也提到過），我們應該如何看待到 '27 年 PCG 薪酬率，從你們在 2026 財年（'26）結束時約 75% 左右的區間往後走？

Yes, to your point, I mean, we're going to continue investing in growth, and we've been ramping up, as you know. We had net new assets this year of $98 billion, which was a record of 88% year-over-year, which is, I mean, remarkable when you think about the level of growth we invested in during the year. And so yes, all else being equal, that transition assistance -- as you ramp up, that does create a higher pressure on the comp ratio and on the margin.

是的，如你所說，我們會持續投資成長，而且如你所知我們一直在加速投入。我們今年的淨新增資產為 980 億美元，年增 88%，創下紀錄；考量到我們在年度中投入的成長投資規模，這確實非常驚人。因此是的，在其他條件相同下，隨著轉職協助的投入拉升，確實會對薪酬比率與利潤率帶來更大的壓力。

But again, we have scale and we are being very disciplined on the investments we're making in non-comp. And just as you saw this year, we're still able to grow pre-tax income in the Private Client Group business despite that investment in growth and also despite the pressure we had in interest rates during the year. So we're going to continue to focus on not what the pre-tax income does just next year, but over the next 5- to 10 years as we grow the business.

但再說一次，我們具備規模優勢，且對於在非薪酬（non-comp）方面所做的投資非常自律。而且正如你今年所看到的，儘管我們為成長投入資金，也儘管今年利率帶來壓力，我們仍能在私人客戶集團（PCG）業務中提升稅前收入。因此，我們將持續把重點放在不只是明年稅前收入會如何表現，而是著眼於未來 5 到 10 年，隨著業務成長的整體表現。

Got you. But just in terms of the pace of PCG comp rate trajectory, is that upward bias moderates from here? Or does it stay at about the same pace?

了解。但就 PCG 薪酬率（comp rate）走勢的節奏而言，接下來那種向上的偏態會趨於緩和嗎？還是會大致維持相同的速度？

Yes. I mean in terms of -- one way to think about the comp rate is, it's impacted by our channel -- our two channels: the employee channel and the independent contractor channel. So the payout on the independent contractor channel on the financial adviser payout is higher.

是的。我的意思是——看待薪酬率的一種方式是，它會受到我們通路的影響——我們有兩個通路：員工通路與獨立承包商通路。因此，在獨立承包商通路中，對財務顧問（FA）的分成／給付（payout）會比較高。

But the flip side of that -- the other side of that is that they absorb their fixed costs and expenses and so we get leverage in spite of a higher FA comp payout and FA comp ratio. We get leverage in the segment from lower non-comp expenses. And you're basically seeing that with relatively flat non-comp expenses in the PCG segment and our ability to increase the margin in the segment of 10 basis points to 15% of this.

但其反面——另一面是，他們會自行吸收固定成本與費用，因此即便 FA 薪酬分成較高、FA 薪酬比率較高，我們仍能取得槓桿效益。我們在該分部透過較低的非薪酬費用取得槓桿。你基本上也看到這點：PCG 分部的非薪酬費用相對持平，而我們也能把該分部的利潤率提高 10 個基點，使其達到 15%。

So I think while we may see some increase in the comp ratio in the segment, there are other aspects that are creating leverage for the segment.

所以我認為，即使我們可能會看到該分部的薪酬比率有些上升，但還有其他面向正在為該分部創造槓桿效益。

Steven Chubak, Wolfe Research.

Wolfe Research 的 Steven Chubak。

This is Chris O'Brien on for Steven. I wanted to ask on the adviser movement and sort of across the industry, we've seen at some of your competitors' large advisory teams that are trying to become their own RIA. So we were wondering what you're hearing from some of the larger advisers on your own platform? And if you see any risks that advisers might move -- become their own RIAs and even if it stays within the rate at RJ platform, we're wondering what that might mean for your economics.

