Jeff Edwards  

杰夫·爱德华兹  

Good morning, everyone, and welcome to Schwab's 2025 Spring Business Update. This is Jeff Edwards, Head of Investor Relations. And I'm joined in our Westlake headquarters by our President and CEO, Rick Wurster; and CFO, Mike Verdeschi. Our earnings release crossed the wires about an hour ago. So hopefully, everyone has had an opportunity to review our strong 1Q results. Before we jump in a few quick housekeeping items. The slide to the business update will be posted to their usual spot on the IR Web site at the conclusion of today's prepared remarks. Q&A remains structured as one question no follow ups please with negative points awarded to those posing questions with four to five separate questions nested within. This approach enables us to address as many questions as possible during our time together this morning. It's worth noting that questions may also be submitted via the online console. And of course, please don't hesitate to reach out to the IR team with any follow-up questions after today's update. And finally, the forward-looking statements page, our omnipresent wall of words, which reminds us that outcomes can differ from expectations. So please keep in touch with our disclosures. All right, with all that covered, let me turn it over to Rick.  

大家早上好，欢迎参加嘉信理财 2025 年春季业务更新。这是投资者关系负责人杰夫·爱德华兹在发言。此刻与我一起在位于韦斯特莱克的总部现场的还有公司总裁兼首席执行官里克·伍斯特，以及首席财务官迈克·维德斯基。我们的财报新闻稿在大约一小时前已发布，希望各位已经有机会浏览我们强劲的一季度业绩。在正式开始之前，先说明几项会务事项：今日演讲结束后，本次业务更新的演示文稿将上传至投资者关系网站的常用位置；问答环节仍采用“一问制”，不设追问，如在一个问题中套问四至五个子问题将会被扣分，这样的安排可使我们在今天的时间内回答尽可能多的问题。需要说明的是，各位亦可通过在线控制台提交问题。当然，在今日会议结束后，若仍有疑问，请随时联系投资者关系团队。最后，请注意前瞻性声明页面——那堵无处不在的文字墙——提醒我们实际结果可能与预期不同，请务必参阅我们的披露。好，事项说明完毕，现在把时间交给里克。  

Rick Wurster  

里克·伍斯特  

Thanks Jeff. And good morning, everyone. Welcome to our spring business update. The first quarter of 2025 can be summed up in one word growth. With our Through Clients' Eyes strategy, investors turned to us during the first quarter and trusting us with $138 billion in core new assets, which is up 44% over the first quarter of last year. Clients opened 1.2 million new accounts. Our clients remained highly active with high levels of trading activity, record engagement with our wealth solutions and strong utilization of margin. And through it all, we were there for our clients. We delivered strong service levels for advisors and retail investors. Retail client promoter scores and our client easy score for advisors. Both remain strong with legacy Ameritrade satisfaction increasing, translated to strong financial performance to begin the year, including year-over-year revenue growth of 18%, record net revenues and a 41% year-over-year increase in adjusted earnings per share. We're continuing to play offense and deliver on initiatives that support growth across multiple measures, routing new financial consultants and opening up branches in our retail business. Our advisor business continues to grow and delight clients and we've invested to continue to enhance the experience for advisors. In the first quarter, we launched several new offers to help our clients take ownership of their financial futures. And I'm going to talk more about these in a few minutes.  

谢谢你，杰夫。大家早上好，欢迎参加我们的春季业务更新。2025 年第一季度可以用一个词来概括——“增长”。凭借“以客户视角”战略，投资者在一季度将 1,380 亿美元核心新增资产托付给我们，同比去年一季度增长 44%。客户新开账户 120 万个。我们的客户保持高度活跃，交易量高企，财富解决方案使用度创纪录，保证金使用亦强劲。整个过程中，我们始终陪伴客户左右。我们向顾问与零售投资者提供了强劲的服务水准；零售客户推荐度及顾问端的 Client Easy Score 持续高企，且原 Ameritrade 客户的满意度不断提升。这些都转化为年初亮眼的财务表现：收入同比增长 18%，净营收创纪录，经调整每股收益同比增长 41%。我们继续积极出击，在多条维度上推动增长，包括增派理财顾问、在零售业务中开设新网点。我们的顾问业务继续扩张并赢得客户青睐，我们也在持续投入以提升顾问体验。在一季度，我们推出了数项新产品，帮助客户掌控自己的财务未来；稍后我将详细介绍。  

And we're not taking our foot off the gas. We're continuing to make investments to make it easier for clients to do business at Schwab while conducting more of their financial lives with us. As we shared in January and continue to believe, we expect strong revenue and earnings expansion in 2025. And after recent capital actions we're poised for additional capital return over the course of the year. With Through Clients' Eyes as our guide, we remain well positioned to accelerate our growth over the long term. In the first quarter, the S&P 500 was down 5%. The VIX increased in investors sentiment dampened. Through this volatility, we were there when clients needed us. Retail calls to our service centers increased as clients had more questions about what to do during periods of uncertainty. We consistently answered their calls in under 30 seconds. And our retail advisor and workplace relationship teams stood by clients to help them navigate their personal financial situations. It is in periods like this where our omnichannel client model really shines just as it did this quarter. And it is in periods like this where it's so important to remember why we are here. Because behind every trade and every call to our service teams is a person who is watching the headlines and considering their next best financial decision, whether they're a new investor, an active trader, an engaged retiree or a dedicated advisor supporting their clients. With Through Clients' Eyes as our guide we delivered an outstanding experience to our clients and powered growth across all fronts, client growth, solutions growth and financial growth.  

我们不会松油门。我们持续投资，令客户在嘉信办理业务更便捷，并把更多财务生活融入我们平台。正如一月所述，我们依旧预期 2025 年收入和盈利将实现强劲扩张；伴随近期资本运作，我们已准备好在年内进一步回馈资本。在“以客户视角”的指引下，我们在长期加速增长方面依然处于有利位置。第一季度，标普 500 指数下跌 5%，VIX 上升，投资者情绪转弱。在这段波动期，我们始终在客户需要之处。零售客户致电服务中心的量增加，因他们在不确定期更需咨询下一步行动。我们始终在 30 秒内接通电话；零售顾问及职场关系团队也并肩客户，帮助他们处理个人财务情况。正是在这种时刻，我们的全渠道客户模式大放异彩，正如本季度所见。而在这种时刻，牢记存在意义尤为重要——因为每一笔交易、每一次来电背后都是一位关注新闻、思考下一步最佳财务决策的人，无论他是新入市者、活跃交易者、积极的退休人士，还是致力于服务客户的专业顾问。秉持“以客户视角”，我们为客户交付了卓越体验，并在客户增长、方案增长及财务增长各方面动力十足。  

Looking at client growth core net new assets grew 44% year-over-year to $138 billion, representing a 5.5% annualized growth rate. This is driven by momentum across all three of our client businesses with each seeing strong growth. The momentum in our advisor services business continued from last year while retail NNA increased 50% year-over-year as we moved further away from the final client conversions. At the same time, we also had a record quarter in our workplace business. As we move further away from the Ameritrade integration, our NNA continues to move to our normal historical levels just as we suggested it would. We continue to see NNA from legacy Ameritrade clients grow as we deepen those relationships over time. New brokerage account openings grew to 1.2 million, an increase of 8% over the prior year quarter. We continue to delight clients earning strong client promoter scores in all of our businesses. Clients continue to turn to our wealth, lending and trading solutions, another key measure of our growth as we broaden and deepen relationships with clients. Managed investing net flows increased 15% over the same period last year to a new record with continued strong contribution from Ameritrade clients. We now have nearly $500 billion in assets under management in our holistic wealth solutions, Schwab Wealth Advisory and Schwab Advisor Network. We also attracted record net flows across several offers, including our flagship Schwab Wealth Advisory as well as Schwab Personalized Indexing. Bank lending balances reached $47.1 billion, a 15% year-over-year increase.  

从客户增长看，核心新增净资产同比增长 44%，达到 1,380 亿美元，折合年化增长率 5.5%。这一成绩源于我们三大客户业务板块的全面动能，各板块均实现强劲增长。顾问服务业务的增长势头自去年持续延伸，零售业务 NNA 随着最终客户迁移工作的远去同比增长 50%；与此同时，我们的职场业务也创下历史新高。随着我们逐步远离 Ameritrade 的整合期，NNA 正如我们所预测的那样回归正常历史水平。legacy Ameritrade 客户的 NNA 仍在增长，随着关系深入持续贡献。新经纪账户开设达 120 万个，同比增加 8%。我们持续以高客户推荐度回馈客户各项业务。在我们不断拓宽和加深客户关系过程中，客户继续选择我们的财富、信贷和交易解决方案，这也是我们增长的另一个关键指标。托管投资净流入同比增长 15%，再创纪录，其中 Ameritrade 客户贡献依旧强劲。我们的整体财富解决方案——嘉信财富顾问（SWA）与嘉信顾问网络（SAN）——管理的资产现已接近 5,000 亿美元。我们旗下多项产品也实现创纪录净流入，包括旗舰产品嘉信财富顾问及嘉信个性化指数投资。银行贷款余额达到 471 亿美元，同比增长 15%。  

Finally, daily average trades increased 24% to 7.4 million for the quarter. Our early April numbers are well above even what we saw in the first quarter. We are the number one firm traders turn to among competitors to report on those metrics and there isn't a closed second as we bring the industry's leading platform, research and education and trader support. When we deliver for our clients, it translates to healthy financial growth. In the first quarter, total revenue increased 18% year-over-year to $5.6 billion and adjusted earnings per share increased 41% over the first quarter of 2024. We are off to a strong start with growth across all key measures for the first quarter. Looking ahead, we remain confident in our ability to accelerate our growth over this year and for the long term, and we believe that is true even in a period of market uncertainty. There are several reasons for our confidence. First, we have a strong competitive positioning. We remain a leader in the two fastest growing segments of the financial services industry, self-directed investors and registered investment advisors. We're number one in total client assets for publicly reported peers, number one in RIA custodial assets and number one in daily average trades. And we continue to receive third party recognition, including being named the number one overall broker by StockBrokers.com.  

