2024-07-16 The Charles Schwab Corporation (SCHW) Q2 2024 Earnings Call Transcript
The Charles Schwab Corporation (NYSE:SCHW) Q2 2024 Results Conference Call July 16, 2024 8:30 AM ET
查尔斯·施瓦布公司（NYSE：SCHW）2024 年第二季度业绩电话会议 2024 年 7 月 16 日 上午 8:30 美东时间
Company Participants 公司参与者
Jeff Edwards - Head of Investor Relations
杰夫·爱德华兹 - 投资者关系负责人
Walt Bettinger - Co-Chairman and Chief Executive Officer
沃尔特·贝廷格 - 联席主席兼首席执行官
Rick Wurster - President
Rick Wurster - 总裁
Peter Crawford - Chief Financial Officer
彼得·克劳福德 - 首席财务官
Conference Call Participants
电话会议参与者
Brian Bedell - Deutsche Bank
布莱恩·贝德尔 - 德意志银行
Ken Worthington - JPMorgan
肯·沃辛顿 - 摩根大通
Kyle Voigt - KBW
凯尔·福格 - KBW
Dan Fannon - Jefferies
丹·范农 - 杰富瑞
Steven Chubak - Wolfe Research
史蒂文·楚巴克 - 沃尔夫研究
Brennan Hawken - UBS
布伦南·霍肯 - 瑞银 UBS
Benjamin Budish - Barclays
本杰明·布迪什 - 巴克莱
Alex Blostein - Goldman Sachs
亚历克斯·布洛斯坦 - 高盛
Bill Katz - TD Cowen
比尔·卡茨 - TD Cowen
Michael Cyprys - Morgan Stanley
迈克尔·西普里斯 - 摩根士丹利
Chris Allen - Citi
克里斯·艾伦 - 花旗
Devin Ryan - Citizens JMP
Jeff Edwards 杰夫·爱德华兹
Good morning, everyone, and welcome to the Schwab 2024 Summer Business Update. This is Jeff Edwards, Head of Investor Relations; and I'm joined today by our Co-Chairman and CEO, Walt Bettinger; President, Rick Wurster; and CFO, Peter Crawford.
大家早上好，欢迎参加施华洛世奇 2024 年夏季业务更新。我是投资者关系负责人杰夫·爱德华兹，今天与我一起的有我们的联席主席兼首席执行官沃尔特·贝廷格，总裁里克·沃斯特和首席财务官彼得·克劳福德。
We got a bit of an early start today to beat the Texas heat, so let's run through our housekeeping items and get in today's remarks. The slides for today's business update will be posted to their usual spot on the IR website at the beginning of Peter's section.
今天我们早早开始以避开德克萨斯州的酷热，所以让我们快速处理一下日常事务，然后开始今天的讲话。今天业务更新的幻灯片将在彼得部分开始时发布到 IR 网站上的常规位置。
Q&A remains structured as one question, no follow-ups, please, but you can certainly reenter the queue to ask another question if time permits. And as always, please don't hesitate to reach out with any follow-up questions for the IR team.
问答环节仍然结构化为一个问题，不要追问，请，但如果时间允许，您可以重新进入队列提出另一个问题。如有任何后续问题，请随时与 IR 团队联系。
And lastly, the wall of words, which showcases our forward-looking statements, reminding us that the future is uncertain, so please stay in touch with our disclosures.
最后是文字墙，展示了我们的前瞻性声明，提醒我们未来是不确定的，请随时关注我们的披露。
And with that, I'll turn it over to Walt.
随着这个，我将把话题转给沃尔特。
Walt Bettinger 沃尔特·贝廷格
Thank you, Jeff, and good morning, everyone. Thanks for joining us for our July business update. Earlier this year, we spoke about 2024 being a transition year for the firm. We define this year as transitional for a series of reasons. We were anticipating completing the last transition groups from the Ameritrade acquisition. And we anticipated that former Ameritrade clients would move from negative asset flows to positive levels of net new assets.
谢谢，杰夫，大家早上好。感谢大家参加我们七月的业务更新。今年早些时候，我们谈到 2024 年将是公司的过渡年。我们将这一年定义为一系列原因的过渡期。我们预计完成自美利达收购的最后过渡群体。我们预计前美利达客户将从负资产流向正净新资产水平。
We further anticipated that former Ameritrade retail clients would begin to utilize Schwab capabilities in the areas of investment advisory, financial planning and banking. We anticipated the investment advisers, who formerly used Ameritrade for custodial services, would also begin to bring net new assets to Schwab, and their evaluation of our service levels would improve rather dramatically.
我们进一步预计，前美林证券零售客户将开始利用施瓦布在投资咨询、财务规划和银行业务领域的能力。我们预计，曾经使用美林证券作为托管服务的投资顾问也将开始将净新资产带到施瓦布，并且他们对我们服务水平的评估将会有相当大的改善。
We anticipated that Schwab users of StreetSmart would begin to take advantage of the powerful trading capabilities in the Thinkorswim platforms.
我们预计，Schwab StreetSmart 的用户将开始利用 Thinkorswim 平台强大的交易功能。
From a capital standpoint, we anticipated that we would organically build capital throughout the year toward our long-term objectives. And from a financial standpoint, we anticipated improving, albeit somewhat uneven, earnings results during the year with Q4 2024 delivering somewhere between $0.80 and $0.90, and then with strong growth continuing into 2025 and beyond.
从资本的角度来看，我们预计我们将在整个年度内有机地建立资本，朝着我们的长期目标迈进。从财务角度来看，我们预计在整个年度内会改善，尽管收益结果有些不稳定，2024 年第四季度的收益将在 0.80 美元至 0.90 美元之间，然后强劲增长将持续到 2025 年及以后。
Halfway through the year, this definition of a transition year is being realized, again, as we anticipated. And all of these issues position us for a strong period of growth in client metrics and financial results in the coming years. So, with these critical indicators of success unfolding in such a positive manner, let's take a quick look tactically at how the second quarter of this year looked.
今年中期，正如我们预期的那样，这个过渡年的定义正在实现。所有这些问题都使我们在未来几年的客户指标和财务业绩方面处于强劲增长的位置。因此，随着这些成功的关键指标以如此积极的方式展开，让我们快速战术性地看一下今年第二季度的情况。
当下可以做的做到什么程度？当下没什么可以讲的？
Inflation showed some encouraging signs of moderating, closer to the Fed target of 2%, which continued pushing a select number of primarily technology stocks ever higher during the quarter. Investor sentiment remained solidly positive at quarter-end with investors purchasing stocks throughout the quarter and overall trading activity was a bit higher than in the prior year.
通货膨胀显示出一些令人鼓舞的缓和迹象，接近美联储 2%的目标，这在本季度继续推动了一些主要是科技股的股价不断攀升。投资者情绪在季末仍然非常积极，他们在整个季度购买股票，总体交易活动比前一年略有增加。
Now as I stated earlier, as we anticipated, we completed the last client transition group during the second quarter. That's almost $2 trillion in assets, 17 million client accounts, and over 3.5 million daily average trades, all done with the attrition levels that are well below other integrations in our industry, as well as our estimates at the time of the acquisition, which were 5% to 6% asset attrition and 4% revenue attrition. And while it's still somewhat early, the client response to the combined platform has been even stronger than we anticipated.
正如我之前所述，正如我们预期的那样，我们在第二季度完成了最后一个客户过渡群体。这几乎是 2 万亿美元的资产，1700 万客户账户，以及超过 350 万的日均交易量，所有这些都是在远低于我们行业其他整合水平的客户流失率下完成的，以及我们在收购时的估计，即资产流失率为 5%至 6%，收入流失率为 4%。虽然现在还为时尚早，但客户对合并平台的反应甚至比我们预期的还要强烈。
Promoter Scores for former Ameritrade retail clients are now increasing about 50 points nine months post conversion date. While the Promoter Scores for advisory services, including the former Ameritrade adviser clients, have returned to pre-conversion levels. Impressively, former Ameritrade retail clients who converted in 2023 are already bringing in assets on a net basis. However, their level of net new assets still remains below our target range. Clearly, this illustrates that we're reaching an inflection point as attrition continues to abate and we rebuild back to firm-wide net new asset levels in our targeted 5% to 7% range.
前美利达零售客户的推广者评分在转换日期后九个月增加了约 50 分。而咨询服务的推广者评分，包括前美利达顾问客户，已恢复到转换前的水平。令人印象深刻的是，2023 年转换的前美利达零售客户已经以净基础带来资产。然而，他们的净新增资产水平仍然低于我们的目标范围。显然，这表明随着流失继续减少，我们正在达到一个拐点，并重新建立到公司范围内的净新增资产水平，达到我们设定的 5%至 7%的范围。
这是虚的东西。
And lastly, former Ameritrade retail clients are already making up about one-third of our overall enrollments in advisory solutions, an early illustration of the power of combining the two firms and their interest in Schwab's broader offering of wealth management solutions.
最后，前美利达零售客户已经占我们整体咨询解决方案注册人数的约三分之一，这是将两家公司结合起来的力量以及他们对施瓦布更广泛的财富管理解决方案的兴趣的早期体现。
The overall client engagement was solid in the second quarter with the equity buy-sell ratio at about 1.1, while daily average trades remained at relatively high levels for a second quarter and above the same period from last year. Meanwhile, we've seen a large increase in interest among our clients in our Managed Investing solutions.
第二季度整体客户参与度稳健，股票买卖比率约为 1.1，而每日平均交易量保持在相对较高水平，高于去年同期。与此同时，我们注意到客户对我们的管理投资解决方案表现出了极大兴趣。
So overall, key client metrics continue to be solid. Net new assets year-to-date were over $150 billion, including Q2 asset gathering of about $60 billion, up 17% from the same period last year, again, still somewhat below our long-term goal of 5% to 7% to an economic cycle but growing closer to that figure as the impact from former Ameritrade client attrition begins to wane. New brokerage accounts were again almost $1 million -- I'm sorry, 1 million accounts during the quarter.
