The Top 1,200 Financial Advisors

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1 Page 1 of 4 Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool on any article or visit See a sample reprint in PDF format Order a reprint of this article now TOP ADVISOR RANKINGS SATURDAY, FEBRUARY 22, 2014 The Top 1,200 Financial Advisors By STEVE GARMHAUSEN After last year's big rally, these pros recommend a solid dose of caution. Our largest-ever ranking of advisors. With a surprisingly strong 2013 in the books, many investors fret that the market is set for a 2008-style plunge. "Clients are eager to take advantage of the opportunities out there," says Richard S. Brown, of JNBA Financial Advisors, in Minneapolis, "but they're also wondering whether the market is for real." Top Advisors for Last Three Years Top 1200 Financial Advisors by State for 2014 Top 1000 Financial Advisors by State for 2013 Top 1000 Financial Advisors by State for 2012 The verdict from Brown and many of his fellow Top 1,200 Advisors: The market is legit -- just don't expect it to revisit last year's nearly 30% return. A more realistic range for domestic stocks is 8% to 10%, says Robert Runkle, a Merrill Lynch advisor in Montgomery, Ala. This is a group worth listening to. Barron's Top 1,200 Advisors represent the cream of the crop from each of the 50 states and the District of Columbia. We've expanded this annual state-by-state listing from 1,000 advisors to 1,200 to include, for the first time, Registered Investment Advisors, or RIAs. Ranking independent advisors alongside those employed by the large brokerage firms presents some challenges, because they are regulated by different agencies -- the Securities and Exchange Commission and the Financial Industry Regulatory Authority, respectively. But the effort was worth it -- we've wound up with a ranking that represents the top 1% of advisors with substantial practices. As with all our financial-advisor rankings, this one is based on assets under management, revenues generated by advisors for their firms, and quality of practices. We examine regulatory records, internal company documents, and

2 Page 2 of 4 extensive questionnaires filled out by the advisors themselves. Investment performance isn't explicitly a criterion, because the advisors pursue a wide range of investment goals for their clients. Since the clients tend to be wealthy -- typically with a net worth north of $20 million -- the goal is often preservation of assets. Last year, the advisors increased their assets under management by an average of 12%, counting both investment gains and new business, up from 10% the year before. In assembling the rankings, we included more advisors for the larger states than for the smaller ones, in proportion to state populations. In the end, we identified 363 new advisors -- top-notch pros who weren't on the list last year. And some 26 states emerged with new No. 1 advisors. So what, exactly, can you expect if you sign up as a client of one of our 1,200? The best advisors, of course, don't rely on predictions. Few, after all, foresaw last year's stock market rocket ride. Instead, they make sure you stick to well-thought-out plans that suit your longterm goals and risk tolerance. That means rebalancing portfolios even when it hurts. "[Some clients say] they don't want to rebalance because the market is going to continue to rally," says Shawn Fowler, with Morgan Stanley Private Wealth Management, in Denver. "That's when you should probably be rebalancing." To be sure, several of our top advisors are decidedly bullish. Rod Westmoreland, a Merrill Lynch advisor in Atlanta, is among them: "If this was a baseball game, we'd be in the top of the third in an extra-innings game." James Atwood, with Merrill Lynch in Boston, believes the market will average returns of 15% a year for the next 10 to 15 years. Merrill Lynch's Thomas Buck, in Indianapolis, is a big believer in the U.S. economy's potential. He believes the smart money is on cornerstone businesses such as railroads and airplane manufacturing. The best opportunities "are going to be primarily in the fundamental building blocks of our economy," he says. BUT MANY OTHERS are more cautious. James B. Stack, in Whitefish, Mont., warns that only one bull market since 1930 has lasted beyond seven years. And Wells Fargo partners Wayne Pichon and Margaret Price, in Anchorage, Alaska, are making a point to embrace flexible investment managers who, "if things got incredibly nasty, could be out of the market completely, say, or short the market," says Pichon. The U.S. isn't the only place to fish for stocks, of course, and many advisors see European issues as significantly underpriced. Steven Hefter, with Wells Fargo in Deerfield, Ill., plans to increase allocations to Europe to 17.5% by year end, up from nothing in mid-2013.

