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Chris Shutler

Director and Senior Equity Research Analyst at William Blair Investment Management, LLC

Chris Shutler is a Director and Senior Equity Research Analyst at William Blair, specializing in the wealth management, asset management, financial technology, and capital markets sectors. He has covered companies such as AMTD IDEA and achieved an outstanding analyst performance record, including a 100% success rate and an average return of 64.6%. Shutler began his finance career holding analyst roles at Credit Suisse, Bank of America, and InteCap, then spent over 13 years at William Blair, with 11 years as an equity research analyst, before moving to strategy leadership roles at Envestnet and Orion. He holds the Chartered Financial Analyst (CFA) designation and earned his Bachelor of Business Administration with honors in finance and business economics from the University of Notre Dame.

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

Question · Q4 2019

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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Question · Q1 2019

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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