因此，总体而言，关键客户指标继续保持稳健。截至目前，净新增资产超过 1500 亿美元，其中包括第二季度约 600 亿美元的资产增长，比去年同期增长了 17%，再次略低于我们长期目标的 5%至 7%，但随着前美利达客户流失的影响开始减弱，逐渐接近这一数字。新开设的经纪账户在本季度再次接近 100 万个。
Looking deeper at the types of clients we're attracting. These new-to-firm households continue to set us up well for the long term with almost six out of 10 new clients under the age of 40. And investment adviser clients of all sizes continue to entrust their client assets to our custodial services. For years, we've emphasized that Schwab Advisor Services is the premier offering for RIAs of all sizes, and we are equally committed to each segment of advisers. And these net new asset results are particularly encouraging as they reflect our success serving again every size adviser.
深入了解我们吸引的客户类型。这些新到公司的家庭继续为我们长期发展打下良好基础，几乎有 60%的新客户年龄在 40 岁以下。各种规模的投资顾问客户继续将他们的客户资产委托给我们的托管服务。多年来，我们一直强调施华洛世奇顾问服务是各种规模 RIA 的首选，我们同样致力于每个顾问领域。这些净新增资产结果尤其令人鼓舞，因为它们反映了我们再次成功地为各种规模的顾问提供服务。
Let me take a brief step back to take a more big-picture look at Schwab and the growth trajectory we've been on for over 50 years. From our origins as a discount broker, we have continually listened to client needs, as well as anticipated client needs, and added services and capabilities along the way. What is key is that we have always done so in a Schwab Way, through clients' eyes, at a great value and without the client having to accept trade-offs. We call that modern wealth management. And when we look to the future, we believe this formula will only serve to build our market share larger and larger.
让我简要回顾一下施瓦布（Schwab）的发展历程，我们已经走过了 50 多年的路。从我们作为折扣经纪商的起源开始，我们一直在倾听客户需求的同时，也在预测客户需求，并在这一过程中不断增加服务和能力。关键在于，我们始终以施瓦布的方式做事，通过客户的视角，以极具价值的方式，而且客户无需接受任何妥协。我们称之为现代财富管理。展望未来，我们相信这一方针只会不断扩大我们的市场份额。
季度会议里为什么要讲这些？“通过客户的视角”，“无需接受任何妥协”，草包的思维模式。
Of course, one of the key capabilities we have added along the way has been banking services to meet the needs of our clients on both sides of their personal balance sheets. Now some have asked us after the regional banking crisis of 2023 whether we remain committed to serving our clients' banking needs. And the answer is a definite yes. That said, we have studied our approach to offering banking services in recent quarters and wanted to share a few additional perspectives on how we see banking unfolding in the future at Schwab.
当然，我们一直在不断增加的关键能力之一是银行服务，以满足我们客户在个人资产负债表两侧的需求。现在有些人在 2023 年地区银行危机后问我们，我们是否仍致力于满足客户的银行需求。答案是肯定的。话虽如此，我们已经研究了最近几个季度提供银行服务的方法，并希望分享一些关于我们如何看待未来在施瓦布银行业务发展的额外观点。
Offering lending services to our retail clients and the clients of the investment advisers we serve is important. Arguably, it's critical as it meets client needs and deepens relationships in a meaningful way. Most of our significant competitors have the ability to assist clients with both their investing needs as well as their borrowing needs. We believe firms that do not offer lending services are at a strategic disadvantage that will show itself more and more over time.
向我们的零售客户和我们服务的投资顾问的客户提供贷款服务是重要的。可以说，这是至关重要的，因为它满足了客户的需求，并以有意义的方式加深了关系。我们大部分重要的竞争对手都有能力帮助客户满足他们的投资需求以及借款需求。我们认为，不提供贷款服务的公司在战略上处于劣势，这种劣势会随着时间的推移越来越显现。
So, we are committed to offering quality lending services in a manner consistent with how we lend today, exclusively for our clients, residential mortgages, HELOCs for clients who have their first mortgage with us, and pledged asset lines. And to support lending for our clients, we continue to invest in both technology to make the application and approval process streamlined and efficient, as well as experienced bankers who can help shepherd the more complex loans through.
因此，我们致力于以与我们今天的贷款方式一致的方式，专门为我们的客户提供优质的贷款服务，包括住宅抵押贷款、对于与我们有第一笔抵押贷款的客户的 HELOCs，以及质押资产额度。为了支持我们客户的贷款，我们继续投资于技术，使申请和批准流程更加简化高效，同时也投资于经验丰富的银行家，他们可以帮助推动更复杂的贷款。
From the standpoint of the investments we make at the bank for deposits in excess of those needed for lending to our clients, over time, and by that, I mean, years, not months or quarters, we would envision some shortening of our overall balance sheet investment portfolio duration. That could lead to some modestly higher earnings volatility through an interest rate cycle but should help reduce volatility of our capital levels and the need to access supplemental borrowing when interest rates potentially rise rapidly.
从银行投资的角度来看，对于超出我们客户借贷所需存款的投资，随着时间的推移，我指的是年份，而不是几个月或几个季度，我们预计整体资产负债表投资组合的持续时间会有所缩短。这可能会导致在利率周期中一些适度的收益波动，但应有助于减少我们资本水平的波动以及在利率可能迅速上升时需要借入补充资金的需求。
One of our objectives is to increase our emphasis on attracting transactional bank deposits like checking balances with our award-winning checking product. This would serve as a means of increasing liquidity and further stabilizing our overall deposit base. And we envision the potential to increase our usage of third-party banks like TD Bank and others to achieve the following goals, deliver extended FDIC insurance for clients, lower our capital intensity, and improve liquidity, subject, of course, to obtaining economics from the third-party banks that make sense for us.
我们的目标之一是加大吸引类似支票余额这样的交易性银行存款的力度，通过我们屡获殊荣的支票产品。这将作为增加流动性并进一步稳定我们整体存款基础的手段。我们设想增加使用像 TD 银行等第三方银行的潜力，以实现以下目标，为客户提供扩展的 FDIC 保险，降低我们的资本密集度，并改善流动性，当然，前提是从第三方银行获得对我们有意义的经济效益。
Net, these various actions should lead, again, over time to a bank that is somewhat smaller than our bank has been in recent years, while retaining the ability to meet our clients' banking needs, lower our capital intensity and, importantly, protect the economics we are able to generate from owning a bank.
总的来说，这些各种行动应该会导致银行在未来变得比我们银行近年来稍微小一些，同时保留满足客户银行需求的能力，降低我们的资本密集度，并且重要的是，保护我们从拥有银行中能够产生的经济效益。
在银行业务上没什么思路，所有银行都想得到便宜的存款资源，问题是怎么做？
So, while we see some modest changes in the way we manage and operate our bank, one thing you can count on, we will continue to operate our business in the Schwab Way, making decisions through clients' eyes, offering clients great value, and delivering service and advice to our valued clients without asking for any trade-offs.
因此，尽管我们在管理和运营银行的方式上看到了一些适度的变化，但有一点是可以肯定的，我们将继续以施瓦布方式经营我们的业务，通过客户的视角做决策，为客户提供巨大价值，并向我们尊贵的客户提供服务和建议，而不需要做任何妥协。
So Rick, let me turn it over to you for some more discussion on our efforts as well as results during the second quarter.
瑞克，让我把话题转给你，讨论一下我们在第二季度的努力和成果。
Rick Wurster
Thanks, Walt, and good morning, everyone. With the successful completion of the Ameritrade conversion behind us, we are looking ahead to an exciting new chapter as we continue to advance our four strategic focus areas. And we will do so from a position of strength, having fully combined the best of Schwab and Ameritrade to offer our clients a no trade-offs experience.
谢谢，沃尔特，大家早上好。随着成功完成美洲贸易转型，我们展望一个激动人心的新篇章，继续推进我们的四个战略重点领域。我们将从一个强大的位置继续前进，充分整合了施瓦布和美洲贸易的优势，为客户提供无需权衡的体验。
Our ability to increase our scale while also continuously driving efficiency in our operations remains one of our key competitive advantages. The Ameritrade integration is a clear example of how we have vastly increased our scale while cutting costs. And by the end of this year, we'll realize the remaining 10% of run rate expense synergies from the acquisition.
我们在不断提高规模的同时，持续推动运营效率的能力仍然是我们的关键竞争优势之一。美利达整合清楚地展示了我们如何大幅提高规模的同时降低成本。到今年年底，我们将实现从收购中剩下的 10%的运营费用协同效应。
Over time, our growing client base, our cost discipline and our ongoing investments in technology will continue to help us reduce our cost to serve our clients, in the same way it has over the past decade as we've decreased our cost per client account by 25% and by around 50% when you consider inflation.
随着时间的推移，我们不断增长的客户群、成本管理纪律以及持续投资于技术将继续帮助我们降低为客户提供服务的成本，就像过去十年我们已经将每个客户账户的成本降低了 25%一样，考虑通货膨胀后降低了约 50%。
客户经理的模式是个毒瘤，已经深入泥潭的很难，即使没有进 入泥潭要把这个问题想明白也很难。
We plan to build on this competitive advantage. We will invest in technology, including artificial intelligence, that will ultimately help us lower our costs. We will implement operational enhancements and process transformation so we can serve our clients even more efficiently than we do today. And as we continue to increase our scale and enhance our efficiency, we'll reinvest in our clients over time and support our growth for the long term, just as we've done historically.
我们计划在这一竞争优势基础上发展。我们将投资于技术，包括人工智能，最终帮助我们降低成本。我们将实施运营增强和流程转型，以便比我们今天更高效地为客户服务。随着我们持续扩大规模和提高效率，我们将随时间重新投资于客户，并支持我们的长期增长，就像我们过去一直做的那样。
Win-win monetization is about meeting more of our clients' total financial needs. By offering the ease and convenience of having more of their financial life in one place, we're also able to bolster our revenue growth and our wealth business is growing quickly. And this is a win for clients as Client Promoter Scores for our advice solutions are among the highest at the firm. So, these are our happiest clients.
双赢的货币化是关于满足更多客户的整体金融需求。通过提供更多金融生活的便利和便捷性，我们也能够增强我们的收入增长，我们的财富业务增长迅速。对于客户来说，这是一种双赢，因为我们的建议解决方案的客户推广者评分在公司中处于最高水平。因此，这些是我们最幸福的客户。
更多还是更好？
And it is a win for us. Year-to-date, we've attracted nearly $25 billion in Managed Investing net flows, a 56% increase over last year. And we see strong net flows across our spectrum of solutions. And you can see the growth on this page: 40% in Schwab Wealth Advisory, 53% in Wasmer Schroeder, and 127% and in Schwab Personalized Indexing.