3 Page 3 of 4 Meanwhile, the country's best advisors have been getting creative to find yield as bonds continue their funk. Erik Morgan, with Seattle-based Freestone Capital Management, is launching a fund to lend to middle-market businesses, which should generate yields of between 8% and 12%. On the more conventional side of fixed income, munis are regaining popularity. Fowler, for instance, hails high-quality, 12- to 15-year issues, which have a tax-equivalent yield of 6.5% to 7%. Munis' revival is partly a function of clients' concern over rising taxes, including the 3.8% investment tax under Obamacare. "Tax efficiency has become a bigger part of the conversation [with clients]," says Mark T. Curtis, an advisor with Morgan Stanley in Palo Alto, Calif. Gregory Cash, with Merrill Lynch in Charlotte, N.C., agrees, urging clients to get their accountants' input as they make investing decisions. BUT IT'S NOT just taxes that can eat away at wealth, says Robert Rathbone, a Wells Fargo Advisor in Boise, Idaho. The combination of taxes and "the invisible tax of inflation" will combine to erode money over time, he says. Rathbone's advice: Own what he calls real assets, such as real estate and shares of companies. "If we're going to preserve purchasing power over time, we have to own real assets," he says. The middle-market lending fund run by Freestone's Morgan, meanwhile, takes another tack in hedging against inflation: The fund's floating-rate loans are designed to counter inflation. Whatever their outlooks, this year's Top Advisors share a common view: Client money should be invested with a clear view to personal goals. And advisors should handle that money as attentively as if it were their own. Most on the list have been at it for some time. The average advisor is 53 and has been in the business for nearly 27 years. They've typically been with their current firm for 19 years. By and large the advisors are backed by teams of financial professionals, with the typical team handling about $2.2 billion in assets. That's up slightly from $2.1 billion a year ago -- the additional 200 advisors, with mostly smaller practices, restrained average growth. Perhaps the best measure of these advisors' value is their average annual retention rate of clients: 98% in each of the past three years. If only the rest of Wall Street could put up numbers like that. [email protected] Copyright 2013 Dow Jones & Company, Inc. All Rights Reserved This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at or visit

4 Best Pennsylvania Financial Advisors Ratings - Barrons.com Page 1 of 2 News, Quotes, Companies, Videos SEARCH Wednesday, February 26, 2014 Welcome, Alan Cohn Customer Center Logout HOME MAGAZINE DAILY INVESTING IDEAS TOP ADVISORS MARKET DATA PAID ADVISOR DIRECTORY BACK TO TOP ADVISORS FROM ALL 50 STATES 2014 Top Advisor Rankings: Pennsylvania Ranked #1: John Waldron Investors are famously driven by fear and greed. Five years ago, Waldron and his team were almost exclusively managing clients' fear. Today, after a multiyear bull market in stocks and a sterling 2013, they are also managing greed again, Waldron says. Some clients worry that the stock market is in bubble territory, while others fret that they're missing out on gains and should increase their allocation to U.S. equities. Waldron, 54, says coaching and education is paramount so people stay focused on the fundamentals and their own long-term goals. U.S. stocks are no longer the value play they once were, he points out. The big test for 2014 is whether sufficient earnings growth materializes to justify current valuations. But Waldron, for one, is optimistic. The U.S. economic environment is the best it has been in five years, he argues, given the healed balance sheets of banks, Corporate America, and households, not to mention the recent budgetary compromise among the political parties in Washington. -MICHAEL SISK View a different state: Make a Selection CUSTOMERS Rank Individuals High Net Worth Ultra-High Total Typical Typical Net Worth Founda- Endow- Institu- Asset Account Net Worth '14 '13 Name Firm Location (Up to $1mil) ($1-10 mil) ($10 mil+) tions ments tional ($mil) ($mil) ($mil) 1 1 John Waldron Waldron Wealth Mgmt Pittsburgh, Pa Peter Rohr Merrill Lynch PBIG Philadelphia, Pa N Grant Rawdin Wescott Financial Advisory Group Philadelphia, Pa N Joshua Gross Mill Creek Capital Advisors Conshohocken, Pa Walter Meranze Wells Fargo Advisors Yardley, Pa Robert Fragasso Fragasso Financial Advisors Pittsburgh, Pa Sean Kelly Morgan Stanley PWM West Conshohocken, Pa James W. Rimmel UBS Financial Services Pittsburgh, Pa Richard Corcoran Morgan Stanley PWM West Conshohocken, Pa Anthony DiValerio Morgan Stanley Wealth Mgmt West Conshohocken, Pa Joseph Ronzano Ameriprise Financial Exton, Pa N Alan Cohn Sage Financial Group Conshohocken, Pa N John Parker Wells Fargo Advisors Philadelphia, Pa Barbara Hudock Hudock Moyer Wealth Resources Williamsport, Pa Jay Beaulieu Credit Suisse Securities West Conshohocken, Pa D. Scott Wisman Merrill Lynch Wealth Mgmt Exton, Pa John Solis-Cohen Wells Fargo Advisors Jenkintown, Pa Jack Hafner Credit Suisse Securities Conshohocken, Pa Michael Duckworth Merrill Lynch PBIG Pittsburgh, Pa N Marc Richman Morgan Stanley PWM Philadelphia, Pa William Brown Merrill Lynch Wealth Mgmt Sewickley, Pa John Garvey UBS Financial Services Philadelphia, Pa Samuel Spanos Merrill Lynch Wealth Mgmt Beaver, Pa N Albert C. Boris Deutsche Asset & Wealth Mgmt Philadelphia, Pa Binney Wietlisbach The Haverford Radnor, Pa David Eisen UBS Financial Services Philadelphia, Pa David Jancisin Merrill Lynch Wealth Mgmt Pittsburgh, Pa Peter Strope UBS Financial Services Canonsburg, Pa John Gallagher Morgan Stanley Wealth Mgmt Bryn Mawr, Pa N Michael Blehar Fort Pitt Capital Group Pittsburgh, Pa Eric Salmansohn Morgan Stanley Wealth Mgmt Philadelphia, Pa Mark Eskin Janney Montgomery Scott Philadelphia, Pa Edward Blumenthal Janney Montgomery Scott Philadelphia, Pa Bryan Rogers Credit Suisse Securities Conshohocken, Pa N Charles Kurtzman Credit Suisse Securities West Conshohocken, Pa N Steve Cordasco Cordasco Financial Network Philadelphia, PA N Thomas A. Seiler Raymond James Newtown, Pa N Patricia C Brennan Key Financial West Chester, Pa Jay Milnes Credit Suisse Securities West Conshohocken, Pa Joseph Flotteron Merrill Lynch Wealth Mgmt Yardley, Pa

