2025-07-18 The Charles Schwab Corporation (SCHW) 2025 Summer Business Update Call Transcript
The Charles Schwab Corporation (NYSE:SCHW) 2025 Summer Business Update Conference Call July 18, 2025 8:30 AM ET
Company Participants
Jeff Edwards - MD & Head of Investor Relations
Michael Verdeschi - MD & Chief Financial Officer
Richard Andrew Wurster - CEO, President & Director
Conference Call Participants
Alexander Blostein - Goldman Sachs Group, Inc., Research Division
Benjamin Elliot Budish - Barclays Bank PLC, Research Division
William Raymond Katz - TD Cowen, Research Division
Brian Bertram Bedell - Deutsche Bank AG, Research Division
Daniel Thomas Fannon - Jefferies LLC, Research Division
Devin Patrick Ryan - Citizens JMP Securities, LLC, Research Division
Kenneth Brooks Worthington - JPMorgan Chase & Co, Research Division
Kyle Kenneth Voigt - Keefe, Bruyette, & Woods, Inc., Research Division
Michael J. Cyprys - Morgan Stanley, Research Division
Jeff Edwards
Good morning, everyone, and welcome to Schwab's 2025 Summer Business Update, broadcasting live from our very warm and toasty Westlake headquarters. This is Jeff Edwards, Head of Investor Relations, and I'm joined by our President and CEO, Rick Wurster and CFO, Mike Verdeschi. Hopefully, you've had the opportunity to peruse our strong earnings release that hit the wires about an hour ago. The team is excited to provide some additional color around those strong results as well as provide a broader strategic and financial update as we move into the back half of the year.
各位早上好，欢迎收看 Schwab 2025 年夏季业务更新，我们正在炎热的 Westlake 总部进行直播。我是投资者关系主管 Jeff Edwards，今天与我一同出席的还有我们的总裁兼首席执行官 Rick Wurster，以及首席财务官 Mike Verdeschi。希望各位已经浏览了大约一个小时前发布的强劲财报。随着我们进入下半年，团队将对这些优异业绩做进一步解读，并提供更广泛的战略与财务更新。
Let's quickly hit on the typical housekeeping items. The slides for the business update will be posted to the usual spot on the IR website at the conclusion of today's prepared remarks. Q\&A is structured as one question, no follow-up, thus allowing time to get as many questions from all of the interested parties as we can during today's meeting. As always, please don't hesitate to reach out to the IR team with any follow-up questions after today's business update. And yes, the wall of words, our forward-looking statements page, which reminds us that outcomes can differ from expectations, so please keep in touch with our disclosures. With that, it's my pleasure to turn it over to Rick.
让我们快速处理一些常规事项。业务更新的演示文稿将在今天的正式发言结束后上传至 IR 网站的常用位置。问答环节采用“一问无追问”的方式，以便在本次会议期间尽可能多地回答各方的提问。与往常一样，如在会后仍有疑问，请随时联系 IR 团队。此外，请注意我们的长篇“前瞻性声明”页面，它提醒大家结果可能与预期不同，请务必关注我们的披露信息。下面，我很高兴把话筒交给 Rick。
Richard Andrew Wurster
Thank you, Jeff, and good morning, everyone. Thank you for joining us for our Summer Business Update. Our long-standing through client size approach to serving investors, powered strong results during the first half of 2025. Core net new assets reached \$218 billion in the half of the year, up 39%. In the second quarter, investors opened 1.1 million new brokerage accounts, demonstrating that Schwab continues to be where Americans turn for investing because they know we will champion their goals with passion and integrity and help them achieve their financial dreams.
谢谢你，Jeff，大家早上好。感谢您参加我们的夏季业务更新。我们长期以来秉持的“以客户规模为中心”的服务模式，在 2025 年上半年带来了强劲业绩。上半年核心净新增资产达到 2,180 亿美元，同比增长 39%。第二季度，投资者新开设了 110 万个经纪账户，表明 Schwab 依然是美国投资者的首选，因为他们知道我们将以热情和诚信支持他们的目标，帮助他们实现财务梦想。
We offer clients a differentiated value proposition, award-winning service, platforms, support and expertise to support investors of every type all at great value and with a firm they know puts them at the forefront of every decision. We are deepening relationships with our clients and serving more of their financial needs across our wealth, banking, trading and asset management offers. Clients remain highly engaged in the markets. Daily average trades reached \$7.6 million for the second quarter and margin balances were \$83.4 billion, following record trading days in early April. Our focus on serving client needs, combined with our diversified model resulted in robust year-over-year revenue growth and record earnings per share, and we continued to return capital in multiple forms.
我们为客户提供差异化的价值主张、屡获殊荣的服务、平台、支持与专业知识，以极具竞争力的成本服务于各类投资者，并始终将客户置于每一个决策的中心。我们正在深化与客户的关系，在财富管理、银行、交易及资产管理等领域满足他们更多的金融需求。客户对市场依旧高度活跃。第二季度日均交易量达到 760 万笔，保证金余额为 834 亿美元，4 月初创下历史交易日纪录之后维持高位。聚焦客户需求并结合多元化业务模式，使我们的收入同比实现强劲增长，并创造了每股收益新高，同时我们继续通过多种形式向股东回馈资本。
From a position of strength, we are continuing to play offense. We're investing in initiatives that will help fuel client growth and evolve the way we meet clients' needs. We continue to anticipate strong revenue and earnings growth in 2025, which Mike will elaborate on in just a few minutes. This is supported by our client growth and growing utilization of our wealth and lending capabilities alongside expense discipline and the pay down of supplemental borrowing. And we expect to continue opportunistic excess capital return as we move forward.
我们正以强势姿态积极进取，持续投资于促进客户增长、改善服务方式的各项举措。我们预计 2025 年将实现强劲的收入和盈利增长，稍后 Mike 会详细介绍支撑因素。这一预期基于我们客户数量的持续增长，以及财富管理和信贷能力的日益提升，同时伴随严控费用和补充借款的逐步偿还。我们也预计未来将继续进行机会导向型的超额资本回馈。
In summary, we are moving full steam ahead to deliver long-term profitable growth. After a period of volatility at the start of April, both markets and investor sentiment rebounded throughout the second quarter. Periods like this are a great reminder of why we are different. Through a volatile market we were there when and where our clients needed us. Year-to-date, we answered more than 14 million calls across all client-facing businesses and did so quickly in an average of under 30 seconds. With 1,000 trading experts answering the phone in 15 seconds on average, ready to support our trader clients every day. We help nearly 16,000 advisers, support their clients. We welcome thousands of clients into our retail branches on a daily basis, and we produced hours of training, market insights and coaching, providing business for our clients no matter where they are in their investing journey.
总的来说，我们正全速前进，致力于实现长期的盈利性增长。今年 4 月初市场经历了一段波动期，随后在第二季度市场和投资者情绪均出现回暖。这样的时期再次验证了我们与众不同的价值。在市场波动时，我们始终在客户需要的时间与地点为其提供支持。截至目前，我们在所有面向客户的业务中已接听超过 1,400 万通电话，平均响应时间不到 30 秒。其中有 1,000 名交易专家平均 15 秒接通电话，全天候为交易客户提供支持。我们为近 16,000 名顾问提供助力，支持他们服务终端客户；每天有数以千计的客户走进我们的零售网点，我们也持续制作培训课程、市场见解与指导内容，为客户投资之旅中的每一个阶段提供帮助。
Our mission is to make our clients' financial lives better, and we do this in many ways through the financial consultants and our branches, through our service professionals answering the phones, through our adviser services, relationship managers and through our digital channels when that's how our clients want to engage. We offer so much more than just an app. Powered by our unwavering through client-size strategy, we are delivering strong growth across all fronts. With a relentless focus on serving our clients, we attracted \$80.3 billion in core net new assets in the second quarter, an increase of 31% over the same period last year.
我们的使命是改善客户的财务生活，我们通过多种方式实现这一目标：包括分行内的财务顾问、电话服务团队、顾问服务关系经理，以及当客户选择线上方式时，我们的数字化平台。我们远远不仅仅是一个 App。凭借我们始终坚持的“以客户规模为核心”战略，我们在各条业务线上实现了强劲增长。第二季度我们聚焦客户需求，吸引了 803 亿美元的核心净新增资产，同比增长 31%。
Core NNA for June was \$42.6 billion, a 46% increase over June of 2024. New brokerage accounts increased 11% over the second quarter of 2024 to 1.1 million. Turning now to Solutions Growth. Our clients remain highly engaged across wealth, lending and trading. Managed investing net flows increased 37% year-over-year for the second quarter, and we reached an all-time record level of flows for the first 6 months of the year. Within managed investing, our flagship wealth offering, Schwab Wealth Advisory had over \$10 billion in net flows in the first half of 2025, and net flows in Schwab Personalized Indexing increased 44% over the first half of 2024. Bank Lending balances increased 19% over the second quarter of last year and daily average trades increased 38% over Q2, supported by a headline-driven macro environment. These statistics show we are clearly a growth company.
6 月的核心净新增资产为 426 亿美元，较 2024 年 6 月增长 46%。新开经纪账户同比增长 11%，达到 110 万个。接下来谈谈解决方案业务的增长。客户在财富管理、贷款和交易方面依然高度活跃。第二季度托管投资的净流入同比增长 37%，上半年净流入创下历史新高。在托管投资中，我们的旗舰产品 Schwab Wealth Advisory 上半年净流入超过 100 亿美元；而 Schwab Personalized Indexing 上半年的净流入同比增长 44%。银行贷款余额同比增长 19%；在宏观新闻驱动的环境下，第二季度日均交易量同比增长 38%。这些数据清晰地表明，我们是一家真正的增长型公司。
经纪账户的增速远不如IBKR和FUTU。
With strong client engagement and our diversified model, total revenue for the second quarter was \$5.9 billion, up 25% over the same period last year. Q2 2025 adjusted earnings per share reached \$1.14, a 56% increase over the second quarter of last year. As we look to the future, we remain confident we'll continue to drive growth across a range of environments. Our competitive position remains unmatched. We are #1 in the industry across several key measures, including total client assets among peers that report on this data, RIA custodial assets and daily average trades. We continue to receive industry recognition most recently for our investing platforms, our customer service and our banking offer.
