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    Jeffrey Schmitt • William Blair

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

    Jeffrey Schmitt's questions to LPL Financial Holdings Inc (LPLA) leadership • Q1 2025

    Question

    Jeffrey Schmitt of William Blair & Company asked about LPL's internal capacity for onboarding large deals and partnerships, questioning if the firm is facing any constraints that require further build-out.

    Answer

    Executive Matthew Audette stated that while LPL has built a high-capacity team with strong tools for large-scale onboardings, the immediate priority is executing the Atria and Commonwealth integrations flawlessly. He reiterated that the recruiting pipeline remains strong but, from a timing standpoint, the firm is focused on these two major initiatives. Therefore, he indicated that other large deal announcements are not expected in the near term as a matter of strategic prioritization.

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    Jeffrey Schmitt's questions to LPL Financial Holdings Inc (LPLA) leadership • Q4 2024

    Question

    Jeffrey Schmitt of William Blair asked if core G&A growth remaining below organic growth is the new norm, and whether achieving the low end of the 2025 guidance range would require cuts or is purely driven by efficiencies.

    Answer

    Executive Matthew Audette clarified that while they are focused on driving down core G&A growth, he was not setting a long-term target relative to organic growth. He explained the 6-8% guidance range for 2025 is based on a clear line of sight to efficiency gains, with the range accounting for variability in expenses tied to different levels of organic growth, not potential cuts.

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    Jeffrey Schmitt's questions to StoneX Group Inc (SNEX) leadership

    Jeffrey Schmitt's questions to StoneX Group Inc (SNEX) leadership • Q2 2025

    Question

    Jeffrey Schmitt asked about StoneX's risk management policies during volatile periods, the potential competitive impact of loosened banking regulations, and for an update on quantifying revenue synergies from the RJ O'Brien acquisition.

    Answer

    Executive Sean M. O'Connor emphasized that StoneX's risk management is a deeply ingrained culture of discipline, ensuring the firm is prepared before volatility strikes, and noted that systems performed flawlessly. He opined that looser banking regulations are unlikely to cause large banks to reverse course and compete aggressively in StoneX's core markets. Regarding the RJO deal, he explained that revenue synergies cannot be quantified until after closing due to competitive restrictions, but he believes they could ultimately be 'significantly larger' than the cost synergies.

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    Jeffrey Schmitt's questions to Marketaxess Holdings Inc (MKTX) leadership

    Jeffrey Schmitt's questions to Marketaxess Holdings Inc (MKTX) leadership • Q1 2025

    Question

    Jeffrey Schmitt asked about the key learnings from the enhanced block trading rollout in emerging markets and Eurobonds, and whether there are any potential hurdles to adoption for the upcoming U.S. launch.

    Answer

    CEO Christopher Concannon shared that the EM and Eurobonds launch confirmed strong client demand for trading larger sizes electronically while minimizing information leakage through targeted RFQs. For the U.S. launch, he reported that feedback has been overwhelmingly positive. The primary value is providing a seamless, click-to-trade electronic workflow that directly competes with the less efficient phone and chat-based methods currently used for block trades.

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    Jeffrey Schmitt's questions to Marketaxess Holdings Inc (MKTX) leadership • Q4 2024

    Question

    Jeffrey Schmitt inquired why portfolio trading's share of industry activity has stalled around 10% and whether MarketAxess can continue to gain share in that environment.

    Answer

    CEO Christopher Concannon suggested that the current low-volatility environment is conducive to portfolio trading, keeping it stable around 10%. He affirmed MarketAxess can still gain share, pointing to the company's 80% growth in PT notional volume last year and upcoming platform enhancements. Global Head of Trading Solutions Richard Schiffman added that because PT liquidity is concentrated and not unique, it is 'easy volume to move' to their platform as they improve functionality, unlike their stickier Open Trading liquidity.

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    Jeffrey Schmitt's questions to Marketaxess Holdings Inc (MKTX) leadership • Q3 2024

    Question

    Jeffrey Schmitt asked for details on emerging markets growth, the competitive landscape in LatAm and APAC, and the strategy for increasing share in the dealer-to-dealer channel.