最后，本季度日均成交量增长 24%，达到 740 万笔；4 月初的数字甚至远超一季度水平。在发布这些指标的竞争对手中，我们是交易者首选的平台，且没有可与之匹敌的第二名，因为我们拥有业界领先的平台、研究、教育以及交易者支持。当我们为客户创造价值时，也转化为稳健的财务增长：第一季度总收入同比增长 18%，至 56 亿美元，经调整每股收益较 2024 年一季度增长 41%。我们在各项关键指标上实现强劲开局。展望未来，我们对今年乃至长期持续加速增长充满信心，即使在市场不确定时期亦如此。我们的信心来源于多方面：首先，我们竞争地位稳固；我们在金融服务业增长最快的两大领域——自主投资者及注册投资顾问——均处领先地位。按公开披露的同行比较，我们总客户资产排名第一，RIA 托管资产排名第一，日均交易量排名第一。我们还不断获得第三方认可，包括被 StockBrokers.com 评为综合排名第一的券商。

Second, we have healthy business fundamentals. Our transfer of assets or TOA ratio, which is a measure of how we stack up to competitors is 1.5. That means for every dollar that leaves Schwab, $1.50 comes to us from our competitors. Investors turn to us because our no trade-offs approach means they get world class platforms, solutions that meet the spectrum of wealth and trading needs, access when and where they want it, whether that's on their phone in a branch or through one of our advisor or workplace relationship managers along with service that can't be matched. Our pledged asset line balances increased 34% year-over-year, supported by strong digital adoption, 95% of new loans originated through a digital channel. And even with the increase in volumes, we're delivering industry leading cycle times averaging only 1.1 days. Third, we have a growing and diverse client base. We serve RIAs of all sizes and attract healthy NNA from all segments as we delight them and meet their needs. In our retail business, new to firm households are up 14% over last year and we're attracting clients across the spectrum of ages in life stages. In the first quarter, 33% of new to firm clients were under 30 and nearly 60% were under the age of 40. Traders were a key part of the story in the first quarter and will remain so with volatility at higher levels.  

第二，我们拥有健康的业务基本面。我们的资产转移比率（TOA）——衡量我们与竞争对手比较表现的指标——为 1.5。这意味着每有 1 美元流出嘉信，就有 1.50 美元从竞争对手流入我们。投资者选择我们，是因为我们“零折衷”的理念让他们既能享受世界级平台，又能获得覆盖财富与交易全谱系需求的解决方案，并可随时随地接入服务，无论是通过手机、分行，还是顾问或职场客户经理，均能获得无可匹敌的服务。借助数字化深度采用，我们的质押资产贷款余额同比增长 34%，其中 95% 的新贷款通过数字渠道发放。即便量增，我们仍保持业内领先的审批周期，平均仅 1.1 天。第三，我们的客户基础不断壮大且更加多元。我们服务各规模 RIA，并从所有细分市场吸引可观的新增净资产，同时以卓越体验满足其需求。在零售业务中，新进入公司的家庭数量较去年增加 14%，且我们吸引的客户覆盖各年龄段与人生阶段。今年一季度，新客户中有 33% 不满 30 岁，近 60% 不满 40 岁。交易者在一季度表现突出，随着波动性维持高位，他们仍将是重要群体。  

We continue to attract traders to our leading offer. The number of clients who have adopted thinkorswim has more than doubled over the last year. Traders are a highly engaged group. We're number one in the industry in daily average trades and option contracts. We're number one because of our outstanding platforms, multiple destinations for trading for all levels of investors, educational content and insights combined with incredible trader support from trading professionals here at Schwab. And as the last few weeks have shown, we're meeting trader needs through market swings and record trading days. Fourth, we're continuing to deliver the capabilities, experience and solutions that our clients want and expect. We're investing in the four focus areas that you see here. Our first priority is driving growth. There are two aspects of our growth, driving NNA with new and existing clients and deepening relationships with those clients. And we delivered on these priorities across multiple fronts in the first quarter. We're expanding our branch footprint and hiring hundreds of financial consultants and wealth consultants to deepen relationships with our higher net worth retail clients and their families. We're also investing in our support of self‑directed clients, including our AI powered capabilities. Our goal is to be the leader for clients that want to know omnichannel experience and those that may want limited inter interaction. Our AI investments are part of supporting both.  

我们持续凭借领先产品吸引交易者。过去一年，采用 thinkorswim 的客户数量翻倍有余。交易者是高度活跃的群体，就日均交易笔数和期权合约量而言，我们位居行业第一。之所以能夺冠，源于我们卓越的平台、面向各类投资者的多元交易通道、丰富的教育内容与洞见，以及嘉信交易专业团队提供的卓越支持。过去几周已证明，在市场波动和创纪录的交易日中，我们满足了交易者的需求。第四，我们持续交付客户所需且期望得到的能力、体验与解决方案。我们正投资于此处列出的四大重点领域。首要任务是推动增长：一方面通过新老客户提升新增净资产，另一方面深化客户关系。今年一季度，我们在多个层面完成了这些目标。我们正扩展分行网络，并招聘数百名理财顾问与财富顾问，以深化与高净值零售客户及其家族的关系。我们也在加大对自主投资客户支持的投入，包括 AI 赋能功能。我们的目标是在希望获得全渠道体验及偏好有限互动的客户群体中都成为行业领导者；AI 投资正是对两类需求的支持。  

We are investing in our marketing spend, which drives approximately 40% of new to firm retail clients. We are firing on all cylinders in AAS as our client satisfaction continues to be at all time highs. And we're working on a multi-year investment in our workplace business to grow it over the long term and increase the client base to whom we can introduce Schwab. We also advanced our efforts to deepen client relationships. First, we delivered several enhancements to our wealth offer. We rolled out retail alternatives to all eligible clients. We launched a discretionary option for clients within Schwab Wealth Advisory and we continue to enhance both Schwab Personalized Indexing and our Wasmer Schroeder offers. And just yesterday, we announced a strategic investment in Wealth.com. Wealth.com is a leader in digital estate planning. In addition to enhancing our estate planning capabilities and experience for clients, this investment is one part of our broader effort to provide more of an ecosystem for our RIA clients as we help them grow, compete and succeed. The wealth enhancements I've just described help us meet the full spectrum of our clients' needs while also bolstering the company's fee based revenue over time. Second, we expanded our trader offer with the delivery of a 24 by five trading capability on our thinkorswim platform. All of Schwab's retail clients can now trade 24 hours a day, five days a week in an expanded list of stocks and hundreds of additional ETFs. This capability comes with our specialized 24 hour service and support, as well as tailored education.  

我们加大市场营销投入，其贡献约占新零售客户的 40%。在 AAS 领域，我们全面发力，客户满意度持续刷新历史高位。我们还在对职场业务进行多年期投资，以实现长期增长，并扩大可向其推广嘉信服务的客户基数。我们亦在深化客户关系方面取得进展。首先，我们对财富产品做出多项升级：向所有合资格客户推出零售替代投资；在嘉信财富顾问（SWA）中推出客户可自行决策的选项；并持续优化嘉信个性化指数投资及 Wasmer Schroeder 产品。就在昨天，我们宣布对 Wealth.com 进行战略投资。Wealth.com 是数字遗产规划的领军者。该投资不仅增强我们的遗产规划能力和客户体验，也是我们为 RIA 客户打造更完整生态系统、助其成长、竞争与成功的宏大战略之一。上述财富产品升级帮助我们全面满足客户需求，并在长期内提升公司的基于费用的收入。其次，我们通过在 thinkorswim 平台推出“24×5”交易功能，扩展了交易者产品。嘉信所有零售客户现可在更广泛的股票及数百只额外 ETF 上实现全天 24 小时、每周 5 天交易，并配套 24 小时专业服务与支持以及定制教育内容。  

Turning now to scale and efficiency. These are initiatives that benefit clients while allowing us to operate more efficiently, maintain our low cost to serve and reinvest in our growth initiatives. In the first quarter, we launched Schwab Knowledge Assistant for advisor services clients. We also just launched Schwab Intelligent Assistant for our international clients, leveraging a large language model to provide on‑demand support and personalized assistance tailored to our international clients. We're continuing to invest in longer term efficiency initiatives, including a focus on removing paper from the system, which will make it easier on clients while also helping us to operate even more efficiently. Our third focus area is the brilliant basics. Our biggest opportunity for growth over the long term is delighting our clients in the everyday interactions they have with us so they entrust more of their financial life to Schwab. That means picking up the phone quickly, answering questions efficiently and providing intuitive digital experiences. In the first quarter, service levels were strong across the board. We continue to enhance our digital processes and our AAS easy score reached 93%. Finally, our fourth focus area is continuing to invest in our people. Our ability to serve our clients and fuel growth into the future comes down to our people. And we're continuing to optimize workflows as well as talent development and recognition programs that help us foster our unique culture of service.  