借助强劲的客户参与度与多元化商业模式，第二季度总营收达到 59 亿美元，同比上涨 25%。2025 年第二季度调整后每股收益为 1.14 美元，较去年同期增长 56%。展望未来，我们有信心在各种市场环境下继续推动增长。我们的竞争地位依然无可匹敌：在同类可比数据统计的机构中，我们在多个关键指标上稳居行业第一，包括客户总资产、RIA 托管资产以及日均交易量。我们也持续获得行业认可，最近在投资平台、客户服务及银行产品等方面均荣获嘉奖。
Our business fundamentals are healthy, total client interactions across all channels in our branches, in our service centers, on our digital channels are up 17% over last year. Margin loans are up 16%. Our pledged asset line balances reached a record \$21 billion and record managed investing flows and rebounding equity markets helped assets in both our Wealth and our Asset Management businesses reach all-time highs.
我们的业务基本面保持健康。客户通过分支机构、服务中心及数字渠道的总互动量同比增长 17%。保证金贷款同比增长 16%。质押资产信贷额度创下 210 亿美元的历史新高，托管投资净流入创纪录、再加上股市回暖，推动我们财富管理和资产管理业务的资产规模均创历史新高。
IBKR的同比增长是18%。
We're continuing to attract new clients across sizes and demographics. Our best-in-class RIA business supports advisers of all sizes. In our Retail business, we attract 606,000 new-to-firm households in the first half of the year, and we're continuing to win with younger investors and traders. In fact, one in six new-to-firm retail households are under the age of 24. More than 30% of our new-to-firm clients are under the age of 30 and nearly 60% are under the age of 40.
我们持续吸引来自不同规模和人口结构的新客户。我们的 RIA 业务处于行业领先水平，能够支持各类顾问群体。在零售业务方面，2025 年上半年我们吸引了 60.6 万个新加入的家庭客户群体。我们也持续赢得年轻一代投资者和交易者的青睐。事实上，每六个新增零售客户家庭中就有一个年龄在 24 岁以下；新增客户中有超过 30% 年龄低于 30 岁，近 60% 低于 40 岁。
An increasing number of traders are turning to us for best-in-class trading experience. New clients who exhibit more advanced trading behavior, such as complex options or high single option volume now account 1/3 of new traders, up from about 1/5 just 2 years ago.
越来越多的交易者选择我们以获得卓越的交易体验。展现出更高阶交易行为（如复杂期权操作或高频单一期权交易量）的新客户，目前已占新交易客户的三分之一，较两年前的五分之一显著提升。
And finally, it is worth highlighting that investors and traders of all ages are turning to us to invest in digital assets through ETFs, futures and closed-end funds. Schwab is an industry leader in crypto ETPs, with \$25 billion of our clients' assets in those products today, representing around 20% of the total market. This is a reflection of a client base that wants exposure to digital assets in a straightforward, safe, low cost and low tax way, all alongside an ecosystem of expertise, education and support that our clients know they can expect from Schwab.
最后值得一提的是，来自各年龄层的投资者和交易者都开始通过 ETF、期货以及封闭式基金等渠道在我们平台上投资数字资产。Schwab 是加密货币 ETP 领域的行业领先者，目前客户在相关产品中的总资产达 250 亿美元，占市场总额的约 20%。这反映了客户希望以简单、安全、低成本、低税负的方式配置数字资产，并依托我们所提供的专业知识、教育内容和支持生态体系，这是客户对 Schwab 始终如一的期待。
As we build out our digital asset offer, which will include spot trading on Bitcoin and Ethereum, we are also focused on helping educate and support our millions of clients around how digital assets can fit within a diversified portfolio, as well as the opportunities and risks that define this asset class. We are continuing to invest in and deliver on our four strategic focus areas: growth, scale and efficiency, the brilliant basics and our people.
在我们不断扩展数字资产产品（包括即将上线的比特币和以太坊现货交易）时，我们也专注于为数百万客户提供教育和支持，帮助他们了解数字资产如何融入多元化投资组合，并掌握该资产类别的机遇与风险。我们将继续投资并聚焦于四大战略重点领域：增长、规模与效率、卓越基础能力，以及人才。
Our first strategic focus area is driving growth. We do this by attracting NNA from new and existing clients as we provide the capabilities and solutions they need. At the same time, we are also deepening relationships to help our clients conduct more of their financial lives in one place here at Schwab, which also results in further diversification of our revenues. And we delivered on this in the second quarter.
我们的首要战略重点是推动增长。我们通过为新老客户提供他们所需的能力与解决方案，吸引核心净新增资产（NNA）。与此同时，我们也在深化客户关系，帮助他们将更多金融事务集中在 Schwab 平台上处理，从而推动我们收入来源的进一步多元化。第二季度我们已在这方面取得了实质性进展。
In our Advisor Services business, we launched Advisor Pro Direct, a fee-based membership-driven offer to design to support independence for new RIAs. In our Retail business, we continue to invest in deepening relationships. Clients with a financial consultant relationship bringing more than 2x the net new assets and are more engaged in our managed investing and banking offers than clients without a relationship. These relationships are impactful, and we're on track to open more than 10 retail branches this year and to hire hundreds of FCs and wealth consultants to be there for our clients and connect them with the capabilities and solutions they need to meet their goals.
在顾问服务业务方面，我们推出了 Advisor Pro Direct——一项基于付费会员模式、旨在支持新注册投资顾问（RIA）独立发展的服务。在零售业务中，我们持续加大对客户关系深化的投入。与财务顾问建立关系的客户，其带来的净新增资产超过无顾问关系客户的两倍，同时在托管投资和银行产品上的参与度也更高。这类关系带来显著影响，因此我们计划在今年新增超过 10 家零售网点，并招聘数百名财务顾问（FC）与财富顾问，全力支持客户并为其对接所需的能力与解决方案以实现目标。
In our Wealth business, we continue to invest in Schwab Wealth Advisory. We launched a discretionary version of our full-service wealth management capability, an important step in meeting the holistic needs of our clients. This quarter, we also broadly rolled out our retail alternatives platform to our eligible clients. We are enhancing our tax trust and estate capabilities including plans to offer wealth.com's estate planning tools to our retail clients. As we look to the future, we see a number of ways to monetize our product platforms beyond what we are doing today. We'll share more details in the coming quarters, but I want to highlight that we see a meaningful revenue opportunity here.
在财富业务方面，我们持续投资于 Schwab Wealth Advisory。我们推出了该全方位财富管理服务的“全权委托版本”，这是满足客户整体需求的重要一步。本季度，我们还面向符合条件的客户全面推出了零售另类投资平台。我们正在增强税务、信托与遗产规划能力，包括计划向零售客户提供 wealth.com 的遗产规划工具。展望未来，我们看到多个产品平台在现有基础上具备进一步变现的潜力。未来几个季度我们将分享更多细节，但我想强调的是：这一领域蕴含可观的收入机会。
Turning to our second strategic focus area. Our scale and efficiency efforts will not only help us keep our cost to serve clients low, so we can reinvest in new capabilities and experiences to serve their evolving needs, but will be a win for clients as well. These include investments in artificial intelligence. In the near term, these AI efforts will help power our client-facing reps as they serve our clients and help make our internal teams more efficient. Today, we have 40 AI use cases in various stages of development, including in use. Over the longer term, we believe AI will meaningfully enhance the way we serve our clients and allow us to reach our clients in an even more personalized way.
接下来说说我们的第二个战略重点：提升规模与效率。这项工作不仅能帮助我们维持低廉的客户服务成本，从而将资源重新投入到新能力与体验的开发中，以满足客户不断演变的需求，也将为客户本身带来实质性好处。其中一项关键投入是人工智能。在短期内，AI 将增强我们面向客户的代表的服务能力，同时提高内部团队的运营效率。目前我们有 40 个 AI 应用案例处于不同阶段的开发与应用中。从长期来看，我们相信 AI 将显著提升客户服务的方式，让我们能够以更加个性化的方式触达客户。
Our third focus area is the brilliant basics. When we deliver for clients on the basics and make every interaction they have with us feel easy, they will reward us with more business. We are delivering across the board.
我们的第三个战略重点是“卓越基础”。当我们在基础服务方面做到极致、并让每一次客户互动都变得轻松高效时，客户就会以更多业务回馈我们。而我们正在各个层面兑现这一承诺。
Our Schwab Wealth Advisory Client Promoter Scores are some of the highest in the firm. Legacy Ameritrade Client Promoter Scores continue to improve each quarter, approaching the consistently strong scores we see with legacy Schwab clients and our Advisor Services easy score was 93% for the quarter.
Schwab Wealth Advisory 的客户推荐度得分在公司内部名列前茅。来自原 Ameritrade 客户群的推荐度评分也在持续每季度提升，正在逐步接近我们长期 Schwab 客户的一贯高分水平。此外，本季度顾问服务（Advisor Services）的便捷度评分达到了 93%。
Last, but certainly not least, we are continuing to invest in our people. The more we can do to make our colleagues more efficient, their jobs easier, to make Schwab a place where they want to work, to help them develop professionally, the better we will be able to serve our clients.
最后但同样重要的一点，我们还在持续加大对员工的投入。我们越是能帮助同事提升效率、简化工作流程、营造一个他们愿意长期工作的职场环境，并促进其职业成长，我们就越能为客户提供卓越服务。
We are continuing to build momentum as we head into the second half of 2025. Guided by our through clients' eyes strategy, we are playing offense. We're attracting net new assets and new clients to Schwab as we deepen relationships to serve even more of their wealth and financial needs. We're investing in scale and efficiency initiatives, delivering brilliantly on the basics, continuing to invest in our people who are key to all we do here at Schwab. In short, we are well positioned to continue growing on all fronts and for the long term. And with that, I'll turn it over to Mike for an overview of our financial picture and an updated view on our financial scenario.
