Ameriprise Financial (AMP) 26 Oct 232023 Q3 Earnings call transcript

Welcome to the Q3 2023 Earnings Call. My name is Chris, and I'll be your operator for today's call. [Operator Instructions] As a reminder, this conference is being recorded.

I will now turn the call over to Alicia Charity. Alicia, you may begin.

morning. good and you, Thank Welcome to Call. Quarter Financial's Third Earnings Ameriprise

Jim me and Financial On with are Officer. Cracchiolo, Chief the call Berman, today Chairman Walter CEO; and

Following your to their be take remarks, we'd questions. happy

materials that to on X, see you earnings statements. Turning discussion forward-looking are Slide of our a on our available website presentation

found non-GAAP hear numbers the provides company's the insight will various today's numbers their financial GAAP references, in of respective to during be on Specifically, you measures, and non-GAAP can into operations. the call, our which believe materials Reconciliation we website.

list on Some we cause and forward-looking call that performance. third that and a number looking, of in involve only statements forward be release. plans today's of factors reflecting operating expectations make These actual different from events to risks could be statements materially this future of can may speak XXXX earnings statements our found sample and risks as about be forward-looking quarter and and results management's date overall A uncertainties.

Our turn focus We to statements. operating page make forward-looking meaningful quarter. that Below the call no analysis. with by third top will Jim. results the XXXX publicly on enhances more the performance the comments XXXX third XX-K. of our underlying in believes the management our over you I'll these trend to revise core results. And on business, management by our shareholders We and to at update understanding or reflecting results of that, adjusted followed the excluding Slide of that, our annual a you'll the operating operations GAAP facilitates annual obligation today it Many our makes the completed X, of see operating financial our quarter. see adjusted for On and report results, unlocking, which unlocking

firm, for operating The in we're quarter our the perform call. and environment. Good a fluid uncertain strong continues high-quality thanks morning, business with advice external navigate afternoon, well Ameriprise pressures earnings. and reported Across and our Yesterday service. helping to clients joining third very solutions

our complementary continues in see our flexibility can the talented results, you of benefit from to and Ameriprise As our business team. and strength

landscape, rates see economic bit, longer. so a down we'll interest higher it's elevated, the while has likely for it Regarding inflation come remains

the to hold up in States rates. with United growth increased Economic even continues well

However, softer is United sentiment growth consumer in States and declining may the future. the we see in economic

quarter. is further been have Equity are many Additionally, but resilient causing same investors time, comfortable feel of year-over-year climate competitive and greater up cash the holding the yields markets products. in and cash At geopolitical volatility. down earning slightly were the in levels

and in also Our administration quarter. up XX% assets record under management and reached the operating delivered We results were $X.X trillion, strong. financials

Excluding strong, accrual, increase with up total an unlocking nicely, XX% earnings and XX%. to of were regulatory and up grew operating billion, considerably, net $X.X also XX% adjusted quite up EPS a revenue

Additionally, an our few return industry year XX.X% our on basis. on XX% ROE ongoing was achieved Very ago. firms a equity XX% compared nearly a to in

businesses generate complementary strong results. Our financial consistently

wealth with start Let's management.

engaged and value current for them. relationships clients focused highly deepening are ensuring the advice Advisers Our on built are with is environment. proposition

Importantly, $X.X of client net stars. billion increased out in excellent appreciation. $XXX at Total to X.X X assets client with satisfaction XX% an good flows billion of market remains client

investors know and to as move our from need more we base. continue client grow attract And research clients guidance. industry We new up market more we that

have investors to still and fact, expenses the formal in households, and don't assets, a manage marketplace retirement. many fluent In the among plan income

lower uncertainty. of $X.X wrap our a to the hold to our a higher their in Therefore, with into in As with attain highest percentage we to advisers continue highlighted see level continue the clients quarter. able for market short-term assets yields billion cash previously, of they're we moving the

and other wrap expect we that settle, As markets solutions. will redeployed into money be ultimately

Our the firm. the business banking at reentry time into is beneficial and back the for right came very

billion. to that rates. bank XX% are and the rates company Fed substantially does sustainable to With when increase level, to revenues the in start to up continued certificate Assets at interest cut a spread able this gain $XX meaningful we're