接下来谈规模与效率。这些举措既让客户受益，又使我们运营更高效、保持低服务成本，并能将资源再投入到增长项目中。今年第一季度，我们为顾问服务客户推出 Schwab Knowledge Assistant；同时刚为国际客户推出 Schwab Intelligent Assistant，利用大型语言模型提供按需支持和个性化帮助。我们还在持续投资长期效率项目，包括致力于消除纸质流程，这既简化客户体验，也使我们运营更高效。第三个聚焦领域是“卓越基础”。长期增长的最大机遇在于日常互动中让客户满意，从而让他们把更多财务生活托付给嘉信。这意味着快速接听电话、高效解答问题并提供直观的数字体验。一季度，各项服务指标整体表现强劲；我们持续优化数字流程，AAS Easy Score 达到 93%。最后，第四个重点领域是持续投资于我们的员工。服务客户并驱动未来增长的能力归根结底取决于人才。我们继续优化工作流程以及人才发展与激励计划，培育独特的服务文化。  

I want to wrap up with some comments on April and our outlook for the year. We are seeing record trading levels with our two highest trading days ever and high levels of engagement digitally and with our reps. We have been there during this period when our clients needed us most. Our technology has performed well, our service has been solid and our business metrics continue to perform well. We continue to track well to the financial scenario we outlined at the beginning of the year as Mike will expand upon shortly. The combination of a strong first quarter and robust activity in April has us off to a strong start in 2025. With Through Clients' Eyes as our guide, we're continuing to play offense by investing in focus areas that will drive both growth and efficiency while delighting our clients and supporting our employees. With continued innovation around client solutions, capabilities and experience, we are well positioned to accelerate profitable growth through the cycle. And with that, I will turn it over to Mike to share our financial picture.  

最后我想就四月份以及全年展望作结。我们见证了创纪录的交易水平——公司历史上交易量最高的两个交易日就发生在此期间——数字渠道与代表的客户互动亦十分活跃。在客户最需要我们时，我们始终在场。我们的技术表现出色，服务稳健，业务指标持续良好运行。我们仍与年初提出的财务情景保持一致，迈克稍后将进一步阐述。一季度的强劲表现叠加四月的活跃度，使我们在 2025 年实现了强劲开局。秉持“以客户视角”，我们继续积极进取，在能够同时推动增长与效率的重点领域投资，既让客户满意，也支持员工。随着在客户解决方案、能力与体验上的持续创新，我们已具备条件在周期中加速实现盈利性增长。接下来，我将把话筒交给迈克，为大家介绍我们的财务状况。

Mike Verdeschi  

迈克·维德斯基  

Thanks, Rick. I'm looking forward to speaking with you all this morning about our strong start to 2025. To echo Rick, we saw solid growth across all fronts during the first quarter as we continued to meet the evolving needs of our growing client base. New account formation was approximately 1.2 million during the period, our highest total in several years. And momentum in net asset gathering continue to build with core NNA reaching $138 billion. Clients utilize the full breadth of Schwab's modern wealth management solutions during a period of increasing uncertainty across global markets, including 7.4 million daily average trades, record net inflows into our managed investing solutions and sustained growth in our bank lending products. This combination of organic growth and increased client utilization of our leading products and solutions resulted in year‑over‑year revenue and adjusted earnings growth of 18% and 41% respectively. Transactional cash levels continue to reflect normalized cash behaviors inclusive of organic growth, seasonality and investor sentiment. And we made additional progress on reducing the level of bank supplemental funding to approximately $38 billion, down more than 60% from peak levels. We increased the return of capital through the previously announced higher common stock dividend and stock buybacks in the first quarter, and our capital ratios finished [1.2], slightly above the upper end of our target range.  

谢谢你，Rick。我很高兴今天上午能与各位交流我们在 2025 年的强劲开局。呼应 Rick 的观点，我们在第一季度各个方面都实现了稳健增长，继续满足不断壮大客户群的演变需求。本期新开账户约 120 万个，创下数年来最高水平；核心新增净资产动能持续增强，达到 1380 亿美元。在全球市场不确定性上升的时期，客户充分利用嘉信现代财富管理方案的完整体系，包括 740 万笔日均交易、创纪录的托管投资方案净流入以及银行贷款产品的持续增长。自发性增长与客户对我们领先产品和解决方案的更高使用率结合，使收入和经调整盈利分别同比增长 18% 和 41%。交易性现金余额继续体现出包括有机增长、季节性和投资者情绪在内的正常化现金行为。我们将银行补充融资规模进一步压降至约 380 亿美元，较峰值减少逾 60%。通过此前宣布的普通股股息上调和一季度的股票回购，我们加大了资本回馈力度，资本充足率结束时位于目标区间上端略上。  

Given the shifting macroeconomic backdrop to begin this year, there are plenty of moving pieces. So let's unpack some of the key factors influencing the first quarter. First quarter revenue increased 18% year‑over‑year to a record $5.6 billion, including double‑digit growth across all line items versus 1Q '24. The further reduction in higher cost bank supplemental funding drove sequential net interest margin expansion of 20 basis points, helping net interest revenue increase 21% year‑over‑year. Asset management and administration fees grew by 14% year‑over‑year to $1.5 billion for the quarter as robust asset gathering and sustained interest in Schwab's wealth and asset management solutions more than offset the impact of recent equity market declines. Building on the post‑election momentum observed in late 2024, daily average trading volume increased significantly during the first three months of the year as investors navigated an increasingly uncertain and volatile market. This uptick in trading activity pushed trading revenue up 11% year‑over‑year while bank deposit account fees moved higher due to an improved net yield as a growing percentage of the balances have converted to the floating rate bucket. On expenses, adjusted expenses for the quarter were up 6% and 8% versus 4Q '24 and 1Q '24 respectively. This includes typical first quarter seasonality to start the year, which was accounted for within our full spending plan of 4.5% to 5.5% outlined during the January business update.  

鉴于年初宏观经济环境不断变化，存在许多动态因素，因此让我们拆解影响第一季度的一些关键要素。第一季度收入同比增长 18%，创下 56 亿美元纪录，较 2024 年一季度所有分项均实现两位数增长。进一步减少高成本银行补充融资，使净息差环比扩大 20 个基点，推动净利息收入同比增长 21%。资产管理及行政费同比增长 14%，至 15 亿美元；强劲的资产流入和客户对嘉信财富及资产管理方案的持续兴趣，足以抵消近期股市下跌的影响。延续 2024 年末大选后的动能，投资者在不确定且波动加剧的市场环境中积极交易，今年前三个月日均交易量大幅上升，推动交易收入同比增长 11%；随着越来越多余额转入浮动利率区间，存款账户手续费因净收益率改善而上升。费用方面，经调整费用环比 2024 年四季度增长 6%，同比 2024 年一季度增长 8%，其中包括典型的开年一季度季节性，这已纳入我们 1 月业务更新中列明的 4.5% 至 5.5% 全年支出计划。  

We also began to make progress on a number of key focus areas for 2025, including investments to support sustainable organic growth and drive incremental scale and efficiency. This balanced approach to expense management has enabled us to drive expense on client assets down into the low double digits and improved cost per account by more than 20% and over the last decade. Strong top line growth plus balanced expense management generated a 46.2% adjusted pretax profit margin, representing over 500 basis points of expansion versus 1Q '24 and earnings per share of $1.04, a year‑over‑year increase of over 40%. Our first quarter financial results reflect the continued positive inflection in Schwab's earnings trajectory as well as the durability of our diversified model to deliver across a wide range of environments. While we plan to provide a more comprehensive update on our full year 2025 financial scenario at the summer business update in July, given all the moving pieces, we want to spend a few moments discussing what has changed since mid‑January. We've seen sizable movements across three of the inputs to our financial scenario, including a lower expected future path of interest rates, lower equity markets and a sequential step‑up in client trading activity as the market pulled back and volatility reemerged.  

我们还在一系列 2025 年重点领域取得进展，包括支持可持续有机增长并推动额外规模效应与效率的投资。这种平衡的费用管理方式使我们将客户资产费用率压缩至低双位数，并在过去十年中将单户成本改善逾 20%。强劲的收入增长加上平衡的费用控制，带来 46.2% 的经调整税前利润率，较 2024 年一季度扩大 500 多个基点，每股收益达 1.04 美元，同比提高逾 40%。第一季度财务业绩反映了嘉信盈利曲线持续向上拐点，以及我们多元化模式在不同环境下的韧性。虽然我们计划在 7 月夏季业务更新中提供 2025 年全年财务情景的更全面更新，但鉴于诸多因素在动，我们想花几分钟讨论自 1 月中旬以来的变化。影响财务情景的三个输入出现显著变动：对未来利率路径的预期下降、股市走低，以及随着市场回调及波动再现，客户交易活动按序上升。  

In terms of rates, the outlook for 2025 remains dynamic with the forward curve moving between three to four 25 basis point cuts to the Fed's target rate versus the one cut assumed back in January for our financial scenario. At this point in time, these potential incremental cuts are expected to be mostly in the back half of the year. And under such a scenario, we still expect full year 2025 net interest margin to expand into the 2.55% to 2.65% range. We also could see average 4Q NIM contracted slightly from the level indicated in our January financial scenario. Of course, movements in the fold curve is nothing new and we'd expect it to continue to change as investors assess the shifting macroeconomic picture. And while the drivers of earnings are evolving with stronger cash levels and higher trading volumes versus lower equity markets and additional future rate cuts, the combination of our strong 1Q '25 results and diversified model has us currently tracking around the upper end of the full year scenario outlined at the winter business update in January, which implied earnings per share in the $4.10 to $4.20 range, excluding any impacts from buybacks. However, given the current backdrop, the key variables will likely continue to shift. And so we'll provide a more comprehensive update on our full year 2025 financial scenario at the next business update in July when we'll have a better view of how key trends are shaping up halfway through the year.  