我是代替 Steven 的 Chris O'Brien。我想問一下顧問流動（adviser movement）的情況，以及整個產業的狀況：我們看到你們一些競爭對手的大型顧問團隊正試圖成為自己的 RIA。所以我們想了解，你們在自家平台上，從一些較大型顧問那邊聽到什麼？以及你們是否看到顧問可能會轉移——成為自己的 RIA 的任何風險？即便仍留在 RJ 平台的費率架構內，我們也想知道這對你們的經濟性（economics）可能意味著什麼。

Yes. We call it adviser choice. So we have all the affiliation options, and there's advisers that are attracted to our W-2 channel or independent contractor channel, our custody channel were RIA custody as well as our Financial Institution division.

是的。我們稱之為「顧問選擇」（adviser choice）。因此我們提供所有的隸屬（affiliation）選項；有些顧問會被我們的 W-2 通路或獨立承包商通路所吸引；我們也有託管通路（custody channel），其中也包含 RIA 託管（RIA custody），以及我們的金融機構事業部。

And the key to adviser choice is truly being agnostic into which channel the adviser affiliates with. We want to really convince the adviser and the teams and their clients that we are the best destination as a firm, the culture, the capabilities, the best of both world value proposition, and how they affiliate with us as they're based on their individual preferences and how they want to run their business.

而「顧問選擇」的關鍵，在於對顧問選擇隸屬哪個通路保持真正的中立（agnostic）。我們希望真正說服顧問、團隊及其客戶：就公司整體而言——文化、能力、「兩全其美」的價值主張——我們是最佳目的地；至於他們如何與我們隸屬合作，則取決於他們個別偏好，以及他們想如何經營自己的業務。

So we are seeing incredible interest across all our affiliation options. As Butch mentioned in the last couple of years, the independent contractor channel in terms of dollar volume is where we've seen the most interest. But the RIA custody division on a smaller base is growing at a high percentage rate as well. So that's the one benefit of -- a major benefit of Raymond James' long-standing multi affiliation option is, we have the largest total addressable market based on having all of the affiliation options at scale.

因此，我們在所有隸屬選項上都看到非常強烈的興趣。正如 Butch 在過去幾年提到的，就資金量（dollar volume）而言，獨立承包商通路是我們看到最多興趣的地方。但 RIA 託管事業部雖然基期較小，也同樣以很高的百分比成長。所以，Raymond James 長期以來提供多元隸屬選項的一大好處——也是主要好處——在於我們能以規模提供所有隸屬選項，因此擁有最大的可觸及總市場（total addressable market）。

And when advisers are thinking about making a move, they don't have to select. They don't have to think about whether or not Raymond James offers is channel. They know that we offer it, they can really just understand whether or not we're a good fit for them culturally in terms of the capabilities that we offer.

而當顧問在考慮轉換平台時，他們不必做取捨。他們不必去想 Raymond James 是否提供某個通路。他們知道我們有提供，因此他們可以把重點放在：就文化契合度以及我們所提供的能力而言，我們是否適合他們。

Michael Cho, JPMorgan.

JPMorgan 的 Michael Cho。

Paul, you've mentioned M&A earlier in the call and I just thought I asked, given you've done a couple of acquisitions over the last 12 months, you mentioned Clark Capital, GreensLedge is the other one. Maybe you can remind us again as we start fiscal '27 in terms of your priorities as it relates to M&A and areas you probably may want to either close a capability gap or maybe expand in terms of growth opportunity.

Paul，你在電話會議前面提到併購（M&A），我想追問一下：鑑於你們在過去 12 個月做了幾筆收購，你提到 Clark Capital，另一筆是 GreensLedge。也許你可以在我們即將進入 2027 財政年度之際，再提醒我們一下你們在併購方面的優先順序，以及你們可能想要補足能力缺口或在成長機會上擴張的領域。

Well, our biggest business is a wealth management business. So certainly, that's an area that we look for good acquisitions. And when I say good acquisitions for us, acquisitions have to be first and foremost, a good cultural fit, where we really see ourselves working well with the people and the people have aligned values to ours where they put clients first, make decisions for the long term and have integrity. And so that's the most critical aspect of evaluating any acquisition opportunity.

