everyone am And you, speak I call. to All glad Dan. right. Thank with on today’s
XXXX. during quarter I review fourth like to results, highlight progress our would Before I our
are within the to financial built provide over years, the we our full advisors, assets value year, institutions, in year platform the provide Reed. our of proposition proud we We at XXXX organic new accomplished our for industry-leading onboard invest and in position, through stronger in investments By financial XXXX to as advisors the with the our entered momentum, an BMO, what marketplace. two net serve last highest history. as work & driving our value. several for largest environment of framework to to long-term enter quarterly support Looking shareholder we clients and a levels the we continued the win Waddell their in leveraging an and in M&T commitment enhancing even we resulted as and our well to strength we and This volatile
look additional shareholder are platform, our drive in leveraging we growth continue our excited capacity scale business our us growing further long-term and value. to So to ahead, to which and as positions and invest we increased
by advisory Now XX% a assets and business to growth results. higher markets. percent to new fourth quarter continued high $XXX let’s billion, QX, turn driven from our increased equity of Total and organic brokerage up
growth, annualized Looking at $XX.X were total an new organic growth billion X.X% rate. net assets or
our brought and third retention, $XX.X twelve-month fourth a $XX.X to strong QX, year. assets billion. full improvement quarter. on of in the the At produce our are were of quarter two same from was we growth, a retention consecutive Moving last billion above total Recruited which to over an $XX which of in percentage organic year billion XX.X%, continued new time, results recruiting high was key and point drivers to
continued we mix positive were net growth in a or business annualized Advisory new assets our see rate. billion at XX% $XX.X to Looking QX. trends
XX% almost annualized of continued quarterly up doubled high a full more a Our year or year in last our was billion, assets $XX and total total growth XXXX. billion $X.X XX% to as managed Centrally new net platforms from rate. grow, new than reached also
Now prior up led with intangibles let’s of combined sequentially. results. turn to our Strong to organic EPS QX X% discipline, $X.XX, growth, financial to expense
$XX growth, was Looking X% million, $XXX profit gross at our up or sequentially. topline million
million, Looking driven from higher at growth and markets. the net up payout by fees $XX million advisory of and organic $XXX components were commission equity primarily QX,
sponsor Moving $XXX average as on organic sequentially, million million were equity driven to asset-based in by $X growth and revenues revenues, higher assets up QX, markets. increased
QX, to $XXX yields. cash were client client from $X lower million driven Turning cash revenues, million, they down by
cash Looking they elevated $X $XX at remained balances, at up sequentially. billion, client billion
As and for ICA the primarily basis QX. XX cash cash billion rate basis of yields, client quarter our from was driven matured $X.X during XXX down by yield contracts QX was fixed The balances. that points decrease higher points,
$X.X that another matured have billion the fixed quarter QX, impact QX, QX. $X.X rate of of well maturing contacts contracts fixed of as billion the full ahead as rate in in Looking will to we
and at the basis fixed to balances be the driven and of half contract we rate points. these the in ICA balances, interest by by Roughly our client Given rates, QX, is while QX were other factors driven maturities. cash is growth around half of end expect where rates yield XXX decline
fee revenues, Moving million $XX $XXX and and up they million, revenue. transaction sequentially, driven trading higher QX on to by fee were volume
Looking we in see and wealth discussed in our the have trading activity more space, levels ahead to we acknowledge consistent would the the space. to QX, what widely expect stable in with self-directed while advisor-led management remained increase
is there trading three said, levels. lower with fewer in fee revenue days activity a are QX That trading note, As result, would seasonally January I QX. in and our through line
these expect to $X two by we transaction fee revenue items So reduce and million.
Turning serving year they more $XX with offerings This roughly additional Solutions, generate quarter, $XX continue more of to activities, million X,XXX importantly, the and of valuable These is XXX QX. from a annual to from ago. last advisors double gross up free help And from million for including they profit, Business scale subscriptions last recurring on clients at up our up and end now growing practices. their spend time quarter. to their total
with QX, range to Now half million million, in to lower in let’s $XXX million. our full of G&A. million year Core starting was $XXX outlook expenses, It $XXX leading turn G&A to the of $XXX Core of original
to Turning our for cost remains long-term outlook strategy our XXXX, unchanged.
our growth, We that while operating continue core leverage business. to organic delivering investments in prioritize drive
G&A to single-digit growth the as years Looking than back, growth. grown annually from to period, the And over three helped has investments drive mid over we last more Core our in same range X% have the X%. invested these organic our double
seeing the Given planned we G&A Core we X%. growth investments, these was year, the X.X% success we which are planning of are last to level with same
support range translates but billion. to includes to Waddell with $X I for this So a Reed. XXXX, associated note, to M&T, to costs $XXX is of this would and expenses prior BMO & million
sales were they promotional our million conference national Moving in lower conference $XX $XX by QX following million, driven expenses on primarily sequentially, expenses, to down QX.
promotional increased will recruiting, assistance $XX BMO by and expenses. transition increase by we Turning anticipate M&T from million, primarily to approximately driven on-boarding QX, and expense
by we this QX and Looking anticipate join the year. the M&T during middle ahead, BMO will end will join of of
Now let’s talk Waddell about & Reed.
transaction excited encouraged progress are about are We by making with we the and the advisors.
ongoing which we respect will item an acquisition our quarter. and were is be results from Waddell move cost beginning assets updated billion, our acquisition estimates costs, With year. I prior to XX% Waddell Waddell us said, to think middle costs $XX & transaction. million. onboarding helpful towards the thus approximately acquisition our $X to modeling be That the will add Reed mentioned, would close from we more Reed, Reed join estimate up benefit provide reviewing the Management we said, client note, understanding the our to of This like the the to line management XX% assets P&L the to which of be would some far As will our above have & committed to following & I expect have dates, as in this of end close Wealth transparency, in serving we and financials. We on we platform, approximately at puts of continue to billion which That today assumption, process. QX in provide earnings advisors will these the next QX. also $XX integration color
starting So report our to we EPS in QX, prior intangibles costs. will results and acquisition as
$XX in As we million of QX. look ahead, well our progressing integration costs up anticipate work to and we acquisition is
expense, compensation $X million in QX, QX. it relatively Looking at share-based flat was to
of Looking timing will a sequentially. ahead, anticipate few our of expense dollars we increase so QX year, highest the tends stock the this million given annual to our awards, be by quarter
and up Turning was it $X million depreciation QX, amortization, in $XX to million sequentially.
continue in and end advisory several client Looking invest our experience. recently ahead, to rolled technology and to we platform improvements out
and $X result, amortization a we As to expect by increase depreciation million sequentially.
capital leverage QX in to corporate agreement on allocation, Moving remained available $XXX for strong at of use times million. and our balance cash X.XX with sheet credit net
remains our organic completed deployment focused where another generate, forward, strong growth Reed. our for opportunities advisors, serve the delivered we and capital M&T pursuing business on focused our With Once the onboard first In to open And to closing, & near-term, see our That we as said, As we please foremost, like Operator, our shareholders. M&A In what in plan continue have quarter if shareholder deployment, of and and have long-term we look at at and of these will time aligned and restarting have the M&A Waddell the we that excess we And value. and questions. we anticipate repurchases. capital opportunities, we to we the transitions, majority framework growth organic appropriate about BMO, allocating that deployment look capital business and returns M&A, to be reassess opportunities. our to capital share results. excited on we with organic grow for excess opportunities opportunities financial see expect returning investing create growth to as deploy time. we capital investing call and year beyond to would that, we capital remain