我们正不断积聚势能，迎接 2025 年下半年的到来。在“透过客户视角”战略的指引下，我们主动出击，一方面吸引更多净新增资产与新客户加入 Schwab，另一方面深化客户关系，以满足他们更多的财富和金融需求。我们持续在规模与效率提升方面投资，基础服务表现卓越，并不断加大对员工的投入——他们是我们在 Schwab 所做一切的关键所在。简而言之，我们在各个维度上都具备持续增长的有利位置，并致力于长期发展。接下来，我将时间交给 Mike，他将为大家概述我们的财务状况，并带来最新的财务情景分析。
Michael Verdeschi
Thank you, Rick. Good morning, everyone. This was indeed a dynamic quarter with markets very much on the move and a host of macroeconomic factors influencing investors around the globe. Against this shifting landscape, Schwab's strong momentum continued with growth across the franchises we serve our clients' needs with our broad array of modern wealth solutions. We posted our third consecutive quarter of over 1 million new brokerage accounts. Core net new assets during the second quarter exceeded \$80 billion, bringing the year-to-date total to \$218 billion or an increase of nearly 40% versus the first half of 2024, and we saw robust flows into our managed investing and lending products as well as supported another strong quarter in trading with 7.6 million daily average trades.
谢谢你，Rick。大家早上好。这个季度确实非常动态，市场大幅波动，全球多种宏观经济因素影响着投资者。在这样的环境下，Schwab依旧保持强劲势头，在我们服务客户的各个业务板块上实现增长，并通过一系列现代化财富解决方案满足客户需求。这是我们连续第三个季度新增超过100万个经纪账户。第二季度核心净新增资产超过800亿美元，使得年初至今的总额达到2180亿美元，同比2024年上半年增长近40%。我们在管理型投资与贷款产品方面持续获得强劲资金流入，同时交易活动也表现强劲，日均交易量达到760万笔。
In addition to healthy organic growth and sustain product utilization, we delivered record financial results during the second quarter with year-over-year revenue growth of 25% to \$5.9 billion. Adjusted pretax margins exceeding 50% and adjusted earnings per share of \$1.14, an increase of 56% versus 2Q '24. Transactional cash levels continue to reflect normal cash behaviors, inclusive of organic growth, typical 2Q tax seasonality and client engagement, albeit with an investor sentiment remaining somewhat cautious.
除了稳健的有机增长和持续的产品使用率外，我们在第二季度交出了创纪录的财务成绩：收入同比增长25%，达到59亿美元；调整后税前利润率超过50%；调整后每股收益为1.14美元，较2024年第二季度增长56%。交易性现金水平仍然反映出正常的现金行为，包含有机增长、第二季度典型的报税季节性因素及客户活跃度，尽管投资者情绪仍略显谨慎。
At the same time, we made further progress in reducing higher cost funding at the banks, bringing the level down to approximately \$28 billion. We also increased the return of capital via the redemption of our Series G preferred stock and the continuation of common stock repurchases. Inclusive of these actions, our capital ratios expanded versus the first quarter finishing slightly above our target range. Before diving into our latest thinking regarding the remainder of 2025, let's take a moment to walk through some of the drivers influencing our strong 2Q results.
与此同时，我们在降低银行高成本融资方面也取得了进一步进展，使该项资金规模降至约280亿美元。我们还通过赎回G系列优先股及持续回购普通股的方式提升了资本回报。在上述举措的共同作用下，我们的资本比率相比第一季度有所提升，略高于目标区间。在分享我们对2025年下半年最新展望之前，让我们先快速回顾一下推动第二季度强劲表现的几个关键因素。
Revenue increased 25% year-over-year to a record \$5.9 billion for 2Q, representing a third consecutive quarter of double-digit year-over-year growth across all line items. The further reduction of high-cost borrowings at the bank, sequential build in client transactional suite cash and a late quarter uptick in securities lending activity helped expand net interest margin and drive a 31% increase in net interest revenue versus 2Q '24. Asset Management Administration Fees of \$1.6 billion represent a year-over-year increase of 14%, driven by rebounding equity markets, healthy organic growth and continued client adoption of Schwab's Wealth and Asset Management Solutions.
第二季度营收同比增长25%，达到创纪录的59亿美元，标志着我们连续第三个季度在所有收入项目上实现双位数同比增长。银行端高成本借款的进一步减少、客户交易性套件现金的持续增长，以及季度末证券借贷活动的回升，共同推动了净利息收益率的扩大，使得净利息收入较2024年第二季度增长31%。资产管理与行政费用达16亿美元，同比上涨14%，受益于股市回暖、有机增长的持续强劲，以及客户对Schwab财富与资产管理解决方案的持续采用。
Client trading volumes remained robust in the second quarter, increasing 38% year-over-year to 7.6 million daily average trades with client engagement across equities, ETFs and index options accounting for the vast majority of the year-over-year uptick in trading activity. Bank deposit account fees moved higher due to an improved net yield as a growing percentage of the balances continue to convert to the floating rate bucket. Finally, the Other Revenue line reflected typical 2Q seasonal items related to corporate proxy season as well as elevated client trading volumes. Note that there was a slight offset in this other line due to the SEC's decision to lower exchange processing fees to 0 beginning in mid-May. Of course, this rate change is P\&L neutral as there is a corresponding decrease in the other expense line as well.
第二季度客户交易量依然强劲，同比增长38%，日均交易量达760万笔，客户在股票、ETF和指数期权上的活跃度占据了同比交易增长的绝大部分。由于净收益率改善，且越来越多的存款余额转为浮动利率类别，银行存款账户费用上升。最后，“其他收入”项目反映出第二季度典型的季节性因素，如公司代理投票季的收入增加，以及客户交易量的上升。需要注意的是，该项中受到美国证监会（SEC）自5月中旬起将交易处理费降为零的轻微抵消影响。当然，该费率变化在利润表中是中性的，因为“其他支出”中也有相应的下降。
IBKR的同比增速是49%。
In terms of expenses, adjusted expenses for the quarter were up 5% versus 2Q '24 as we continue to make ongoing investments to support sustainable growth, including opening new branches, and hiring financial consultants as well as evolving our suite of offerings to clients with new products and capabilities, such as our retail alternatives platform and further driving efficiencies by powering our client-facing reps with AI as they serve our clients. Our continued progress in reducing high-cost borrowings at the banks and strong
在支出方面，本季度调整后费用同比2024年第二季度增长5%，我们仍在持续投资以支持可持续增长，包括新设分支机构、招聘理财顾问，以及通过推出新产品和功能（如我们的零售另类投资平台）不断优化客户服务方案。同时，我们也通过借助人工智能提升面向客户的服务代表的效率。此外，我们在降低银行端高成本融资方面持续取得进展，再加上强劲的
trading volumes powered record top line growth. In conjunction with balanced expense management, adjusted pretax profit margin reached 50.1%. Adjusted earnings per share was \$1.14 or a year-over-year increase of 56%. These second quarter financial results reflect the continued positive inflection in Schwab's earnings trajectory through the first 6 months of 2025 as well as highlight the durability of our diversified model in delivering financial results across a range of environments.
交易量，共同推动了创纪录的收入增长。在良好的费用控制下，调整后税前利润率达50.1%；调整后每股收益为1.14美元，同比上涨56%。这些第二季度财务数据表明，2025年前六个月Schwab的盈利轨迹持续改善，也凸显出我们多元化商业模式在不同市场环境下保持财务表现韧性的能力。
Moving on to our balance sheet. We continue to support our clients as their needs evolve through this dynamic environment. Following the de-leveraging that began in late 1Q and extended into April, client margin balances at the broker-dealer rebounded during 2Q to finish at \$83.4 billion or down slightly from year-end 2024 levels. Bank loans grew with PAL balances up 24% versus the prior year-end. And as anticipated, we saw seasonal tax-related outflows in client transactional sweep cash during April and after another slight reduction in May, transactional sweep cash built during the month of June bringing the quarter-over-quarter increase to approximately \$4.3 billion. With a continuation of normal client cash trends, we were able to utilize a combination of cash flows coming off of the securities portfolio as well as excess cash on hand to further reduce high-cost funding at the banks.
接下来看资产负债表。在这个动态变化的环境中，我们持续支持客户应对不断变化的需求。继第一季度末开始的去杠杆化延续至4月后，第二季度经纪业务中的客户保证金融资余额回升，最终达834亿美元，略低于2024年年末水平。银行贷款增长，质押资产贷款（PAL）余额较上年末增长24%。如预期，4月客户交易清算资金出现季节性税务相关外流，5月略有下降后，6月实现回升，使季度环比增长约43亿美元。随着客户现金行为的正常化，我们得以利用证券投资组合释放的现金流及手头的闲置资金，进一步削减银行端的高成本融资。
Looking ahead, we believe trends will continue to reflect normal client activity, and we plan to keep a close eye in a range of macro factors as shift in market sentiment tend to influence client cash allocations. As I've noted previously, we are focused on maintaining flexibility in managing the balance sheet in a manner that keeps us well positioned to navigate a wide range of potential environments.
展望未来，我们认为趋势将继续反映客户的正常行为，我们也将密切关注一系列宏观因素，因为市场情绪的变化往往会影响客户的现金配置。如我之前所述，我们专注于在资产负债表管理中保持灵活性，从而确保我们能够应对各种可能出现的市场环境。
Turning to high-cost bank funding. Following the nearly \$12 billion paydown during the first quarter, we reduced the balances by another \$10 billion during the second quarter of '25, bringing the outstanding balance as of June 30 to \$27.7 billion or down more than 70% from the peak. As previously mentioned, we are not planning to reduce bank wholesale funding levels to 0. However, as we move into the back half of the year, we expect to make additional progress each quarter until these higher-cost bank liabilities are in a range more consistent with our long-term diversified funding profile.
