![No. 55
Joel Isaacson & Co.
Joel Isaacson, President
“We are a traditional financial planning firm,”
says Joel Isaacson. “A lot of people in the field who
may have started out in financial planning have got-
ten away from their roots. We’re not afraid to do the
heavy lifting.” Clients are high-net-worth profession-
als, many from the financial services sector. Isaacson
says the firm's competition is not other RIAs, but trust
companies and brokerage firms.
An ongoing challenge for the business is inherent in
its makeup. “Oftentimes when a firm like ours gets to
a size, the entrepreneur has to become a manager, and
that’s not always an easy transition.”
During the downturn, the challenge was trying
to make sure clients were healthy and getting them
through it. “People were freaking out and you had to
basically talk them off a ledge. Someone asked me what
Photography by AJ Mast
they should do in case marshall law was instituted in
New York.” Jeffrey Thomasson, CEO
Oxford Financial Group
No. 16
sharing and trading arrangements,” says Jeffrey Thomasson. The
firm has also maintained a significant presence in alternative
investments, including during the recent financial meltdown.
Oxford Financial Group Oxford’s clients “truly get the difference between us and
some of the other bigger name brands in the wealth manage-
ment space, whether they're banks, brokerage firms or large
Jeffrey Thomasson, CEO
money management firms,” Thomasson says.
During the downturn, fear was extremely high. “Not only
Oxford distinguishes itself as a fee-only firm that does not were our clients calling us about the safety and security of their
have proprietary products “in an industry that is charging lots checking accounts, it was friends of clients and friends of ours.
of fees, but still has lots of proprietary products and special ar- Now it’s back to reality—putting pieces back together, focusing
rangements with vendors, and finder's fees and kickbacks, and on how things are going to look when they come back."
No. 343
we just wanted to manage money, so we jumped out of the
plane and hoped the parachutes worked,” Gilreath explains.
So what sets Sheaff Brock apart from the pack?
Sheaff Brock “We have a very specific discipline, and we don’t vary from
it,” Gilreath says. “We’re not very interested in financial plan-
Investment Advisors ning; we’ll provide a very general guidance, but not a ‘plan’
because they don’t work! Any financial plans that had any
David Gilreath, Managing Director projections [last year] have been blown out of the water.”
Gilreath also takes a pass on the holistic approach: “Do you
As top-ranking wealth management firms—and their
really want to be a psychologist? Is that really my job?” he asks.
principals—go, Sheaff Brock’s David Gilreath is something of
“My job is getting a decent return without taking too much
an iconoclast. Gilreath and firm co-founder Ron Brock were
risk,” even if determining that risk is “somewhat holistic.”
Morgan Stanley brokers who jumped ship in 2001.“We decided
w e a lt h m a n a g e r w e b . c o m j u ly/a u g u s t 2 0 0 9 11](https://image.slidesharecdn.com/cdocumentsandsettingswnaidldesktopwmgrtwm-09full-090813122124-phpapp02/85/Wealth-3-320.jpg)
![No. 21
Silvercrest Asset
Management Group
G. Moffett Cochran, Chairman/CEO
Silvercrest seeks to deliver a very high-level of
performance and service to its client base of pre-
dominantly self-made businessmen. Larger clients are
especially attracted by the firm’s broad range of family-
office services, says G. Moffett Cochran.
The current downturn has provided Silvercrest with
opportunities to address two business challenges. One
is attracting and retaining top professionals. Recently,
the firm has interviewed “quite a few” professionals
who are considering a switch to a small firm, often
from a bigger institution.
The second challenge is getting in front of pro-
spective clients. These days, Silvercrest is meeting
Photography by Matthew Furman
with prospects who are unhappy with their advisors
because of poor investment performance and service
that doesn't live up to the fees they're paying.
G. Moffett Cochran, Chairman/CEO
“This is a ripe opportunity for people who’ve got a
Silvercrest Asset Management Group
compelling story to tell, as we think we do," he says.
No. 2
TAG Associates
David Basner, President
TAG Associates offers “old-time” family office
services to clients whose fortunes are often newly
minted. “Our clients tend to be first generation [wealth]
entrepreneurs,” says TAG President David Basner. “Most
either own or recently sold a business.” But they might
also be a corporate CEO or a financial services guru.