    Answer

    CEO Christopher Concannon highlighted that the primary competitor in emerging markets is the phone, creating a large opportunity for electronification, driven by protocols like Request for Market (RFM). Global Head of Trading Solutions Richard McVey added that Open Trading is a key differentiator in EM. For the dealer channel, McVey detailed investments in automation and new protocols like 'Work up' and the Mid-X matching session to capture more flow.

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    Jeffrey Schmitt's questions to Assurant Inc (AIZ) leadership

    Jeffrey Schmitt's questions to Assurant Inc (AIZ) leadership • Q1 2025

    Question

    Jeffrey Schmitt asked about the elevated loss ratio in Global Lifestyle, specifically in Global Auto, and inquired about the expected timeline for improvement and the cadence of new investments in Connected Living.

    Answer

    President and CEO Keith Demmings stated that Global Lifestyle's Q1 performance was in line with expectations, with Connected Living showing normalized growth and Auto demonstrating stability. CFO Keith Meier added that Auto results are stabilizing, with two consecutive quarters of improved EBITDA and better loss experience. Mr. Demmings also noted that 2025 investments would be of a similar magnitude to 2024, highlighting the new partnership with Verizon's Total Wireless.

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    Jeffrey Schmitt's questions to Assurant Inc (AIZ) leadership • Q4 2024

    Question

    Jeffrey Schmitt of William Blair & Company asked if insurers were fleeing California post-wildfires, potentially increasing placement rates, and questioned the status of elevated losses in the Global Auto GAP book and the magnitude of its impact on the loss ratio.

    Answer

    CFO Keith Meier responded that a moratorium in California is currently preventing insurers from exiting the state, so they do not expect a short-term jump in placement rates from that dynamic. Regarding Global Auto, Mr. Meier confirmed that losses in the GAP book have stabilized from Q3 to Q4, being flat to slightly better, which supports their outlook for growth in the auto segment in 2025. CEO Keith Demmings added that new business written in 2025 will be largely off-risk, improving long-term stability.

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    Jeffrey Schmitt's questions to Frontdoor Inc (FTDR) leadership

    Jeffrey Schmitt's questions to Frontdoor Inc (FTDR) leadership • Q1 2025

    Question

    Jeffrey Schmitt from William Blair asked about the underlying trend in service requests per customer after excluding weather impacts, and questioned the sustainability of the promotional activity driving growth in the direct-to-consumer (DTC) channel.

    Answer

    CFO Jessica Ross and CEO Bill Cobb confirmed the increase in service incidents was primarily due to the 2-10 acquisition and that the normalized annual forecast remains unchanged. Cobb explained the company shifted to a sustainable 'pulsing' promotional strategy, accepting a revenue trade-off to prioritize new member growth, which is supported by strong renewal and other revenue streams.

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    Jeffrey Schmitt's questions to Frontdoor Inc (FTDR) leadership • Q3 2024

    Question

    Jeffrey Schmitt asked about the expected impact of the company's promotional strategy on DTC customer retention rates once prices normalize. He also inquired about the current trend of the home warranty attachment rate in the real estate channel.

    Answer

    CEO Bill Cobb reported that early data from discounted cohorts shows that renewal rates are holding up well, with no outsized cancellations observed so far. Regarding the real estate channel, Cobb explained that while the overall industry attachment rate has fallen to the teens, Frontdoor has successfully maintained its market share of that smaller base. CFO Jessica Ross added that the company remains cautiously optimistic about the impact of mortgage rates.

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    Jeffrey Schmitt's questions to Frontdoor Inc (FTDR) leadership • Q2 2024

    Question

    Jeffrey Schmitt inquired about Frontdoor's pricing strategy for the next year, particularly the balance between discounting and broad price changes, and asked for the rationale behind lowering the full-year outlook for direct-to-consumer (DTC) growth.

    Answer

    CEO Bill Cobb explained that renewal pricing will see a moderate increase, while new DTC customer acquisition will use competitive pricing with time-bound, targeted discounts. CFO Jessica Ross and CEO Bill Cobb attributed the lowered DTC outlook to broad consumer stress, a slower-than-expected real estate market, and a general slowdown in the home warranty category.