关于高成本银行融资：继第一季度偿还近120亿美元后，我们在2025年第二季度又减少了100亿美元的余额，截至6月30日，未偿余额为277亿美元，较峰值下降逾70%。如前所述，我们并不打算将银行批发融资降至零。然而，随着进入下半年，我们预计每个季度都将取得进一步进展，直到这些高成本银行负债处于更符合我们长期多元化融资结构的合理区间内。
Our capital levels finished the quarter slightly above the up or down 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 continued pull of par of unrealized marks. The ratio also reflects the \$5.3 billion in total capital return through the first 6 months including an increased common dividend, the redemption of \$2.5 billion Series G preferred stock and the resumption of open market common stock repurchases in June where we repurchased approximately \$350 million worth of stock, bringing the year-to-date buyback total to \$1.85 billion, including the \$1.5 billion we repurchased back in February.
我们的资本水平在本季度略高于公司调整后的一级杠杆率目标区间（6.75%至7%）的上沿或下沿。本季度的资本增长主要由盈利推动，同时也受益于未实现亏损回升至面值。此外，该比率还反映了我们在上半年总计回馈资本53亿美元，其中包括提高普通股股息、赎回25亿美元的G系列优先股，以及6月恢复公开市场普通股回购，回购金额约为3.5亿美元，使得年初至今回购总额达到18.5亿美元，其中包括2月完成的15亿美元回购。
Looking ahead, we will continue to prioritize maintaining capital to support the needs of our clients and the growth of our franchise, while returning excess capital in multiple forms as part of our through-the-cycle financial growth story.
展望未来，我们将继续优先确保资本充足，以支持客户需求和公司业务增长，同时也将以多种形式回馈多余资本，这些都将作为我们跨周期财务增长战略的一部分。
Now let's turn our attention to the full year 2025. Back in January, we outlined an initial financial scenario informed by a host of inputs, including a mid-January forward interest rate curve, which called for a single 25 basis point cut to Fed funds, 6.5% annualized equity market appreciation and client trading volume generally consistent with mix in volumes observed during 4Q '24. Obviously, things have evolved quite a bit. So as part of our updated full year 2025 scenario, we have refreshed these inputs.
现在让我们将注意力转向2025年全年。早在1月，我们曾根据多个要素提出初步财务情景，包括1月中旬的远期利率曲线（假设联邦基金利率仅下调一次、幅度为25个基点）、全年股市年化增长6.5%、客户交易量与2024年第四季度的水平大致一致。显然，情况已经发生了很大变化。因此，作为我们对2025年全年最新财务情景的一部分，我们也更新了这些关键输入参数。
The interest rate forward curve currently calls for two 25 basis point cuts before year-end. Markets rebounded from early April lows to finish the quarter strong. Therefore, applying an annualized 6.5% equity market return from June 30 levels implies full year S\&P returns of approximately 9% for 2025. While we have observed sustained strength in client trading over the first 6 months, the updated scenario allows for some pullback in volumes. Though we still anticipate full year 2025 daily average trading volume to finish significantly higher than the 4Q '24 levels used for the initial financial scenario discussed back in January.
当前的远期利率曲线预计在年底前将出现两次25个基点的降息。市场自4月初低点反弹并以强劲表现收官第二季度。因此，若从6月30日的水平计算年化6.5%的股市回报，意味着标普指数2025年全年回报大约为9%。尽管我们在上半年观察到客户交易活动的持续强劲，但在更新的情景假设中，也考虑了交易量可能出现一定回落。不过，我们仍预计2025年全年日均交易量将明显高于1月份情景假设中参考的2024年第四季度水平。
From a trading mix perspective, we expect first half trends to generally persist, though macro factors and client preference will inform the ultimate mix. Assuming these updated factors and keeping in mind the current macro backdrop, we would expect total revenue growth of 18.5% to 19.5% for the full year 2025. The scenario assumes further reduction in high-cost funding at the banks to a level generally consistent with our long-term diversified funding profile. Full year net interest margin of 2.65% to 2.75%, which is up slightly from the January scenario due to the pace of paydowns, year-to-date transactional sweep cash trends and a recent pickup in securities lending activity. In this scenario, average 4Q NIM is expected to expand well into the 280 basis point range, and full year average interest-earning assets is still expected to decline slightly in 2025 versus 2024.
从交易结构的角度看，我们预计上半年的趋势将大致延续，但最终结构将受到宏观因素和客户偏好的影响。在考虑了这些更新要素以及当前的宏观环境后，我们预计2025年全年总营收增长将在18.5%至19.5%之间。该情景假设银行高成本融资将进一步下降，趋近于我们长期多元化融资结构的目标。全年净息差预计在2.65%至2.75%之间，较1月份的预测略有上调，原因包括偿还进度、年初至今交易性活期现金趋势以及证券借贷活动的回暖。在这一情景下，第四季度平均净息差预计将稳步升至280个基点以上，而全年平均生息资产预计将较2024年略有下降。
Full year 2025 expenses are still trending towards the mid-single-digit zone though we slightly -- with a slightly tighter range of 4.75% to 5.25%. This reflects year-to-date investments across our key priorities aimed at supporting growth across all fronts, as well as the elevated level of client engagement, including transaction and related asset level fees and the mid-May reduction of the SEC 31 fee rate to 0. We continue to feel good about this range of spending for 2025 and how it positions us to achieve our objectives. Of course, market levels and client trading levels during the second half will continue to shape the absolute dollar amount for the year. So
2025年全年费用仍预计处于中单位数增长区间，具体范围略微收窄至4.75%至5.25%。这反映了年初至今在我们关键优先事项上的投资，旨在全面支持业务增长，同时也反映了客户参与度的上升（包括交易及相关资产层面的费用），以及5月中旬SEC第31号费用率被降至0所带来的影响。我们对这一费用支出范围充满信心，并认为这将有助于我们实现目标。当然，下半年市场水平和客户交易活跃度将继续影响全年费用的实际金额。
putting the pieces together, the combination of strong top line growth and balanced expense management implies pretax margins in the very high 40s for the full year.
综上所述，强劲的收入增长与稳健的费用管理相结合，预计全年税前利润率将处于接近50%的高位区间。
If you follow the math all the way down to the bottom line, this full year scenario implies potential adjusted earnings in the \$4.55 to \$4.65 area excluding the impact of any incremental buybacks in the second half, representing potential year-over-year earnings growth into the very high 40% zone. The first half of this year served as a reminder that market expectations can change quickly. So we'd encourage you to continue to reference this static setup of revenue sensitivities included in today's summer business update to help you craft a high-level perspective of how changes from these assumptions could influence results. These directional figures have been refreshed and are based on June 30, 2025 levels.
如果你把整个财务推演一路算到底，这一整年的情景预测意味着经调整后的每股收益可能在4.55美元至4.65美元之间（不包括下半年任何额外回购的影响），这代表着全年每股收益同比增长可能达到接近50%的水平。今年上半年提醒我们，市场预期可能会迅速变化。因此，我们建议你持续参考本次夏季业务更新中包含的静态收入敏感度设定，以帮助你从宏观角度判断这些假设变量变化可能对业绩带来的影响。这些方向性数字已基于2025年6月30日的数据进行了更新。
IBKR的EPS同比增速是15.90%，SCHW的边际改善很大。
One additional item I'd flag for you is that the Fed fund sensitivity incorporates hedging programs, we have stood up over recent quarters to help manage through different interest rate environments. Please don't hesitate to reach out to the IR team with any questions about these sensitivities or the underlying assumptions for the firm's updated 2025 financial scenario.
另外，我还想指出一点，即我们对联邦基金利率的敏感性考量已经纳入了我们过去几个季度建立的对冲计划，以帮助我们应对不同的利率环境。如果你对这些敏感度或公司更新后的2025年财务情景中的基本假设有任何疑问，欢迎随时联系我们的投资者关系团队。
Throughout Schwab's history, the firm has made investments to support sustainable through-the-cycle growth on multiple fronts as well as further enhancing our capabilities. These capabilities help bolster our flexibility to manage the firm in a manner that enables us to serve the evolving needs of our clients with a growing suite of modern wealth solutions. While this most recent quarter highlights the power of our financial model when strategy, capabilities and macroeconomic tailwinds intersect. History tells us that rates, markets, client engagement levels and many other variables can change quickly. However, Schwab's through client-size strategy, enhanced set of capabilities and diversified model, keeps us positioned to deliver strong financial outcomes across a wide range of environments.
纵观Schwab的发展历程，公司一直在多个维度上进行投资，以支持可持续的跨周期增长，同时不断提升我们的综合能力。这些能力增强了我们在公司运营中的灵活性，使我们能够通过不断扩展的现代财富解决方案满足客户不断变化的需求。尽管最近一个季度凸显了当公司战略、能力和宏观经济顺风相结合时我们财务模式的威力，但历史告诉我们，利率、市场、客户参与度及其他众多变量都可能迅速发生变化。然而，Schwab“以客户为中心”的战略、不断增强的能力组合以及多元化的商业模式，使我们有能力在各种环境中实现强劲的财务成果。
In closing, it has been a strong first half of 2025, helping to sustain the momentum that began last year following the completion of the Ameritrade integration. While the environment continues to evolve, we plan to stay on offense, investing to support long-term organic growth and continuing to ensure our value proposition and client experience remain best-in-class. While the environment can change quickly, Schwab's diversified model helps keep us well positioned heading into the months ahead and supports our confidence in the long-term trajectory for the firm beyond 2025. And with that, Jeff, let's move on to Q\&A.
最后总结一下，2025年上半年表现强劲，延续了自去年完成对Ameritrade整合以来的增长势头。尽管外部环境持续变化，我们仍计划继续主动出击，投资以支持长期的有机增长，并持续确保我们的价值主张和客户体验维持行业领先水平。尽管环境可能会迅速变化，但Schwab的多元化商业模式使我们在接下来的数月中依然保持有利地位，也增强了我们对公司2025年之后长期发展轨迹的信心。好了，Jeff，现在我们进入问答环节。
Jeff Edwards
Operator, can you please walk everyone through the instructions for the Q\&A session?
Jeff Edwards
运营人员，请为大家介绍一下问答环节的操作说明。
Question-and-Answer Session
问答环节
Operator
\[Operator Instructions] And our first question comes from Ken Worthington with JPMorgan.