While family office clients account for half of TAG’s
100 client relationships, their “soup-to-nuts” mainte-
nance takes up far more than half the firm’s man-hours.
With services that range from tax-sensitive investing to
arranging private travel, “There are not many family of-
fices as comprehensive as we are,” Basner says.
The other 50 clients—HNW individuals and a few
endowments—get stand-alone portfolio management.
Photography by Matthew Furman
Basner is especially pleased with the results of TAG's
2002 merger with GF Capital Management: “Our par-
David Basner, President ent company is 100% employee-owned, completely
TAG Associates independent and objective—no fee-sharing, clients pay
a flat fee, and no internal conflicts of interest."
14 j u ly/ a u g u s t 2 0 0 9 w e a lt h m a n a g e r](https://image.slidesharecdn.com/cdocumentsandsettingswnaidldesktopwmgrtwm-09full-090813122124-phpapp02/85/Wealth-4-320.jpg)
Wealth
- 1. TH ANNUAL ANNUAL TOP WEALTH TOP WEALTH MANAGERS MANAGER O ne year ago, when Wealth Manager published the 2008 Top Wealth Manager rankings, we wrote about how challenging the macroeconomic scene and markets had become for even the top wealth managers. Few could have imagined we were only at the tip of the iceberg— and what was to come. Wealth managers and their clients have At the Top come through the most wrenching financial storms most people can fathom, while at the same time the world has seen some of the largest and most outrageous financial swindles of all time exposed. While almost no one has been left untouched, some wealth managers are coming back stronger than ever, even though many are smaller. What doesn’t kill us makes The issues that emerge from the rubble are trust, compliance, confidence, building your firm back up—and as a backdrop to us stronger: Lessons from the almost everything, re-regulation on a scale not seen since the 2009 Top Wealth Managers. aftermath of the Great Depression. Of course, the bedrock foundation of wealth management is trust and confidence. Especially now. Great wealth managers' practices are based on trust and confidence; these go hand-in-hand with fiduciary duty and re-evaluating the everyday and emerging Introduction By Kathleen M. McBride risks to your firms and your clients, regaining portfolio and invest- ment bearings, and getting clients back onto a stable path. Vignettes By Nancy R. Mandell With that in mind, Wealth Manager is pleased to announce the ninth & Michael S. Fischer annual ranking of Top Wealth Managers (formerly the Top Dogs) by average assets under management per client. As always, we Analysis By Philip Palaveev appreciate the time participants took to complete the survey that leads to these rankings. This year, Wealth Manager asked many more questions than in any other year—47 in all, including six years of ADV-reported assets. Although more than 500 firms started the survey, some firms left their surveys incomplete; oth- ers completed the survey but did not have the requisite minimum total AUM; a few were ineligible as B/Ds or banks, and still oth- ers were not SEC-registered RIAs. Once those fell out, 407 firms made the ranking list. This year we are delighted to include analysis by Wealth Manager’s practice management columnist Philip Palaveev, who is president of Fusion Advisor Network in Elmsford, N.Y., and a former Moss Adams principal. His deep knowledge of practice management for RIAs is legendary, and his full report on the survey and rankings can be found at wealthmanagerweb.com. In addition to the annual Top Wealth Managers survey, Wealth Manager is introducing a quarterly Top Wealth Managers Pulse—a mini-survey intended to provide information for regular, timely re- ports about the state of wealth management, right now—authored by Philip Palaveev. In this turbulent time, fresh insight from the Top Wealth Managers will be more important than ever—and to make matters even more interesting, we ask participants to sug- gest questions for the Pulse survey. What would you most want to ask the Top Wealth Managers? Please send the questions you feel are the most relevant to kmcbride@wealthmanagermag.com. w e a lt h m a n a g e r w e b . c o m j u ly/a u g u s t 2 0 0 9 9