We will the nice in they're additional launching XX%. will also saw year, in a at that be banking bank new And holding that a slowdown cash overall, last after up activity transactional client we products increase over bring other of institutions. a bit

enhance grow This drive their adviser to growth practice to We're a using we management, deepen business deliver and know, includes an practice you and efficiently, exceptional client put client identify analytics dashboard relationships. for in more great their and advisers' to advanced better to continue invest capabilities As prepare high an experience. to meetings even complete and hands to experience. opportunities satisfaction deliver client

In in the advertising the market our brand Ameriprise and quarter, with social we successful back digital TV, across channels. were

productivity of even high new client We XX% more to increased engaging, Ameriprise the unique also an a with working website $XXX,XXX adviser redesigned in quarter. Adviser to be our benefits the another Adviser. of per highlighting

Our growth consistently are the industry. in the adviser among retention and both best

productive activity through rest quarter of brought had a the nice saw but levels of begin XX a a in pickup to to year. return the more normal bit as advisers. believe Regarding we and we'll seasonal the experienced we another recruiting, that September in We move we slowdown of

support consecutive Customer Index. has fifth Ameriprise for service recognized Power financial X customer XXXX an customer We of is and level is Foresters Ameriprise the recently firms highest service. scores a among and the that Trust for index of for trust advisers. for being providing outstanding U.S. trust And recognized both customer high We differentiator. year, important J.D. services for experience phone Our learned reputation received

and recognition of the testament expertise received are a dedication we the external and awards on to over team. build the have These our years

Management strong more than Finally, in growth continues XX%. profitability, XX% adjusted of terms Wealth of margin operating at and pretax generate earnings to

that serve Retirement we business, generate returns. variable move focused our areas our and focused that of We're and clients' part and disability sales are risk-adjusted wealth In universal let's which comprehensive in solutions is on offering. needs Now to life Protection targeted life our with products good driving for higher-margin results good roll sales that's and modeling, we also management underwriting our majority appropriate increasing more sales automated efficiencies Life accumulation from accelerated initial nicely, the We're of XX%, and VUL up fully. positive seeing highly out it products. further will as environment. in this health drive were

the recognized several In up industry of continues structured advisers our ago. living our to with benefits, a product awards annuities year variable XX% was client helps Retirement for innovation sales good create annuities, our interactive without with interest. Combined tool In attract use. which RiverSource presentations were ease variable quarter, from and customized

to portfolio. in our yield we're investment rates, high-quality in increase garner the able improved With

adjusted more pretax unlocking, earnings million. Excluding $XXX operating than were

Our in X RPS of the business has most profitable been industry. highlighted as the

Asset turn Let's Management. to

under $XXX billion, management time, a it in As both you the saw assets space challenging up in asset management remains active in particular. were X%, and quarter, the

are consistent the put gross know, as retail, weaker. hesitant a people still largely with to were In money work, so we industry. flows Our to sales were bit

LDI have earning in Institutional redemptions partners. a excluding were mandates ago. mandates rates year and for are ago. though we down flows were U.S. insurance to active flows, overall improved of in can we areas, robust net our lumpy, in total quarter the Europe, year compared with And flows We're from managers a be a in flow in number but a legacy have the However, our in bit line improved a disciplines compete in. product

the investment have the long-term a and above global XX% allocation in our aspects asset-weighted short- in period. equities, the the more were regard with fixed our and the funds EMEA short-term of will and Also to X- the X-year positive quarter, In management we income a about income. fixed pickup garner than completed is of to performance, And integration, ability and we and transition XX% of median periods across for to strong in X performance our help nice This asset the system. now XX-year the our for order future. largest flows

that, With large completed of the now activities. have integration we all

we good tough continue We to are and focused in now model global margins our adjusting so can expenses generate a climate. on operating

down and exchange. Management, Asset margin X% XX% For range. foreign operating for adjusted G&A was above targeted was our adjusted

continue also and the rest XXXX. have into to year operating expenses efficiencies more more action the taken leverage across We we're reduce and business manage this of for to and looking to tightly fully expenses

I'd like set in stage total center back to firm. to come the now

businesses continue over results us financial give the years. strong the deliver very generate Our and ability to complementary clients to for our

