2024-10-15 The Charles Schwab Corporation (SCHW) Q3 2024 Earnings Call Transcript

The Charles Schwab Corporation (NYSE:SCHW) Q3 2024 Earnings Conference Call October 15, 2024 8:30 AM ET

查尔斯·施瓦布公司（NYSE:SCHW）2024 年第三季度收益电话会议 2024 年 10 月 15 日上午 8:30 ET

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

Walter W. Bettinger - Co-Chairman and Chief Executive Officer

沃尔特·W·贝廷格 - 联席主席兼首席执行官

Rick Wurster - President 里克·沃斯特 - 总裁

Michael Verdeschi - New Chief Financial Officer

迈克尔·维尔德斯基 - 新任首席财务官

Peter Crawford - Managing Director

彼得·克劳福德 - 董事总经理

Conference Call Participants

电话会议参与者

Ken Worthington - JP Morgan

肯·沃辛顿 - 摩根大通

Alexander Blostein - Goldman Sachs

亚历山大·布洛斯坦 - 高盛

Brennan Hawken - UBS 布伦南·霍肯 - 瑞银

Dan Fannon - Jefferies 丹·法农 - 杰富瑞

Kyle Voigt - KBW 凯尔·沃伊特 - KBW

Steven Chubak - Wolfe Research

史蒂文·丘巴克 - 沃尔夫研究

Brian Bedell - Deutsche Bank

布莱恩·贝德尔 - 德意志银行

Michael Cyprys - Morgan Stanley

迈克尔·西普里斯 - 摩根士丹利

Operator 操作员

Good morning, everyone, and welcome to Schwab’s 2024 Fall Business Update. This is Jeff Edwards, Head of Investor Relations, and I’m joined today by a slightly larger contingent of esteemed presenters, including Co-Chairman and CEO, Walt Bettinger; President, Rick Wurster; new CFO, Mike Verdeschi; and Managing Director, Peter Crawford.

早上好，大家好，欢迎参加施瓦布 2024 年秋季业务更新会。我是投资者关系负责人杰夫·爱德华兹，今天与我一起的是一群尊敬的演讲者，包括联席主席兼首席执行官沃尔特·贝廷格；总裁里克·沃斯特；新任首席财务官迈克·维尔德斯基；以及董事总经理彼得·克劳福德。

Today is certainly a little bittersweet as the team is certainly excited to provide their perspectives about all the exciting things happening at Schwab right now. But, today also marks the final business update for Walt and Peter.

今天无疑是有些苦乐参半，因为团队非常兴奋地分享他们对目前在施瓦布发生的所有激动人心的事情的看法。但今天也标志着沃尔特和彼得的最后一次业务更新。

I don’t believe I’m going too far out on a limb to say that we are all going to miss having both of them in the room with us each quarter, especially Walt, who has helped set the energy and pace for these business updates for well over a decade and a half.

我相信我并没有过于冒险地说，我们都会想念每个季度他们两人都在房间里，尤其是沃尔特，他在过去十多年里一直帮助设定这些业务更新的能量和节奏。

I’m certainly going to reach out to Mr. Fowler to see if he’s still planning on hosting quarterly business update watch parties for those former Schwabis who are interested in joining from his undisclosed location.

我一定会联系福勒先生，看看他是否仍计划为那些有兴趣从他未公开地点加入的前施瓦比员工举办季度业务更新观影派对。

Given the larger group today, we should have a familiar, but slightly different cadence to the session. Walt will kick things off with some opening remarks and then he and Rick, who will be stepping into the CEO role coming January, will provide insights around our clients and overall strategic picture.

鉴于今天的人数较多，我们的会议节奏应该是熟悉但略有不同的。沃尔特将以一些开场白开始，然后他和里克（将在明年一月担任 CEO角色）将提供关于我们客户和整体战略情况的见解。

And, then given the recent CFO transition at the beginning of the month, we thought it made sense to allocate the financial update between Peter, who will focus on 3Q results and Mike, who will touch on our thinking as we enter the final stretch for 2024. And, then this time around, we will save a few extra minutes at the end for some closing remarks from Walt.

鉴于本月初刚刚进行的首席财务官过渡，我们认为将财务更新分配给彼得和迈克是合理的。彼得将专注于第三季度的业绩，而迈克将谈及我们在进入 2024 年最后阶段时的思考。然后这次，我们将在最后留出几分钟时间给沃尔特做一些结束发言。

Some quick housekeeping reminders. The slides for today’s business update will be posted to their usual spot on the IR website at the end of the prepared remarks. Q&A remains structured as the one question, no follow ups, and let’s be mindful of those multi-part questions that we certainly encourage anyone to re-enter the queue if another question comes to mind. And as always, please don’t hesitate to follow-up with IR with any additional questions.

一些快速的注意事项提醒。今天业务更新的幻灯片将在准备好的发言结束后发布到投资者关系网站的常规位置。问答环节仍然是一个问题，没有后续问题，请注意那些多部分的问题，我们当然鼓励任何人如果想到其他问题可以重新排队。并且一如既往，请随时与投资者关系部门联系以获取任何其他问题的后续信息。

And finally, the thread that links us all together through the years, the eternal wall of words regarding our forward-looking statements, reminding us that the future is indeed uncertain, so please stay in touch with our disclosures.

最后，将我们多年联系在一起的线索是关于我们前瞻性声明的永恒文字墙，提醒我们未来确实是不确定的，所以请继续关注我们的披露。

And with that, Walt, please start us off.

那么，沃尔特，请开始。

Walter W. Bettinger 沃尔特·W·贝廷格

(Audit Start) Thank you, Jeff, and good morning, everyone. Thanks for joining us for our October business update.

审计开始）谢谢你，杰夫，大家早上好。感谢大家参加我们的十月业务更新。

I’ve had the honor of speaking with all of you at these updates dating back to 2005, when I assumed responsibility for our Investor Services or Retail Business. Of course, as Jeff indicated going forward in my role as Executive Co-Chair, I won’t be participating in these calls. So, I want to take a moment and thank all of you for your interest, your thoughtful questions as well as the insights you shared with me over the years. Through all the ups and downs that changing economic and competitive environments lead to, I’ve always respected your professionalism and integrity. So, thank you.

自 2005 年我开始负责我们的投资者服务或零售业务以来，我有幸在这些更新中与大家交流。当然，正如杰夫所指出的，作为执行联席主席，我今后将不再参与这些电话会议。因此，我想花点时间感谢大家的关注、深思熟虑的问题以及多年来与我分享的见解。在经济和竞争环境变化带来的起伏中，我始终尊重你们的专业精神和诚信。所以，谢谢大家。

So, let’s go ahead and dive right into our discussion. The third quarter was an important quarter for us during this transition year. Some might refer to it as an inflection point, although only time will tell on that perspective. Nevertheless, Rick, Peter, Mike and I have a series of positive developments to share with you today.

那么，让我们直接进入讨论。第三季度是我们在这个过渡年中的一个重要季度。有些人可能会称其为转折点，尽管只有时间才能证明这一点。尽管如此，Rick、Peter、Mike 和我今天有一系列积极的发展要与大家分享。

In the quarter, we made strong progress across virtually all key areas. Former Ameritrade clients are continuing to generate positive net new assets. That’s the second quarter in a row. Our clients are growing transactional sweep cash balances. We’ve made meaningful progress in paying down supplemental funding. We’re experiencing ongoing strengthening in firm-wide net new assets. Clients are enrolling into our retail advisory solutions at record levels. All these facts, along with other key metrics, illustrate the health of the franchise and fuel our solid optimism for the future.

在这个季度，我们在几乎所有关键领域都取得了显著进展。前 Ameritrade 的客户继续产生正净新增资产。这是连续第二个季度。我们的客户正在增加交易性现金余额。我们在偿还补充资金方面取得了实质性进展。我们在公司范围内的净新增资产持续增强。客户以创纪录的水平加入我们的零售咨询解决方案。所有这些事实，以及其他关键指标，展示了特许经营的健康状况，并为我们对未来的坚定乐观提供了动力。

The third quarter did see some choppiness in the markets. Overall, our clients remain solidly engaged, and we continue to make progress on key areas of focus across the firm, which Rick will spend some more time on. I think at this point, any questions about our long-term growth trajectory should seemingly be fading.

第三季度市场确实出现了一些波动。总体而言，我们的客户仍然保持积极参与，我们在公司的关键关注领域继续取得进展，Rick 将对此进行更多讨论。我认为在这一点上，关于我们长期增长轨迹的任何疑问似乎都应该消退。

During the quarter, inflation eased and as the Fed began to lower interest rates, equity markets responded by reaching all-time highs. Investor sentiment remained bullish during the quarter. Overall trading activity was solid, including some modest softening late in the quarter as our traders digested the future of rates as well as an equity market at all-time highs.

在本季度，通胀有所缓解，美联储开始降低利率，股市反应强烈，创下历史新高。投资者情绪在本季度保持乐观。整体交易活动稳健，包括在本季度末期出现了一些轻微的放缓，因为我们的交易员消化了利率的未来以及股市的历史新高。

Client engagement was quite healthy across our full spectrum of capabilities, whether it’d be trading, banking services, advisory solutions, custody for RIAs, as well as asset management. For the quarter, trades were up about 4% from the prior quarter, while margin balances grew over $1 billion to end at $73 billion. Managed investing or retail advisory flows broke another record totaling $15 billion during the third quarter.

