Financial Advisor Profiles Series. Independent Rep Profiles: Learning Best Practices By Profiling Leading Firms

Transcription

1 Financial Advisor Profiles Series Independent Rep Profiles: Learning Best Practices By Profiling Leading Firms March 2011

2 TABLE OF CONTENTS INTRODUCTION, KEY FINDINGS, & EXECUTIVE SUMMARY...5 BENCHMARKING CATEGORIES VIEW...13 Target Markets...13 Products & Services...13 Sales & Marketing...13 Human Capital...13 Technology...13 FINANCIAL ADVISOR PROFILES CONCLUSIONS...14 Five Best Practices Define Leading Financial Advisor Firms...14 Determine Clear Target Markets...15 Choose Product & Service Offers to Support Chosen Target Markets...16 Develop Appropriate Sales & Marketing Methodologies...16 Build Necessary People & Technology Support Infrastructure...17 Define Business Goals & Develop Written Plans...17 Fee-Based Financial Advisor & Independent Broker/Dealer Reps Best Positioned for Success...19 Fee-Based Financial Advisors...19 Independent Broker/Dealer Reps...19 APPENDIX...20 Profiles of Leading Independent Reps...20 Advanced Equities Financial Corporation (First Allied) Reps...20 Jim Zogby s Team...20 American International Group (FSC Securities & Advantage Capital) Reps...21 Armstrong, MacIntyre, & Severns...21 Ciccarelli Advisory Services...23 American International Group (Royal Alliance) Reps...24 Peter Burton s Team...24 Meg Green & Associates...25 Mosely Investment Management...27 NCA Financial Planners...29 American International Group (Sage Point Financial) Reps...30 Mike Conlon s Team...30 Michael Cullen s Team...31 Keith DeGreen s Team...32 Eustice & Hoffman...33 Householder Group...34 Oregon Pacific Financial Services...35 Penniall & Associates...37 Ameriprise Financial (Securities America) Reps...38 Cedar Brook Financial Partners...38 Dorion-Gray Retirement Planning...39 Brett Ellison s Team...40 Fries Financial Services...40 Ray Lucia s Team...41 Price Financial Group...42 Premier Investment Advisory Services

3 Secure Planning Strategies...44 Greg Warner s Team...45 Cambridge Investment Research Reps...45 Hart Patterson...45 David Schneider s Team...47 Doug Tarella s Team...48 Cetera Financial Group (FNIC) Reps...48 Patrick Ayers Team...48 Wesley Bigler s Team...49 David Briggs Team...50 Kevin Carter s Team...51 Financial Network Walnut Creek Branch...52 Ginsburg Financial Advisors...53 Bill Gold s Team...54 Don Hall s Team...55 Sam Head s Team...56 Harry Keller s Team...56 Jeff McKay s Team...57 Richard Moran s Team...58 Bill Nelson s Team...59 Skip Nichols Team...60 Stephen Nykamp s Team...61 Bob O Braitis Team...61 Ted Provenza s Team...62 Doug Ritter s Team...63 Larry Rosenthal s Team...64 Brownie & Nancy Sides Team...64 Jorge Valdes Team...65 Doug Zupek s Team...66 Commonwealth Financial Network Reps...67 Bailey & Beatty Financial Services...67 DB Root & Company...68 Ladenburg Thalmann (Investacorp & Triad Advisors) Reps...70 Gitterman & Associates Wealth Management...70 LPL Financial Reps...71 AFS Financial...71 Brown & Tedstrom...73 Carson Wealth Management Group...74 Tom Cote s Team...79 Everingham & O Malley...80 Feltz Wealth Plan...81 Financial Development Corporation...82 Freeman Financial Associates...83 Harris Financial Group...84 Jeffrey Matthews Financial Group...85 Joyce Financial Management...86 Kaplan Financial Services...87 Oak Tree Wealth Management...89 Dave Perry s Team...90 Saunders & Associates Financial Management...91 The Financial Services Network (FSN)

4 The Fragrasso Group...96 Brad Van Vechten...97 National Financial Partners (NFP Securities) Reps...98 Provise Management Group...98 Raymond James Financial Reps...99 Birmingham Investment Group (Warren Whatley)...99 Sally Carril s Team Jerry Crader s Team Helton Asset Management (John Helton) Malcolm Makin s Team Ross Marino s Team McGee Financial Strategies (Judith McGee) John Moore & Associates MJ Smith & Associates (Mark Smith) O Keeffe Financial Partners (John O Keeffe) Owens & Sams Estate & Wealth Strategies (Mary Owens) Steve Plant s Team Stephens & Winton (Sherri Stephens) Steel Valley Investment (Jim McLean & Raymond LaBuda) The Turner Group (Lyle Turner, Dan DeMoss, & Charles Flinton) Valliant & Associates (Bruce Valliant) Waddell Group (Christopher Waddell) Other Independent Broker/Dealers Reps Aspire Capital Management BW & Associates Client 1st Advisors Gemmer Asset Management Hanson McClain Infinity Financial Services Alan Leist s Team Life & Wealth Advisors Lifetime Planning Advisors Maximum Financial PF Wealth Management Group Kim Pinkney s Team RBP Investment Advisors Stahl Schmidt Financial Group Suzy Lawrence & Joe Scanlin s Team The Money Coaching Institute Walker Capital Management Duplication or distribution of this report, and/or the data in this report, is strictly prohibited without the written consent of Tiburon Strategic Advisors, LLC 4

5 INTRODUCTION, KEY FINDINGS, & EXECUTIVE SUMMARY The introduction, key findings, & executive summary of this report summarizes the entirety of the report and offers a set of useful summary facts. It also serves to address the report s objectives, Tiburon s research processes, and the report s target markets. Context Setting The purpose of this report is to provide readers with an initial understanding of the profiles & best practices of leading independent reps. The report includes detailed profiles of over 100 leading independent reps (a wholesaler's bible), seeking to identify best practices in critical areas such as sales & marketing, staffing & compensation, technology use, & succession planning. This is the first draft of Tiburon s research on this topic. This is Tiburon s first draft of this report; this draft consolidates prior Tiburon research into one report. Tiburon Research Process Readers should find this report to be both comprehensive and unbiased in its opinions. Tiburon is not a narrowly defined research firm and does not do research on speculation nor to earn substantial revenues selling research reports (all Tiburon reports are offered for sale at $5,000 each, which comes nowhere close to even covering the time invested). Instead, Tiburon conducts extremely detailed research to support critical strategic consulting assignments for its financial services industry clients. As part of Tiburon s traditional consulting efforts, before focusing on customized client analyses and to get thoroughly immersed in a business segment, Tiburon typically conducts more than a half-dozen research steps: Summarize & organize recent industry media coverage Incorporate proprietary learnings from Tiburon s benchmarking tools Review & incorporate learnings from all key industry firms web sites Conduct detailed news searches to round out company views Seek out research & analyst reports to compare and further develop findings Solicit opinions from Tiburon s executive program members Interview industry participants to confirm or revise findings Tiburon will update this report in three-to-six months depending on the evolution of the market and demand for such, so the firm welcomes readers to share any feedback, input, or ideas by , phone, or in-person. If you send comments, Tiburon will be happy to send you a revised copy of the report. In accordance with Tiburon s traditional research process, future versions of this report will attempt to take this research further, including more detailed profiles of each firm and more opinions from other industry observers that can help further explain the conclusions. Tiburon Strategic Advisors Tiburon Strategic Advisors was formed in 1998 to offer market research, strategy consulting, & other related services primarily to financial services firms. Three of Tiburon's core clientele groups are the CEOs and other senior executives of large US financial institutions faced with difficult strategic decisions, leading executives of foreign financial institutions trying to understand and/or enter the US markets, and a long list of 5

6 venture capital & private equity firms, and investment banks, making investments in, and executing transactions in, areas where Tiburon has developed proprietary insights. The firm has served over 300 corporate clients and completed over 1,200 projects since its founding, and today, its knowledge base includes mutual fund distribution, separately managed account programs, alternative investments, wealth management, insurance products, banking services, the fee-based financial advisor market, the CPA firm market, the family office market, and various international markets. Research Report Series This report is part of the Tiburon Strategic Advisors Research Report Series, which is comprised of a growing number of in-depth reports covering a wide range of topics in the banking, insurance, brokerage, and investment management markets. Tiburon s Research Reports are published in two series. One series is aimed towards Financial Institutions and the other towards Financial Advisors. The Financial Institutions Series reports are macro-industry reports that cover topics such as the mutual funds industry, the full-service brokerage industry, and the registered investment advisor industry. Reports in the Financial Advisors Series are more tactical reports, which include topics such as Fee-Based Financial Advisor Best Practices and Succession Planning & the Growing Acquisition Market. Research Report Access Program Many long-time Tiburon clients subscribe to the firm's research report access program, which allows unlimited online access to all of its research reports for all of a company's employees for an entire calendar year for just one $25,000 subscription. This service has helped numerous Tiburon clients share Tiburon research widely and consolidate their research purchases. Sponsored Research Reports Numerous Tiburon clients have sponsored research reports ($35,000), which entitles them to widely distribute the reports to their employees and/or clients. Tiburon also retains the rights to offer these reports for sale. Research Report Refund Policy Periodically (far less than 1% of the time after hundreds of purchases), Tiburon research report purchasers have sought refunds, which has caused hardship and wasted time for Tiburon, hence the following policy now exists for all Tiburon research report purchases. Tiburon is unable to make any financial refunds for reports. Both fulfilling reports and processing refunds take up Tiburon time, and given that the reports are written as a low cost accommodation service, Tiburon needs to manage its time well, prioritizing market research & strategy consulting clients. Furthermore, given that reports are delivered electronically, returns are impractical. If it helps, Tiburon will attempt to send replacement reports (either the next version of the same report or another report all together) as long as invoices are paid promptly under the terms of the original order (net 30 days). That said, please observe three suggestions before ordering any Tiburon report: First, be sure to look at the summaries and attached table of contents for the report(s) of interest. These are created by Tiburon research staff to best represent the reports to potential purchasers. Sending specific pages is time consuming and unreasonable but the detailed table of contents show pretty clearly the topics covered. 6

7 Second, please ensure that no other executive at your firm has ordered the same report; Tiburon is willing to allow the internal sharing of its reports by purchasers, but purchasers need to take responsibility to confirm any prior purchases within their firms as the growing complexity of financial services firms makes it impractical for Tiburon to track any firm's subsidiaries and their respective purchases. Finally, please remember that the totality of the report is the offering. If there is a graph that is unreadable because of the smaller font size required for printing, please bring it to the firm's attention and a full-size version will be sent, but please do not seek a refund on a report purchase that you have received. Contacting Tiburon Strategic Advisors Tiburon Strategic Advisors is located in Tiburon, California (just over the Golden Gate Bridge from San Francisco) and can be reached at (415) Feel free to contact any of us. Best of luck to all! Chip Roame Managing Principal Tiburon Strategic Advisors Pablo Perez Senior Research Manager Tiburon Strategic Advisors 7

8 Key Findings Below is a list of summary facts from this report: Benchmarking Categories View This section will outline benchmarking categories view. Target Markets This section will outline target markets. Products & Services This section will outline products & services. Sales & Marketing This section will outline sales & marketing. Human Capital This section will outline human capital. Technology This section will outline technology. Financial Advisor Profiles Conclusions This section outlines financial advisor profiles conclusions. Five Best Practices Define Leading Financial Advisor Firms This section will outline the five best practices utilized by leading financial advisor firms. There is no single model for financial advisors success, but rather success appears to be achieved by having a defined strategy and employing systematic business processes in five areas, including determining clear target markets Nine key non-financial elements that drive high-performing professional firms include vision, goals, commitment, alignment, & key performance measures Successful financial advisors determine target markets by investable asset levels, sources of the prospects assets, or other methods Successful financial advisors chose product & service offers to support their chosen target markets, including fee-based pricing models, investment consulting, and wealth management & life planning Successful financial advisors develop appropriate marketing methodologies, including passive client referrals, proactive client referrals, and other sales & marketing methods Successful financial advisors build the necessary support infrastructure, including thru people & technology Successful financial advisors define business goals & develop written business plans, including utilizing economic measures, business documentation, succession plans, and financial advisor coaches Financial advisors should hold annual off-site meetings to strategically address its mission statement, staff feedback, ideal practice, & creation of a strategic plan to achieve its ideal practice Fee-Based Financial Advisor & Independent Broker/Dealer Reps Best Positioned for Success 8

9 This section will outline the fee-based financial advisor & independent broker/dealer reps best positioned for success. Fee-based financial advisors & independent broker/dealer reps generally excel at three of the five identified best practices Veritable & Silvercrest Asset Management Group lead all fee-based financial advisors in assets under management with $9.4 & $8.6 billion respectively Veritable & Silvercrest Asset Management Group Lead All Fee-Based Financial Advisors in Assets Under Management with $9.4 & $8.6 Billion Respectively Fee-Based Financial Advisors By Assets Under Management ($ Billions) Independent Broker/Dealer Sourc e: 6/08 Registered Rep; Tiburon Resear ch & A nalysis Reps This section outlines the independent broker/dealer reps best positioned for success. Veritable Silvercrest Asset Management Group Moneta Group Investment Advisors Oxford Financial Group Rockefeller & Company Geller Family Office Services Convergent Wealth Advisors Ronald Blue & Company Plante Moran Financial Advisors Sontag Advisory $5.4 $5.3 $5.2 $6.6 $6.2 $7.9 $7.8 $7.6 $8.6 $9.4 9

10 Executive Summary The following paragraphs, pulled from the body of this report, include the critical points for all readers. Benchmarking Categories View This section will outline benchmarking categories view. Target Markets This section will outline target markets. Products & Services This section will outline products & services. Sales & Marketing This section will outline sales & marketing. Human Capital This section will outline human capital. Technology This section will outline technology. Financial Advisor Profiles Conclusions This section outlines financial advisor profiles conclusions. Five Best Practices Define Leading Financial Advisor Firms This section will outline the five best practices utilized by leading financial advisor firms. There is no single model for financial advisors success, but rather success appears to be achieved by having a defined strategy and employing systematic business processes in five areas, including determining clear target markets: Determine Clear Target Markets Investable asset levels Sources of prospects assets Choose Product & Service Offers to Support Chosen Target Markets Fee-based pricing models Investment consulting Wealth management & life planning Develop Appropriate Sales & Marketing Methodologies Passive client referrals Proactive client referrals Other sales & marketing methods Build Necessary People & Technology Support Infrastructure People leverage Technology use Define Business Goals & Develop Written Plans 10

11 Economic measures Business documentation Succession plans Financial advisor coaches Nine key non-financial elements that drive high-performing professional firms include vision, goals, commitment, alignment, & key performance measures. Determine Clear Target Markets This section outlines the best practice of determining clear target markets. Successful financial advisors determine target markets by investable asset levels, sources of the prospects assets, or other methods. Choose Product & Service Offers to Support Chosen Target Markets This section outlines the best practice of choosing product & service offers to support chosen target markets. Successful financial advisors chose product & service offers to support their chosen target markets, including fee-based pricing models, investment consulting, and wealth management & life planning. Develop Appropriate Sales & Marketing Methodologies This section outlines the best practice of developing appropriate sales & marketing methodologies. Successful financial advisors develop appropriate marketing methodologies, including passive client referrals, proactive client referrals, and other sales & marketing methods: Build Necessary People & Technology Support Infrastructure This section outlines the best practice of building necessary people & technology support infrastructure. Successful financial advisors build the necessary support infrastructure, including thru people & technology. Fee-Based Financial Advisors & Independent Broker/Dealer Reps Generally Excel at Three of the Five Identified Best Practices Fee-Based Financial Advisors & Independent Broker/Dealer Reps Best Practices Determine Clear Target Markets Choose Product & Service Offers to Support Chosen Target Markets Develop Appropriate Marketing Methodologies Build Necessary Support Infrastructure Define Business Goals & Develop Written Plans Fee-Based Financial Advisors Define Business Goals & Source: 5/03 Independent Rep Best Practices Survey; Tiburon Research & Analysis Develop Written Plans This section outlines the best practice of determining business goals & develop written plans. Independent Broker/Dealer Reps Successful financial advisors define business goals & develop written business plans, including utilizing economic measures, business documentation, succession plans, and financial advisor coaches

12 Financial advisors should hold annual off-site meetings to strategically address its mission statement, staff feedback, ideal practice, & creation of a strategic plan to achieve its ideal practice: Fee-Based Financial Advisor & Independent Broker/Dealer Reps Best Positioned for Success This section will outline the fee-based financial advisor & independent broker/dealer reps best positioned for success. Fee-based financial advisors & independent broker/dealer reps generally excel at three of the five identified best practices. Fee-Based Financial Advisors This section outlines the feebased financial advisors best positioned for success. Veritable & Silvercrest Asset Management Group Lead All Fee-Based Financial Advisors in Assets Under Management with $9.4 & $8.6 Billion Respectively Fee-Based Financial Advisors By Assets Under Management ($ Billions) Veritable Silvercrest Asset Management Group Moneta Group Investment Advisors Oxford Financial Group Rockefeller & Company $7.9 $7.8 $7.6 $8.6 $9.4 Veritable & Silvercrest Asset Management Group lead all feebased financial advisors in assets under management with $9.4 & $8.6 billion respectively. Geller Family Office Services Convergent Wealth Advisors Ronald Blue & Company Plante Moran Financial Advisors Sontag Advisory Sourc e: 6/08 Registered Rep; Tiburon Resear ch & A nalysis $6.6 $6.2 $5.4 $5.3 $5.2 Independent Broker/Dealer Reps This section outlines the independent broker/dealer reps best positioned for success. 12

13 BENCHMARKING CATEGORIES VIEW This section will outline benchmarking categories view. Target Markets This section will outline target markets. The first benchmarking category view is target markets. Products & Services This section will outline products & services. The second benchmarking category view is products & services. Sales & Marketing This section will outline sales & marketing. The third benchmarking category view is sales & marketing. Human Capital This section will outline human capital. The fourth benchmarking category view is human capital. Technology This section will outline technology. The fifth benchmarking category view is technology. 13

14 FINANCIAL ADVISOR PROFILES CONCLUSIONS Five Best Practices Define Leading Financial Advisor Firms This section will outline the five best practices utilized by leading financial advisor firms. There is no single model for financial advisors success, but rather success appears to be achieved by having a defined strategy and employing systematic business processes in five areas, including determining clear target markets: Determine Clear Target Markets Investable asset levels Sources of prospects assets Choose Product & Service Offers to Support Chosen Target Markets Fee-based pricing models Investment consulting Wealth management & life planning Develop Appropriate Sales & Marketing Methodologies Passive client referrals Proactive client referrals Other sales & marketing methods Build Necessary People & Technology Support Infrastructure People leverage Technology use Define Business Goals & Develop Written Plans Economic measures Business documentation Succession plans Financial advisor coaches Nine key non-financial elements that drive high-performing professional firms include vision, goals, commitment, alignment, & key performance measures. Specifically, details include: Establish Clear Articulate Vision All high-performing firms have one Without a clear vision, the firm becomes its own worst enemy Institute Firm-Level Goals No more than five firm-level goals should be present at any one time Determines key steps to achieving objectives Identifies where firm spends most of its energies Maintain Solid Commitment Fellow owners must be committed to the vision, priorities, and objectives of the firm 14

15 Establish Alignment Throughout Firm Goals should cascade through a firm Must be an understanding of how everyone s work and efforts support the overriding firm goals Alignment of compensation with performance is key as well Determine Key Performance Measures Gives everyone an opportunity to participate in performance measures to support the firm Provides a sense of how well the firm is doing in achieving its key goals Implement Strategic Execution Firm leadership is responsible for making sure the firm executes its strategic plan May be necessary to revise various systems and procedures in the firm Maintain Effective Communication Sending an is not sending actionable information; it may not have been understood In high-performing firms, leaders make great efforts to communicate the strategic vision and their priorities Use a Company Scoreboard Every high-performing firm has one to tell them if they are winning or losing Without one, adjustments to the plan are hard to implement Pay for Performance Develop a real sense of commitment to shared objectives Link compensation to achieving the firm s vision, mission, and strategy Involves identifying the firm s top strategic objectives, defining what they mean in terms of organizational behavior, and designing the compensation plan in a way that recognizes and supports these behaviors Determine Clear Target Markets This section outlines the best practice of determining clear target markets. Successful financial advisors determine target markets by investable asset levels, sources of the prospects assets, or other methods: Investable Asset Levels 40% of the clients of independent reps have $100,000 - $1 million in total investable assets and another 19% have $1-$5 million Many larger independent reps serve more high net worth clients (~50% of their clients) Other independent reps have been successful by staying focused on the much larger $100,000 - $1 million market Sources of Prospects Assets IRA rollovers are the leading source of assets captured by independent reps (36% of all new client assets) and IRA rollovers are likely to increase rapidly 15

16 as the baby boomer population retires; with this said, very few independent reps have dedicated IRA rollover marketing strategies On the other hand, the best sources of prospects assets can differ by geographical market; other leading sources include: other sources of new money (e.g., inheritances) (22%), periodic investments from earnings (17%), money moved from full-service brokers (13%), and money moved from other providers (e.g., banks, discount brokers, and no-load mutual fund companies) (12%); few dollars move from one independent rep to another Choose Product & Service Offers to Support Chosen Target Markets This section outlines the best practice of choosing product & service offers to support chosen target markets. Successful financial advisors chose product & service offers to support their chosen target markets, including fee-based pricing models, investment consulting, and wealth management & life planning: Fee-Based Pricing Models Certainly the booming business model for independent reps, although reps are still early in this transition, with just 16% of client assets being invested in fee-accounts Larger independent reps show a broader use of fee-accounts (~20%-30% of client assets) Investment Consulting Some independent reps are positioning themselves as investment consultants, which may require a broader set of investment products, including exchange traded funds, separately managed accounts, hedge funds, venture capital & private equity, and real estate Amongst new investment products, separately managed accounts (63%), exchange traded funds (47%), and hedge funds (42%) seem to be getting the most attention Wealth Management & Life Planning Some independent reps are positioning themselves as wealth managers, requiring a broader set of services to include financial planning, private banking, insurance, and estate planning A few others are further out, positioning themselves as life planners Develop Appropriate Sales & Marketing Methodologies This section outlines the best practice of developing appropriate sales & marketing methodologies. Successful financial advisors develop appropriate marketing methodologies, including passive client referrals, proactive client referrals, and other sales & marketing methods: Passive Client Referrals While passive client referrals are wonderful to receive and account for 36% of all new independent rep clients, there are two key points to consider regarding client referrals Methods for making them more frequent 16

17 Methods for lessening one s reliance upon them Proactive Client Referrals With the increasing competitive nature of the business, independent reps may need to deploy more proactive efforts to continue to see the same number of client referrals Today another 20% of clients come from proactive efforts, suggesting that over half of all new clients may come from relationships with current clients Other Sales & Marketing Methods CPAs, attorneys, and other centers of influence account for a smaller share of new clients than many reps perceive These methods take substantial tenacity and also many of these professionals are considering entering into the investments business Networking (10%), seminars (6%), and other sales & marketing methods are used quite effectively by small groups of independent reps Build Necessary People & Technology Support Infrastructure This section outlines the best practice of building necessary people & technology support infrastructure. Successful financial advisors build the necessary support infrastructure, including thru people & technology: People Leverage Larger independent reps have built their businesses with both more staff and more productivity from each staff member (the latter likely being driven by technology deployment and clear business processes) Partners only account for 13% of the staffs of the largest independent rep firms while accounting for 36% of the smallest firms The largest independent reps allocate 37% of their expense budgets to staff compensation while the smallest independent reps allocate 32% Technology Use While hundreds of new technology products have recently been introduced to assist independent reps, reps have been slow to move Morningstar remains the leading technology product in multiple categories (e.g., financial planning software, asset allocation software, and data & research services) and is utilized by 42%-67% of reps for each activity Larger independent reps allocate a greater share of their expense budgets to technology On the other hand, there are some benefits to being slower moving as many technologies have had short lives Define Business Goals & Develop Written Plans This section outlines the best practice of determining business goals & develop written plans. Successful financial advisors define business goals & develop written business plans, including utilizing economic measures, business documentation, succession plans, and financial advisor coaches: 17

18 Economic Measures Larger independent reps may see a decline in both revenue/asset ratios (~100 bps) and profit margins (~53%) At the same time, larger reps earn dramatically higher overall profits Choosing the right economic measures is critical Business Documentation Larger rep firms are more likely to have business plans (71% versus 62%), marketing plans (35% versus 30%), and especially employee manuals (63% versus 21%) All of these documents (and others) help to formalize business models, making it easier for others to replicate Succession Plans Specifically help tie together business plans and economic measures while keeping all employees rowing the same direction Only 10% of independent reps have succession plans, although a greater share of larger independent reps have one Financial Advisor Coaches Can help pull together and apply Tiburon s findings Leading coaches amongst independent reps include Bill Bachrach (11%), Tom Gau (11%), and Dan Sullivan (10%) Financial advisors should hold annual off-site meetings to strategically address its mission statement, staff feedback, ideal practice, & creation of a strategic plan to achieve its ideal practice: Mission Statement Ensure it is still relevant Staff Feedback Individual strengths Likes and dislikes about jobs Ideal Practice Consists of open & creative discussions Strategic Plan Assists in achieving ideal practice Each group member is given clear accountabilities and timelines for all tasks Everyone knows who is responsible for each action 18

19 Fee-Based Financial Advisor & Independent Broker/Dealer Reps Best Positioned for Success This section will outline the fee-based financial advisor & independent broker/dealer reps best positioned for success. Fee-based financial advisors & independent reps appear best positioned for success. Fee-based financial advisors & independent broker/dealer reps generally excel at three of the five identified best practices. Fee-Based Financial Advisors & Independent Broker/Dealer Reps Generally Excel at Three of the Five Identified Best Practices Fee-Based Financial Advisors & Independent Broker/Dealer Reps Best Practices Fee-Based Financial Advisors Independent Broker/Dealer Reps Fee-Based Financial Advisors This section outlines the feebased financial advisors best positioned for success. Determine Clear Target Markets Choose Product & Service Offers to Support Chosen Target Markets Develop Appropriate Marketing Methodologies A number of fee-based financial advisors lead all fee-based financial advisors in the number of employees. Build Necessary Support Infrastructure Define Business Goals & Develop Written Plans Source: 5/03 Independent Rep Best Practices Survey; Tiburon Research & Analysis A number of fee-based financial advisors lead all fee-based financial advisors in the number of partners. A number of fee-based financial advisors lead all fee-based financial advisors in the number of clients. Veritable & Silvercrest Asset Management Group Lead All Fee-Based Financial Advisors in Assets Under Management with $9.4 & $8.6 Billion Respectively Fee-Based Financial Advisors By Assets Under Management ($ Billions) Veritable Silvercrest Asset Management Group Moneta Group Investment Advisors Oxford Financial Group $7.9 $7.8 $8.6 $9.4 A firm leads all fee-based financial advisors in the number of accounts. Rockefeller & Company Geller Family Office Services Convergent Wealth Advisors Ronald Blue & Company Plante Moran Financial Advisors $7.6 $6.6 $6.2 $5.4 $5.3 A number of fee-based financial advisors lead all fee-based financial advisors in assets under management. Sourc e: 6/08 Registered Rep; Tiburon Resear ch & A nalysis Sontag Advisory $5.2 Veritable & Silvercrest Asset Management Group lead all fee-based financial advisors in assets under management with $9.4 & $8.6 billion respectively. A number of fee-based financial advisors lead all fee-based financial advisors in revenues. A firm leads all fee-based financial advisors in net income. Independent Broker/Dealer Reps This section outlines the independent broker/dealer reps best positioned for success. 19

20 APPENDIX This chapter profiles the leading independent reps. Profiles of Leading Independent Reps This section outlines the profiles of leading independent reps. Advanced Equities Financial Corporation (First Allied) Reps This section outlines independent reps custodied by Advanced Equities Financial Corporation. Jim Zogby s Team Jim Zogby s Team is based in Peoria, IL. The first section of Jim Zogby s Team s profile will explain the key historical events in the firm s development. Jim Zogby s Team was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Jim Zogby s Team was founded. Early Phase This section outlines Jim Zogby s Team s early phase. This section outlines Jim Zogby s Team s middle phase. Recent Phase This section outlines Jim Zogby s Team s recent phase. First Allied Rep Jim Zogby Utilized First Allied Securities as His Broker/Dealer. Jim Zogby bought the business of Jim Welton. Jim Welton sold his business to another advisor for 1.7x revenues to be paid over five years. Jim Zogby bought 25% of the buyout of Jim Welton's business from the other broker. Specifically, Jim Zogby controls a 25% stake in Jim Welton s business, while the other broker s stake is 75%. Jim Zogby Bought 25% of the Buyout of Jim Welton's Business From the Other Broker Other Advisor's Stake 75% Jim Zogby Acquisition Structure Jim Zogby's Stake 25% The Jim Welton Jim Zogby transaction provides a good Source: 9/99 Bloomberg Wealth Manager; 8/27/99 Moss Adams (Tibergien); Tiburon Research & Analysis 20