嗯，我們最大的業務是財富管理業務。所以當然，這是我們會尋找優質收購標的的領域。我所說的「對我們而言的好收購」，首先必須是良好的文化契合：我們真的能與對方的人一起合作順暢，而且對方的價值觀與我們一致——以客戶為先、做長期決策、並且正直誠信。因此，這是評估任何收購機會時最關鍵的面向。

It has to be a good strategic fit, where one plus one gives us a chance of being more than two. The firm that's joining Raymond James better and they make us better. And we don't do acquisitions to slash costs. We do acquisitions to grow revenues and to be better firms together over time. And then of course, financially, it has to make sense for Raymond James and the sellers and everyone involved.

它也必須是良好的策略契合，讓一加一有機會大於二。加入 Raymond James 的公司要讓我們變得更好，而他們也要因加入我們而變得更好。我們不做收購是為了大砍成本。我們做收購是為了成長營收，並在時間推移下成為更好的公司。當然，在財務上也必須對 Raymond James、賣方以及所有相關方都合理。

So those are our criteria, which is a pretty strict set of criteria, but we think that's appropriate because acquisitions are inherently risky. And so we evaluate acquisitions again in all of our businesses, Wealth Management being our biggest business.

所以這些就是我們的標準；這是一套相當嚴格的標準，但我們認為這是恰當的，因為收購本質上就有風險。因此，我們會在所有業務中評估收購機會，而財富管理是我們最大的業務。

But within capital markets, particularly as it relates to M&A and advisory, some of the things that we've added already to fixed income have been good examples of advisory businesses that we like within capital markets. Asset management is a much tougher business, but Clark was very unique in their focus on serving advisers.

但在資本市場方面，特別是與併購與顧問服務相關的領域，我們先前在固定收益所新增的一些項目，就是我們在資本市場中喜歡的顧問型業務的良好例子。資產管理是一個更艱難的業務，但 Clark 的獨特之處在於其專注於服務顧問。

And then within the bank, we're not really pursuing traditional bank-type brick-and-mortar acquisitions. That's a very competitive space. So we're unique in that regard where we're really a utility bank serving our clients and the rest of the businesses for the most part.

至於銀行方面，我們其實不太追求傳統銀行那種實體據點（brick-and-mortar）的收購。那是一個競爭非常激烈的領域。所以我們在這方面很獨特：我們更像是一家公用事業型（utility）銀行，主要是為我們的客戶以及其他業務提供服務。

Dan Fannon, Jefferies.

Jefferies 的 Dan Fannon。

Paul, I wanted to follow up on your comments around the investment banking pipeline. It seems like the narrative is very similar to what you've said in the past, but curious if there's anything you'd call out that's different as you sit here in late October versus a quarter ago or a year ago in terms of the business activity or the type of business or client in terms of that interaction?

Paul，我想就你對投資銀行業務管線（pipeline）的評論再追問一下。看起來敘事與你過去所說的非常相似，但我想了解：就你現在在 10 月下旬的觀察，相較於一季前或一年前，在業務活動、業務類型，或互動中的客戶類型方面，有沒有什麼不同之處值得特別指出？

No. I mean, the pipeline has been strong now for quite a while. And so it was just a matter of whether or not the deals would close and the revenues would be realized. We had a very strong quarter this quarter. I think we are getting further and further away.

沒有。我的意思是，這條管線已經強勁一段時間了。所以問題只是交易是否會完成交割，以及營收是否會實現。我們本季表現非常強勁。我認為我們正變得離那段時期越來越遠。

A lot of the portfolio companies -- the majority of our M&A business is driven by financial sponsors and a lot of these portfolio companies where portfolio companies that were acquired back in the early 2020s during COVID. And so those investments are beyond their -- probably a lot of those investments are beyond the original intended holding period.

許多投資組合公司——我們的併購業務大多由財務贊助方（financial sponsors）所驅動，而其中許多投資組合公司是在 2020 年代初期 COVID 期間被收購的。

And even if multiples haven't gotten to where rebounded to where these financial sponsors have wanted the multiples to expand to, they focused on increasing earnings and getting the cash-on-cash return hurdles that they've strived to achieve.