Our capital strength flexibility remain and excellent.

of capital approximately shareholders the XX%. to is in ROE have industry returns with Our financial we and return among the strong consistently the best-in-class our including years, highest over generated

economic focused with sustain benefit the the entire Ameriprise the the and the move prepare higher through the time, still. across us opportunity allows very rates. for standing environment we of if not the including further examining growth on at to We're well, is which firm areas complementary bank, of same situated from slows XXXX. and expense into We're to base as we're addition

totality business it's back the In of of complementary provides to benefits that this results. to excellent consistently us that team closing, achieve enables our it and our level the

elaborate financials. Walter? our will Walter Now on

Thank you.

cycle. fee-based this results financial Growth model, across revenues, unlocking with and adjusted drove trend which the quarter our demonstrate expense market strong results spread-based of sustainable to EPS, regulatory continue in disciplined a strong with and said, of $X.XX. Jim XX% and accrual coupled to business and is excellent As our leverage continuation excluding diversified this up management

flows trillion and the up XX%, the quarter appreciation. opportunity Across market we under to the $X.X client AUM/A Assets benefit revenue continue tightly segment. management manage and strong ended each firm, from within relative to administration expenses at

on investments to our in macro we While manage the the uncertainty other the we in approach given growth environment. initiatives, continue margins disciplined management, wealth expenses to make bank discretionary and across particularly are businesses a taking in

well up managed in quarter, expenses were X%. the G&A

volumes grew and accrual X% the higher investments. Excluding business Administrative growth regulatory General from expense and

expenses G&A year. the Our for on our with expectations remain track

Our and a XX.X%, record excluding reached of Balance consolidated unlocking remain strong. regulatory sheet high margin fundamentals accruals.

return continuation and track and capital positioned, operating have us strong well liquidity million capital of we is of $XXX differentiated of portfolio shareholders, our to to strong unlocking record. allowed of our Our This earnings, return positions. a a excluding XX% and

earnings average from was cumulative X. markets equity benefit Turning up inflows Revenue to and of Slide XX%. growth higher at the with strong net client XX% interest

higher operating expenses. Excluding regulatory client increased accrual, pretax well-managed XX% unlocking and from with from strong earnings earnings and interest the year, meaningful flows benefits last

billion and Management XX% equity higher to Clients have from than inflows the markets. seen driven the flows defensively $XXX billion historically. $X wrap Wealth into quarter advisers. lower beginning this clients year, turn had coming net firm, the Management assets on with existing experience relationships flows, over client by Wealth billion joining organic performance, of positioned increased remain to with level we strong past of in client the and $XX along segment Slide new We've a growth of with Let's individual X. with deepening

to productivity clients a the reached preferences as and spread Our advisers the prior the system. money per XX% markets Revenue and while pivot quarter, stays client up and higher flexible the revenue, from broader enhanced in year within growth. model and business offerings allow shift, from adviser $XXX,XXX

Turning to to on client like levels. Slide provide an X. update I'd cash

continue a money we quarter redeployment into creates money opportunity in as for put Our cash for CDs platform. total at $XX.X and launching is high our to work well back to reached and a wrap market normalized as accounts. client significant markets our cash certificates. see billion on funds brokered Cash new our sweep clients balances This products as working to as this new into money flowing

and third been of some an billion ago Since and $X.X a the certificate sweep have important While at remains year August, cash component the allocation. with there cash down seasonality cash Cash ended balance the end $XX.X flat. levels, down essentially of billion, levels sequentially. billion $X.X from quarter client's asset is

of seen of under cash XX% going strong. Our important This accounts. The cash and sweep $X,XXX will an we forward. cash per very average benefit size limited out is be and of from in source has financial the have now and sustainable movement an account earnings accounts aggregate of these remains $XXX,XXX,

portfolios manage to continue investment We prudently. our

the X.X%. is investments on the Our rising second yield bank in quarter the is on money X.X% portfolio with portfolio the AAA overall yield The X.X-year of in rated new and duration. a with investments

company X%, portfolio the Slide X% with financial reflecting portfolio results average in expenses benefit certificate regulatory accrual higher of governments purchases cash, at increased in X%. Adjusted the with and now the quarter margin we up interest X.X%, expenses the rates net certificate is XX% XX.X%, inflows. The It strong growth, portfolio strong in regulatory half in increased wealth new Our was pretax with distribution excluding higher AA rated management. a the operating agencies. very yielding strong continued delivered On highly operating client excluding organic is Profitability, duration. asset quarter the with of X-year at accrual. X, and the extremely balances. is In over with on liquid total,

