Tiburon Research September 24, 2015 The Future of Advice: The Five Most Important Best Practices of Leading Financial Advisors Tiburon Research September 24, 2015

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Context Setting Best Practices Comments -- Source: 5/14/09 1st Global Presentation (Batman); 2/2/09 Investment News (Advisor Benchmarking.Com); Tiburon Research & Analysis

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Financial Advisors Business History The Financial Advisors Business Emerged in the Early 1900s and Has Subsequently Evolved through its Emergence, Haphazard, & Maturation Phases Financial Advisors Business History Financial Advisors Business Emerged Financial Advisors Business Today Emergence Phase Haphazard Phase Maturation Phase Approximate Dates: Early 1900s 1900 - 1950 1951 - 2010 2011 - 2015 2015 Key Steps: Early 1900s: Financial Advisors Business emerged XXXX: -- XXXX: -- XXXX: -- Source: Tiburon Research & Analysis 5

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Financial Advisors Business Market Growth Measures Financial Advisors Business Market Growth can Specifically be Measured by Offices, Employees, Clients, Accounts, Assets Under Management & Administration, Net Flows, Revenues, Expenses, and Net Profits Financial Advisors Business Market Growth Measures Offices Clients Accounts Employees Assets Under Management & Administration Net Flows Expenses Net Profits Revenues Financial Advisors Business Market Growth Measures Source: Tiburon Research & Analysis 7

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Leading Financial Advisor Companies Leading Financial Advisor Companies can Specifically be Measured by their Number of Offices, Employees, Clients, Accounts, Assets Under Management & Administration, Net Flows, Revenues, Expenses, and Net Profits Leading Financial Advisor Companies Measures Offices Clients Accounts Employees Assets Under Management & Administration Net Flows Expenses Net Profits Revenues Leading Financial Advisor Companies Measures Source: Tiburon Research & Analysis 9

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Financial Advisor Practices Definition Financial Advisor Practices can Specifically be Defined to Include Planning & Documents, Target Marketing, Sales & Marketing Strategies, Investment Management Strategies, Client Service Strategies, Technology & Outsourcing, Staffing & Compensation Strategies, Firm Cultures, Industry Networking, Benchmarking, and Succession Planning & Acquisitions Financial Advisor Practices Definition Financial Advisor Practices Definition Planning & Documents Target Marketing Sales & Marketing Strategies Investment Management Strategies Client Service Strategies Technology & Outsourcing Staffing & Compensation Strategies Firm Cultures Industry Networking Benchmarking Succession Planning & Acquisitions Source: 5/14/09 1st Global Presentation (Batman); 2/2/09 Investment News (Advisor Benchmarking.Com); Tiburon Research & Analysis 11 11

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Financial Advisor Winning Tactics Market Definition Financial Advisor Winning Tactics can Specifically be Defined to Include Target Marketing Strategies, Sales & Marketing Strategies, & Other Strategies Financial Advisor Winning Tactics Market Definition Financial Advisor Winning Tactics Market Definition Target Marketing Strategies Sales & Marketing Strategies Investment Management Strategies Client Service Strategies Staffing & Compensation Strategies Firm Cultures Technology & Outsourcing Strategies Industry Networking Opportunities Mergers & Acquisitions Opportunities Source: Tiburon Research & Analysis 13 13

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Werba Rubin Wealth Management Werba Rubin Wealth Management’s Clients are Over Three-Quarters Individuals Werba Rubin Wealth Management Clients By Client Type Source: 3/25/13 Werba Rubin Wealth Management ADV; 8/12/13 Find the Best Web Site; 8/12/13 BrightScope Web Site; 8/12/13 Zoom Information Web Site; 3/12/12 Werba Rubin Wealth Management ADV; Tiburon Research & Analysis