【操作员说明】我们的第一个问题来自JPMorgan的Ken Worthington。
Kenneth Brooks Worthington
Starting high level for Rick. So Chuck built this business, in part by disrupting the incumbents, and we continue to see pockets of success or even outright success from emerging firms like Robinhood and Webull despite not having nearly the breadth or depth of the products and services offered by Schwab. This seems for like classic Christensen, Innovator's Dilemma.
我想从宏观层面向Rick提一个问题。Chuck（Charles Schwab创始人）当年建立这家公司，部分原因是通过颠覆当时的 incumbents（传统巨头），而我们今天依然能看到像Robinhood和Webull这样的新兴公司在一些领域取得局部成功，甚至是显著成功，尽管它们在产品和服务的广度和深度上远不及Schwab。这听起来很像经典的Christensen“创新者的窘境”。
In addition to spot crypto, can you talk about to what extent and how you're adjusting the strategy, the services and the marketing to pursue some of the opportunities that these younger, smaller brokers are capitalizing on. And then can -- or do you think you can do what you do well but also pursue what they do well at the same time and be successful in both?
除了加密货币现货交易之外，你能否谈谈你们在战略、服务和市场营销方面进行了哪些调整，以及是否在试图抓住这些年轻、小型券商所擅长的机会？你是否认为Schwab可以在继续做好自身核心业务的同时，也去涉足他们擅长的领域，并在这两个方向都取得成功？
Richard Andrew Wurster
Thanks for the question, Ken. I would not trade positions with anyone. I think what we do is very much differentiated from others. And the fact that we can deliver platforms far beyond our competitors in terms of the breadth of what you can trade in and invest in. We have service that can't be matched. We have in-person experiences in 400 locations across our country. We have 16,000 advisers in every community that you can walk in and talk to. For serious investors who want to -- young investors who want to think about how to pay off their college debt, how to buy a house. There's no better place to be than here at -- than here at Schwab.
谢谢你的提问，Ken。我不会和任何人交换位置（意指不羡慕其他公司）。我认为我们所做的事情与其他人完全不同。就交易和投资的产品广度而言，我们提供的平台远超竞争对手。我们的服务是无可比拟的。我们在全美有400个线下网点提供面对面的服务，我们有16,000位顾问遍布各地，客户可以随时走进去当面咨询。对于那些真正严肃的投资者，尤其是年轻投资者，比如想要还清大学贷款、计划购房的年轻人，没有比Schwab更合适的地方了。
And that's true, we think, across all ages, all types of investors. And we're winning in the market. We see it with our TOA ratio, which has been really strong, and our net new assets, which continue to strengthen over last year. So we feel really good about our positioning. At the same time, as we've done for 50 years, we are always willing to disrupt ourselves and to do what's required to make sure that we are the firm meeting the needs of clients in our industry and where that's necessary, we will do it.
我们认为这在所有年龄段、各种类型的投资者中都成立。而且我们在市场上确实处于领先地位，从我们的TOA（转入账户）比率来看表现非常强劲，净新增资产也持续好于去年。因此，我们对自身的市场定位感到非常满意。与此同时，正如我们过去50年来一直在做的，我们始终愿意自我颠覆，愿意做任何必要的事情，以确保我们是那个最能满足客户需求的公司，必要时我们就会采取行动。
As it relates more specifically to your crypto question, we feel like meeting clients' needs in crypto today is the first thing I'd point out in that. We have more than a 20% share of all exchange traded product assets in crypto sit on our custody platform. So what we're seeing and hearing from our clients is they're not sure about crypto, but they feel like they've shown a little and they want to do it through a product and through a firm that they trust. And that's why we see those assets.
回到你提的关于加密货币的问题，首先我想指出的是，我们目前已经在加密资产方面满足了客户的一些需求。我们的托管平台上持有的加密货币相关交易所交易产品（ETP）资产占整个市场的20%以上。我们从客户那边听到的是，他们对加密货币尚未完全确定，但他们愿意配置一点点，而且希望通过值得信赖的产品和机构来实现。这就是为什么我们能够吸引到这些资产。
Second, at the same time, we are working on launching Bitcoin and Ethereum. When those launch, I expect those to be a meaningful -- a meaningful growth driver. And the reason I believe that because I talk to clients all the time who tell me the following. I've got 98% of my assets sitting at Schwab and 2% at a small firm that specializes in crypto, some digital native firm. And they say, I can't wait until you have Bitcoin or Ethereum because I want to move those assets to Schwab because I trust you, and I want them sitting alongside my other assets.
第二，我们目前正在筹备推出比特币和以太坊的相关交易产品。一旦推出，我预计这将成为一个实质性的增长驱动因素。我之所以有这样的信心，是因为我经常与客户交流，他们经常对我说：“我98%的资产放在Schwab，2%放在一家专做加密资产的小型数字原生公司。我迫不及待地希望你们能够提供比特币或以太坊产品，因为我想把这些资产也迁移到Schwab，因为我信任你们，并且希望这些加密资产能和我的其他资产放在一起。”
So I feel great about where we are. We'll continue to be an innovative firm and disrupt ourselves where necessary, but we continue to win with investors of all sizes and ages.
所以我对我们目前所处的位置非常有信心。我们将继续作为一家创新型公司，在必要时自我革新，但我们也会持续赢得各种规模、各个年龄段投资者的青睐。
Operator
And our next question is from Dan Fannon with Jefferies.
接下来是来自Jefferies的Dan Fannon的提问。
Daniel Thomas Fannon
Rick, I was hoping you could expand upon the current environment. You guys are seeing great account growth, elevated retail trading. And now in June, you had cash levels building despite the market grinding up. So I was hoping you could just talk about the sustainability of these trends as we think about the rest of this year and into next year given some of the strengths you're seeing?
Rick，我希望你能多谈谈当前的市场环境。你们目前在账户增长方面表现强劲，零售交易活跃，而且尽管市场在上涨，6月你们的现金水平仍然在增长。我想请你谈谈这些趋势的可持续性，考虑到你们目前展现出的种种强劲表现，这些趋势在今年剩余时间以及明年是否能够持续？
Richard Andrew Wurster
Why don't I take the client side of that and maybe Mike could talk a little bit about the cash. On the client side, we're playing offense, we see continued acceleration of our NNA. June was up, I believe, 46% over last June. So each month that goes by, we feel more and more solid about our net new asset growth. And what gives us comfort about that? And why I say that is some of the things happening underneath the surface behind the headline numbers, and I'll share a few of those.
我来谈谈客户方面的问题，也许Mike可以稍后谈谈现金的情况。在客户这边，我们正处于进攻状态，我们的净新增资产（NNA）持续加速。6月份同比增长了大约46%。随着每个月的推进，我们对净新增资产的增长信心越来越足。而让我有信心的原因，是一些表面数据之下的深层次变化，我来分享几个例子。
Number one, when you look at our net new asset growth year-over-year, we've seen a real acceleration in the retail side of our business. And so coming out of the integration, that's what we expected to see, and that's exactly what we've seen. Our Advisor Services business continues to grow at a very healthy level, just as it last year, and now we're really seeing Retail kick in. Underneath that Retail number, we're really seeing tremendous progress with our legacy Ameritrade clients. Again, just as we expected, but now we're seeing. We've seen over 100% growth in the last year in our net new assets from Ameritrade clients. And what I hear from them when I meet with them or talk with our financial consultants who are working with them every day is that -- at first, they were dealing with a new system, a new platform, maybe a new relationship, and they were getting used to it. And now they say they've never been happier in their investing life.
首先，从同比来看，我们的净新增资产增长在零售业务方面真正加速了。整合完成之后，我们就预计会看到这种趋势，而现在这正是我们所看到的。我们的顾问服务业务仍保持着健康的增长水平，就像去年一样，而现在我们看到零售端开始真正发力。在零售数据之下，我们从Ameritrade原有客户那里取得了显著进展。同样，这是我们此前的预期，而现在确实实现了。过去一年，我们来自Ameritrade客户的净新增资产增长超过了100%。我在与这些客户交流，或通过与他们每日打交道的理财顾问了解时，他们告诉我：一开始他们确实要适应新的系统、新的平台，也可能是新的客户关系。但现在他们表示，从未像现在这样享受投资生活。
They had everything they had at Ameritrade, and now they have so much more at Schwab, whether it's our wealth capabilities, our lending capabilities, the combination of our digital platforms, our award-winning service. Those clients have never been happier. And you see it with the -- every quarter the Client Promoter Scores from that group of clients continues to go up and up, and their net new assets continues to go up and up. So I couldn't be more excited about where we are today and the growth we've seen and at the same time, equally excited about the future in serving all of these clients. Mike, do you want to take the cash part?
他们在Ameritrade拥有的一切，如今在Schwab得到了延续，而且得到了更大的提升，无论是我们的财富管理能力、贷款能力、数字化平台的整合，还是我们屡获殊荣的客户服务。这些客户从未像现在这样满意。你也可以看到，这一客户群体的客户推荐分数（Client Promoter Scores）每个季度都在持续上升，他们的净新增资产也在不断增长。因此，我对我们目前所处的位置以及我们实现的增长感到无比兴奋，同时我也对未来继续服务好这些客户充满信心。Mike，你要不要谈谈现金方面的情况？
Michael Verdeschi
Sure. Dan, related to cash, yes, we continue to see good trends in cash, allowing us to pay down those supplemental borrowings. If you look at the second quarter, of course, you had that tax-related outflows that we normally see, but that was offset by some selling in the quarter and that's selling was more pronounced in the beginning of the quarter, but we still saw some net selling in June, contributing to that pickup as well as some redemption related activity. So we're really seeing that normalized cash environment allowing us to continue to progress the paydown of those supplemental borrowings nicely.
当然可以。Dan，关于现金方面的情况，是的，我们持续看到良好的现金趋势，这使我们能够继续偿还那些补充性借款。在第二季度中，确实出现了我们通常在税季看到的税务相关资金流出，但这一影响被季度中的一些资产抛售所抵消。这种抛售主要出现在季度初，但我们在6月份仍然看到一定程度的净抛售，也助力了现金水平的提升，此外还有一些赎回活动的影响。所以我们看到现在的现金环境已趋于正常，这帮助我们顺利推进了补充性借款的偿还进程。
Operator
And our next question comes from Bill Katz with TD Cowen.