X%, reflecting G&A accrual, higher regulatory and volume-related the which Excluding for grew activity. expectations, line with growth was investments only in

expect to November, G&A range. XXX which to in continue growth partnership in advisers the We close XXXX We AWX remain mid-single-digit $XX the on be will client and program full Comerica billion approximately of bring to track year assets. investment

to were and are very the offset by Financial markets AUM Let's quarter, managing outflows. that to net we results turn and Management Asset equity higher increased translation, a primarily Slide the in from exchange through X% business XX. industry. on is impacting partially the foreign Total well challenging $XXX billion, environment strong

XX, area X management seeing income investor risk-off critical a of more higher strategies. are Like focus, the fees of timing-related strong, performance impact management, and we managers, numbers. On favorable asset Overall, of net performance very expense outflows. quarter, equity had including disciplined year performance improvement we Asset XX% volatility like was increased $XXX fixed the fixed remains of The the million $X active the result and experienced been quarter. long-term cumulative which other management, has in others, in from improvement, items, offset in than market appreciation, quarter. million another earnings global a outflows to pressure we in Slide and margin sentiment. Investment in in and market as was income

to expenses with can we we million. continue decreasing well managed, manage X% Importantly, $X areas control. Expenses Total remain declined G&A the

G&A reflecting benefits X%, early the was management initiatives. impact exchange down foreign from expense translation, excluding from However,

very given globally to As are Jim look across focused further the said, a environment, the taking we business expenses. reduce

free from Pretax we from the $XXX Slide X% earnings, last the as year. were primarily reflecting unlocking, year, a quality continues turn the flow the Let's higher up and operating of XX. Solutions Protection to portfolio quarter, Retirement adjusted the the earnings repositioning generation, and yields cash high deliver business. to of result good million, excluding prior In investment executed

in with continue assumptions of expectation structured in quarter primarily annuities. XX% the unfavorable higher-margin $XXX the related variable updates in view our protection We normalized primarily annual for Retirement & majority Overall, pretax million, products. the sales to $XXX of impact up reasonable for completed grew to in improved to of We with to as Protection annual $X.X resulting earnings assumption persistency actuarial a business. in annuity quarter, million this an $XX to VUL million, Solutions billion, the XX% annuities. sales sales Variable variable update

running Our long-term care as business continues to perform very well. The clients business is off gradually age.

very with well experience claims perform line expectations. Our to and remain our continues in

with [ success strategies our have and Additionally, reduction our expectations. ] exceeded both increases benefit rate

this You this the additional see can of block of in appendix presentation. detail

on balance the to move let's sheet Now XX. Slide

below rating XX%. than total, and Our our well remained is strong strong, high-quality credit at and portfolio diversified balance sheet In portfolio investment positioned. remain remains very portfolio with the average effectiveness less of the AA VA of investment-grade hedge fundamentals the securities. X%

significant differentiated from across of flow This shareholders. segments. contributions level supports and all business return stable the benefits XX% model business to diversified consistent and cash capital Our free

$XXX $X.X and still the excess capital we of returned take questions. billion that, available liquidity. With shareholders holding quarter, quarter ended company million the with $X.X During we'll of to your billion and

[Operator Instructions] is Steven our Wolfe first with question Research. Chubak from

