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Michael Rosenthal

Senior Vice President and Financial Advisor at Morgan Stanley

Michael Rosenthal is a Senior Vice President and Financial Advisor at Morgan Stanley Wealth Management, specializing in family wealth planning, estate strategies, asset management, and philanthropic management. With nearly three decades of experience, he joined Morgan Stanley in 2022 and offers tailored financial solutions, working with clients across retirement planning, tax minimization, and wealth transfer, though specific companies covered are not detailed publicly. Holding a Bachelor’s in Business Management from Ithaca College, Rosenthal is registered as a General Securities Representative and Investment Advisor Representative, licensed to operate in multiple states and holding NMLS registration number 1005007. His career also includes board service for charitable organizations and demonstrates a longstanding commitment to holistic financial advisory.

Michael Rosenthal's questions to WEX (WEX) leadership

Question · Q3 2025

Michael Rosenthal asked about the implications of Visa's new commercial enhanced data program on interchange and data, and for an update on the Benefits SaaS ARPU trends and its potential to inflect positively in 2026.

Answer

Melissa Smith, Chair and CEO, WEX Inc, explained that WEX utilizes both Visa and MasterCard schemes across its segments, leveraging the benefits of each for different markets and product rollouts. Jagtar Narula, CFO, WEX Inc, noted that Benefits SaaS ARPU, when excluding interest from the account servicing line, has been largely flat quarter-over-quarter and is expected to remain roughly similar, dependent on mix, without significant increases projected for 2026.

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Question · Q3 2025

Michael Rosenthal, on behalf of James Fawcett from Morgan Stanley, asked about WEX's perspective on the implications of Visa's new commercial enhanced data program, specifically regarding interchange and data. He also inquired about the year-over-year trend in Benefits SaaS ARPU and its potential inflection in 2026.

Answer

Melissa Smith, Chair and CEO of WEX Inc., explained that WEX utilizes both MasterCard and Visa schemes, alongside its proprietary Mobility network, valuing the distinct benefits of each for different markets and product rollouts. Jagtar Narula, CFO, clarified that Benefits SaaS ARPU has been largely flat sequentially and is expected to remain so, with no significant increases anticipated for 2026, as it depends on mix and selling season results.

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