接下来是TD Cowen的Bill Katz提问。
William Raymond Katz
I was wondering if we could delve into maybe the balance strategy from here. If I think about a 5% to 7% organic growth rate on a \$10 trillion denominator, you'd be in a vicinity of \$500 billion, \$600 billion plus of net new assets. If I then assume that cash holds about 10% of those assets, you're going to be generating \$50 billion to \$70 billion of cash per annum. Wondering how you think about maybe redeploying that to balance sheet growth versus other initiatives? And how we should think about how that would then tie into a more sustained buyback opportunity?
我想我们是否可以更深入地探讨一下从现在开始的资产负债策略。如果我假设一个5%到7%的有机增长率，基于一个10万亿美元的资产规模，你们每年将带来大约5,000亿到6,000亿美元的净新增资产。如果我们进一步假设其中有大约10%保持为现金，那就意味着你们每年会产生约500亿到700亿美元的现金。我想了解你们如何考虑将这些现金再部署用于资产负债表增长与其他战略举措之间的平衡？以及我们应如何理解这与更可持续的回购机会之间的关系？
Richard Andrew Wurster
Bill, thanks for the question. So when we think about that balance sheet, I mean just taking a step back for a minute and those principles that I've often talked about, we're going to ensure the balance sheet is going to support our client needs. Secondly, we're going to manage that balance sheet on a foundation of safety and soundness. And of course, then we're going to manage that balance sheet in a way that is going to be optimized to ensure the durable earnings path.
Bill，感谢你的问题。当我们思考资产负债表策略时，我想先退一步，回到我常提到的几个核心原则。首先，我们将确保资产负债表能够支持客户的需求；其次，我们会以安全稳健为基础来管理资产负债表；最后，我们将以优化的方式来管理资产负债表，以确保收益路径的持久性。
So when I think about where we are today. Obviously, we've made a lot of progress in paying down those borrowings. And at some point, we will be resuming I would say, more securities purchases. And so when we think about that balance sheet growth, it is going to be to support our client needs. We've seen a good pickup in lending activities. That continues to be a strong factor for us, both in our margin lending activity as well as in the bank.
就目前而言，我们显然在偿还借款方面取得了显著进展。接下来某个时间点，我们将会恢复更大规模的证券投资。因此，当我们谈及资产负债表的增长时，这首先是为了满足客户的需求。我们在贷款活动方面也看到明显增长，这在我们的保证金贷款业务以及银行业务中，都是一个持续强劲的增长因素。
But then again, the ability to continue to make those investments in securities. And again, that will be a key part of the strategy. So we feel like with that pickup in cash, we will be able to put that to work nicely in the way that's going to be accretive. Again, when you think about the more we're doing for clients broadly, that's leading to revenue diversification. The way we manage our expenses in that balanced fashion, we're going to continue to invest in our capabilities while investing in scale and efficiency as well. That's going
与此同时，我们也具备继续进行证券投资的能力，这也是我们战略的关键组成部分。因此，随着现金的增加，我们认为可以很好地将其投入使用，从而实现增值效应。换句话说，我们在不断扩展客户服务的过程中实现了收入的多元化。在成本管理方面，我们始终保持平衡，在持续投资能力建设的同时，也注重规模与效率的提升。
已经吃过一次亏，不如IBKR的模式干净，客户的现金购买T-Bill并以基金利率-50BPS给到客户，不承担风险。
to build us durable earnings, and that, to us, is going to continue to build capital organically, which is going to allow us to ensure we could build that capital to support the growth of the franchise, but also be able to return it in multiple forms as well.
这些都将为我们带来持久的盈利能力，同时也帮助我们通过有机方式积累资本，使我们能够既支持公司业务的增长，也能够通过多种形式实现资本回馈。
Operator
Our next question comes from Brian Bedell with Deutsche Bank.
接下来是来自德意志银行的 Brian Bedell 的提问。
Brian Bertram Bedell
Maybe talk a little bit about the organic growth backdrop for the second half. I mean 2025 started out quite nicely up 5% in the first quarter. Obviously, tax affected in the second quarter, but ending June at like 4.9%. So if you can talk about your confidence in being within that 5% to 7% organic growth band for the full -- on an annualized basis for the full second half, and some of the maybe potential incremental drivers coming from your -- a variety of growth initiatives, and I'll just layer in, do you expect to launch that -- your spot crypto platform before year-end? Or is that more of a 2026 -- early '26 event?
能否请您谈谈下半年有机增长的背景？2025年开局良好，第一季度增长了5%。第二季度显然受到税务影响，但到6月底仍维持在约4.9%。您是否有信心全年（按年化基准）能处于5%至7%的有机增长区间？有哪些增长举措可能带来额外的增量推动？另外，我也想顺带问一下，你们的现货加密货币交易平台是否计划在年底前推出？还是更可能在2026年初上线？
Richard Andrew Wurster
Thanks for the question, Brian. First on the 5% to 7% we committed in our winter business update that we make progress towards the 5% to 7%, and we're very confident that, that will be the case. And we feel really confident in our second half NNA. I think once you get past the tax-related flows of April that went into May in many states because tax payments were delayed. And you get to June, again, you see the -- what I think is impressive acceleration of our net new assets. And so we're confident that we'll continue through the back -- the second half of the year and that we will demonstrate that progress that we talked about at the beginning of the year. I think more broadly, it's important to think about our growth as a firm in sort of two prongs.
谢谢你的问题，Brian。首先关于5%至7%的目标，我们在冬季业务更新中承诺会向这个区间迈进，我们对实现这一目标充满信心。我们对下半年的净新增资产（NNA）也非常有信心。我认为，一旦你跨过4月的税务相关资金流出（因为很多州的纳税截止日延至5月），进入6月之后，就能看到我们净新增资产的强劲加速表现。我相信这种势头将会延续至整个下半年，并兑现我们年初所承诺的进展。更广义来看，我们的公司增长可以从两个方面来理解。
The first one is our net new asset growth and we continue to think that 5% to 7% is the right assumption over the long term with 3% to 5% of it coming from existing clients and 1% to 2% of it coming from new-to-firm clients just as we've done consistently historically. The second and important part of our growth, and I think people ought to think about this as analysts in terms of driving our future value is that there's a lot more we can do for our clients. And there's a lot more they want us to do for them. There is a bull market for convenience in our country. Our 45 million client accounts would love to handle more of their financial life here at Schwab. And they already bring a lot of it to us already across banking and lending and wealth and investing and trading.
首先是净新增资产的增长。我们认为长期来看5%至7%是合理的区间预期，其中约3%至5%来自现有客户的追加资产，1%至2%来自新客户的资金注入，这与我们过去的增长结构是一致的。第二个重要增长来源——我认为分析师们在评估我们未来价值时也应关注的方面——是我们还有很多可以为客户做的事情，而客户也希望我们能为他们提供更多服务。当前，美国存在一场“便利性牛市”，我们的4,500万个客户账户希望能在Schwab集中处理更多财务事务。他们已经在银行、贷款、财富管理、投资和交易等方面与我们开展了大量合作。
But we are seeing them do more with us in wealth, where we saw our managed investing flows increase 37% on top of what was an all-time record last year. Our loan originations and our pledged asset lines are up 100% year-over-year. So we've made conscious efforts to do more for our clients to diversify our revenue at the same time. And we've made those investments in the past few years, and they are really paying off. So I feel terrific about our growth picture as a company.
我们看到客户在财富管理方面与我们的合作在不断加深。例如，我们的托管投资净流入在去年的历史新高基础上同比又增长了37%；我们的贷款发放和质押资产贷款规模也同比增长了100%。这些都源于我们过去几年为客户提供更多服务、同时实现收入多元化所做的有意识投入，如今这些投入正在带来实际回报。因此，我对公司整体的增长前景感到非常乐观。
Operator
Our next question comes from Alexander Blostein with Goldman Sachs.
下一位提问者是来自高盛的 Alexander Blostein。
Alexander Blostein
Question for you guys around profitability, really impressive margin in the quarter north of 50%, and I understand that obviously, there's some one-off events, perhaps that could have benefited given the robust trading backdrop. But when you zoom out a bit, you talked about AI efficiencies. You talked about ways to further monetize the asset base. Obviously, NII trajectory is really accelerating here as well. So as you think about the margins of the business over time and where they could go off of this number, balancing with obviously reinvestment back in the business. How are you thinking about that? What do you think is the ultimate profitability destination for the firm?
我想请教一下你们对盈利能力的看法。本季度的利润率非常亮眼，超过了50%。我理解在强劲的交易环境下，可能有一些一次性因素带来了帮助。但从更宏观的角度来看，你们也谈到了人工智能带来的效率提升，以及进一步变现资产负债表的方式，显然净利息收入的增长势头也在加快。所以在你们思考长期利润率水平以及未来走向时，如何在保持这种水平的同时兼顾对业务的再投资？你们认为公司的最终盈利能力目标会是怎样的水平？
Michael Verdeschi
Yes. Thank you for the question. So when we think about this, yes, obviously, we're happy with that expansion of margin being driven by the top line, very strong revenue growth. And in our scenario, we're still expecting that for the back half. When you think about our strategy, our strategy is growth and bringing new clients to the firm, evolving our suite of capabilities for them to meet their evolving needs. And that, the more we do for clients that relates to a series of activities that we're engaged in, and output of that is revenue diversification. And the way then you pair that with the way we're managing expenses, we're investing in growth, we're investing in scale and efficiency as well that's enabling us to expand margin rather nicely.
谢谢你的提问。我们当然对利润率的扩张感到满意，这主要得益于强劲的营收增长。在我们的情境设定中，我们预计这种态势将在下半年继续延续。从战略角度看，我们的目标是推动增长、吸引新客户，并不断升级产品和服务，以满足客户不断变化的需求。我们为客户做得越多，相关业务活动越广泛，就能实现更强的收入多元化。而这与我们的成本管理方式相辅相成：我们持续在增长领域进行投入，同时也在规模化与效率提升方面加大投资，这使我们能够实现利润率的稳步扩大。
But that expense management objective, again, is that balanced approach where we will opportunistically continue to invest in those capabilities where we see that opportunity. So I think a natural outcome of that approach is that expansion. Of course, as you point out, too, the environment is going to be a key factor in that as well. But we feel good about the balanced approach where we're maintaining investments, both in growth but also the ability to invest in that scale and efficiency as well to sustain margin.