客户参与在我们全方位的能力中表现得相当健康，无论是交易、银行服务、咨询解决方案、RIA 的托管，还是资产管理。这个季度的交易量比上个季度增长了约 4%，而保证金余额增长了超过 10 亿美元，达到 730 亿美元。管理投资或零售咨询流量在第三季度创下了另一个记录，总计 150 亿美元。

Net new assets were also quite strong during what is sometimes a slower quarter given that the summer months are included. Net new assets more than doubled from the third quarter of last year, as former Ameritrade clients continued to generate positive, albeit still modest net asset flows. And, during the quarter, clients entrusted us with almost 1 million new brokerage accounts.

净新增资产在这个季度也相当强劲，尽管夏季月份通常是一个较慢的季度。净新增资产比去年第三季度增长了一倍多，因为前 Ameritrade 客户继续产生积极的，尽管仍然适度的净资产流入。而且，在这个季度，客户委托我们管理了将近 100 万个新的经纪账户。

Slide 9 here is particularly important for those who track our net new assets closely and have been trying to ascertain our progress back to our long-term track record of 5% to 7% organic growth. When we acquired Ameritrade, we recognized that we would be benefiting from a one-time large lift in client assets, but along with it would be the noise of attrition that we estimated at 5% to 6% of assets ultimately applied to nearly a $2 trillion client base.

第 9 页对于那些密切关注我们净新增资产并试图确定我们回到长期 5%至 7%有机增长记录进展的人来说尤为重要。当我们收购 Ameritrade 时，我们意识到将从客户资产的一次性大幅提升中受益，但同时也会有我们估计为 5%至 6%的资产流失噪音，最终应用于近 2 万亿美元的客户基础。

What we saw during the third quarter as more of that attrition faded into the rear view mirror was that year-to-date net new assets for this year crossed over the trajectory of net new assets in 2023. We all know that net new asset levels can be fickle as multiple factors influence them, from investor sentiment to market performance, interest rates and even the level of promotional cash for assets temporarily offered by some competitors. But, when we dig through the various factors that do influence net new assets, we remain quite confident in our plans to build our way back to our historical ranges.

在第三季度，当更多的流失逐渐消退时，我们看到今年截至目前的净新增资产超过了 2023 年的净新增资产轨迹。我们都知道，净新增资产水平可能会受到多种因素的影响，从投资者情绪到市场表现、利率，甚至是一些竞争对手暂时提供的促销现金。但当我们深入分析影响净新增资产的各种因素时，我们对重回历史范围的计划仍然充满信心。

This confidence is further supported by the response from former Ameritrade clients. As these clients become more familiar with the Schwab platforms and service experience, we are seeing an increase in client promoter scores or client satisfaction, whether it be retail or RIA clients. Their engagement across the business in our various solutions is further evidence of the success of the integration.

这种信心进一步得到了前 Ameritrade 客户的响应支持。随着这些客户对 Schwab 平台和服务体验的熟悉度提高，我们看到无论是零售客户还是 RIA 客户，客户推荐分数或客户满意度都有所提高。他们在我们各种解决方案中的业务参与进一步证明了整合的成功。

And consistent with our best of both approach to the Ameritrade integration, Legacy Schwab clients are now taking advantage of the thinkorswim trading platform at a robust level. Consistent with prior years, we continue to be recognized by a variety of third-party sources for our quality of services, our overall client offering, as well as our reputation.

与我们对 Ameritrade 整合的最佳双重方法一致，Legacy Schwab 客户现在正在充分利用 thinkorswim 交易平台。与往年一致，我们继续被各种第三方来源认可我们的服务质量、整体客户服务以及我们的声誉。

We were particularly proud of the fact that Investor’s Business Daily named Schwab Bank as the most trusted bank. Given the negative press and at times misperceptions regarding our bank over the past 18 months, we were especially pleased with this particular result.

我们特别自豪的是，《投资者商业日报》将嘉信银行评为最值得信赖的银行。鉴于过去 18 个月中关于我们银行的负面报道和有时的误解，我们对这一特别结果感到尤其高兴。

Rick, let me turn it over to you to review some more details of our progress serving clients and building the franchise. And I’ll close this out, as Jeff indicated, after the Q&A session with just a few final observations.

里克，让我把话交给你，以便审查我们在服务客户和建立特许经营方面取得的更多进展。正如杰夫所指出的，在问答环节之后，我将以几个最后的观察来结束。

Rick Wurster 里克·沃斯特

Thank you, Walt, and good morning, everyone.

谢谢你，沃尔特，大家早上好。

Picking up on where Walt left off, we’ve been able to achieve this industry recognition because our through client-size approach remains the foundation of our strategy and it will continue to drive our long-term growth through the cycle. In the near-term, we deliver for clients through our four strategic focus areas. And in the third quarter, we advanced initiatives in each area that you see on the screen.

从沃尔特离开的地方开始，我们能够获得这一行业认可，因为我们以客户规模为导向的方法仍然是我们战略的基础，并将继续在整个周期中推动我们的长期增长。在短期内，我们通过四个战略重点领域为客户提供服务。在第三季度，我们在屏幕上看到的每个领域都推进了相关举措。

Starting with Scale & Efficiency, we’ve captured 95% of our Ameritrade run rate expense synergies and expect to capture the rest by the end of the year. In an industry where pricing matters to clients, having a low cost position is a huge competitive advantage, one we’re committed to maintaining, with our cost discipline and ongoing investments in our operations and infrastructure, we’re continuing to lower our cost to serve clients. In 2024 to date, our adjusted expense on client assets or EOCA fell to 12 basis points, down from 16 in 2019.

从规模和效率开始，我们已经实现了 95%的 Ameritrade 运行率费用协同效应，并预计在年底前实现剩余部分。在一个价格对客户至关重要的行业中，拥有低成本地位是一个巨大的竞争优势，我们致力于保持这一优势，通过我们的成本纪律和对运营和基础设施的持续投资，我们正在继续降低为客户服务的成本。截至 2024 年，我们的客户资产调整费用（EOCA）降至 12 个基点，低于 2019 年的 16 个基点。

Our second focus area is Win-Win Monetization, which is all about how we attract and retain assets by meeting more of our clients’ evolving financial needs. Wealth Management is one of our key areas of focus and clients continue to turn to us for advice across the spectrum of our solutions. Year-to-date managed investing net flows are up 65% compared to last year. (Audit End)

我们的第二个重点领域是双赢的货币化，这完全关乎我们如何通过满足客户不断变化的财务需求来吸引和留住资产。财富管理是我们关注的关键领域之一，客户继续依赖我们在各种解决方案上的建议。截至今年，管理投资的净流入量比去年增长了 65%。

In the third quarter, new and existing clients added $11.5 billion to our full-service wealth offers, which include Schwab Wealth Advisory and Schwab Advisor Network. This is 75% more than the prior year quarter. Clients continue to turn to Schwab Wealth Advisory in record numbers. We also recently began introducing a discretionary option for Schwab Wealth Advisory clients, which will help us meet even more of the comprehensive wealth management needs of investors.

在第三季度，新老客户向我们的全方位财富服务产品（包括嘉信财富咨询和嘉信顾问网络）增加了 115 亿美元。这比去年同期增长了 75%。客户继续以创纪录的数量转向嘉信财富咨询。我们最近还开始为嘉信财富咨询客户引入一个全权委托选项，这将帮助我们更好地满足投资者的全面财富管理需求。

Clients continue to have strong interest in our other wealth offerings, including our Wasmer Schroeder fixed income strategies, where year-to-date net flows are up nearly 60% compared to last year. Clients are also increasingly turning to us for their borrowing needs, powering strong growth and adoption of our Pledged Asset Line or PAL. PAL balances reached a record $15.7 billion, an increase of 16% over last year.

客户对我们的其他财富产品仍然表现出浓厚的兴趣，包括我们的 Wasmer Schroeder 固定收益策略，与去年相比，今年迄今为止的净流入增长了近 60%。客户也越来越多地依赖我们来满足他们的借贷需求，推动了我们的抵押资产额度（PAL）的强劲增长和采用。PAL 余额达到创纪录的 157 亿美元，比去年增长了 16%。

Notably, former Ameritrade clients represent 44% of PAL balance growth. Our account originations are up 57% year-over-year and we expect if rates fall, the amount drawn on the PAL will increase. The increased adoption is in large part due to the digital enhancements that we’ve made to the process. Nearly 90% of PALs are now digitally originated and more than 40% of retail applications are now initiated by a financial consultant compared to less than 5% just a few years ago. This makes it easier on our clients and helps FC deepen relationships with our clients.

值得注意的是，前 Ameritrade 客户占 PAL 余额增长的 44%。我们的账户开立同比增长 57%，我们预计如果利率下降，PAL 的提款金额将增加。采用率的提高很大程度上归功于我们对流程所做的数字化增强。现在近 90%的 PAL 是通过数字方式开立的，而超过 40%的零售申请是由财务顾问发起的，而几年前这一比例还不到 5%。这使我们的客户更容易操作，并帮助财务顾问加深与客户的关系。

The entire process from the time a client opens an application to when they can access their loan takes on average just one and a half business days and only minutes for most loans. This industry leading offer is delighting our clients and client promoter scores have increased roughly 30 percentage points in this product since 2021.

从客户打开申请到他们可以获得贷款的整个过程平均只需一个半工作日，而大多数贷款只需几分钟。这个行业领先的服务让我们的客户感到满意，自 2021 年以来，该产品的客户推荐分数大约提高了 30 个百分点。

With Client Segmentation, we’re focused on serving distinct retail and advisor client groups with tailored solutions specific to their unique needs. RIAs have been and remain in an incredibly important client segment for Schwab. We have the same goal as the RIAs we serve to make a meaningful difference in the financial lives of our clients. And, we are committed to continuing to help our advisors grow, compete and succeed in pursuit of this mission.