就利率而言，2025 年前景仍在变化，远期曲线显示美联储目标利率可能下调三至四次，每次 25 个基点，而 1 月情景假设仅一次。当前看来，这些潜在额外降息大多会发生在下半年。在此情形下，我们仍预期 2025 年全年净息差将扩大至 2.55% 至 2.65% 区间；第四季度平均净息差可能较 1 月情景所示水平略有收窄。当然，远期曲线变化不足为奇，随着投资者评估宏观环境，曲线仍将变动。虽然盈利驱动因素在演化——现金水平更高、交易量更大与股市较弱、未来再度降息并存——但凭借强劲的 2025 年一季度业绩及多元化模式，目前我们的表现约位于 1 月份冬季业务更新中全年情景上端，该情景假设（不含回购影响）每股收益 4.10 至 4.20 美元。然而，鉴于当下环境，关键变量可能继续变动，因此我们将在 7 月下一次业务更新中，提供 2025 年全年财务情景的更全面更新，届时对年中关键趋势的形成将有更清晰认识。

Moving to our balance sheet. We continue to support our clients as their needs evolve through the quarter. Following the deleveraging in late February and early March, client margin balances at the broker dealer finished at $83.6 billion or essentially flat with year end 2024 levels. Bank loans grew with CAL balances increasing 9% versus 4Q '24. As expected, we saw the seasonal outflow in client transactional sweep cash to begin the year and then cash building slightly during February and March. This activity represents normal behavior in this type of environment as client redeployment of the 4Q cash build was offset by net equity selling as investors to exposure to risk assets. With another quarter of encouraging cash performance, we use the cash flows coming off of the securities portfolio plus some cash on hand to further reduce high cost supplemental funding at the banks. In terms of Q2, we still expect to see typical drawdown in client cash due to tax disbursement payments in April. And similar to past years, we expect this activity to impact both transactional sweep cash as well as other liquid cash alternatives, such as purchase money market funds. However, it is possible that a continuation of market volatility in this quarter could influence client cash allocations. Given the increasing uncertainty in today's environment, we're focusing on flexibility in managing the balance sheet to remain well positioned to navigate a wide range of potential outcomes.

接下来谈资产负债表。我们在整个季度持续满足客户需求的变化。经过 2 月底至 3 月初的去杠杆后，经纪业务端的客户保证金余额收于 836 亿美元，与 2024 年年末基本持平。银行贷款增长，CAL 余额较 2024 年四季度增加 9%。正如预期，年初客户交易清算现金出现季节性流出，随后在 2 月和 3 月略有回升。这在当前环境中属于正常现象：客户重新部署第四季度积累的现金的同时，通过净卖出股票降低对风险资产的敞口。又一个季度的现金表现令人鼓舞，我们利用证券投资组合回笼的现金以及部分现有现金，进一步偿还银行端高成本补充融资。就第二季度而言，我们仍预计因 4 月缴税而出现客户现金的典型下降；与往年类似，该活动预计将影响交易清算现金以及购买货币市场基金等其他流动现金替代品。不过，若本季度市场波动持续，也可能影响客户现金配置。鉴于当前环境不确定性加剧，我们在资产负债管理中侧重灵活性，以便能够从容应对各种潜在结果。

Some additional thoughts on bank supplemental funding. Following the $15 billion paydown during the fourth quarter, we reduced the balances by another $11.8 billion during the first quarter of '25, bringing the outstanding balance as of March 31st to $38.1 billion or down approximately 60% from the peak. As previously mentioned, we would not necessarily expect to reduce funding levels by the same magnitude every quarter. For example, sizable tax related outflows in 2Q will likely make it more challenging to replicate the level of paydown observed over the past two quarters. However, as we move forward, we still expect to make additional progress each quarter until the supplemental funding at the banks is reduced to a level consistent with our diversified long term funding profile. Finally, our capital levels finished the quarter slightly above the upper bound of the firm's adjusted Tier 1 leverage objective of 6.75% to 7%. The quarter‑over‑quarter build was primarily driven by earnings and the continued pull to par of unrealized marks with incremental benefit from the decline in interest rates. The ratio also reflects our common dividend and the $1.5 billion opportunistic share repurchase completed in connection with TD's secondary offering in mid‑February. As we begin the second quarter, this strong capital position continues to provide flexibility ahead of the pending decision regarding our $2.5 billion Series G preferred that becomes redeemable later this quarter. Moving beyond the decision regarding the preferred, we expect to apply our familiar capital management framework as we prioritize maintaining capital to support the needs of our clients and the growth of our franchise while at the same time, making progress on reducing the amount of higher cost funding at the bank and returning capital in multiple forms as part of our through the cycle financial growth story.

关于银行补充融资的补充说明：继去年第四季度偿还 150 亿美元后，我们在 2025 年第一季度又偿还 118 亿美元，使截至 3 月 31 日的未偿余额降至 381 亿美元，较峰值减少约 60%。正如先前所述，我们并不预期每个季度都以同等幅度降低融资水平。例如，第二季度与税收相关的大额流出，可能使我们难以复制过去两个季度的偿还规模。然而，我们仍计划每个季度取得进展，直至将银行补充融资降至符合我们多元化长期融资结构的水平。最后，我们的资本水平在季度末略高于公司调整后一级杠杆率目标 6.75%–7% 的上限。该提升主要由盈利和未实现损益回归面值（利率下降亦带来增量利好）驱动。该比率还反映了普通股股息和 2 月中旬配合 TD 二次配售完成的 15 亿美元机会性回购。进入第二季度，在决定是否赎回本季度稍晚可赎回的 25 亿美元 G 系列优先股前，这一强劲资本状况继续提供灵活性。待优先股决策后，我们将沿用熟悉的资本管理框架，优先保留资本以支持客户需求与公司成长，同时持续减少银行端高成本融资，并在整个周期中以多种形式回馈资本，延续我们的财务增长故事。

While there is more uncertainty today from a few months ago, we remain highly confident in our long term diversified model. For over five decades, our Through Clients' Eyes strategy has focused on meeting the needs of individual investors, either directly or by supporting the growth of independent advisors. The ways in which Schwab has met those needs has evolved over time, including expanding the available set of products, solutions and services. The broader set of capabilities, which spans wealth management, trading, banking, asset management and much more, helps us efficiently attract a wide range of investors, driving sustainable organic growth and allows us to deepen relationships with our clients as their needs change over time supporting greater revenue diversification through the cycle. At the same time, our scale and efficiency is a significant competitive advantage, enabling us to maintain key investments and flexibility to navigate various macroeconomic environments. Of course, our capabilities are also supported by our enhanced approach to the balance sheet where we expect incremental tailwinds moving forward. Not only does the balance sheet play a key role in deepening relationships with clients via lending, cash management and other activities but by further reducing outstanding high cost funding, we are able to expand NIM and increase the firm's earnings, therefore, supporting robust capital formation, which helps position us to further enhance stockholder value through the increased return of excess capital in 2025 and beyond. So to wrap up this morning, our ability to support clients through a period of increasing uncertainty helped sustain our strong momentum into 2025 and we plan to stay on offense, investing to support long term organic growth and importantly, to help ensure our best‑in‑class client experience continues to meet the evolving needs of individual investors and the advisors who serve them. In doing so, we also helped further strengthen our diversified model, enabling us to deliver durable financial results through the cycle. And with that, let's get on to Q&A. Jeff, back to you.

尽管如今的不确定性较几个月前更高，但我们对自身长期多元化模式仍充满信心。五十多年来，我们始终以“客户视角”战略为核心，通过直接服务或支持独立顾问成长，满足个人投资者需求。嘉信满足这些需求的方式不断演进，持续扩展可提供的产品、方案与服务。这一跨越财富管理、交易、银行、资产管理等领域的广泛能力，帮助我们高效吸引各类投资者，实现可持续的有机增长，并在客户需求随时间变化时深化关系，从而在周期内实现更高的收入多元化。同时，我们的规模与效率亦构成重要竞争优势，使我们能够保持关键投资并在不同宏观环境下保持灵活。当然，这些能力也得益于对资产负债表的优化管理，这将在未来带来额外顺风。资产负债表不仅通过放贷、现金管理等活动在深化客户关系中发挥关键作用，而且通过进一步减少未偿高成本融资，我们能够扩大净息差并提升公司盈利，从而支持强劲的资本形成，为 2025 年及未来通过增加资本回馈进一步提升股东价值奠定基础。总结今天的发言，我们在不确定性加剧时期对客户的支持，帮助我们将强劲势头延续至 2025 年。我们将继续积极进取，投资以支持长期有机增长，并确保卓越客户体验持续满足个人投资者及其顾问不断变化的需求。与此同时，我们也进一步强化了多元化模式，使我们能够在整个周期中交付稳健的财务结果。接下来进入问答环节。Jeff，交还给你。

Jeff Edwards  

杰夫·爱德华兹  

Operator, can you please remind how they can ask a question?  

