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Jeff Schmitt

Research Analyst specializing in financial services and technology at William Blair & Company, L.L.C.

Jeff Schmitt is a Research Analyst specializing in financial services and technology at William Blair & Company, where he has worked since 2014. He covers major financial companies including Ameriprise Financial, SEI Investments Company, StoneX Group, Nasdaq, Envestnet, Tradeweb Markets, Assurant, and Avantax, and is known for timely ratings and sector insights, though specific third-party ranking data is not publicly available. Schmitt began his career after earning a B.S. in finance with high honors from the University of Illinois at Urbana-Champaign and previously served as Vice President at Macquarie Capital and Fox-Pitt Kelton with a focus on M&A in financial services. He holds relevant professional credentials and is recognized for thoughtful analyses of financial sector performance and trends.

Jeff Schmitt's questions to GCM Grosvenor (GCMG) leadership

Jeff Schmitt's questions to GCM Grosvenor (GCMG) leadership • Q2 2025

Question

Jeff Schmitt of William Blair & Company, L.L.C. inquired about client re-up rates in the current volatile environment and asked if the firm was experiencing any fee pressure in its private markets strategies.

Answer

CEO Michael Sacks described re-up rates as "fantastically strong" and a continuing positive feature of the business. President Jonathan Levin elaborated that while fundraising cycles elongated in 2023, clients continued to re-up, and those cycles are now normalizing. On fees, Sacks stated that conversations have been constructive and that pricing is not a significant point of pressure.

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Jeff Schmitt's questions to Primerica (PRI) leadership

Jeff Schmitt's questions to Primerica (PRI) leadership • Q2 2025

Question

Jeff Schmitt of William Blair & Company, L.L.C. asked about sales force productivity, which is at the low end of its historical range, questioning if it could decline further and what would be needed for a turnaround. He also asked if the recent surge in recruits may have included less committed individuals.

Answer

CEO Glenn Williams explained that productivity is pressured by a growing sales force denominator and new agents entering a challenging sales environment. He expressed confidence that the issue is the environment, not the quality or commitment of the new recruits, who will adapt and improve their skills over time.

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Jeff Schmitt's questions to StoneX Group (SNEX) leadership

Jeff Schmitt's questions to StoneX Group (SNEX) leadership • Q3 2025

Question

Jeff Schmitt of William Blair & Company, L.L.C. inquired about the specific drivers of weakness in the Commercial segment, requested an update on revenue synergies for the R.J. O'Brien acquisition, and asked about the long-term strategy for expanding the retail segment's product offerings.

Answer

Executive Vice Chairman Sean O'Connor and CFO William Dunaway attributed the Commercial segment's weakness to tariff uncertainty impacting the physicals business and lower volatility in agricultural markets reducing OTC revenue capture. Regarding R.J. O'Brien, Mr. O'Connor reiterated his belief that revenue synergies will be multiples of cost synergies, primarily from cross-selling StoneX's broader product suite to R.J. O'Brien's clients. Group President Charles Lyon detailed the retail segment's roadmap, explaining that an infrastructural rebuild is underway to support a multi-asset class offering, with new products expected to roll out in stages during fiscal year 2026.

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Jeff Schmitt's questions to ASSURANT (AIZ) leadership

Jeff Schmitt's questions to ASSURANT (AIZ) leadership • Q2 2025

Question

Jeff Schmitt of William Blair & Company, L.L.C. inquired about the future trend of the benefit ratio in the Global Lifestyle segment and the drivers behind the negative investment income from 'other investments' in the first half.

Answer

President and CEO Keith Demings expressed satisfaction with Global Lifestyle's Q2 performance, highlighting the strength in Connected Living. CFO Keith Meyer elaborated that while mix shifts can affect the benefit ratio, the key positive trend is the improving loss experience in the vehicle service contract business, marking an inflection point. Regarding investment income, Meyer stated the overall portfolio is performing well with rising book yields, and that quarter-to-quarter lumpiness can result from items like real estate transactions, but he expects overall investment income to be up for the full year.

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Jeff Schmitt's questions to Frontdoor (FTDR) leadership

Jeff Schmitt's questions to Frontdoor (FTDR) leadership • Q2 2025

Question

Jeff Schmitt of William Blair & Company, L.L.C. inquired about the drivers for the increased 2-10 Home Buyers Warranty cost synergy forecast, from $10 million to $15 million, and the status of the long-term $30 million run-rate synergy goal. He also asked if the strong guidance for the upgrade program is exclusively for HVAC or includes other categories like water heaters.

Answer

Chairman and CEO Bill Cobb attributed the increased 2-10 synergies to finding new efficiencies across all functions as the company gains familiarity with the business. He affirmed the long-term synergy target of over $30 million by 2028 remains intact. Cobb also clarified that the current upgrade program revenue is entirely from HVAC, although the company is running tests for other product groups.