通过客户细分，我们专注于为不同的零售和顾问客户群体提供针对其独特需求的定制解决方案。注册投资顾问（RIA）一直是施瓦布极其重要的客户群体。我们与所服务的 RIA 有着相同的目标，即在客户的财务生活中产生有意义的影响。而且，我们致力于继续帮助我们的顾问在实现这一使命的过程中成长、竞争和成功。

噪音还是有价值的服务？

We have a world-class custody business, and we’ll continue to invest in it to provide RIAs of all sizes with the open architecture platform and unmatched resources, services and education that they have come to expect from us. I’m thrilled to have the opportunity to dive into this in more detail at our upcoming IMPACT Conference next month.

我们拥有世界一流的托管业务，并将继续投资于此，为各种规模的注册投资顾问提供开放式架构平台以及无与伦比的资源、服务和教育，正如他们对我们的期望。我很高兴有机会在下个月即将举行的 IMPACT 大会上更详细地探讨这一点。

Turning to our retail business, we know that relationships matter and we’re investing to give more of our clients access to a dedicated financial consultant. Our ultra-high net worth clients have been a particular area of focus as they have some of the most complex financial planning and wealth management needs among our client base.

转向我们的零售业务，我们知道关系很重要，因此我们正在投资以便让更多客户能够接触到专属的财务顾问。我们的超高净值客户是一个特别关注的领域，因为在我们的客户群中，他们的财务规划和财富管理需求是最复杂的。

We’ve added additional expertise for this group, including wealth consultants and tax, trust and estate experts. We’ve also enhanced our approach to service and operations for this client group, all of which has been well received by clients as evidenced by their high-client promoter scores. We plan to launch retail alternatives to this client segment this quarter, which will be an important milestone for clients.

我们为这个团队增加了额外的专业知识，包括财富顾问以及税务、信托和遗产专家。我们还改进了对该客户群的服务和运营方式，所有这些都得到了客户的高度认可，这从他们的高客户推荐分数中得以体现。我们计划在本季度为这一客户群推出零售替代方案，这将是客户的重要里程碑。

Traders are another distinct and very important client segment for us. I believe that the combination of Schwab and Ameritrade has produced the strongest trader offer in the industry. And, we are continuing to enhance our capabilities, including investments in our mobile experience, our platform and our research and education.

交易者是我们另一个独特且非常重要的客户群体。我相信，嘉信理财和德美利证券的结合已经在行业中提供了最强大的交易者服务。而且，我们正在继续提升我们的能力，包括对移动体验、平台以及研究和教育的投资。

Our fourth strategic area is the Brilliant Basics. With the size of our client base, the most attractive opportunity we have for growth is to delight our existing clients with every interaction they have with us, so that they trust us with more of their assets, conduct more of their financial lives here at Schwab and refer others to us because we are delivering each day on the client experience.

我们的第四个战略领域是卓越基础。鉴于我们客户群的规模，我们增长的最具吸引力的机会是通过每一次与客户的互动让他们感到满意，从而使他们信任我们，愿意将更多的资产交给我们管理，在嘉信理财进行更多的金融活动，并因为我们每天都在提升客户体验而向他人推荐我们。

In our retail business, our average speed to answer the phone was less than 40 seconds in the third quarter. Year-to-date through the third quarter, the client easy score for our service teams is 92%. That’s the highest score we’ve earned from clients in four years. And, the vast majority of incoming calls are addressed without the need to transfer the client call.

在我们的零售业务中，第三季度我们接听电话的平均速度不到 40 秒。截至第三季度，我们服务团队的客户满意度得分为 92%。这是我们四年来从客户那里获得的最高分数。而且，绝大多数来电在无需转接客户电话的情况下得到解决。

In Advisor Services, our client easy score, which is a client’s real-time rating of how easy it was to complete a specific task or transaction was 89% in the third quarter. And, in our workplace business, we were Ranked #1 by J.D. Power and Participant Satisfaction for our Retirement Plan Digital Experiences. I’m confident in our ability to deliver for clients today and I’m energized by the opportunity to do even more as we look ahead.

在顾问服务中，我们的客户便捷评分，即客户对完成特定任务或交易的便捷程度的实时评分，在第三季度为 89%。在我们的职场业务中，我们在 J.D. Power 和参与者满意度的退休计划数字体验中排名第一。我对我们今天为客户提供服务的能力充满信心，并对未来有更多作为的机会感到振奋。

And, as we look to the future, not just next quarter or next year, but through the cycle and for the long-term through client-size will remain the foundation of our strategy. Through client-size means we will relentlessly focus on serving the needs of individual investors, workplace clients and RIAs and the clients that they serve.

当我们展望未来时，不仅仅是下个季度或明年，而是贯穿整个周期并着眼于长期，客户规模将继续是我们战略的基础。通过客户规模意味着我们将不懈地专注于满足个人投资者、职场客户和注册投资顾问及其服务的客户的需求。

客户规模应该只是结果。

True client-size is what will continue to drive the virtuous cycle and fuel our growth well into the future as we invest in the Brilliant Basics, Scale & Efficiency and serving more of our clients’ needs across client segments.

真正的客户规模将继续推动良性循环，并在我们投资于卓越基础、规模与效率以及满足更多客户需求的过程中，推动我们的长期增长。

I do want to take just a moment here to express my gratitude to Walt for his vision, his leadership, his focus on our clients and the integrity and selflessness in which he has led our company. That vision is not changing as he transitions into his new role as Co-Chairman and I move into my new role as CEO in the New Year. I’m grateful to be stepping into this role in a period when our client capabilities have never been stronger and we are operating from a position of strength.

我想在这里花一点时间表达我对沃尔特的感激之情，感谢他的远见、领导力、对客户的关注以及他领导我们公司时的正直和无私。在他过渡到联席主席的新角色时，这一愿景不会改变，而我将在新年担任首席执行官的新角色。我很感激能在我们的客户能力从未如此强大、我们从一个强势地位运营的时期进入这个角色。

And with that, I’ll turn it over to Peter.

就这样，我把话交给彼得。

Peter Crawford 彼得·克劳福德

All right. Well, thank you very much, Rick.

好的。非常感谢你，里克。

So, Walt and Rick talked about the strong engagement we’re seeing among our clients as they utilize our broad wealth management and trading capabilities, our success in attracting assets and accounts from both existing and new clients, the encouraging signs we’re seeing that fuel our confidence about returning to our historical growth levels, and our progress and plans to do just that as we execute on our four strategic priorities that Rick talked about.

因此，沃尔特和里克谈到了我们客户在利用我们广泛的财富管理和交易能力时表现出的强烈参与度，我们在吸引现有和新客户的资产和账户方面取得的成功，以及我们看到的令人鼓舞的迹象，这些迹象增强了我们对恢复到历史增长水平的信心，以及我们在执行里克提到的四个战略优先事项时取得的进展和计划。

In this, my final time addressing you today and Mike’s inaugural business update, he and I will review our very solid and improving financial performance in the third quarter, which was somewhat better than we expected heading into the quarter. We’ll provide an update on the latest developments regarding our clients’ cash realignment activity and how that enabled us to make progress in paying down bank supplemental borrowing. And, we’ll share an updated outlook for Q4 2024 earnings and some very early thoughts on 2025.

在今天的最后一次讲话中，以及迈克的首次业务更新中，他和我将回顾我们在第三季度非常稳固且不断改善的财务表现，这比我们进入该季度时预期的要好一些。我们将提供有关客户现金重新调整活动的最新进展，以及这如何使我们在偿还银行补充借款方面取得进展的更新。此外，我们将分享对 2024 年第四季度收益的最新展望，以及对 2025 年的一些初步想法。

The important point is that we near the end of what we have repeatedly called a transitional year. We know we haven’t yet reached our traditional level of organic growth or peak financial performance and yet we feel really good about the progress we have made further unlocking the core earnings power that has been building through this whole cycle, but which has been masked by other factors and reinvigorating our long-term financial formula.

关键是我们即将结束我们反复称之为过渡的一年。我们知道我们尚未达到传统的有机增长水平或最佳财务表现，但我们对进一步释放整个周期中积累的核心盈利能力所取得的进展感到非常满意，这种能力一直被其他因素掩盖，并重新激活我们的长期财务公式。

With Ameritrade related attrition receding and ceasing to be a major drag on our organic growth, a continued moderation of client cash realignment activity, which allowed for sequential growth in client transactional cash in the third quarter due to strong net inflows during September, sequential growth in both net interest revenue and overall revenue and finally, a steady and continued increase in our capital levels inclusive of AOCI.

随着 Ameritrade 相关的客户流失减少，不再对我们的有机增长造成重大拖累，客户现金重新配置活动的持续缓和，使得第三季度客户交易现金实现环比增长，原因是 9 月份净流入强劲，净利息收入和整体收入均实现环比增长，最后，我们的资本水平稳步持续增长，包括 AOCI。

And, while we all appreciate the uncertain nature of the world we live in, our positive momentum sets the stage for what we expect will be even better operating and financial performance in the quarters and years ahead.

而且，尽管我们都理解我们所生活的世界充满不确定性，但我们的积极势头为我们预期未来几个季度和几年中更好的运营和财务表现奠定了基础。

As Walt mentioned, 2024 has been characterized by strong equity markets and consistent client engagement. 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 now up 17% from the end of 2023, trading activity in the third quarter that was up modestly from the second quarter, and as Rick mentioned, a continuation of the very strong interest among clients for our advisory solutions. And finally, client cash realignment activity continues to decelerate enabling strong growth in overall client cash and transactional cash for the quarter and especially robust growth in the month of September.

