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    Chris Shutler

    Research Analyst at William Blair

    Chris Shutler's questions to AMTD IDEA (AMTD) leadership

    Chris Shutler's questions to AMTD IDEA (AMTD) leadership • Q4 2019

    Question

    Chris Shutler of William Blair inquired about plans to tier pricing and services based on client engagement and asked for elaboration on potential disruptions in the IBD and full-service broker industries.

    Answer

    President & CEO Tim Hockey described the move to zero commissions as 'liberating,' allowing a focus on charging for value beyond trades, based on extensive client segmentation work. CFO Steve Boyle added they can 'value engineer' offerings to lower costs. Tim Hockey also predicted that the trend of online brokers gaining share from full-service firms will accelerate, and that TD Ameritrade is well-positioned to win in this new environment.

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    Chris Shutler's questions to AMTD IDEA (AMTD) leadership • Q1 2019

    Question

    Chris Shutler asked for an update on the cash sorting cycle for both retail and RIA clients and sought confirmation on the quarter-to-date trends for BDA and margin balances.

    Answer

    CFO Steve Boyle opined that the cash sorting cycle is likely 'pretty far down the road' and has normalized, with the phenomenon largely in the past as rates level off. He also confirmed the expectation that, quarter-to-date, BDA balances have likely decreased while margin balances have increased.

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