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Jeff Schmitt's questions to Frontdoor (FTDR) leadership • Q2 2025

Question

Jeff Schmitt of William Blair & Company, L.L.C. inquired about the drivers for the increased 2025 cost synergy forecast for the 2-10 acquisition, from $10 million to $15 million, and the status of the long-term synergy target. He also asked if the strong guidance for the non-warranty upgrade program is exclusively for HVAC.

Answer

Chairman and CEO Bill Cobb attributed the higher near-term synergy forecast to finding new efficiencies across all functions as Frontdoor gains familiarity with the 2-10 business. He reaffirmed the long-term synergy goal of over $30 million by 2028. Cobb also confirmed the upgrade program's current guidance is entirely for HVAC, noting that while tests for other appliance categories are underway, there is nothing significant to report yet.

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Jeff Schmitt's questions to LPL Financial Holdings (LPLA) leadership

Jeff Schmitt's questions to LPL Financial Holdings (LPLA) leadership • Q2 2025

Question

Jeff Schmitt of William Blair & Company, L.L.C. pointed out that Commonwealth's guided core G&A expense appears more efficient as a percentage of AUM compared to LPL's and asked for the reason behind this difference.

Answer

President & CFO Matt Audette advised against focusing too heavily on the initial, pre-integration expense figures for Commonwealth. He clarified that these numbers represent the business as it currently operates and that once the integration is complete in 2026 and synergies are realized, Commonwealth's margin profile is expected to be in the same zone as LPL's.

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Jeff Schmitt's questions to Forge Global Holdings (FRGE) leadership

Jeff Schmitt's questions to Forge Global Holdings (FRGE) leadership • Q2 2025

Question

Jeff Schmitt questioned the potential timing for reaching adjusted EBITDA breakeven in 2026 and asked about specific features of the next-generation platform, like auto-matching, that are expected to drive transaction volumes.

Answer

CFO James Nevin reiterated confidence in achieving breakeven in 2026, driven by platform scalability, the Liquidity acquisition, and offshoring efficiencies, but did not provide more specific timing. CEO Kelly Rodriques added that the new platform's initial release includes a novel automated negotiation process. He described it as a rolling release that will progressively add features to support various transaction structures and reduce friction.

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Jeff Schmitt's questions to AMERIPRISE FINANCIAL (AMP) leadership

Jeff Schmitt's questions to AMERIPRISE FINANCIAL (AMP) leadership • Q2 2025

Question

Jeff Schmitt questioned if Ameriprise might pursue more aggressive recruiting or outsourcing deals amid slowing top-line growth and asked if the share buyback payout ratio could exceed the new 85% target for the second half.

Answer

Chairman & CEO James Cracchiolo affirmed their focus on recruiting with competitive packages but emphasized they are not interested in simply 'rolling up' advisor networks. On capital returns, EVP & CFO Walter Berman confirmed the 85% payout ratio is the current target, but they retain the capacity to evaluate it and will act in the best interest of shareholders.

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Jeff Schmitt's questions to AMERIPRISE FINANCIAL (AMP) leadership • Q2 2025

Question

Jeff Schmitt from William Blair & Company, L.L.C. questioned whether slowing top-line growth in wealth management might lead to more aggressive recruiting or outsourcing deals, and if the share buyback payout ratio could exceed the 85% target.

Answer

James Cracchiolo, Chairman & CEO, confirmed a focus on competitive recruiting but emphasized maintaining a strong client experience over simply 'rolling up' advisor networks. On capital returns, Walter Berman, EVP & CFO, stated that while they have the capacity to exceed the 85% payout ratio target, 85% remains the firm's current plan for the second half of the year.

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Jeff Schmitt's questions to NASDAQ (NDAQ) leadership

Jeff Schmitt's questions to NASDAQ (NDAQ) leadership • Q2 2025

Question

Jeff Schmitt of William Blair & Company, L.L.C. asked about Verifin's international expansion, questioning whether the medium-term guide for mid-20s revenue growth assumes a significant contribution from it, or if there is potential upside.

Answer

Chair & CEO Adena Friedman clarified that European expansion is the third of three growth pillars for the business and is considered a 'longer leg' of the strategy. She stated that Europe is not expected to be a material revenue contributor in 2025 or 2026, but its future success is factored into achieving the medium-term outlook for 2027 and beyond.

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Jeff Schmitt's questions to SS&C Technologies Holdings (SSNC) leadership

Jeff Schmitt's questions to SS&C Technologies Holdings (SSNC) leadership • Q2 2025

Question

Jeff Schmitt inquired about the revenue synergy potential from the Callistone acquisition and the drivers behind the sustained increase in capital expenditures.

Answer

Chairman and CEO William Stone explained that while it's early, significant cross-sell opportunities exist between SS&C's 10,000 addressable clients and Callistone's 4,500 clients in areas like ETFs and digital assets. He added that increased CapEx is funding growth initiatives, including new product development and market-specific software, and is expected to remain at elevated levels to support technological advancement.

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