正如沃尔特提到的，2024 年以强劲的股票市场和持续的客户参与为特征。我们看到这反映在外部基准如标普 500 和纳斯达克指数上，以及我们业务表现的关键驱动因素上，包括保证金余额从 2023 年底起增长了 17%，第三季度的交易活动较第二季度略有上升，并且正如里克提到的，客户对我们咨询解决方案的兴趣持续强劲。最后，客户现金重新配置活动继续减速，使得本季度整体客户现金和交易现金实现强劲增长，尤其是在 9 月份实现了显著增长。

Now, while we repeatedly cautioned against overreacting to a specific month’s or even quarter’s transactional cash flows, this recent activity is further evidence that we are at or near truly transactional levels of client cash, enabling us to pay down a meaningful amount of supplemental borrowing at the banks and creating a good launching off point for Q4 as Mike will discuss in a moment.

现在，尽管我们一再告诫不要对某个月甚至某个季度的交易现金流过度反应，但最近的活动进一步证明，我们处于或接近客户现金的真正交易水平，使我们能够偿还银行的大量补充借款，并为第四季度创造一个良好的起点，迈克稍后会讨论这一点。

Now, that backdrop helps support solid financial performance in the third quarter that exceeded our expectations with revenue up 5% year-over-year to $4.8 billion. Adjusted pre-tax income up a similar amount and adjusted pre-tax margin of a little over 41% and adjusted EPS of $0.77.

现在，这一背景有助于支持第三季度的稳健财务表现，超出了我们的预期，收入同比增长 5%，达到 48 亿美元。调整后的税前收入增长了类似的幅度，调整后的税前利润率略高于 41%，调整后的每股收益为 0.77 美元。

Now, before I turn over to Mike, I want to make two brief comments. First, I want to join Walt in thanking all of you within the investment community for your engagement and your interest over these last several years. I firmly believe that the rigor, the discipline and the transparency you demand of us makes us a better company.

现在，在我把话交给迈克之前，我想简要地说两点。首先，我想和沃尔特一起感谢投资界的各位多年来的参与和关注。我坚信，你们对我们的严格要求、纪律和透明度使我们成为一家更好的公司。

And second, I want to thank Mike here for allowing me to step down from the CFO role with the confidence that between him and Rick, this company I care so much about is in great hands. It’s really been a real privilege working with Mike these last several months and I’ll continue to do what I can to help over the coming months. He has already added a lot in his time here leveraging his very relevant experience and exceptional judgment. And finally and importantly, he connects with our purpose and his values align with the company’s values.

其次，我想感谢迈克让我能够自信地卸任首席财务官的职务，因为在他和里克的领导下，我非常关心的这家公司处于良好的状态。过去几个月与迈克共事真的是一种特权，我将在未来几个月继续尽我所能提供帮助。他在这里的时间里已经利用他非常相关的经验和卓越的判断力做出了很多贡献。最后且重要的是，他与我们的目标相契合，并且他的价值观与公司的价值观一致。

And with that, it’s my pleasure to turn the floor over to, Mike.

因此，我很高兴把发言权交给迈克。

Michael Verdeschi 迈克尔·维尔德斯基

Thank you, Peter, and congratulations on your well-deserved retirement. I’ve certainly enjoyed working with you and the broader management team to get up to speed these past few months. You’ve been an outstanding leader for the firm with many contributions over the years, which have had a positive and lasting impact on our clients and employees.

谢谢你，彼得，祝贺你光荣退休。我非常享受这几个月来与你和更广泛的管理团队一起工作的时光。多年来，你为公司做出了许多贡献，成为了一位杰出的领导者，对我们的客户和员工产生了积极而持久的影响。

As I mentioned back in May at Investor Day, there are so many exciting things happening around Schwab. So, I feel very fortunate to be stepping into this role right now, and I look forward to working with Rick and the rest of our teams as we continue to serve the needs of our growing client base.

正如我在五月的投资者日上提到的，施瓦布周围有很多令人兴奋的事情正在发生。因此，我感到非常幸运能够在此时担任这个角色，并期待与里克和我们其他团队合作，继续满足我们不断增长的客户群的需求。

Let’s pick it up with a summary of key balance sheet highlights for the quarter. Importantly, we continue to support our clients with both margin and bank loans to clients up sequentially. As Peter alluded to earlier, we saw a healthy rebound in transactional sweep cash during the quarter, including $17 billion of net inflows in September.

让我们从本季度资产负债表的关键亮点总结开始。重要的是，我们继续通过保证金和银行贷款支持客户，环比上升。正如彼得之前提到的，本季度我们在交易性清算现金方面出现了健康的反弹，包括 9 月份的 170 亿美元净流入。

This positive development in cash enabled us to reduce high cost supplemental funding at the banks by $9 billion. At the same time, we also continued to take proactive steps at the broker dealer to both support sustained client activity in areas such as margin lending and further diversify our funding profile. Those actions included transferring $4 billion of client cash sweep balance to the broker dealer, bringing the total year-to-date transfers to $14 billion. This allows us to align funding where it’s needed to support the large and growing activity of our former Ameritrade clients.

现金的这一积极发展使我们能够将银行的高成本补充资金减少 90 亿美元。同时，我们还继续在经纪自营商采取积极措施，以支持保证金贷款等领域的持续客户活动，并进一步多样化我们的资金结构。这些行动包括将 40 亿美元的客户现金清扫余额转移到经纪自营商，使年初至今的转移总额达到 140 亿美元。这使我们能够在需要的地方调整资金，以支持我们前 Ameritrade 客户的大量和不断增长的活动。

We also activated some efficient client related wholesale funding at the broker dealer to again serve the needs of our growing client base, especially those that tend to trade and utilize margin loans more frequently. This wholesale funding has very little impact on our net interest revenue, because the funds we take on are deployed into cash, which earns a fairly similar rate.

我们还在经纪自营商处激活了一些高效的客户相关批发融资，以再次满足我们不断增长的客户群的需求，特别是那些倾向于更频繁交易和使用保证金贷款的客户。这种批发融资对我们的净利息收入影响很小，因为我们获得的资金被用于现金，而现金的收益率相当接近。

The net result of these actions is increased flexibility to meet the evolving needs of clients, while continuing to achieve our financial objectives, such as paying down supplemental borrowings at the bank and ensuring growth in earnings.

这些行动的最终结果是增加了灵活性，以满足客户不断变化的需求，同时继续实现我们的财务目标，例如偿还银行的补充借款并确保收益增长。

Finally, our capital levels continue to build towards our adjusted Tier 1 Leverage objective, driven by a few factors. First, quarterly earnings, then the accretion of unrealized marks which occurs at a pace of around $1 billion per quarter regardless of changes in interest rates and lastly, an incremental tailwind in Q3 from the move lower in interest rates. Of course, this rate related impact will vary over time based on fluctuations in interest rates across the curve.

最后，我们的资本水平继续朝着调整后的一级杠杆目标发展，这由几个因素推动。首先是季度收益，然后是未实现标记的增值，这以每季度约 10 亿美元的速度发生，无论利率变化如何，最后是第三季度利率下降带来的额外顺风。当然，这种与利率相关的影响会随着时间的推移而变化，基于曲线上的利率波动。

Turning to client cash trends. The trends in transactional sweep were quite encouraging for the third quarter with total sweep cash balances growing $9 billion, including a $17 billion net inflow during the month of September. This result reflects the continued slowdown of rate related realignment activity. Cash trends during September also benefited from anticipated seasonal trends as well.

转向客户现金趋势。第三季度的交易清算趋势相当令人鼓舞，总清算现金余额增长了 90 亿美元，其中包括 9 月份的净流入 170 亿美元。这个结果反映了与利率相关的重新调整活动的持续放缓。9 月份的现金趋势也受益于预期的季节性趋势。

Moving forward, it’s important to keep in mind that while cash trends do not move in a straight line month-over-month, we anticipate making further progress over time, ultimately resulting in cash balances growing in proportion with client accounts and assets. So, while we will continue to monitor factors that can influence the trajectory of cash, such as interest rates, investor engagement, as well as seasonality, these encouraging trends help support our strategy and momentum into the end of the year.

展望未来，重要的是要记住，尽管现金趋势不会逐月呈直线移动，但我们预计随着时间的推移会取得进一步进展，最终使现金余额与客户账户和资产成比例增长。因此，尽管我们将继续监测可能影响现金轨迹的因素，如利率、投资者参与以及季节性，这些令人鼓舞的趋势有助于支持我们的战略和势头进入年底。

The cash trends also positioned us to make incremental progress on reducing the amount of outstanding supplemental funding at the banks. We reduced the balances by $9 billion from the June 30, 2024 level to just under $65 billion at the end of the third quarter. Supplemental funding balances are now down over 30% from peak levels back in May 2023.

现金趋势也使我们能够在减少银行未偿补充资金方面取得渐进进展。我们将余额从 2024 年 6 月 30 日的水平减少了 90 亿美元，到第三季度末降至略低于 650 亿美元。补充资金余额现在比 2023 年 5 月的峰值水平下降了 30%以上。

Further pay down progress remains a priority as cash as well as principal and interest proceeds from the bank securities portfolio continue to be key drivers in paying down borrowings. The exact timing for achieving our pay down goal will also be influenced by some of the same factors that we see in our transactional cash trends. Over the near-term, continuing to reduce the amount of supplemental funding outstanding is a key driver in achieving normalized earnings power and we expect to show continued progress from here.