So a with on wanted organic start X-part growth wealth. within to question

some frankly, as did you of quarter solid another had but pace and of slightly for moderate well. peers wealth flows, the You your

new any was speak of Just to confidence the challenging within hoping flow onboarding then operating share in sustaining for first with that could growth can the channel? given on level mandates or your backlog bank and second, I rate the color backdrop, outlook that you the mid-single-digit Comerica, you

the at the good still from very I'll start. bit When a about we to and rate flow perspective, we feel client a particularly client look flows more market, as in the ability bring upmarket. where Okay. approaching move we we're

would not you I depending some and blips the are are As you imagine, season. there in where mean, blips on

slowed a engaged a are line advisers a summer -- attracting as doing, of it the see we're trend what marketplace. activity on time they're But sustainable see in and people don't based as clients down. of We we how for the sort think and things how I that bit. more

client we still very to about rate. our the ability flow good feel So continue on

the want -- as mention far As Comerica to Comerica... you

target a in Comerica. November. with total closure Yes, have beginning on we very active And we're them for at of obviously, do stage. this the yes, pipeline

yes, So it's opportunity. that -- there's we feel

great. And on margins. That's for just the my follow-up Asset Management

whether by given of was I strength, resiliency you flexibility I pleasantly margin speak your some your to As and flow the expense hoping range additional surprised was of persist stay you the XX% business noted, and to XX%. headwinds the margins margin targeted that saw to those facing pressures, is we secular in the outlook there's within just if headwinds could quarter. defend the and

as level, which some saw, fee where type we're the adjustments very But been So tightening assets, assets positive. from just going expense on there. very first is institutional the an to perspective, beginning stable, it's you the have you're retail. Again, of and outlook based upon our always

et You a X% we've now environment we But around integrated And good for opportunity feel our now we where the cetera. saw BMO how reduction we a operating on fully expense the adjusted. FX operating us efficiency, tighten effectiveness we the onto look that at our improve at those we're there's global global how as processes, looking resources in acquisition platforms. are and located,

stages So hard not we're at end. a we're that, look very of and that the beginning taking at the

Blostein is question Alex Sachs. from with Goldman The next

like It to trends quarter. in in continue cash of the around Advice maybe first, sorting course the So over Management. Wealth stabilize the & sounds

end deposits. billion as $XX you So the guess, you that update in of September. much about a picking quick balances spoke leave billion $X you be function about relative reported to Does maybe off earlier? that the more think sweep I move room think a growth of the and that you stand some balance on point should really have or the the the that bank into up I yield sheet to importantly, the mix at just And to incremental just of where more you securities on this from of bank reinvestment of

Okay.

on the billion. as the it's I of ended we sweep. billion at quarter think $XX October, $XX is question And

from is have buffer do a so into that And totally certainly standpoint. stabilized bank. Yes, to move it the we

this to stage and ]. the have a just being at income move [ additional we cautious buffer were evaluating are certainly We we very as environment, do measured but

Great. zooming bit on around Any early little doing on asset management XXXX? tightly given relative in early a but managing And and G&A you're more XXXX to out G&A -- maybe likely firm also what do in comments your across you're stages firm. expenses the thoughts on growth of the to side, wide

So in What I in we're at of say to is G&A review the that works flat a meaning would now. up. Alex, would going not it's that best, it sense definitely be start

'XX 'XX a correct? that's , over And

Yes, you that merit [ and but we're being that and than of absorb got flat. looking things not all we're for ] remember, going higher be to occur, in it to other

is from of " Craig question name="Craig next The Siegenthaler with Bank America.

update retention prior lower. also rate. count I adviser new the was was was headcount run looking quarter. for was Franchise So And the front. the in below the XX recruiting an Financial on down recruit

XX head So expectation and I next wondering the count both over if an update us can months. was FA just recruiting for give you growth your

Yes.

started was bounce mentioned, to July towards third slower part a recruiting of but quarter, bit back in bit the a the So as quarter. latter it started we slower. the

franchisees, the mentioned business our in pipeline we of that quite I was is the things in probably turnover rate book in assistant that September. attrition. a mainly as people stays. financial think get bit other that rate. of then an The the their consistent highs you All and uptick The we back But still saw back And you -- bounce attrition bit which vacations saw that the channel is due little a and at to we'll retention advisers, really there to all-time again, is, is strong around higher. country. think

their assistance some make it's in they more of some as practices So changes.