这对我们来说是一次胜利。截至目前，我们在托管投资净流入方面吸引了近 250 亿美元，较去年增长 56%。我们看到各种解决方案的净流入强劲增长。您可以在本页上看到增长情况：施华洛世奇财富咨询增长 40%，Wasmer Schroeder 增长 53%，施华洛世奇个性化指数增长 127%。
都是没有代表性的业务。
By offering our clients a broad spectrum of the wealth solutions they need, we're also supporting growth in our fee-based revenue streams, as you can see with the growth in our revenue on the right-hand side of this page.
通过为客户提供所需的广泛财富解决方案，我们也支持我们费用收入流的增长，正如您在本页右侧看到的收入增长所示。
Looking within our Wealth Solutions, I wanted to do a bit of a deeper dive into our Wasmer strategies. These fixed income strategies provide clients with a wide range of tax-exempt and taxable solutions. Clients also have access to a dedicated team of portfolio managers and portfolio personalization capabilities, all at a lower cost than competitive offerings.
在我们的财富解决方案中，我想更深入地了解我们的 Wasmer 策略。这些固定收益策略为客户提供了广泛的免税和应税解决方案。客户还可以使用专门的投资组合经理团队和投资组合个性化能力，而且成本比竞争对手的产品更低。
With total assets under management of $25 billion, we've seen assets in these strategies grow at a compound annual growth rate of 23% since our acquisition in July of 2020 and have grown by nearly 80% in the last two years where we've had a higher interest rate environment. This year-to-date alone, we've seen net flows of $4 billion, demonstrating that these solutions are indeed meeting client needs.
截至目前，我们管理的总资产达到 250 亿美元，自 2020 年 7 月收购以来，这些策略的资产以每年 23%的复合年增长率增长，并在过去两年中增长了近 80%，在这两年中，我们处于较高利率环境。仅在今年至今，我们看到净流入资金达到 40 亿美元，表明这些解决方案确实满足了客户的需求。
Turning now to client segmentation. At Schwab, we will always meet the needs of a wide spectrum of investors and RIA firms, but we also need to serve our distinct client segments. And strong relationships are the foundation of our ability to do this. When we build relationships by meeting client needs and meeting clients where they are and with the service models, the tailored education and the specialized capabilities they need, we will retain our existing clients and attract new ones. RIAs, which are one of our key client segments, we strengthened our relationships with RIAs of all sizes through an unparalleled offer that helps each of them grow, compete and succeed.
现在转向客户细分。在施瓦布，我们将始终满足广泛投资者和 RIA 公司的需求，但我们也需要为不同的客户细分提供服务。强大的关系是我们能够做到这一点的基础。当我们通过满足客户需求、在客户所在地与服务模式、定制教育和专业能力相结合建立关系时，我们将保留现有客户并吸引新客户。作为我们的一个关键客户细分之一，我们通过一项无与伦比的提供帮助各种规模的 RIA 公司增长、竞争和成功，加强了与各种规模的 RIA 公司的关系。
For example, we offer advisers turnkey asset management solutions, flexible technology, and highly specialized business consultant teams, all at an incredible value with zero custody fees and no intention of changing that.
例如，我们为顾问提供一站式资产管理解决方案、灵活的技术以及高度专业化的商业顾问团队，所有这些都具有令人难以置信的价值，零托管费用，并且没有改变的意图。
Turning to our retail business, high net worth retail clients are another important segment where the power of strong relationships is clear. Our high net worth retail investors who have a financial consultant, bringing more than 3x the average household net new assets, 2.8x the Managed Investing net flows, and have better TOA ratios, and notably higher Client Promoter Scores compared to retail high net worth clients who do not have an FC. Continuing to invest so we can build and expand on these valuable client relationships will help support our growth over the long term.
转向我们的零售业务，高净值零售客户是另一个重要的细分市场，强大关系的力量显而易见。我们的高净值零售投资者拥有财务顾问，带来超过平均家庭净新增资产的 3 倍以上，管理投资净流入的 2.8 倍，并具有更好的 TOA 比率，以及明显更高的客户推荐者评分，与没有财务顾问的零售高净值客户相比。继续投资，以便我们可以建立和扩大这些宝贵的客户关系，将有助于支持我们长期增长。
客户经理本身不可能是差异化的东西，敢这么讲需要无知到一定程度。
Our fourth strategic focus area is the Brilliant Basics. We know that we can make it even easier for our clients to do business with us, and if we can deliver on the basics for our clients in every interaction they have at Schwab, we'll build loyalty and our delighted clients will grow their wealth with us and refer their friends and family members to us.
我们的第四个战略重点领域是卓越基础。我们知道我们可以让客户更轻松地与我们做生意，如果我们能在每次与施瓦布的互动中为客户提供基本服务，我们将建立忠诚度，我们的满意客户将与我们一起增加财富，并向我们推荐他们的朋友和家人。
One example of how we're delivering on this for clients is the enhancements we continue to make to the best-in-class Schwab mobile app. We know clients and third parties like it today. Our mobile app has a 4.8-star rating on the App Store. And for the second year in a row, Corporate Insight has ranked us the number one mobile app experience among brokerage firms.
我们为客户提供的一个例子是我们不断改进的一流 Schwab 移动应用程序。我们知道客户和第三方今天都喜欢它。我们的移动应用在 App Store 上获得了 4.8 星的评价。而且连续第二年，Corporate Insight 将我们评为券商公司中排名第一的移动应用体验。
远不如IBKR，功能上十分简陋但是看明白需要动点脑筋，即使搞成这样在前几十年的发展中规模和市值都远大于IBKR，需要再深入看一看。
And we continue to invest in and enhance that experience. We're introducing features our former Ameritrade clients love, like the recently launched customizable dashboard. Other recent and planned enhancements will simplify the client experience by reducing clicks and expanding on our customization capabilities.
我们将继续投资并增强这种体验。我们正在推出我们以往的美利达客户喜爱的功能，比如最近推出的可定制仪表板。其他最近和计划中的增强措施将通过减少点击次数和扩展我们的定制能力来简化客户体验。
Guided by our consistent through client-size strategy, we remain well positioned for continued growth. While there are several factors that can influence asset gathering in the near term, things like the macroeconomic environment, seasonality and some behavioral differences we see in the former Ameritrade client base, we believe our through-the-cycle growth recipe remains intact. Over the longer term, we expect we'll continue to see 5% to 7% annualized NNA growth from existing and new clients, bolstered by delivering on our four strategic focus areas.
在我们一贯的以客户为中心的战略指导下，我们仍然处于良好的持续增长位置。虽然有一些因素可能会影响短期资产积累，比如宏观经济环境、季节性以及我们在前美利达客户群体中看到的一些行为差异，但我们相信我们的全周期增长方案仍然完整。从长期来看，我们预计我们将继续看到来自现有和新客户的年化 NNA 增长率为 5%至 7%，并通过在我们的四个战略重点领域取得成功来加强。
这一点是值得赞赏的，指标清晰有助于认清现实。
As we've shared, 2024 is a transition year, with strong client engagement, a successful integration, continued progress on our strategic focus areas, and opportunities to introduce our client base to the best of Schwab and Ameritrade, we remain well positioned to continue serving our growing client base and delivering profitable long-term growth to stockholders.
正如我们所分享的，2024 年是一个过渡年，客户参与度强劲，成功整合，战略重点领域持续取得进展，并有机会向我们的客户群介绍施瓦布和美利达的最佳优势，我们仍然处于良好位置，继续为不断增长的客户群提供服务，并为股东提供可持续盈利的长期增长。
With that, I'll turn it over to Peter.
到此为止，我将把话题交给彼得。
Peter Crawford 彼得·克劳福德
Well, thank you very much, Rick. So, Walt and Rick talked about the exciting results we've already seen from the Ameritrade integration and the opportunities it enables, our strong momentum in the market and the success we have enjoyed in attracting a diverse mix of clients, the progress we have made in continuing to enhance our leading value proposition at the same time that we continue to drive greater efficiency throughout our business.
非常感谢你，瑞克。所以，沃尔特和瑞克谈到了我们已经看到的美林证券整合带来的令人兴奋的结果以及它所带来的机遇，我们在市场上的强劲势头以及我们在吸引多样化客户群方面取得的成功，我们在不断提升我们领先的价值主张方面取得的进展，同时我们继续推动业务效率的提升。
And finally, our commitment to continuing that journey, combining ever greater efficiency with sustained investments in improving the client experience. For my time today, I'll review our solid financial performance in the second quarter and over the first half of the year. I'll provide some high-level perspective on what we're seeing with regard to our clients' transactional cash, and I'll share an updated scenario for 2024.
最后，我们承诺继续这一旅程，将越来越高的效率与持续投资于改善客户体验相结合。在今天的时间里，我将回顾我们在第二季度和上半年取得的稳健财务表现。我将就我们客户交易现金方面的情况提供一些高层次的观点，并分享 2024 年的更新情景。
The important point is that we are proceeding through what we've described previously, and what Walt talked about at the outset, as a transitional year. But frankly, at a slightly faster pace than we had anticipated just six months ago, with our organic growth rebounding towards historical levels, a continued moderation of client cash realignment activity despite seasonal pressures and the impact of very high investor engagement, sequential growth in our net interest margin, continued expense discipline with adjusted expenses basically flat year-over-year excluding some unusual items, and finally, a steady increase in our capital levels, both our regulatory levels and those inclusive of AOCI.
重要的一点是，我们正在按照之前描述的方式进行，正如沃尔特在一开始谈到的那样，作为一个过渡年。但坦率地说，我们的有机增长速度比六个月前我们预期的要快一点，我们的有机增长正在回归到历史水平，尽管季节性压力和投资者参与度很高，客户现金重新调整活动持续减少，我们的净利差呈现顺序增长，费用纪律持续，调整后的费用基本上与去年持平，除了一些异常项目，最后，我们的资本水平稳步增长，无论是我们的监管水平还是包括 AOCI 在内的水平。
And all of that sets the stage for what we expect will be more of a return to normal, the unlocking of our core earnings power and, frankly, a much simpler financial story in the quarters and years ahead, but one featuring strong growth in revenue and earnings in the back half of 2024 and over the next several years.