进一步偿还债务仍然是优先事项，因为现金以及银行证券投资组合的本金和利息收益继续是偿还借款的关键驱动因素。实现我们偿还目标的确切时间也将受到我们在交易现金趋势中看到的一些相同因素的影响。在短期内，继续减少未偿补充资金的数量是实现正常化盈利能力的关键驱动因素，我们预计将从这里继续取得进展。

Turning our attention to capital. Lower rates supported our pace of capital build during the quarter, with our adjusted Tier 1 Leverage ratio expanding by over 70 basis points to 6.7%. We are quickly approaching our 6.75% to 7% operating objective. Despite the recent backup in rates to start the fourth quarter, we still expect to finish 2024 above the lower bound of the objective range.

现在让我们关注资本。较低的利率支持了我们在本季度的资本积累速度，我们的调整后一级杠杆率扩大了超过 70 个基点，达到 6.7%。我们正迅速接近 6.75%至 7%的运营目标。尽管第四季度初利率有所回升，我们仍预计在 2024 年结束时会高于目标范围的下限。

As we begin 2025, we will start to pivot from what has been a focus on building our capital ratios, inclusive of AOCI to looking across our capital framework. As always, our number one priority for capital is to support business growth.

随着我们进入 2025 年，我们将开始从专注于建立资本比率（包括 AOCI）转向审视我们的资本框架。正如往常一样，我们的首要资本优先事项是支持业务增长。

To the extent we have excess capital beyond our business needs, we have sought throughout our history to return it to stockholders through a variety of means, including our common dividend, which historically has risen alongside GAAP earnings, preferred security redemptions, considering costs and an optimized equity funding mix, as well as opportunistic stock buybacks. But, as we have previously noted, in the near-term, there is an added consideration relating to our progress on reducing the high cost supplemental funding at the banks. While this action is not a return of capital per se, liquidity, which otherwise could support capital buybacks, may instead be used to pay down supplemental borrowings.

在我们拥有超出业务需求的多余资本的情况下，我们一直在历史上通过多种方式将其返还给股东，包括我们的普通股息，这通常随着 GAAP 收益的增加而上升，优先证券赎回，考虑成本和优化的股权融资组合，以及机会性股票回购。但是，正如我们之前所指出的，在短期内，还有一个额外的考虑因素与我们在减少银行高成本补充资金方面的进展有关。虽然这一行动本身并不是资本的回报，但本可以支持资本回购的流动性可能会被用来偿还补充借款。

Following our third quarter results, we now anticipate full-year 2024 revenue to increase by 2% to 3% versus 2023. This is slightly above the range that was communicated back in July due to a higher starting balance for transactional cash balances and reduced supplemental funding balances at the bank.

根据我们的第三季度业绩，我们现在预计 2024 年全年收入将比 2023 年增长 2%至 3%。由于交易现金余额的起始余额较高以及银行的补充资金余额减少，这略高于 7 月份所传达的范围。

Adjusted expense growth for full-year 2024 is still expected to be approximately 2%, inclusive of certain non-controllable items outlined earlier in the year. Combining this refresh perspective on topline growth with an expense trajectory that reflects the benefits of our scale and ongoing efficiency initiatives implies earnings expanding further into the upper 80s range for the fourth quarter, a bit above the level we communicated back in July.

预计 2024 年全年调整后的费用增长仍约为 2%，包括年初提到的某些不可控项目。将这一对收入增长的最新展望与反映我们规模优势和持续效率举措的费用轨迹相结合，意味着第四季度的收益将进一步扩大到 80 年代后期，略高于我们在 7 月份所传达的水平。

Before we wrap up, let’s spend a moment on 2025. We are right in the middle of our planning cycle, so we won’t get too far ahead of ourselves, especially with the upcoming presidential election and two FOMC meetings where the rate path remains uncertain. However, we thought it might be helpful to briefly touch on a few items that are helping inform our thinking heading into next year.

在结束之前，让我们花点时间谈谈 2025 年。我们正处于规划周期的中间阶段，所以我们不会过于超前，特别是考虑到即将到来的总统选举和两次联邦公开市场委员会会议，利率路径仍不确定。然而，我们认为简要提及一些有助于我们思考进入明年的事项可能会有所帮助。

As noted, we anticipate coming into 2025 with good momentum and expect it to further build in the year ahead with of course the usual considerations for shifts in the macroeconomic backdrop, interest rates, market sentiment, seasonality too. While NIM should continue to expand even in a lower rate environment, the ultimate level will be influenced by a range of factors, including the path of rates, which is now much lower than back in July.

正如所述，我们预计在 2025 年将以良好的势头进入，并期望在未来一年进一步发展，当然要考虑到宏观经济背景、利率、市场情绪和季节性变化等常规因素。尽管在较低利率环境下净息差（NIM）应继续扩大，但最终水平将受到多种因素的影响，包括利率路径，而目前的利率比 7 月份时低得多。

On the expense front, consistent with the company’s historical approach, we will balance making investments to support sustainable long-term growth, while also delivering on the firm’s near-term financial objectives. Keeping that balanced approach in mind, year over year expense growth in the mid-single digits still feels like a reasonable starting point for now, while acknowledging that changes in the broader environment, client activity, typical seasonality and other key factors will undoubtedly shape our 2025 expenses. Plenty of opportunity to discuss these topics a few months from now.

在费用方面，与公司一贯的做法一致，我们将在支持可持续长期增长的投资与实现公司短期财务目标之间取得平衡。考虑到这种平衡的方法，年复一年的费用增长在中个位数仍然感觉是一个合理的起点，同时也承认更广泛环境的变化、客户活动、典型的季节性和其他关键因素无疑会影响我们 2025 年的费用。几个月后有很多机会讨论这些话题。

As we approach the end of 2024, it is hard not to be excited about the opportunity in front of us. Momentum with clients continues to strengthen, while our 3Q financial results put us in a position to deliver meaningful earnings power expansion.

随着我们接近 2024 年底，很难不对我们面前的机会感到兴奋。客户的势头持续增强，而我们的第三季度财务业绩使我们能够实现有意义的盈利能力扩展。

As the combination of our diversified revenue model and a balanced approach to expense management yields profitable growth, which we believe will be amplified by our capital efficiency through the cycle.

随着我们多元化收入模式的结合和对费用管理的平衡方法带来盈利增长，我们相信通过周期内的资本效率将进一步放大这一增长。

And with that, it’s time for some Q&A. Jeff, back to you.

那么，现在是问答时间。杰夫，交给你。

Jeff Edwards 杰夫·爱德华兹

Operator, can you please help outline the Q&A process for the group?

操作员，您能否帮助为小组概述问答流程？

Question-and-Answer Session

问答环节

Operator 操作员

(Audit Start) Absolutely. [Operator Instructions]. Our first question comes from Ken Worthington from JP Morgan. Please go ahead.

（审核开始）当然可以。[操作说明]。我们的第一个问题来自摩根大通的 Ken Worthington。请继续。

Ken Worthington 肯·沃辛顿

Hi, good morning. Thank you for taking the question. You reported a substantial improvement in transactional sweep cash and deposits this quarter. I would love to better understand what drove this change in September, compared particularly to August in earlier quarter levels.

嗨，早上好。感谢您回答这个问题。您报告说本季度交易清算现金和存款有了显著改善。我想更好地了解是什么推动了九月份的这一变化，特别是与八月份和之前季度水平相比。

Given September NNA was similar in September to August levels and given the Ameritrade flows are positive but still modest and we’re seeing fund and ETF buying similar again in September to August levels. What is really driving the better or what really drove the better transactional cash in September? And is this the beginning of a better outlook or is September really just a one-off?

鉴于 9 月份的 NNA 与 8 月份的水平相似，并且鉴于 Ameritrade 的流入是正面的但仍然温和，我们看到基金和 ETF 的购买在 9 月份再次与 8 月份的水平相似。是什么真正推动了 9 月份更好的交易现金流？这是否是更好前景的开始，还是 9 月份真的只是一次偶然事件？

Michael Verdeschi 迈克尔·维尔德斯基

Let me address that with talking about the quarter. In the quarter, we did see organic growth of cash. And I would say, we also saw some of the variability that we typically see in client activity as they engage us. So, as you highlight, we did see that pick up in September. But over the course of the quarter, as we’ve been saying, this is further evidence of that realignment activity normalizing. So, a combination of organic growth and some of that variability as well. So, we feel good about this progress.

让我通过谈论这个季度来解决这个问题。在这个季度中，我们确实看到了现金的有机增长。我还要说，我们也看到了客户活动中通常会出现的一些变化，因为他们与我们互动。因此，正如您所强调的，我们确实在九月份看到了这种增长。但在整个季度中，正如我们一直所说的，这进一步证明了这种调整活动正在正常化。因此，这是有机增长和一些变化的结合。所以，我们对这一进展感到满意。

And again, this is going to be one of the keys in addition to obviously taking on the principal and interest payments that come out of the securities portfolio in combination using those proceeds to make further progress on paying down the supplemental borrowings.

再者，除了显然要承担从证券投资组合中产生的本金和利息支付外，这将是利用这些收益进一步偿还补充借款的关键之一。

Operator 操作员

Next, we’ll go to the line of Alex Blostein from Goldman Sachs. Please go ahead.

接下来，我们将连线高盛的 Alex Blostein。请继续。

Alexander Blostein 亚历山大·布洛斯坦

Hey, good morning, everybody. Thanks for the question and congrats to you all on your next respective chapters. I wanted to ask Mike just your thoughts around how you’re thinking about the securities portfolio given the fact that the cash seems to be stabilizing a bit and the capital is rebuilding.