- 2. No. 1 Cooper. A substantial component of the firm’s client base are themselves professional investors. “They have sufficient wealth that they can benefit from an RFP process; they can have their Athena Capital Advisors own custom portfolios of hedge funds and private equity funds. We have the due diligence capability and the access to those kinds of alternative investments.” Lisette Cooper, CEO Athena’s focus on risk management served it well during the downturn. When market risk began to increase around Staffed by investment professionals from both capital July of 2007, the firm started putting on various hedging and markets and private client backgrounds, Athena is able to offer de-risking strategies. By March 2008, it had battened down the its clients strategies and techniques that are used by the larg- hatches. "Partnering with our clients, we implemented this in a est and most sophisticated institutional investors, says Lisette customized way consistent with each client's comfort level." No. 44 Atlantic Trust Private Wealth Management Jeffrey S. Thomas, CEO After 35 years in the business, Jeff Thomas calls 2008 one of the most challenging years he has ever seen. “The challenge,” says Thomas, “was where to put the money. There was no place to run, no place to hide.” As the firm's Chief Investment Officer for more than 20 years, Thomas knows whereof he speaks. But "you learn more from a Bear Market than from a Bull," he decided, and recognized the downturn as “an opportunity to re-examine our diversification, to be more strategic about allocation.” Thomas believes that looking at things through “a fiduciary prism—the prudent stewardship of assets,” is a major difference between Atlantic Trust and its competitors for very wealthy families in the 12 markets Photography by Jason Grow it serves. “'Fiduciary' is a different way of looking at risk, of deploying capital,” he says. But in the end, he Lisette Cooper, CEO adds, "The investment business is an art, not a science, Athena Capital Advisors and there’s a lot of psychology involved.” No. 301 might happen in a worst-case scenario,” he explains. JFS joined Focus Financial Network in 2007, an affiliation Jazwinski is confident will lead to growth as well as opportuni- JFS Wealth Advisors ties for high-quality peer networking. “But my motivation was more about making a firm that stands the test of time for both clients and employees,” he says. Robert Jazwinski, President While most of JFS's 720 client relationships came from ex- isting clients and referrals from centers of influence, “primarily When the markets began to drop last year, Bob Jazwinski estate planning attorneys and accountants,” geography may felt nervous clients deserved more than a throttled up sched- also play a part. “In our limited market area, our emphasis ule of educational meetings. “We began to stress-test financial on personal financial planning, our comprehensive financial plans, to show clients how they were positioned and what plans, sets us apart. We’re in a very good position.” 10 j u ly/ a u g u s t 2 0 0 9 w e a lt h m a n a g e r
- 3. No. 55 Joel Isaacson & Co. Joel Isaacson, President “We are a traditional financial planning firm,” says Joel Isaacson. “A lot of people in the field who may have started out in financial planning have got- ten away from their roots. We’re not afraid to do the heavy lifting.” Clients are high-net-worth profession- als, many from the financial services sector. Isaacson says the firm's competition is not other RIAs, but trust companies and brokerage firms. An ongoing challenge for the business is inherent in its makeup. “Oftentimes when a firm like ours gets to a size, the entrepreneur has to become a manager, and that’s not always an easy transition.” During the downturn, the challenge was trying to make sure clients were healthy and getting them through it. “People were freaking out and you had to basically talk them off a ledge. Someone asked me what Photography by AJ Mast they should do in case marshall law was instituted in New York.” Jeffrey Thomasson, CEO Oxford Financial Group No. 16 sharing and trading arrangements,” says Jeffrey Thomasson. The