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    Jeffrey Schmitt's questions to Tradeweb Markets Inc (TW) leadership

    Jeffrey Schmitt's questions to Tradeweb Markets Inc (TW) leadership • Q1 2025

    Question

    Jeffrey Schmitt asked how Tradeweb might benefit if the current administration were to loosen banking regulations, specifically regarding capital requirements for holding treasuries, and what that could mean for market turnover.

    Answer

    CFO Sara Furber responded that changes to the Supplementary Leverage Ratio (SLR) could be a strong positive for Tradeweb. She explained that loosening the SLR would allow banks to hold more U.S. treasuries, facilitating more trading, improving market depth, and narrowing bid-ask spreads. She referenced the period during COVID when treasuries were temporarily exempted from the SLR, which led SLR-constrained banks to increase their treasury positions and turnover, suggesting a similar positive impact could occur again.

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    Jeffrey Schmitt's questions to Tradeweb Markets Inc (TW) leadership • Q4 2024

    Question

    Jeffrey Schmitt of William Blair & Company asked about the drivers behind the strong growth in automated trades (AiEX) within the institutional treasury channel and its current mix.

    Answer

    CEO William Hult described the adoption of AiEX as a key differentiator and part of the market's evolution from mouse-and-keyboard to algorithmic execution. He explained that clients are driven by the search for liquidity with a minimal market footprint and the need to 'do more with less.' Hult noted this trend is sticky, as it allows for the breakdown of large risk trades into smaller, more digestible pieces, a trend the buy-side continues to invest in.

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

    Jeffrey Schmitt's questions to SS&C Technologies Holdings Inc (SSNC) leadership • Q1 2025

    Question

    Jeffrey Schmitt of William Blair inquired about the conservative Q2 organic growth guidance of 2.5%, asking if it assumes a slowdown in new business due to economic uncertainty and requesting quantification of that assumption.

    Answer

    Bill Stone (Executive) explained that the guidance reflects a measure of conservatism due to global uncertainties. He noted that while tariffs are not a direct financial threat, they could potentially slow down deal-making. Stone expressed optimism, citing a strong pipeline and already-sold deals with revenue yet to be recognized, suggesting a potential for positive surprise.

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    Jeffrey Schmitt's questions to SS&C Technologies Holdings Inc (SSNC) leadership • Q4 2024

    Question

    Jeffrey Schmitt of William Blair & Company inquired about the Healthcare business, asking for details on recent client wins and the 2025 pipeline, as well as an update on the cross-selling efforts and revenue potential for the Battea acquisition.

    Answer

    CEO Bill Stone confirmed that the Healthcare business saw momentum from two large license deals that closed in Q4. While acknowledging the difficulty in forecasting with large, deliberate clients, he expressed long-term optimism about the pipeline. Regarding Battea, Stone noted 75 active cross-selling opportunities with existing clients, with 15-20 already closed. He projected Battea could grow to between $100 million and $110 million in revenue in 2025, driven by high-single to low-double-digit growth.

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    Jeffrey Schmitt's questions to SS&C Technologies Holdings Inc (SSNC) leadership • Q3 2024

    Question

    Jeffrey Schmitt inquired about the total addressable market for the DomaniRx platform, given the dominance of the top three players, and also asked for details on the size and growth trajectory of the newer Trust Suite business.

    Answer

    Chairman and CEO Bill Stone explained that the addressable market for DomaniRx remains substantial, representing 20-30% of the 5-6 billion annual U.S. prescriptions not handled by the top three firms. He also noted opportunities to license technology to those large players. Regarding Trust Suite, he described it as a nascent but promising business combining InnoTrust and Black Diamond, projecting it to reach approximately $10 million in 2024 revenue with potential for a multiple of that in 2025.

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    Jeffrey Schmitt's questions to SEI Investments Co (SEIC) leadership

    Jeffrey Schmitt's questions to SEI Investments Co (SEIC) leadership • Q1 2025

    Question

    Jeff Schmitt inquired about the Private Banking segment, asking how much growth is coming from the shift into regional banks and whether potential deregulation would impact the business.