21 example of the need for a buyback clause. The other broker ultimately defaulted and Zogby stepped in. The second section of Jim Zogby s Team s profile will review some key statistics regarding the firm. Businesses The third section of Jim Zogby s Team s profile will outline its core businesses. Jim Zogby s Team provides a number of services. The final section of Jim Zogby s Team s profile will address its organizational structure & ownership. Jim Zogby s Team has a web site. Jim Zogby s Team is led by its management team. Jim Zogby s Team is owned by its investors. American International Group (FSC Securities & Advantage Capital) Reps This section outlines independent reps custodied by American International Group. Armstrong, MacIntyre, & Severns FSC Securities rep Alexandra Armstrong joined Ferris Baker Watts in 1961 and worked as a secretary for sixteen years. In 1977, she joined the firm Julia Walsh & Sons as a partner in charge of creating a financial planning department. She became the first CFP in the Washington, DC area and built a staff of six planners. She left the firm in 1983 to start her own firm, MacIntyre, Armstrong, & Severns. This firm is based in Washington DC, and has 15 employees. The firm controls $571 assets under management, and its CEO is Alexandra Armstrong. The first section of Armstrong, MacIntyre, & Severns profile will explain the key historical events in the firm s development. Armstrong, MacIntyre, & Severns was founded in 1961 and has evolved through three phases, including its early phase, middle phase, and recent phases. Alexandra Armstrong joined Ferris Baker Watts in Armstrong, MacIntyre, & Severns was founded in Early Phase This section outlines Armstrong, MacIntyre, & Severns early phase. This section outlines Armstrong, MacIntyre, & Severns middle phase. 21

22 Recent Phase This section outlines r Armstrong, MacIntyre, & Severns recent phase. Alexandra Armstrong joined the firm in its first year as a principal and her duty was to create a financial planning department. Alexanadra Armstrong became the first CFP in Washington DC and built a staff of six planners in Alexandra Armstrong Started Her Own Firm in Alexandra Armstrong has been named among the top financial advisors in prestigious financial publications, specifically being included on Barron's The Top 100 List of advisors in The second section of Armstrong, MacIntyre, & Severns profile will review some key statistics regarding the firm. Armstrong, MacIntyre, & Severns has fifteen employees. Armstrong, MacIntyre, & Severns clients include moderate net worth households, high net worth households, endowments, and foundations. Most of Armstrong, MacIntyre, & Severns clients have a net worth of at least $3 million. Accounts are generally between $1 million and $3 million. Armstrong, MacIntyre, & Severns has $571 million assets under administration, down slightly since Businesses The third section of Armstrong, MacIntyre, & Severns profile will outline its core businesses. Armstrong, MacIntyre, & Severns Has $571 Million Assets Under Administration, Down Slightly Since 2004 Armstrong, MacIntyre, & Severns Assets Under Administration ($ Millions) $650 $571 Armstrong, MacIntyre, & Severns provides a number of services. Note: Alexandr a Armstrong changed firms between 2004 and 2005, which could be the reason for the drop in AUA Alexandra Armstrong reaches a Source: 6/13/05 Barron's; 9/20/04 Barron's; Tiburon Research & Analysis national audience through her monthly column and her book, On Your Own: A Widow's Passage to Emotional and Financial Well-Being: Monthly Column Has written a financial Planning column in Better Investing Magazine for nearly 30 years Book

23 Co-authored On Your Own: A Widow's Passage to Emotional and Financial Well-Being with Mary Donahue to reach a large segment of her target client market The final section of Armstrong, MacIntyre, & Severns profile will address its organizational structure & ownership. Armstrong, MacIntyre, & Severns has a web site. Armstrong, MacIntyre, & Severns is led by its CEO Alexandra Armstrong. Armstrong, MacIntyre, & Severns is owned by its investors. Ciccarelli Advisory Services FSC Securities rep Kim Ciccarelli Kantor is based in Naples, FL, was recognized as a leading advisor in 2004, and now has $550 million assets under administration. Its CEO is Kim Ciccarelli Kantor. The first section of Ciccarelli Advisory Services profile will explain the key historical events in the firm s development. Ciccarelli Advisory Services was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Ciccarelli Advisory Services was founded. Early Phase This section outlines Ciccarelli Advisory Services early phase. This section outlines Ciccarelli Advisory Services middle phase. Recent Phase This section outlines Ciccarelli Advisory Services recent phase. Kim Ciccarelli Kantor has been named among the top financial advisors in prestigious financial publications, specifically being included on Barron's The Top 100 List of advisors in The second section of Ciccarelli Advisory Services profile will review some key statistics regarding the firm. Ciccarelli Advisory Services clients include moderate net worth households, high net worth households, endowments, and foundations. Most of Ciccarelli Advisory Services clients have a net worth of at least $3 million. The typical account is anywhere between $1 million and $5 million. 23

24 Ciccarelli Advisory Services has $550 million assets under administration. Businesses The third section of Ciccarelli Advisory Services profile will outline its core businesses. Ciccarelli Advisory Services provides a number of services. The final section of Ciccarelli Advisory Services profile will address its organizational structure & ownership. Ciccarelli Advisory Services has a web site. Ciccarelli Advisory Services is led by its CEO Kim Ciccarelli Kantor. Ciccarelli Advisory Services is owned by its investors. American International Group (Royal Alliance) Reps This section outlines independent reps custodied by American International Group s Royal Alliance. Peter Burton s Team Peter Burton s Team is based in Walnut Creek, CA and has $267 million assets under administration. The first section Peter Burton s Team s profile explains the key historical events in the firm s development. Peter Burton s Team was founded and has evolved through three phases, including its early, middle, and recent phases. Peter Burton s Team was founded. Early Phase This section outlines Peter Burton s Team s early phase. This section outlines Peter Burton s Team s middle phase. Recent Phase This section outlines Peter Burton s Team s recent phase. The second section of Peter Burton s Team s profile reviews some key statistics regarding the firm. Peter Burton s Team s typical client s net worth is at least $3 million. Peter Burton s Team s typical account size is at least $1 million. 24

25 Peter Burton s Team has $267 million assets under administration. Businesses The third section of Peter Burton s Team s profile outlines its core businesses. Peter Burton s Team has a number of businesses. The final section of Peter Burton s Team s profile addresses its organizational structure & ownership. Peter Burton s Team has a web site. Peter Burton s Team is led by Peter Burton. Peter Burton s Team is owned by AIG Royal Alliance. Meg Green & Associates Royal Alliance rep Meg Green is based in North Miami Beach, FL and has been in business since She got her start in 1984 with Integrated Resources and later formed her own practice, Meg Green & Associates. Her firm focuses on comprehensive financial planning. The team has 10 employees, $640 million assets under management, and is led by CEO Meg Green. The first section of Meg Green & Associates profile will explain the key historical events in the firm s development. Meg Green & Associates Has $640 Million Assets Under Administration, Doubling its Assets Since 2003 Meg Green & Associates Assets Under Administration ($ Millions) Meg Green Began Her Career in 1984, Starting Under Integrated Resources, and Now Manages Her Own Firm Under Royal Alliance $325 $418 $640 Meg Green & Associates was Founded in 1984 Under Integrated Resources Source: 6/13/05 Barron's; 9/20/04 Barron's; 5/04 Research; Tiburon Research & Analysis Meg Green has been named among the top financial advisors in prestigious financial publications, including Barron's and Research Magazine: Barron's Named in Barron's The Top 100 list of financial advisors in 2005 Research Ranked second in the Women's Winners Circle Top 40 in 2004 Meg Green Focused on Networking, Professional Referrals, and Seminars to Get Her Practice Started: 25

26 Networking Partnered with attorneys and CPAs for business Professional Referrals -- Seminars Early seminars had as few as four attendees The second section of Meg Green & Associates profile will review some key statistics regarding the firm. Meg Green & Associates has ten employees. Meg Green & Associates clients include moderate net worth households, high net worth households, ultra-high net worth households, endowments, and foundations. Most clients have a net worth of at least $2 million. Accounts are generally between $1 million and $3 million. Meg Green Leads a Team of Ten, Along with Her Two Presidents Diane Plucienkowski and Todd Battaglia Meg Green & Associates Organizational Chart Diana Plucienkowsk i Office M anag er & P resident Fin ancial P lan ning Services Divis ion M eg G reen CE O Todd Battaglia Pre side nt Investment Man agem ent Division Source: 5/04 Research; Tiburon Research & Analysis Meg Green & Associates has $640 million assets under administration, doubling its assets since Businesses The third section of Meg Green & Associates profile will outline its core businesses. Meg Green & Associates provides a number of services. Meg Green has utilized multiple forms of media in order to build reputation and expertise. Meg Green & Associates Focuses on Comprehensive Financial Planning. Meg Green has utilized multiple forms of media in order to build her reputation, including a radio show, television, a newspaper column, and a retail video: Radio Show Weekly radio talk show Offered by a former seminar attendee Thirteen year tenure Television 26

27 Weekly talk show Newspaper Column Writes financial column for Sunday Miami Herald Retail Video Financial Workout was aimed at creating financial plans for individual investors Only earned enough to cover expenses Provided incalculable media exposure, including appearances on several talk shows Sally Jesse Raphael Joan Rivers Oprah Winfrey Meg Green & Associates uses the latest technology to maintain regular communication with employees and clients. Her firm earned an award for their technical prowess. Meg Green spends extensive time on community programs, including mentoring for the Women of Tomorrow Program: The Women of Tomorrow Program Program for underprivileged female high school students Awards college scholarships Hosts annual luncheon for college graduates and families Various Community Boards -- The final section of Meg Green & Associates profile will address its organizational structure & ownership. Meg Green & Associates has a web site. Meg Green leads a team of ten, along with her two presidents Diane Plucienkowski and Todd Battaglia. Meg Green & Associates is owned by its investors. Mosely Investment Management Royal Alliance rep Susan Mosely is based in Bradenton, FL, was recognized as a leading advisor in 2004, and now has $300 million assets under administration. Her firm, Mosely Investment Management, specializes in family wealth management, including tax, real estate, and estate planning. Its CEO is Susan Mosely. The first section of Mosely Investment Management s profile will explain the key historical events in the firm s development. 27

28 Mosely Investment Management was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Mosely Investment Management was founded. Early Phase This section outlines Mosely Investment Management s early phase. This section outlines Mosely Investment Management s middle phase. Recent Phase This section outlines Mosely Investment Management s recent phase. Susan Mosely has been named among the top financial advisors in prestigious financial publications, specifically being included on the Research Magazine Women s Winner s Circle Top 40 Advisor List in The second section of Mosely Investment Management s profile will review some key statistics regarding the firm. Moseley Investment Management $300 Million assets under administration. Businesses The third section of Mosely Investment Management s profile will outline its core businesses. Mosely Investment Management specializes in family wealth management, including tax, real estate, and estate planning. Mosely Investment Management specializes in family wealth management. The final section of Mosely Investment Management s profile will address its organizational structure & ownership. Mosely Investment Management Specializes in Family Wealth Management, Including Tax, Real Estate, and Estate Planning Source: 5/04 Research; Tiburon Research & Analysis Mosely Investment Management Services Mosely Investment Management Services Family Wealth Management Mosely Investment Management has a web site. Mosely Investment Management is led by its CEO Susan Mosely. Mosely Investment Management is owned by its investors. 28

29 NCA Financial Planners Royal Alliance rep Kevin Myeroff started his firm, NCA Financial Planners in They are based in Mayfield Heights, OH and provide full-service financial planning, specializing in the accumulation and preservation of wealth. Its has $1.0 billion assets under administration, and its CEO is Kevin Mveroff. The first section of NCA Financial Planners profile will explain the key historical events in the firm s development. NCA Financial Planners was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. NCA Financial Planners was founded in Early Phase This section outlines NCA Financial Planners early phase. This section outlines NCA Financial Planners middle phase. Recent Phase This section outlines NCA Financial Planners recent phase. Kevin Myeroff has been named among the top financial advisors in several prestigious financial publications, including Registered Rep, Barron's, and The Winner s Circle: Registered Rep Named in the America's Top 50 Brokers list in 2003 Barron's Named in Barron's The Top 100 list of financial advisors in 2005 The Winner s Circle Named among The Winner s Circle s top 100 financial advisors list in 2006 and 2007 The second section of NCA Financial Planners profile will review some key statistics regarding the firm. NCA Financial Planners clients include moderate net worth households and high net worth households. Most of NCA Financial Planners clients have a net worth of at least $3 million. A typical accounts are usually $1 - $3 million. NCA Financial Planners has over $1 billion assets under administration, up over $500 million since Businesses 29

30 The third section of NCA Financial Planners profile will outline its core businesses. NCA Financial Planners provides full-service financial planning, specializing in the accumulation and preservation of wealth. NCA Financial Planners Has Over $1 Billion Assets Under Administration, Up Over $500 Million Since 2004 NCA Financial Planners Assets Under Administration ($ Millions) NCA Financial Planners Provides full-service financial planning. $625 $1,018 The final section of NCA Financial Planners profile will address its organizational structure & ownership. $ Source: 4/23/07 Barron s (The Winner s Circle); 6/13/05 Barron's; 9/20/04 Barron's; 9/04 Registered Rep; Tiburon Research & Analysis NCA Financial Planners has a web site. NCA Financial Planners is led by its CEO Kevin Myeroff. NCA Financial Planners is owned by its investors. American International Group (Sage Point Financial) Reps This section outlines independent reps custodied by American International Group. Mike Conlon s Team Mike Conlon s Team was founded. The first section of Mike Conlon s Team s profile will explain the key historical events in the firm s development. Mike Conlon s Team was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Mike Conlon s Team was founded. Early Phase This section outlines Mike Conlon s Team s early phase. This section outlines Mike Conlon s Team s middle phase. Recent Phase This section outlines Mike Conlon s Team s recent phase. Mike Conlon purchased the business of Frank and Katherine Trillio. Conlon was a partner of the Trillos. He fulfilled succession planning goal of the Trillos and allowed continuity of staff. 30

31 Mike Conlon s acquisition was half financed by Sun America. Specifically, 50% of Mike Conlon s acquisition was financed by Sun America, and 50% came from other financing. Mike Conlon s Acquisition was Half Financed by Sun America Mike Conlon Acquisition Financing Structure The second section of Mike Conlon s Team s profile will review some key statistics regarding the firm. Other Financing 50% Sun America 50% Businesses The third section of Mike Conlon s Team s profile will outline its core businesses. Sourc e: 8/1/01 ivalue Pr ogr am Brochure; 12/8/99 Centurion Meeting (Doede); 8/27/99 Moss Adams E mail (Tibergien); 8/4/99 A ssante Conversation (Bowen); 2/23/99 Moss Adams (Tibergien); 10/12/98 Investment News; Tiburon Research & Analysis Mike Conlon s Team provides a number of services. The final section of Mike Conlon s Team s profile will address its organizational structure & ownership. Mike Conlon s Team has a web site. Mike Conlon s Team is led by its management team. Mike Conlon s Team is owned by its investors. Michael Cullen s Team Michael Cullen s Team is based in San Francisco, CA and has $200 million assets under administration. The first section Michael Cullen s Team s profile explains the key historical events in the firm s development. Michael Cullen s Team was founded and has evolved through three phases, including its early, middle, and recent phases. The second section of Michael Cullen s Team s profile reviews some key statistics regarding the firm. Michael Cullen s Team has $200 million assets under administration. Businesses The third section of Michael Cullen s Team s profile outlines its core businesses. 31

32 Michael Cullen s Team has a number of businesses. The final section of Michael Cullen s Team s profile addresses its organizational structure & ownership. Michael Cullen s Team is led by Michael Cullen. Michael Cullen s Team is owned by AIG Financial Advisors. Michael Cullen s Team is owned by its investors. Keith DeGreen s Team Keith DeGreen Team is based in Scottsdale, AZ, has been in business since 1996, and was recognized as a leading advisor in His firm provides wealth management, life, health, and disability insurance services. The first section of Keith DeGreen s Team s profile will explain the key historical events in the firm s development. Keith DeGreen s Team was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Keith DeGreen joined Sun America in Keith DeGreen s Team was founded. Early Phase This section outlines Keith DeGreen s Team s early phase. This section outlines Keith DeGreen s Team s middle phase. Recent Phase This section outlines Keith DeGreen s Team s recent phase. He has been named among the top financial advisors in prestigious financial publications, specifically being included on the Registered Rep America's Top 50 Brokers list in The second section of Keith DeGreen s Team s profile will review some key statistics regarding the firm. Keith DeGreen s Team has $317 million assets under administration. Businesses The third section of Keith DeGreen s Team s profile will outline its core businesses. 32

33 Keith DeGreen s Team provides wealth management, life, health, and disability insurance services. Keith DeGreen s Team s First Service is Wealth Management. Keith DeGreen s Team s Second Service is Life, Health, and Disability Insurance Services. Keith DeGreen s Team Provides Wealth Management, Life, Health, and Disability Insurance Services Keith DeGreen Team Services Keith DeGreen s Team Services The final section of Keith DeGreen s Team s profile will address its organizational structure & ownership. Wealth Management Life, Health, and Disability Insurance Services Keith DeGreen s Team has a web site. Source: 9/04 Registered Rep; Tiburon Research & Analysis Keith DeGreen s Team is led by its management team. Keith DeGreen s Team is owned by its investors. Eustice & Hoffman Eustice & Hoffman was founded. The first section of Eustice & Hoffman s profile will explain the key historical events in the firm s development. Eustice & Hoffman was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Eustice & Hoffman was founded. Early Phase This section outlines Eustice & Hoffman s early phase. This section outlines Eustice & Hoffman s middle phase. Recent Phase This section outlines Eustice & Hoffman s recent phase. The second section of Eustice & Hoffman s profile will review some key statistics regarding the firm. Businesses The third section of Eustice & Hoffman s profile will outline its core businesses. 33

34 Eustice & Hoffman was sold on ivalue. Eustice & Hoffman provides a number of services. The final section of Eustice & Hoffman s profile will address its organizational structure & ownership. Eustice & Hoffman has a web site. Eustice & Hoffman is led by its management team. Eustice & Hoffman is owned by its investors. Householder Group Householder Group is based in Phoenix, Arizona and led by CEO Scott Householder. The first section of Householder Group s profile will explain the key historical events in the firm s development. Householder Group was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Householder Group was founded. Early Phase This section outlines Householder Group s early phase. This section outlines Householder Group s middle phase. Recent Phase This section outlines Householder Group s recent phase. Householder Group acquired Kavesh & Gau in Householder Group Retained Kavesh & Gau's overall staff and one key partner. Householder Group's Acquisition of Kavesh & Gau reportedly stumbled into some financing difficulties. Ultimately, Sun America provided half of the $750,000 to complete the transaction. Specifically, 50% of Householder Group s acquisition financing comes from 50%, and 50% come from Householder Group. The second section of Householder Group s profile will review some key statistics regarding the firm. 34

35 Businesses The third section of Householder Group s profile will outline its core businesses. Householder Group provides a number of services. Householder Group utilizes Sun America Securities as broker/dealer. The final section of Householder Group s profile will address its organizational structure & ownership. Householder Group has a web site. Householder Group is led by its CEO Scott Householder. Householder Group is owned by its investors. Oregon Pacific Financial Services Tom Gau began his career as an accountant, but later built several successful advisory firms, one of which he manages today. Oregon Pacific Financial Advisors provides comprehensive financial Comprehensive planning, tax & estate planning, Tax & Estate Financial Planning Plann ing wealth transfer strategies, investment advisory services, and fee-accounts for moderate and high net worth households. The company has $860 million Source: 9/04 Registered Rep; Tiburon Research & Analysis assets under administration, generates $2 million in revenues, and is led by CEO Tom Gau. The first section of Oregon Pacific Financial Services profile will explain the key historical events in the firm s development. Oregon Pacific Financial Services was founded in 1999 and has evolved through three phases, including its early phase, middle phase, and recent phases. Oregon Pacific Financial Services was founded in Early Phase This section outlines Oregon Pacific Financial Services early phase. This section outlines Oregon Pacific Financial Services middle phase. Recent Phase Oregon Pacific Financial Advisors Provides Comprehensive Financial Planning, Tax & Estate Planning, Wealth Transfer Strategies, Investment Advisory Services, and Fee-Accounts for Moderate and High Net Worth Households Oregon Pacific Financial Advisors Services Oregon Pacific Financial Advisors Wealth Transfer Strategies Investment Advisory Services F ee-accounts 35

36 This section outlines Oregon Pacific Financial Services recent phase. Tom Gau began by creating financial plans as a CPA, but quickly realized that he was referring all of the action and money to brokers. Built a Very Successful Financial Planning Firm Offering a Wide Range of Investment Products. Tom Gau built the firm up to 40 employees and over 2,000 clients by 1999 Tom Gau converted his best clients to a fee-based model and sold the rest of his clients to the Householder Group Tom Gau sold Kavesh & Gau to The Householder Group in Tom Gau Moved to Ashland, Oregon to be closer to his family and started Oregon Pacific Financial Services in Tom Gau was recently named among the top financial advisors in RJ Shook's book, the Winner s Circle. The second section of Oregon Pacific Financial Services profile will review some key statistics regarding the firm. Oregon Pacific Financial Advisors started with 185 clients. Oregon Pacific Financial Advisors clients include moderate net worth households and high net worth households. Most of Oregon Pacific Financial Advisors clients have a net worth of at least $2 million. Accounts are generally in the $1 million to $2 million range. Oregon Pacific Financial Advisors have $860 million assets under administration, more than quadrupled since the firm's beginning in Oregon Pacific Financial Advisors has $2 million in revenues. Businesses The third section of Oregon Pacific Financial Services profile will outline its core businesses. Oregon Pacific Financial Advisors provides Comprehensive Financial Planning, Tax & Estate Planning, Wealth Transfer Strategies, Investment Advisory Services, and Fee- Accounts for Moderate and High Net Worth Households Oregon Pacific Financial Advisors provides Comprehensive Financial Planning, Tax & Estate Planning, Wealth Transfer Strategies, Investment Advisory Services, and Fee- Accounts for Moderate and High Net Worth Households. 36

37 Oregon Pacific Financial Advisors first service is Comprehensive Financial Planning. Oregon Pacific Financial Advisors second service is Tax & Estate Planning. Oregon Pacific Financial Advisors third service is Wealth Transfer Strategies. Oregon Pacific Financial Advisors fourth service is Investment Advisory Services. Oregon Pacific Financial Advisors fifth service is Fee-Accounts. Tom Gau has built a reputation as a successful financial advisor coach. Tom Gau founded a coaching program called the Million Dollar Producer Boot Camp. The final section of Oregon Pacific Financial Services profile will address its organizational structure & ownership. Oregon Pacific Financial Advisors has a web site. Oregon Pacific Financial Advisors is led by its management team. Oregon Pacific Financial Advisors is owned by its investors. Penniall & Associates Sun America rep David Penniall is based in Los Angeles, CA and generates $2 million in revenues. They offer fee-based asset management. Its principal is David Pernniall. The first section of Penniall & Associates profile will explain the key historical events in the firm s development. Penniall & Associates was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Penniall & Associates was founded. Early Phase This section outlines Penniall & Associates early phase. This section outlines Penniall & Associates middle phase. Recent Phase This section outlines Penniall & Associates recent phase. Previously, David Penniall partnered with a CPA firm next door to his firm. David Penniall is now considering acquiring another rep's practice in West Los Angeles. 37

38 The second section of Penniall & Associates profile will review some key statistics regarding the firm. The Sun America rep David Penniall is interested in has $800,000 in revenues. Penniall & Associates has $2 million in revenues. Businesses The third section of Penniall & Associates profile will outline its core businesses. Penniall & Associates provides a number of services. The final section of Penniall & Associates profile will address its organizational structure & ownership. Penniall & Associates has a web site. Penniall & Associates is led by its management team. Penniall & Associates is owned by its investors. Ameriprise Financial (Securities America) Reps This section outlines independent reps custodied by Ameriprise Financial. Cedar Brook Financial Partners Cedar Brook Financial Partners is let by its CEO William Glubiak. The first section of Cedar Brook Financial Partners profile will explain the key historical events in the firm s development. Cedar Brook Financial Partners was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines Cedar Brook Financial Partners early phase. This section outlines Cedar Brook Financial Partners middle phase. Recent Phase This section outlines Cedar Brook Financial Partners recent phase. The second section of Cedar Brook Financial Partners profile will review some key statistics regarding the firm. Services The third section of Cedar Brook Financial Partners profile will outline its core servicess. 38

39 Cedar Brook Financial Partners has a number of servicess. The final section of Cedar Brook Financial Partners profile will address its organizational structure & ownership. Cedar Brook Financial Partners has a web site. Cedar Brook Financial Partners is led by its CEO William Glubiak. Cedar Brook Financial Partners is owned by its investors. Dorion-Gray Retirement Planning Dorion-Gray Retirement Planning is let by its CEO Paula Dorion-Gray. The first section of Dorion-Gray Retirement Planning s profile will explain the key historical events in the firm s development. Dorion-Gray Retirement Planning was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines Dorion-Gray Retirement Planning s early phase. This section outlines Dorion-Gray Retirement Planning s middle phase. Recent Phase This section outlines Dorion-Gray Retirement Planning s recent phase. The second section of Dorion-Gray Retirement Planning s profile will review some key statistics regarding the firm. Services The third section of Dorion-Gray Retirement Planning s profile will outline its core servicess. Dorion-Gray Retirement Planning has a number of servicess. The final section of Dorion-Gray Retirement Planning s profile will address its organizational structure & ownership. Dorion-Gray Retirement Planning has a web site. Dorion-Gray Retirement Planning is led by its CEO William Glubiak. Dorion-Gray Retirement Planning is owned by its investors. 39

40 Brett Ellison s Team Brett Ellison s Team is let by its CEO Brett Ellison. The first section of Brett Ellison s Team s profile will explain the key historical events in the firm s development. Brett Ellison s Team was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines Brett Ellison s Team s early phase. This section outlines Brett Ellison s Team s middle phase. Recent Phase This section outlines Brett Ellison s Team s recent phase. The second section of Brett Ellison s Team s profile will review some key statistics regarding the firm. Services The third section of Brett Ellison s Team s profile will outline its core servicess. Brett Ellison s Team has a number of servicess. The final section of Brett Ellison s Team s profile will address its organizational structure & ownership. Brett Ellison s Team has a web site. Brett Ellison s Team is led by its CEO Brett Ellison. Brett Ellison s Team is owned by its investors. Fries Financial Services Fries Financial Services is based in Bryan, TX and is led by its CEO Denise Fries. Their web site can be found at The first section of Fries Financial Services profile will explain the key historical events in the firm s development. Fries Financial Services was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Fries Financial Services was founded. 40

41 Early Phase This section outlines Fries Financial Services early phase. This section outlines Fries Financial Services middle phase. Recent Phase This section outlines Fries Financial Services recent phase. The second section of Fries Financial Services profile will review some key statistics regarding the firm. Services The third section of Fries Financial Services profile will outline its core services. Fries Financial Services has a number of services. The final section of Fries Financial Services profile will address its organizational structure & ownership. Fries Financial Services has a web site. Fries Financial Services is led by its CEO Denise Fries. Fries Financial Services is owned by its investors. Ray Lucia s Team Ray Lucia s Team led by its CEO Ray Lucia.. The first section of Ray Lucia s Team s profile will explain the key historical events in the firm s development. Ray Lucia s Team was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines Ray Lucia s Team s early phase. This section outlines Ray Lucia s Team s middle phase. Recent Phase This section outlines Ray Lucia s Team s recent phase. The second section of Ray Lucia s Team s Team s profile will review some key statistics regarding the firm. 41

42 Services The third section of Ray Lucia s Team s profile will outline its core services. Brett Ellison s Team has a number of services. The final section of Ray Lucia s Team s profile will address its organizational structure & ownership. Ray Lucia s Team has a web site. Ray Lucia s Team is led by its CEO Brett Ellison. Ray Lucia s Team is owned by its investors. Price Financial Group Price Financial Group is based in Wilton, CT and is led by its CEO Lori Price. Their web site can be found at Price Financial Group Comments Based in Wilton, CT CEO: Lori Price Web site: The first section of Price Financial Group s profile will explain the key historical events in the firm s development. Price Financial Group was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Sourc e: 5/20/10 Price Financial Group Web Site; Tiburon Research & Analysis Price Financial Group was founded. Early Phase This section outlines Price Financial Group s early phase. This section outlines Price Financial Group s middle phase. Recent Phase This section outlines Price Financial Group s recent phase. The second section of Price Financial Group s profile will review some key statistics regarding the firm. Services The third section of Price Financial Group s profile will outline its core services. 42

43 Price Financial Group has a number of services. The final section of Price Financial Group s profile will address its organizational structure & ownership. Price Financial Group has a web site. Price Financial Group is led by its CEO Lori Price. Price Financial Group is owned by its investors. Premier Investment Advisory Services Premier Investment Advisory Services is based in Ada, OK and led by its CEO Patricia Laramore. The first section of Premier Investment Advisory Services profile will explain the key historical events in the firm s development. Premier Investment Advisory Services was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Premier Investment Advisory Services was founded. Early Phase This section outlines Premier Investment Advisory Services early phase. This section outlines Premier Investment Advisory Services middle phase. Recent Phase This section outlines Premier Investment Advisory Services recent phase. The second section of Premier Investment Advisory Services profile will review some key statistics regarding the firm. Services The third section of Premier Investment Advisory Services profile will outline its core services. Premier Investment Advisory Services has a number of services. The final section of Premier Investment Advisory Services profile will address its organizational structure & ownership. Premier Investment Advisory Services has a web site. Premier Investment Advisory Services is led by its CEO Patricia Laramore. 43