当然，在成本管理方面，我们始终坚持一种平衡策略：在看到有利机会时，我们会有策略地继续投入相关能力。因此，我们认为利润率的持续扩张是这种做法的自然结果。当然，如你所说，外部环境也将是其中的重要影响因素。但我们对当前的平衡模式感到乐观——在继续投资于增长的同时，我们也能够在规模化与效率方面持续投入，从而支撑利润率的可持续性。
Operator
Our next question comes from Kyle Voigt with KBW.
下一位提问者是来自KBW的Kyle Voigt。
Kyle Kenneth Voigt
So Mike, in your prepared remarks, you flagged newer hedging programs you've set up over the last few quarters to manage your interest rate exposure. Obviously, PALs and margin balances have continued to grow strongly, and still a significant portion of your assets on balance sheet and increasingly in the BDA are tied to the short end of the curve. I'm just curious if you could outline the recent steps you've taken on the hedging program to manage that short-end rate exposure and whether you think there's incrementally more that could be done with derivatives and the hedging program over the coming quarters to further reduce some of that earnings exposure to the short end as we're approaching cuts in the forward curve?
Mike，你在发言中提到你们过去几个季度建立了新的对冲计划，用来管理利率风险。显然，你们的PAL（Pledged Asset Lines）和保证金余额增长势头强劲，而且资产负债表上相当大一部分资产，尤其是BDA（Bank Deposit Account），仍然与利率曲线的短端挂钩。我想了解一下你们近期在对冲计划上采取了哪些具体步骤来管理这类短端利率风险？此外，随着市场预期利率即将下降，你是否认为未来几个季度还有进一步通过衍生品或对冲工具降低这部分盈利风险的空间？
Richard Andrew Wurster
Thanks for the question. And yes, we've -- when we look at the interest rate risk profile, we think about that holistically. And again, the multiple tools that we have to manage that interest rate risk position. Of course, part of that is managed through the investment portfolio where we're maintaining a range of duration of 2 to 4 years. But the interest rate swap program is a nice complement to that, to ensure we have multiple tools to manage that interest rate risk profile.
谢谢你的问题。是的，当我们审视利率风险状况时，我们采取的是一种整体性的方法。我们拥有多种工具来管理这方面的风险。首先，我们通过投资组合进行管理，目前我们维持2至4年期的久期范围。但除此之外，利率互换（interest rate swap）计划是一个很好的补充手段，确保我们具备多样化的工具来应对利率风险。
And as we've been deploying these programs, we've done so in a way that build some protection for earnings in that lower rate scenario. And so we've done it in two ways. Either you're looking at your fixed rate liabilities and converting those to float such that you get the benefit when rates reset lower or you're looking at some of those floating rate lending activities and converting them to fix such that you get that fixed coupon even in that lower interest rate environment. So we've taken off roughly 1/3 of that interest rate risk profile in that downward rate environment. And so we will continue to evolve those hedging programs and capabilities to make sure we just continue to build flexibility for ourselves. But we feel like we put ourselves in a good position.
我们在部署这些对冲计划时，目标是在利率下降的环境中为公司盈利提供一定程度的保护。我们采用了两种方式：一种是将固定利率的负债转换为浮动利率，这样当利率下调时，我们可以受益；另一种是将一部分浮动利率的放贷活动转换为固定利率，从而即便在低利率环境下也能锁定收益。通过这些操作，我们已经对下行利率情境下的大约三分之一的利率风险敞口实现了对冲。我们将继续发展这些对冲策略和能力，以便持续增强自身的灵活性。但目前我们对自己的风险管理状况感到很满意。
Operator
Next question comes from Michael Cyprys with Morgan Stanley.
下一位提问者是来自摩根士丹利的Michael Cyprys。
Michael J. Cyprys
I was just hoping to circle back on digital assets. I was hoping you can elaborate a little bit on your strategy and digital, how you see Schwab evolving over the next couple of years? You mentioned potential for Bitcoin and Ether spot trading. But what about staking noncustodial wallets and otherwise? How are you thinking about also partnering with others? Or would you envision custodying this all yourself on the Schwab platform like you do for other asset classes? And just also more curious broadly around tokenization and how you see the potential to -- for that to accelerate growth, maybe even overseas.
我想回到有关数字资产的话题上。能否请你详细谈谈你们的数字资产战略？你们是如何看待未来几年Schwab在这方面的发展？你刚才提到了可能会提供比特币和以太坊的现货交易服务。但除此之外，比如质押（staking）、非托管钱包等呢？你们是否考虑与第三方合作，还是像对待其他资产类别一样，计划将这一切都在Schwab平台上自行托管？此外，我也很好奇你们如何看待资产代币化（tokenization）带来的增长潜力，是否甚至可能推动你们在海外市场扩张？
Richard Andrew Wurster
Thanks, Michael. A lot in that question. I'll try to get to all of it, but I appreciate you asking. First, as it relates to crypto, we're going to start with Bitcoin and Ether. And the reason we're doing that is we think about coins in three buckets. There's Bitcoin when I tried to put in its own category, which has sort of been established as the crypto that for people that are engaged in crypto and that they trust and believe in and then they put their sort of full faith behind. So I think that's an important one.
谢谢你，Michael。你提出了很多很好的问题，我尽量一一回答。首先关于加密货币，我们的起点是比特币和以太坊。我们之所以从这两个开始，是因为我们将加密货币大致划分为三类：第一类是比特币，我认为它可以被单独归为一个类别，它已被广泛认可为最具可信度的加密资产，对于真正参与加密市场的人来说，他们愿意把全部信任放在比特币上。因此我们认为它非常重要。
I think there's a second category of cryptocurrencies that are built around the blockchains and being native to the blockchain. And so if you want to transact on that blockchain, you need to -- you need that cryptocurrency. And I think those cryptocurrencies could be valuable.
第二类是围绕区块链构建的加密货币，它们是该区块链的原生代币。如果你想在这个区块链上进行交易，你就必须持有相应的代币。我认为这类代币具有一定的价值。
Then there's a third set of currencies that I would consider to be more the meme oriented like the Dogecoin, which I think was started as a joke to some extent, but I know a lot of people have bought. We're going to focus our efforts on those first two categories.
第三类是更偏向于“梗币”的加密货币，比如Dogecoin。我认为Dogecoin起初带有一定的玩笑性质，但确实有很多人参与购买。我们会把主要精力集中在前两类代币上。
Within those categories, you asked about stable coins. Stable coins are likely to play a role in transacting on blockchains. And that's something that we do want to be able to offer. We will have a stable coin at some point. We want to get Bitcoin and Ethereum out first, but stable coins will come next.
在这两个类别中，你也提到了稳定币（stable coins）。稳定币未来很可能在区块链交易中发挥重要作用，这是我们希望能够提供的服务之一。我们未来某个时候会推出稳定币，但目前的优先事项是先上线比特币和以太坊，稳定币将是下一步。
You asked about whether we're going to partner on that or how we're going to do it. We're looking at multiple ways. We have had conversations with the large banks and around consortium of efforts to handle stable coin or deliver stable coin to the market, and at the same time, we are also exploring our own avenues, and we'll make a decision that we think is best for our clients.
你问我们是否会在这方面与其他机构合作，或者我们会怎么做。我们目前正在探索多种路径。我们已经与几家大型银行以及围绕稳定币的联盟项目进行了讨论，研究如何将稳定币推向市场。同时，我们也在探索自主推出的可能性，并最终会根据什么最有利于客户来做出决定。
On the tokenization front, it will be interesting to see how that plays out and in which asset classes it becomes more mainstream. I think for public equities, we've got to ask ourselves what the problem is being solved? And what are the externalities that come with tokenization? And I think if you look at maybe the problems you could argue that are being solved or the new features, you get 24/7 trading arguably is a feature of tokenization.
在资产代币化方面，未来的发展路径和它在哪些资产类别中成为主流将非常值得关注。我认为对于公开交易的股票来说，我们首先要问：代币化究竟解决了什么问题？它带来了哪些外部影响？如果硬要说它带来了什么新特性的话，可能是可以实现全天候（24/7）交易，这是代币化的一大卖点。
Well, we've gone to 24/5 and we see less than 1% of the trades on our platform being done outside of market hours. So I'm not sure that's a huge leap forward for investors, nor am I sure that we couldn't go to 24/7 via traditional trading pass. And there are some externalities that come with tokenization. Number one, our traditional markets have built up the safest, most transparent, most liquid and deepest markets in the world that execute most efficiently. And I think tokenizing public equities, at the moment, I'm not sure you have access to all of those things. You don't have to publish where trades are being executed like we do. You don't have to have the deal with the know your client and anti-money laundering rules that prevents nefarious actors from money laundering, money through systems. So there's all kinds of things that externalities around tokenization. And so we'll see how much this picks up and how the regulatory environment plays out.
事实上，我们的平台已经支持24/5交易，但我们看到在非交易时段进行的交易量不到总量的1%。所以我不确定24/7交易是否真的是投资者所需的巨大飞跃。我也不确定，我们是否无法通过传统渠道实现全天候交易。至于代币化所带来的外部性，首先要说的是，传统金融市场已经建立了世界上最安全、最透明、流动性最强、执行效率最高的市场体系。而一旦将公开股票进行代币化，目前来看，可能并不能享有这些优势。比如，代币化交易没有像我们一样公开披露交易执行场所，也不需要遵守“了解你的客户”（KYC）以及反洗钱（AML）等规定，而这些制度正是阻止不法分子洗钱的关键。因此，代币化带来了各种外部影响。我们要观察这种模式是否会大规模普及，以及监管环境如何演变。
Clearly, if clients want to transact via the blockchain and via tokenization, we're going to be there, and we're going to be the institution that people trust to do it. So we're not sitting here twiddling our thumbs as it relates to tokenization. If that's the way markets go, we're going to be there, but we want to make sure that the whole market goes there in a thoughtful way because for 50 years at Schwab, we have been a leader in innovation, where we've always done it from a standpoint of what's right for clients, and let's do it alongside regulators in a way that creates transparency, low-cost effective markets. And thankfully, we enjoy those today. And any new innovation we'd want to expand on that, not bring us backwards.