所有这些为我们预计的更多回归正常、释放核心盈利能力以及在未来几个季度和几年内实际上更简单的财务故事铺平了道路，但在 2024 年下半年以及未来几年将呈现强劲的收入和盈利增长。
As Walt mentioned, the first half of the year has been characterized by strong equity markets, increased client engagement and solid organic growth. We saw that reflected in external benchmarks such as the S&P 500 and NASDAQ, as well as key drivers of our business performance, including margin balances up 15% from the end of 2023, trading activity up slightly from the first six months of last year, and as Rick mentioned, a real surge in interest among clients for our advisory solutions.
正如沃尔特所提到的，上半年的特点是股市强劲、客户参与度增加和有力的有机增长。我们看到这一点在外部基准上得到了体现，如标普 500 指数和纳斯达克指数，以及我们业务表现的关键驱动因素，包括保证金余额比 2023 年底增长了 15％，交易活动比去年前六个月略有增加，正如瑞克所提到的，客户对我们的咨询解决方案表现出了真正的兴趣激增。
Our clients' transactional cash balances are typically pressured in the first half of the year by engagement in the markets in January and February and then tax season in April and early May. And that was no different in 2024. But even so, we continue to see a moderation of the rate-driven client cash realignment activity.
我们客户的交易性现金余额通常在年初受到压力，因为他们在一月和二月参与市场，然后在四月和五月初是税收季。2024 年也不例外。即便如此，我们仍然看到由利率驱动的客户现金重新调整活动有所缓和。
Now that backdrop helped support solid financial performance in the second quarter, with revenue up 1% year-over-year to $4.7 billion. Adjusted expenses in Q2 were up just under 2% year-over-year, but that included several onetime and/or unusual items without which our adjusted expenses would have been down more than 1%. We produced an adjusted pretax margin of roughly 41% and adjusted EPS of $0.73.
现在这种背景有助于支撑第二季度的稳健财务表现，收入同比增长 1%，达到 47 亿美元。第二季度调整后的费用同比增长不到 2%，但其中包括几项一次性和/或不寻常的项目，如果不计入这些调整后的费用将下降超过 1%。我们实现了约 41%的调整前税前利润率和每股调整后收益为 0.73 美元。
Turning our attention to the balance sheet. Total assets dropped by 4%, driven primarily by tax-related outflows and the continuation, albeit at a much slower pace, of the client cash realignment activity we have experienced for a little over two years. And the overall level of realignment within Bank Sweep and Schwab One in the quarter was down about 50% versus the same quarter in 2023.
将我们的注意力转向资产负债表。总资产下降了 4%，主要是由于与税收相关的资金流出以及我们在过去两年多经历的客户现金重新调整活动的继续，尽管速度要慢得多。与 2023 年同期相比，本季度 Bank Sweep 和 Schwab One 的整体调整水平下降了约 50%。
Now as I mentioned earlier, we have seen strong growth in margin utilization to start the year. And to support that activity, we directed about $5 billion of client cash from the banks to the broker-dealers. That caused our level of supplemental borrowing to rise slightly in the quarter.
正如我之前提到的，我们看到了保证金利用率在年初出现强劲增长。为了支持这一活动，我们将约 50 亿美元的客户现金从银行转移到经纪商。这导致我们的补充借款水平在本季度略微上升。
What I want to emphasize again, that this is a good thing. We are more than happy to absorb a bit more borrowing on which we're paying just over 5% to support margin loans on which we're earning just under 8%.
我想再次强调的是，这是一件好事。我们非常乐意多吸收一点借款，我们支付的利率略高于 5%，以支持我们赚取略低于 8%的保证金贷款。
And finally, despite rates that increased slightly during the quarter, our capital position continued to get even stronger. With our adjusted Tier 1 leverage ratio, again, reminding you that's the one that's inclusive of AOCI and, therefore, what our binding constraint would be if we lose the AOCI opt-out, at Schwab Bank now well over 6% and just under 6% for the Company overall. Meaning, we are marching steadily towards our new operating objective for capital.
最后，尽管利率在本季度略有上升，我们的资本状况仍在不断变得更加强劲。我们调整后的第一层资本杠杆比率，再次提醒您，这是包括 AOCI 的比率，因此，如果我们失去 AOCI 选择退出，施瓦布银行现在的比率已经超过 6%，公司整体略低于 6%。这意味着我们正在稳步迈向资本的新运营目标。
Now despite the influence of typical seasonal pressure to start the year coupled with atypically bullish, very bullish, investor sentiment, client cash balances have largely trended consistent with our expectations, despite rates remaining higher than the Fed and the market predicted earlier in the year.
尽管受到典型季节性压力和非典型的看涨、非常看涨的投资者情绪影响，但客户现金余额基本符合我们的预期，尽管利率仍高于年初美联储和市场的预测。
And all indications support that we are in the very late innings of client cash realignment activity. In fact, over the course of Q2, client-driven outflows from Bank Sweep despite the seasonal tax payments, have been less than the cash flow generated from our investment portfolio, which in the absence of any other actions on our part would have led to continued decline to supplemental borrowing.
所有迹象都表明，我们正处于客户现金重新调整活动的最后阶段。事实上，在第二季度期间，尽管季节性税款支付，但由客户驱动的银行清算资金流出量少于我们投资组合产生的现金流量，如果我们没有采取任何其他行动，这将导致继续下降到补充借款。
Now with new client acquisition and organic growth returning to our historical norms, and all signs suggesting that the Fed funds rate has likely peaked, meaning, in the absence of this catalyst, we expect the utilization of investment cash alternatives such as purchase money funds and CDs to stabilize and then eventually decrease over time, we believe we're nearing the point where aggregate transactional cash balances should flatten and then ultimately resume growing again.
随着新客户获取和有机增长回归到我们的历史水平，所有迹象表明美联储基金利率可能已经达到峰值，这意味着在没有这一催化剂的情况下，我们预计投资现金替代品的利用率，如购买货币基金和 CD，将会稳定，然后随着时间的推移逐渐减少，我们相信我们正接近交易性现金余额应该趋于平稳，然后最终再次增长的点。
Now that solid start to the year lays the foundation for what we expect will be an even stronger end of the year, propelling us into growth through 2025 and beyond. We now expect our full year revenue to range between flat to up 2% versus 2023 or roughly in the middle of the mathematical illustrations you may recall we shared back in January.
今年年初的良好开局为我们预计将会有更强劲的年底打下了基础，推动我们在 2025 年及以后实现增长。我们现在预计全年收入将在 2023 年的基础上保持平稳至增长 2%，大致处于您可能还记得我们在一月份分享的数学示例的中间位置。
And as I shared back in May at our Investor Day, we now expect our adjusted expenses to be approximately 2% higher than 2023. And as a reminder, about half that change from the previous guidance is due to unanticipated onetime items such as the FDIC surcharge and the regulatory accrual, with the remainder coming from the increase in the SEC 31 fee, which is, again, is a pass-through expense and, therefore, P&L neutral.
正如我在五月份的投资者日上所分享的，我们现在预计我们的调整后费用将比 2023 年大约高出 2%。提醒一下，先前指引变化的一半是由于意外的一次性项目，如 FDIC 附加费和监管应计，其余部分来自 SEC 31 费用的增加，这是一个经过费用，因此对利润和损失表中性。
But to use the transitional word again, that annualized view masks the progression in earnings power by the end of the year. We're expecting flattish earnings from Q2 to Q3, but assuming the Fed cuts rates in September as is widely expected, we could see our NIM reach the mid-2.20s in Q4 on its way to approaching 3% by the end of 2025, which we believe will support adjusted earnings per share in the middle of the $0.80 to $0.90 range we outlined at the beginning of the year, with our earnings power building in 2025 and beyond.
但再次使用过渡词，这种年化视角掩盖了年底盈利能力的进展。我们预计从第二季度到第三季度的盈利将保持平稳，但假设联邦储备委员会按照普遍预期在 9 月份降息，我们可能会看到我们的净利息收入在第四季度达到中 2.20%左右，到 2025 年底接近 3%，我们相信这将支撑每股调整后盈利在我们在年初提出的 0.80 美元至 0.90 美元范围中间，我们的盈利能力将在 2025 年及以后逐渐增强。
Despite long-term rates moving a little bit higher during the quarter, our capital levels are climbing steadily, and we continue to expect our consolidated adjusted Tier 1 leverage ratio to approach our slightly updated operating objective of 6.75% to 7% on a consolidated basis by the end of 2024, at which point it becomes more of a live conversation regarding whether and how we want to do further capital return, our number one priority for capital is always to support business growth.
尽管长期利率在本季度略微上升，我们的资本水平仍在稳步提升，我们预计到 2024 年底，我们的调整后第一层资本杠杆比率将接近我们略微更新的运营目标 6.75%至 7%，届时将更多地讨论是否以及如何进行进一步的资本回报，我们的资本首要目标始终是支持业务增长。
Now to the extent that we have capital in excess of what is needed to do that, we have, throughout our history, taking steps to return that to stockholders. That can be through increasing our dividend, which generally rises alongside earnings. That can be by redeeming outstanding preferreds to create additional dry powder for the future, especially preferreds that might be or might become relatively expensive, and that can also be, of course, through stock buybacks, which we do opportunistically.
现在，就我们拥有超出所需资本的部分而言，我们在整个历史上一直采取措施将其返还给股东。这可以通过增加我们的股息来实现，通常与收益同步上升。这可以通过赎回未偿优先股来创造未来的额外备用金，特别是可能相对昂贵的优先股，当然也可以通过我们有机会进行的股票回购。
There is one additional consideration right now, which is to the extent that we have outstanding supplemental borrowing, we may choose to utilize some of the liquidity we'd otherwise use for buybacks to reduce some of that bank-level debt. Now doing that reduces our reliance on nonbusiness-as-usual funding sources, and given the relatively higher cost of the supplemental borrowing, it's likely more accretive to earnings in the near term, while preserving the capacity, the ability to implement stock repurchases at a later date. So by doing that, we can kind of have our cake and eat it too.