接线员，请提醒大家如何提问。  

Question-and-Answer Session  

问答环节  

Operator  

接线员  

[Operator Instructions] Our first question comes from Steven Chubak with Wolfe Research.  

【操作指示】我们的第一个问题来自沃尔夫研究的史蒂文·丘巴克。  

Steven Chubak  

史蒂文·丘巴克  

So Rick, I did want to ask on the outlook for April. Admittedly, you and the team delivered a really strong set of results in 1Q but we've entered a very different operating environment to start 2Q. And I was hoping you could just speak to what you're seeing in terms of retail sentiment and how that's manifesting across different brokerage metrics, whether it's changes in transactional cash, margin balances and NNA?  

瑞克，我想请教一下对四月份的展望。诚然，你和团队在第一季度取得了非常强劲的业绩，但进入第二季度时整体运营环境大为不同。我希望你能谈谈当前零售投资者情绪，以及这种情绪如何反映在经纪业务的不同指标上，比如交易性现金、保证金余额及新增净资产等变化。  

Rick Wurster  

里克·伍斯特  

April has brought levels of engagement that are historical for us. We saw our two highest trading days ever, the Friday before the pausing of the tariffs and then the day that we paused tariffs. We did 14 million trades and all-time record that day and so it's been very busy. I think we have been supporting clients through it all. We saw 500 million log-ins in the first quarter, an all-time record. That level of log-in pace has continued and actually accelerated into the start of the second quarter. So it's been a period of robust activity in a period where I think our model really sets itself apart. The ability for a client to call up and quickly get an answer to walk into a branch and talk to someone to talk with their advisor and know that Schwab stands behind them and supports that, this is a period where we shine. And we've seen the first part of April, 2 times to 3 times the level of new accounts being opening for two reasons. We think there are some clients that want to get into Schwab and buy the dip. And second, because we're seeing clients that want a fuller service model and want to be able to talk to someone who want the advice and guidance that we can bring to the table. So we're just seeing high levels of engagement, 40 times the consumption of our research that we typically see. In terms of what that translates to and some of the metrics that you described, in aggregate, we've seen a slight risk off tone from our investors in the first few weeks of April. And by that we've seen higher levels of cash growth than we would have expected in a month where we've got April tax payments due, some slight reduction in margin and net equity selling. But with $44 million in client accounts, we see a wide range of behavior, but that's how I'd sum it up in terms of overall client activity. I don't know, Mike, do you want to talk what that means for our diversified business model.  

四月份的客户参与度达到了我们历史性的高度。我们经历了有史以来交易量最大的两个交易日——一个是暂停关税前的那个星期五，另一个就是宣布暂停关税当天。当日成交量高达一千四百万笔，创下历史纪录，业务异常繁忙。我认为我们在整个过程中都在全力支持客户。第一季度平台登录次数达五亿次，也创下纪录；这种登录节奏在第二季度初不仅保持，还在加速。因此，这段时间的活跃度异常旺盛，也凸显了我们模式的独特优势——客户可以打电话快速得到答复，可以走进网点与人员面对面交流，也可以与顾问沟通，并且知道嘉信在背后为其提供支持，这正是我们大放异彩的时刻。在四月初，我们看到新开户数量大约是平时的两到三倍，原因主要有两个：一是有些客户希望趁低位买入嘉信；二是越来越多客户需要更完善的服务模式，希望与人沟通并获得我们能够提供的建议与指导。整体而言，客户参与度极高，对我们研究报告的阅读量是常态的四十倍。至于这些行为对应的具体指标，在四月前几周总体上投资者呈现轻微的风险规避倾向：在报税月份，客户现金增速超出预期，保证金略有下降，净股权出现卖出。但考虑到我们拥有四千四百万个客户账户，行为差异很大，大体情况就是如此。迈克，也许你可以谈谈这对我们多元化商业模式意味着什么？  

Mike Verdeschi  

迈克·维德斯基  

So when you think about the volume of transactions that we're seeing and even though you see some of that margin coming back a bit, the fact that we're picking up cash, the cash alone more than offsets the earnings impact of some of that margin coming off. So when you look at just the beginning of April, it continues to give us confidence about that earnings range that I provided, certainly the upper end of that range.  

就我们观察到的交易量而言，尽管保证金略有回落，但现金增加的事实本身就足以抵消保证金减少对盈利的影响。因此，仅就四月初的情况来看，我们对先前给出的盈利区间仍然充满信心，尤其是区间的上限。

Operator  

接线员  

Next question comes from Dan Fannon with Jefferies.  

下一位提问者是杰富瑞的丹 · 法农。  

Dan Fannon  

丹 · 法农  

So I wanted to talk about NNA. Obviously, it accelerated throughout the quarter. You reiterated your confidence on the longer‑term guide. But as you think about this type of backdrop with more volatility, does that have any input in terms of the behavior and/or the growth outlook? And also, if you could — you mentioned several positives around what gives you confidence around that? I guess if you could just highlight the one or two as to why it's accelerating now in the first half of this year?  

我想谈谈新增净资产（NNA）。显然，它在整个季度都在加速增长。你重申了对长期指引的信心。但在波动性更高的背景下，这是否会影响客户行为或增长前景？另外，你提到了一些增强信心的积极因素，可否强调一两点，说明为什么今年上半年 NNA 会加速？  

Rick Wurster  

里克·伍斯特  

There's a few things that have driven the acceleration of our NNA. First, as we shared previously, we expected NNA to accelerate the further and further we got away from the retail integration. And we saw retail NNA grow year‑over‑year by 50% as we're now further removed from the final Ameritrade integration. That's us deepening relationships with our legacy Ameritrade clients. That's those legacy Ameritrade clients learning a new platform and becoming comfortable with it and sharing not only have they become comfortable with it that they like it better than what they had before, because of all we have around the platform. So it's just a continuation of bringing the Ameritrade clients into Schwab and giving them the service, the breadth of our offering that we've given to all our Schwab clients. And we've seen a real acceleration, again, as we would have expected in the way Ameritrade clients are engaging. If you looked at most of last year, Ameritrade retail clients, legacy retail clients were roughly flat in terms of their M&A contribution. And as we move towards the end of the year and moved away from the integration, that inflected and it inflected even more so in the first quarter where we saw really robust NNA growth, not quite at the 5% level, plus level that we see from our Schwab retail clients but they got roughly halfway there, and that's terrific progress and we're excited to see that. And excited to see that the impact we're having and how much they're loving being on our platform. The retail Ameritrade clients was the place where we saw the greatest growth in retail client promoter scores at Schwab. So I think we're doing well there and that's part of the story.  

我们的 NNA 加速主要有几个原因。第一，正如先前所说，零售整合越往后推，我们就越预期 NNA 会提速。如今距离 Ameritrade 最终整合已更久，零售 NNA 同比增长了 50%。这是因为我们在深化与原 Ameritrade 客户的关系；这些客户正在熟悉并喜欢上新平台，并且认为新平台优于以前的体验。这是将 Ameritrade 客户全面纳入嘉信、并向他们提供与所有嘉信客户同等广度服务的自然延续。正如预期，我们看到 Ameritrade 客户的互动明显提速。去年大部分时间，Ameritrade 零售客户的 NNA 贡献基本持平；随着年底临近并远离整合期，这一趋势转正，并在一季度进一步加速，NNA 大幅增长，虽然尚未达到嘉信零售客户 5% 以上的水平，但已达到大约一半，这是极大的进步，我们对此深感振奋，也看到他们对平台的喜爱度不断提升。Ameritrade 零售客户也是嘉信零售客户推荐度增长最快的群体，可见我们在这一块做得不错，这是故事的一部分。  

In turn, the second thing I'd point to is the environment on balance is generally beneficial to net new asset growth. We have seen both at Schwab and in particular, at Ameritrade among retail clients that volatility brings NNA. And let me put into perspective why that may have happened, particularly at Ameritrade. At Ameritrade, our share of wallet remains with legacy Ameritrade clients still at around 30%. At Schwab, it's well into the 50% plus range. And so those clients have money elsewhere. And when markets become more volatile and they want to be more active in markets, they're bringing money into Schwab. And what's great about that is we have such a big opportunity with Ameritrade clients to broaden the way we serve them to capture a greater share of their wallet and to be there, not just for their trading assets but to be there for their whole financial life, and that's one of the things I'm most excited about. And I'll just end by commenting on advisor services that we saw robust growth throughout the year and an acceleration of growth in advisory services throughout the year and into the year. And we just saw a continuation of that in the first quarter. It's in a really solid position. It grew, I believe, 19% year‑over‑year in terms of net new assets versus the first quarter of last year. It's just a continued solid growth story in advisor services. But the real uptick here was in retail as we move further away from the integration and continued to delight our Ameritrade clients as evidenced by their growing levels of satisfaction at Schwab.  