44 Premier Investment Advisory Services is owned by its investors. Secure Planning Strategies Secure Planning Strategies is based in Southfield, MI and led by its CEO Minoti Rajput. The first section of Secure Planning Strategies profile will explain the key historical events in the firm s development. Secure Planning Strategies was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Secure Planning Strategies Source: 5/20/10 Secure Planning Strategies Web Site; Tiburon Research & Analysis Comments Based in Southfield, MI CEO: Minoti Rajput Web site: Secure Planning Strategies was founded. Early Phase This section outlines Secure Planning Strategies early phase. This section outlines Secure Planning Strategies middle phase. Recent Phase This section outlines Secure Planning Strategies phase. The second section of Secure Planning Strategies profile will review some key statistics regarding the firm. Services The third section of Secure Planning Strategies profile will outline its core services. Secure Planning Strategies has a number of services. The final section of Secure Planning Strategies profile will address its organizational structure & ownership. Secure Planning Strategies has a web site. Secure Planning Strategies is led by its CEO Minoti Rajput. Secure Planning Strategies is owned by its investors. 44

45 Greg Warner s Team Greg Warner s Team is based in Houston, TX and has $600 million assets under administration. The first section of Greg Warner s Team s profile will explain the key historical events in the firm s development. Greg Warner s Team s was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines Greg Warner s Team s early phase. This section outlines Greg Warner s Team s middle phase. Recent Phase This section outlines Greg Warner s Team s recent phase. The second section of Greg Warner s Team s profile will review some key statistics regarding the firm. Services The third section of Greg Warner s Team s profile will outline its core services Greg Warner s Team s has a number of services. The final section of Greg Warner s profile will address its organizational structure & ownership. Greg Warner s Team has a web site. Greg Warner s Team is led by its CEO Greg Warner. Greg Warner s Team is owned by Greg Warner. Cambridge Investment Research Reps This section outlines independent reps custodied by Cambridge Investment Research. Hart Patterson Hart Patterson is based in Amherst, MA. Its web site can be found at The first section Hart Patterson s profile explains the key historical events in the firm s development. 45

46 Hart Patterson was founded and has evolved through three phases, including its early, middle, & recent phases. Hart Patterson was founded. Early Phase This section outlines Hart Patterson s early phase. This section outlines Hart Patterson s middle phase. Recent Phase This section outlines Hart Patterson s recent phase. The second section Hart Patterson s profile reviews some key statistics regarding the firm. Services The third section of Hart Patterson s profile outlines its core services. Hart Patterson has six core services, including planning, investment management, retirement plan asses, insurance, charitable planning, & income tax preparation. Hart Patterson Has Six Core Services, Including Planning, Investment Management, Retirement Plan Assets, Insurance, Charitable Planning, & Income Tax Preparation Hart Patterson Services Hart Patterson Services Planning Hart Patteron s first service is planning. Planning Investment Management Retirement Plan Assets Insurance Charitab le Planning Income Tax Preparation Investment Management Hart Patteron s second service is investment management. Source: 1/28/11 Hart Patterson Web Site; Tiburon Research & Analysis Retirement Plan Assets Hart Patteron s third service retirement plan assets. Insurance Hart Patteron s fourth service is insurance. Charitable Planning Hart Patteron s fifth service is charitable planning. Tax Preparation Hart Patteron s six service is tax preparation. The final section of Hart Patterson s profile addresses its organizational structure & ownership. 46

47 Hart Patterson s web site has six core sections, including about us, services, our team, news & webinars, gallery, & contact us. Hart Patterson is led by its management team. Hart Patterson is privately owned. David Schneider s Team David Schneider s Team is led by its CEO David Scheider. The first section David Schnieder s Team s profile explains the key historical events in the firm s development. Hart Patterson s Web Site Has Six Core Sections, Including About Us, Services, Our Team, News & Webinars, Gallery, & Contact Us About Us Services Our Team Source: 1/28/11 Hart Patterson Web Site; Tiburon Research & Analysis Hart Patterson Web Site Hart Patterson Web Site News & Webinars Gallery Contact Us David Schnieder s Team was founded and has evolved through three phases, including its early, middle, & recent phases. David Schnieder s Team was founded. Early Phase This section outlines David Schnieder s Team s early phase. This section outlines David Schnieder s Team s middle phase. Recent Phase This section outlines David Schnieder s Team s recent phase. The second section David Schnieder s Team s profile reviews some key statistics regarding the firm. Services The third section of David Schnieder s Team s profile outlines its core services. David Schnieder s Team has a number of services. The final section of David Schnieder s Team s profile addresses its organizational structure & ownership. David Schnieder s Team has a web site. David Schnieder s Team is led by its CEO David Schneider. 47

48 David Schnieder s Team is privately owned by David Schneider. Doug Tarella s Team Doug Tarella s Team is led by its CEO Doug Tarella. The first section Doug Tarella s Team s profile explains the key historical events in the firm s development. Doug Tarella s Team was founded and has evolved through three phases, including its early, middle, & recent phases. Doug Tarella s Team was founded. Early Phase This section outlines Doug Tarella s Team s early phase. This section outlines Doug Tarella s Team s middle phase. Recent Phase This section outlines Doug Tarella s Team s recent phase. The second section Doug Tarella s Team s profile reviews some key statistics regarding the firm. Services The third section of Doug Tarella s Team s profile outlines its core services. Doug Tarella s Team has a number of services. The final section of Doug Tarella s Team s profile addresses its organizational structure & ownership. Doug Tarella s Team has a web site. Doug Tarella s Team is led by its CEO Doug Tarella. Doug Tarella s Team is privately owned by Doug Tarella. Cetera Financial Group (FNIC) Reps This section outlines independent reps custodied by Cetera. Patrick Ayers Team Patrick Ayer s Team was founded. 48

49 The first section Patrick Ayers Team s profile explains the key historical events in the firm s development. Patrick Ayers Team was founded and has evolved through three phases, including its early, middle, and recent phases. Patrick Ayers Team was founded. Early Phase This section outlines Patrick Ayers Team s early phase. This section outlines Patrick Ayers Team s middle phase. Recent Phase This section outlines Patrick Ayers Team s recent phase. The second section Patrick Ayers Team s profile reviews some key statistics regarding the firm. Businesses The third section of Patrick Ayers Team s profile outlines its core services. Patrick Ayers Team provides a number of services. The final section of Patrick Ayers Team s profile addresses its organizational structure & ownership. Patrick Ayers Team has a web site. Patrick Ayers Team is led by its management team. Patrick Ayers Team is owned by its investors. Wesley Bigler s Team Wesley Bigler Team s average client net worth of $2 million and was named among the top financial advisors in prestigious financial publications, specifically being included on Worth s250 best financial advisors list in The first section of Wesley Bigler Team s profile will explain the key historical events in the firm s development. Wesley Bigler Team was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Wesley Bigler Team was founded. Early Phase 49

50 This section outlines Wesley Bigler Team s early phase. This section outlines Wesley Bigler Team s middle phase. Recent Phase This section outlines Wesley Bigler Team s recent phase. Wesley Bigler has been named among the top financial advisors in prestigious financial publications, specifically being included on Worth's 250 Best Financial Advisors List in The second section of Wesley Bigler Team s profile will review some key statistics regarding the firm. Wesley Bigler Has An Average Client Net Worth of $2 Million. Businesses The third section of Wesley Bigler Team s profile will outline its core businesses. Wesley Bigler s Team Provides a Number of Services The final section of Wesley Bigler Team s profile will address its organizational structure & ownership. Wesley Bigler Team has a web site. Wesley Bigler Team is led by its management team. Wesley Bigler Team is owned by its investors. David Briggs Team David Briggs Team was founded. The first section David Briggs Team s profile explains the key historical events in the firm s development. David Briggs Team was founded and has evolved through three phases, including its early, middle, and recent phases. David Briggs Team was founded. Early Phase This section outlines David Briggs Team s early phase. This section outlines David Briggs Team s middle phase. 50

51 Recent Phase This section outlines David Briggs Team s recent phase. The second section David Briggs Team s profile reviews some key statistics regarding the firm. Businesses The third section of David Briggs Team s profile outlines its core services. David Briggs Team provides a number of services. The final section of David Briggs Team s profile addresses its organizational structure & ownership. David Briggs Team has a web site. David Briggs Team is led by its management team. David Briggs Team is owned by its investors. Kevin Carter s Team Kevin Carter s Team was founded. The first section Kevin Carter s Team s profile explains the key historical events in the firm s development. Kevin Carter s Team was founded and has evolved through three phases, including its early, middle, and recent phases. Kevin Carter s Team was founded. Early Phase This section outlines Kevin Carter s Team s early phase. This section outlines Kevin Carter s Team s middle phase. Recent Phase This section outlines Kevin Carter s Team s recent phase. The second section Kevin Carter s Team s profile reviews some key statistics regarding the firm. Businesses The third section of Kevin Carter s Team s profile outlines its core services. Kevin Carter s Team provides a number of businesses. 51

52 The final section of Kevin Carter s Team s profile addresses its organizational structure & ownership. Kevin Carter s Team has a web site. Kevin Carter s Team is led by its management team. Kevin Carter s Team is owned by its investors. Financial Network Walnut Creek Branch The Financial Network Walnut Creek Branch was founded in 1987 and is managed by its partners, including Bernard Smit, Damien Couture, & Debbie Pursey. Its web site is The first section of Financial Network Walnut Creek Branch s profile will explain the key historical events in the firm s development. Financial Network Walnut Creek Branch was founded in 1987 and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines Financial Network Walnut Creek Branch s early phase. This section outlines Financial Network Walnut Creek Branch s middle phase. Recent Phase This section outlines Financial Network Walnut Creek Branch s recent phase. The second section of Financial Network Walnut Creek Branch s profile will review some key statistics regarding the firm. Services The third section of Financial Network Walnut Creek Branch s profile will outline its core services. Financial Network Walnut Creek Branch provides a number of services, including financial planning, asset allocation, & investment management. Other services include retirement strategies, estate planning, & business services. Financial Network Walnut Creek Branch Provides a Number of Services, Including Financial Planning, Asset Allocation, & Investment Management Financial Planning Financial Network Walnut Creek Branch Services Asset Allo cation Financial Network Walnut Creek Branch Services Investment Management Retirement Strategies Estate Planning Business Services Source: 1/23/10 FNWCB Web Site; Tiburon Research & Analysis 52

53 The final section of Financial Network Walnut Creek Branch s profile will address its organizational structure & ownership. Financial Network Walnut Creek Branch s web site has three core sections, including company, services, & contact. Financial Network Walnut Creek Branch is led by its three partners Bernard Smit, Damiet Couture, & Debbie Pursey. Financial Network Walnut Creek Branch is owned by its three partners. Ginsburg Financial Advisors Ginsburg Financial Advisors was founded in 1981 and is based in Oakland, CA. It has eight employees and is led by its CEO Larry Ginsburg. The firm s web site is The first section of Ginsburg Financial Advisors profile will explain the key historical events in the firm s development. Ginsburg Financial Advisors was founded in 1981 and has evolved through three phases, including its early phase, middle phase, & recent phases. Ginsburg Financial Advisors was founded in Early Phase This section outlines Ginsburg Financial Advisors early phase. This section outlines Ginsburg Financial Advisors middle phase. Recent Phase This section outlines Ginsburg Financial Advisors recent phase. Ginsburg Financial Advisors Adele Ostomel served as president of the Financial Planning Assocation of the East Bay, CA in The second section of Ginsburg Financial Advisors profile will review some key statistics regarding the firm. Ginsburg Financial Advisors has eight employees. Services The third section of Ginsburg Financial Advisors profile will outline its core services. Ginsburg Financial Advisors provides a number of services, including RIA, brokerage, & insurance. RIA 53

54 Ginsburg Financial Advisors first service is RIA. Brokerage Ginsburg Financial Advisors second service is brokerage. Insurance Ginsburg Financial Advisors third service is insurance. Ginsburg Financial Advisors Provides a Number of Services, Including RIA, Brokerage, & Insurance Ginsburg Financial Advisors Services Ginsburg Financial Advisors Services The final section of Ginsburg Financial Advisors profile will address its organizational structure & ownership. RIA Brokerage Insurance Ginsburg Financial Advisors has a web site. Source: 1/14/10 Ginsburg Financial Advisors Web Site; Tiburon Research & Analysis Ginsburg Financial Advisors is led by its CEO Larry Ginsburg. Ginsburg Financial Advisors is owned by Larry Ginsburg. Bill Gold s Team Bill Gold s Team was founded. The first section Bill Gold s Team s profile explains the key historical events in the firm s development. Bill Gold s Team was founded and has evolved through three phases, including its early, middle, and recent phases. Bill Gold s Team was founded. Early Phase This section outlines Bill Gold s Team s early phase. This section outlines Bill Gold s Team s middle phase. Recent Phase This section outlines Bill Gold s Team s recent phase. The second section Bill Gold s Team s profile reviews some key statistics regarding the firm. Businesses The third section of Bill Gold s Team s profile outlines its core services. 54

55 Bill Gold s Team provides a number of businesses. The final section of Bill Gold s Team s profile addresses its organizational structure & ownership. Bill Gold s Team has a web site. Bill Gold s Team is led by its management team. Bill Gold s Team is owned by its investors. Don Hall s Team Don Hall s Team was founded. The first section Don Hall s Team s profile explains the key historical events in the firm s development. Don Hall s Team was founded and has evolved through three phases, including its early, middle, and recent phases. Don Hall s Team was founded. Early Phase This section outlines Don Hall s Team s early phase. This section outlines Don Hall s Team s middle phase. Recent Phase This section outlines Don Hall s Team s recent phase. The second section Don Hall s Team s profile reviews some key statistics regarding the firm. Businesses The third section of Don Hall s Team s profile outlines its core services. Don Hall s Team provides a number of businesses. The final section of Don Hall s Team s profile addresses its organizational structure & ownership. Don Hall s Team has a web site. Don Hall s Team is led by its management team. Don Hall s Team is owned by its investors. 55

56 Sam Head s Team Sam Head s Team was founded. The first section Sam Head s Team s profile explains the key historical events in the firm s development. Sam Head s Team was founded and has evolved through three phases, including its early, middle, and recent phases. Sam Head s Team was founded. Early Phase This section outlines Sam Head s Team s early phase. This section outlines Sam Head s Team s middle phase. Recent Phase This section outlines Sam Head s Team s recent phase. The second section Sam Head s Team s profile reviews some key statistics regarding the firm. Businesses The third section of Sam Head s Team s profile outlines its core services. Sam Head s Team provides a number of businesses. The final section of Sam Head s Team s profile addresses its organizational structure & ownership. Sam Head s Team has a web site. Sam Head s Team is led by its management team. Sam Head s Team is owned by its investors. Harry Keller s Team Harry Keller s Team was founded. The first section Harry Keller s Team s profile explains the key historical events in the firm s development. Harry Keller s Team was founded and has evolved through three phases, including its early, middle, and recent phases. 56

57 Harry Keller s Team was founded. Early Phase This section outlines Harry Keller s Team s early phase. This section outlines Harry Keller s Team s middle phase. Recent Phase This section outlines Harry Keller s Team s recent phase. The second section Harry Keller s Team s profile reviews some key statistics regarding the firm. Businesses The third section of Harry Keller s Team s profile outlines its core services. Harry Keller s Team provides a number of businesses. The final section of Harry Keller s Team s profile addresses its organizational structure & ownership. Harry Keller s Team has a web site. Harry Keller s Team is led by its management team. Harry Keller s Team is owned by its investors. Jeff McKay s Team Jeff McKay s Team was founded. The first section Jeff McKay s Team s profile explains the key historical events in the firm s development. Jeff McKay s Team was founded and has evolved through three phases, including its early, middle, and recent phases. Jeff McKay s Team was founded. Early Phase This section outlines Jeff McKay s Team s early phase. This section outlines Jeff McKay s Team s middle phase. Recent Phase This section outlines Jeff McKay s Team s recent phase. 57

58 The second section Jeff McKay s Team s profile reviews some key statistics regarding the firm. Businesses The third section of Jeff McKay s Team s profile outlines its core services. Jeff McKay s Team provides a number of businesses. The final section of Jeff McKay s Team s profile addresses its organizational structure & ownership. Jeff McKay s Team has a web site. Jeff McKay s Team is led by its management team. Jeff McKay s Team is owned by its investors. Richard Moran s Team Richard Moran s Team is based in Rolling Hills Estates, CA, was recognized as a leading advisor in 2004, and now has $57 million assets under administration. His clients have a median net worth of $3 million. The first section of Richard Moran s Team s profile will explain the key historical events in the firm s development. Richard Moran s Team was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Richard Moran s Team was founded. Early Phase This section outlines Richard Moran s Team s early phase. This section outlines Richard Moran s Team s middle phase. Recent Phase This section outlines Richard Moran s Team s recent phase. Richard Moran has been named among the top financial advisors in prestigious financial publications, specifically being included on Worth s The Nation s 100 Most Exclusive Wealth Advisors list in The second section of Richard Moran s Team s profile will review some key statistics regarding the firm. Richard Moran s Team has a median client net worth of $3 million. 58

59 Richard Moran s Team has $57 million assets under administration. Businesses The third section of Richard Moran s Team s profile will outline its core businesses. Richard Moran s Team provides a number of services. Richard Moran s Team Has A Median Client Net Worth of $3 Million Comments Largest client net worth is $30 million Minimum assets required for new clients is $500,000 The final section of Richard Moran s Team s profile will address its organizational structure & ownership. Richard Moran s Team has a web site. Source: 10/04 Worth; Tiburon Research & Analysis Richard Moran s Team is led by its management team. 17 Richard Moran s Team is owned by its investors. Bill Nelson s Team Bill Nelson s Team was founded. The first section Bill Nelson s Team s profile explains the key historical events in the firm s development. Bill Nelson s Team was founded and has evolved through three phases, including its early, middle, and recent phases. Bill Nelson s Team was founded. Early Phase This section outlines Bill Nelson s Team s early phase. This section outlines Bill Nelson s Team s middle phase. Recent Phase This section outlines Bill Nelson s Team s recent phase. The second section Bill Nelson s Team s profile reviews some key statistics regarding the firm. Businesses The third section of Bill Nelson s Team s profile outlines its core services. 59

60 Bill Nelson s Team provides a number of businesses. The final section of Bill Nelson s Team s profile addresses its organizational structure & ownership. Bill Nelson s Team has a web site. Bill Nelson s Team is led by its management team. Bill Nelson s Team is owned by its investors. Skip Nichols Team Skip Nichols Team was founded. The first section Skip Nichols s Team s profile explains the key historical events in the firm s development. Skip Nichols Team was founded and has evolved through three phases, including its early, middle, and recent phases. Skip Nichols Team was founded. Early Phase This section outlines Skip Nichols Team s early phase. This section outlines Skip Nichols Team s middle phase. Recent Phase This section outlines Skip Nichols Team s recent phase. The second section Skip Nichols Team s profile reviews some key statistics regarding the firm. Businesses The third section of Skip Nichols Team s profile outlines its core services. Skip Nichols Team provides a number of businesses. The final section of Skip Nichols Team s profile addresses its organizational structure & ownership. Skip Nichols Team has a web site. Skip Nichols Team is led by its management team. Skip Nichols Team is owned by its investors. 60

61 Stephen Nykamp s Team Stephen Nykamp s team is led by its CEO Stephen Nykamp. The first section of Stephen Nykamp s Team s profile will explain the key historical events in the firm s development. Stephen Nykamp s Team was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines Stephen Nykamp s Team s early phase. This section outlines Stephen Nykamp s Team s middle phase. Recent Phase This section outlines Stephen Nykamp s Team s recent phase. The second section of Stephen Nykamp s Team s profile will review some key statistics regarding the firm. Services The third section of Stephen Nykamp s Team s profile will outline its core services. Stephen Nykamp s Team provides a number of services. The final section of Stephen Nykamp s Team s profile will address its organizational structure & ownership. Stephen Nykamp s Team has a web site. Stephen Nykamp s Team is led by its CEO Stephen Nykamp. Stephen Nykamp s Team is owned by Stephen Nykamp. Bob O Braitis Team Bob O Braitis Team was founded. The first section Bob O Braitis Team s profile explains the key historical events in the firm s development. Bob O Braitis Team was founded and has evolved through three phases, including its early, middle, and recent phases. Bob O Braitis Team was founded. 61

62 Early Phase This section outlines Bob O Braitis Team s early phase. This section outlines Bob O Braitis Team s middle phase. Recent Phase This section outlines Bob O Braitis Team s recent phase. The second section Bob O Braitis Team s profile reviews some key statistics regarding the firm. Businesses The third section of Bob O Braitis Team s profile outlines its core services. Bob O Braitis Team provides a number of businesses. The final section of Bob O Braitis Team s profile addresses its organizational structure & ownership. Bob O Braitis Team has a web site. Bob O Braitis Team is led by its management team. Bob O Braitis Team is owned by its investors. Ted Provenza s Team Ted Provenza s Team was founded. The first section Ted Provenza s Team s profile explains the key historical events in the firm s development. Ted Provenza s Team was founded and has evolved through three phases, including its early, middle, and recent phases. Ted Provenza s Team was founded. Early Phase This section outlines Ted Provenza s Team s early phase. This section outlines Ted Provenza s Team s middle phase. Recent Phase This section outlines Ted Provenza s Team s recent phase. 62

63 The second section Ted Provenza s Team s profile reviews some key statistics regarding the firm. Businesses The third section of Ted Provenza s Team s profile outlines its core services. Ted Provenza s Team provides a number of businesses. The final section of Ted Provenza s Team s profile addresses its organizational structure & ownership. Ted Provenza s Team has a web site. Ted Provenza s Team is led by its management team. Ted Provenza s Team is owned by its investors. Doug Ritter s Team Doug Ritter s Team was founded. The first section Doug Ritter s Team s profile explains the key historical events in the firm s development. Doug Ritter s Team was founded and has evolved through three phases, including its early, middle, and recent phases. Doug Ritter s Team was founded. Early Phase This section outlines Doug Ritter s Team s early phase. This section outlines Doug Ritter s Team s middle phase. Recent Phase This section outlines Doug Ritter s Team s recent phase. The second section Doug Ritter s Team s profile reviews some key statistics regarding the firm. Businesses The third section of Doug Ritter s Team s profile outlines its core services. Doug Ritter s Team provides a number of businesses. The final section of Doug Ritter s Team s profile addresses its organizational structure & ownership. 63

64 Doug Ritter s Team has a web site. Doug Ritter s Team is led by its management team. Doug Ritter s Team is owned by its investors. Larry Rosenthal s Team Larry Rosenthal s Team was founded. The first section Larry Rosenthal s Team s profile explains the key historical events in the firm s development. Larry Rosenthal s Team was founded and has evolved through three phases, including its early, middle, and recent phases. Larry Rosenthal s Team was founded. Early Phase This section outlines Larry Rosenthal s Team s early phase. This section outlines Larry Rosenthal s Team s middle phase. Recent Phase This section outlines Larry Rosenthal s Team s recent phase. The second section Larry Rosenthal s Team s profile reviews some key statistics regarding the firm. Businesses The third section of Larry Rosenthal s Team s profile outlines its core services. Larry Rosenthal s Team provides a number of businesses. The final section of Larry Rosenthal s Team s profile addresses its organizational structure & ownership. Larry Rosenthal s Team has a web site. Larry Rosenthal s Team is led by its management team. Larry Rosenthal s Team is owned by its investors. Brownie & Nancy Sides Team Brownie & Nancy Sides Team was founded. 64

65 The first section Brownie & Nancy Sides Team s profile explains the key historical events in the firm s development. Brownie & Nancy Sides Team was founded and has evolved through three phases, including its early, middle, and recent phases. Brownie & Nancy Sides Team was founded. Early Phase This section outlines Brownie & Nancy Sides early phase. This section outlines Brownie & Nancy Sides middle phase. Recent Phase This section outlines Brownie & Nancy Sides recent phase. The second section Brownie & Nancy Sides Team s profile reviews some key statistics regarding the firm. Businesses The third section of Brownie & Nancy Sides Team s profile outlines its core services. Brownie & Nancy Sides Team provides a number of businesses. The final section of Brownie & Nancy Sides Team s profile addresses its organizational structure & ownership. Brownie & Nancy Sides Team has a web site. Brownie & Nancy Sides Team is led by its management team. Brownie & Nancy Sides Team is owned by its investors. Jorge Valdes Team Jorge Valdes Team was founded. The first section Jorge Valdes Team s profile explains the key historical events in the firm s development. Jorge Valdes Team was founded and has evolved through three phases, including its early, middle, and recent phases. Jorge Valdes Team was founded. Early Phase This section outlines Jorge Valdes Team s early phase. 65

66 This section outlines Jorge Valdes Team s middle phase. Recent Phase This section outlines Jorge Valdes Team s recent phase. The second section Jorge Valdes Team s profile reviews some key statistics regarding the firm. Businesses The third section of Jorge Valdes Team s profile outlines its core services. Jorge Valdes Team provides a number of businesses. The final section of Jorge Valdes Team s profile addresses its organizational structure & ownership. Jorge Valdes Team has a web site. Jorge Valdes Team is led by its management team. Jorge Valdes Team is owned by its investors. Doug Zupek s Team Doug Zupek s Team was founded. The first section Doug Zupek s Team s profile explains the key historical events in the firm s development. Doug Zupek s Team was founded and has evolved through three phases, including its early, middle, and recent phases. Doug Zupek s Team was founded. Early Phase This section outlines Doug Zupek s Team s early phase. This section outlines Doug Zupek s Team s middle phase. Recent Phase This section outlines Doug Zupek s Team s recent phase. The second section Doug Zupek s Team s profile reviews some key statistics regarding the firm. Businesses 66

67 The third section of Doug Zupek s Team s profile outlines its core services. Doug Zupek s Team provides a number of businesses. The final section of Doug Zupek s Team s profile addresses its organizational structure & ownership. Doug Zupek s Team has a web site. Doug Zupek s Team is led by its management team. Doug Zupek s Team is owned by its investors. Commonwealth Financial Network Reps This section outlines independent reps custodied by Commonwealth Financial Network Reps. Bailey & Beatty Financial Services Bailey & Beatty Financial Services is based in Danbury, CT and has $140 million assets under administration and 388 clients. Its CEO is Carl Bailey. The first section of Bailey & Beatty Financial Services profile will explain the key historical events in the firm s development. Bailey & Beatty Financial Services was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Bailey & Beatty Financial Services was founded. Early Phase This section outlines Bailey & Beatty Financial Services early phase. This section outlines Bailey & Beatty Financial Services middle phase. Recent Phase This section outlines Bailey & Beatty Financial Services recent phase. The second section of Bailey & Beatty Financial Services profile will review some key statistics regarding the firm. Bailey & Beatty Financial Services has 388 clients. Bailey & Beatty Financial Services has lost only twelve clients since Specifically, Bailey & Beatty Financial Services has retained 97% of their clients, while they have lost 3% of them. Bailey & Beatty Financial Services builds its client relationships on trust and a humanitarian view of the world. They try to challenge clients to realize the value of what 67

68 they currently own rather than focusing on what the markets may give or take from them. They focus more on advice than sales. This system builds trust with the clients and positions the firm as a trusted advisor. Bailey & Beatty Financial Services has $140 million assets under administration. Bailey & Beatty Financial Services has been successful despite its aversion to marketing. Specifically, they receive 100% of their new business from referrals. Businesses The third section of Bailey & Beatty Financial Services profile will outline its core businesses. Bailey & Beatty Financial Services provides a number of services. Bailey & Beatty Financial Services does no promotion or marketing of any kind. Bailey & Beatty Financial Services utilizes a series of investment products for its clients. They were highly concentrated in high-yield corporate bond funds in 2002 and have traditionally had heavy use of mutual fund C-shares. They have started to use mutual fund wrap accounts and also offer insurance products. The firm rarely picks stocks. Bailey & Beatty Financial Services primary broker/dealer is Commonwealth Financial Network. The final section of Bailey & Beatty Financial Services profile will address its organizational structure & ownership Bailey & Beatty Financial Services has a web site. Bailey & Beatty Financial Services is led by its CEO Carl Bailey. Bailey & Beatty Financial Services is owned by its investors. DB Root & Company DB Root & Company, based in Pittsburgh, PA, also utilizes Commonwealth Financial Network as its broker/dealer. The firm specializes in financial planning, fee-accounts, and estate, tax, insurance, & retirement planning. The company has $508 million assets under administration, its president is Carrie Coghill, and the company web site is The first section of DB Root & Company s profile will explain the key historical events in the firm s development. DB Root & Company was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. DB Root & Company was founded. 68