Lenox Wealth Management Lenox Wealth Management’s Clients are Two-Thirds Current or Retired Procter & Gamble Executives Lenox Wealth Management Clients By Employer Source: 9/10/13 Business Week Web Site; 9/9/13 The Hauser Group Web Site; 9/4/13 Financial Planning; 7/17/12 Lenox Wealth Management Press Release; 4/18/12 Lenox Wealth Management Press Release; 1/17/12 Lenox Wealth Management Press Release; 10/21/11 Lenox Wealth Management Press Release; 7/18/11 Lenox Wealth Management Press Release; 4/18/11 Lenox Wealth Management Press Release; Tiburon Research & Analysis 16

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Hanson McClain Advisors Hanson McClain Group’s New Business Comes Almost Half from Client Referrals, Most of which are a Result of its Niche Marketing Strategies Hanson McClain Advisors Clients By Marketing Method Source: 6/26/13 Hanson McClain Email (Harvey); 1/22/04 Hanson McClain Conversation (Neeley); 1/21/04 Hanson McClain Email (Neeley); 1/8/04 Hanson McClain Web Site; 1/7/04 Hanson McClain Conversation (Neeley); 9/03 Registered Representative; Tiburon Research & Analysis

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Jamestown Funds Assets Under Management Lowe, Brockenbrough, & Company’s Jamestown Funds’ Assets Under Management are Relatively Evenly Divided Amongst its Mutual Funds, with its Balanced Fund Gathering the Largest Share of Assets Under Management Jamestown Funds Assets Under Management By Mutual Fund Source: 6/14/07 Lowe, Brockenbrough, & Company Web Site; Tiburon Research & Analysis 20 20 20

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Edelman Financial Services Edelman Financial Services Has Offices in Fifteen States, Up from Six States in 2011 Edelman Financial Services States Source: 4/12 Financial Advisor Magazine; 5/19/11 PR Web.Com; Tiburon Research & Analysis 22 22

Edelman Financial Services Edelman Financial Services Has 41 Offices, Up from One in 2005 But Down from its Peak of 42 in 2012 Edelman Financial Services Offices Source: 4/10/15 Mutual Fund Wire; 5/12/14 Think Advisor Web Site; 7/8/13 Barron’s; 4/12 Financial Advisor Magazine; 6/13/11 The Edelman Financial Group Conversation (Edelman); 4/14/11 Edelman Financial Services Presentation (Edelman); 5/10/11 Sanders Morris Harris Group Press Release; 4/11/11 RIA Biz; 1/18/11 RIA Biz; Tiburon Research & Analysis 23 23

Edelman Financial Services Edelman Financial Services Has 458 Employees, Up Almost 500% Since 2004 Edelman Financial Services Employees Source: 5/12/14 Think Advisor Web Site; 4/12 Financial Advisor Magazine; 6/15/11 Financial Advisor; 4/14/11 Edelman Financial Services Presentation (Edelman); 1/18/11 RIA Biz; 10/21/10 RIA Biz; 8/31/09 RIA Biz; 12/04 Research; Tiburon Research & Analysis 24 24

Edelman Financial Services Edelman Financial Services Has 113 Financial Advisors, Up from Nineteen in 2003 Edelman Financial Services Financial Advisors Source: 5/12/14 Think Advisor Web Site; 7/8/13 Barron’s; 4/12 Financial Advisor Magazine; 8/27/07 Barron’s; 6/15/11 Financial Advisor; 4/14/11 Edelman Financial Services Presentation (Edelman); 1/18/11 RIA Biz; 10/21/10 RIA Biz; 8/31/09 RIA Biz; 8/27/07 Barron’s; 12/04 Research; Tiburon Research & Analysis 25 25

Edelman Financial Services Edelman Financial Services Serves 26,866 Clients, Up from 5,000 in 2003 Edelman Financial Services Clients Source: 4/10/15 Mutual Fund Wire; 5/23/14 Edelman Financial Services Presentation (Edelman); 5/12/14 Think Advisor Web Site; 7/8/13 Barron’s; 4/3/13 Edelman Financial Service Email (Edelman); 4/3/13 AdvisorOne; 10/14/12 Edelman Financial Services Email (Edelman); 9/25/12 Barron’s; 9/6/12 PR Web; 5/10/12 Google News Alerts; 5/2/12 Edelman Financial Services; 5/2/12 PR Web; 4/12 Financial Advisor Magazine; Tiburon Research & Analysis 26 26