毫无疑问，如果客户未来确实希望通过区块链和资产代币化来进行交易，我们一定会参与进来，而且我们将是他们最信任的机构之一。所以我们并不是对代币化袖手旁观。如果市场最终走向这条道路，我们一定会跟上。但我们也希望市场整体是在经过深思熟虑之后走向这条路。因为在过去50年里，Schwab一直是行业创新的引领者，而我们的出发点始终是：什么对客户最有利。我们会与监管机构密切配合，以打造更加透明、低成本、高效率的市场体系。我们目前在这些方面已经做得很好，而任何新的创新，我们希望是在这个基础上的延伸，而不是带我们倒退。
Operator
Our next question comes from Devin Ryan with Citizens.
下一位提问来自Citizens银行的Devin Ryan。
Devin Patrick Ryan
I want to follow up on the balance sheet conversation, just kind of broader capital optimization. And just going back last year, you all brought up kind of longer-term plans to deemphasize the balance sheet a bit over time, just increasingly sweeping customer cash off balance sheet and to obviously lower the capital intensity, but you protect economics. And so I'm just curious whether that's still the plan, and the timing just after replacing short-term funding? Or how we should think about that and just the considerations there as you optimize between earnings and capital intensity.
我想就资产负债表问题进一步提问，特别是从更广义的资本优化角度出发。回顾去年，你们曾提到一个长期计划，即逐步降低对资产负债表的依赖，把更多客户现金转移至表外，以降低资本密集度，同时保护盈利能力。所以我想了解这个计划是否仍然存在？是在替换短期融资之后才实施吗？或者我们应该如何看待这项战略，以及在盈利能力和资本密集度之间优化配置时你们考虑的因素？
Richard Andrew Wurster
We take a step back again, as we said before, our focus is growth, bringing new clients to the firm, evolving our suite of services for those clients. And when we think about the bank as a platform, that is an important platform to help us to achieve that strategy and support the ongoing clients' needs. So when we think about the balance sheet over time, of course, we're going to make that available to our clients and meet their borrowing needs. At the same time, there will be components of that balance sheet, which we've talked about is the reduction of the supplemental borrowings, but over time, what we've talked about is having the capability of moving some of those monies off balance sheet as a capability.
我们再退一步看，正如我们之前说过的，我们的核心关注点是增长——吸引新客户，并不断完善我们为客户提供的服务组合。从这个角度看，银行业务平台是一个关键平台，它帮助我们实现上述战略并持续满足客户的需求。因此，从长期来看，在资产负债表方面，我们当然会确保其能够为客户服务，满足其借贷需求。同时，我们也会有意识地减少部分资产负债表项目，比如我们提到过的减少补充性借款；但从更长期来看，我们的目标是具备将部分资金迁移至表外的能力。
Again, the strategy of the firm is growth, but if you find yourself in a situation where you have some excess cash and you might want to deploy that off balance sheet, that's more a capability that we want to have. We had, of course, with the deposit program with TD. But it's important that we think about that in a way that, one, focuses on the client impact might we want to offer more FCIC insurance, but also thinking about the economics. And of course, cash on balance sheet is quite accretive. So it's really in those rare times where perhaps rates are extremely low. And therefore, when you think about use of the balance sheet, it's perhaps not economical. But I think about that off-balance sheet activity as more a tactical capability, not really a primary driver of our strategy, which is growth.
再次强调，我们公司的战略核心仍然是增长。但如果在某些时期出现现金过剩的情况，我们希望拥有将这部分资金部署到表外的能力。我们过去就通过与TD的存款项目具备了这样的能力。不过，在考虑这类安排时，我们要从多个角度出发：一是客户影响，例如是否能为客户提供更高的FDIC保险覆盖；二是经济性问题。当然，在资产负债表上持有现金通常是收益可观的。因此，只有在极端低利率的情况下，使用资产负债表可能变得不具经济效益。总体而言，我认为表外活动更多是我们希望具备的一项战术能力，而非我们增长战略的主要推动力。
不如直接剔除银行业务，小的改动可能没什么用。
Jeff Edwards
Okay. Operator, I think we have time for one final question.
好的，接线员，我想我们还有时间回答最后一个问题。
Operator
And our last question comes from Ben Budish with Barclays.
最后一个问题来自Barclays的Ben Budish。
Benjamin Elliot Budish
I wanted to follow up some earlier comments on progress made with Ameritrade. I think I mentioned that the NNA growth is up over 100% year-over-year. Curious what the absolute number looks like relative to legacy Schwab blue, and also curious if you could maybe unpack some of the cross-sell comments you've made, where are you seeing particular levels of product adoption? Could it be things like bank loans where we've seen a really meaningful pickup or anywhere else in particular that you're seeing strong resonance with that client base?
我想就你们早些时候提到的Ameritrade整合进展做进一步追问。我记得你们提到来自Ameritrade客户的净新增资产同比增长超过100%。我很好奇这个绝对值和原有Schwab Blue客户相比大概处于什么水平？同时，能否请你具体谈谈你们提到的交叉销售方面的进展？在哪些产品领域你们看到特别高的客户采纳率？比如银行贷款等领域，我们已经观察到显著的增长——你们是否在这些或其他方面看到了客户群体的强烈反响？
Richard Andrew Wurster
Sure. On Ameritrade, I don't believe we share that number, but it's -- our Schwab legacy blue are still the dominant part of our retail NNA. But Ameritrade is becoming a bigger contributor and growing nicely. If you go back over the past few years, I think we did the largest, I think, most consequential integration in the history of our industry -- and we went from a period of losing assets with Ameritrade clients to pretty stable last year and now we're seeing growth and expect that will accelerate over time and become an even more meaningful part of our NNA. As it relates to cross sales or cross-sells, I think, a bit more as doing more to help our clients across their financial lives. And where we're seeing it is in our wealth business, where there is a bull market for advice, more and more of our clients are wanting someone to essentially take over their financial life or at a minimum, sit by their side and help guide them through their financial life.
关于Ameritrade，我们并未披露该客户群体净新增资产的具体数值，但可以说，Schwab传统Blue客户仍是我们零售NNA的主要来源。不过，来自Ameritrade的贡献在持续增加，增长势头良好。回顾过去几年，我认为我们完成了整个行业历史上规模最大、影响最深远的一次整合。从最初Ameritrade客户出现资产流失，到去年基本稳定，再到现在实现增长，我们预计这种增长趋势将会持续，并在未来成为我们NNA中更有意义的一部分。至于你提到的交叉销售，我更倾向于称其为“帮助客户实现全面的财务目标”。我们看到的一个关键领域是财富管理业务，这一领域可以说正处于一个“建议牛市”，越来越多的客户希望有人能全面管理他们的财务生活，或者至少在他们身边给予专业指导。
And we're playing a bigger role there. We saw impressive growth in our overall wealth flows and in our proprietary Schwab Wealth Advisory business. And the same thing is true on the lending side. Mike talked about how our earnings have been accelerated by the pay down of supplemental borrowing on the liability side, and there's still more earnings growth from the pay down on the liability side of our balance sheet. But the next wave of earnings growth after that is going to be more of an asset side story, both bonds maturing and being able to invest at higher rates and also the growth of our lending. And we're seeing that.
我们在这方面正发挥越来越大的作用，我们的整体财富管理资金流入实现了显著增长，自有的Schwab Wealth Advisory业务也表现强劲。贷款业务同样如此。Mike提到我们的利润增长受益于负债端补充性融资的偿还，这方面仍有进一步增长的空间。而接下来的利润增长将更多来自资产端——包括债券到期后以更高利率再投资的机会，以及贷款业务的扩张。我们已经在这方面看到明显成效。
Our PAL pledged asset line originations are up more than 100%. And I think that is a testament to the investment we made 3 or 4 years ago to make it a digital, more straightforward seamless process. It used to take 30 days to get a pledged asset line. Now it takes a day. And we've had clients that called us up at the beginning of house tour that they were doing. And by the end, they had money in their accounts. So it can be done even more quickly. So we're just investing in our capabilities, making them better and stronger and as we do more and more clients returning to us for that aspect of their financial life and we couldn't be happier to serve them and make a difference.
我们的PAL质押资产贷款发放量同比增长超过100%。这正是我们在3至4年前所进行的数字化投资的成果——我们让整个申请过程变得更简单、更快捷、更无缝。过去获得一笔质押资产贷款可能需要30天，现在只需一天。有的客户在开始看房时打电话给我们，到结束时他们账户里就已经到账了——有时甚至更快。我们持续投资于自身能力建设，不断提升服务水平，越来越多的客户选择在他们财务生活的这一方面回到我们这里，我们非常高兴能为他们提供服务并带来实质性的帮助。
And with that, why don't I close out the call. Thanks, everyone, for your questions, for your engagement this morning, we're grateful that you joined. I hope that you take away three things from today's call. Number one, we are growing on all fronts in our client metrics, in our solutions and in our financials. Number two, a consistent focus on clients and our disciplined approach has enabled us to deliver record financial results during this quarter. And number three, our competitive position has never been stronger, and our confidence has never been higher Thanks, everyone.
至此，我来结束本次电话会议。感谢大家今天上午的提问与参与，我们非常感激你们的到来。我希望你们从今天的电话会议中带走以下三点核心信息：第一，我们在客户指标、解决方案和财务业绩等各个方面都在实现增长；第二，我们始终坚持以客户为中心，采取有纪律的运营方式，这让我们在本季度交出创纪录的财务成绩；第三，我们的竞争地位从未如此强大，我们的信心也从未如此坚定。谢谢大家。
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