    Answer

    Executive Sanjay Sharma confirmed that the focus on regional and community banks is a primary driver, accounting for 60-70% of the segment's growth over the last four quarters and creating new opportunities for professional services and data solutions. CEO Ryan Hicke added that the competitive landscape is stable, but SEI is differentiating through platform innovation. Regarding regulation, Hicke stated that any changes would likely only affect the speed of adoption, as the fundamental driver for banks is the strategic shift to building a more robust wealth management offering, a trend that SEI is well-positioned to support.

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    Jeffrey Schmitt's questions to SEI Investments Co (SEIC) leadership • Q4 2024

    Question

    Jeffrey Schmitt of William Blair asked about the sustainability of double-digit growth in the Private Banking segment given tougher comparisons, details on client retention improvements, and whether the record Q4 share buybacks signal a shift in capital management strategy versus M&A.

    Answer

    Executive Sanjay Sharma explained that Private Banking growth is driven by a consistent strategy of expanding with existing clients through new services and segment-specific initiatives, leading to very high client retention. CFO Sean Denham clarified that the record Q4 buyback was a result of strong free cash flow and a good return on capital, but capital allocation decisions remain on a quarter-by-quarter basis and do not preclude future M&A.

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    Jeffrey Schmitt's questions to SEI Investments Co (SEIC) leadership • Q3 2024

    Question

    Jeffrey Schmitt of William Blair sought a breakdown of revenue growth drivers in the Private Banking segment, questioning the mix of new clients, existing client growth, and professional services. He also asked about the source of expense control in that segment and the outlook for future expense growth.

    Answer

    Executive Sanjay Sharma stated that Private Banking revenue growth was a mix of solid backlog delivery, new client signings, and professional services offerings, which also accelerate sales cycles. He clarified that margin expansion came from efficiency improvements like AI and automation, not from cutting critical R&D. Executive Ryan Hicke added that horizontal, company-wide technology and operational efficiencies are also driving scale.

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    Jeffrey Schmitt's questions to Cboe Global Markets Inc (CBOE) leadership

    Jeffrey Schmitt's questions to Cboe Global Markets Inc (CBOE) leadership • Q4 2024

    Question

    Jeffrey Schmitt of William Blair & Company asked about Cboe's artificial intelligence initiatives and how they might be used to generate revenue for customers.

    Answer

    An executive, likely Chief Operating Officer Chris Isaacson, explained that Cboe has established an internal AI Center of Excellence focused on improving internal productivity. While there are no immediate revenue-generating products to announce, the company is exploring how to use AI to derive insights from customer data, which could lead to new product development.

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    Jeffrey Schmitt's questions to Nasdaq Inc (NDAQ) leadership

    Jeffrey Schmitt's questions to Nasdaq Inc (NDAQ) leadership • Q4 2024

    Question

    Jeffrey Schmitt asked about the Proprietary Index Options business, which saw revenues double, and inquired about future plans for investment and strategic focus in that area.

    Answer

    Adena Friedman, Chair and CEO, explained that the business benefits from leveraging Nasdaq's existing exchange franchise, allowing for efficient investment. The strategy focuses on growing the ecosystem for both institutional and retail investors, creating a virtuous cycle as the core Index business expands its institutional client base, which in turn drives demand for options trading.

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    Jeffrey Schmitt's questions to Primerica Inc (PRI) leadership

    Jeffrey Schmitt's questions to Primerica Inc (PRI) leadership • Q3 2024

    Question

    Jeffrey Schmitt from William Blair asked if strong recruiting from new incentives could negatively impact life insurance productivity and questioned the long-term effect of favorable disability incident rates on the benefits ratio.

    Answer

    CEO Glenn Williams responded that the company is not recruiting lower-quality candidates and expects productivity to remain at normal levels as new agents gain experience. CFO Tracy Tan noted the favorable disability trend has been observed for four years, prompting an adjustment to their long-term estimate, but the forward guidance for the benefits and claims ratio remains around 58%.

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