firm has also maintained a significant presence in alternative investments, including during the recent financial meltdown. Oxford Financial Group Oxford’s clients “truly get the difference between us and some of the other bigger name brands in the wealth manage- ment space, whether they're banks, brokerage firms or large Jeffrey Thomasson, CEO money management firms,” Thomasson says. During the downturn, fear was extremely high. “Not only Oxford distinguishes itself as a fee-only firm that does not were our clients calling us about the safety and security of their have proprietary products “in an industry that is charging lots checking accounts, it was friends of clients and friends of ours. of fees, but still has lots of proprietary products and special ar- Now it’s back to reality—putting pieces back together, focusing rangements with vendors, and finder's fees and kickbacks, and on how things are going to look when they come back." No. 343 we just wanted to manage money, so we jumped out of the plane and hoped the parachutes worked,” Gilreath explains. So what sets Sheaff Brock apart from the pack? Sheaff Brock “We have a very specific discipline, and we don’t vary from it,” Gilreath says. “We’re not very interested in financial plan- Investment Advisors ning; we’ll provide a very general guidance, but not a ‘plan’ because they don’t work! Any financial plans that had any David Gilreath, Managing Director projections [last year] have been blown out of the water.” Gilreath also takes a pass on the holistic approach: “Do you As top-ranking wealth management firms—and their really want to be a psychologist? Is that really my job?” he asks. principals—go, Sheaff Brock’s David Gilreath is something of “My job is getting a decent return without taking too much an iconoclast. Gilreath and firm co-founder Ron Brock were risk,” even if determining that risk is “somewhat holistic.” Morgan Stanley brokers who jumped ship in 2001.“We decided w e a lt h m a n a g e r w e b . c o m j u ly/a u g u s t 2 0 0 9 11
- 4. No. 21 Silvercrest Asset Management Group G. Moffett Cochran, Chairman/CEO Silvercrest seeks to deliver a very high-level of performance and service to its client base of pre- dominantly self-made businessmen. Larger clients are especially attracted by the firm’s broad range of family- office services, says G. Moffett Cochran. The current downturn has provided Silvercrest with opportunities to address two business challenges. One is attracting and retaining top professionals. Recently, the firm has interviewed “quite a few” professionals who are considering a switch to a small firm, often from a bigger institution. The second challenge is getting in front of pro- spective clients. These days, Silvercrest is meeting Photography by Matthew Furman with prospects who are unhappy with their advisors because of poor investment performance and service that doesn't live up to the fees they're paying. G. Moffett Cochran, Chairman/CEO “This is a ripe opportunity for people who’ve got a Silvercrest Asset Management Group compelling story to tell, as we think we do," he says. No. 2 TAG Associates David Basner, President TAG Associates offers “old-time” family office services to clients whose fortunes are often newly minted. “Our clients tend to be first generation [wealth] entrepreneurs,” says TAG President David Basner. “Most either own or recently sold a business.” But they might also be a corporate CEO or a financial services guru. While family office clients account for half of TAG’s 100 client relationships, their “soup-to-nuts” mainte- nance takes up far more than half the firm’s man-hours. With services that range from tax-sensitive investing to arranging private travel, “There are not many family of- fices as comprehensive as we are,” Basner says. The other 50 clients—HNW individuals and a few endowments—get stand-alone portfolio management. Photography by Matthew Furman Basner is especially pleased with the results of TAG's 2002 merger with GF Capital Management: “Our par- David Basner, President ent company is 100% employee-owned, completely TAG Associates independent and objective—no fee-sharing, clients pay a flat fee, and no internal conflicts of interest." 14 j u ly/ a u g u s t 2 0 0 9 w e a lt h m a n a g e r