Edelman Financial Services Assets Under Management Edelman Financial Services’ Assets Under Management are Slightly Less than Half Invested in Equities Edelman Financial Services Assets Under Management By Investment Type Cash & Fixed Income Equities Source: 5/13/15 Edelman Financial Services 13F Filing; 5/13/15 Octa Finance Web Site; Tiburon Research & Analysis 27 27

Kissinger Financial Services Assets Under Management & Administration Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services Has Gathered $491.9 Million Assets Under Management & Administration, Up Slightly Since 2013 Kissinger Financial Services Assets Under Management & Administration ($ Millions) Source: Tiburon Research & Analysis 28 28

Leonetti & Associates Employees Lee Summer’s Leonetti & Associates Has Sixteen Employees, Up from Twelve in 2010 Leonetti & Associates Employees Source: 6/15/11 Leonetti & Associates Web Site; Tiburon Research & Analysis 29 29

Assets Under Management Lee Summer’s Leonetti & Associates Has Gathered $636.9 Million Assets Under Management, Up Almost 50% Since 2011 Leonetti & Associates Assets Under Management ($ Millions) Source: 6/15/11 Leonetti & Associates Web Site; Tiburon Research & Analysis 30 30

The Rikoon Group Employees Lee Summer’s The Rikoon Group Has Seven Employees, Consistent Since 2014 The Rikoon Group Employees Source: Tiburon Research & Analysis 31 31

Assets Under Management Lee Summer’s The Rikoon Group Has Gathered $464.7 Million Assets Under Management, Relatively Consistent Since 2013 The Rikoon Group Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 32

Miller-Green Financial Services Lee Summer’s Miller-Green Financial Services Has Ten Employees, Consistent Since 2014 Miller-Green Financial Services Employees Source: Tiburon Research & Analysis 33

Miller-Green Financial Services Lee Summer’s Miller-Green Financial Services Has Gathered $457.5 Million Assets Under Management & Administration, Up Almost 15% Since 2008 But Down Slightly Since its Peak in 2014 Miller-Green Financial Services Assets Under Management & Administration ($ Billions) Source: 4/21/08 SMH Group Press Release; Tiburon Research & Analysis 34

The Dickenson Group Employees Lee Summer’s The Dickenson Group Has Eleven Employees, Up from Ten in 2014 The Dickenson Group Employees Source: Tiburon Research & Analysis 35

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Hanson McClain Group Serves 3,600 Clients, Up 50% Since 2003 Source: 6/26/13 Hanson McClain Email (Harvey); 6/25/13 Hanson McClain Email (Hanson); 10/12 Hanson McClain ADV Form; 12/06 Research Magazine; 5/06 Investment Advisor; 1/22/04 Hanson McClain Conversation (Neeley); 1/21/04 Hanson McClain Email (Neeley); Tiburon Research & Analysis

Assets Under Administration Hanson McClain Group Has Gathered $1.6 Billion Assets Under Administration, Up 1,500% Since 1996 and Above its Prior Peak of $1.3 Billion in 2007 Hanson McClain Group Assets Under Administration ($ Billions) Source: 6/26/13 Hanson McClain Email (Harvey); 6/25/13 Hanson McClain Email (Hanson); 10/12 Hanson McClain ADV Form; 9/10/07 Investment News Web Site; 12/06 Research; 5/06 Investment Advisor; 9/04 Registered Rep; 8/04 Investment Advisor; 1/25/04 Hanson McClain Conference Brochure; 1/21/04 Hanson McClain Email (Neeley); 1/8/04 Hanson McClain Web Site; 1/7/04 Hanson McClain Conversation (Neeley); Tiburon Research & Analysis

Hanson McClain Advisors Hanson McClain Group’s Hanson McClain Advisors Has Three Offices, Down from Nine in 2006 Hanson McClain Advisors Offices Source: 6/21/13 Hanson McClain Web Site; 12/06 Research Magazine; Tiburon Research & Analysis