第二个因素是总体环境对新增净资产有利。我们在嘉信，尤其是 Ameritrade 的零售客户群体中看到，波动性往往带来 NNA。为什么？在 Ameritrade，原有客户的嘉信份额仍只有约 30%，而嘉信本身已超过 50%。因此，这些客户还有大量资金在外。当市场更为波动且他们想更积极参与时，就会把资金转入嘉信。值得高兴的是，这意味着我们在 Ameritrade 客户中有巨大的机会，能扩大服务范围、提升钱包份额，不仅管理他们的交易资产，还能满足其整体财务需求，这是我最期待的。最后谈一下顾问服务：去年全年顾问服务持续强劲增长，并在全年乃至今年都呈现加速态势；一季度保持这一势头，同比净新增资产增约 19%，增长故事依旧稳健。但真正的跃升出现在零售端，随着我们远离整合期并持续提升 Ameritrade 客户满意度，零售端贡献显著上升。

Operator  

接线员  

Our next question comes from Ken Worthington with JPMorgan.  

下一位提问者是摩根大通的肯·沃辛顿。  

Ken Worthington  

肯·沃辛顿  

Can you talk about the build out that you mentioned in your prepared remarks on the branch network and the advisor base? I think you kind of indicated both these priorities. What sort of numbers are we talking about in terms of additions expected this year? And what level do you expect to end the branch network in the advisor base by year end? And ultimately, how important is this advisor base in terms of capturing the opportunity that you see for yourself in the wealth advisory services in your new alternative assets platform?  

能否谈谈您在准备发言中提到的分支网络和顾问队伍扩建？我知道您强调了这两个优先事项。今年预计要新增多少？到年底分支网络和顾问队伍的规模将达到什么水平？最后，这支顾问队伍在抓住财富顾问服务与新另类资产平台机遇方面有多重要？  

Rick Wurster  

里克·伍斯特  

The branch network is critical to the success of our firm and an important part of our value proposition and what distinguishes us as a firm. We know that when we have a dedicated one‑to‑one relationship with a client, NNA goes up appreciably, client satisfaction goes up and their engagement and other solutions outside of just pure investing increases. They become bigger users of our wealth solutions and our bank capabilities. So we believe that one‑to‑one relationship is important. And importantly, it's critical to helping our clients achieve success in us helping us achieve our mission. We are in the business of championing our clients' financial goals and doing everything we can to help them get to where they want to be in their financial life, and that one‑to‑one relationship is so valuable. We expect to open up around 16 new branches this year. That's a large number of new branches for us, I think the most we've opened in many years. And that's a reflection of the importance of the role, the migration of wealth to different parts of the country where we think we have an opportunity to add more branches, the repositioning of some of our branches in some areas where money has moved in terms of where it's located within certain states and we want to be there for clients. And so we expect to grow roughly 250 new financial and wealth consultants during the year and we believe that will have a meaningful impact on our ability over the long term to grow net new assets. And it's not -- this is not just a 2025 story. You'll continue to see us invest in this in '26 and '27, because we think relationships are critical to our clients' success and critical to supporting our 5% to 7% organic growth rate.  

我们的分支网络对公司的成功至关重要，是我们价值主张和差异化的关键组成部分。我们知道，一旦与客户建立专属的一对一关系，NNA 会明显提升，客户满意度上升，他们在纯投资之外也会更多参与其他解决方案，成为我们财富方案和银行服务的更大使用者。因此，我们相信一对一关系非常重要，更重要的是，它对于帮助客户成功、实现我们使命至关关键。我们的业务就是为客户的财务目标保驾护航，尽一切努力帮助他们达成理想的财务生活，而这种一对一关系极具价值。今年我们预计将新开约 16 家分行，这对我们而言已是多年最多的新分行数量，体现了这一角色的重要性，也反映了财富向国内不同地区迁移带来的增设分行机会，以及在部分州内根据资金流向重新布局网点、以便服务客户的需求。因此，我们预计全年将新增约 250 名理财顾问和财富顾问，我们相信这将在长期内显著提升我们新增净资产的能力。而且这不仅仅是 2025 年的计划；在 2026 和 2027 年，你们还会继续看到我们在这方面的投资，因为我们认为关系对客户的成功至关重要，也对支撑我们 5% 至 7% 的有机增长率至关关键。

Operator  

接线员  

Our next question comes from Bill Katz of TD Cowen.  

下一位提问来自 TD Cowen 的比尔·卡茨。  

Bill Katz  

比尔·卡茨  

I just wanted to just maybe take a step back. Now that you're getting much closer in terms of normalizing the balance sheet in terms of paying down some of the higher cost deposits seems like client cash sorting has peaked for the cycle and your growth is accelerating and you ended the quarter slightly north of your capital ratio. So it sort of all begs the question of how are you thinking about balance sheet growth into the second half of this year or maybe 2026 with the thought of, is it time to start remixing the earning assets into more of a loan focus in terms of security based lending or residential mortgages? And does that sort of free up a more consistent capital return story as we look at it?  

我想退一步来看。当你们通过偿还高成本存款将资产负债表逐步常态化时，客户现金分流似乎已在本周期见顶，增长也在加速，且季度末资本充足率略高于目标上限。因此问题是，你们如何看待今年下半年乃至 2026 年的资产负债表扩张？是否到了把生息资产更多转向贷款方向——例如证券质押贷款或住房按揭——的时机？这是否会为更稳定的资本回馈奠定基础？  

Mike Verdeschi  

迈克·维德斯基  

So as you highlight, as we think about the balance sheet this year. Yes, our focus continues to be managing balance sheet in the way that's going to meet our client needs, while at the same time, driving some of those broader objectives of bringing down the supplemental borrowings. And we feel very confident about the continued progress that we'll make over the course of the year. Of course, the — our focus on supporting clients and their engagement with us. We've seen good take up in lending certainly in the bank, in our PAL product. We talked about the margin growth recently as well. And of course, that will vary based on the market dynamics. If you're heading for a lower rate environment, it's possible you could see more growth in the mortgage portfolio, we haven't seen as much there. But we're going to continue to manage the balance sheet in a way to support that lending activity. And of course, over time, as we pay down those supplemental borrowings, we have a securities portfolio that we will begin to roll and reinvest. And of course, the yield on that portfolio today is sub‑2%. And so at least based on where the rates are today that would be accretive. So all those things continue to point to good earnings growth and the organic growth of capital. And that's why when we talk about capital and that framework we're confident in returning capital, whether it's through dividends. Of course, we have an important decision this quarter around the preferred security and whether we call that and then, of course, to be able to opportunistically return capital in the form of buybacks as well. So it's all part of the set of considerations. And again, we're going to continue to support that loan growth and those client needs.  

正如你指出的，今年我们在思考资产负债表时，重点仍是以满足客户需求的方式进行管理，同时推进减少补充借款等更宏观目标。我们对全年持续取得进展充满信心。当然，支持客户及其互动始终是重点。我们在银行端，尤其是 PAL 产品的放贷取得了良好进展；保证金余额最近也有所增长，但这会随市场动态而变。如果利率进入下行通道，按揭贷款组合可能会更快扩张，虽然目前增长不显著。我们会继续以支持放贷活动的方式管理表内结构。随着补充借款陆续偿还，我们的证券投资组合将逐步到期并再投资，当前组合收益率低于 2%，以目前利率水平再投资将具备增益效果。所有这些都利于盈利增长和资本的有机积累。因此，在谈到资本及其框架时，我们有信心通过股息等方式回馈资本。本季度还有一个关键决定，即是否赎回一笔优先股；此外也会在适当时机通过回购返还资本。这些都是综合考量的一部分，我们将继续支持贷款增长和客户需求。  

Jeff Edwards  

杰夫·爱德华兹  

We're going to answer the question from the console. This one comes from Michael Cypress at Morgan Stanley. A question for Mike around risk exposure. Can you talk a little bit about how the firm manages exposure in a more volatile environment? Perhaps what steps are taking on the balance sheet, liquidity management, client exposures, et cetera?  

接下来回答线上控制台的问题，来自摩根士丹利的迈克尔·赛普瑞斯。问题给迈克，关于风险敞口：在更为波动的环境中，公司如何管理风险敞口？具体在资产负债表、流动性管理与客户敞口等方面采取了哪些措施？  

Mike Verdeschi  

迈克·维德斯基  

So around risk exposures, we feel really good about how we're managing in this environment. We continue to support clients and their great engagement. And what's important is the capabilities that we've enhanced prior to this environment. You've heard we talked a lot about the balance sheet and the capabilities around the balance sheet. It's so important that we do that work in advance of markets that become more volatile. And you think about those risk strides liquidity, we've talked about funding diversification that we now have both at the bank and the nonbank. In capital, in terms of the strength of capital, we're growing that organically through strong earnings, but importantly too, the impact of interest rates on the investment portfolio and the variability that could create in the capital ratio. Keep in mind that our securities portfolio is much more weighted now towards HTM versus AFS. And what we do have in available for sale securities are short dated around two years. So even shocks in interest rates that balance sheet remains very resilient. And of course, an interest rate risk as well. We've enhanced some of our tools using simple interest rate swaps to help us reduce the sensitivity to lower rates. So enhanced capabilities, really helping us manage the balance sheet in a more efficient way and certainly protecting that safety and soundness in times of volatile periods. In terms of our broader exposure, we're not exposed to meaningful credit risk. I do want to touch on credit as well. Where we do lend, it is secured and our clients have strong credit profiles. For example, in real estate, our clients have very high FICO scores and they have high equity levels in those positions too. In other areas such as secured lending, we have high visibility into the securities they maintain with us. So overall, we remain very well disciplined and well positioned.  

