RIA Industry Transactions Year-end 2015

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1 RIA Industry Transactions Year-end 2015 Advisor Services Media Contacts Rob Farmer Mayrav Weiss (415) (718) March & Co., Inc. ( Schwab ). All rights reserved. Member SIPC. ( ) 1

2 2015: Record year for RIA industry transactions Transaction volume Transaction volume reached a ten-year high of 84 deals in 2015, up 56% from 2014 and 127% from 2006 Number of deals was higher in every quarter of 2015 when compared to the same quarter in 2014 With a total of 27 deals, Q had the most deals in a single quarter in the past decade Transaction value In the last decade, total annual deal value (measured in AUM acquired) surged 252% from $32.8 billion in 2006 Total annual deal value jumped 143% from $47.4 billion in 2014 to $115.4 billion in 2015 Transaction size Average annual transaction size was $1.3 billion, up 53% from 2014 and the largest average since 2009 Buyer types Independent registered investment advisor firms (39%) and strategic acquiring firms (32%) together made up the majority of buyer types Other buyers were organizations such as private equity firms (24%), banks (4%) and international acquirers (1%) 2

3 Yearly RIA industry transactions Key: Number of Transactions Total AUM Acquired (millions) 84 $115, $90, $70,643 $60,658 $62,684 $58, $32,770 $43,876 $43,650 $47, Average Deal Size (millions) $886 $1,620 $1,308 $1,685 $895 $798 $1,307 $808 $878 $1,345 3

4 Quarterly RIA industry-wide transactions January 1, 2014 December 31, 2015 Key: Number of Transactions (2014) Number of Transactions (2015) Total AUM Acquired (millions) 27 $44, $18, $22,592 $27, $20,671 $13,774 $10, $4,447 Q Q Q Q Q Q Q Q $1,060 $1,180 $688 $445 $1,255 $1,431 $1,666 $1,034 4

5 Transactions by buyer type As of December 31, % 50% Key: RIA Strategic Acquiring Firm Bank International Acquirer Other 40% RIA 39% 30% Percentage of deals by buyer type 20% 32% Strategic Acquiring Firm Other 24% 10% 0% International 1% Acquirer Bank 4% 5

6 Methodology Schwab s RIA industry merger and acquisition research data is compiled and analyzed by Schwab Advisor Services. TM Schwab s data reflects transactions involving primarily high net worth and endowment-focused RIAs with assets under management exceeding $50 million. The data also includes advisors-in-transition who joined an existing RIA and received equity consideration. Schwab does not intend to track all financial-services industry deals or all industry deal types across all channels and the data is not intended to reflect the global landscape of industry transactions or transaction types. Independent investment advisors are not owned by, affiliated with or supervised by Schwab. 6

Clients per professional. Over $1B 45 $750MM $1B 48 $500MM $750MM 45 $250MM $500MM 47. Over $1B 38 $750MM $1B 38 $500MM $750MM 35

Clients per professional. Over $1B 45 $750MM $1B 48 $500MM $750MM 45 $250MM $500MM 47. Over $1B 38 $750MM $1B 38 $500MM $750MM 35 The power of the independent advice business $123 $750MM $1B $91 model AUM per (millions) $500MM $750MM $75 Clients per 45 $750MM $1B 48 $500MM $750MM 45 $250MM $500MM $72 $250MM $500MM 47 More than one-third

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