目前有一个额外的考虑，即我们如果有未偿的额外借款，我们可能选择利用本来用于回购的部分流动性来减少一些银行级别的债务。这样做可以减少我们对非常规资金来源的依赖，并且考虑到额外借款的相对较高成本，这很可能会在短期内对收益产生更多增值，同时保留实施股票回购的能力和容量，以便在以后的某个日期实施。因此，通过这样做，我们可以两全其美。
可能是股价大幅度下跌的原因之一，很多券商都没有自己的银行，这个理由看着不合理。
Now those of you who have followed the Company for a while know that we don't tend to communicate bold, long-term financial targets. Rather, we continue to talk about our long-term financial formula, a relatively simple and straightforward formula that is based on our clear and straightforward business strategy, which we articulated, as you know, is through clients' eyes. And what makes that financial formula simple and straightforward is that it's based on a set of a pretty reasonable assumptions, for Schwab at least, around organic growth, revenue growth, expense containment and capital return, assumptions that we have delivered through the cycle over multiple decades.
现在，那些关注公司一段时间的人会知道，我们不倾向于传达大胆的、长期的财务目标。相反，我们继续谈论我们的长期财务公式，这是一个相对简单明了的公式，基于我们清晰明了的业务战略，正如您所知，我们的业务战略是从客户的角度出发。使这个财务公式简单明了的是，它基于一组相当合理的假设，至少对施瓦布来说，围绕有机增长、收入增长、费用控制和资本回报的假设，这些假设我们在多个十年的周期内都实现了。
Over the last two-plus years, that formula has admittedly been obscured to an extent by the impact of rising rates and what that has done to client transactional cash balances. But with rates seeming to plateau and client cash realignment moderating, while organic growth returns to that historical level, we're nearing the point where that simple and straightforward formula, that simple and straightforward financial story should become more clear, one that without making some big leap of faith combined strong organic growth, strong profitability and substantial capital return.
在过去两年多的时间里，由于利率上升的影响以及对客户交易现金余额的影响，这个公式确实在一定程度上变得模糊不清。但随着利率似乎趋于平稳，客户现金重新调整逐渐缓和，同时有机增长回归到历史水平，我们正接近这个简单明了的公式，这个简单明了的财务故事应该变得更加清晰，这个故事结合了强劲的有机增长、强劲的盈利能力和可观的资本回报，而无需做出大胆的信仰飞跃。
With that, I'll turn it over to Jeff to facilitate our Q&A. Jeff?
有了这个，我将把话题交给杰夫来主持我们的问答环节。杰夫？
Jeff Edwards 杰夫·爱德华兹
Thank you very much, Peter. Operator, can you please remind everyone how they may ask a question?
非常感谢，彼得。操作员，请您提醒大家如何提问？
Question-and-Answer Session
问答环节
Operator 操作员
[Operator Instructions] Our first question comes from Brian Bedell from Deutsche Bank. Please go ahead.
【操作员指示】我们的第一个问题来自德意志银行的 Brian Bedell。请提问。
Brian Bedell 布莱恩·贝德尔
Great. Thanks very much for the presentation. Maybe just, Peter, could you talk about your view on how you make deposit rates as the Fed cuts -- and I guess, first and foremost is your assumption in your targets based on, I guess, how many Fed cuts are based on that? And then just maybe just talk about how you might reduce direct deposit rates in sweep and the banking deposits as the Fed cuts -- essentially the deposit beta to that?
非常好。非常感谢您的演示。也许，彼得，您能谈谈您对于在联邦储备系统降息时如何确定存款利率的看法吗？我猜，首要的是您的目标设定是基于多少次联邦储备系统的降息？然后，也许您可以谈谈在联邦储备系统降息时如何降低直接存款利率和扫描银行存款，从而降低存款贝塔？
Peter Crawford 彼得·克劳福德
Sure. So, thanks, Brian. So, the scenario that I outlined is based off the Fed cutting rates a single time in the rest of this year in September. In terms of deposit betas, I wouldn't necessarily assume that deposit betas are symmetrical. If you look historically, deposit betas tend to be a bit higher on the -- in the easing cycle than they are in a tightening cycle. And so, while we certainly haven't made any decisions exactly about what we'll do with deposit rates, I think that's a reasonable expectation.
当然。所以，谢谢，布莱恩。我概述的情景是基于美联储在今年剩下的时间里在九月份只降息一次。就存款贝塔而言，我不会认为存款贝塔是对称的。如果你看历史数据，存款贝塔在宽松周期中往往比在紧缩周期中高一些。虽然我们确实还没有就存款利率做出任何具体决定，但我认为这是一个合理的预期。
And we also would expect that as rates come down, the cost of any replacement supplemental funding that we have to access comes down as well. And we'd also expect that, on the margin, that rate cuts would, over time, bring about higher levels of clients' transactional cash as the incentive for them to utilize alternative solutions like purchase money funds and CDs become somewhat less.
我们也预计随着利率下降，我们必须获取的任何替代性补充资金的成本也会下降。我们也预计，从长远来看，利率下调将带来更高水平的客户交易现金，因为他们利用购买货币基金和 CD 等替代解决方案的动机会略微减少。
Operator 操作员
Next, we'll go to the line of Ken Worthington from JPMorgan. Please go ahead.
接下来，我们将转到摩根大通的肯·沃辛顿。请讲。
Ken Worthington 肯·沃辛顿
In terms of the use of third-party banks like TD, how much of your bank assets might migrate to third-party banks over time at sort of steady state? And how would you expect the economics to compare to the fees that you currently earn on a money market fund or in the Schwab Bank spread over rate cycle? And I guess lastly, given the Wells comments on Friday, is there a risk that using third-party banks might risk regulators having an opinion on the yields passed on to certain end-customers in the advisory or other segments of your business?
就像使用 TD 等第三方银行一样，您的银行资产可能会在一段时间内迁移到第三方银行，达到一种稳定状态？您预计经济状况如何与您目前在货币市场基金或施瓦布银行利差率周期中获得的费用相比？最后，鉴于上周五韦尔斯的评论，使用第三方银行是否存在风险，可能会导致监管机构对传递给某些终端客户的收益率在您业务的咨询或其他部分上发表意见？
Walt Bettinger 沃尔特·贝廷格
Yes. So, I think it's I think it's early to have definitive answers on the first set of questions that you asked. Although if you research our IDA agreement with TD Bank, it probably gives you a good direction with respect to the economics. The economics can be very attractive for us in terms of not needing to have capital relative to those deposits. And that's where I would probably direct you to look in terms of the economics of that.
是的。所以，我认为对于你提出的第一组问题，现在得出明确答案还为时过早。不过，如果你研究我们与 TD 银行的 IDA 协议，可能会对经济方面有一个良好的方向。从经济角度来看，相对于那些存款，这种经济条件对我们来说可能非常有吸引力，因为我们不需要相应的资本。这可能是我会建议你从经济角度来看的地方。
In terms of the level, we want to make sure that we maintain sufficient deposits at our bank to, again, fund the loans that our clients want, and then have appropriate levels of liquidity over and above that.
就水平而言，我们希望确保在我们的银行保持足够的存款，以再次为客户想要的贷款提供资金，并且在此之上保持适当的流动性水平。
With respect to the Wells Fargo issue, we have provided money market fund sweep cash and -- or money market yields on bank cash for all of our fiduciary-driven investment advisory solutions already. So, I don't really see the Wells Fargo report having any kind of meaningful implications for us. We've been doing this for an extended period of time already.
就富国银行的问题而言，我们已经为我们所有的受托人驱动的投资咨询解决方案提供了货币市场基金扫描现金和/或银行现金的货币市场收益率。因此，我并没有真正看到富国银行的报告对我们有任何有意义的影响。我们已经做了很长一段时间了。
Operator 操作员
Next, we'll go to the line of Kyle Voigt from KBW. Please go ahead.
接下来，我们将转到 KBW 的 Kyle Voigt 的线路。请讲。
Kyle Voigt 凯尔·福格
Good morning. Just maybe on the Ameritrade attrition abating and net new assets getting back to that 5% to 7% level as they have grown historically. I guess with the knowledge of doing prior brokerage integrations, albeit at a smaller scale than the Ameritrade integration, so do you have any expectation of when you could get back into that range? And typically, when do you see attrition effectively fully abate after the last migration, which we've obviously just went through?
早上好。也许正是在 Ameritrade 的流失减少和净新资产恢复到历史增长水平的 5%至 7%水平。我猜想，考虑到之前进行过经纪整合的经验，尽管规模比 Ameritrade 整合要小，您是否有预期何时能够回到那个范围？通常情况下，在最后一次迁移之后，您何时认为流失会有效地完全减少，显然我们刚刚经历了这一过程？
Walt Bettinger 沃尔特·贝廷格
Let me start by saying first -- thanks for the question, Kyle. Let me start by saying when we look at our Schwab client base, we continue to grow within that 5% to 7% organic growth rate that we target over the long term.
首先让我说一下 - 感谢你的问题，凯尔。当我们看到我们的施瓦布客户群时，我们继续保持在长期目标的 5%至 7%的有机增长率内增长。
When you look at the Company level metrics, what's keeping us from the 5% to 7% overall is, in fact, behavior of the Ameritrade clients. And the great thing that we're seeing is we are seeing a change in their behavior. And it's in line with what we would expect, which is, first, we need to stop clients from leaving the firm and from Ameritrade flows being negative.
当您查看公司级别的指标时，实际上阻止我们整体增长率达到 5%至 7%的原因是美利达客户的行为。我们看到的一个很好的迹象是，他们的行为正在发生变化。这符合我们的预期，首先，我们需要阻止客户离开公司，避免美利达资金流出现负增长。
And I think we're in the process of that happening. Walt referenced the significant improvement in Client Promoter Scores. That's true both on the retail side and the adviser side. So, Client Promoter Scores are getting higher. As those Client Promoter Scores are getting higher, we're moving from outflows from our Ameritrade clients to inflows.