而且即便估值倍數（multiples）尚未回升到這些財務贊助方希望倍數擴張的水準，他們也把重點放在提升獲利，並達成他們努力追求的現金對現金（cash-on-cash）報酬門檻。

So again, our pipeline continues to be strong. We have done a lot to invest in the platform even as recently as this quarter, adding a pretty substantial team. So we're going to continue to enhance and invest in the platform and hopefully continue to take share to provide really great service to our clients on both the buy and sell side.

所以再說一次，我們的案源管線仍然很強勁。即便就在最近這一季，我們也持續在平台上投入，新增了一支相當可觀的團隊。因此我們將持續強化並投資這個平台，並希望能持續提升市占，為買方與賣方兩端的客戶提供非常優質的服務。

Ben Budish, Barclays.

Ben Budish，巴克萊。

I wanted to follow up on some of the earlier commentary on the NIM outlook. But you mentioned that with short-term rates going up, you should see NIM go up over time. Curious if you could talk a little bit more about that. How much of the asset side flows? How long does it take for things to flow through? How should we think about future incremental changes on the liability side? Any color there would be helpful.

我想延續先前關於淨利差（NIM）展望的一些評論追問一下。你提到短期利率上升時，隨著時間推移你們應該會看到NIM上升。想請你再多談一點。資產端有多少會傳導？大概需要多久才會反映出來？我們應該如何看待負債端未來的邊際變化？如果能提供一些補充說明會很有幫助。

Yes. So in the guidance that we provided of the aggregate BDP NII guidance up 1% in the upcoming quarter. We layered into that the full impact of the September 25-basis point rate hike. So that assumes that those assets have repriced as of the 9/30 balance level. And the deposits repriced immediately and as you point out, the asset side takes more time to reprice. So that 1% guide takes that into account.

好的。在我們提供的指引中，整體BDP淨利息收入（NII）在下一季指引為成長1%。我們已把9月那次升息25個基點的完整影響納入其中。因此這假設資產已依9/30的資產負債表水位完成重新訂價。而存款會立即重新訂價，正如你指出的，資產端重新訂價需要更長時間。所以這個1%的指引已把這些因素考量進去。

And the actual amount in terms of future rate hikes from here and the impact of that are really going to be dependent upon the deposit betas that are going to apply during -- to those future cuts and we're going to evaluate those under market conditions at the time. And so it's really hard to project exactly what impact future rate hikes would have on the NIM. But generally speaking, we would expect it to be a tailwind.

至於從現在起未來升息的實際幅度，以及其影響，將很大程度取決於未來升降息期間適用的存款beta（存款利率對政策利率變動的敏感度），我們會在當時的市場條件下評估。因此很難精準預測未來升息對NIM會造成什麼影響。但一般而言，我們預期會是順風。

But just for the folks that have started covering us since 2023, I mean, Levo was strive to maintain pretty floating rate balance sheet. So the majority of our bank balance sheet assets are floating rate assets, because we want those to match the associated liabilities of the funding, which are -- the vast majority of those are floating rate as well.

不過對於自2023年開始覆蓋我們的朋友補充一下：Levo一直致力於維持相當偏浮動利率的資產負債表。因此我們銀行資產負債表上的大多數資產都是浮動利率資產，因為我們希望它們能與相對應的資金來源負債相匹配——而其中絕大多數也同樣是浮動利率。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

I'd like to follow up on the question on banking activity. So the pipelines have been building for a while. We saw that start to come through here this quarter. Is the better-than-expected revenue trends that we saw here in this quarter sustainable? Are you beginning to see these sponsors reengage in a more durable way? Is this the beginning of the recovery we've all been waiting for, for so long in other words?