change any in we where we So don't were. see

you client could ROEs and update plans Thanks, I look cash And your share the Jim. further. cash compared us And just wondering you to on space if balances, core business, on certificates then what your balances the -- what the if just like was to are grow on products. this

brand, asset have the about you et in to against and to there's I parties. some think also, hold probably value extending third helps It capital X% think I your CDs cetera. base expand

on when a a obviously the we me part But with take evaluate Yes. assessing associated elements certificates. capital we has question the first that. X% it, Let regulatory as Certificates item of in it. the

the that's So regulatory it. of portion

And that. feel and we the have to so certainly is there we with more very capital than that. And growth comfortable potential adequate, support enough cash

the And is that in So and it. we've certainly, growing, which been we been supporting it's then range on. operate

preferred -- to some other the other of in to in We're The if is full we well. I activities. and understood lending a second account cash said, cash of bring -- yes, external part product. mentioned looking checking opportunity then focused more going we're outside type more to clients the at as as a I you initially in put putting be products bring We're from more savings much correctly. a various very And place banking from thing that

advisers. to ability client will a we look assets to more attract help into So the also externally on bank in that more activities with board would bring for assets banking the for the establish more activity, the full-fledged total

add referring support thing have adequate was just is would to. only of that I The that that capital sort enough to that obviously, growth we than to [ more ] Jim

from The Suneet with question is Jefferies. Kamath next

that to get products. might some it that then go that of but you're sounds cash guess into bank piece happen products is, in grown question And thinking I Because I deployed? wrap, talked think $XX the third-party like of some substantially. your I third-party wanted to move order that has guess for to what it do you're of offering go that own to may to you newer that about the billion slide cash. needs these

will as maybe of give that you how forward here. a us just So move think we sense develop

Yes.

and I with larger over feel rates a that And last up. that the lot few depends So about volatility and think concerned, stocks that the Suneet, that's on tremendously the of really market quarters you saw number where people forward, going I question, right? right? So of market think it the were are -- right? how people if increased drove A

a continue Now pullback right? in, on I market up stabilize term lock see I if appreciation starts you it So that long than feel I spread. think the will solid on rise, that right, like see a footing, long where more think occurring, move people the if money and better, back. they and the they also short rates, get rather it's to term are think to start to as the to to you'll from deploy the

have don't crystal I a ball. So

go think little that percentage I that for the that I are. hold amount channel. will seeing environment that's But that our industry, And don't reason at the not that extra holding People of we're where across think cash the markets the bit we're in we back. and now. just feel cash a regarding right

market with So our take advisers -- ready investing the in of we're it. long the will now. to short -- to when term, term. just definitely look not do but They us it's good. advantage for the right deploy, It stays it's And

products banking mentioned And response earlier you on timing just to when you're other some that rolling in planning those you of question? can out an provide on some

the the year. that looking We're over course do of new to Yes.

the that activities And phase the looking right in. to looking at we're operating and we're looking climate So at that. for now, just

things a So we good the getting up running and full-fledged bank fashion. feel more about of in in

we it about. be go to periodic. alert you will it So We'll as

I in could more for expenses Makes sense. just on X And Walter. then if maybe sneak

I decline you asset you the When of of growth think segment we offset Wealth & little by Management the to bit level, relative 'XX. in management some assume in a So flat Advice in XXXX in just pieces terms a moving there? should said think about

CTI are and still at and to Obviously, reasonable that's margin Yes, managing on looking the the I prudently AWM, in to continue we but growth preserve expenses. think of take assumption. a advantage certainly opportunities focusing

mean, -- flat. in we're But at Suneet, this to good for okay? as don't I start mean, said, managed pretty pretty with about going I time. And look Yes. to number have tightly, to I the firm, be G&A across point So that I firm feel I

with next is The from Tom question Gallagher Evercore.

the on your currently a money of at Do First an $XX revenue that question, that billion deployed administration account. just client any all third-party be perspective earn upside on you into fee cash. if would follow-up wrap that from all or gets

It's marginal. opportunity the points, basis profitability provide it's I X us X would around its or bigger redeployment certainly say margin it's [indiscernible] but real but and is of the that -- will potential.

ongoing the to annuity let's to Walter. for consider like charge, when Got the there's had you. variable I question addition in strengthenings earnings the -- charge. an other The annuity anything companies accounting that on I that charge, see, under was been reserve new drag the know some other reserve variable have reserve taken

think was intact I $XXX still quarter million a the heard I you say on guide.