嘿，大家早上好。感谢你的提问，并祝贺你们在各自的新篇章中取得成功。我想问问迈克，考虑到现金似乎正在稳定，资本正在重建，你对证券投资组合有何看法。

That’s come up a number of times in the past as well. But obviously, financially paying down securities a bit ahead of schedule to reduce EBITDA balances makes sense. But curious how you’re thinking about any kind of holistic securities portfolio restructuring as you enter ‘25?

这在过去也出现过多次。但显然，提前偿还一些证券以减少 EBITDA 余额在财务上是有意义的。但我很好奇，当你进入 2025 年时，你是如何考虑任何类型的整体证券投资组合重组的？

Michael Verdeschi 迈克尔·维尔德斯基

Sure. Well, that remains certainly a popular topic within the investment community and we appreciate that question, but it is something that we’re not currently pursuing. And as we’ve said in the past, we do not want to create unnecessarily headline risk that could disrupt our trusted relationship with clients.

当然。这仍然是投资界的热门话题，我们感谢这个问题，但这不是我们目前正在追求的事情。正如我们过去所说，我们不想制造不必要的头条风险，这可能会破坏我们与客户的信任关系。

And I think an important factor that we’re looking at is again that ability to continue to make progress in paying down that supplemental funding at the bank. And so we do have an analysis. We keep that analysis fresh of looking at what a restructuring could entail. But for the reasons that I mentioned, not at this time. And the key factor that we’re focused on is the progress of paying down that supplemental funding.

我认为我们正在关注的一个重要因素是继续在银行偿还补充资金的能力。因此，我们确实进行了分析。我们不断更新分析，研究重组可能涉及的内容。但由于我提到的原因，目前还不是时候。我们关注的关键因素是偿还补充资金的进展。

Operator 操作员

Thank you. Next, we’ll go to the line of Brennan Hawken from UBS. Please go ahead.

谢谢。接下来，我们将接入来自瑞银的布伦南·霍肯的电话。请继续。

Brennan Hawken 布伦南·霍肯

Good morning. Thanks for taking my question. Mike, I believe you said mid-single-digit expense growth was an early expectation for 2025. Just wanted to clarify, would that be before the averaging in of the efficiencies that were realized through the year in 2024? And would it exclude one-time items such as the FDIC and other charges in 2024?

早上好。感谢您回答我的问题。迈克，我相信您说过 2025 年的费用增长预期是中个位数。我想澄清一下，这是否是在 2024 年全年实现的效率平均之前？并且是否会排除 2024 年的一次性项目，例如 FDIC 和其他费用？

Michael Verdeschi 迈克尔·维尔德斯基

Sure. So that does that is inclusive of that restructuring from this year. So again, that mid-single-digit is going to reflect really our intent to ensure we have resources made available to continue to invest in our capabilities. We are a growth company, so that is going to be important that we have sustainable investment in our firm, while at the same time, we’re going to be demonstrating discipline in that expense deployment, ensuring that we’re meeting our financial objectives. So, it does include those components.

当然。所以，这包括了今年的重组。因此，中个位数的增长确实反映了我们确保有资源继续投资于我们能力的意图。我们是一家成长型公司，因此确保对公司的可持续投资非常重要，同时我们也会在费用部署上表现出纪律性，确保实现我们的财务目标。因此，它确实包括这些组成部分。

往哪里成长？

Operator 操作员

Thank you. Next, we’ll go to the line of Dan Fannon from Jefferies. Please go ahead.

谢谢。接下来，我们将接听来自 Jefferies 的 Dan Fannon 的电话。请继续。

Dan Fannon 丹·法农

Thanks. Good morning. Question on organic growth, which those trends continue to improve, but it does seem like Ameritrade clients continue to be somewhat of a drag. Can you talk about how you see that normalizing or when you see that normalizing? And then also update us on the backlog currently for new advisors potentially joining the platform?

谢谢。早上好。关于有机增长的问题，这些趋势继续改善，但似乎 Ameritrade 的客户仍然有些拖累。您能谈谈您如何看待这种情况的正常化或何时看到这种情况的正常化吗？另外，请更新我们关于目前可能加入平台的新顾问的积压情况？

Rick Wurster 里克·沃斯特

Sure. Let me start with our organic growth. So overall, when we look at our Schwab, our Schwab only clients or legacy clients of Schwab, the growth of our legacy Schwab clients remains in that 5% to 7% growth range that we historically have seen.

当然。让我从我们的有机增长开始。总体而言，当我们查看我们的施瓦布、仅施瓦布客户或施瓦布的传统客户时，我们传统施瓦布客户的增长仍然保持在我们历史上看到的 5%到 7%的增长范围内。

As it relates to Ameritrade clients, we’re going through what is a natural process of Ameritrade clients coming to Schwab, joining our platform and realizing how much they love it. Our flows from Ameritrade clients have outperformed our expectations. Walt shared earlier the expected level of attrition that we thought we would see. We’ve seen less than that. We’ve outperformed that. And for two quarters in a row, we’ve begun to see former Ameritrade clients contribute positively to net new assets.

关于 Ameritrade 客户，我们正在经历一个自然的过程，即 Ameritrade 客户来到 Schwab，加入我们的平台并意识到他们有多喜欢它。来自 Ameritrade 客户的资金流动超出了我们的预期。Walt 早些时候分享了我们预期的客户流失水平。我们看到的流失率低于预期。我们超出了预期。而且连续两个季度，我们开始看到前 Ameritrade 客户对净新增资产做出积极贡献。

So, our expectation is that over time as those clients become more familiar with our platform, get comfortable with it as we build a relationship with those clients because I think that’s a big difference between some of what they would have experienced at Ameritrade and what they’re experiencing now as part of Schwab is the relationship element of what we do, the service part of what we do.

因此，我们的期望是，随着时间的推移，当这些客户对我们的平台变得更加熟悉，并在我们与这些客户建立关系时感到舒适，因为我认为这与他们在 Ameritrade 所经历的一些事情以及他们现在作为 Schwab 的一部分所经历的事情之间有很大区别，这就是我们所做的关系元素，我们所做的服务部分。

As they get to experience that, we believe they will contribute more net new assets over time and grow into the level that we see from our Schwab clients. So, we do expect that our long-term growth trajectory will continue. We expect our Ameritrade clients to continue to grow their net new assets at the firm as they’ve done the last 2 quarters.

随着他们体验到这一点，我们相信他们将随着时间的推移贡献更多的净新增资产，并成长到我们在施瓦布客户中看到的水平。因此，我们确实预计我们的长期增长轨迹将继续。我们预计我们的 Ameritrade 客户将继续在公司增加他们的净新增资产，就像他们在过去两个季度所做的那样。

And importantly, all signs that we’re seeing with our Ameritrade clients suggest that our relationship model is working. And if you look at our record flows into our wealth area, a significant portion over a third of the flows are coming from former Ameritrade clients. And if you look at our lending capabilities, half of new originations in our pledged asset line, half of the growth came from former Ameritrade clients.

重要的是，我们从 Ameritrade 客户那里看到的所有迹象表明，我们的关系模式正在发挥作用。如果你看看我们财富领域的创纪录资金流入，其中超过三分之一的资金流入来自前 Ameritrade 客户。如果你看看我们的贷款能力，新发起的质押资产贷款中有一半的增长来自前 Ameritrade 客户。

So, the push to put our arms around these Ameritrade clients, help them in their financial life just as we’ve done for Schwab clients is working and our expectation is that you’ll see over the long-term our growth in the range that you’ve seen it at Schwab.

因此，我们努力拥抱这些 Ameritrade 客户，帮助他们的财务生活，就像我们为 Schwab 客户所做的一样，这正在发挥作用。我们预计，从长远来看，您会看到我们的增长在 Schwab 的范围内。

Operator 操作员

Thank you. Our next question comes from Kyle Voigt from KBW. Please go ahead.

谢谢。我们的下一个问题来自 KBW 的 Kyle Voigt。请继续。

Kyle Voigt 凯尔·沃伊特

Hi, good morning. So, you seem to be on-track to be at the high end or even above your tier one leverage target by year-end. However, you reiterated this quarter that you want to make more progress on the repayment of supplemental borrowing before restarting share repurchases.

嗨，早上好。看起来你有望在年底达到或甚至超过你的一级杠杆目标的高端。然而，你在本季度重申，在重新启动股票回购之前，你希望在补充借款的偿还方面取得更多进展。

I’m just wondering if you could provide more color as to whether there’s a certain level of supplemental borrowing at which you feel comfortable executing on buybacks or if there’s a certain level of tier one leverage above your target where you would be comfortable executing on buybacks even without substantially making more progress on repayment of supplemental borrowings.

我只是想知道，您是否可以提供更多信息，说明在某个补充借款水平上，您是否感到可以放心地执行回购，或者在一级杠杆高于目标的某个水平上，即使在补充借款的偿还没有取得实质性进展的情况下，您是否也会感到可以放心地执行回购。

Michael Verdeschi 迈克尔·维尔德斯基

So, just to reiterate and thank you for the question. Paying down supplemental borrowings is a very high priority. Obviously, we’ve had some good progress this quarter. We want to continue to make that progress. And we really want to get those levels down much more meaningfully, really get it down to that more permanent level, which is going to be modest at very most. (Audit End)

所以，再次重申并感谢您的提问。偿还补充借款是一个非常高的优先事项。显然，我们在本季度取得了一些良好的进展。我们希望继续取得这样的进展。我们真的希望将这些水平大幅降低，真正降到一个更永久的水平，这个水平最多也只是适度的。

So, we have more work to do there. We’re certainly encouraged by the cash trends that we’ve seen, which will be an important driver of that pay down of supplemental borrowings. So, we need to continue to see that sustained progress. I wouldn’t say there is an exact amount in mind. It’s going to be a function of the broader environment as well. And yes, we’ve made good progress on the growth of that capital as you alluded to. And that has been a combination of the earnings growth that we’ve seen, so that organic growth. You also have that accretion component as well from the securities portfolio.