我想延續關於銀行業務活動的問題。案源管線已經累積一段時間了。我們看到這一季開始反映出來。這一季看到的優於預期的營收趨勢是否具有可持續性？你們是否開始看到這些贊助方（sponsors）以更具持久性的方式重新投入？換句話說，這是否就是我們等了很久的復甦開端？

Well, Brendan, we hope so. I mean there's always uncertainty quarter-to-quarter. I mean we had the tariffs a year ago, a year plus ago, and then we had the AI concerns that impacted earlier this year. And so there's always something that -- and then there's geopolitical risk. So who knows. But right now, I would say, yes, the reengagement has been strong.

嗯，Brendan，我們希望如此。我的意思是，每一季之間總是存在不確定性。例如一年多前有關稅問題，然後今年稍早又有AI相關疑慮造成影響。所以總會有一些事情——再加上地緣政治風險。所以誰也說不準。但就目前而言，我會說，是的，重新投入的力道很強。

Now this quarter, seasonally and typically has been a very strong quarter for us in investment banking. If you look at historically, this is our September forth quarter. It's historically amongst, if not our best -- amongst the best quarter of the year for us.

另外，從季節性與過往經驗來看，這一季通常是我們投資銀行業務非常強的一季。如果看歷史，這是我們的9月第四季。歷史上它是我們一年當中表現最好的季度之一，甚至可能就是最好的一季。

So but as we look at the full fiscal year going forward, we are optimistic about our pipelines and the activity levels we're seeing with our clients. And so -- we until something happens, we remain optimistic about the ability to kind of hopefully convert that pipeline to realized activity.

不過展望接下來的整個會計年度，我們對案源管線以及與客戶之間看到的活動水準感到樂觀。因此——在沒有發生什麼變化之前——我們仍對把這些管線轉化為實際落地的業務活動抱持樂觀。

Great. And then just a couple of questions on the deposit side. One, I noticed that this week, the the sort of public advertising, your CD rates came down. I was curious about whether or not there was any reason behind that or if it was just an oversight. And then, may be Butch, if we could get an update on October cash trends that you've seen here quarter-to-date?

很好。接著有幾個關於存款端的問題。第一，我注意到本週你們對外公開廣告的定存（CD）利率下調了。我想了解背後是否有任何原因，還是只是疏忽？另外，也許Butch可以更新一下你們在10月截至目前（quarter-to-date）觀察到的現金趨勢？

Yes. I would say monitoring the CD rates week-to-week or month-to-month, it just depends on the the demand we have for different buckets of different tenures. So I wouldn't read into that at all, but Butch can speak to the cash trends so far in October.

是的。我會說，逐週或逐月去觀察CD利率，主要取決於我們對不同期限、不同分層（bucket）的需求。所以我不會對此做任何過度解讀；但Butch可以談談截至目前10月的現金趨勢。

Yes. So the fee billings this quarter were $2.1 billion, they have come out of the accounts earlier in the month. And as we sit here today, those balances are about $1.7 billion lower than the month end. So we're out -- the $400 million better than that $2.1 billion outflow.

好的。本季的費用扣款（fee billings）為21億美元，已在本月較早時從帳戶中扣除。截至今天，這些餘額相較於月末約少了17億美元。所以相較於21億美元的流出，我們好一些——也就是流出少了4億美元。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

Good. Coming back to PCG, obviously, good discussion on recruiting. And I know these metrics don't line up perfectly, but the recruited assets really seem to be supporting the net new assets that are driving a lot of it. So can you help separate that from the same-store growth across the existing adviser base and how that's been evolving?

好的。回到PCG（私人客戶集團），顯然你們對招募的討論很不錯。我知道這些指標不會完全對齊，但被招募帶來的資產似乎確實在支撐淨新增資產，並推動了其中很大一部分。你能否協助區分：這部分與既有顧問團隊（adviser base）的同店成長（same-store growth）各自的貢獻，以及同店成長的演變情況？

And also just discuss kind of what could accelerate same-store growth from here? And maybe AI could help with that and identifying held-away assets. But just trying to understand you're seeing there? And then if there's an opportunity to do more.