关于风险敞口，我们对当前的管理状态十分满意。我们继续支持客户并保持高互动度。关键在于，我们在市场进入高波动之前就已加强相关能力。正如之前多次提到的，我们对资产负债表及其管理工具进行了大量优化，提前做好这项工作非常重要。在流动性风险方面，我们实现了银行与非银渠道的融资多元化。在资本方面，我们通过稳健盈利实现有机增长，更重要的是考虑利率变动对投资组合及资本率波动的影响。请注意，我们的证券投资组合现更多地配置为持有至到期（HTM），而可供出售（AFS）部分期限较短，约两年期，即使利率出现冲击，资产负债表仍具强大韧性。利率风险方面，我们通过简易利率掉期等工具降低了对降息的敏感度。整体能力的提升使我们更高效地管理资产负债表，在波动时期保护安全稳健。从更广泛敞口来看，我们并无重大信用风险。补充一点，凡是我们发放的贷款均有抵押且客户信用状况强健。例如房地产按揭客户 FICO 评分非常高，且权益比例高；在其他抵押贷款领域，我们亦对客户持有的证券有高度透明度。总体而言，我们的风险管理严格且定位稳健。

Operator  

主持人  

Our next question comes from Kyle Voigt with KBW.  

下一位提问来自 KBW 的凯尔·沃伊特。  

Kyle Voigt  

凯尔·沃伊特  

I just wanted to dig in a bit more to your alternative investments platform. You noted last week that the platform is now available to all retail clients with more than $5 million in household assets at Schwab, which would put them in the qualified purchaser bucket. However, there are also a range of alternative products that are available to accredited investors as well. I just wanted to get some sense as to how many investment products are being offered on the platform today. How you expect that to grow over time, that number of products to grow over time? And whether you'd expect to be able to offer alternative investment products to accredited investors as well over time?  

我想进一步了解一下你们的另类投资平台。你们上周提到，该平台现已向在嘉信拥有超过 500 万美元家庭资产的所有零售客户开放，这些客户将被归为合格购买者。不过，也有一系列面向合格投资者的另类产品。我想了解目前平台上提供多少款投资产品？未来你们预计这一数字会如何增长？以及是否也计划逐步向合格投资者提供更多另类投资产品？  

Rick Wurster  

里克·伍斯特  

We want to meet clients' varied needs for alternatives in a range of ways and we have seen more innovation in the industry around making alternatives available to clients of any size. And you've seen combinations of public and private firms putting together products that trade like an exchange traded fund. And so I do think you'll see the ability for all investors to participate in the theme around alternatives. Our more recent effort around alternatives has been geared towards meeting the demand that we see among higher net worth clients and among our advisor clients to increasingly add alternatives to their portfolio. And we have made that available to our 5 million plus clients backed by a team of alternative experts that have expertise in both the asset class and the particular funds and can help clients decide whether it's right for them. But we -- our firm started to drive accessibility through investing in our country and to make it something that anyone regardless of what their wealth is could invest in, and I think we've been very successful at that. And I expect as these products innovate and launch that appeal to investors of all asset sizes, we're going to be at the front of the line helping that -- helping facilitate that.  

我们希望通过多种方式满足客户对另类投资的多样化需求，并看到业内在让各类规模客户接触另类投资方面出现更多创新。你们也看到公私募机构合作推出交易方式类似 ETF 的产品。因此，我认为所有投资者都将有机会参与另类投资主题。我们最近在另类投资方面的努力，主要是满足高净值客户和顾问客户希望在投资组合中加入更多另类资产的需求。我们已将这一平台向超过 500 万名客户开放，并由一支在资产类别和具体基金上都具备专业知识的另类投资团队提供支持，帮助客户判断是否适合自己。事实上，公司创立之初就致力于通过投资让所有人都能进行财富配置，不论其财富多少，我认为我们在这方面非常成功。随着这类产品不断创新并面向各类资产规模的投资者推出，我们将走在前列，积极促成并推动这一进程。  

Operator  

主持人  

Our next question comes from Devin Ryan with Citizens Bank.  

下一位提问来自花旗银行的德文·瑞安。  

Devin Ryan  

德文·瑞安  

Would love to just unpack the NIM commentary a bit on the year. I appreciate there's a lot of moving parts here and market expectations are kind of moving day‑to‑day. But just curious, does it imply faster supplemental pay down of transactional cash builds here with volatility, does it reflect changes in margin utilization? It just seems like the balance sheet is actually performing a bit better than we had modeled at least at the beginning of the year. So it would just be great to just get some thoughts on that. And then just also just more broadly, if Fed funds do drop faster than maybe the market baked in the year or some of the other areas in the model that might flex a bit?  

想更详细地了解一下你们对全年净息差（NIM）的评论。我知道其中有很多变动因素，市场预期也在每日调整。但我想知道，这是否意味着在波动中更快偿还补充借款或利用交易性现金？这是不是也反映了保证金使用率的变化？至少从年初到现在，资产负债表的表现似乎比我们模型中的预期更好。能否分享一下你们的看法？此外，如果联邦基金利率下降速度快于市场年初的预期，你们模型中的其他方面会如何调整？  

Mike Verdeschi  

迈克·维德斯基  

Regarding NIM, we still feel good about the ability to expand NIM. And of course, the interest rate environment is evolving. As I mentioned in my prepared remarks, when we came into the year in our financial scenario, we assumed one cut in May and now the market is as much as four cuts over the course of the year. So when you take some of the puts and takes here, you're right, the pickup in cash, we performed a little bit better in cash that's enabled a faster reduction of supplemental borrowings. Of course, that could continue over the course of the year, remains to be seen how the environment evolves. So that's a tailwind. Of course, the headwind is the fact that we are still asset sensitive and therefore, in a lower rate environment on those floating rate assets do reset lower. But putting that all together, we still feel very good about the ability to expand net interest margin over the course of the year and importantly, continue to grow earnings and we're growing them organically and building capital.  

关于净息差，我们仍有信心实现扩张。利率环境在变化，正如我在开场发言中提到，我们年初的情景假设是五月降息一次，而现在市场预期全年最多降息四次。综合权衡后，如你所言，现金增长带来了更快偿还补充借款的能力，这可能在全年持续，具体取决于环境演变，这是利好因素。当然，利空在于我们仍对资产收益率敏感，浮动利率资产在降息环境下将重新定价更低。总体来看，我们仍然对全年扩大净息差、并继续增长盈利充满信心——这种增长是有机的，也在不断积累资本。

Operator  

主持人  

Our next question comes from Ben Budish with Barclays.  

下一位提问来自巴克莱的本·布迪什。  

Ben Budish  

本·布迪什  

I was wondering, Mike, if you could give a little bit more color on the cadence of OpEx growth over the course of the year. It sounds like there's no change at this point to your full year target but Q1 came in a little faster than expected. So how do we think about sort of the cadence of spend given the investments you're making in the advisor network and opening up more branches, and what does that sort of imply for the exit rate? I would assume next year is probably another investment and growth oriented year but operating leverage has always been part of the financial formula. So any color you can give there would be helpful.  

迈克，我想请您进一步阐述一下全年运营费用（OpEx）增速的节奏。目前看来，你们对全年目标没有调整，但第一季度的增幅略超预期。考虑到你们正在投资顾问网络并开设更多分行，应如何看待支出节奏？这对年底的费用水平意味着什么？我认为明年可能仍是投资和增长导向的一年，但经营杠杆始终是财务模型的一部分，若您能提供更多信息将不胜感激。  

Mike Verdeschi  

迈克·维德斯基  

So I talked about the — I mean, first, just that full‑year earnings per share range, we feel very good about that range and in fact, the upper end of that range. When I think about expenses, yes, we do see an uptick in 1Q. I mean that is typical seasonality. Keep in mind that some of that cost also is higher volumes and higher volume‑related costs. But that is contemplated — this kind of spend in the first quarter is contemplated in that full‑year range that we provided of 4.5% to 5.5% of expense growth. And again, we feel good about this expense growth even in this environment because we're investing in growth, we're investing in capabilities. We're going to do more for clients. While at the same time, we're investing in efficiency and that's going to ensure that we can maintain that low cost to serve and be able to continue to make progress in that area as well.  

首先谈谈全年每股收益区间，我们对该区间，尤其是上限，非常有信心。关于费用，是的，第一季度确实有所上升，这属于典型季节性；其中一部分是业务量增加及其相关成本上升所致。但这类一季度支出已包含在我们给出的全年费用增速 4.5%–5.5% 区间内。即便在当前环境下，我们仍对这一费用增速感到满意，因为这代表着对增长和能力的投入，我们将为客户提供更多服务；同时也在投向效率，以确保维持低服务成本，并在这一领域持续取得进展。  

Operator  

主持人  

Our next question comes from Ben Rubin with UBS.  

下一位提问来自瑞银的本·鲁宾。  

Ben Rubin  

本·鲁宾  

Another question here for Mike on the balance sheet. You paid down nearly $30 billion in supplemental funding over the past two quarters alone, which is encouraging to see. But in your prepared remarks, you spoke to achieving more funding diversity over the long term between sweep deposits, other products like brokered CDs, as well as potential third‑party arrangements. So just curious, how do you view the optimal mix across your different funding sources over the long term?  