所以，我们在这方面还有更多工作要做。我们对看到的现金趋势感到鼓舞，这将是偿还补充借款的重要推动力。因此，我们需要继续看到这种持续的进展。我不会说有一个确切的金额。这也将取决于更广泛的环境。是的，正如你提到的，我们在资本增长方面取得了良好的进展。这是我们所看到的收益增长的结合，也就是有机增长。你还可以从证券投资组合中获得增值部分。

And this quarter, you did see some increase due to the variability in interest rates and that’s a component, keep in mind, that will continue to play out over time. But it then gets back to our capital framework. To the extent we have capital over and above what’s needed to support our firm. And I want to make that point very clear. The capital that we have is there to support our firm and to grow our strategy. Beyond that and beyond paying down supplemental borrowings, then we look to our capital framework where we will look at an opportunity to return capital to shareholders. And that could come in a variety of forms. It could be through common dividends, where historically we’ve been at 20% to 30% of GAAP earnings.

在本季度，由于利率的变化，你确实看到了一些增加，这是一个需要记住的因素，它会随着时间的推移继续发挥作用。但这又回到了我们的资本框架。只要我们拥有的资本超过了支持我们公司的需求。我想非常明确地指出，我们拥有的资本是为了支持我们的公司和发展我们的战略。除此之外，在偿还补充借款之后，我们会查看我们的资本框架，寻找向股东返还资本的机会。这可能有多种形式。可能是通过普通股息，历史上我们一直在 GAAP 收益的 20%到 30%之间。

But we’ll also look at preferred securities outstanding and look to see when they are callable and make a decision whether that capital is needed and whether we wish to call them or not. And then beyond that, we would look to buybacks. So, I think the when I think about capital, we’re going to continue to ensure that the capital is available for our growth. We have this different consideration this time around with paying down supplemental borrowings. And then beyond that, we’ll look to our capital framework.

但我们也会查看现有的优先证券，看看它们何时可以赎回，并决定是否需要这些资本以及我们是否希望赎回它们。除此之外，我们会考虑回购。因此，当我考虑资本时，我们将继续确保资本可用于我们的增长。这次我们还有一个不同的考虑因素，即偿还补充借款。然后在此基础上，我们会关注我们的资本框架。

Operator 操作员

Thank you. Next, we’ll go to the line of Steven Chubak from Wolfe Research. Please go ahead.

谢谢。接下来，我们将接通来自 Wolfe Research 的 Steven Chubak 的电话。请继续。

Steven Chubak 史蒂文·丘巴克

Hey, good morning. So first off, congrats Walt and Peter, thank you for insights over the years. Mike, I did want to ask you on the funding strategy, you touched a bit in your prepared remarks, but was hoping you could just speak to changes to your funding approach.

嘿，早上好。首先，恭喜沃尔特和彼得，感谢你们多年来的见解。迈克，我确实想问你关于资金策略的问题，你在准备好的发言中稍微提到了一点，但希望你能谈谈你们资金方法的变化。

Just trying to understand whether there’s a funding arbitrage from raising wholesale borrowings at the broker dealer versus the bank. And just help quantify the increase in borrowings at the broker dealer. Just trying to get a better or more holistic funding picture, if you will, across the firm given there seem to be some different moving pieces at the bank versus the broker dealer here.

只是想了解在经纪交易商与银行之间通过批发借款是否存在资金套利。并帮助量化经纪交易商借款的增加。只是想在整个公司范围内获得更好或更全面的资金状况，如果可以的话，因为这里银行与经纪交易商之间似乎有一些不同的变动因素。

Michael Verdeschi 迈克尔·维尔德斯基

Hi, Steven. Thank you for the question. So that funding at the broker dealer is certainly an efficient source of funds and it is important that we diversify our sources of funding. That is just a general practice that we want to have here. It’s a capability we want to have. And it’s efficient in that I would think of it as pre-positioning funding that we then subsequently placing in cash and earning a roughly equivalent yield. That is very efficient and it gives us the flexibility to meet the evolving needs of our clients.

嗨，史蒂文。感谢你的提问。因此，经纪自营商的资金确实是一个高效的资金来源，分散我们的资金来源是很重要的。这是我们想要在这里实施的一般做法。这是我们想要具备的能力。它的效率在于，我会将其视为预先定位的资金，然后我们将其放入现金中并获得大致相当的收益。这非常高效，并且为我们提供了灵活性，以满足客户不断变化的需求。

In the broker dealer with the completion of the Ameritrade acquisition, we have a growing client base. We have a client base that’s dynamic and how they engage us through margin lending. And that type of broker dealer funding is very efficient in meeting that evolving need and it allows us to also achieve the financial outcomes that we want to achieve, which is that growth of earnings that we’re focused on as well.

在完成对 Ameritrade 的收购后，我们的经纪交易商拥有不断增长的客户群。我们的客户群是动态的，他们通过保证金贷款与我们互动。这种类型的经纪交易商融资在满足不断变化的需求方面非常高效，并且使我们能够实现我们想要实现的财务成果，即我们专注的收益增长。

I think more broadly, when I think about funding across the firm, I talk about diversified sources of funding and that’s the bank as well as the non-bank, the broker dealer and that could be in a variety of forms. It could be secured and unsecured and short-term and long-term programs.

我认为更广泛地说，当我考虑整个公司的资金时，我谈论的是多元化的资金来源，包括银行和非银行、经纪交易商，这可以有多种形式。可以是有担保的和无担保的，短期和长期的计划。

So, it’s really about creating a construct and having a framework that allows us to have flexibility to meet our client needs, while at the same time ensuring that we’re driving financial outcomes as well.

所以，这实际上是关于创建一个结构和框架，使我们能够灵活地满足客户需求，同时确保我们也在推动财务成果。

Operator 操作员

Thank you. For the next question, we’ll go to Brian Bedell from Deutsche Bank. Please go ahead.

谢谢。下一个问题，我们请德意志银行的布莱恩·贝德尔提问。请继续。

Brian Bedell 布莱恩·贝德尔

Great. Thanks. Good morning. And also congrats to Walt, Peter and Rick and welcome Mike. My question just goes back to the deposits. Obviously, fantastic result for September. I guess and I know month to month can be noisy of course, but do you expect some reversion of that, i.e., some deployment of that surge in deposits as we sort of move into October?

很好。谢谢。早上好。同时祝贺沃尔特、彼得和里克，欢迎迈克。我的问题回到存款上。显然，九月的结果非常好。我想知道，尽管月与月之间可能会有波动，但您是否预计会有一些回落，即随着我们进入十月，这一存款激增会有所部署？

And then similarly that growth over the long-term that you outlined, Mike, is that do you think we’ll be able to still exit 2025 with a NIM of 3% given the forward curve or is that simply just lower, and do you have a view of what that might be given the lower forward curve?

然后，类似地，迈克，你所概述的长期增长，你认为我们能否在 2025 年结束时仍然保持 3%的净息差，考虑到远期曲线，还是说这只是更低？对于较低的远期曲线，你有什么看法？

Walter W. Bettinger 沃尔特·W·贝廷格

Thanks, Brian. Let me address the cash part again. I know Mike’s already addressed it, but let me just make a quick comment there and I’ll turn it over to Mike to talk about the NIM. We have cautioned for a long time an excessive focus on monthly cash movements, because you can simply have a one day difference making a huge impact in a monthly number depending on when fixed income maturities mature.

谢谢，布莱恩。让我再谈一下现金部分。我知道迈克已经谈过这个问题，但我想简单评论一下，然后交给迈克来谈谈净息差。我们长期以来一直警告过过度关注月度现金流动，因为仅仅一天的差异就可能对月度数字产生巨大影响，这取决于固定收益到期的时间。

Although the numbers are big, if you look at these numbers as a percentage of a $10 trillion client base, they are actually quite modest. And so the right way to look at it is at a quarter, not at a month. And we feel very good about where we ended up for the quarter. I don’t think there is anything unique or one off in the results for the quarter. And that’s why we feel confident about the fact that we continue to make progress in building of our balance sheet cash and anticipate that as we move forward taking into account the seasonality that Mike previously referenced.

尽管数字很大，但如果将这些数字视为 10 万亿美元客户群的百分比，它们实际上相当适中。因此，正确的看法是按季度来看，而不是按月来看。我们对季度末的结果感到非常满意。我认为本季度的结果中没有什么独特或一次性的因素。这就是为什么我们对继续在资产负债表现金的构建中取得进展感到有信心，并预计随着我们前进，会考虑到迈克之前提到的季节性因素。

Mike, let me turn it over to you for NIM.

迈克，我把话筒交给你来讲 NIM。

Michael Verdeschi 迈克尔·维尔德斯基

Thank you, Walt. And sure, there’s been a lot of focus on NIM. And that previous outlook of NIM approaching 3% by the end of 2025, that endpoint, December ‘25, if you will, that was informed by a rate path from earlier in the year that was much higher than the rate path that we see in, say, today’s dot plot.