另外也請談談，從現在起有哪些因素可能加速同店成長？也許AI能在辨識外部持有資產（held-away assets）方面提供幫助。我只是想了解你們目前看到的情況。以及是否還有機會做得更多。

Yes, absolutely. We saw a pretty nice uptick in same-store sales of what we call it, in the past fiscal -- in this fiscal year. And so to your point, the technology and the products and the solutions that we're offering, which will be augmented by AI and has been augmented by AI is really the opportunity for us to help advisers get more capacity, spend less time on administrative tasks, and more time really understanding their client situation and gaining share of wallet from their clients to increase the net new asset picture, so on a same-store sales basis.

是的，當然。我們在本會計年度看到我們所稱的同店銷售（same-store sales）有相當不錯的上升。因此如你所說，我們提供的技術、產品與解決方案——而且將會、也已經透過AI得到強化——對我們而言的機會在於：協助顧問提升產能、減少花在行政作業上的時間，把更多時間用於真正理解客戶狀況，並從客戶那裡提升錢包占比（share of wallet），以同店銷售的方式改善淨新增資產的表現。

So that is something -- I mean, if you look at our technology investments, that are focused on the front office and the AI focus -- for example, we just have a rollout of what we call the meeting manager workflow, which is saving advisers hours and hours a week through AI to not only prepare for the meeting, but to summarize the meeting that they just had to come out with the action items and the follow-up and automatically integrate that into their CRM into supervisory systems.

所以這確實是一個重點——如果你看我們的科技投資，主要聚焦在前台（front office）以及AI——例如，我們剛推出一個我們稱為「會議管理者工作流程」（meeting manager workflow）的功能，透過AI每週為顧問節省數小時，不僅協助會前準備，也能在會後彙總剛結束的會議內容，整理行動項目與後續追蹤，並自動整合到他們的CRM以及監督系統中。

And that's all being enabled by AI and technology and automation and those type of investments help advisers, again, save time on those type of tasks and their teams so they can focus more on developing those deeply personal relationships and gaining share of wallet from their clients and having more visibility on what in their wallet is on a consolidated basis.

而這一切都是由AI、科技與自動化所驅動；這類投資再次幫助顧問及其團隊在這些工作上節省時間，讓他們能更專注於建立深度且高度個人化的關係、提升客戶錢包占比，並在整合口徑下更清楚掌握客戶「錢包」裡的資產配置。

Yes. I appreciate that, Paul. And then maybe if I could just squeeze one for Butch, just on the model. I get some questions. Just on the fixed income brokerage, I heard the comments on the muni side. I'm assuming the differential from last quarter, kind of the run rate of closer to $100 million is primarily just marks with higher interest rates. Is that fair? And I just want to clarify that and then kind of how to think about that business going forward, just more broadly fixed income and a little bit higher interest rate backdrop.

是的，Paul，謝謝你的說明。那我再擠一個問題給Butch，關於模型。我收到一些問題。就固定收益經紀業務而言，我聽到你們對市政債（muni）那邊的評論。我假設相較於上一季，那個差異、也就是接近1億美元的run rate，主要是因為利率走高帶來的評價（marks）變動。這樣理解對嗎？我想確認一下，並請更廣泛談談未來這項業務該如何看待——也就是固定收益在利率背景稍高的情況下。

Yes. So I mean, that's a fair assumption to say that, that decrease is really being driven by marks, especially on the muni portfolio, the muni trading inventory positions. And we would expect and history basically shows that when that dislocation that volatility clears that typically vacant -- that market recovers, and so that can come back.

是的。所以我的意思是，這是一個合理的假設：那個下降確實主要是由評價調整（marks）所驅動，尤其是在市政債（muni）投資組合、市政債交易庫存部位上。而我們預期、而且歷史基本上也顯示，當那種錯位與波動性消退後，通常那個市場會回復，因此那部分是可能回來的。

So I think we would think subject to what happens in the future in terms of the market, but we would think about that as a temporary dislocation and that there's more certainty in those markets even in October than there was in September. (multiple speakers)

所以我認為，我們會這麼看：這取決於未來市場會發生什麼，但我們會把它視為暫時性的錯位；而且即使在10月，這些市場的確定性也比9月更高。（多位講者）

Dan Weldon, Wells Fargo.