关于资产负债表还有一个问题：在过去两个季度里，你们已偿还近 300 亿美元的补充融资，这很令人鼓舞。但在准备发言中，你提到长期要在清算存款、经纪行大额存单等产品以及潜在第三方安排之间实现更高的融资多元化。请问从长期来看，你如何看待不同融资来源的最优组合？  

Mike Verdeschi  

迈克·维德斯基  

Funding diversification to me is just a basic capability that we want to maintain. But at the same time, that funding diversification is going to be done in a way is efficient and achieve the financial outcomes we want to achieve. Starting with the bank, yes, good progress in paying down that bank supplemental funding. And we're going to continue to make progress there. I think having some mix of secured and unsecured borrowings in the bank makes sense. How far do you bring that down, is it single digit billions or something in the teens, I think those levels make sense and we're going to continue to progress against that. I think in the nonbank, this is where you could have a mix of funding sources as well, where we have obviously, securities and financing those is a natural extension of that activity. So that diversification creates efficiency and it creates flexibility to meet the ongoing client needs. So that's how I think about that approach to funding diversification. And again, we're going to continue to progress the paydown of that bank supplemental funding over the course of the year.  

融资多元化是我们必须保持的基本能力，但关键是以高效方式进行，达到所需财务成果。先说银行端：偿还银行补充融资已取得良好进展，未来还会继续推进。在银行中保持适当的担保和非担保借款组合是合理的。将余额降到多少合适？可能是个位数十亿美元，或十几亿美元规模，我认为这些水平都合理，我们会持续向该目标推进。至于非银实体，也可以采用多元化融资来源；我们持有证券，对其进行融资是自然延伸。这样的多元化既提高效率，也增强灵活性，以满足持续的客户需求。这就是我对融资多元化的思考方式。重申一次，今年我们仍将继续偿还银行补充融资。

Operator

主持人

Our next question comes from Mike Brown with Wells Fargo Securities.

下一位提问来自富国证券的迈克·布朗。

Mike Brown

迈克·布朗

So Schwab's historically taken a kind of cautious approach to the crypto ecosystem compared to some of your peers. Now that you have a new head of digital assets, I just wanted to check in and see if you have an update on how you're approaching the space and maybe how you foresee adding capabilities and offerings there.

相比部分同行，嘉信历来在加密生态上采取较为谨慎的态度。如今已任命新的数字资产负责人，我想了解一下你们在这一领域的最新进展，以及未来计划如何拓展相关能力和产品。

Rick Wurster

里克·伍斯特

First thing I'd say is we are doing well in crypto already today and doing well to me means a few things. First, we're seeing robust engagement with the existing crypto ETFs that can be bought in the marketplace, the closed end funds that we make available on our platform and Bitcoin futures, which are also available on our platform. So we do think we are a great destination for investors interested in crypto. And we've seen that in the level of new account growth and the level of engagement in our crypto site where we saw a 400% increase in traffic to it recently, 70% of whom were prospects and what that -- were not clients. And what that says to us is that as people in the industry are thinking about crypto, they'd love to work with a trusted brand and a firm that can bring them a lot of capabilities and we're that firm. So as we roll out more and more new capabilities, we're confident we will be a great destination for investors interested in crypto. Our expectation is that with the changing regulatory environment, we are hopeful and likely to be able to launch direct spot crypto and our goal is to do that in the next 12 months and we're on a great path to be able to do that. So we're excited about meeting our clients' crypto needs, we believe we are doing a lot of that today but we'll also add capabilities in the near term.

首先我要说的是，在加密领域我们目前已经表现不俗，而“表现不俗”体现在几个方面：其一，投资者对现有可交易的加密 ETF、我们平台提供的封闭式基金，以及平台支持的比特币期货均保持了强劲参与度；因此，我们确实是加密投资者理想的去处。近期我们的加密专题网页访问量激增 400%，其中 70% 为潜在客户而非现有客户，表明行业人士在考虑加密投资时，倾向选择值得信赖且具备丰富能力的品牌——而我们正是这样的公司。随着更多新功能的推出，我们有信心成为加密投资者的首选平台。我们预计在监管环境变化下，有望在未来 12 个月内推出现货加密交易，目前进展顺利。我们对满足客户的加密需求感到振奋，自信今天已做出诸多努力，且短期内还将继续扩充能力。

Jeff Edwards

杰夫·爱德华兹

Operator, it looks like I think we have time for one more question before we wrap up.

主持人，看起来我们还能再回答最后一个问题。

Operator

主持人

Our last question comes from David Smith with Truist Companies.

最后一个问题来自 Truist 的大卫·史密斯。

David Smith

大卫·史密斯

You've got legacy TD customers to bring in NNAs now about half the pace of legacy Schwab when they just kind of been treading water at flat NNA about a year ago. Do you think you can get the other half of the gap closed over the next year or does it get incrementally tougher from here as the gap continues to close? And what are the big initiatives that you have today to keep that gap narrowing?

如今，原 TD 客户带来的新增净资产增速已达到原嘉信客户的一半左右，而在一年前几乎持平。您认为明年能否弥合剩余差距？随着差距缩小，这会否愈发困难？目前有哪些主要举措继续缩小这一差距？

Rick Wurster

里克·伍斯特

I fully expect that we'll close the entire gap and at some point, possibly even see Ameritrade clients grow at a level above the Schwab rate, because we're consolidating their assets and growing our share of wallet with Ameritrade clients. What we're seeing from Ameritrade clients is that every quarter they spend with us their satisfaction grows, their level of engagement grows, their knowledge and understanding of the platform grows. And as a result, their net new assets have been growing. The way -- the analogy that I like to use for where we are with Ameritrade clients is it's like if you had been driving a BMW your whole life and one day, you went down in your garage and there was a Mercedes there, that first day, you would feel a bit of confusion. You wouldn't know how to turn on the radio. If it was raining, you'd have to figure out how to get the wipers on. And you'd have a little bit of angst about that transition, about the car being in there. And then, of course, over time, you get really comfortable with the new car and realize how much it can do for you. And that's where we are with our clients. They've made the transition. They're getting more and more comfortable with our platform. We are building relationships with them and we are winning their hearts and their wallets and supporting them in their financial journeys, in terms of what actions we're building and that's why we're leaning into our financial consultant growth.

我完全相信我们将弥合全部差距，甚至在某个时点看到 Ameritrade 客户的增速超过嘉信本身，因为我们正在整合其资产并提升钱包份额。我们观察到，Ameritrade 客户与我们相处的每个季度，其满意度、互动度以及对平台的了解都在提升，随之而来的是净新增资产的增长。我常用的比喻是：如果你一直开 BMW，有一天车库里突然换成了 Mercedes，第一天会有些迷茫，不知道怎么开收音机、下雨时怎么开雨刷，对这次变化心里还有点忐忑；但随着时间推移，你会越来越熟悉并意识到新车能带来更多功能。我们与 Ameritrade 客户的关系正处在这一阶段——他们已经完成迁移，越来越熟悉我们的平台，我们也在与他们建立深厚关系、赢得其信任与资产，并在财务旅程中提供支持。为此，我们加大了理财顾问的投入。

It starts with having the best trading platform in the industry and then surrounding that with a set of educational resources and training resources that have never been stronger than what we have today because of the combination of Schwab and Ameritrade. And it ends with having 1,000 trader professionals at Schwab that wake up every day with the sole purpose and mission of supporting our more active traders. And those active traders really value being able to work off the best platform in the industry. But then when they want to call someone and talk about a trade or how to think about something or how to do something, they love having 1,000 people who like them at Schwab that pick up the phones and want to help them. So I think we're right where we want to be on the -- right where we expected to be and right where we want to be on the journey with Ameritrade clients. And I couldn't be more optimistic about our years ahead with them as we serve them, support them, and I expect consolidate their assets as Schwab as they realize how much we can do for them.

首先，我们拥有业内最好的交易平台，并辅以前所未有的教育与培训资源，这得益于嘉信与 Ameritrade 的结合。最终，我们拥有 1,000 名交易专业人士，每天醒来专为活跃交易者服务。活跃交易者十分看重使用行业最佳平台的体验；而当他们希望打电话讨论交易或咨询操作时，也很喜欢有 1,000 名志同道合的嘉信人员随时接听并提供帮助。因此，在与 Ameritrade 客户的旅程上，我们正处于预期且理想的位置。我对未来几年与他们的合作充满信心——在我们持续服务与支持下，随着他们意识到嘉信能为其提供的价值，我预计其资产将进一步整合至嘉信。

With that, why don't I -- I know we're out of time. So thank you for your questions and all your engagement this morning. And I want to leave you with just a few thoughts. We don't know exactly what's going to happen with policy or how markets will react to developments in the near term. All of those things are outside of our control. But what is in our control is maintaining our unwavering focus on serving our clients. We have been there for our clients during market ups and market downs for more than 50 years and they are turning to us now because we've earned their trust as a safe port in the storm. As we look ahead, our priority and our focus remains on serving our clients in all market environments and for the long term. We are in a position of strength today. And with our Through Clients' Eyes strategy as our guide, we believe our future is even brighter. Thank you for joining and thank you for your time.

最后，我知道时间已到。感谢大家今晨的提问与参与。我想留下几句话：我们无法准确预测政策走向或市场短期反应，这些都超出我们的控制范围。但我们可以掌控的是始终如一地聚焦客户服务。五十多年来，无论市场涨跌，我们始终陪伴客户；他们如今依赖我们，是因为我们在风雨中赢得了“安全港”的信任。展望未来，我们的首要任务和关注点仍是无论市场环境如何、长期持续服务客户。今天我们实力雄厚；在“以客户视角”战略指引下，我们相信前景将更加光明。感谢各位的参与与宝贵时间。