69 Early Phase This section outlines DB Root & Company s early phase. This section outlines DB Root & Company s middle phase. Recent Phase This section outlines DB Root & Company s recent phase. DB Root & Company President Carrie Coghill has been named among the top financial advisors in prestigious financial publications, including Barron's and Research Magazine: Barron's Named in Barron's The Top 100 list of financial advisors in 2004 Research Named to the Winner s Circle Top 40 in 2004 The second section of DB Root & Company s profile will review some key statistics regarding the firm. DB Root & Company clients include moderate net worth households and high net worth households. Most of DB Root & Company clients have a net worth of at least $3 million. A typical account is around $2 million. DB Root & Company has $508 million assets under administration, nearly doubling her assets over the past year. Businesses The third section of DB Root & Company s profile will outline its core businesses. DB Root & Company specializes in Financial Planning, Fee-Accounts, and Estate, Tax, Insurance, & Retirement Planning. DB Root & Company s first service is Financial Planning DB Root & Company Specializes in Financial Planning, Fee- Accounts, and Estate, Tax, Insurance, & Retirement Planning DB Root & Company Services DB Root & Company Services DB Root & Company s second service is Fee-Accounts Financial Planning Fee-Accounts Estate, T ax, Insurance, & Retirement Planning DB Root & Company s third service is Estate, Tax, Insurance, & Retirement Planning Sourc e: 7/5/05 DB Root website; 9/20/04 Barron's; 5/04 Research; Tiburon Resear ch & Analysis 69

70 The final section of DB Root & Company s profile will address its organizational structure & ownership. DB Root & Company has a web site. DB Root & Company is led by its president Carrie Coghill. DB Root & Company is owned by its investors. Ladenburg Thalmann (Investacorp & Triad Advisors) Reps This section outlines independent reps custodied by ING Financial Partners. Gitterman & Associates Wealth Management Gitterman & Associates Wealth Management was founded in 2000 and based in Woodbridge, NJ. The company has 25 employees that administer $700 million assets under administration. Gitterman & Associates Wealth Management is led by its CEO Jeffrey Gitterman and its web site can be found at Gitterman & Associates Wealth Management Comments Founded in 2000 Founded by Jeffrey Gitterman Based in Woodbridge, NJ 25 employees $700 million assets under administration CEO: Jeffrey Gitterman Web site: Source: 6/21/10 Gitterman & Associates Wealth Management Web Site; 5/27/10 Business Wire; Tiburon Research & Analysis The first section of Gitterman & Associates Wealth Management s profile will explain the key historical events in the firm s development. Gitterman & Associates Wealth Management was founded in 2000 and has evolved through three phases, including its early phase, middle phase, & recent phases. Gitterman & Associates Wealth Management was founded in Early Phase This section outlines Gitterman & Associates Wealth Management s early phase. This section outlines Gitterman & Associates Wealth Management s middle phase. Recent Phase This section outlines Gitterman & Associates Wealth Management s recent phase. The second section of Gitterman & Associates Wealth Management s profile will review some key statistics regarding the firm. Gitterman & Associates Wealth Management has 25 employees, up 20 since

71 Gitterman & Associates Wealth Management administers $700 million assets under administration. Services The third section of Gitterman & Associates Wealth Management s profile will outline its core services. Gitterman & Associates Wealth Management offers a number of services. The final section of Gitterman & Associates Wealth Management s profile will address its organizational structure & ownership. Gitterman & Associates Wealth Management s web site has six core sections, including our firm, services, news & events, important links, contact us, & client center. Gitterman & Associates Wealth Management is led by its CEO Jeffery Gitterman. Gitterman & Associates Wealth Management is owned by Jeffrey Gitterman. Gitterman & Associates Wealth Management s Web Site Has Six Core Sections, Including Our Firm, Services, News & Events, Important Links, Contact Us, & Client Center Our Firm Gitterman & Associates Wealth Management Web Site Services Gitterman & Associates Wealth Management Web Site News & Events Impo rtant Links Contact Us Client Center Source: 6/21/10 Gitterman & Associates Wealth Management Web Site; Tiburon Research & Analysis LPL Financial Reps This section outlines independent reps custodied by LPL Financial. AFS Financial AFS Financial is based in San Diego, CA and has 9 employees, $50 million assets under administration, and generates $15 million revenues. The firm is led by its CEO Sandeep Varma. Gitterman & Associates Wealth Management is Led by its CEO Jeffrey Gitterman Gitterman & Associates Wealth Management Organizational Chart Jeffrey Gitterman CEO The first section of AFS Financial s profile will explain the key historical events in the firm s development. Elias Raunch Chief Investment Officer David Katz Chief Operating Officer Source: 6/21/10 Gitterman & Associates Wealth Management Web Site; Tiburon Research & Analysis AFS Financial was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. 71

72 AFS Financial was founded. AFS Financial Early Phase This section outlines AFS Financial s early phase. This section outlines AFS Financial s middle phase. Comments Based in San Diego, CA 9 employees $50 million assets under administration $1.5 million revenues CEO: Sandeep Varma Recent Phase This section outlines AFS Financial s recent phase. Source: 10/03 On Wall Street; Tiburon Research & Analysis The second section of AFS Financial s profile will review some key statistics regarding the firm. AFS Financial has nine employees. AFS Financial Team spent $50,000 on client appreciation events in AFS Financial $50 million assets under management. AFS Financial generates $1.5 million in revenues. Businesses The third section of AFS Financial s profile will outline its core businesses. AFS Financial provides a number of services. AFS Financial focuses specifically on estate planning and wealth transfer. The firm works to preserve clients accumulated wealth and creates a plan for passing it on to subsequent generations. They believe estate planning and trusts are an undervalued market. According to the firm, there is a general lack of understanding across financial services channels and brokers have traditionally avoided estate planning and trusts in favor of investments. AFS Financial conducts over thirty estate planning seminars annually. They offer free seminars for prospects interested in estate planning and trusts. The typical attendee is a 68 year old person with a net worth of about $3 million. Varma plans to franchise the firm s Seven Biggest Mistakes seminars. AFS Financial positions itself to manage families, not just individual clients. They work with clients to develop trusts that are properly structured and funded to ease the burden on the next generation. They invite clients and their middle-aged children to annual client appreciation events, to create a relationship with the next generation prior to clients passing. AFS Financial holds elaborate client appreciation events. 72

73 The final section of AFS Financial s profile will address its organizational structure & ownership. AFS Financial has a web site. AFS Financial is led by its management. AFS Financial is owned by its investors. Brown & Tedstrom Brown & Tedstrom is based in Denver, CO and has $126 billion assets under management. The company is led by its CEO Mark Brown. The first section Brown & Tedstrom s profile explains the key historical events in the firm s development. Brown & Tedstrom was founded and has evolved through three phases, including its early, middle, and recent phases. Brown & Tedstrom was founded. Brown & Tedstrom Source: 10/07 Worth; Tiburon Research & Analysis Comments Based in Denver, CO $126 billion assets under management CEO: Mark Brown Early Phase This section outlines Brown & Tedstrom s early phase. This section outlines Brown & Tedstrom s middle phase. Recent Phase This section outlines Brown & Tedstrom s recent phase. The second section Brown & Tedstrom s profile reviews some key statistics regarding the firm. Brown & Tedstrom s new clients have a minimum of $2 million in assets. Brown & Tedstrom s clients have a median net worth of $7 million. Brown & Tedstrom s largest clients have a net worth of $50 million. Brown & Tedstrom has $126 billion assets under management. 73

74 Businesses The third section of Brown & Tedstrom s profile outlines its core businesses. Brown & Tedstrom has a number of services. The final section of Brown & Tedstrom s profile addresses its organizational structure & ownership. Brown & Tedstrom has a web site. Brown & Tedstrom is led by its CEO Mark Brown. Brown & Tedstrom is owned by LPL. Carson Wealth Management Group Carson Wealth Management Group was founded in 1989 by Ron Carson and is based in Omaha, NE. The company has 65 employees & 600 clients. Carson Wealth Management is led by its CEO Ron Carson. Its web site can be found at Carson Wealth Management Group Comments Founded in 1989 Founded by Ron Carson Based in Omaha, NE 65 employees 600 clients CEO: Ron Carson Web site: The first section of Carson Wealth Management Group s profile will explain the key historical events in the firm s development. Carson Wealth Management Group was founded by Ron Carson in 1989 and has evolved through fourh phases, including its Ron Carson insurance sales phase, Carson Wealth Management Group establishment phase, Peak establishment & Carson Wealth Management Group rewards phase. Ron Carson Insurance Sales Phase This section outlines Ron Carson s insurance sales phase. Carson Wealth Management Group Establishment Phase This section outlines Carson Wealth Management Group s establishment phase. Carson Wealth Management Group was founded in Sourc e: 8/13/10 RIA Biz; 7/27/10 Carson Wealth Managem ent Group (Carson); 4/23/07 Barron s (The Winner s Circle); 6/24/05 Cars on Wealth Management Group Web Site; 6/13/05 Barron's; 9/04 Registered Rep; 9/03 Registered Rep; Tiburon Research & Analysis Carson Wealth Management Group s Ron Carson claims to have had an epiphany moment in 1989 when a client told him it was the first time he ever called not wanting to sell something. 74

75 Carson Wealth Management Group s Ron Carson has been the #1 producer in the LPL network from 1991 to Peak Establishment Phase This section outlines Carson Wealth Management Group s Peak establishment phase. Carson Wealth Management Group founded its Peak Program to counsel other LPL reps in Carson Wealth Management Group Rewards Phase This section outlines Carson Wealth Management Group s rewards phase. Carson Wealth Management Group s Ron Carson has won many awards, including being named one of America s top 50 Brokers by Registered Rep in Specifically, details include: Registered Rep 2004: Listed on America's Top 50 Brokers list : Named #1 independent advisor Barron's : Listed on Barron's Top 100 financial advisors list 2010: Named one of Top 1,000 Advisors in America The Winner's Circle : Named among the 30 best financial advisors in the business CEO World Magazine 2010: Named one of ten best financial advisors and financial planners in the United States Worth Named one of best 250 financial advisors Medical Economics Named one of top 120 financial advisors for doctors Carson Wealth Management Group increased its office space in 2010 from 4,000 square feet to 9,000 square feet, up over 100%. Carson Wealth Management Group rebranded its Peak program as Peak Advisor Alliance in Carson Wealth Management Group s Vision focuses on its image. Specifically, its vision states To be the most trusted for our professional knowledge, integrity, & personalized service. The second section of the Carson Wealth Management Group s profile will review some key statistics regarding the firm. 75

76 Carson Wealth Management Group has 48 employees, up from one in 1988 and 17 in Businesses The third section of Carson Wealth Management Group s profile will outline its core businesses. Carson Wealth Management Group has two core businesses, including Carson Wealth Management & Peak Advisor Alliance. Carson Wealth Management Group s Ron Carson spends about 85% of his time managing Carson Wealth Carson Wealth Management Group Management, and the other 15% with Peak Advisor Alliance. Carson Wealth Management Group s employees are twothirds at Carson Wealth Management and one-third at Peak Advisor Alliance. Specifically, Carson Wealth Management Group s employees are 69% at Carson Wealth Management and 31% at Peak Advisor Alliance. Management Group Web Site; 6/13/05 Barron's; 9/04 Registered Rep; 9/03 Registered Rep; Tiburon Research & Analysis Carson Wealth Management Carson Wealth Management Group s first Business is Carson Wealth Management which provides comprehensive wealth management and portfolio management. Carson Wealth Management has 32 employees., up from one in 1988 and up 200% since 2005 as its plans for a ramp up. Carson Wealth Management Group serves 600 clients. Comments Founded in 1989 Founded by Ron Carson Based in Omaha, NE 65 employees 600 clients CEO: Ron Carson Web site: Sourc e: 8/13/10 RIA Biz; 7/27/10 Carson Wealth Managem ent Group (Carson); 4/23/07 Barron s (The Winner s Circle); 6/24/05 Cars on Wealth Carson Wealth Management Group's clients include moderate net worth households, high net worth households, ultra-high net worth households & corporations. Carson Wealth Management Group clients typically have net worth s of at least $5 million. Carson Wealth Management Group has $2.6 billion assets under management, up 200% Carson Wealth Management Group Has Two Core Businesses, Including Carson Wealth Management & Peak Advisor Alliance Carson Wealth Management Group Businesses Carson Wealth Management Carson Wealth Management Group Businesses Source: 10/7/10 Carson Wealth Management Group Presentation (Carson) ; Tiburon Research & Analysis Peak Advisor Alliances 76

77 since Carson Wealth Management Group generates $9.5 million revenues, up from $140,000 in Carson Wealth Management Group has shifted its revenues to be almost exclusively recurring, up from just 20% in Carson Wealth Management Group generates $269,000 revenues per employee, down 50% since 2005 as it has tripled staff in its ramp up efforts. Carson Wealth Management Group s Carson Wealth Management provides several services, including portfolio management, wealth planning, estate planning, tax planning expectations, & risk management. Carson Wealth Management Group Has Shifted its Revenues to be Almost Exclusively Recurring, Up from Just 20% in 1991 Carson Wealth Management Group Revenues By Propensity to be Recurring 20% 40% 50% 75% 95% Sourc e: 10/7/10 Carson Wealth Management Group Presentation (Carson); Tiburon Resear ch & Analysis Portfolio Management Carson Wealth Management Group s first service is portfolio management. Wealth Planning Carson Wealth Management Group s second service is wealth planning. Estate Planning Carson Wealth Management Group s third service is estate planning. Tax Planning Expectations Carson Wealth Management Group s fourth service is tax planning expectations. Risk Management Carson Wealth Management Group s fifth service is risk management. Carson Wealth Management Group Generates $296,000 Revenues Per Employee, Down 50% Since 2005 as it Has Tripled Staff in its Ramp Up Efforts $140 Carson Wealth Management Group Revenues ($ Thousands) $500 $500 $580 $597 $ Sourc e: Carson Wealth Management Group produces an annual half-time report. 10/7/10 Carson Wealth Management Group Presentation (Carson); Tiburon Resear ch & Analysis Carson Wealth Management Group solicits new clients by distributing its annual halftime report. Carson Wealth Management Group s Ron Carson is a regular guest on CNBC s Squawk On the Street and On the Money. 77

78 Carson Wealth Management Group s Ron Carson is also a frequent guest on KMTV 3 s Mid-Day Business Report. Carson Wealth Management Group s Ron Carson hosted a nationally syndicated radio show called Financial Focus for thirteen years. Peak Advisor Alliance Carson Wealth Management Group s second business is Peak Advisor Alliance which provides consulting services to financial advisors. Carson Wealth Management Group s Peak Advisor Alliance has 16 employees, up from 11 in Carson Wealth Management Group s Peak Advisor Alliance has 800 financial advisor clients, an increase of 1,000% since Carson Wealth Management Group s Peak Advisor Alliance s financial advisor clients are now less than half LPL financial advisors. Specifically, 45% are LPL financial advisor clients and 55% are other financial advisors clients. Carson Wealth Management Group s Peak Advisor Alliance s financial advisor clients include Cornerstone Wealth Management and The Financial Chef. Carson Wealth Management Group s Peak Advisor Alliance s financial advisor client have $65 billion assets under administration. Carson Wealth Management Group s Peak Advisor Alliance has revenues in the millions. Carson Wealth Management Group s Peak Advisor Alliance offers three levels of services and financial advisor events. Carson Wealth Management Group s Peak Advisor Alliance provides a web-based resource center with firms and information on nearly all aspects of planning and financial advisor business. The final section of Carson Wealth Management Group s profile will address its organizational structure & ownership. Carson Wealth Management Group s web site has five core sections, including welcome, our team, what makes us different, our services, & resources. Carson Wealth Management Group is led by its CEO Ron Carson. Carson Wealth Management Group s Ron Carson devotes time to the Salvation Army, Angel Flights, Shriners Flying Fez, & Young President s Organization. Specifically, details include: Salvation Army 78

79 -- Angel Flights Flies as a mission pilot Shriners Flying Fez Flies as a mission pilot Young President s Organization Member FPA Heartland Chapter Founder & past president Child Savings Institute Past president and board member American Charitable foundation Past president Carson Wealth Management Group is owned by its CEO Ron Carson. Tom Cote s Team Tom Cote s Team was recognized as a leading advisor in The team has $1.0 million assets under management. The first section of Tom Cote s Team s profile will explain the key historical events in the firm s development. Tom Cote s Team was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Tom Cote s Team was founded. Early Phase This section outlines Tom Cote s Team s early phase. This section outlines Tom Cote s Team s middle phase. Recent Phase This section outlines Tom Cote s Team s recent phase. The second section of Tom Cote s Team s profile will review some key statistics regarding the firm. Tom Cote s Team has $1.0 million assets under management. 79

80 Businesses The third section of Tom Cote s Team s profile will outline its core businesses. Tom Cote s Team provides a number of services. Tom Cote s Team utilizes LPL as Their Broker/Dealer. Tom Cote s Team utilizes Financial Advisor Coach Joe Lukacs. The final section of Tom Cote s Team s profile will address is organizational structure & ownership. Tom Cote s Team has a web site. Tom Cote s Team is led by its management team. Tom Cote s Team is owned by its investors. Everingham & O Malley Everingham & O Malley was founded. The first section Everingham & O Malley s profile explains the key historical events in the firm s development. Everingham & O Malley was founded and has evolved through three phases, including its early, middle, and recent phases. The second section Everingham & O Malley s profile reviews some key statistics regarding the firm. Businesses The third section of Everingham & O Malley s profile outlines its core services. Everingham & O Malley provides a number of services. The final section of Everingham & O Malley s profile addresses its organizational structure & ownership. Everingham & O Malley has a web site. Everingham & O Malley is led by its management team. Everingham & O Malley is owned by its investors. 80

81 Feltz Wealth Plan LPL rep Todd Feltz is based in Omaha, NE, was recognized as a leading advisor in 2005, and now has $543 million assets under administration. Its CEO is Todd Feltz, and the companies web site is The first section of Feltz Wealth Plan s profile will explain the key historical events in the firm s development. Feltz Wealth Plan was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Feltz Wealth Plan was founded. Early Phase This section outlines Feltz Wealth Plan s early phase. This section outlines Feltz Wealth Plan s middle phase. Recent Phase This section outlines Feltz Wealth Plan s recent phase. Feltz Wealth Plan Comments Based in Omaha, NE 850 clients $543 million assets under administration CEO: Todd Feltz Web site: Todd Feltz has been named among the top financial advisors Source: 6/13/05 Barron's; 12/04 Research; Tiburon Research & Analysis in prestigious financial publications, specifically being included on Barron's The Top 100 List of advisors in The second section of Feltz Wealth Plan s profile will review some key statistics regarding the firm. Feltz Wealth Plan has 850 clients. Feltz Wealth Plan clients include moderate net worth households, high net worth households, ultra-high net worth households, and endowments. Most clients have a net worth of at least $1.5 million. Accounts are usually around $750,000 to $1.5 million. Feltz Wealth Plan has $543 million assets under administration, up 9% since Businesses The third section of Feltz Wealth Plan s profile will outline its core businesses. Feltz Wealth Plan provides a number of services. 81

82 Feltz Wealth Plan utilizes LPL as its Broker/Dealer. The final section of Feltz Wealth Plan s profile will address its organizational structure & ownership. Feltz Wealth Plan has a web site. Financial Development Corporation Specializes in Financial Planning, Retirement Planning, and Fee-Accounts Financial Development Corporation Services Financial Development Corporatio n Services Feltz Wealth Plan is led by its CEO Todd Feltz. Financial Planning Retirement Planning Fee-Accounts Feltz Wealth Plan is owned by its investors. Financial Development Source: Tiburon Research & Analysis Corporation Mutual Service Corporation rep Kay Shirley is based in Atlanta, GA and has $516 million assets under administration, up more than 10% since Her firm, Financial Development Corporation, specializes in financial planning, retirement planning, and feeaccounts. Its CEO is Kay Shirley. The first section of Financial Development Corporation s profile will explain the key historical events in the firm s development. Financial Development Corporation was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Financial Development Corporation was founded. Early Phase This section outlines Financial Development Corporation s early phase. This section outlines Financial Development Corporation s middle phase. Recent Phase This section outlines Financial Development Corporation s recent phase. Financial Development Corporation s Kay Shirley has been named among the top financial advisors in prestigious financial publications, including Barron's and Research Magazine, including Barron s and Research Magazine: Barron's Named in Barron's The Top 100 list of financial advisors in 2005 Research Ranked second in the Women's Winners Circle Top 40 in

83 The second section of Financial Development Corporation s profile will review some key statistics regarding the firm. Financial Development Corporation clients include moderate net worth households and high net worth households. Most clients have a net worth of at least $2 million. A typical account is $35,000 and $50,000. Financial Development Corporation has $516 million assets under administration, up more than 10% since Businesses The third section of Financial Development Corporation s profile will outline its core businesses. Financial Development Corporation specializes in financial planning, retirement planning, and fee-accounts. Financial Development Corporation s first service is financial planning. Financial Development Corporation s second service is retirement planning. Financial Development Corporation s third service is fee-accounts. The final section of Financial Development Corporation s profile will address its organizational structure & ownership. Financial Development Corporation has a web site. Financial Development Corporation is led by its CEO Kay Shirley. Financial Development Corporation is owned by its investors. Freeman Financial Associates Freeman Financial Associates was founded. The first section Freeman Financial Associates profile explains the key historical events in the firm s development. Freeman Financial Associates was founded and has evolved through three phases, including its early, middle, and recent phases. The second section Freeman Financial Associates profile reviews some key statistics regarding the firm. 83

84 Businesses The third section of Freeman Financial Associates profile outlines its core services. Freeman Financial Associates provides a number of businesses. The final section of Freeman Financial Associates profile addresses its organizational structure & ownership. Freeman Financial Associates has a web site. Freeman Financial Associates is led by its management team. Freeman Financial Associates is owned by its investors. Harris Financial Group Mutual Service Corporation rep Bob Harris is based in Colonial Heights, VA, has been in business since 1985 and started his own firm in 1985, which he manages today. The group has $300 million assets under administration, and generates $1.5 million in revenues. The CEO is Bob Harris. Harris Financial Group Comments Founded in 1985 Based in Colonial Heights, VA $300 million assets under administration $1.5 million revenues CEO: Bob Harris The first section of Harris Financial Group s profile will explain the key historical events in the firm s development. Sourc e: 5/04 Registered Rep; Tiburon Research & Analysis Harris Financial Group was founded in 1985 and has evolved through three phases, including its early phase, middle phase, and recent phases. Harris Financial Group was founded by Bob Harris in Early Phase This section outlines Harris Financial Group s early phase. This section outlines Harris Financial Group s middle phase. Recent Phase This section outlines Harris Financial Group s recent phase. The second section of Harris Financial Group s profile will review some key statistics regarding the firm. 84

85 Harris Financial Group clients net worth typically lie in the $300,000 to $500,000 range. Harris Financial Group has helped approximately 2,500 communications workers of America retire since The firm has $300 million assets under administration. Harris Financial Group relies primarily on mutual funds to execute its investment strategies. Specifically, 99% of Harris Financial Group s assets under administration are Mutual Funds, and 1% are other investments. Harris Financial Group has $1.5 million in revenues. Businesses The third section of Harris Financial Group s profile will outline its core businesses. Harris Financial Group provides a number of services. The final section of Harris Financial Group s profile will address its organizational structure & ownership. Harris Financial Group has a web site. Harris Financial Group is led by its management team. Harris Financial Group is owned by its investors. Jeffrey Matthews Financial Group Jeffrey Matthews Financial Group was founded. The first section Jeffrey Matthews Financial Group s profile explains the key historical events in the firm s development. Jeffrey Matthews Financial Group was founded and has evolved through three phases, including its early, middle, and recent phases. The second section Jeffrey Matthews Financial Group s profile reviews some key statistics regarding the firm. Businesses The third section of Jeffrey Matthews Financial Group s profile outlines its core services. Jeffrey Matthews Financial Group provides a number of businesses. The final section of Jeffrey Matthews Financial Group s profile addresses its organizational structure & ownership. 85

86 Jeffrey Matthews Financial Group has a web site. Jeffrey Matthews Financial Group is led by its management team. Jeffrey Matthews Financial Group is owned by its investors. Joyce Financial Management LPL rep Tif Joyce is based in Sebastopol, CA. He began his career with American Express before starting his own practice that he runs today with his wife. It has 3 employees, a web site (tools.lpl.com/ifm), and is led by CEO Tif Joyce. The first section of Joyce Financial Management s profile will explain the key historical events in the firm s development. Joyce Financial Management Sourc e: 5/6/08 Joyce Financ ial M anagement Web S ite; Tiburon Research & Analysis Comments Based in Sebastapol, CA 3 employees CEO: Tif Joyce Web site: tools.lpl.com/jfm 31 Joyce Financial Management was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Joyce Financial Management was founded. Early Phase This section outlines Joyce Financial Management s early phase. This section outlines Joyce Financial Management s middle phase. Recent Phase This section outlines Joyce Financial Management s recent phase. Joyce Financial Management joined Tiburon Strategic Advisors Financial Advisor Roundtable in Joyce Financial Management joined Tiburon Strategic Advisors CEO Summit Planning Committee in 2006 The second section of Joyce Financial Management s profile will review some key statistics regarding the firm. Joyce Financial Management has 3 employees. Businesses 86

87 The third section of Joyce Financial Management s profile will outline its core businesses. Joyce Financial Management provides a number of services, including Retirement Services, Managed Asset Plans, Tax- Advantaged Investing, and Investment Portfolio Analysis. Joyce Financial Management Provides a Number of Services, Including Retirement Services, Managed Asset Plans, Tax-Advantaged Investing, and Investment Portfolio Analysis Joyce Financial Management Services Joyce Financial Management Services Joyce Financial Management s first service is its Retirement Service. Retirement Services Managed Asset Plans Tax-Advantag ed Investing Investment Portfolio Analysis Joyce Financial Management s second service is its Managed Asset Plans Service. Sourc e: 5/6/08 Joyce Financ ial M anagement Web S ite; Tiburon Research & Analysis Joyce Financial Management s third service is its Tax-Advantaged Investing Service. Joyce Financial Management s fourth service is its Investment Portfolio Analysis Service. Joyce Financial Management is Affiliated with LPL Financial Services. The final section of Joyce Financial Management s profile will address its organizational structure & ownership. Joyce Financial Management has a web site that is organized into four sections, including Market Center, Investment Tools, Resources, And Our Office. Joyce Financial Management is a family-run business led by its CEO Tif Joyce. Joyce Financial Management Has a Web Site that is Organized into Four Sections, Including Market Center, Investment Tools, Resources, and Our Office Joyce Financial Management Web Site Joyce Financial Management Web Site Market Center Investment Tools Resources Our Office Joyce Financial Management is privately owned by its CEO Tif Joyce. Sourc e: 5/6/08 Joyce Financ ial M anagement Web S ite; Tiburon Research & Analysis Kaplan Financial Services LPL rep Susan Kaplan is based in Newton, MA, was recognized as a leading advisor in 2004 & 2007, and now has $750 million assets under administration. Her firm, Kaplan Financial Services, specializes in financial planning, portfolio management, and mutual funds. Its CEO is Susan Kaplan. 87

88 The first section of Kaplan Financial Services profile will explain the key historical events in the firm s development. Susan Kaplan was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Susan Kaplan was founded. Early Phase This section outlines Susan Kaplan s early phase. This section outlines Susan Kaplan s middle phase. Recent Phase This section outlines Susan Kaplan s recent phase. Susan Kaplan has been named among the top financial advisors in prestigious financial publications, specifically being included on the Research Magazine Women s Winner s Circle Top 40 Advisor List in 2004: Research Named to Research Magazine's Women's Winner's Circle The Top 40 advisor list in 2004 The Winner s Circle Named among The Winner s Circle s top 100 financial advisors list in 2007 The second section of Kaplan Financial Services profile will review some key statistics regarding the firm. Kaplan Financial Services has $750 million assets under administration, up 100% since Kaplan Financial Services has a median client net worth of $10 million. Their largest client has a net worth of $35 million and the firm has a new account minimum of $3.2 million. Kaplan Financial Services Has $750 Million Assets Under Administration, Up 100% Since 2003 $375 Kaplan Financial Services Assets Under Administration ($ Millions) $400 $750 Businesses The third section of Kaplan Financial Services profile will outline its core businesses Source: 4/23/07 Barron s (The Winner s Circle) ; 5/04 Research; 1/04 Worth; Tiburon Research & Analysis 88