Dan Weldon，富國銀行（Wells Fargo）。

If you could touch on how you're sort of approaching the opportunity to distribute evergreen or semiliquid kind of retail all products through PCG and how the sort of the economic share for those products work?

你能否談談你們如何看待透過 PCG 分銷常青（evergreen）或半流動性（semiliquid）這類零售產品的機會，以及這些產品的經濟分成（economic share）是如何運作的？

Yes. I mean it's a part -- it's a relatively small part of our overall asset mix at the firm. So we offer -- we're competitive and we have a broad offering that's competitive with the industry, but it's not something -- at Raymond James, we've never pushed products for mandated sales or influence sales of products. So it's -- we want to have the offering and for the advisers and clients who demand those type of products. But again, it's a more organic process at Raymond James.

是的。我的意思是，這在我們公司整體資產組合中只占相對小的一部分。所以我們有提供——我們具競爭力，而且我們的產品線很完整，能與業界競爭；但這不是——在 Raymond James，我們從來不會為了強制銷售或影響銷售而去推產品。所以——我們希望具備這樣的產品供給，提供給有需求的顧問與客戶。但再說一次，在 Raymond James，這是一個更偏自然成長（organic）的過程。

And then in terms of the fees and the structure of the fees, I can't really get specific into that. And frankly, it varies across the different sponsors and product types. So I know how much more color we can add on the call around that. Thank you.

至於費用以及費用結構，我沒辦法講得很具體。坦白說，這會因不同的發起人（sponsors）與產品類型而有所差異。所以我不確定我們在這通電話上能就此補充多少細節。謝謝。

Bill Katz, TD Cowen.

Bill Katz，TD Cowen。

So two-part question. Thank you for the October cash numbers. I was wondering if you could break that down between the Sweep portfolio at ESP. And then, Paul, a bigger question for you, just sort of thinking through the comments today? I'm just trying to understand what the algorithm is here to drive better operating leverage.

所以是兩部分的問題。謝謝你提供10月的現金數據。我想請問你能否把它拆分一下：ESP 的 Sweep 投資組合占多少？另外，Paul，給你一個更大的問題，結合你今天的評論來看。我只是想理解，這裡用來推動更好營運槓桿（operating leverage）的「演算法」到底是什麼。

If I look at the Private Client business, I think if I did the math right, your margin -- segment margin is down about 50 basis points, 60 basis points year-on-year. You guided to relatively sluggish NII growth sequentially and year-on-year. So is it really just a swing factor for the [iBank], but I also heard you reinvesting back into the business there as well. So how do we think about maybe the margin opportunity from here?

如果我看私人客戶（Private Client）業務，我想如果我算得沒錯，你們的利潤率——分部利潤率年對年下降大約50個基點、60個基點。你們指引顯示淨利息收入（NII）無論是環比或年比都相對疲弱。所以這真的只是 [iBank] 的擺動因素（swing factor）嗎？但我也聽到你們在那邊把資金再投入回業務。那我們該如何看待從現在起的利潤率提升空間？

Great. Listen, we've -- the big picture, Bill, adjusted pre-tax margin finished the year at 20.3% above our 20% target. And that is with significant growth investments, record growth investments in the Private Client Group business. And so again, we are focused on expanding profitability over a long period of time. That requires growth that requires scale, that requires long-term investments.

很好。Bill，聽著——從大方向來看，調整後稅前利潤率在本年度收在20.3%，高於我們20%的目標。而這是在我們進行大量成長投資、在私人客戶集團（Private Client Group）業務創下歷史新高的成長投資之下達成的。所以再說一次，我們專注於在很長一段時間內擴大利潤能力。這需要成長、需要規模、也需要長期投資。

And so when you think about the margin improvement opportunity and the return opportunity, again, a return for the year on the adjusted return on tangible common equity for the year was 23%, and that's with strong capital levels and the investments I mentioned earlier.