means probably if that not I just there. So impact any there's much, curious presume but

answer no, really. is probably the And not correct. You're much. It's

And TBD? charge -- a for the any there anything be Okay. same assumption a changes? on should And is Or similar XQ then basis -- that statutory still

I that's think TBD. still

And Care. like think you still most then wide? likely the this I it is Or really the transfer we that should risk considering updated consideration continuing about well a managed, your the too if here? shrink? spread disclosures, block is thought risk looks it risk Or own guess I could Term considering still bid-ask a I helpful. to is continues sneak saw final to continues was I in shrink, Long which one. to

have certainly over effectively. are we risk very we been Okay. managing years, that -- to the the So able demonstrate

well. So any quite risk bid-ask and balance the observations very the as that is you have would in consider of it. that have and about really because And performing indicated made a transfer it's portfolio to

yes, So somebody the along we shareholder comfortable interest, certainly that comes in was feel something very with retaining considered. is But it. best if

in improved than it's many last number sense. that performed better other affected positive things years, as the Over of a have that yet. has factored we some in pre-COVID of instances, expected And we the in

from The Brennan is next question UBS. Hawken with

balances cash becomes quarter-to-date period? trajectory I is does hindered period and Thanks could sort we here to the that a sounds all guess get you looking do color the for at encouraging. and where function more certainly how are balance that new grow it of think that Or when just intra-quarter of assets? could by growth get sweep a we on dynamics and back that to to remixing? And mean net we organic the still

So growth. can and truly organic that has as predict see, that, environments I average of obviously, yes, an because but stability as a can't opportunity. count, as XX% feel think. certainly, And good and we balances being substantial bring stabilized. now, have that sweep is it of $XXX,XXX. we portion things in that is compounds the in XX%, as we account said, new years close that the like of you I is certainly very growth, Right The And are under is to we X%,

working stable. very working. cash deployed. that's working and it's It's -- So capital

of growing. we anticipate here. variables we a certainly But yes, So grow, -- that again, lot as we there's

they and money [ a And active change the Mike possibly you deploy. Yes. in see that more I ] stuff being investing, back and there's markets when in start environment the keep and could balances held rate if CDs when to more come then is they sweep the in and in out again, stabilize, money mature think to the brokered and

our number pretty different We rate can't a again, low. that, but variables. that's So really sweep there's holding cash in of is predict

increase activity picks again. So if could up, think anything, we if that that

it. Got

maybe sheet, balance flatline been little period with the cash Are of slide a here think to but And we had in stability of sum whatnot, stability there's in that do or little all kind think where at growing course. NII maybe sweep, likewise, so which on about a of return and there's sheet can now when the some bit -- equal, a going both year-to-date. up has else a balances? off of quarterly that's that and lag rates, bit begin the you to to algorithm a we've we we balance

do. -- you of certainly as we There short is opportunity those feel other saying comfortable that And elements factors, yes with opportunity because up For have we the a there, we we grow coming point. see on do coming that and maturities Yes, mentioned. we to have in the duration reasons certainly, and on in that

next is Krueger Ryan question from KBW. with The

you First question higher much can was, next of give how that a sense potentially to year rates? assets reinvest will bank mature

You're where saying on buyback, we're...

Maturing reinvested. no. be bank would assets No, that

I I but -- I we'll area it's -- again the with $X on of you. it's believe believe, in that confirm again, billion, about

had X I through $XX of And now? as I view primarily into question on Okay. opportunity Or you're with that market money some do more cash. of the Do capture the to opportunity some billion just some guess bank the move rolling to you $XX the wrap? you capture there's third-party of the back then more think clients products billion that

cash on like the some of other go would like lines. combination that back like feel would a think I these based as probably have and the environment as those first more such I would it equities and along fixed do internal of to roll the out of wrap work to some yes, stuff market, income brokered said, out vehicles would I say, on that just solutions of the also CD other than Well, moving be, I alternative balance that rather into security the it and and a will would go Ameriprise. -- with in foremost as as we well products and

So would feel like like would opportunity probably wrap as into But we back I the the well. that business. be solutions larger do comfortable say moving about

conference. We time. today's for concludes you participating. further at Thank this have questions this And no

now may disconnect. You