89 Kaplan Financial Services specializes in financial planning, portfolio management, and mutual funds. Kaplan Financial Services First Service is Financial Planning. Kaplan Financial Services Second Service is Portfolio Management. Kaplan Financial Services Specializes in Financial Planning, Portfolio Management, and Mutual Funds Kaplan Financial Services Services Kaplan Financial Services Kaplan Financial Services Third Service is Mutual Funds. Kaplan Financial Services Targets High Net Worth Families. Financial Planning Portfolio Management Mutual Funds Source: 5/04 Research; Tiburon Research & Analysis The final section of Kaplan Financial Services profile will address its organizational structure & ownership. Kaplan Financial Services has a web site. Kaplan Financial Services is led by CEO Susan Kaplan. Kaplan Financial Services is owned by its investors. Oak Tree Wealth Management Oak Tree Wealth Management is based in Alamo, CA. Its web site can be found at The first section of Oak Tree Wealth Management s profile will explain the key historical events in the firm s development. Oak Tree Wealth Management was founded and has evolved through three phases, including its early, middle, & recent phases. Oak Tree Wealth Management was founded. Early Phase This section outlines the early phase of Oak Tree Wealth Management. This section outlines the middle phase of Oak Tree Wealth Management. Recent Phase This section outlines the recent phase of Oak Tree Wealth Management. 89

90 The second section of Oak Tree Wealth Management s profile will review some key statistics regarding the firm. Services The third section of Oak Tree Wealth Management s profile will outline its core services. Oak Tree Wealth Management provides several services, including investment management. Investment Managmement Oak Tree Wealth Management s first business is investment management. Oak Tree Wealth Management utilizes Genworth Financial Wealth Management. The final section of Oak Tree Wealth Management s profile will address its organizational structure & ownership. Oak Tree Wealth Management s web site has five core sections, including about us, learning center, market watch, request a quote, & contat us. Oak Tree Wealth Management is led by its management team. Oak Tree Wealth Management is privately owned. Dave Perry s Team Dave Perry s Team is based in Seal Beach, CA and was recognized as a leading advisor in The first section of Dave Perry s Team s profile will explain the key historical events in the firm s development. Dave Perry s Team was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Dave Perry s Team was founded. Early Phase This section outlines Dave Perry s Team s early phase. This section outlines Dave Perry s Team s middle phase. Recent Phase This section outlines Dave Perry s Team s recent phase. The second section of Dave Perry s Team s profile will review some key statistics regarding the firm. 90

91 Businesses The third section of Dave Perry s Team s profile will outline its core businesses. Dave Perry s Team provides a number of services. The final section of Dave Perry s Team s profile will address is organizational structure & ownership. Dave Perry s Team has a web site. Dave Perry s Team is led by its management team. Dave Perry s Team is owned by its investors. Saunders & Associates Financial Management Saunders & Associates was founded in 2005 and based in Flower Mound, TX. The company has six employees, 150 clients, and $40 million assets under management. Saunders & Associate is led by branch manager Barbara Saunders. Its web site is Saunders & Associates Financial Management Comments Founded in 2005 Based in Flower Mound, TX 6 employees 150 clients $40 million assets under administration Branch Manager: Barbara Saunders Web site: The first section of Saunders & Associates profile will explain the key historical events in the firm s development. Source: 2/05 Investment Advisor ; Tiburon Research & Analysis Saunders & Associates Financial Management was founded in 2005 and has evolved through three phases, including its early, middle, and recent phases. Saunders & Associates Financial Management was founded in Early Phase This section outlines Saunders & Associates Financial Management s early phase. This section outlines Saunders & Associates Financial Management s middle phase. Recent Phase This section outlines Saunders & Associates Financial Management s recent phase. The second section of Saunders & Associates profile will review some key statistics regarding the firm. 91

92 Saunders & Associates Financial Management has 6 employees. Saunders & Associates Financial Management has 150 clients. Saunders & Associates Financial Management has $40 million in assets under administration. Businesses The third section of Saunders & Associates profile will outline its core businesses. Saunders & Associates Financial Management provides a number of services. Saunders & Associates Assistant Advisor Jamie odor has only been in business for a few months, but has already joined two financial professional organizations: Financial Planning Association -- International Association of Registered Financial Consultants -- The final section of Saunders & Associates profile will address its organizational structure & ownership. Saunders & Associates Financial Management has a web site. Saunders & Associates Financial Management is led by its branch manager, Barbara Saunders. Saunders & Associates Financial Management is owned by its investors. The Financial Services Network (FSN) The Financial Services Network was founded in 1984 by Jim Herrington and is based in San Mateo, CA. It is has presence in 26 states, with 150 financial advisors, and it generates $29 revenues. FSN is led by its CEO Jim Herrington, and its web site is The first section of the Financial Services Network s profile will explain the key historical events in the firm s development. The Financial Services Network (FSN) Comments Founded in 1984 Founded by Jim Herrington Based in San Mateo, CA 26 states 150 financial advisors $29 million revenues CEO: Jim Herrington Web site: Sourc e: 1/13/10 FSN Conversation (Dunne); 11/16/09 East Bay FPA Web Site; 1/23/06 FS N Convers ation (Dunne); 1/15/06 Google Web S ite; 1/6/06 FSN Conversation (Dunne); Tiburon Research & Analysis 92

93 The Financial Services Network was founded by Jim Herrington and has evolved through its Jim Herrington FSC, FSC Institutionalization, Associated Securities, & LPL Financial phases. The Financial Services Network s Jim Herrington earned his CLU in The Financial Services Network s Jim Herrington earned his CFP in The Financial Services Network was founded in Jim Herrington Phase This section outlines the Financial Services Network s Jim Herrington phase. The Financial Services Network s Jim Herrington joined FSC as an independent rep in FSC Institutionalization Phase This section outlines the Financial Services Network s FSC institutionalization phase. The Financial Services Network s Jim Herrington stopped personal production in The Financial Services Network s Jim Herrington served on the FSC Board from 1991 to The Financial Services Network held its twentieth anniversary party with FSC in The Financial Services Network s Allison Couch joined the firm in Associated Securities Phase This section outlines the Financial Services Network s Associated Securities phase. The Financial Services Network moved to Associated Securities in LPL Financial Phase This section outlines the Financial Services Network s LPL Financial phase. The Financial Services Network The Financial Services Network had its broker/dealer relationship changed to LPL Financial when LPL Financial collapsed Associated Securities in The Financial Service Network s Gordon Dunne was elected president of the Financial Planning Association of the East Bay, CA in The Financial Services Network s mission statement focuses on excellence. Specificially, its mission statement states: a common bond of excellence. The second section of the Financial Services Network s profile will review some key statistics regarding the firm. The Financial Services Network operates in 26 states. 93

94 The Financial Services Network operates in California, Colorado, Florida, & other states. Specifically, details include: California Colorado Florida Hawaii Kansas Michigan Texas Washington The Financial Services Network has 150 financial advisors, down 25% since The Financial Services Network s financial advisors include Steve Carbone, Evert Fernandez, & Jane Scarbrough. Another financial advisor in the network is Ed Stadjuhar. The Financial Services Network reports that wholesalers are its best recruiters. The Financial Services Network s financial advisors are two-thirds in the San Francisco Bay Area. Specifically, 100 financial advisors are located there, while 50 financial advisors are in other locations. The Financial Services Network s financial advisors are one-third women. Specifically, 33% of Financial Services Networks Reps are women, and 67% are men. The Financial Services Network generates $29 million revenues. The Financial Services Network s Financial Advisors are One-Third Women The Financial Service Network Financial Advisors By Gender Women 33% The Financial Services Network made up 12% of Financial Service Corporation s commissions & fees. Other reps generate the other 88%. The Financial Services Network s average financial advisor produces $150,000. The Financial Services Network s financial advisors have a wide mix of revenue sources, with almost half of revenues being recurring. Specifically, 40% are (recurring) feeaccounts & trailers, 15% are mutual funds, 15% are annuities, 10% are alternative investments, 10% are individual securities, & 10% are life insurance. Services The third section of FSN s profile will outline its core services. Men 67% Sourc e: 1/23/06 FSN Conversation (Dunne); Tiburon Research & Analysis 94

95 The Financial Services Network provides a number of services to its financial advisors, including OSJ, conferences, collective payout, RIA, & advocacy. OSJ The Financial Services Network s first service is that it acts as the OSJ for all of its financial advisors. Conferences The Financial Services Network s second service is conferences. The Financial Services Network s Financial Advisors Have a Wide Mix of Revenue Sources, with Almost Half of Revenues Being Recurring The Financial Service Network Revenues By Product Alternative Investments 10% Life Insurance 10% Individual Securities 10% Annuities 15% Sourc e: 1/23/06 FSN Conversation (Dunne); Tiburon Research & Analysis Mutual Funds 15% Fee-Accounts & Trailers (Recurring) 40% The Financial Services Network hosts an annual conference; about half of its financial advisors attend. Collective Payout The Financial Services Network s third service is its collective payout. The Financial Services Network takes an override on its financial advisors production. The Financial Services Network Provides a Number of Services to its Financial Advisors, Including OSJ, Conferences, Collective Payout, RIA, & Advocacy The Financial Services Network Services The Financial Services Netwo rk Services RIA The Financial Services Network s fourth service is its RIA called Strategic Wealth Advisors Group. OSJ Conferences Collective Payout RIA Advocacy The Financial Services Network may create its own insurance general agency. Source: 1/23/06 FSN Conversation (Dunne); 1/15/06 Google Web Site; 1/6/06 FSN Conversation (Dunne); Tiburon Research & Analysis Advocacy The Financial Services Network s fifth service is advocacy. The final section of FSN s profile will address its organizational structure & ownership. The Financial Services Network s web site has five core sections, including The Network story, The Network team, Network offices, Network resources, & contact The Network. The Financial Services Network is led by its CEO Jim Herrington & president Daxs Stadjuhar. 95

96 The Financial Services Network is owned by Jim Herrington. The Fragrasso Group LPL rep Bob Fragrasso has been in business since 1972, leaving his broker/dealer when it was sold in 1995 to start the Fragrasso Group. His firm, The Fragrasso Group, is based in Pittsburg, PA and provides managed account services to a variety of clients. It has $415 million assets under administration, and generates $2.9 million in revenues. It is led by CEO Bob Fragrasso. The first section of The Fragrasso Group s profile will explain the key historical events in the firm s development. The Fragrasso Group was founded in 1995 and has evolved through three phases, including its early phase, middle phase, and recent phases. The Fragrasso Group was founded in Early Phase This section outlines The Fragrasso Group s early phase. This section outlines The Fragrasso Group s middle phase. Recent Phase This section outlines The Fragrasso Group s recent phase. The Fragrasso Group s Bob Fragrasso left his old firm to found the Fragrasso Group in Bob Fragrasso has been named among the top financial advisors in prestigious financial publications, specifically being included on Barron's The Top 100 List of advisors in The second section of The Fragrasso Group s profile will review some key statistics regarding the firm. The Fragrasso Group's clients include moderate net worth households, high net worth households, endowments, foundations, and corporations. Most clients have a net worth of at least $1 million. Typical accounts are usually in the $250,000 to $10 million range. The Fragrasso Group's clients include the Pittsburgh Action Against Rape. This earned Bob Fragrasso the honor of being the first male on the organization s board. The Fragrasso Group has $415 million assets under administration, up slightly since They also generate $2.9 million in revenues. 96

97 The Fragrasso Group's assets are entirely in fee-accounts. Specifically, 100% of The Fragrasso Groups assets are fee-accounts. Businesses The third section of The Fragrasso Group s profile will outline its core businesses. The Fragrasso Group has $2.9 million in revenues. The Fragrasso Group Has $415 Million Assets Under Administration, Up Slightly Since 2003 The Fragrasso Group Assets Under Administration ($ Millions) $400 $415 The Fragrasso Group provides a number of services. The Fragrasso Group utilizes LPL as Broker/Dealer. The Fragrasso Group provides managed account services to a variety of clients. Source: 9/20/04 Barron's; 5/04 Registered Rep; Tiburon Research & Analysis The final section of The Fragrasso Group s profile will address its organizational structure & ownership. The Fragrasso Group has a web site. The Fragrasso Group is led by its management team. The Fragrasso Group is owned by its investors. Brad Van Vechten Brad Van Vechten is based in Tiburon, CA. The first section Brad Van Vechten s profile explains the key historical events in the firm s development. Brad Van Vechten was founded and has evolved through three phases, including its early, middle, and recent phases. The second section Brad Van Vechten s profile reviews some key statistics regarding the firm. Businesses The third section of Brad Van Vechten s profile outlines its core services. Brad Van Vechten provides a number of businesses. 97

98 The final section of Brad Van Vechten s profile addresses its organizational structure & ownership. Brad Van Vechten has a web site. Brad Van Vechten is led by its management team. Brad Van Vechten is owned by its investors. National Financial Partners (NFP Securities) Reps This section outlines independent reps custodied by National Financial Partners. Provise Management Group National Financial Partners Securities rep Ray Ferrara is based in Clearwater, FL and has $700 million assets under administration. Its CEO is Ray Ferrara, and its web site is The first section of Provise Management Group s profile will explain the key historical events in the firm s development. Provise Management Group was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Provise Management Group was founded. Early Phase This section outlines Provise Management Group s early phase. This section outlines Provise Management Group s middle phase. Recent Phase This section outlines Provise Management Group s recent phase. The second section of Provise Management Group s profile will review some key statistics regarding the firm. ProVise Management Group has 9 employees. Provise management group has an average client account size of $1 million. Average assets per employee are $6.4 million and the average new account size is about $1 million. ProVise Management Group has $700 million assets under administration, more than doubled since Businesses The third section of Provise Management Group s profile will outline its core businesses. 98

99 ProVise Management Group provides a number of services. The final section of Provise Management Group s profile will address its organizational structure & ownership. ProVise Management Group has a web site. ProVise Management Group is led by its CEO Ray Ferrara. ProVise Management Group is owned by its investors. Raymond James Financial Reps This section outlines independent reps custodied by Raymond James Financial. Birmingham Investment Group (Warren Whatley) Birmingham Investment Group is based in Birmingham, AL. Its web site can be found at The first section of Birmingham Investment Group s profile will explain the key historical events in the firm s development. Birmingham Investment Group was founded and has evolved through three phases, including its early, middle, & recent phases. Birmingham Investment Group was founded. Early Phase This section outlines the early phase of Birmingham Investment Group. This section outlines the middle phase of Birmingham Investment Group. Recent Phase This section outlines the recent phase of Birmingham Investment Group. The second section of Birmingham Investment Group s profile will review some key statistics regarding the firm. Services The third section of Birmingham Investment Group s profile will outline its core services. Birmingham Investment Group has four core services, including Ingram Dozier Financial Group, Guthrie Whatley Financial Group, Brown Financial Group, & Thomas Financial Group. Ingram Dozier Birmingham Investment Group s first service is Ingram Dozier Financial Group. 99

100 Guthrie Whatley Financial Group Birmingham Investment Group s second service is Guthrie Whatley Financial Group. Brown Financial Group Birmingham Investment Group s third service is Brown Financial Group. Birmingham Investment Group Has Four Core Services, Including Ingram Dozier Financial Group, Guthrie Whatley Financial Group, Brown Financial Group, & Thomas Financial Group Birmingham Investment Group Businesses Thomas Financial Group Birmingham Investment Group s third service is Thomas Financial Group. The final section of Birmingham Investment Group s profile will address its organizational structure & ownership. Ingram Dozier Financial Group Guthrie Whatley Financial Group Birmingham Investment Group Businesses Source: 1/24/11 Birmingham Investment Group Web Site; Tiburon Research & Analysis Brown Financial Gro up T ho mas Financial Group Birmingham Investment Group s web site has eight core sections, including the big picture, the team, market info, our advisory process, professional partners, financial resources, additional links, & contact us. Birmingham Investment Group is led by its management team. Birmingham Investment Group is privately owned. Sally Carril s Team Sally Carril began her carerr in 1969 and is based in Sun City Center, FL. The team has 1,000 clients, $100 million assets under administration, & led by its CEO Sally Carrill. The first section of Sally Carril s profile will explain the key historical events in the firm s development. Sally Carril s Team Comments Began career in 1969 Based in Sun City Center, FL 1,000 clients $100 million assets under administration CEO: Sally Carrill Sally Carril s Team was founded and has evolved through three phases, including its early, middle, & recent phases. Source: 10/04 On Wall Street; Tiburon Research & Analysis Sally Carril joined Raymond James as a secretary in Sally Carril s Team was founded. Early Phase This section outlines Helton Asset Management s early phase. 100

101 This section outlines Sally Carril s Team s middle phase. Recent Phase This section outlines Sally Carril s Team s recent phase. Sally Carril's office manager died in 1974 and firm founder Robert James personally trained Sally as a financial planner. The second section of Sally Carril s Team s profile will review some key statistics regarding the firm. Sally Carril s Team has 1,000 clients Sally Carril s Team has $100 million assets under administration. Services The third section of Sally Carril s Team s profile will outline its core services. Sally Carril s Team provides a number of services. The final section of Sally Carril s Team s profile will address its organizational structure & ownership. Sally Carril s Team has a web site. Sally Carril s Team is led by its CEO Sally Carril. Sally Carril s Team is owned by Sally Carril. Jerry Crader s Team Jerry Crader began his career in 1981 and is based in Cheyenne, WY. Jerry Crader s Team has 7 employees, serves 800 clients, & is led by its CEO Jerry Crader. The first section of Jerry Crader s Team s profile will explain the key historical events in the firm s development. Jerry Crader's Team Comments Began career in 1981 Based in Cheyenne, WY 7 employees 800 clients CEO: Jerry Crader Jerry Crader s Team was Source: 11/04 Research; Tiburon Research & Analysis founded and has evolved through three phases, including its early, middle, & awards phases. 101

102 Jerry Crader s Team was founded. Early Phase This section outlines Jerry Crader s Team s early phase. This section outlines Jerry Crader s Team s middle phase. Awards Phase This section outlines Jerry Crader s Team s awards phase. Jerry Carder s office was ranked in the top thirteen offices in Raymond James securities division in The second section of Jerry Crader s Team s profile will review some key statistics regarding the firm. Jerry Crader's Team has seven employees. Jerry Crader's Team has 800 clients. Services The third section of Jerry Crader s Team s profile will outline its core services. Jerry Crader's Team provides a number of services. The final section of Jerry Crader s Team s profile will address its organizational structure & ownership. Jerry Crader's Team has a web site. Jerry Crader leads a six person team, including three brokers, two sales assistants, & a receptionist. Jerry Crader's Team is owned by owner Jerry Crader. Helton Asset Management (John Helton) Helton Asset Management was founded in 1999 and is based in Marietta, GA. Helton Asset Management has $62 million assets under administration and is led by its CEO John Helton. Helton Asset Management Comments Founded in 1999 Based in Marietta, GA $62 million assets under administration CEO: John Helton The first section of Helton Asset Source: 1/04 CPA Wealth Provider; Tiburon Research & Analysis Management s profile will 102

103 explain the key historical events in the firm s development. Helton Asset Management was founded in 1999 and has evolved through three phases, including its early, middle, & recent phases. Helton Asset Management was founded in Early Phase This section outlines Helton Asset Management s early phase. This section outlines Helton Asset Management s middle phase. Recent Phase This section outlines Helton Asset Management s recent phase. The second section of Helton Asset Management s profile will review some key statistics regarding the firm. Helton Asset Management has $62 million assets under administration, up 30% from Services The third section of Helton Asset Management s profile will outline its core services. Helton Asset Management provides investment, tax, and estate planning for high net worth clients. Helton Asset Management Has $62 Million Assets Under Administration, Up 30% From 2003 Helton Asset Management Assets Under Administration ($ Millions) $48 $ Source: 1/04 CPA Wealth Provider; Tiburon Research & Analysis Investments Helton Asset Management s first service is investments. Tax Helton Asset Management s second service is tax. Estate Planning Helton Asset Management s third service is estate planning. The final section of Helton Asset Management s profile will address its organizational structure & ownership. Helton Asset Management has a web site. Helton Asset Management is led by CEO John Helton. 103

104 Helton Asset Management is owned by John Helton. Malcolm Makin s Team Malcolm Makin began his career in 1974 and is based in Westerly, RI. Malcolm Makin s Team has $575 million assets under administration and is led by its CEO Malcolm Makin. Malcolm Makin s Team Comments Began career in 1974 Founded Professional Planning Group Based in Westerly, RI $575 million assets under administration CEO: Malcolm Makin The first section of Malcolm Makin s Team s profile will explain the key historical events in the firm s development. Malcolm Makin s Team was Source: 9/20/04 Barron's; 8/02 Worth; Tiburon Research & Analysis founded and has evolved through three phases, including its early, middle, & awards phases. Malcolm Makin s began his career in Early Phase This section outlines Malcolm Makin s Team s early phase. This section outlines Malcolm Makin s Team s middle phase. Awards Phase This section outlines Malcolm Makin s Team s awards phase. Malcolm Makin has been named among the top financial advisors in several financial publications, specifically being included on Barron's The Top 100 List of financial advisors in The second section of Malcolm Makin s Team s profile will review some key statistics regarding the firm. Malcolm Makin s Team s clients include moderate net worth households, high net worth households, ultra-high net worth households, & endowments. Malcolm Makin s Team s average client has $1.2 million in net worth. Malcolm Makin s Team s has $575 million assets under administration. Services The third section of Malcolm Makin s Team s profile will outline its core services. Malcolm Makin s Team provides a number of services. 104

105 The final section of Malcolm Makin s Team s profile will address its organizational structure & ownership. Malcolm Makin s Team has a web site. Malcolm Makin s Team is led by its CEO Malcolm Makin. Malcolm Makin s Team is owned by Malcolm Makin. Ross Marino s Team Ross Marino s Team is based in Wilmington, NC and led by its CEO Ross Marino. The first section of Ross Marino s Team profile will explain the key historical events in the firm s development. Ross Marino s Team was founded and has evolved through three phases, including its early, Tallahasse, & Wilmington phases. Tallahassee, FL Phase This section outlines Malcolm Makin s Team s Tallahassee, FL phase. Limbo Phase This section outlines Malcolm Makin s Team s limbo phase. Ross Marino was dislocated when Prudential closed its Tallahassee office in Wilmington, NC Phase This section outlines Malcolm Makin s Team s Wilmington, NC phase. Ross Marino moved to Wilmington, NC in The second section of Ross Marino s Team s profile will review some key statistics regarding the firm. Services The third section of Ross Marino s Team s profile will outline its core services. Ross Marino s Team provides a number of services. The final section of Ross Marino s Team s profile will address its organizational structure & ownership. Ross Marino s Team has a web site. Ross Marino s Team is led by its CEO Ross Marino. 105

106 Ross Marino s Team is owned by Ross Marino. McGee Financial Strategies (Judith McGee) Raymond James rep Judith McGee is based in Portland, OR, and now has $220 million assets under administration. Its co-owner is Judith Mcgee and its web site can be found at McGee Financial Strategies Provides Financial Planning, Equity Income Portfolio Management, Fee-Accounts, & Charitable Giving Services Financial Planning McGee Financial Strategies Services Equity Income Portfolio Management McGee Financial Strategies Services Fee-Accounts Charitable Giving Services The first section of McGee Source: 5/04 Research; Tiburon Research & Analysis Financial Strategies profile will explain the key historical events in the firm s development. McGee Financial Strategies was founded and has evolved through three phases, including its early, middle, & awards phases. McGee Financial Strategies was founded. Early Phase This section outlines McGee Financial Strategies early phase. This section outlines McGee Financial Strategies middle phase. Awards Phase This section outlines McGee Financial Strategies awards phase. Judith McGee has been named among the top financial advisors in several financial publications, specifically being included on the Research Magazine Women s Winner s Circle Top 40 Financial Advisor List in The second section of McGee Financial Strategies profile will review some key statistics regarding the firm. Services The third section of McGee Financial Strategies profile will outline its core services. McGee Financial Strategies has $220 million assets under administration. McGee Financial Strategies Clients include high net worth households. Specifically, 100% of McGee Financial Strategies come from high net worth households. McGee Financial Strategies provides in financial planning, equity income portfolio management, fee-accounts, & charitable giving services. 106

107 Financial Planning McGee Financial Strategies first service is Financial Planning. Equity Income Portfolio Management McGee Financial Strategies second service is Equity Income Portfolio Management. Fee-Accounts McGee Financial Strategies third service is Fee-Accounts. Chartiable Giving Services McGee Financial Strategies fourth service is Charitable Giving. services The final section of McGee Financial Strategies profile will address its organizational structure & ownership. McGee Financial Strategies has a web site. McGee Financial Strategies is led by its co-owner Judith McGee. McGee Financial Strategies is owned by Judith McGee. John Moore & Associates John Moore & Associates began his career with EF Hutton, later went to Prudential, and joined Raymond James financial services in His office is located in Albuquerque, NM, employees 9 employees, serves 400 clients, and has $200 million assets under management. John Moore & Associates Comments Based in Albuquerque, NM 9 employees 400 clients $200 million assets under management CEO: John Moore The first section of John Moore & Associates profile will explain the key historical events in the firm s development. Source: 10/03 On Wall Street; Tiburon Research & Analysis John Moore & Associates was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. John Moore joined Raymond James Financial Services in John Moore & Associates was founded. Early Phase This section outlines John Moore & Associates early phase. 107

108 This section outlines John Moore & Associates middle phase. Recent Phase This section outlines John Moore & Associates recent phase. The second section of John Moore & Associates profile will review some key statistics regarding the firm. John Moore & Associates has nine employees. John Moore & Associates has 400 clients. John Moore & Associates has assisted more than 20,000 airline employees in designing and negotiating non-qualified retirement plans. John Moore & Assocites has been hired by the pilots, dispatchers, & other teamster divisions of Southwest Airlines. Specifically, details include: Pilots 3,200 pilots in union Designed and negotiated adequate non-qualified retirement plans for pilots Charged union members an hourly rate Approved plan included several million dollars more in accumulated retirement funds than the pilots would have had with 401K or profit-sharing plans Dispatchers Dispatchers union had worked without a contract for nine months because they could not determine the value of stock options offered by Southwest Moore supplied a valuation on stock options on 24 hours notice Determined Southwest was offering over $100,000 in options to each of the 80 dispatchers Recommended taking the options because hard-dollar raises would never equal the value of the stock options Union and management reached tentative agreement based on Moore's information Union members received financial security and improved quality of life Other Teamster Divisions Negotiated stock option contracts for other Southwest Teamster divisions Aircraft appearance technicians Stock clerks Simulator technicians Other airlines American Airlines (three unions) JetBlue John Moore & Associates has $200 million asset under management. John Moore & Associates has seen relatively little financial reward for its work with airline unions; a few new accounts and hourly rates amount to less than 8% of its 108

109 revenues. Specifically, 8% of John Moore & Associates revenues come from Airline Unions, and 92% come from other clients. Services The third section of John Moore & Associates profile will outline its core services. John Moore & Associates provides a number of services. The final section of John Moore & Associates profile will address its organizational structure & ownership. John Moore & Associates has a web site. John Moore & Associates is led by its CEO John Moore John Moore & Associates is owned by John Moore. MJ Smith & Associates (Mark Smith) MJ Smith & Associates was founded by Mark Smith in 1983 and is based in Englewood, CO. MJ Smith & Associates has $480 million assets under management and is led by its CEO Mark Smith. MJ Smith & Associates was Founded in 1983 Comments Founded in 1983 Founded by Mark Smith Based in Englewood, CO CEO: Mark Smith The first section of MJ Smith & Associates profile will explain the key historical events in the firm s development. Source: 12/09 Research; Tiburon Research & Analysis MJ Smith & Associates was founded in 1983 and has evolved through three phases, including its early, middle, & recent phases. MJ Smith & Associates was founded in Early Phase This section outlines MJ Smith & Associates early phase. This section outlines MJ Smith & Associates middle phase. Recent Phase This section outlines MJ Smith & Associates recent phase. The second section of MJ Smith & Associates profile will review some key statistics regarding the firm. 109

110 MJ Smith & Associates has $480 million assets under management. Services The third section of MJ Smith & Associates profile will outline its core services. MJ Smith & Associates has a number of services. The final section of MJ Smith & Associates profile will address its organizational structure & ownership. MJ Smith & Associates has a web site. MJ Smith & Associates is led by its CEO Mark Smith. MJ Smith & Associates is owned by Mark Smith. O Keeffe Financial Partners (John O Keeffe) O Keeffe Financial Partners was founded by John O Keeffe in 2009 and is based in Fairfield, NJ. O Keeffe Financial Partners has $125 million assets under administration and is led by its CEO John O Keeffe. Its web site can be found at The first section of O Keeffe Financial Partners profile will explain the key historical events in the firm s development. O Keeffe Financial Partners was founded in 2009 and has evolved through three phases, including its early, middle, & recent phases. O Keeffe Financial Partners was founded by John O Keeffe in Early Phase This section outlines the early phase of O Keeffe Financial Partners. This section outlines the middle phase of O Keeffe Financial Partners. Recent Phase This section outlines the recent phase of O Keeffe Financial Partners. The second section of O Keeffe Financial Partners profile will review some key statistics regarding the firm. O Keeffe Financial Partners has $125 million assets under administration. Services The third section of O Keeffe Financial Partners profile will outline its core services. 110