因此，當你思考利潤率改善的機會與報酬機會時，再次強調，本年度調整後有形普通股權益報酬率（ROTCE）為23%，而這是在資本水準強勁，以及我先前提到的投資之下達成的。

So we're really pleased with the profitability with the returns. We're, of course, going to flatten the curve. As Butch mentioned, we are flattening the curve on non-comp expenses and technology and AI is helping us with that. We are looking at AI utilization across every function, and we are seeing efficiency improvements early innings there, but we are seeing the efficiency improvements even as we think about the budgets for next year and that's incorporated in that non-comp growth.

所以我們對獲利能力與報酬非常滿意。當然，我們會把曲線拉平。如 Butch 提到的，我們正在讓非薪酬費用（non-comp expenses）的增速趨於平緩，而科技與 AI 正在幫助我們做到這點。我們正在檢視 AI 在每一個職能的使用情況；我們已在早期階段看到效率改善，而且即使在思考明年預算時也看得到，並且已反映在那個非薪酬費用成長之中。

As Butch mentioned, the non-comp growth a year ago was 9%. Even with the acquisitions, we're looking at 8% guidance for this year. And if you exclude the acquisitions, it would be 7%. And again, that's with very high growth of the growth-related drivers in non-comp, including sub-advisory fees, and fee-based accounts, for example.

如 Butch 提到的，一年前非薪酬費用成長是9%。即使包含併購，我們今年的指引是8%。如果排除併購，則會是7%。而且再說一次，這是在非薪酬費用中與成長相關的驅動因素仍然非常強勁的情況下，包括次投顧費用（sub-advisory fees）以及例如以費用為基礎的帳戶（fee-based accounts）。

So we are very focused on managing the controllable expenses. But what we're not going to do is try to optimize margin at the expense of long-term growth and long-term investments. And that's the pressure we constantly have to fight as we've got to continue to focus on investing over the next 5- or 10 years, even if that does hurt margins over the next quarter or the next year.

所以我們非常專注於管理可控費用。但我們不會做的是：為了最佳化利潤率而犧牲長期成長與長期投資。這是我們必須持續對抗的壓力——我們必須持續專注於未來5到10年的投資，即使這會在接下來一季或下一年壓縮利潤率。

And so we are -- our values are to be long-term oriented and to have integrity in that regard, and that's exactly what we're going to continue to do because it shows that it delivers superior earnings growth and shareholder growth over time.

因此，我們的價值觀是以長期為導向，並在這方面保持誠信；而這正是我們會持續做的，因為事實顯示，長期而言這能帶來更優異的盈餘成長與股東價值成長。

And I'll just add in terms of your initial question, most of that comes out of the Sweep program as opposed to ESP balances.

另外我補充一下，關於你一開始的問題：那部分大多來自 Sweep 計畫，而不是 ESP 餘額。

All right. Well, it looks like there's no more questions. I want to thank everybody for your time and interest in Raymond James. We certainly don't take it for granted. And again, I just want to reiterate my thanks to the advisers, bankers, associates, and clients for entrusting Raymond James and helping us deliver our 155th quarter of consecutive profitability, which is very, very unique, if not totally unique in the financial services industry.

好。看起來沒有更多問題了。我要感謝各位撥冗並對 Raymond James 的關注。我們當然不會把這一切視為理所當然。另外，我也想再次向顧問、銀行家、同仁與客戶致謝，感謝你們信任 Raymond James，並協助我們達成連續第155個季度維持獲利——這在金融服務業非常、非常罕見，甚至可以說是獨一無二。

And we deliver that by focusing on the power of personal, the deeply personal relationships that will ultimately and continue to win the day. So thank you so much. Have a great evening and go raise.

而我們能做到這點，是因為我們專注於「個人化力量」（the power of personal）——那些深度且個人化的關係，最終並將持續帶領我們勝出。非常感謝。祝各位晚安，go raise。

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

今天的電話會議到此結束。感謝各位參與。您現在可以斷線。