我认为我们正在经历这一过程。沃尔特提到客户推广者评分显著提高。这在零售端和顾问端都是真实的。因此，客户推广者评分正在提高。随着这些客户推广者评分的提高，我们正从美利达客户的资金流出转为资金流入。
What we then need to do is to move a client base that hasn't had client flows quite in line with where Schwab organic growth rate has been historically. We need to move them from being positive contributors to net new assets to contributing at the same level as Schwab -- as our Schwab organic growth rate.
我们需要做的是将客户群体转移，这些客户的客户流量与施瓦布的有机增长率历史上并不完全一致。我们需要让他们从积极贡献净新资产转变为以与施瓦布相同水平贡献的方式贡献，即我们的施瓦布有机增长率。
And the way we'll do that is by introducing our Schwab model to Ameritrade clients, the financial consultant, the relationship model, the service, the advice, the consultants that we bring on the advisory side. All of that, we believe, will help accelerate the Ameritrade net new asset formation.
我们将通过向美利达客户介绍我们的施瓦布模式来实现这一目标，包括财务顾问、关系模式、服务、建议以及我们在咨询方面提供的顾问。我们相信，所有这些都将有助于加快美利达净新资产的形成。
So, we're confident we can grow in the 5% to 7% range. We continue to do so on the Schwab side today. And we're right where we'd expect to be in terms of the process of moving Ameritrade clients from being net detractors in net new assets to now being slightly positive. And then, we anticipate by introducing our model to them to be able to grow them to the same level as Schwab clients over time.
因此，我们有信心在 5%至 7%的范围内增长。我们今天在施瓦布方面继续这样做。就将美利达客户从净新资产的净负面转变为现在略微正面的过程而言，我们正处于我们预期的位置。然后，我们预计通过向他们介绍我们的模型，能够随着时间的推移将他们增长到与施瓦布客户相同的水平。
Operator 操作员
Next, we'll go to the line of Dan Fannon from Jefferies. Please go ahead.
接下来，我们将转到杰富瑞的丹·范农。请讲。
Dan Fannon 丹·范农
Peter, I was hoping you could elaborate on your assumptions on what's going to drive the sequential growth really after being flat in Q3 to Q4, and specifically things like margin balances, which are growing, but as you said, are drawing more short-term funding. So curious about short-term funding levels plus some of the other assumptions in that Q3 to Q4 ramp.
彼得，我希望你能详细阐述你对接下来的连续增长驱动因素的假设，特别是在 Q3 到 Q4 保持平稳后，像保证金余额这样的东西，它们在增长，但正如你所说，正在吸引更多的短期资金。因此，我对短期资金水平以及 Q3 到 Q4 斜坡中的其他假设很好奇。
Peter Crawford 彼得·克劳福德
Yes. So, we can -- certainly, we can follow up with -- we have a number of assumptions on the page there, and you're welcome to follow up with the IR team in terms of some of the details. But broadly speaking, as I mentioned previously, the assumptions are as a single Fed cut in September, client cash realignment activity that continues to moderate. We expect it will flatten and then, again, ultimately resume growth. And then more of a continuation of the general -- relatively conventional assumptions on equity market depreciation, margin balance growth that goes along with that and so forth.
是的。所以，我们可以——当然，我们可以跟进——我们在页面上有一些假设，欢迎您就一些细节与 IR 团队跟进。但总体而言，正如我之前提到的，这些假设是 9 月份单次联邦基金利率下调，客户现金重新调整活动继续逐渐减少。我们预计它将趋于平稳，然后最终恢复增长。然后更多地延续一般——相对传统的股市折旧假设，随之而来的保证金余额增长等等。
In terms of supplemental borrowing, our priority, of course, is to pay that down as quickly as we can. But the pace at which we pay that down, it is dependent on the level of margin balance growth. And if we see -- continue to see more margin balance growth, we will, as we always do, want to make sure we support that growth. And at times, that means moving some cash out of the -- some client cash out of the bank over to the broker-dealer.
就补充借款而言，我们当然的首要任务是尽快偿还。但我们偿还的速度取决于保证金余额增长的水平。如果我们看到——继续看到更多的保证金余额增长，我们将像往常一样，希望确保支持这种增长。有时，这意味着将一些现金从银行转移到经纪商处。
But again, that is a -- we welcome the margin balance growth. It's good for clients. It means we're -- our clients are engaged, that we are supporting our active trader community, which is a very important segment for us. It's a very profitable interest-earning assets. So, we're more than happy to support that even if it means that it delays, to a certain extent, the pay-down of supplemental borrowing. It's accretive from a NIM standpoint, accretive from a net interest revenue standpoint, and so forth.
但再次强调，我们欢迎边际平衡增长。这对客户是有利的。这意味着我们的客户参与度高，我们在支持我们的活跃交易者社区，这对我们来说是一个非常重要的细分市场。这是非常有利可图的利息收入资产。因此，即使这意味着在一定程度上延迟了补充借款的偿还，我们也乐意支持这一点。从 NIM 角度来看，这是增值的，从净利息收入角度来看也是增值的，等等。
So, it's why it's really, I think, I'd caution everyone not to focus on supplemental borrowing just in isolation in a vacuum, because it's influenced by other factors as well.
所以，我认为大家不应该只关注额外借款，而应该考虑到其他因素的影响，不要孤立地看待这个问题。
Operator 操作员
Next, we'll go to the line of Steven Chubak from Wolfe Research. Please go ahead.
接下来，我们将转到沃尔夫研究的 Steven Chubak 的发言。请讲。
Steven Chubak 史蒂文·楚巴克
Hi, good morning. So, Peter, you had outlined a couple of different self-help levers. I mean, the first is the potential to migrate additional cash off balance sheet in the future. I actually wanted to focus on the potential opportunity to accelerate pay-downs of the high-cost liabilities by repositioning the securities portfolio. And I was hoping you could just unpack what are some of the constraints that we should be mindful of when thinking through the potential opportunity. And is it fair to assume that you would likely wait until you're at your capital target at which point you would maybe consider pursuing that path?
早上好。彼得，你已经概述了几种不同的自助杠杆。我的意思是，第一种是未来有可能将额外现金从资产负债表上转移出去。我实际上想要关注的是通过重新定位证券投资组合来加速偿还高成本负债的潜在机会。我希望你能解释一下，在考虑这个潜在机会时，我们应该注意哪些限制条件。假设你可能会等到达到资本目标时，然后再考虑追求这条道路，这样做公平吗？
Peter Crawford 彼得·克劳福德
Yes. So, thanks for the question, Steven. So, I would say, I know we've gotten this question -- we've gotten this question a fair amount. And our thinking on repositioning trade hasn't really changed. We certainly understand the benefit of that on accelerating the paydown of supplemental borrowing, accelerating the net interest margin accretion, earnings accretion that we expect to happen over time.
是的。所以，感谢您的问题，史蒂文。我想说，我知道我们已经得到了这个问题 - 我们已经得到了这个问题相当多次。我们对重新定位交易的想法并没有真正改变。我们当然理解这对加快偿还额外借款、加快净利息差额增加、我们预计随着时间的推移会发生的收益增加的好处。
At the same time, we're very cognizant of, and very mindful, of doing anything that would jeopardize the trust our clients place in us, especially for the sake of, moving forward, something that we expect will happen on its own. And so that's why we haven't done that. So, I would say it's not something we, by any means, rule out altogether, but it's also not something we're looking to do in the near term.
与此同时，我们非常清醒地意识到，也非常谨慎地意识到，我们不会做任何可能危及客户对我们的信任的事情，尤其是为了推动我们期待会自然发生的事情。这就是为什么我们还没有这样做。所以，我会说这并不是我们完全排除的事情，但也不是我们近期打算做的事情。
Operator 操作员
Next, we'll go to the line of Brennan Hawken from UBS. Please go ahead.
接下来，我们将转到瑞银的布伦南·霍肯。请讲。
Brennan Hawken 布伦南·霍肯
I'd like to follow up on the question around the shift to third-party banks as a place for deposits. So just at a high level, I'm curious if you could explain to us the strategic shift here because we spoke about it a year ago at the last what used to be the winter business update, now is the Investor Day, although I guess -- well, in 2023, it was at a different timing. And there was a defense of using the bank subsidiary. So, what led you to shift there?
我想跟进一下关于将存款转移到第三方银行的问题。所以，从一个高层次来看，我很好奇您能否向我们解释这里的战略转变，因为我们在一年前的上次曾谈到过，那时是冬季业务更新，现在是投资者日，尽管我猜 -- 嗯，在 2023 年，它是在不同的时间。当时曾有过使用银行子公司的辩护。那么，是什么导致您做出这样的转变？
And then maybe just like timing-wise, when should we expect this to happen? And how do you strike the -- you referenced that you want liquidity above the need to fund the loans. How should we be thinking about what the bank will actually look like once things settle out and you take this journey?
然后也许就像时间上的问题，我们应该期待这件事何时发生？你是如何解决这个问题的——你提到你希望流动性高于贷款需求。一旦事情稳定下来，你如何看待银行实际上会变成什么样子，你会如何进行这个过程？
Peter Crawford 彼得·克劳福德
Yes. Thanks, Brennan. And so as I indicated, we're talking about years, not months and quarters. And we just want to foreshadow that, over those period of years, we think that there may be approaches that are more efficient in terms of rewarding our clients as well as rewarding our stockholders than maintaining 100% of the deposits at our bank.
是的。谢谢，布伦南。正如我所指出的，我们谈论的是年份，而不是几个月或几个季度。我们只是想预示，在这些年份里，我们认为可能有一些更有效的方式来奖励我们的客户以及我们的股东，而不是将我们银行的存款保持在 100%。
We want deposits, as I indicated, to be sufficient to cover the loans that we intend to do for our clients, that provide quality yields, deepen relationships and we're able to do at exceptionally low credit risk, as well as having liquidity beyond that. But we all recognize that deposit flows can be very volatile depending on rate environments. And we have in place one agreement already today that provides us substantial flexibility for client deposits with exceptional economics for us without the need for capital. And we think that there are other opportunities to consider expanding that.
