Michael Cho

Reaffirmed broad-based pipeline strength across affiliation options; answered the channel question directly.

Shoukry confirmed March exceeded expectations. Pipeline and engagement letters promising despite geopolitical, oil price, and AI concerns affecting certain sectors. Most pipeline driven by financial sponsors with capital and motivated sellers beyond original holding periods. Confident in professionals' expertise and relationships.

Shoukry noted RJF's technology spend uniquely focused on wealth management vs larger firms splitting across credit cards, payments, treasury. Technology Advisory Council of financial advisers provides real-time feedback and direction. Won technology awards. Advisers from other firms blown away by capabilities during home office visits.

Shoukry attributed slightly above-target 65.4% comp ratio to revenue mix: higher PCG independent channel payout combined with weaker Capital Markets quarter. Lower short-term rates also impacted mix. Pleased with result given headwinds.

Shoukry cited broad-based recruiting across affiliation options, tilted more toward independent contractor in last 6 months. Adviser satisfaction highest since 2014. Investing close to $1.1B in technology. AI launch of RA agent. Power of Personal value proposition increasingly differentiating as competitors talk about IRRs and exit periods.

Shoukry cited $400M+ trailing production recruited (up 21% over prior record). Pipeline entering FY2026 strongest ever. Stable long-term platform differentiating against short-term PE-backed players and leveraged competitors.

Shoukry outlined three AI focus areas: infrastructure/cybersecurity, efficiency/consistency of service, and bespoke adviser-client advice through data-driven insights. AI portion growing as share of total IT spend, not necessarily increasing total IT budget. Significant AI expense increase budgeted for next year.

Shoukry confirmed SBL up 20% and mortgages up 8% YoY as clients comfortable with current rate levels after 2 years of paydowns. Strong deposit base to continue supporting growth. Momentum and pipeline for SBL continues strong.

Shoukry emphasized acceleration across all affiliation options, not just one catalyst. Credited investment in transition teams for capacity to handle uptick while maintaining service to existing advisers. Success across a variety of firms.

Oorlog noted corporate loan demand tepid post-volatility but SBL growth strong at over $600 million in the quarter. April SBL demand continued strong, partly seasonal from tax payment liquidity needs.

Shoukry emphasized improving NNA trends through the quarter with strong March and April new commits. Strong balance sheet increasingly a differentiator as advisers seek strength and stability, especially versus roll-ups lacking tangible capital.

Reilly confirmed broad M&A reengagement across sectors with new mandates. Acknowledged significant productive capacity. Shoukry noted FY margin of 20.6% with capital markets not hitting on all cylinders until Q4.

Shoukry linked corporate loan demand to lower rates and M&A activity as a leading indicator for financing needs.

Sarah explained the H2 Capital Markets Tech comp is tougher due to lumpy Calypso upfront revenue in H2 2025, partly offset by the TMS pricing increase.

Friedman confirmed pricing terms for new partnerships consistent with QQQ. BlackRock and State Street bring unique institutional and retail distribution complementing Invesco. Nasdaq-100 becoming core investment strategy component requiring broader distribution channels.

Friedman noted government shutdown interrupted Q4 momentum but robust pipeline building for 2026. Institutional investors at Davos emphasized premium on liquid public equities. Switch program momentum continues.

Friedman outlined broad-based digital assets opportunity across FinTech (surveillance, collateral management), Index (crypto ETFs), Listings (IBIT), and potentially as market operator pending SEC/CFTC regulatory clarity.

Friedman cited global retail brokerage data expansion and usage-based products growing from market activity, with listings improving from IPO pipeline but revenue recognition lagging.

Friedman outlined proxy process reform, PCAOB balance, litigation reform, and short-position disclosure as key areas of engagement with new administration.

Martin split $524 billion of year to date flows by fee band and pointed to scaled outsourcing and insurance mandates expected to fund into 2027.

Veiel emphasized model delivery, custom and off-the-shelf, as the key ETF growth channel and stressed technology-provider relationships; Sharps flagged municipal, equity-research, and non-U.S. opportunities. Direct.