谢谢，沃尔特。当然，NIM 受到了很多关注。之前关于 NIM 到 2025 年底接近 3% 的展望，即 2025 年 12 月的终点，是基于年初时的利率路径，而当时的利率路径比我们在今天的点阵图中看到的要高得多。

So, it’s reasonable to expect with that much lower expected rate trajectory for NIM to be modestly below that approaching 3% level that we talked about for the end of 2025. But what’s important to convey is that even in that lower expectation for rates, that we expect to continue to expand net interest margin in 2025. And a key driver of that is going to be our confidence in making that sustained progress in reducing that high cost supplemental funding at the bank. And so, what we’re talking about for fourth quarter is NIM into the well into the 220s and importantly, further meaningful expansion in 2025 as well.

因此，考虑到预期利率轨迹大幅降低，预计净息差将略低于我们所谈到的 2025 年底接近 3%的水平是合理的。但重要的是要传达，即使在这种较低的利率预期下，我们预计 2025 年净息差将继续扩大。其关键驱动因素将是我们对银行持续降低高成本补充资金的信心。因此，我们所谈论的第四季度净息差将进入 220 多点，并且重要的是，2025 年也将进一步实现显著扩张。

Now, we’ll be back in January as we typically do with the financial scenario at that time. Between now and then, we have two more FOMC meetings, where the outcome of those meetings still remains uncertain in terms of their decisioning. So we’ll have more information between now and January when we’ll come back to you and talk more about NIM at that time.

现在，我们将在一月份如往常一样回归，届时会有当时的财务情况。从现在到那时，我们还有两次 FOMC 会议，这些会议的结果在决策方面仍不确定。因此，从现在到一月份之间，我们会获得更多信息，届时我们会回来与您讨论更多关于净息差（NIM）的情况。

Jeff Edwards 杰夫·爱德华兹

Great. Thanks. Operator, I think we have time for one final question.

太好了。谢谢。接线员，我想我们还有时间回答最后一个问题。

Operator 操作员

And for our last question, we’ll go to the line of Michael Cyprys from Morgan Stanley. Please go ahead.

最后一个问题，我们请摩根士丹利的 Michael Cyprys 提问。请开始。

Michael Cyprys 迈克尔·西普里斯

Hey, good morning. Thanks for taking the question. Just wanted to ask about the REA custody business. Curious how you’re thinking about opportunities for expanding your offering and solutions over time for the REA custody side? And what opportunities might be there to enhance monetization, I know historically you have not charged a custody fee and what sort of scenario could that make sense? Thanks.

嘿，早上好。感谢您提出这个问题。我想问一下关于 REA 托管业务的情况。想了解一下您是如何考虑在 REA 托管方面随着时间的推移扩展您的产品和解决方案的机会的？并且有哪些机会可以增强货币化，我知道历史上您没有收取托管费，在哪种情况下这可能有意义？谢谢。

Walter W. Bettinger 沃尔特·W·贝廷格

Thanks for the question, Michael. Let me talk a little bit about our, Advisor Services business and start by just saying it’s been a growth powerhouse for us. It continues to drive really strong net new asset formation, both in terms of the RIAs coming onto our platform and the growth of the RIAs for whom we custody assets.

谢谢你的提问，迈克尔。让我稍微谈谈我们的顾问服务业务，首先要说的是，这对我们来说一直是一个增长的动力源。它继续在推动非常强劲的净新增资产形成，无论是加入我们平台的注册投资顾问，还是我们为其托管资产的注册投资顾问的增长。

As we look at monetizing the business, I think there’s lots of opportunity in the future. We have been trying to do more in wealth, asset management and lending to support our advisors. And you certainly see it, our growth in all three of those areas as evidenced by some of the numbers we shared earlier.

当我们考虑将业务货币化时，我认为未来有很多机会。我们一直在努力在财富、资产管理和贷款方面做更多工作，以支持我们的顾问。你肯定可以看到，我们在这三个领域的增长，如我们之前分享的一些数据所示。

RIAs have been asking us, almost begging for us to lend to them and their clients over time because they want to work directly with us and they don’t want to introduce another party into the relationship. And as we’ve upped our game with our pledged asset line capability and some of our mortgage capabilities, more and more clients are keeping their lending business with us and we expect that as rates fall, we’ll see that accelerate.

RIA 一直在请求我们，几乎是恳求我们向他们及其客户提供贷款，因为他们希望直接与我们合作，不想在关系中引入其他方。随着我们提升了抵押资产额度能力和一些抵押贷款能力，越来越多的客户将他们的贷款业务留在我们这里，我们预计随着利率下降，这一趋势将加速。

We’re also seeing on the wealth and the asset management side where our RIAs rely upon us in a number of different ways, including our fixed income capabilities, our Schwab personalized indexing capabilities, and a number of other areas.

我们也看到在财富和资产管理方面，我们的注册投资顾问在多种不同的方式上依赖我们，包括我们的固定收益能力、我们的 Schwab 个性化指数能力以及其他多个领域。

I also think that there’s more we can do for RIAs over time. If you think about the value chain around the RIAs, there are a number of ways in which RIAs spend money in their business. And many of those ways are services that we could potentially provide and for which the RIA would prefer to work with us because it would make their life easier. Those are all areas that we are exploring.

我也认为，随着时间的推移，我们可以为 RIA 做更多的事情。如果你考虑一下围绕 RIA 的价值链，RIA 在其业务中花钱的方式有很多。而这些方式中有许多是我们可能提供的服务，RIA 会更愿意与我们合作，因为这会让他们的生活更轻松。这些都是我们正在探索的领域。

As it relates to custody fee, we have we believe our current model works and has served the test of time. We have asked RIAs if they would prefer a custody fee in lieu of or taking a different approach. And that has not been a popular idea when we’ve offered that to RIAs. So, we like our current model. We do think there’s lots of ways to monetize our position with RIAs and we expect to do that over time in a way that is client friendly and helps us build our business and helps the RA build their business most importantly.

关于托管费，我们相信我们当前的模式有效，并经受住了时间的考验。我们曾询问注册投资顾问（RIAs）是否愿意选择托管费，或者采取不同的方法。当我们向 RIAs 提出这个建议时，这并不是一个受欢迎的想法。所以，我们喜欢我们当前的模式。我们确实认为有很多方法可以通过 RIAs 来实现盈利，并且我们期望随着时间的推移，以一种对客户友好的方式来实现这一点，这有助于我们发展业务，并且最重要的是帮助 RA 发展他们的业务。

Walter W. Bettinger 沃尔特·W·贝廷格

Well, thanks all for dialing in and participating in our call today. As I mentioned in my opening thoughts, I’ve had the honor and the privilege to speak with many of you about Schwab’s results for almost 20 years. During that time, I have learned so much from the thoughtful and seasoned analysts who cover our stock as well as the owners who I would regularly meet with. So, thank you.

好，感谢大家拨入电话并参与我们今天的会议。正如我在开场白中提到的，近 20 年来，我有幸与许多人讨论过关于施瓦布的业绩。在这段时间里，我从那些关注我们股票的深思熟虑且经验丰富的分析师以及我定期会面的股东那里学到了很多。所以，谢谢大家。

And as I make this transition from CEO to Executive Co-Chair, I’m especially grateful to the tens of thousands of Schwabis and the millions of clients who have helped us grow during my tenure, not only from an $18 billion market cap company to something around $125 billion but also quadruple our stock price. I realize that these numbers are the lenses that many will choose to look through to evaluate my time as CEO of Schwab.

当我从首席执行官过渡到执行联席主席时，我特别感谢成千上万的施瓦布员工和数百万客户，他们在我任职期间帮助我们成长，不仅从一个市值 180 亿美元的公司发展到大约 1250 亿美元，还使我们的股价翻了四倍。我意识到，这些数字是许多人选择用来评估我在施瓦布担任首席执行官期间表现的视角。

But if I could, I’d like to go back to the very first conversation that Chuck Schwab had with me about the possibility of being CEO of the company someday. This conversation actually happened several years before I formally became CEO. And during that conversation, I asked Chuck this question, if I do become CEO someday, what would be the most important objective that you would like me to achieve during my time as CEO?

但是如果可以的话，我想回到查克·施瓦布第一次和我谈论将来有可能成为公司首席执行官的那次对话。实际上，这次对话发生在我正式成为首席执行官的几年前。在那次对话中，我问查克这个问题：如果有一天我成为首席执行官，您希望我在担任首席执行官期间实现的最重要目标是什么？

Now I fully expected Chuck to reply with maybe a certain level of client assets or client accounts, maybe a level of market capitalization or even the stock price. But for those of you who know Chuck well, you can probably suspect that his answer was none of those. Instead, Chuck shared that his definition of success would be if I did my part during my tenure to ensure that there would be a strong independent Schwab 50 years hence.

现在，我完全预料到查克可能会以某种客户资产或客户账户的水平来回答，也许是市场资本化水平，甚至是股票价格。但是，对于那些了解查克的人来说，你们可能会猜到他的答案不是这些。相反，查克分享说，他对成功的定义是，如果在他的任期内，他尽了自己的职责，以确保 50 年后会有一个强大的独立的施瓦布。

Importantly, because in Chuck’s words, investors need and deserve what we offer them. First rate service, great value, quality execution, professional advice, low cost mutual funds and ETFs, access independent investment advisors and so much more. And thanks to our employees, our 43 million clients and our long-term stockholders, Chuck has personally shared with me mission accomplished.

重要的是，正如查克所说，投资者需要并应得到我们为他们提供的服务。一流的服务、卓越的价值、优质的执行、专业的建议、低成本的共同基金和 ETF、独立投资顾问的访问权限等等。感谢我们的员工、我们的 4300 万客户和我们的长期股东，查克亲自与我分享了使命已完成。

Thank you all so much for joining us on our call today.

非常感谢大家今天加入我们的电话会议。

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