我们希望存款足以覆盖我们为客户打算提供的质量收益、加深关系并且能够以极低的信贷风险进行的贷款，同时还要有超出这些的流动性。但我们都意识到，存款流动性可能会因利率环境而变化很大。我们已经签署了一项协议，为客户存款提供了极大的灵活性，对我们来说具有非常好的经济效益，而且无需资本。我们认为还有其他机会可以考虑扩大这一点。
Schwab模型原来属于创新，利用券商账户的资金零成本转给自己的银行，从而有能力为券商交易提供零佣金的服务，美联储加息以后使得原来的优势变成了劣势，参考：《Charles Schwab Survived the Recent Banking Crisis. What Comes Next?》。
Again, I want to emphasize, the prepared remarks I made, that this is all subject to the economics of doing so. But we do think there are meaningful opportunities to lighten some of the capital load over time, again, measured in years, not months and quarters, that will provide us additional flexibility and also let us extend FDIC insurance to higher levels for our clients.
再次强调，我所做的准备好的讲话，这一切都取决于经济条件。但我们确实认为，随着时间的推移，有一些减轻资本负担的有意义的机会，再次强调，这是以年为单位衡量的，而不是以月份和季度，这将为我们提供额外的灵活性，也让我们为客户提供更高水平的 FDIC 保险。
Operator 操作员
Next, we'll go to the line of Benjamin Budish from Barclays. Please go ahead.
接下来，我们将转到巴克莱的本杰明·布迪什的发言。请讲。
Benjamin Budish 本杰明·布迪什
Just thinking about the sort of cash inflows over the next maybe six to eight quarters, can you maybe provide an update on your expected pace of securities maturing off of the balance sheet? I think you've talked before about the back half of '24. But is there any update you could perhaps provide on what to expect in 2025?
仅仅考虑接下来大概六到八个季度的现金流入情况，您能否提供一下有关您预期的证券到期从资产负债表中清除的速度的更新？我记得您之前提到过'24 年下半年。但 2025 年有什么更新可以提供吗？
Peter Crawford 彼得·克劳福德
Yes. So, I mean I think I would think about that in terms of the pace of cash flows off the investment portfolio as sort of in the $10 billion to $11 billion a quarter, somewhere in that range, as the portfolio -- the size of the portfolio goes down, that it's reasonable to expect that that level of cash flow goes down as well, sort of commensurate with that. But sort of -- and that's a general rule of thumb over the next several quarters, I think, is a reasonable expectation.
是的。所以，我的意思是，我认为我会考虑到投资组合现金流的速度，大约在每个季度 100 亿至 110 亿美元左右，随着投资组合规模的减少，可以合理地预期现金流水平也会相应下降。但这是一个大致的经验法则，在接下来的几个季度内，我认为这是一个合理的预期。
Operator 操作员
Next, we'll go to the line of Alex Blostein from Goldman Sachs. Please go ahead.
接下来，我们将转到高盛的 Alex Blostein 的线路。请讲。
Alex Blostein 亚历克斯·布洛斯坦
Well, so a lot of these things we're talking about for the last several quarters are related to kind of self-help levers and improvement in the Company's earnings power ultimately start with improvement in the deposit trajectory of the business that will help supplement the borrowings, capital returns, et cetera. So maybe help us sort of refresh, now that you've had the business with Ameritrade for some time, how are you thinking about the normalized framework for growth in Schwab's deposits, sweep deposits, whether it's a percentage of net new assets or some other metric, but I guess also considering that, even if we do get rate cuts, the Fed funds rate and the market rate is still going to be probably meaningfully higher versus kind of the available deposit yield that you and the industry are offering.
嗯，所以我们在过去几个季度谈论的许多事情都与自助杠杆和公司盈利能力的改善有关，最终始于业务存款轨迹的改善，这将有助于补充借款、资本回报等。也许帮助我们进行一次更新，现在您已经与美林证券合作了一段时间，您如何考虑施瓦布存款、扫描存款的增长的正常化框架，无论是作为净新资产的百分比还是其他指标，但我想也要考虑到，即使我们进行利率削减，联邦基金利率和市场利率仍然可能明显高于您和行业提供的可用存款收益率。
Peter Crawford 彼得·克劳福德
Yes. Thanks, Alex, for the question. So, I know there's a lot of focus on kind of month-to-month, even at times week-to-week changes in deposit flows. I think it's important to maybe set a little bit of context. So, first is deposit flows over a short period of time are influenced by net new assets, of course, the cash is brought in from new accounts, and then what clients do with that cash.
是的。谢谢你的问题，亚历克斯。我知道大家关注的焦点很多时候是存款流动的月度甚至周度变化。我认为可能有必要先设定一些背景。首先，短期内的存款流动受净新增资产的影响，当然也包括从新账户带来的现金，以及客户对这笔现金的运用。
And that can be rate-driven allocations that they make to purchase money funds, CDs and so forth. It can also be into engagement in the markets, equities, mutual funds and so forth. And so that can create some variability. We have seen strong engagement in the markets. And when we look at the rate-driven activity among our clients, that continues to go down.
这可以是他们用来购买货币基金、定期存款等的利率驱动型配置。也可以是参与市场、股票、共同基金等方面。这可能会带来一些变化。我们看到市场上的积极参与。当我们观察客户中的利率驱动活动时，这一趋势仍在下降。
The second point of context I would make, which is that you do see variability in those flows from, frankly, from day to day or month to month. And we can see $2 billion or $3 billion of net inflows or outflows on a particular day. And so, when you just look at a month's numbers, depending on what day of the week the month ends on, it can influence the level of transactional cash that we report on that monthly basis. And I'd say June was sort of -- was comparable to May. July has started off stronger. It's still early, it's about halfway through the month, so we'll see how the month ends. But it is -- it started off definitely stronger than in terms of deposit flows than May.
我要提到的第二个背景是，实际上，你会看到这些资金流动在不同的日子或月份之间有变化。我们可以看到某一天净流入或净流出 20 亿美元或 30 亿美元。因此，当你只看一个月的数据时，取决于月底是星期几，这可能会影响我们在每月基础上报告的交易现金水平。我想说六月份和五月份差不多。七月份开始得更好。现在还很早，月中已过一半，所以我们会看月底的情况。但可以肯定地说，七月份的存款流入在开始阶段就比五月份强。
In terms of the long term, to your question long term, we would expect in a stable environment that client transactional cash grows with the growth in accounts and the growth in total assets. We actually recently did a study to look at clients who opened their accounts roughly 20 years ago. And what we see over time is, as those clients increase the net worth in their accounts, increase assets in their accounts, their cash balances go up and they actually stay at a relatively constant percent of the assets in the account.
就长期而言，对于您提出的长期问题，我们预计在稳定的环境中，客户交易现金将随着账户数量和总资产的增长而增长。我们最近进行了一项研究，研究了大约 20 年前开设账户的客户。随着这些客户账户净值的增加，账户资产的增加，他们的现金余额会增加，并且实际上会保持在账户资产的一个相对恒定的百分比。
And so, I think as you are modeling our transactional cash over a long period of time, over years, I think it's reasonable to expect that that transactional cash grows with the growth in assets and the growth in accounts. When rates are rising, it will -- growth will be a little bit lower, and rates are falling, that growth will be a little bit faster. But I think over time in a stable environment, that's a reasonable expectation over, again, over multiple years.
因此，我认为在长时间内对我们的交易现金进行建模时，多年来，可以合理地预期随着资产和账户增长，交易现金也会增长。当利率上升时，增长速度会稍低一些，而当利率下降时，增长速度会稍快一些。但我认为在一个稳定的环境中，随着时间的推移，这是一个合理的预期，再次强调，是在多年的时间跨度内。
Operator 操作员
Next, we'll go to the line of Bill Katz from TD Cowen. Please go ahead.
接下来，我们将转到 TD Cowen 的 Bill Katz 的发言。请讲。
Bill Katz 比尔·卡茨
Maybe a two-parter. The first one is just in terms of the Ameritrade metrics you had mentioned in terms of not up to the 5% to 7% growth rate that you're experiencing with legacy platform, can you scale and size the two relative asset pools that we're speaking to? And then the broader question I have is just as you're thinking now about migrating the growth of the bank, how should we be thinking about the end state of the size of the bank? And does this change your capital return methodology?
也许是一个两部分的问题。第一个问题是关于您提到的 Ameritrade 指标，与您在传统平台上经历的 5%至 7%增长率不符，您能否衡量和比较我们正在讨论的两个资产池的规模和大小？然后我有一个更广泛的问题，就是在您现在考虑迁移银行增长的同时，我们应该如何考虑银行规模的最终状态？这是否会改变您的资本回报方法论？
Walt Bettinger 沃尔特·贝廷格
Let me start with the Ameritrade part of the question. We brought over about $2 trillion of Ameritrade client assets. We're at $9.4 trillion overall. So, Ameritrade is clearly an important part of our business.
让我从关于美林证券部分开始。我们转移了约 2 万亿美元的美林证券客户资产。我们总共达到了 9.4 万亿美元。因此，美林证券显然是我们业务的重要组成部分。
这是相当大的规模，IBKR目前客户净资产规模4863亿美元，账户数256万，而Charles Schwab目前的账户数有3560万个。
Looking at the longer term, important to remember the enthusiasm we have for the combination of the strength of Ameritrade and Schwab. We were talking a lot about short-term dynamics around cash and net interest margin and things like that. We have an incredible franchise that we've just spent four years putting together the best of everything Ameritrade had to offer with the best of everything Schwab has to offer.
从长期来看，重要的是记住我们对 Ameritrade 和 Schwab 实力结合的热情。我们一直在谈论现金和净利息差等短期动态。我们拥有一个令人难以置信的特许经营权，我们刚刚花了四年时间将 Ameritrade 提供的最好的东西与 Schwab 提供的最好的东西结合在一起。
And the behavior we're seeing from our clients is exactly what we would expect. We went from clients who experienced a lot of change and might have had dual relationships at Ameritrade and somewhere else, making the decision that this wasn't where they wanted to be. And so we did see some attrition. That attrition was well below what our expectations were. And now we're seeing what we'd expect to see in the next phase, which is client satisfaction from those clients that were moved, who had their experience change, improving dramatically. We're up 35 points in our advisory services business in terms of our overall client promoter scores following the conversion.