- 5. (consolidation firms may have encour- other ways of measuring success and examine aged their member firms to participate), how a change in the definition may alter the the ownership of wealth management list. Most of all, we wanted to emphasize resil- firms is shifting from a private partner- ience and growth (measured by one-year and ship to larger structures. Moreover, 63% three-year growth percentages), productivity of the largest firms (over $1 billion) are (as measured by AUM per staff), and client Small owned by a corporate parent, and 21.2% of those firms are owned by a parent. size (AUM per client). We are still missing perhaps the most important measure of all— ¬ Family office is the new key term: 17.3% profitability. But because most large firms are Fortunes of all firms are presenting themselves as family offices—and firms who consider reluctant to disclose profitability numbers, this is the best balance between ensuring that themselves family offices have signifi- the best firms in the country participate and Resilience and recovery are cantly better growth and productivity. meaningful management information. the cornerstones of top wealth Still, the number of families served ranges We ranked all firms based on their growth management firms in 2009. from two or three to 770, an indication, (or decline) in 2008, their average three-year perhaps, that some firms may use the growth, their AUM per staff and AUM per cli- They say the fastest way to create a small term more as a marketing tool than to ent and then calculated a composite ranking. fortune is to start with a large one. The year signify differences in their service model. We found that—based on that composite— 2008 created many such small fortunes. On ¬ The economy dominates the minds of our Top 100 share some key characteristics: average the 407 wealth management firms the professionals running the top wealth ¬ Top firms are significantly larger than that participated in Wealth Manager’s 2009 management firms, and risk manage- the average. The typical Top 100 firm Top Wealth Managers survey saw their assets ment is their key focus—in particular had $634 million in AUM compared to under management (AUM) decline by 19.4% counterparty risk and especially the role the overall median of $218 million. by the end of last year—and that was just the of the custodian. Firms are concerned ¬ Top firms work with significantly larger beginning. After December 2008 came the about their clients’ states of mind and clients. This is part of the definition, but steep decline in the first quarter of 2009. Still, the erosion of trust. Still, they remain fo- the distance between the top firms and the asset, client and staffing numbers at the cused on improving productivity, finding the typical firm is very significant. The top wealth management firms in the country optimal performance reporting systems median AUM per client for top 100 firms show resilience and the promise of recovery: and opportunities to re-start growth. was $3.8 million compared to $746,000 Notably, 12.5% of the firms in the survey still Growth was our key word from 2003 to for the bottom half of the list. finished 2008 with assets that were higher 2008—growth of clients, assets, revenues and ¬ Many of the top firms are family offices than those of 2007. employees. Yet with the market decline, other (multifamily offices would be a better The data we collected in our annual survey measures came into focus—most of all cash term). Thirty-one percent of top firms tells a story of change. We can see the dram- flow and profitability. The priorities of wealth fall into this category compared to the atic growth between 2003 and 2007 and the management firms have changed, and with average of 17.3% for all other firms. dramatic decline in 2008. The story, though, the change in environment emerged differ- ¬ Top firms emphasize growth—again has some key takeaways that suggest what the ences in how they define success. this result is by definition, but the differ- future of the industry may look like: ence is very significant: Top firms have ¬ The largest