Hanson McClain Advisors Hanson McClain Group’s Hanson McClain Advisors Serves 3,600 Clients, Up 50% Since 2003 Hanson McClain Advisors Clients Source: 6/26/13 Hanson McClain Email (Harvey); 6/25/13 Hanson McClain Email (Hanson); 10/12 Hanson McClain ADV Form; 5/06 Investment Advisor; 1/22/04 Hanson McClain Conversation (Neeley); 1/21/04 Hanson McClain Email (Neeley); Tiburon Research & Analysis

Hanson McClain Retirement Network Hanson McClain Group’s Hanson McClain Retirement Network Has 200 Financial Advisors, Up 30% Since 2003 Hanson McClain Retirement Network Financial Advisors Source: 1/22/04 Hanson McClain Conversation (Neeley); 1/21/04 Hanson McClain Email (Neeley); Tiburon Research & Analysis

Hanson McClain Retirement Network Assets Under Administration Hanson McClain Group’s Hanson McClain Retirement Network Has Gathered $3.0 Billion Assets Under Administration, Up Hugely Since 2000 But Down from its Peak of $4.0 Billion in 2007 Hanson McClain Retirement Network Assets Under Administration ($ Billions) Source: 6/26/13 Hanson McClain Email (Harvey); 9/10/07 Investment News Web Site; 1/25/04 Hanson McClain Conference Brochure; 1/21/04 Hanson McClain Email (Neeley); 1/7/04 Hanson McClain Conversation (Neeley); 10/4/02 Sacramento Business Journal; Tiburon Research & Analysis

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Regent Atlantic Capital Fiduciary Network’s Regent Atlantic Capital Has 38 Employees, Up from Eighteen in 2004 Regent Atlantic Capital Employees Source: 4/13 Regent Atlantic Capital Presentation (Bugen); 10/04 Worth; Tiburon Research & Analysis 44 44

Hanson McClain Group Has 50 Employees, Up Almost 50% Since 2006 Source: 6/26/13 Hanson McClain Email (Harvey); 10/12 Hanson McClain ADV Form; 5/06 Investment Advisor; Tiburon Research & Analysis

Werba Rubin Wealth Management Werba Rubin Wealth Management Has Four Employees, Consistent Since 2012 Werba Rubin Wealth Management Employees Source: 8/12/13 Find the Best Web Site; 8/12/13 BrightScope Web Site; 8/9/13 Investment Advisor Web Site; Tiburon Research & Analysis 46

Lenox Wealth Management Lenox Wealth Management Has Fourteen Employees, Down from Sixteen in 2001 But Up from Five in 2004 Lenox Wealth Management Employees Source: 9/4/13 Financial Planning; Tiburon Research & Analysis 47 47 47

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Financial Advisor Firm Cultures Financial Advisor Firm Cultures can be Defined by Degrees of Entrepreneurialism, Accountability, & Employee Ownership Financial Advisor Firm Cultures Market Definition Financial Advisor Firm Cultures Market Definition Entrepreneurialism Employee Ownership Accountability Source: Tiburon Research & Analysis 49 49

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Financial Advisor Industry Networking Opportunities Comments -- Source: Tiburon Research & Analysis 51 51 51 51

Financial Advisors Industry Networking Opportunities History Financial Advisors Industry Networking Opportunities Emerged in 1887 and Have Subsequently Evolved through their Early, Middle, & Recent Phases Financial Advisors Industry Networking Opportunities History Financial Advisors Industry Networking Opportunities Today Financial Advisors Industry Networking Opportunities Emerged Early Phase Middle Phase Recent Phase Approximate Dates: 1887 1887 - 1950 1951 - 1990 1991 - 2013 2013 Key Steps: 1887: Financial Advisors industry networking opportunities emerged 1887: American Institute of Certified Public Accountants founded 1890: National Association of Insurance & Financial Advisors founded 1918: Philadelphia Foundation founded 1919: Institute of Management Accountants founded 1945: National Society of Accountants founded 1983: National Association of Personal Financial Advisors founded 1985: Certified Financial Planner Board of Standards founded 1985: Investment Management Consultants Association founded 1987: National Tax Institute founded 1987: Journal of Financial Planning founded 1989 National Association of Active Investment Managers founded 1992: National Network of Accountants founded 1994 Life & Health Insurance Foundation for Education founded 1997: National Association of Personal Financial Advisors trademarked fee-only designation 2000: Financial Planning Association founded through merger of International Association of Financial Planners & Institute for Certified Financial Planners 2000: Charter Financial Publishing Network founded 2006: Wealth Advisor Institute founded 2007: Financial Planning Association sued Securities & Exchange Commission Source: Tiburon Research & Analysis