5 Best Pennsylvania Financial Advisors Ratings - Barrons.com Page 2 of 2 CUSTOMERS Rank Individuals High Net Worth Ultra-High Total Typical Typical Net Worth Founda- Endow- Institu- Asset Account Net Worth '14 '13 Name Firm Location (Up to $1mil) ($1-10 mil) ($10 mil+) tions ments tional ($mil) ($mil) ($mil) Robert Boland RBC Wealth Mgmt Philadelphia, Pa David Wilson Morgan Stanley Wealth Mgmt Bryn Mawr, Pa N Theodore Bovard Fort Pitt Capital Group Pittsburgh, Pa Lee Oleinick UBS Financial Services Pittsburgh, Pa Herman Rij Merrill Lynch Wealth Mgmt Bethlehem, Pa James Lowden UBS Financial Services Pittsburgh, Pa Douglas Simon Deutsche Asset & Wealth Mgmt Philadelphia, Pa N Charles Petredis Wells Fargo Advisors Sewickley, Pa SPONSORED LINKS PARTNER CENTER Find a Broker Best Mortgage Lenders Retirement Calculator Free Credit Score Dividend Income Funds Best Credit Cards For Points Reverse Mortgages Best IRA Accounts Best Dividend Paying Stocks Top Minivans 10 Best Mutual Funds RETURN TO TOP Customer Service Create an Account About Barrons.com Also From Barron's Tools & Services Customer Center Subscribe to Barron's Why Subscribe? Conferences Mobile Site Contact Us Live Help Magazine Subscribers: Activate Your Digital Access Advertising Masthead Reprints Classifieds Newsletters Barron's on ipad/iphone Refer Your Friends to Barron's and Get Rewarded. Learn More Privacy Policy Cookie Policy Data Policy Copyright Policy College Program Find a Broker Barron's in Japanese Portfolio Old Portfolio Video Annual Reports Subscriber Agreement & Terms of Use Your Ad Choices Community Guidelines StockGrader Barron's 400 Economic Calendar Stock & Mutual Fund Listings Commodities, Options & Annuities Listings Fund Prospectuses Copyright 2014 Dow Jones & Company, Inc. All Rights Reserved.