111 O Keeffe Financial Partners provides a number of services. The final section of O Keeffe Financial Partners profile will address its organizational structure & ownership. O Keeffe Financial Partners web site has six core sections, including about us, services, newsletters, market view, financial resources, & contact us. O Keeffe Financial Partners is led by its CEO John O Keeffe. O Keeffe Financial Partners Web Site Has Six Core Sections, Including About Us, Services, Newsletters, Market View, Financial Resources, & Contact Us O Keeffe Financial Partners Web Site O Keeffe Financial Partners Web Site O Keeffe Financial Partners is privately owned by John O Keeffe. About Us Services Newsletters Market View Financial Resources Contact Us Owens & Sams Estate & Wealth Source: 1/24/11 O Keeffe Financial Partners Web Site; Tiburon Research & Analysis Strategies (Mary Owens) Owens & Sames Estate & Wealth Strategies is based in Grass Valley, CA and is led by its CEO Mary Owens. The first section of Owens & Sames Estate & Wealth Strategies profile will explain the key historical events in the firm s development. Owens & Sames Estate & Wealth Strategies was founded and has evolved through three phases, including its early, middle, & recent phases. Owens & Sames Estate & Wealth Strategies was founded. Early Phase This section outlines the early phase of Owens & Sames Estate & Wealth Strategies. This section outlines the middle phase of Owens & Sames Estate & Wealth Strategies. Recent Phase This section outlines the recent phase of Owens & Sames Estate & Wealth Strategies. The second section of Owens & Sames Estate & Wealth Strategies profile will review some key statistics regarding the firm. Services The third section of Owens & Sames Estate & Wealth Strategies profile will outline its core services. 111

112 Owens & Sames Estate & Wealth Strategies provides a number of services. The final section of Owens & Sames Estate & Wealth Strategies profile will address its organizational structure & ownership. Owens & Sames Estate & Wealth Strategies has a web site. Owens & Sames Estate & Wealth Strategies is led by its CEO Mary Owens. Owens & Sames Estate & Wealth Strategies is privately owned by Mary Owens. Steve Plant s Team Steve Plant s Team was founded in 2009 and is based in Wayzata, MN. Steve Plant s Team is led by its CEO Steve Plant. Its web site can be found at The first section of Steve Plant s Team s profile will explain the key historical events in the firm s development. Steve Plant s Team was founded in 2009 and has evolved through three phases, including its early, middle, & recent phases. Steve Plant s Team was founded in Early Phase This section outlines the early phase of Steve Plant s Team. This section outlines the middle phase of Steve Plant s Team. Recent Phase This section outlines the recent phase of Steve Plant s Team. The second section of Steve Plant s Team s profile will review some key statistics regarding the firm. Services The third section of Steve Plant s Team s profile will outline its core services. Steve Plant s Team provides a number of services. The final section of Steve Plant s Team s profile will address its organizational structure & ownership. Steve Plant s Team s web site has ten core sections, including about us, services, newsletters, market view, financial resources, contact us, Steve s journal, Raymond james, retirement planning, & additional links. 112

113 Steve Plant s Team is led by its CEO Steve Plant. Steve Plant s Team is privately owned by Steve Plant. Stephens & Winton (Sherri Stephens) Stephens & Winton was founded as Winton & Associates in 1994 and is based in Flint, MI. Stephens & Winton has 8 employees, 400 clients, $255 million assets under management, & generates $1.5 million. The company is led by its president Sherri Stephens. The first section of Stephens & Winton s profile will explain the key historical events in the firm s development. Stephens & Winton s Sherri Stephens began her career in 1976 as a receptionist and subsequently evolved through three phases, including its Winton & Associate receptionisht, Winton & Associates rep, & Stephens & Winton phases. Winton & Associates Receptionist Phase This section outlines Stephen & Winton s Winton & Associates Receptionist phase. Stephens & Winton s Sherri Stephens joined Winton & Associates in Winton & Associates Rep Phase This section outlines Stephens & Winton s Winton & Associates phase. Stephens & Winton s Sherri Stephens began her career as a rep in Stephens & Winton Phase This section outlines Stephens & Winton s Stephens & Winton phase. Stephens & Winton was founded in Sherri Stephens became President of Stephens & Winton after Mr. Winton's Death in Sherri Stephens has been named among the top financial advisors in several financial publications, specifically being included on the Research Magazine Women s Winner s Circle Top 40 Financial Advisor List in 2004: Research Named to Research Magazine's Women's Winner's Circle The Top 40 advisor list in 2004 Chairman s Council Sherri Stephens has been named to the Raymond James Chairman's Council as one of it's top ten producers nationwide 113

114 The second section of Stephens & Winton s profile will review some key statistics regarding the firm. Stephens & Winton has eight employees. Stephens & Winton has 400 clients. Stephens & Winton has $255 million assets under administration. Stephens & Winton Team generates $1.5 million revenues. Services The third section of Stephens & Winton s profile wil outline its core services. Stephens & Winton Specializes in Retirement Planning, Fee- Accounts, and Trust & Estate Planning Stephens & Winton Services Stephens & Winton Services Stephens & Winton specializes in retirement planning, feeaccounts, and trust & estate planning. Retirement Planning Fee-Accounts Trust & Estate Planning Stephens & Winton relies Source: Tiburon Research & Analysis primarily on fee-accounts to execute its investment strategies. Specifically, fee-accounts account for 77%, mutual funds account for 18%, & insurance accounts for 5%. Retirement Planning Stephens & Winton s first service is retirement planning. Fee-Accounts Stephens & Winton s second service is fee-accounts. Stephens & Winton Relies Primarily on Fee-Accounts to Execute its Investment Strategies Stephens & Winton Assets Under Management by Product Mutual Funds 18% Insurance 5% Trust & Estate Planning Stephens & Winton s third service is trust & estate planning. The final section of Stephens & Winton s profile will address its organizational structure & ownership. Source: 5/04 Registered Rep; Tiburon Research & Analysis Fee-Accounts 77% Stephens & Winton has a web site. Sherri Stephens is President of Stephens & Winton, which has seven other employees. Stephens & Winton is owned by Sherri Stephens. 114

115 Steel Valley Investment (Jim McLean & Raymond LaBuda) Steel Valley Investment was founded by Jim McLean & Raymond LaBuda and is based in Center Valley, PA. The company was founded and is led by its co-presidents Jim McLean & Raymond LaBuda. The first section of Steel Valley Investments profile will explain the key historical events in the firm s development. Steel Valley Investment was founded and has evolved through three phases, including its early, middle, & recent phases. Steel Valley Investments was founded by Jim McLean & Raymond LaBuda. Early Phase This section outlines Steel Valley Investments early phase. This section outlines Steel Valley Investments middle phase. Recent Phase This section outlines Steel Valley Investments recent phase. The second section of Steel Valley Investments profile will review some key statistics regarding the firm. Services The third section of Steel Valley Investments profile will outline its core services. Steel Valley Investments has a number of services. The final section of Steel Valley Investments profile will address its organizational structure & ownership. Steel Valley Investments web site has five core sections, including our team, why Steel Valley, resources, contact us, & investor accesss. Steel Valley Investments Web Site Has Five Core Sections, Including its Our Teams, Why Steel Valley, Resources, Contact Us, & Investor Access Steel Valley Investments Web Site Steel Valley Investments Web Site Steel Valley Investments is led by its co-presidents Jim McLean & Raymond LaBuda. Steel Valley Investments is owned by Jim McLean & Raymond LaBuda. Our Teams Why Steel Valley Resources Contact Us Source: 5/13/10 Steel Valley Investments; Tiburon Research & Analysis Investor Access 115

116 The Turner Group (Lyle Turner, Dan DeMoss, & Charles Flinton) The Turner Group was co-founded by Lyle Turner, Dan DeMoss, & Charles Flinton in 2008 and is based in Tulsa, OK. The Turner group has $160 million assets under administration and led by its chairman Lyle Turner, CEO Dan DeMoss, & president Charles Flinton. Its web site can be found at The first section of The Turner Group s profile will explain the key historical events in the firm s development. The Turner Group was founded in 2008 and has evolved through three phases, including its early, middle, & recent phases. The Turner Group Comments Founded in 2008 Co-founded by Lyle Turner, Dan DeMoss, & Charles Flinton Based in Tulsa, OK $160 million assets under administration Chairman: Lyle Turner CEO: Dan DeMoss President: Charles Flinton Web site: The Turner Group was cofounded by Lyle Turner, Dan DeMoss, & Charles Flinton in Source: 11/09 Financial Advisor; Tiburon Research & Analysis Early Phase This section outlines the early phase of The Turner Group. This section outlines the middle phase of The Turner Group. Recent Phase This section outlines the recent phase of The Turner Group. The second section of The Turner Group s profile will review some key statistics regarding the firm. The Turner Group has $160 million assets under administration. Services The third section of The Turner Group s profile will outline its core services. The Turner Group provides a number of services. The final section of The Turner Group s profile will address its organizational structure & ownership. The Turner Group s web site has five core sections, including the process, the plan, investment strategy, contact us, & news & financial resources. 116

117 The Turner Group is led by its chairman Lyle Turner, CEO Dan DeMoss, & president Charles Flinton. The Turner Group is privately owned by Lyle Turner, Dan DeMoss, & Charles Flinton. The Turner Group s Web Site Has Five Core Sections, Including The Process, The Plan, Investment Strategy, Contact Us, & News & Financial Resources The Turner Group Web Site Valliant & Associates (Bruce Valliant) Valliant & Associates is based in Chestertown, MD and led by its President Bruce Valliant. The first section of Valliant & Associates profile will explain the key historical events in the firm s development. The Process The Plan Source: 1/24/11 The Turner Group Web Site; Tiburon Research & Analysis The Turner Group Web Site Investment Strategy Contact Us News & Financial Resources Valliant & Associates was founded and has evolved through three phases, including its early, middle, & recent phases. Valliant & Associates was founded. Early Phase This section outlines Valliant & Associates early phase. This section outlines Valliant & Associates middle phase. Recent Phase This section outlines Valliant & Associates recent phase. The second section of Valliant & Associates profile will review some key statistics regarding the firm. Services The third section of Valliant & Associates profile will outline its core services. The final section of Valliant & Associates profile will address its organizational structure & ownership. Valliant & Associates has a web site. Valliant & Associates is led by its President Bruce Valliant.. Valliant & Associates is owned by Bruce Valliant. 117

118 Waddell Group (Christopher Waddell) Waddell Group is based in Vienna, VA and led by its managing principal Christopher Waddell. The first section of Waddell Group s profile will explain the key historical events in the firm s development. Waddell Group is Led by its Managing Principal Christopher Waddell Waddell Group Organizational Chart Waddell Group was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Theresa Waddell Financial Advisor Linda Laganos Financial Advisor Christopher Waddell Managing Principal LeRoy Miles Financial Advisor Timothy Brown Client Relationship Manager Flor Hudencial Client Relationship Associate Waddell Group was founded. Early Phase This section outlines Waddell Group s early phase. Sourc e: 5/13/10 Waddell Group Web Site; Tiburon Research & Analysis This section outlines Waddell Group s middle phase. Recent Phase This section outlines Waddell Group s recent phase. The second section of Waddell Group s profile will review some key statistics regarding the firm. Services The third section of Waddell Group s profile will outline its core services. Waddell Group has a number of services. The final section of Waddell Group s profile will address its organizational structure & ownership. Waddell Group has a web site. Waddell Group is led by its managing principal Christoper Waddell Waddell Group is owned by Christopher Waddell. Other Independent Broker/Dealers Reps This section outlines financial advisors custodied by other independent broker/dealers. 118

119 Aspire Capital Management Aspire Capital Management is based in Danville, CA and is led by its CEO Evor Vattuone. The firm s web site is The first section of Aspire Capital Management s profile will explain the key historical events in the firm s development. Aspire Capital Management was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines Aspire Capital Management s early phase. This section outlines Aspire Capital Management s middle phase. Recent Phase This section outlines Aspire Capital Management s recent phase. The second section of Aspire Capital Management s profile will review some key statistics regarding the firm. Services The third section of Aspire Capital Management s profile will outline its core services. Aspire Capital Management provides a number of services. The final section of Aspire Capital Management s profile will address its organizational structure & ownership. spire Capital Management s web site has six core sections, including about Aspire, personal financial planning, asset management, resources, contact, & client login. Aspire Capital Management is led by its CEO Evor Vattuone. Aspire Capital Management s Web Site Has Six Core Sections, Including About Aspire, Personal Financial Planning, Asset Management, Resources, Contact, & Client Login Aspire Capital Management Web Site Aspire Capital Management Web Site Aspire Capital Management is owned by Evor Vattuone. About Aspire Personal Financial Planning Asset Management Resources Contact Client Login BW & Associates BW & Associates Chief Sourc e: 12/15/09 Aspire Capital Management Web Site; Tiburon Research & Analy sis Executive Bonnie Wusz was recently named among the top financial advisors in RJ Shook's book, the Winner s Circle. 119

120 The first section of BW & Associates profile will explain the key historical events in the firm s development. BW & Associates was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. BW & Associates was founded. Early Phase This section outlines BW & Associates early phase. This section outlines BW & Associates middle phase. Recent Phase This section outlines BW & Associates recent phase. The second section of BW & Associates profile will review some key statistics regarding the firm. Businesses The third section of BW & Associates profile will outline its core businesses. BW & Associates provides a number of services. The final section of BW & Associates profile will address its organizational structure & ownership. BW & Associates has a web site. BW & Associates is led by its CEO Bonnie Wusz. BW & Associates is owned by its investors. Client 1st Advisors Client 1st Advisors was founded in 2000 and is based in Clearwater, FL. The company has two offices, three employees, and 65 clients. Client 1st Advisors has $76 million assets under management and generates $593,000 revenues. It is led by its managing partner, Craig Phillips, who is also the primary Client 1 st Advisors Comments Founded in 2000 Based in Clearwater, FL 2 offices 3 employees 65 clients $76 million assets under management $593,000 revenues Managing Partner: Craig Phillips Primarily owned by Craig Phillips Web site Sourc e: 9/11/06 Client 1 st Advis ors (Phillips); 9/6/06 Client 1 st Advisors (Phillips); 9/5/06 Independent Rep B est Practices Web Site; 9/1/06 Fee-Only Financial Adv isor Best Pr actices Web Site; 8/31/06 Turning Point (Vigev eno); 8/29/06 Client 1 s t Advisors W eb Site; 8/8/06 Client 1 st Advisors Web Site; Tiburon Research & Analys is 120

121 owner. The company web site is The first section of Client 1st Advisors profile will explain the key historical events in the firm s development. Client 1st Advisors was founded in 2000 after Craig Phillips left Pro Vise Management, and shifted from InterSecurities to Cascade Financial in Client 1st Advisors Craig Phillips was previously the co-host of a radio show with ProVise CEO Ray Ferrera called Talking Money which was syndicated nationally from 1991 to Client 1st Advisors outsourced its portfolio accounting to back office support services in Client 1st Advisors received a five star client enthusiasm rating from Client Opinions in Client 1st Advisors sold one life insurance policy in 2005, generally instead referring this business to reps Bob & Rob Wayland. Client 1st Advisors switched its broker/dealer affiliation from InterSecurities to Cascade Financial Management in Client 1st Advisors has been offered the opportunity to buy 15% of Cascade Financial Management at book value but has not done so yet. Specifically, 15% of Cascade Financial Management was available for purchase, and 85% was not. Client 1st Advisors was a finalist for the Clearwater Chamber of Commerce s small business of the year in both 2005 & Client 1st Advisors tried to onboard a partner but unraveled this Client 1 st Advisors Tried to Onboard a Partner But Unraveled this 2006 Cynthia Heil 5% Client 1 st Advisors Ownership by Owner 0% Client 1st Advisors was set up as a classic independent contractor and branch system. Craig Phillips 95% 100% Client 1st Advisors Craig Phillips maintains Series 7, 24, 31, and 63 securities licenses Note: Note: Client 1st Advisors had two Advis ors Web S ite; Tiburon Research & Analysis offices in Clearwater and Tampa, Florida, but is spinning-out the Tampa office in Another source said that Client 1 st Advisors needed a buy/sell agreement and that Cy nthia Heil was the right age Another source said that the 5% sale was unraveled without any money ever changing hands Sourc e: 9/12/06 Client 1 st Advis ors Conversation (Phillips); 9/6/06 Client 1 s t Advisors (Phillips); 9/5/06 Client 1 st Advisors (P hillips); 8/8/06 Client 1 st 121

122 The second section of regarding the firm. Client 1st Advisors profile will review some key statistics Client 1st Advisors has three employees, steady since Client 1st Advisors has six independent contractors, up slightly since 2005, but this was unwound in Client 1st Advisors has over 60 clients, a number that has been relatively steady since Client 1 st Advisors Has Three Employees, Steady Since Client 1 st Advisors Employees Client 1st Advisors client base is Note: Another source said that Client 1 st Advisors staff include a fourth employee in who worked pr imarily on portfolio accounting, which is now outsourced Sourc e: 9/12/06 Client 1 dominated by $1 million to $5 st Advis ors Conversation (Phillips); 9/11/06 Client 1 st Advisors (Phillips) ; 9/6/06 Client 1 st Advis ors (Phillips); 9/5/06 Client 1 st Advis ors (Phillips) ; 9/1/06 Fee-Only Financial Advisor s B est Practices Web Site; 8/29/06 Client 1 st Adv isors Web Site; 8/8/06 Client 1 st Advisors Web Site; Tiburon Research & Analys is million households which account for two-thirds of all clients. Specifically, 70% of Client 1st Advisor s clients are households that have between $1 and $5 million, and households with $100,000 $1 million, greater than $5 million, less than $100,000, and defined contribution plans and other institutional accounts make up 16%, 7%, 2%, and 5% respectfully. Client 1st Advisors new clients assets predominantly come from business sales, as the firm targets owners of closely held services. Specifically, sales of business account for 50%, and the next largest asset by source is retirement plan rollovers with 17%. Assets moved from full service brokers represent 13%, while periodic investments from earnings, inheritances, and sales of properties represent 7%, 7%, and 5% respectfully. Client 1 st Advisors Client Base is Dominated by $1 Million to $5 Million Households Which Account for Two-Thirds of All Clients $5 Million+ Households D efined Co ntrib utio n P lans & Other Instit utional $1 - $5 Million Households 70 % Client 1st Advisors generates almost all of its new clients from attorney and CPA referrals. Specifically, attorney and CPA referrals represent 40% and 37% of Client 1st Advisors client sources, and passive client referrals, insurance agent referrals, and networking represent 15%, 5%, and 3% respectfully. Client 1st Advisors minimum account size is $250,000, but $1 million if the client s investment advisor rep is managing principal Craig Phillips. Client 1st Advisors has about $76 million in assets under management, up steadily since % Client 1 st Advisors Clients by Investable Assets A ccounts 5% < $100,000 Households 2 % $100, $1 M illion Househo lds Note: Another source said that Client 1 st Advisors serves 63% high net worth households, 18% other individuals, and smaller amounts of various institutional accounts Note: Another source said that Client 1 st Advisors serves just a couple of acc ounts over $5 million Note: Another source said that Client 1 st Advisors institutional accounts are primarily one or two person defined benefits plans for doctors Sourc e: 9/12/06 Client 1 st Advis ors Conversation (Phillips); 9/11/06 Client 1 st Advisors ADV; 9/5/06 Independent Rep Best Practic es Web Site; 9/1/06 Fee-Only Financial Advisor Best Practices Web Site; Tiburon Research & Analysis 16 % 122

123 Client 1st Advisors generally charges 0.75% to 0.35% on its core separate accounts business. Client 1st Advisors generates almost $600,000 in revenues, a 20% increase since Client 1st Advisors generates almost all of its revenues from quarterly management fees. Specifically, 93% of Client 1st Advisors revenues come from quarterly management fees, while 7% come from trailing product commissions. Client 1 st Advisors Generally Charges 0.75% to 0.35% on its Core Separate Accounts Business Client 1st Advisors generates its revenues primarily from Note: Another source said that Client 1 st Advisors really does not hav e standard pricing; that its ADV lets it charge up to 2.00%, but it rarely goes above 1.00% Sourc e: 9/11/06 Client 1 st Advis ors (Phillips); 9/5/06 Independent Rep Best Practices Web Site; 8/31/06 Client 1 st Advisor s Web Site; 8/29/06 Client 1 st s t investment supervisory Advis ors Web S ite; 6/30/06 Client 1 Advisors ADV; Tibur on Research & Analysis services. Specifically, Client 1st Advisors generates 60% of its revenues from investment supervisory services, while investment advisory accounts without investment supervisory services, investment advice through consultation, advice on matters not involving securities, and other matters of securities advice all represent 10% of Client 1st Advisor s revenues. 0.75% Client 1 st Advisors Assets Under Management Fees 0.60% 0.50% 0.35% First $1 Million Next $4 Million Next $5 Million Amounts > $10 Million Client 1st advisors drives profits to nearly zero through salaries, deductible shareholder distributions and perks. Specifically, Client 1st Advisors pays managing principal Craig Philips through a base salary, deductible perks, and shareholder distributions: Client 1 st Advisors Generates its Revenues Primarily From Investment Supervisory Services Advice on Matte rs Not Involving Securities 10% Investmen t Advice Through Consultation 10% Other Matters o f Securities Advice 10% Client 1 st Advisors Revenues By Type Investment Supervisory Services 60% Base Salary Keeps salary at Social Security maximum (currently around $99,000) Investment Adviso ry Accounts W ithout Investment Supe rviso ry Services 10% Sourc e: 8/29/06 Client 1 st Advis ors Web Site; 6/30/06 Client 1 st Advisors ADV; Tiburon Research & Analysis Deductible Perks Examples Health insurance for self & wife Cell phone Auto lease & related expenses Sporting event tickets Country club bills Extensive travel Estimated to be valued at $70,000 per year 123

124 Shareholder Distributions Takes the rest as shareholders distributions (usually not much) Client 1st Advisors creates over $500,000 in expenses, up steadily since Client 1st Advisors spends the bulk of its expense budget on salaries & payroll taxes, and group health benefits. Specifically, salaries and payroll taxes represent 50% of Client 1st Advisors expenses, and group heath insurance is the next single largest expense at 6%. Database maintenance and client costs represent 5% each, and rent represents 4% of total expenses. Management fees, maintenance, travel and expenses, and utilities all represent 3% of total expenses Client 1 st Advisors Spends the Bulk of its Expense Budget on Salaries & Payroll Taxes, and Group Health Benefits Other Expenses 18% Utilities 3% Travel & Expenses 3% Maintenance 3% Management Fees 3% Rent 4% Client Costs 5% Database Maintenance 5% Client 1 st Advisors Expenses By Type Group Health Insurance 6% Salaries & Payroll Taxes 50% Note: Another source said that Client 1 st Advisors pays $2,500 per month for group health insurance for employees Note: Another source said that Client 1 st Advisors replaced a second partner in 2006 with a licensed non-owner service person Sourc e: 9/12/06 Client 1 st Advisors Conversation (Phillips); 9/5/06 Independent Rep Best Practices Web Site; 9/5/06 Client 1 st Advisors E mail (P hillips); 9/5/06 Client 1 st Advisors income Statement; Tiburon Research & Analysis each, while the remaining 18% of Client 1st Advisors expenses go towards other expenses. Client 1st Advisors has successfully driven net profits to nearly zero each of the past three years. Client 1st Advisors 2005 client survey resulted in 100% client satisfaction in multiple areas, including investment knowledge, accessibility, responsiveness, understanding of investment goals. Client 1 st Advisors 2005 Client Survey Resulted in 100% Client Satisfaction in Multiple areas, Including Investment Knowledge, Accessibility, Responsiveness, Understanding of Investment Goals (Page 1) Less Satisfied Client 1 st Advisors Client Survey Satisfaction Scores by Category 0% 0% 0% 0% Businesses The third section of Client 1st Advisors profile will outline its core businesses. Extremely & Very Satisfied 100% 100% 100% 100% Client 1st Advisors provides a number of services. Accessibility Responsiveness Understanding of Investment Goals Sourc e: 9/17/06 Client 1 st Advis ors (Phillips); 8/29/06 Client 1 st Advisors Web Site; Tibur on Research & Analysis Client 1st Advisors mission statement is lofty and client centered: Explanation of Pro cess We help our clients make the most of the one life that they have by confidentially addressing the goals that each client uniquely values without needlessly sacrificing their lifestyle and seeking to avoid unnecessary investment risk 124

125 Client 1st Advisors rates nine goals as critically important, including build business for sale, increase assets under management, and retain clients: Build Business for Sale Rates 10 on a scale of 1-10 Increase Assets Under Management Rates 10 on a scale of 1-10 Retain Clients Rates 10 on a scale of 1-10 Client 1 st Advisors Mission Statement is Lofty and Client - Centered Client 1 st Advisors Mission Statement We help our clients make the most of the one life that they have by confidentially addressing the goals that each client uniquely values without needlessly sacrificing their lifestyle and seeking to avoid unnecessary investment risk Client 1 st Advisors Web Site August 2006 Acquire Larger Clients Rates 10 on a scale of 1-10 Sourc e: 8/31/06 Client 1 st Advis ors Web Site; Tiburon Research & Analysis Create More Free Time Rates 10 on a scale of 1-10 Delegate More Work Rates 10 on a scale of 1-10 Increase Income Rates 10 on a scale of 1-10 Increase Revenues Rates 10 on a scale of 1-10 Integrate More Sophisticated Technology Rates 10 on a scale of 1-10 Client 1st Advisors does not feel many threats, rating government regulation as number one, and seeing no competitive threat: Government Regulation Compliance burden becoming huge and expensive Need to Integrate Better Technology Not entirely fond of Centerpiece Need to Offer More Services -- Pressure to Lower Fees -- Unrealistic Client Demands 125

126 -- Client 1st Advisors has a vision to be the premier advisor to accredited investors and targets $1 million+ households. Client 1st Advisors has a secondary target market in Delta pilots. Client 1st Advisors Has narrowed its marketing efforts but remained open to other incoming clients. Client 1st Advisors now markets primarily through strategic alliances with certified public accountants, estate attorneys, and investment bankers: Certified Public Accountant Firms Solicitor agreement with Robert Schaeffer at Harper, Van Scoic, & Company Pays a share of management fees Second certified public accounting firm not sharing in fees is even better source Sees this as an enormous opportunity Hopes to train people and do a tax season marketing campaign Estate Attorneys Two key firms making referrals Fee sharing not allowed in Florida Investment Bankers Not proven to be as successful Very transactional Met with the CEO of the Florida Business Brokers association to size up opportunities Client 1st Advisors key marketing piece is its firm s profile, which needs to be improved. Client 1st Advisors publishes a newsletter which it knows is too oriented towards investments. Client 1st Advisors claims to invest heavily in thoroughly understanding its clients through its consultative client management process. Client 1st Advisors charges $200 per hour for hourly advice, with typical engagements ranging from $1,500 to $2,500. Client 1st Advisors utilizes many types of securities, including separate accounts, mutual funds, & managed futures: Separate Accounts All new money is kept in the firm s RIA and primarily goes to Lockwood Mutual Funds Primarily C shares 126

127 Managed Futures Been using since 1993 Only commission business done since leaving ProVise Believes that it lowers standard deviation and enhances returns Management generally allocates 5-10% of portfolios and considering increasing Commissions up to 3.00% Plus basis point trailers Adds significantly to 75 basis points typically charged on Lockwood portion of accounts Client 1st Advisors Serves as a distributor for Lockwood Advisor and refers to it as its independent research firm. Client 1st Advisors also accesses some separate accounts via Charles Schwab & Company. Client 1st Advisors Rates Advanced Investment Partners, Global Capital, Penn Capital, and Brandes as some of its favorite separate account managers: Advanced Investment Partners Large cap core Focused on tax management and risk Global Capital Small-mid Cap Good risk adjusted returns Penn Capital Small-mid cap Good risk adjusted return Brandes International equity Good risk adjusted returns Rates 10 on a scale of 1-10 Philadelphia International International equity Good risk adjusted returns Madison Taxable fixed income Rates 8 on a scale of 1-10 Breckenridge Muni bonds US Trust Treasury bonds 127

128 Delaware Rates 8 on a scale of 1-10 MJ Whitman Rates 8 on a scale of 1-10 Thornburg Rates 8 on a scale of 1-10 Davis Rates 7 on a scale of 1-10 Glenmede Rates 7 on a scale of 1-10 Client 1st Advisors sets up a theme for each quarterly meeting and clients have learned to anticipate such. Client 1st Advisors clients seem to desire quarterly contact, as shown in its recent client survey. Client 1st Advisors rebalances client accounts semi-annually in the first & third quarters. Client 1 st Advisors Clients Seem to Desire Quarterly Contact, as Shown in its Recent Client Survey Client 1 st Advisors Client Survey Satisfaction Scores by Category Annually Semi-Annually % % Client 1st Advisors reassess client goals & objectives in the second & fourth quarters. Quarterly 63% 78% Client 1st Advisors utilizes both Steben & Company s Futures Portfolio Fund and MAN Investments AHL Diversified Managed Futures Fund: Face-to -Face Meetings Sourc e: 9/12/06 Client 1 st Advis ors (Phillips); Tiburon Res earch & Analy sis Telephone Meetings Steben & Company (Futures Portfolio Fund) Based in Rockville, MD Fund of managed futures funds Includes Campbell Gets exposure to energy, metals, foreign exchange, etc. MAN Investments (AHL Diversified Managed Futures Fund) Based in Chicago, IL Brand new for Client 1st Advisors Single manager fund Client 1st Advisors custodies at Charles Schwab & Company and Pershing: 128