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Financial Advisor Benchmarking Comments -- Source: Tiburon Research & Analysis 54 54 54 54

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Lenox Wealth Management Lenox Wealth Management’s Stock Price is $18.00, up from $16.00 in 2013 Lenox Wealth Management Stock Price Source: 7/22/14 Google Web Site; 2/28/14 Business Week Web Site; 9/10/13 Marketocracy Web Site; 9/4/13 Yahoo Web Site; Tiburon Research & Analysis 56 56

Lenox Wealth Management Market Capitalization Lenox Wealth Management’s Market Capitalization is $4.9 Million, Down from $5.9 Million in 2012 & 2013 Lenox Wealth Management Market Capitalization ($ Millions) Source: 7/22/14 Google Web Site; 9/10/13 Business Week Web Site; 9/4/13 Yahoo Web Site; Tiburon Research & Analysis 57 57 57

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Continued Growth in the Financial Advisors Business Comments -- Source: Tiburon Research & Analysis 59 59 59 59

Outline Evolution of Financial Advisors Business Context Setting Market History Market Growth Leading Financial Advisors Financial Advisor Practices Financial Advisor Planning & Documents Financial Advisor Target Marketing Strategies Financial Advisor Sales & Marketing Strategies Financial Advisor Investment Management Strategies Financial Advisor Client Service Strategies Financial Advisor Technology & Outsourcing Strategies Financial Advisor Staffing & Compensation Strategies Financial Advisor Firm Cultures Financial Advisor Industry Networking Opportunities Financial Advisor Benchmarking Financial Advisor Succession Planning & Acquisitions Future Predictions for the Financial Advisors Business Continued Growth in the Financial Advisors Business Five Best Practices Define Leading Financial Advisory Firms

Financial Advisor Winning Strategies Future Predictions Future Predictions for Financial Advisor Winning Strategies Include the Number of Mergers & Acquisitions to Increase Substantially, Mid-Tier Financial Advisors to Capitalize on Fill-In Opportunities, New Group of Financial Advisor Aggregators to Succeed the Return of Strategic Buyers, Independent Broker/Dealers & Custodians to Treat the Issue as Crisis or Opportunity, Mutual Fund & Other Companies to Capitalize on Value-Added Opportunity, & Refined Financial Advisor Merger & Acquisition Processes to Emerge Financial Advisor Winning Strategies Future Predictions Financial Advisor Winning Strategies Future Predictions Number of Mergers & Acquisitions to Increase Substantially Mid-Tier Financial Advisors to Capitalize on Fill-In Opportunities New Group of Financial Advisor Aggregators to Succeed Strategic Buyers (CPA Firms & Banks) to Return Independent Broker/Dealers & Custodians to Treat Issue as Crisis or Opportunity Mutual Fund & Other Companies to Capitalize on Value-Added Opportunity Refined Financial Advisor Merger & Acquisition Processes to Emerge Source: Tiburon Research & Analysis 61

Tiburon Strategic Advisors Comments Focus on corporate-level strategy Serve senior executives only at financial services companies Key services: market seminars, market research, & strategy consulting Served over 400 corporate clients and completed over 1,700 projects since 1998 Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors Chip Roame background McKinsey & Company Charles Schwab & Company Tiburon since 1998 Source: Tiburon Research & Analysis 62