我们客户的行为正是我们所预期的。我们的客户经历了许多变化，可能在美利达和其他地方有双重关系，他们做出了这不是他们想要的地方的决定。因此，我们确实看到了一些客户流失。这种流失远低于我们的预期。现在我们看到了下一个阶段我们所期望看到的情况，即那些被转移的客户的满意度大幅提高。在我们的咨询服务业务中，我们的整体客户推广者评分在转换后提高了 35 个点。
And on the retail side, nine months after a client moves, their satisfaction is up 50 points. So, we have built a platform that both sets of clients love. And now what we get to do for the long term and for the foreseeable future is deliver our mission of making a difference in our clients' lives through a platform that's never been stronger on the retail side and the adviser side than it is right now today.
在零售方面，客户搬迁后九个月，他们的满意度提高了 50 个点。因此，我们建立了一个受到双方客户喜爱的平台。现在，我们长期和可预见的未来要做的是通过一个在零售和顾问方面从未像今天这样强大的平台，实现我们的使命，改变客户的生活。
And so, we're confident in our long-term organic growth rate. We think the behavior we're seeing is exactly in line with what we would have expected, and are very optimistic for our future growth.
因此，我们对我们的长期有机增长率充满信心。我们认为我们目前看到的行为正是我们所预期的，对未来增长非常乐观。
Operator 操作员
Next, we'll go to the line of Michael Cyprys from Morgan Stanley. Please go ahead.
接下来，我们将转到摩根士丹利的迈克尔·西普里斯。请开始。
Michael Cyprys 迈克尔·西普里斯
Maybe just circling back to the Wells Fargo announcement. Maybe you could just help clarify for us the magnitude of cash that you have in fiduciary accounts, the types of accounts these represent where you offer the money funding equivalent yields, is this just retirement only? And then just more broadly, how do you think about the risk over the long term that industry practices evolve with more account types over time that capture these money fund equivalent yields?
也许我们可以回到富国银行的公告。也许您可以帮助澄清一下，您在受托账户中持有的现金规模，这些账户代表的类型，您提供资金融资等值收益的账户是仅限退休账户吗？然后更广泛地说，您如何看待长期内行业实践如何演变，随着时间推移，捕捉这些货币基金等值收益的账户类型增加，对风险的影响？
Walt Bettinger 沃尔特·贝廷格
So, I just want to clarify, in our fiduciary relationships where we -- in our Managed Investing programs, our wealth programs, cash assets are invested in a sweep government money fund. So, we don't have this exposure that Wells Fargo has.
所以，我只是想澄清，在我们的受托关系中，我们在我们的管理投资计划中，我们的财富计划中，现金资产被投资于一个扫描政府货币基金。所以，我们没有像富国银行那样的风险。
Operator 操作员
Next, we'll go to the line of Chris Allen from Citi. Please go ahead.
接下来，我们将转到花旗银行的克里斯·艾伦。请讲。
Chris Allen 克里斯·艾伦
I wanted to ask about the 3% NIM outlook for 2025. Just wondering what are the parameters that you're baking in to get there? Does this entail any of the changes that you talked about around the balance sheet strategy in terms of shortening duration as well?
我想询问一下 2025 年 3%的净利差展望。想知道您考虑了哪些参数来实现这一目标？这是否涉及到您在资产负债表战略方面提到的任何变化，比如缩短久期？
Peter Crawford 彼得·克劳福德
Yes. Thanks, Chris. So, the 3% -- approaching -- NIM approaching 3% by the end of 2025, the primary driver of that is, again, the moderation of the client transactional cash realignment activity and the paydown of the supplemental borrowing. That is very, very accretive to our net interest margin.
是的。谢谢，克里斯。因此，到 2025 年底，3%——接近——NIM 接近 3%，主要驱动因素是客户交易现金重新调整活动的缓和以及补充借款的偿还。这对我们的净利差非常有益。
In terms of whether the comments that Walt provided have any influence over that, I'd just reiterate what he said, which is that is something that's evolutionary, not revolutionary. It's going to play out over multiple years. And so, it doesn't influence at all really the -- that more near-term outlook that we have for the end of -- towards the end of 2025. Thanks for the question.
就沃尔特提供的评论是否对此产生影响而言，我只想重申他所说的，即这是一种渐进式的而非革命性的事情。这将在多年内逐步展开。因此，它实际上并不会对我们对 2025 年底的更近期展望产生影响。谢谢提问。
Jeff Edwards 杰夫·爱德华兹
Operator, I think that time for one short question, and then we're going to close.
操作员，我认为现在是提一个简短问题的时间，然后我们就要结束了。
Operator 操作员
Absolutely. Our final question comes from the line of Devin Ryan from Citizens JMP. Please go ahead.
当然。我们的最后一个问题来自 Citizens JMP 的 Devin Ryan。请提问。
Devin Ryan 德文·瑞安
Just had a question about lending. And obviously, it's been an area you guys have been talking about both at the Investor Day and then today as well. Just thinking about kind of where Schwab is, your 40 basis point decline assets. I think you highlighted that the industry [Technical Difficulty] [00:57:24] percent. So just would love to get some color around where -- how much of that gap do you think you could actually close just with your, I guess, suite of products, number one. And number two, what you're comfortable going to in terms of the mix of the balance sheet, especially just given some of the evolution of the balance sheet we're talking about today as well.
刚刚有一个关于借贷的问题。显然，这是你们在投资者日和今天谈论的一个领域。考虑到施瓦布目前的情况，你们的资产下降了 40 个基点。我记得你们强调过行业[技术困难][00:57:24]％。所以，我想知道你们认为你们可以通过你们的产品套件来缩小多少这个差距，这是第一点。第二点，你们在资产负债表的组合方面愿意达到什么水平，特别是考虑到今天我们谈论的资产负债表的一些演变。
Walt Bettinger 沃尔特·贝廷格
Thanks for the question, Devin. We certainly think we can expand our lending capabilities. And the way we're focused on doing that is by creating the easiest, most straightforward, client-friendly process in the industry. We've seen that within our pledged asset line program where it's now 1.7 days average cycle time to get a pledged asset line. It's actually less than a day for individual and joint accounts, but our more complex ones drive up the average time. 85% of those originations are now done digitally.
感谢您的提问，德文。我们确信我们可以扩大我们的贷款能力。我们专注于通过创建行业中最简单、最直接、最客户友好的流程来实现这一目标。我们已经看到在我们的质押资产线计划中，现在获得质押资产线的平均周期时间为 1.7 天。对于个人和联合账户来说，实际上不到一天，但我们更复杂的账户会增加平均时间。现在 85%的贷款发放都是通过数字化完成的。
These are major enhancements. And we're making other enhancements to our mortgage process, to the way we lend to our higher net worth clients and the experience they have. So, we're trying to build an experience that makes it such that our Schwab clients never want to borrow somewhere else, they want to borrow from us. So, we do think there is lots of runway to close that gap, and we're quite bullish on our -- on the opportunity here.
这些是重大的改进。我们还在对我们的抵押贷款流程进行其他改进，改进我们向高净值客户放贷的方式以及他们的体验。因此，我们正在努力打造一种体验，使我们的施瓦布客户永远不想从其他地方借款，而是想从我们这里借款。因此，我们认为有很多机会来弥合这一差距，我们对这里的机会非常乐观。
Now, we are in an interest rate environment where there's not as much borrowing as we've seen historically, not as much rolling over of loans and things. But we are confident that we've built the process, the experience and the offer that we should be for our clients an exceptional place to borrow. And that includes our industry-leading rates for clients that have assets with us.
现在，我们处于一个利率环境中，在这种环境中，借款量不像我们在历史上看到的那么多，贷款续约的数量也不多。但我们相信，我们已经建立了适合我们客户借款的流程、经验和优惠，这使我们成为一个出色的借款场所。这包括我们为那些在我们这里有资产的客户提供的行业领先利率。
Final comment I'd make is it's also a terrific way to add to the service that we provide to our adviser clients. Our advisers for years have been asking us to do more lending because they don't want to have to introduce another party into the relationship. And increasingly, we're able to meet their needs, which delights them, and we think we'll be able to do more of that over time.
最后我想说的是，这也是一种极好的方式，可以增加我们为顾问客户提供的服务。多年来，我们的顾问一直要求我们提供更多的贷款，因为他们不想在关系中引入另一方。而且，我们越来越能够满足他们的需求，这让他们感到高兴，我们认为随着时间的推移，我们将能够做更多这样的事情。
Peter Crawford 彼得·克劳福德
All right. Well, I think it's my opportunity or my time to close. I want to thank all of you for joining us this morning and hearing our thoughts on the business and the opportunity in front of us.
好的。嗯，我认为现在是我结束讲话的机会或时机。我想感谢今天早上所有参与并听取我们对业务和面前机会的看法的人。
I think it's very easy to focus on very near-term practical measures. And as client cash realignment activity, plus or minus $1 billion, or supplement our borrowing or net interest margin in terms of -- which we measure in terms of basis points. And those of you who follow the Company for a long time know that we manage for the long term. We have a very long-term orientation. Our faith in our clients, our faith in our strategy, our confidence in that strategy really helps us remain focused on long term.
我认为很容易专注于非常近期的实际措施。作为客户现金重新调整活动，加减 10 亿美元，或者补充我们的借款或净利差，我们以基点为单位来衡量。那些长期关注公司的人知道，我们是为长远打算的。我们有非常长期的取向。我们对客户的信心，对我们战略的信心，对该战略的信心真的帮助我们保持对长期目标的专注。
And Walt described this year at the outset as a transitional year. And I think as we sit here halfway through the year, we feel really good about how that transition is going in terms of our strategic positioning, in terms of the completion of the Ameritrade integration and the satisfaction of those clients, in terms of the organic growth, the capital levels, and even the financial performance. And we certainly recognize the journey is not over by any means. We're feeling very confident about where we are and where we're going.
沃尔特在年初描述了今年是一个过渡年。我认为，当我们坐在这里度过了一年的一半时，我们对过渡的进行感到非常满意，无论是在战略定位方面，还是在完成美利达整合和客户满意度方面，以及在有机增长、资本水平甚至财务表现方面。我们当然意识到旅程还远未结束。我们对我们目前的位置和未来的发展感到非常自信。
Thanks, everyone, again, and we look forward to speaking with you again in October.
谢谢大家，再次感谢，我们期待在十月再次与您交流。
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