129 Charles Schwab & Company Began using in 2001 Originally offered by Lockwood Wheat First alternative at the time could not download data to db Cams Most assets still at Schwab Captured four or five years of assets Not necessarily moving any accounts Rates 7 on a scale of 1-10 Excellent technology for advisors Great web casts (e.g., compliance) Never attended Schwab conference Potential competitor Considered putting wealth management office in Tampa, FL Pershing Utilized for Lockwood accounts Rates 7 on a scale of 1-10 Offers the best pricing Captures all new business Attended recent Pershing conference Not a potential competitor Previously used to clear when at InterSecurities Client 1st Advisors utilizes Cascade Financial as its broker/dealer, a firm in which it owns a stake. Client 1st Advisors rates Cascade Financial Management only 5 on a scale of Client 1st Advisors broker/dealer Cascade Financial Management clears through RBC Dain Rauscher. Client 1st Advisors rates RBC Dain Rauscher Only 5 on a Scale of 1-10, saying it is no better or worse than any other clearing broker. Client 1st Advisors utilizes Financeware s Wealthcare Analysis Software (Monte Carlo) for financial planning and asset allocation and believes that it is a great product. Client 1st Advisors utilizes many information sources, including Lockwood, Morningstar, Big Charts, and Schwab Research, but not inspections: Lockwood Key source Rates 8 on a scale of 1-10 Morningstar Key source Rates 8 on a scale of 1-10 Big Charts 129

130 Key source Schwab Research Rates 7 on a scale of 1-10 Pershing Rates 9 on a scale of 1-10 MSN Money Central Rates 7 on a scale of 1-10 Thomson (CDA/ Wiesenberger Investment Views) Rates 7 on a scale of 1-10 Russell -- RBC Dain Advisors -- The Wall Street Journal Rates 7 on a scale of 1-10 Bloomberg Rates 7 on a scale of 1-10 Client 1st Advisors utilizes Centerpiece for its Portfolio Management Software, believing it is no better or worse than other portfolio accounts systems. Client 1st Advisors utilizes both Goldmine and Outlook for contact management software: Goldmine Began using in 2002 Rates 3 on a scale of 1-10 Never really used it Need a robust CRM system Planning to replace soon; candidates include: RedTail Oracle/Siebel s CRM on Demand Microsoft s Dynamics 3.0 Outlook 2003 Outlook Rates 8 on a scale of 1-10 Believes it has many capabilities not being used today Future CRM program needs to work with Outlook Client 1st Advisors recently switched its office accounting software from Microsoft Money Office Edition to QuickBooks: 130

131 Microsoft Money (Office Edition) More basic system Unable to run trial balance Needed to upgrade accounting system QuickBooks Conversion been a struggle Client 1st Advisors has developed several resources including, business plan, annual budget, and client satisfaction survey: Business Plan Goal setting Timelines Annual Budget Done in QuickBooks Client Satisfaction Survey Completed in 2006 Good results Follow up with some clients Client Agreement -- Compliance Manual -- Employee Manual -- Marketing Plan -- Policies & Procedures Manual -- Client 1st Advisors owns its own 3,000 square foot building. Client 1st Advisors Craig Phillips spends money on personal growth, having personally engaged CEG Worldwide, Prince & Associates, and also had exposure to other financial advisor coaches: CEG Worldwide (John Bowen) Rates 9 on a scale of 1-10 Participated in first consulting the affluent coaching class 131

132 Helped to release hundreds of clients, upgrade service delivery system, etc Believes that it was money well spent Paid $25,000 Prince & Associates (Russ Prince) Rates 8 on a scale of 1-10 Included in John Bowen course Unpleasant experience Good material Bachrach & Associates (Bill Bachrach) Good friend Never used professionally American Business Vision (Steve Moeller) Hippy Too touchy-feely Client 1st Advisors Craig Phillips is not a big conference attendee, but does attend the Lockwood, Pershing, Financial Advisor Magazine, and Financial Planning association Conferences: Lockwood Rates 8 on a scale of 1-10 Likes conferences a lot Pershing Rates 8 on a scale of Miami conference had good content Financial Advisor Magazine Enjoys Financial Planning association Rates 6 on a scale of 1-10 Never been to national conference Rethinking involvement Client 1st Advisors Craig Phillips belongs to a study group organized by financial advisor Jeff Bremner out of Atlanta. Client 1st Advisors Craig Phillips rates Inside Information, Investment News, Investment Advisor, the Journal of Financial Planning, Financial Advisor, and Financial Planning as the most helpful publications: Inside Information Rates 9 on a scale of 1-10 Allows him to spoon feed 132

133 Provides links for articles Investment News Great tabloid Investment Advisor Rates 8 on a scale of 1-10 The Journal of Financial Planning Rates 7 on a scale of 1-10 Financial Advisor Rates 7 on a scale of 1-10 Financial Planning Rates 7 on a scale of 1-10 Client 1st Advisors is in the process of dismantling its branch system, at least as far as its broker/dealer is concerned. Client 1st Advisors Craig Phillips continues to be disillusioned with the NASD broker/dealer world and intends to do less broker/dealer activity going forward. Client 1st Advisors Craig Phillips can see the point in the near future where the firm will either drop its NASD Licenses and go pure RIA or Form its own nickel broker/dealer: Pure RIA -- Form Own Nickel Broker/Dealer More likely Many clients have commissionable managed futures products Get selling agreements with its alternative product sponsors only Client 1st Advisors web site is well organized but old school; the firm sees it as a resource for clients where they Client 1 must go to see their accounts. st Advisors Web Site is Well Organized But Old School; the Firm Sees it as a Resource for Clients Where They Must Go to See Their Accounts The final section of Client 1st Advisors profile will address its organizational structure & ownership. Client 1 st Advisors Web Site Clients 1 st Adviso rs Web Site Client 1st Advisors used Lightpoint to develop its web site. About Us Clients Area The Street Resources Client 1st Advisors is led by managing partner Craig Phillips, and includes two additional Note: Another source said that Client 1 st Advisors increasingly sends referred prospects to its web site before meetings Sourc e: 9/12/06 Client 1 st Advis ors Web Site; 8/8/06 Client 1 st Advisors Web Site; Tibur on Research & Analysis 133

134 employees and seven representatives. Client 1st Advisors Craig Phillips was formerly on the board of directors of the Tampa Bay chapter of the Financial Planning Association. Client 1st Advisors Craig Phillips serves as the chairman of a non-profit county mental health center called Directions for Mental Health and participates in leadership Pinellas: Directions For Mental Health Believes that charitable boards can lead to new business Leadership Pinellas Gives exposure to county Gains access to movers and shakers Client 1st Advisors is organized as an S Corporation. Client 1st Advisors is entirely owned by Craig Phillips, After re-purchasing a 5% stake in 2006, after no payments were made. Specifically, Craig Phillips owns 100% of Client 1st Advisors. Client 1st Advisors Craig Phillips expects to cut back significantly in ten years (2016), at which point he would be 66, but not fully retire. Client 1st Advisors saw the end of one potential succession strategy with the exit of Cynthia Heil. Client 1st Advisors now expects that it will merge with, or be acquired by, another firm: Certified Public Accounting Firm -- Bank -- Gemmer Asset Management Gemmer Asset Management is based in Walnut Creek, CA and is led by its managing principal Dave Gemmer. The firm can be found on the web at The first section of Gemmer Asset Management s profile will explain the key historical events in the firm s development. Gemmer Asset Management was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines Gemmer Asset Management s early phase. This section outlines Gemmer Asset Management s middle phase. 134

135 Recent Phase This section outlines Gemmer Asset Management s recent phase. The second section of Gemmer Asset Management s profile will review some key statistics regarding the firm. Businesses The third section of Gemmer Asset Management s profile will outline its core businesses. Gemmer Asset Management provides a number of services. The final section of Gemmer Asset Management s profile will address its organizational structure & ownership. Gemmer Asset Management s web site has seven core sections, including company, services, philosophy, PMP, client center, advisor center, & contact us. Gemmer Asset Management is led by its managing principal Dave Gemmer. Gemmer Asset Management Web Site Has Seven Core Sections, Including Company, Services, Philosophy, PMP, Client Center, Advisor Center, & Contact Us Company Services Gemmer Asset Management Web Site Philosophy Gemmer Asset Management Web Site PMP Client Center Advisor Center Contact Us Gemmer Asset Management is owned by Dave Gemmer. Source: 1/19/09 GemmerWeb Site; Tiburon Research & Analysis Hanson McClain One of the most successful independent rep firms is Hanson McClain and the Hanson McClain Retirement Network. Hanson McClain was founded in 1993 by Co-Founders & Co- Chief Executive Officers Scott Hanson and Pat McClain, and is based in Sacramento, CA. They also formed the Hanson McClain Retirement Network when they realized a unique opportunity to capture the market of retired telephone company employees and it has been a very profitable venture Hanson McClain Comments Founded in 1993 Founded as Hanson McClain Retirement Planning Founded by Scott Hanson & Pat McClain Based in Sacramento, CA Co-CEOs: Scott Hanson & Pat McClain Web sites: & Sourc e: 9/10/07 Investment News Web Site; 12/06 Res earch Magazine; 5/06 Inv estment Advisor ; 9/04 Registered Rep; 8/04 Investment Advisor; 1/22/04 Hanson McClain Conversation (Neeley); 1/21/04 Hanson M cclain (Neeley ); 1/8/04 Hanson McClain (Mosbacher); 1/8/04 Hanson McClain Web Site; 1/7/04 Hans on McClain Conversation (Neeley); 9/03 Registered Representative; Tiburon Research & Analysis 135

136 for the firm. The company has three web sites: & The first section of Hanson McClain s profile will explain the key historical events in the firm s development. Hanson McClain was founded in 1993 and has evolved through three phases, including its Hanson McClain Retirement Planning, Hanson McClain Retirement Network, and own broker/dealer phases. Hanson McClain was founded as Hanson McClain Retirement Planning by Scott Hanson & Pat McClain in Hanson McClain built a niche serving SBC executives in the mid 1990s. Hanson McClain built its SBC niche through traditional marketing efforts in the late 1990s, including contacting human resources directors and hiring high school kids to put fliers on windshields: Contacted Human Resources Directors -- Hired High School Kids to Put Fliers on Windshields -- Mailed Letters to Employees -- Faxed Fliers to Company Departments -- Placed Advertisements in Company Newsletters -- Sponsored Lunches, Brought Coffee & Doughnuts, Attended Retirement Parties, Etc. -- Hanson McClain s Opportunities increased as Pac Bell was acquired by SBC and added retirement plan lump sum distribution options in the late 1990s. Hanson McClain Switched to a corporate form in 1996 due to tax considerations. Hanson McClain s Hanson McClain Retirement network made informal alliances with Los Angeles and San Francisco based financial advisors to assist in marketing and serving Pacific Bell retirees in Hanson McClain s Scott Hanson began writing a weekly column in the Sacramento Bee called Money Matters in

137 Hanson McClain formed its Hanson McClain Retirement Network in 1998 after receiving requests to expand its SBC Business and offer it nationally. Hanson McClain built its own broker/dealer. Hanson McClain Has Two Core Businesses, Including its Hanson McClain Retirement Planning and Hanson McClain Retirement Network Hanson McClain Businesses Hanson McClain Hanson McClain s Hanson McClain Retirement Network planned to utilize reps outside of Securities America. Hanson McClain Retirement Planning Hanson McClain Retirement Network Hanson McClain s Hanson Source: 5/06 Investment Advisor; Tiburon Research & Analysis McClain Retirement Network stayed with Securities America and Ameriprise Financial reps. Hanson McClain Retirement Network never utilized its broker/dealer. Hanson McClain Founded Liberty Reverse Mortgage in It is based in Rancho Cordova, CA. Hanson McClain reached $1.0 billion assets under administration in Hanson McClain s Scott Hanson published Money Matters: Essential Tips and Tools for Building Financial Peace of Mind in Hanson McClain named to Investor Advisor Leaders Council in Hanson McClain sold its Liberty Reverse Mortgage to Genworth Financial in Hanson McClain sold the company for $50 million plus potential additional performancebased financial considerations. Hanson McClain founded its own broker/dealer, which clears through National Financial Services in The second section of Hanson McClain s profile will review some key statistics regarding the firm. Businesses The third section of Hanson McClain s profile will outline its core businesses. Hanson McClain has a sincere philosophy, stating that they tell clients what they need to hear, not what they want to hear. Hanson McClain has two core businesses, including its Hanson McClain Retirement Planning and Hanson McClain Retirement Network. 137

138 Hanson McClain s first business is Hanson McClain Retirement Planning, which is its original Sacramento, CA based business. The company has nine offices, 36 employees, and 2,500 clients. It has $1.3 billion assets under management, generates $6.8 million revenues, has $4.4 million expenses, and earns $2.4 million net profits. Hanson McClain s Hanson McClain Retirement Planning has 9 offices. Hanson McClain s Hanson McClain Retirement Planning s nine offices are located in the Sacramento Area and in Dallas, Detroit, Chicago, Houston, & San Antonio. Hanson McClain s Hanson McClain Retirement Planning has 36 employees. Hanson McClain s Hanson McClain Retirement Planning has 2,500 clients, relatively flat in recent years. Scott Hanson stopped personally taking on clients in Hanson McClain s Hanson McClain Retirement Planning Has 2,500 Clients, Relatively Flat in Recent Years Hanson McClain Retirement Planning Clients 2,500 2,500 Hanson McClain s Hanson McClain Retirement Planning s primary clients are consumers age 55 to 65 transitioning to retirement Hanson McClain s Hanson McClain Retirement Planning Source: 5/06 Investment Advisor; 1/22/04 Hanson McClain Conversation (Neeley) ; 1/21/04 Hanson McClain (Neeley); Tiburon Research & Analysis Clients are slightly more than half Pacific Bell retirees. Specifically, 55% of Hanson McClain retirement planning clients are Pacific Bell retirees, and 45% are other clients. Hanson McClain s Hanson McClain Retirement Planning believes that it has captured nearly three-quarters of the Pacific Bell Retiree market. Specifically, 70% of Pacific Bell retirees utilized Hanson McClain, and 30% use other advisors. Hanson McClain s Hanson McClain Retirement Planning has a $100,000 account minimum. Hanson McClain s Hanson McClain Retirement Planning s average account size is $400,000 Hanson McClain s Hanson McClain Retirement Planning has $1.3 billion assets under administration, up more than 1300% since 1996 and 60% since Hanson McClain s Hanson McClain Retirement Planning Believes that it Has Captured Nearly Three-Quarters of the Pacific Bell Retiree Market Other Advisors 30% Pacific Bell Retirees By Financial Advisor Utilized Hanson McClain 70% Sourc e: 1/22/04 Hanson M cclain Conversation ( Neeley) ; 1/21/04 Hans on McClain (Neeley); 1/8/04 Hanson M cclain Web Site; 1/7/04 Hanson McClain Conversation (Neeley); Tiburon Research & Analysis 138

139 Hanson McClain s Hanson McClain retirement planning assets under administration by investment product. Hanson McClain s Hanson McClain Retirement Planning Has $1.3 Billion Assets Specifically, 100% of Hanson Under Administration, Up More than 1300% Since 1996 and 60% Since 2004 McClain s assets under administration are Mutual Funds. Hanson McClain s Hanson McClain s Retirement Planning generates $6.8 million in revenues. Hanson McClain Retirement Planning Assets Under Administration ($ Millions) Hanson McClain s Hanson $300 $250 McClain Retirement Planning $100 generates over three-quarters of its revenues from 12b1 fees. Sourc e: 9/10/07 Investment News Web Site; 12/06 Research; 5/06 Investment Advisor ; 9/04 Register ed Rep; 8/04 Investment Advisor; 1/21/04 Hanson Specifically, 12b1 fees generate M cclain (Neeley) ; 1/8/04 Hanson McClain W eb Site; 9/03 Registered Rep; 9/02 Registered Rep; Tiburon Research & Analysis 82% of Hanson McClain s retirement planning revenues, while Front-End Loads and Rep Split Fees generate 15% and 3% respectfully. $500 $600 $700 $800 $1,000 $1,300 Hanson McClain s Hanson McClain Retirement Planning has $4.4 million of expenses. Financial advisors are salaried, they receive no commission & bonuses are tied to firm performance. Hanson McClain s Hanson McClain Retirement Planning Generates Over Three-Quarters of its Revenues from 12b1 Fees Hanson McClain Retirement Planning Revenues by Service Front-End Loads 15% Rep Split Fees 3% Hanson McClain s Hanson McClain Retirement Planning expenses are dominated by its personnel costs. Specifically, personnel expenses account for 67% of Hanson McClain s retirement planning expenses. Source: 6/30/05 Hanson McClain Conversation (Hanson); Tiburon Research & Analysis Marketing Expenses represent 19%, and miscellaneous expenses account for the remaining 14%. 12b1 Fees 82% Hanson McClain s Hanson McClain Retirement Planning earns $2.4 million. Hanson McClain has excelled at a variety of public marketing strategies, including its radio program, newspaper articles, & community involvement: Radio Program -- Newspaper Articles

140 Community Involvement & Charitable Efforts -- Financial Briefings -- Quarterly Client Newsletter -- TV Appearances -- Hanson McClain s Scott Hanson and Pat McClain host a call-in radio show, also Called Money Matters, in which they educated listeners on financial topics in an entertaining way. The radio show started in 1995 and runs on AM station KFBK 1530 (Sacramento, CA) and KNEW 910 (San Francisco, CA). The show runs on Sundays from 11am to 1pm. Hanson McClain s Scott Hanson writes a weekly column in the Sacramento Bee Called Money Matters Hanson McClain has been a big supporter of charitable organizations, including The Child Abuse Prevention Council, Sacramento Food Bank, and Make a Wish Foundation: The Child Abuse Prevention Council Scott Hanson on board Sacramento Food Bank Sponsors run to feed the hungry Pat McClain on board Make A Wish Foundation Presenting sponsor at Wine & Food Fest Children's Theater of California -- National Kidney Foundation Participant in Cadillac Invitational Golf Tournament The River Oak Center for Children -- The Sacramento Regional Community Foundation -- Hanson McClain s new business comes three-quarters from client referrals, most of which are a result of the firm's charity work. Specifically, 80% of Hanson McClain clients come from client referrals, and 20% come from other sales and marketing strategies. 140

141 Hanson McClain hosts a series of financial briefings or seminars. They are held weeknights at 6:30pm and include topics such as what you need to know about the financial industry. Hanson McClain also produces a quarterly newsletter. Hanson McClain s Scott Hanson and Pat McClain make periodic television appearances. Hanson McClain starts all clients out with an IPRO and utilizes the Hanson McClain Compass for initial financial consultation. Hanson McClain has established a series of strategic alliances with other professionals: Hanson McClain s New Business Comes Three-Quarters from Client Referrals, Most of Which are a Result of the Firm's Charity Work Hanson McClain Clients By Marketing Method Other Sales & Marketing Strategies 20% Client Referrals 80% Sourc e: 1/22/04 Hanson M cclain Conversation ( Neeley) ; 1/21/04 Hans on McClain (Neeley); 1/8/04 Hanson M cclain Web Site; 1/7/04 Hanson M cclain Conversation (Neeley); 9/03 Registered Representative; Tiburon Research & Analysis Mortgages ATM Mortgage Jeff Tarbek Web site: The Mortgage Consultants Group Jim Patterson Web site: Long-Term Care John Bronson Company Eric Henry Web site: Taxes Murray & Young Bill Murray Web site: Williams & Olds Jamie Williams Steve Olds Web site: Estate Planning Johnson, Ford, Meissner, & Joseph John Palley Web site: Andrew Matteson Andrew Matteson Web site: 141

142 Drobny Law Offices Mark Drobny No web site Hanson McClain s second business is its Hanson McClain Retirement Network, which includes 90 offices and 140 financial advisors. Hanson Mcclain s Hanson Mcclain Retirement Network has 90 Offices. Hanson McClain s Hanson McClain Retirement Network Offices have a huge fall-out rate, often due to partial implementations or over complication. Hanson Mcclain s Hanson Mcclain Retirement Network has 140 financial advisors. Hanson McClain s Hanson McClain Retirement Network representatives are about half Securities America representatives and half Ameriprise Financial representatives. Specifically, 50% of Hanson McClain s retirement representatives are Securities America representatives, and 50% come from Ameriprise Financial representatives. Hanson McClain s Hanson McClain Retirement Network serves 1,500 clients. Hanson McClain s Hanson McClain Retirement Network Representatives are About Half Securities America Representatives and Half Ameriprise Financial Representatives Hanson McClain Retirement Network Representatives By Type Ameriprise Financial Representatives 50% Securities America Representatives 50% Sourc e: 8/04 Investm ent Adv isor; 1/22/04 Hanson McClain Conversation (Neeley); 1/21/04 Hanson M cclain (Neeley) ; 1/8/04 Hanson McClain Web Site; 1/7/04 Hanson McClain Conversation (Neeley); Tiburon Research & Analysis Hanson McClain s Hanson McClain Retirement Network average account size is $350,000. Hanson McClain s Hanson McClain Retirement Network has $4.0 billion assets under administration, up 60% since Hanson McClain s Hanson McClain Retirement Network received high marks from the financial advisors in the network. Hanson McClain s Hanson McClain Retirement Network financial advisors are most satisfied with the niche Hanson McClain s Hanson McClain Retirement Network Has $4.0 Billion Assets Under Administration, Up 60% Since 2003 $0.2 Hanson McClain Retirement Network Assets Under Administration ($ Billions) $0.5 $1.2 $2.5 $ Sourc e: 9/10/07 Investment News Web Site; 1/25/04 Hanson McClain Conference Brochure; 1/21/04 Hanson McClain (Neeley); 1/7/04 Hanson McClain Conversation (Neeley); 10/4/02 Sacramento Business Journal; Tiburon Research & Analysis 142

143 marketing training and support. Some comments include: Positive Comments Hanson McClain's introduction into niche marketing was a life-changing event for me Hanson McClain gave me the training necessary to succeed in niche marketing The support Hanson McClain provides us is exceptional The information flow is both pertinent and timely Our recent success has been a direct result of implementing Hanson McClain's systems, marketing techniques, and networking strategies Hanson McClain's assistance on business organization issues (e.g., staffing and finances) has been helpful to my business Concerns Hanson McClain needs to provide more information on changes to employee benefits going forward While Hanson McClain's initial training is fantastic, the level of ongoing support needs to be improved I think the expectations of the network advisors are that there would be a continuous flow of new information, which isn t the case Hanson McClain's marketing methods are compelling, but they haven t generated as much success for my business as I d hoped Hanson McClain s Hanson McClain Retirement Network consults financial advisors on marketing strategies focused towards telephone company employees. Hanson McClain s Hanson McClain Retirement Network receives a portion of the revenues earned from the SBC Business, which is mostly tracked via honor system. Specifically, 100% of Hanson McClain Retirement Network revenes are generated from the SBC business. Hanson McClain s Hanson McClain Retirement Network does not influence product choice. Hanson McClain s Hanson McClain Retirement network offers financial briefings or workshops to telephone company employees. Hanson McClain s Hanson McClain Retirement Network offices regularly follow-up and offer no-fee consultations. Hanson McClain s Hanson McClain Retirement network has brochures specifically for telephone company employees. Hanson McClain s Hanson McClain Retirement Network has a newsletter for clients and prospects called Retirement 411. The newsletter is customized for telephone company employees and focused on retirement issues. Hanson McClain s Hanson McClain Retirement Network maintains a web site devoted to telephone company employees at Retirement

144 Hanson McClain s Hanson McClain Retirement Network Hosts an annual meeting for its top 25 members: 2003 Meadowbrook (Sonoma) 2004 Lake Tahoe Hanson McClain s Hanson McClain Retirement Network is struggling with defining its role in its financial advisors continued growth: Hopes to Make the Group More Cohesive -- Many are Probably on the Brink of Addressing Employee and Technology Issues -- Even the Biggest Firms May Not Know the ROAs -- Some Advisors Welcome Help; Others Do Not -- Helped Subsidize Second Office Location For Allegiance Group -- Helped Other Firms Buy Computers and Set Up Goldmine -- Developed The Big Book of Knowledge -- Hanson McClain has a detailed web site that is organized into seven sections, including about us, core values, client area, community, workshops, tools, & contact. The final section of Hanson McClain s profile will address its organizational structure & ownership. Hanson McClain is led by its Co-CEOs Scott Hanson & Pat McClain as well as a president & chief operating officer. Hanson McClain has two formal business planning sessions per year, one involving all department leaders. Hanson McClain is Led by its Co-CEOs Scott Hanson & Pat McClain as Well as a President & Chief Operating Officer Hanson McClain Organizational Chart Scott Hanson Co-CEO Steve Burnett President Pat McClain Co-CEO Chief Operating Officer Note: Scott Hanson & Pat McClain founded Hanson McClain Retirement Planning in 1993; they were formerly at Lincoln Financial Advisors; Sourc e: 5/06 Investment Advisor; 1/22/04 Hanson M cclain Conversation ( Neeley) ; 1/8/04 Hanson McClain W eb Site; 10/4/092 Sacramento Business Journal; 4/98 Research Magazine; Tiburon Research & Analysis 144

145 Hanson McClain has periodically brought in outside consultants to help create organizational systems. Hanson McClain has a 45 page book on the firm s core values, highlighting the importance of professional integrity, client satisfaction, & community involvement. Hanson McClain is privately owned, primarily by Scott Hanson & Pat McClain. Specifically, both Scott Hanson and Pat McClain each have 40% stakes in the company, while others own the remaining 20%.. Hanson McClain is Privately Owned, Primarily by Scott Hanson & Pat McClain Hanson McClain By Ownership Others 20% Scott Hanson 40% Hanson McClain s Scott Hanson and Pat McClain have established a buy-sell agreement, which gives each Pat McClain 40% partner the right to buy the other s shares should one die or become disabled. The agreement values the business as a percentage of assets under management. Source: 5/28/08 Hanson McClain Conversation (Hanson); 4/18/08 Hanson McClain Retirement Network Web Site; Tiburon Research & Analysis Infinity Financial Services Infinity Financial Services was founded in 2004 and is based in Oakland, CA. It has four financial advisors, $50 million assets under management, & generates $450,000 revenues. The firm is led by its managing principal James Simos and can be found on the web at The first section of Infinity Financial Services profile will explain the key historical events in the firm s development. Infinity Financial Services Comments Founded in 2004 Based in Oakland, CA 4 financial advisors $50 million assets under management $450,000 revenues Managing Principal: James Simos Web site: Source: 12/15/09 Infinity Financial Services Web Site; 11/27/09 East Bay FPA Web Site; 11/16/09 East Bay FPA Web Site; Tiburon Research & Analysis Infinity Financial Services was founded in 2004 and has evolved through three phases, including LPL, own broker/dealer, & growth phases. Infinity Financial Services was founded in LPL Phase This section outlines Infinity Financial Services LPL phase. 145

146 Own Broker/Dealer Phase This section outlines Infinity Financial Services own broker/dealer phase. Infinity Financial Services formed its own broker/dealer & RIA in Growth Phase This section outlines Infinity Financial Services growth phase. The second section of Infinity Financial Services profile will review some key statistics regarding the firm. Infinity Financial Services has four financial advisors. Infinity Financial Services has $50 million assets under management. Infinity Financial Services generates $450,000 revenues. Services The third section of Infinity Financial Services profile will outline its core services. Infinity Financial Services provides a number of services. Infinity Financial Services utilizes tele-marketing to target corporate executives. Infinity Financial Services believes it has low fees because it has its own broker/dealer. Infinity Financial Services utilizes Thomson s Beta System, Morningstar Advisor, & Finance Logix. Specifically, details include: Thomson Beta Mesirow uses Morningstar Advisor Given away by Mesirow Finance Logix Utilize for aggregation Give away for free The final section of Infinity Financial Services profile will address its organizational structure & ownership. Infinity Financial Services web site has nine core sections, including how we help you, how we stand out, our clients, our company, our insights, contact us, free guides, client login, & advisor login. Infinity Financial Services is led by its managing principal James Simos. Infinity Financial Services is owned by its managing principal James Simos. 146

147 Alan Leist s Team Cadaret Grant rep Alan Leist is based in Utica, NY, was recognized as a leading advisor in 2005, and now has $725 million assets under administration. The first section of Cadaret Grant Rep Alan Leist s profile will explain the key historical events in the firm s development. Cadaret Grant Rep Alan Leist was founded and has evolved through three phases, including its early phase, middle phase, and recent phases. Alan Leist s Team was founded. Early Phase This section outlines Alan Leist s Team s early phase. This section outlines Alan Leist s Team s middle phase. Recent Phase This section outlines Alan Leist s Team s recent phase. Alan Leist has been named among the top financial advisors in prestigious financial publications, specifically being included on Barron's The Top 100 List of advisors in Alan Leist joined Cadaret Grant in The second section of Cadaret Grant Rep Alan Leist s profile will review some key statistics regarding the firm. Alan Leist's clients include moderate net worth households, high net worth households, ultra-high net worth households, endowments, foundations, and corporations. Most clients have a net worth of at least $5 million. Typical accounts are generally around $1.2 million. Cadaret Grant Rep Alan Leist has $725 million assets under administration, up $75 million over the past year. Businesses The third section of Cadaret Grant Rep Alan Leist s profile will outline its core businesses. Alan Leist provides a number of services. The final section of Cadaret Grant Rep Alan Leist s profile will address its organizational structure & ownership. 147