firms are getting larger, Definition of success $341,000 per staff while the bottom half weathering the storm better, and have Success can be measured in many ways: size has $130,000. dramatically better productivity and of the firm, amount of assets managed or One of the more interesting questions with AUM per client. They are threatening to the size of client relationships. Traditionally, respect to the top 100 firms is whether they become dominant and to gain a decisive Wealth Manager's Top Wealth Managers study are so productive because of the large relation- advantage over the average-sized firm. has measured the top firms by AUM per cli- ships they manage or because of their ability ¬ The backbone of the industry is still a ent. In this report however, we look at some to organize. On one hand, capacity may be relatively small firm with a median $218 million in AUM and a staff of nine. The typical firm has 15 years of history; it has average assets under Management By year grown a lot in the last five years, but it also has experienced the biggest decline. AUM 2003 Firms with assets under $1 billion had AUM 2004 a median decline of 19.6% compared to AUM 2005 the 15.5% decline in AUM for the largest AUM 2006 firms—those with assets over $5 billion. AUM 2007 ¬ Consolidation is already here: 11.7% of all AUM 2008 firms in the survey were acquired at some point by another organization. While 0 200 400 600 800 Millions there may be some bias in participation w e a lt h m a n a g e r w e b . c o m j u ly/a u g u s t 2 0 0 9 15
- 6. limited to a certain number of relationships. auM Per Client approximate One school of thought is that a relationship top 100 & Other Firms Revenue Per staff is a relationship, and that the time it takes to manage—portfolio reviews, client meetings, $4.0 $3,890,448 $350 $341,345 Thousands Millions low low planning, etc.—happens regardless of retainer $3.5 $300 size or AUM fee. On the other hand, firms mid mid $3.0 that manage larger relationships tend to have $250 fewer clients per professional. $2.5 top $202,874 top $200 The top firms certainly do. On median $2.0 they manage 22 relationships per profes- $150 $130,214 $1.5 $1,332,728 sional compared with 45 for the bottom half $100 of the list. They gain more in revenue from $1.0 the large clients, however, than they lose from $.5 $746,667 $50 capacity limitations. The average AUM per $0 $0 client is over five times larger ($3.9 million Top 100 The Middle Lower Quartile Top 100 The Middle Lower Quartile compared to $740,000), while the capacity only declines in half. ings of the most successful and largest balance between reaction—not overre- Finally, the top firms are not necessarily firms in the industry. It provides us with action—and increased caution—without older.Their average age is 12 years compared a definition of success: What a firm needs excessive conservatism to 15 for the next 100 on the list and 18 for to achieve in order to call itself “top of the ¬ Maintaining the quality of talent and the remaining firms. It almost seems that industry.” Participating firms also gave us continuing to find and train talented younger firms have an advantage when it a succinct definition of what lies ahead of employees comes to better withstanding the market. them by answering the question: “What are ¬ Improving operations and technology the three most critical risks to your firm to solidify gains in productivity and What does this mean? now?” The answers focus on: efficiency The annual Top Wealth Managers survey ¬ Navigating the economic climate ¬ Ensuring the continuity and strength of allows us a glimpse into the inner work- together with clients to find the right key alliances with custodians and out- sourcing partners Assets are down throughout the industry, all survey Participants and this data captures only half of the decline average median (the AUM balances are as of December 2008). Still, the industry is strong and resilient. The number of Firms 407 407 Firm age (Years since creation) 25 15 level of AUM today is similar to the assets at the end of 2006; we have lost two years aUm 2008 $680,092,845 $218,521,700 aUm 2007 $804,990,429 $254,800,000 of growth, but we have not lost everything. aUm 2006 $698,975,802 $210,180,873 The ability to generate growth even in tough aUm 2005 $572,105,302 $170,684,020 aUm 2004 $453,031,001 $134,423,288 times is remarkable as we saw from the 48 (of aUm 2003 $371,660,780 $103,675,062 407 firms) that actually still grew in 2008. median rank 203 By definition, success is a relative measure. 