148 Alan Leist s Team has a web site. Alan Leist s Team is led by its management team. Alan Leist s Team is owned by its investors. Life & Wealth Advisors Life & Wealth Advisors is based in Walnut Creek, CA and is led by its president Gary Gardner. It can be found on the web at Life & Wealth Advisors Comments Based in Walnut Creek, CA President: Gary Gardner Web site: The first section of Life & Wealth Advisors profile will explain the key historical events in the firm s development. Life & Wealth Advisors was founded and has evolved through three phases, including its early, middle, & East Bay FPA chairman phases. Source: 12/15/09 Life & Wealth Advisors Web Site; 11/16/09 East Bay FPA Web Site; Tiburon Research & Analysis Life & Wealth Advisors was founded. Early Phase This section outlines Life & Wealth Advisors early phase. This section outlines Life & Wealth Advisors middle phase. East Bay FPA Chairman Phase This section outlines Life & Wealth Advisors East Bay FPA Chairman phase. Life & Wealth Advisors Gary Gardner served as chairman of the Financial Planning Association of the East Bay, CA in The second section of Life & Wealth Advisors profile will review some key statistics regarding the firm. Services The third section of Life & Wealth Advisors profile will outline its core services. Life & Wealth Advisors provides a number of services. The final section of Life & Wealth Advisors profile will address its organizational structure & ownership. 148

149 Life & Wealth Advisors web site has six sections, including about us, our approach, prospective clients, news & events, my online safe, & contact us. Life & Wealth Advisors is led by its president Gary Gardner. Life & Wealth Advisors is privately owned by Gary Gardner. Lifetime Planning Advisors Lifetime Planning Advisors is based in Walnut Creek, CA. The firm was founded by its CEO Nancy Hairsine and can be found on the web at The first section of Lifetime Planning Advisors profile will explain the key historical events in the firm s development. Lifetime Planning Advisors was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Lifetime Planning Advisors was founded. Early Phase This section outlines Lifetime Planning Advisors early phase. This section outlines Lifetime Planning Advisors middle phase. Recent Phase This section outlines Lifetime Planning Advisors recent phase. Lifetime Planning Advisors Nancy Hairsine served as president of the Financial Planning Association of the East Bay, CA in The second section of Lifetime Planning Advisors profile will review some key statistics regarding the firm. Services The third section of Lifetime Planning Advisors profile will outline its core services. Lifetime Planning Advisors provides a number of services. The final section of Lifetime Planning Advisors profile will address its organizational structure & ownership. Lifetime Planning Advisors web site has ten core sections, including contact, quotes, calculators, articles, tax center, glossary, about us, request a quote, other resources, & financial news. 149

150 Lifetime Planning Advisors is led by its CEO Nancy Hairsine. Lifetime Planning Advisors is owned by Nancy Hairsine. Maximum Financial -- The first section Maximum Financial s profile explains the key historical events in the firm s development. Maximum Financial was founded and has evolved through three phases, including its early, middle, and recent phases. Early Phase This section will discuss Maximum Financial s early phase of development. This section will discuss Maximum Financial s middle phase of development. Recent Phase This section will discuss Maximum Financial s most recent stage of development. Maximum Financial s Frank Bluestein was recently ranked number four, based on assets under management, on registered rep s America s top 100 independent advisors list on November 1, Maximum Financial s Frank Bluestein was under scrutiny with Michigan state securities regulators and the SEC. Maximum Financial s Frank Bluestein left the firm in November of 2007 after allegations surfaced regarding his fraudulent activities. The second section of Maximum Financial s profile reviews some key statistics regarding the firm. Maximum Financial s Frank Bluestein had $1 billion assets under management. Businesses The third section of Maximum Financial s profile outlines its core businesses. Maximum Financial has a number of businesses. The final section of Maximum Financial s profile addresses its organizational structure & ownership. Maximum Financial has a web site. Maximum Financial is led by its management team. 150

151 Maximum Financial is owned by its investors. PF Wealth Management Group PF Wealth Management Group is based in Oakland, CA and is led by its president Frank Pare. The firm s web site is The first section of PF Wealth Management Group s profile will explain the key historical events in the firm s development. PF Wealth Management Group was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines PF Wealth Management Group s early phase. This section outlines PF Wealth Management Group s middle phase. Recent Phase This section outlines PF Wealth Management Group s recent phase. The second section of PF Wealth Management Group s profile will review some key statistics regarding the firm. Services The third section of PF Wealth Management Group s profile will outline its core services. PF Wealth Management Group provides a number of services. The final section of PF Wealth Management Group s profile will address its organizational structure & ownership. PF Wealth Management Group s web site has six core sections, including who we are, advisory services, investment management, client login, participant login, & contact us. has a web site. PF Wealth Management Group s Web Site Has Six Core Sections, Including Who We Are, Advisory Services, Investment Management, Client Login, Participant Login, & Contact Us PF Wealth Management Group Web Site PF Wealth Management Group Web Site PF Wealth Management Group is led by its president Frank Pare. Who We Are Adviso ry Services Investment Management Client Login Participant Login Contact Us PF Wealth Management Group is owned by Frank Pare. Source: 12/15/09 PF Wealth Management Web Site; Tiburon Research & Analysis 151

152 Kim Pinkney s Team Kim Pinkey s Team is based in San Diego, CA. The company has 150 clients and $2 million assets under administration. The first section of Kim Pinkey s Team profile will explain the key historical events in the firm s development. Kim Pinkney wanted to exit the business when she got married. Kim Pinkney sold her business via FP Transitions. She listed it in February 2002 and sold it March She had 25 inquiries. The second section of regarding the firm. Kim Pinkey s Team profile will review some key statistics Businesses The third section of Kim Pinkey s Team profile will outline its core businesses. Kim Pinkney utilized Intersecurities as her broker/dealer. The final section of Kim Pinkey s Team profile will address its organizational structure & ownership. RBP Investment Advisors RBP Investment Advisors is led by its CEO Peter Landini and can be found on the web at The first section of RBP Investment Advisors profile will explain the key historical events in the firm s development. RBP Investment Advisors was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines RPB Investment Advisors early phase. This section outlines RBP Investment Advisors middle phase. Recent Phase This section outlines RBP Investment Advisors recent phase. The second section of RBP Investment Advisors profile will review some key statistics regarding the firm. Services 152

153 The third section of RBP Investment Advisors profile will outline its core services. RBP Investment Advisors provides a number of services. The final section of RBP Investment Advisors profile will address its organizational structure & ownership. RBP Investment Advisors web site has nine core sections, including our services, who we are, financial center, news center, web resources, account lookup, advisor vault, disclosure, & contact us. RBP Investment Advisors Web Site Has Nine Sections, Including Our Services, Who We Are, Financial Center, News Center, Web Resources, Account Lookup, Advisor Vault, Disclosure, & Contact Us RBP Investment Advisors Web Site RBP Investment Advisors Web Site RBP Investment Advisors is led by its CEO Peter Landini. Our Services Who We Are Financial Center News Center Web Resources Account Lookup Advisor Vault Disclosure Contact Us RBP Investment Advisors is owned by Peter Landini. Stahl Schmidt Financial Group Stahl Schmidt Financial Group can be found on the web at Source: 12/15/09 RBP Investment Advisors Web Site; Tiburon Research & Analysis The first section of Stahl Schmidt Financial Group s profile will explain the key historical events in the firm s development. Stahl Schmidt Financial Group was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. Early Phase This section outlines Stahl Schmidt Financial Group s early phase. This section outlines Stahl Schmidt Financial Group s middle phase. Recent Phase This section outlines Stahl Schmidt Financial Group s recent phase. The second section of Stahl Schmidt Financial Group s profile will review some key statistics regarding the firm. Services The third section of Stahl Schmidt Financial Group s profile will outline its core services. Stahl Schmidt Financial Group provides a number of services. 153

154 The final section of Stahl Schmidt Financial Group s profile will address its organizational structure & ownership. Stahl Schmidt Financial Group s web site has thirteen core sections, including about us, mission statement, our associates & specialists, financial service affiliates, client concerns, for business owners, for individuals, & the planning process. Other sections include SFG value added, resources, financial markets, publications, & contact us. Stahl Schmidt Financial Group is led by its management team. Stahl Schmidt Financial Group is owned by its investors. Suzy Lawrence & Joe Scanlin s Team Suzy Lawrence & Joe Scanlin s Team is based in Los Angeles, CA. The company has four employees and 1,200 clients. It is led by co-partners Suzy Lawrence and Joe Scanlin. The first section of Suzy Lawrence & Joe Scanlin s Team profile will explain the key historical events in the firm s development. The second section of Suzy Lawrence & Joe Scanlin s Team profile will review some key statistics regarding the firm. Suzy Lawrence & Joe Scanlin's Team has 4 employees. Suzy Lawrence & Joe Scanlin's Team has 1,200 clients. Businesses The third section of Suzy Lawrence & Joe Scanlin s Team profile will outline its core businesses. The final section of Suzy Lawrence & Joe Scanlin s Team profile will address its organizational structure & ownership. Suzy Lawrence & Joe Scanlin's Team is led by co-partners Suzy Lawrence and Joe Scanlin. The Money Coaching Institute The Money Coaching Institute was founded by its CEO Deborah Price and is based in Petaluma, CA. The firm can be found on the web at The first section of The Money Coaching Institute s profile will explain the key historical events in the firm s development. The Money Coaching Institute was founded and has evolved through three phases, including its early phase, middle phase, & recent phases. 154

155 Early Phase This section outlines The Money Coaching Institute s early phase. This section outlines The Money Coaching Institute s middle phase. Recent Phase This section outlines The Money Coaching Institute s recent phase. The second section of The Money Coaching Institute s profile will review some key statistics regarding the firm. Services The third section of The Money Coaching Institute s profile will outline its core services. The Money Coaching Institute provides a number of services. The final section of The Money Coaching Institute s profile will address its organizational structure & ownership. The Money Coaching Institute s web site has eight core sections, including about us, services, training, money type quiz, blog, resrouces, contact us, & calendar. The Money Coaching Institute is led by its CEO Deborah Price. The Money Coaching Institute is owned by Deborah Price. Walker Capital Management Walker Capital Management is based in Norcross, GA and was founded in The firm has three employees, 107 clients, $68 million assets under management, and generates $542,000 revenues. Walker Capital Management is led by its CEO Lewis Walker. The first section of Walker Capital Management s profile will explain the key historical events in the firm s development. Walker Capital Management Comments Founded 1976 Based in Norcross, GA 3 employees 107 clients $68 million assets under management $542,000 revenues CEO: Lewis Walker Known as the Investment Coach Utilizes the Strategic Financial Alliance as broker/dealer Primarily owned by Lewis Walker Web site: Sourc e: 9/12/06 Walk er Capital M anagement Conv ersation (Walker); 9/11/06 Walker Capital Management Br ochure; 9/6/06 Walker Capital Management (Walker); 9/1/06 Walker Capital Management E mail (Walker); 9/1/06 NAPFA Web Site; 8/31/06 Walker Capital M anagement Web S ite; 8/29/06 Investment Advisor; 8/29/06 Free Market News Web Site; 8/29/06 Walker Capital Management Web Site; Tiburon Research & Analysis Walker Capital Management s Lewis Walker has been repeatedly recognized as one of the nation s top advisors, including since shifting his affiliation to the strategic financial alliance in

156 Walker Capital Management registered with the SEC in Lewis Walker Became an agent for Manufacturers Life Insurance in Walker Capital Management s Lewis walker was named one of the top 200 financial planners by Money Magazine in Walker Capital Management s Lewis Walker was from president of the Institute of Certified Financial Planners (ICFP), a predecessor to the Financial Planning Association (FPA). Walker Capital Management created a Unique Byline and Logo, called The Investment Coach, which it trademarked in Walker Capital Management s Lewis walker has been recognized as one of the leading financial advisors by Financial Planning, Investment Advisor, and Financial Advisor. Walker Capital Management s Lewis Walker was named one of the top financial advisors by Worth in 1996, 1997, 1998, 1999, 2001, and Walker Capital Management s Lewis Walker received IFG s John Keeble Award for integrity & excellence in Walker Capital Management s Lewis Walker was from President and from chairman of the Institute for Certified Investment Management Consultants (ICIMC), a predecessor to the Investment Management Consultants association (IMCA). Walker Capital Management s Lewis Walker was one of the first two recipients of the Georgia Financial Planning Association Chapter Honors Award in Walker Capital Management s Lewis Walker was recognized as one of the leading financial advisors in JK Lasser s 2002 & 2005 editions of the New Rules for Estate & Tax Planning. Walker Capital Management shifted its broker/dealer affiliation in 2004 From IFG to the Strategic Financial Alliance. Walker Capital Management s Lewis Walker won the Money Management Institute s Pioneer Award in Walker Capital Management s Lewis Walker was listed in the Guide to America s Best Financial Planners published by Consumers Research Council of America. Walker Capital Management s Lewis Walker Contributed to Harold Evensky & Deena Katz s 2006 Book Retirement Income Redesigned: Master Plans for Distribution. The second section of Walker Capital Management s profile will review some key statistics regarding the firm. 156

157 Walker Capital Management is registered in 11 states. Walker Capital Management has three employees, with an assistant who has been with the firm since Walker Capital Management Has Three Employees, with an assistant Who Has Been with the Firm Since 1978 Walker Capital Management Employees Walker Capital Management serves over 100 clients, up from 80 in , but off about 10 as a few have passed away or moved away Walker Capital Management sources its new clients primarily from its public relations strategy, including its newspaper columns, as well as TV & radio programs. Walker Capital Management s Clients generate their money from many places, including retirement plan rollovers and periodic investments from earnings. Walker Capital Management places almost all client assets in separate accounts. Walker Capital Management manages almost $70 million in assets, after hitting a low of $33 million in 2002 due to market erosion and the loss of two 401k plans Note: Another source said that Walker Capital Management became a larger fir m in the 1980s, with three partners and lots of employees; these two partners exited the firm in 1987, and Lewis Walker repositioned himself as a stand-alone investment consultant Note: Another source said that Walker Capital Management utilizes June 30 and August 31 year end dates Sourc e: 9/12/06 Walk er Capital M anagement Conv ersation (Walker); 9/11/06 Walker Capital Management E mail (Walker); 9/6/06 Walker CapitalM anagement ( Walker); 9/1/06 Independent Rep Best Practices Web S ite; 9/1/06 Walker Capital Management (Walker); 8/29/06 Walker Capital Management Web Site; Tiburon Research & Analysis Walker Capital Management Serves Over 100 Clients, Up From 80 in , But Off About 10 as a Few Have Passed Away or Moved Away Walker Capital Management Clients Note: Another source said that Walker Capital Management utilizes June 30 and August 31 year end dates Sourc e: 9/11/06 Walk er Capital M anagement (Walker ); 9/1/06 Independent Reps Best Practices W eb Site; 9/1/06 Walker Capital M anagement (Walker); 8/29/06 Walker Capital Management Web Site; Tiburon Resear ch & Analysis Walker Capital Management generates over $500,000 in revenues, with a solid jump in 2005 of almost $100,000. Walker Capital Management has over $150,000 in expenses, running itself at breakeven, and increasing staff compensation and benefits as it has grown revenues Walker Capital management s expenses are primarily made up of staff compensation & benefits Walker Capital Management generates almost all of its revenues from quarterly management fees 157

158 Walker Capital Management owners take home is almost $400,000, up from closer to $300,000 - $350,000 in Walker Capital Management leases its employees back from administaff for human resources functions like payroll and benefits. Walker Capital Management recently signed an office lease through Walker Capital Management Owners Take Home is Almost $400,000, Up From Closer to $300,000 - $350,000 in Walker Capital Management Owners Take-Home ($ Thousands) $316 $312 $319 $327 $389 Walker Capital Management has a well developed mission statement. Note: Another source said that Walker Capital Management utilizes June 30 and August 31 year end dates Source: 9/12/06 Walker Capital Management Conver sation (Walker); 9/1/06 Independent Rep Best Practic es Web Site; 9/1/06 Walker Capital Management Walker Capital Management s (Walker); Tiburon Research & Analysis primary business goals include developing a succession plan, delegating more work to staff, and increasing revenues: Develop Succession Plan Recognizes need for succession plan Some clients and prospects showing concern Meeting soon with David Goad Delegating More Work to Staff Rated 9 on a scale of 1-10 Could generate a lot of prospects for another advisor Increasing Revenues Rated 9 on a scale of 1-10 Unable to expand revenues without more staff Increasing Assets Under Management Rated 9 on a scale of 1-10 Creating More Free Time Rated 8 on a scale of 1-10 Integrating More SopHisticated Technology Rated 8 on a scale of Walker Capital Management does not rate threats highly and is not worried about competitors, but does think a little about the aging of its client base and some other issues: Aging of Client Base Losing some clients to death Recently attended one client s 100th birthday party 158

159 Older clients loosing spouses want to talk more Working more hours to earn fees Health Worries regarding own health Government Regulations, Compliance, & Paperwork Rated 5 on a scale of 1-10 Believes that the industry is over-regulated and excessively cautious Need to Integrate Better Technology Rated 5 on a scale of 1-10 Walker Capital Management s Lewis Walker focuses heavily on public relations, including writing regular newspaper & magazine columns: The Dunwoody Crier Affluent suburban newspaper Writes regular weekly column ( The Investment Coach ) Web site: On Wall Street Writes regular monthly Column ( Economic Literacy ) Journal of Financial Planning Writes regular Columnist ( The Futurist ) Free Market News Network Written articles since 2006 Economic literacy analyst Web site: Inside Gwinnett Newspaper Columns appear Reuses articles written for the Dunwoody Crier Web site: insidegwinnett.com Money Bullitin.Com Columns appear Web site: Atlanta Woman Writes a column Walker Capital Management s Lewis Walker is also a frequent guest on radio shows such as WSB S Money Matters in Atlanta, GA. Walker Capital Management receives some of its incremental clients from passive referrals, but does not push its clients for referrals. 159

160 Walker Capital Management s Lewis Walker is a frequent lecturer to industry associations regarding the benefits of financial planning and investment management.: NAPFA 2006 Southern Region Mutual Service Corporation Periodically teaches training classes Lockwood Presented multiple times Walker Capital Management sends out a quarterly client newsletter. Walker Capital Management participated in Yearbook until Walker Capital Management s Lewis Walker markets his designations, including His CFP (Certified Financial Planner), CIMC (Certified Investment Management Consultant), and CRC (Certified Retirement Consultant) designations: CFP (Certified Financial Planner) Earned in 1975 Very proud of it CIMC (Certified Investment Management Consultant) Earned in 1996 Very proud of it CRC (Certified Retirement Consultant) Earned in 1999 Many people do not know this designation Walker Capital Management s Lewis Walker also holds four securities licenses, including Series 7, 22, 63, and 65. Walker Capital Management s key niche is local residents in Dunwoody, Georgia. Walker Capital Management also believes that it does particularly well with older ladies and widows. Walker Capital Management attempts to keep its offerings simple. Walker Capital Management specializes in comprehensive financial planning, investment management consulting, and other services: Comprehensive Financial Planning

161 Investment Management Consulting -- Retirement Planning -- Estate Planning -- Fee-Based asset Management -- Wealth Management Services -- Charitable Gifting Strategies -- Walker Capital Management Charges $250 Per Hour, with a Minimum of Ten-to-Twelve Hours or $3,000, for Financial Planning Services Businesses The second section of Walker Capital Management s profile will review some key services regarding the firm. Walker Capital Management provides a number of services. Walker Capital Management sends a kit to new clients with a data sheet to be completed before a first free introduction meeting, which is positioned as the client s game plan. Walker Capital Management utilizes a series of three workbooks for client conversations, known as the Financial Life Planning Series by Mitch Anthony: Income for Life (Maslow Meets Retirement) Qualitative discovery workbook Maslow meets retirement Survival money worksheet What if survey Freedom income worksheet Getting income worksheet Dream worksheet Income sources worksheet Income & outcome worksheet Income for Life Workbook II Organize buckets The Maslow conversation Fill up the buckets Establish cash flow target Calculating my life index 161

162 Economic reality What is & what may be Make believe it is all cash Merging Your Money & Your Life The financial life check up Defining true wealth Life Financial life transition profile Life goals Life principles Retirement vision Benevolence survey Walker Capital Management Charges 0.98% % for its Asset Management Services 0.98% 0.90% $0 - $250,000 $250,000 - $499,999 Walker Capital Management Asset Management Fees 0.85% $500,000 - $999, % 0.60% $1 - $3 Million $3 Million + Note: Another source said that Walker Capital Management s maximum fee 0.25% on fixed income accounts Sourc e: 9/6/06 Walker Capital Managem ent (Walk er); 9/1/06 Independent Rep Best Practices Web Site; 8/31/06 Walker Capital M anagement (Walker); Tiburon Research & Analysis Walker Capital Management takes no discretionary control over client money, serving as a solicitor, and running its business through its broker/dealer. Walker Capital Management does all money management through Lockwood, other TAMPs, and direct with managers: Lockwood Rated 9 on a scale of 1-10 Very reliant on Lockwood Managers must be on the platform Other TAMPs GE Private asset Management (GEPAM) Rated 9 on a scale of 1-10 Offers packaged program like managed portfolios at Lockwood $50,000 minimum Meridian (ICON) Rated 9 on a scale of 1-10 $25,000 minimum Reliance Trust Company Use for bond accounts, a mutual fund wrap account, and cash management Utilizes lifestyles program $25,000 minimum Direct with Managers DKE Walker Capital Management charges 0.98% % for its asset management services. Walker Capital Management utilizes a handful of mutual fund families, including First Eagle, Franklin Templeton, Enterprise, and AIM: 162

163 First Eagle Rated 9 on a scale of 1-10 Rates fund family performance (10) and telephone client support (10) particularly high Global funds closed to new money Franklin Templeton Rated 9 on a scale of 1-10 Uses core folios for small accounts like Roth IRas, etc. Enterprise Rated 6 on a scale of 1-10 Not giving new assets AIM Rated 5 on a scale of 1-10 Walker Capital Management utilizes John Hancock s 401K Plans, group annuities, and 529 plans. Walker Capital Management sells insurance that seems to go in spurts: Second-to-Die Life Insurance -- Term Life Insurance -- Long-Term Care Insurance Picking up Walker Capital Management utilizes a handful of life insurance companies, including Met Life, Pacific Life, Lincoln Benefit, Prudential, Transamerica, and Unum Provident: Met Life -- Pacific Life -- Lincoln Benefit -- Prudential -- Transamerica -- Unum Provident 163

164 -- Genworth Used for long-term care insurance Walker Capital Management has been utilizing EverBank for certificates of deposits and mortgages: Certificates of Deposit Placed minor assets Mortgages Completed one loan Challenge to work with Walker Capital Management utilizes a high paying money market fund from reliance. Walker Capital Management also maintains a subsidiary called Walker Capital Communications that collects its writing & speaking fees. Walker Capital Management utilizes the Strategic Financial Alliance as its broker/dealer. Walker Capital Management owns a small share of the Strategic Financial Alliance. Specifically, 5% of the Strategic Financial Alliance is owned by Walker Capital Management, while 60% is owned by Reliance Trust Company, and 45% is owned by other owners. Walker Capital Management utilizes Pershing, GE Trust Company, Fiserv, and as Wachovia as custodians: Walker Capital Management Owns a Small Share of The Strategic Financial Alliance Other Owners 45% The Strategic Financial Alliance Ownership by Owner Wa lker Capital Management 5% Reliance Trust Company 50% Pershing Rated 8 on a scale of 1-10 Utilized by both Lockwood and The Strategic Financial Alliance GE Trust Company Utilized by GE Private asset Management Fiserv Utilized by Meridian (ICON) Wachovia Utilized by DKE Source: 9/12/06 Walker Capital Management Conversation (Walker); Tiburon Research & Analysis 164

165 Walker Capital Management utilizes Brentmark Software Periodically for financial planning. Walker Capital Management Utilizes Lockwood, Yahoo, and Big Charts for data & research: Lockwood -- Yahoo Finance Good for mutual fund information Rated 7 on a scale of 1-10 Big Charts Good for stock information Drudge Report Great web site Lots of links Believes talk show hosts use to get story leads Web site: Free Market News -- MarketWatch Rated 8 on a scale of 1-10 The Street.Com (Real Money) -- MSN Money Central -- Genworth -- The Strategic Financial Alliance Rated 6 on a scale of 1-10 Walker Capital Management Believes in also doing personal due diligence along with using outside sources. Walker Capital Management utilizes Albridge Solutions to consolidate statements, which it believes works well. Walker Capital Management Utilizes ACT for Advisors for its contract management software. Walker Capital Management has developed a client agreement, compliance manual, and policies & procedures manual: 165

166 Letter of Agreement (Client Agreement) Mission statement Services Client responsibilities Legal & accounting services Data verification Our unique process; basis for compensation assignment Termination Applicable law Time frame thank you Action to take Compliance Manual Comes from the broker/dealer Walker Capital Management s Lewis Walker reads many publications, including the Wall Street Journal and two of Bob Veres Publications: Wall Street Journal Rated 8 on a scale of 1-10 Inside Information Rated 7 on a scale of 1-10 Bob Veres Media Reviews -- Forbes -- The Economist Rated 7 on a scale of 1-10 Investment News -- Journal of Financial Planning Rated 7 on a scale of 1-10 Wealth Manager Rated 6 on a scale of 1-10 Receives free Financial Advisor Rated 6 on a scale of 1-10 Receives free 166

167 Financial Planning Rated 6 on a scale of 1-10 Boomer Advisor Receives free Walker Capital Management s Lewis Walker attends the Lockwood, Financial Planning association, Investment Management Consultants association, and its Broker/Dealer Conference, but does not typically find the content to be useful: Lockwood Rated 9 on a scale of 1-10 Both Strategic Partners conference and Lockwood University are good Financial Planning association Rated 7 on a scale of 1-10 Enjoys the people Investment Management Consultants association Rated 6 on a scale of 1-10 Attends every two years to maintain designation Broker/Dealer Annual Rated 7 on a scale of 1-10 Top producers Rated 9 on a scale of 1-10 Walker Capital Management s Lewis Walker utilized Dan Sullivan, in the 1990s and Mitch Anthony more recently: Dan Sullivan (The Strategic Coach) Framed thinking in the 1990s Mitch Anthony (Financial Life Planning Institute) Perceives to be brilliant Receives some free services Walker Capital Management's Web Site Stops all Visitors at a Page Declaring the States in Which it is Registered, and Follows that with an Information-Based Site Walker Capital Management Web Site Walker Capital Management Web Site The final section of Walker Capital Management s profile will address is organizational structure & ownership. Articles Calculator Newsletters Glossary Quotes Contact Us Walker Capital Management's Note: Another source said that Walker Capital Management needs to build a customized web site and include its own articles Sourc e: 9/12/06 Walk er Capital M anagement Conv ersation (Walker); 8/29/06 Walker Capital Management Web Site; Tiburon Research & Analys is 167

168 web site stops all visitors at a page declaring the states in which it is registered, and follows that with an informationbased site. Walker Capital Management s web site was built by Emerald Publications. Walker Capital Management s Lewis Walker is also the subject of another web site called my big web page, posted by Mike Kavanaugh of WSB Radio s Money Talks Show. Walker Capital Management is led by CEO Lewis Walker. Walker Capital Management s Lewis Walker currently serves on the board of directors of the Wealth Management Institute. Walker Capital Management is Owned Primarily by CEO Lewis Walker. Specifically, Lewis Walker owns 90% of Walker Capital Management, and Vickie Padgett owns 10%. Walker Capital Management is Led by CEO Lewis Walker Walker Capital Management Organization Chart Vickie Padgett Administrative Assistant & Operations Manager Lewis Walker CEO Helen Lusk Secretary & Receptionist Sourc e: 9/11/06 Walk er Capital M anagement (Walker ); 9/6/06 Walker Capital M anagement (Walker); 8/29/06 Walk er Capital Management Web Site; 4/1/06 Walker Capital Managem ent Newsletter; 1/06 Walker CapitalM anagement News letter; Tibur on Research & Analysis Walker Capital Management is Owned Primarily by CEO Lewis Walker Walker Capital Management Ownership by Owner Vickie Padgett 10% Lewis Walker 90% Note: Another source said that Lewis Walker sold a 10% stake in Walker Capital Management to Vickie Padgett but then forgave the note Sourc e: 9/12/06 Walk er Capital M anagement Conv ersation (Walker); 9/11/06 Walker Capital Management E mail (Walker); 9/1/06 Walker CapitalM anagement ( Walker); Tiburon Research & Analysis Walker Capital Management s Lewis Walker intends to retire in six-to-fifteen years ( ) but has yet to determine a succession plan. 168

169 Tiburon Strategic Advisors 1735 Tiburon Boulevard Tiburon, CA