2008 growth rate -19.4% Some say that success is doing a little better three Year average growth rate 5.0% than your neighbors. The Wealth Manager survey gives each firm a way to define its own Professional Staff 213 5 administrative Staff 17 4 standards of success and compare itself Simple Sum of total Staff 229 9 against the largest and most influential firms median total Staff (Different than sum) 229 9 in the industry. clients Per Professional 47 36 Success, however, is a personal definition. aUm Per Staff $31,177,904 $24,279,814 Each firm will find its own combination of approximate revenue Per Staff $233,834 $182,099 aUm Per Professional $56,167,276 $43,779,396 capabilities, competitive positioning and approximate revenue Per Professional $421,255 $328,345 client services that will make it a top wealth management firm. aUm Per client $3,878,235 $1,150,442 Percent who are acquired 11.7% 11.7% Philip Palaveev (ppalaveev@fusionadvisornetwork.com) is president of Fusion Advisor Network. Percent Under $1 billion 85.2% 85.2% Percent between $1 billion and $5 billion 12.2% 12.2% Percent over $5 billion 2.6% 2.6% View Philip Palaveev ’s full Wealth Percent who are Family offices 17.3% 17.3% M a n a g e r 2 0 0 9 To p W e a l t h Percent who have made an acquisition 4.7% 4.7% Managers Report on our Web site at wealthmanagerweb.com 16 j u ly/ a u g u s t 2 0 0 9 w e a lt h m a n a g e r
- 7. TH ANNUAL ANNUAL TOP WEALTH TOP WEALTH Rankings by aveRage aUM PeR Client MANAGERS MANAGER Total Client Average AUM Minimum Annual Minimum AUM Number of Rank Firm Name City State AUM Relationships per Client Fee per Client per Client Professionals 1 Athena Captial Advisors, LLC Lincoln MA 2,420,562,142 25 96,822,486 150,000 0 25 2 TAG Associates, LLC New York NY 5,956,281,263 100 59,562,813 150,000D; 75,000 E 10,000,000 58 3 Gatemore Capital Mgt., LLC New York NY 402,015,914 8 50,251,989 0 30,000,000 5 4 BBR Partners, LLC New York NY 3,097,211,446 63 49,162,086 0 20,000,000 25 5 Filament LLC Seattle WA 1,005,720,874 23 43,726,995 0 0 7 6 Federal Street Advisors Boston MA 2,965,504,635 69 42,978,328 65,000 20,000,000 14 7 Gresham Partners, LLC Chicago IL 2,396,916,449 62 38,659,943 187,500 25,000,000 14 8 Hirtle, Callaghan & Co. W. Conshohocken PA 15,400,000,000 414 37,198,068 0.001 10,000,000 74 9 Ballentine, Finn & Company, Inc. Waltham MA 3,952,000,000 114 34,666,667 50,000 20,000,000F; 3,000,000G 39 10 Circle Wealth Management, LLC Summit NJ 210,479,151 7 30,068,450 0 10,000,000 4 11 McDonnell Investment Mgt., LLC Oak Brook IL 11,173,000,000 392 28,502,551 16,000 5,000,000 78 12 Waterline Partners, LLC Los Angeles CA 809,068,234 29 27,898,905 60,000 C 10,000,000C 6 13 Financial Clarity, Inc. Mountain View CA 833,336,000 30 27,777,867 0 30,000,000A 2 14 Arlington Partners, LLC Birmingham AL 1,021,000,000 37 27,594,595 100,000 20,000,000 18 15 Convergent Wealth Advisors Rockville MD 9,999,960,000 386 25,906,632 0 10,000,000 111 16 Oxford Financial Group, Ltd. Indianapolis IN 12,004,273,463 467 25,705,082 20,000 0 24 17 Reynders, McVeigh Cap. Mgt., LLC Boston MA 4,336,702,250 179 24,227,387 0 0 5 18 Presidio Wealth Management San Francisco CA 3,319,163,000 140 23,708,307 40,000 0 21 19 Crowe Wealth Management, LLC Indianapolis IN 896,001,480 39 22,974,397 20,000 0 7 20 GenSpring Family Offices Palm Beach Gar. FL 17,450,489,028 777 22,458,802 85,000 10,000,000 339 21 Silvercrest Asset Mgt. Group, LLC New York NY 7,789,100,000 350 22,254,571 0 10,000,000 57 22 Algonquin Advisors, LLC Greenwich CT 333,526,645 16 20,845,415 0 0 6 23 The Quantitative Group, LP San Antonio TX 3,897,891,036 188 20,733,463 0 2,000,000 5 24 Innovest Portfolio Solutions, LLC Denver CO 2,818,627,138 146 19,305,665 25,000 5,000,000 23 25 Highmount Capital New York NY 1,345,591,064 70 19,222,729 0 5,000,000 24 26 Crestone Asset Mgt., LLC Boulder CO 844,172,171 47 17,961,110 300,000 27,000,000 31 27 Tolleson Private Wealth Mgt. Dallas TX 1,778,010,846 100 17,780,108 100,000 20,000,000 45 28 myCIO Wealth Partners Philadelphia PA 5,876,714,762 345 17,033,956 10,000 2,000,000 27 29 DGC Invest, LLC Metairie LA 118,600,000 7 16,942,857 5,000 2,000,000 1 30 Smith Affiliated Capital Corp. New York NY 1,993,115,900 124 16,073,515 10,000 2,000,000 7 31 StanCorp Inv. Advisers, Inc. Portland OR 15,000,666,018 1079 13,902,378 2,500 250,000 10 32 Salem Partners Wealth Mgt. Los Angeles CA 152,139,246 11 13,830,841 20,000 2,000,000 6 33 Hillview Capital Advisors, LLC New York NY 823,254,780 65 12,665,458 50,000 10,000,000 10 34 Clarfeld Financial Advisors, Inc. Tarrytown NY 3,110,290,900 250 12,441,164 10,000 16,000,000 32 35 Signature Financial Management Norfolk VA 1,997,622,630 165 12,106,804 50,000 5,000,000 21 36 Edge Capital Partners Atlanta GA 437,240,329 37 11,817,306 0 5,000,000 13 37 Litman/Gregory Asset Mgt., LLC Larkspur CA 2,765,751,000 245 11,288,780 25,000 3,000,000 29 38 Beacon Pointe Advisors Newport Beach CA 3,641,696,967 331 11,002,106 0 1,000,000 18 39 Altair Advisers LLC Chicago IL 2,087,510,466 201 10,385,624 22,500 3,000,000 22 40 RCL Advisors, LLC New York NY 1,017,197,000 98 10,379,561 15,000 2,000,000 8 41 Green Square Capital, LLC Memphis TN 623,856,184 61 10,227,151 0 1,000,000 9 42 Atlas Brown Louisville KY 1,022,000,000 101 10,118,812 0 500,000 7 43 Financial Management Partners Clayton MO 1,470,000,000 148 9,932,432 10,000 0 10 44 Atlantic Trust Private Wealth Mgt. Atlanta GA 13,392,448,797 1398 9,579,720 20,000 5,000,000 221 45 Aspiriant San Francisco CA 3,607,047,460 389 9,272,616 42,500 5,000,000 43 46 Chess Financial Corporation Pepper Pike OH 1,226,024,228 133 9,218,227 25,000 3,000,000 B 22 47 Manchester Capital Mgt. Manchester VT 1,346,200,000 150 8,974,667 0 10,000,000 17 20 j u ly/ a u g u s t 2 0 0 9 w e a lt h m a n a g e r
- 8. TH ANNUAL ANNUAL TOP WEALTH TOP WEALTH Rankings by aveRage aUM PeR Client MANAGERS MANAGER Total Client Average AUM Minimum Annual Minimum AUM Number of Rank Firm Name City State AUM Relationships per Client Fee per Client per Client Professionals 48 Camden Capital Mgt. , LLC El Segundo CA 400,000,000 45 8,888,889 0 0 3 49 The MDE Group, Inc Morristown NJ 1,508,618,194 170 8,874,225 10,000 3,000,000 19 50 Compass Financial Advisors, LLC Memphis TN 232,448,384 29 8,015,462 5,000 500,000 4 51 WTAS LLC McLean VA 695,235,601 104 6,684,958 15,000 0 16 52 Mt. Eden Inv. Advisors, LLC San Francisco CA 489,836,787 79 6,200,466 0 2,000,000 10 53 Roble Belko & Co. Sewickley PA 165,135,684 28 5,897,703 0 2,000,000 5 54 Strategic Wealth Advisors, LLC Scottsdale AZ 421,000,000 73 5,767,123 10,000 1,000,000 3 55 Joel Isaacson & Co., Inc. New York NY 3,855,491,728 700 5,507,845 8,000 1,000,000 22 56 Highline Wealth Management Bethesda MD 656,015,668 122 5,377,178 20,000 2,000,000 6 57 The Karras Company, Inc. Roy UT 789,700,000 152 5,195,395 0 250,000 3 58 Bridgecreek Investment Mgt. Tulsa OK 295,056,556 58 5,087,182 0 1,000,000 2 59 The Glowacki Group, LLC Los Angeles CA 230,843,526 46 5,018,338 25,000 2,000,000 4 60 Legg Mason I. C. & Trust Co., N.A. Baltimore MD 6,652,000,000 1333 4,990,248 20,000 2,000,000 45 61 Robertson, Griege & Thoele Dallas TX 1,291,700,000 261 4,949,042 20,000 2,000,000 22 62 Waypoint Advisors Norfolk VA 408,945,095 85 4,811,119 0 1,000,000 6 63 Homrich Berg Atlanta GA 3,268,886,301 690 4,737,516 20,000 2,000,000 35 64 Fairway Wealth Mgt., LLC Independence OH 460,000,000 98 4,693,878 15,000 2,000,000 8 65 RS Crum, Inc. Newport Beach CA 418,647,125 92 4,550,512 15,000 0 5 66 Johnson Inv. Counsel, Inc. Cincinnati OH 8,877,000,000 1970 4,506,091 2,500 250,000 36 67 Choate Inv. Advisors, LLC Boston MA 1,808,199,305 430 4,205,115 1,000 2,000,000 7 68 Trovena La Jolla CA 305,000,000 75 4,066,667 12,500 1,000,000 5 69 CNLBank Wealth Management Orlando FL 748,369,000 185 4,045,238 0 500,000 6 70 JVL Associates, LLC Wyoming MI 63,500,000 16 3,968,750 2,000 0 1 71 Lau Associates LLC Wilmington DE 505,000,000 129 3,914,729 0 2,000,000 7 72 Essential Advisers, Inc. Denver CO 92,678,584 24 3,861,608 8,000 1,000,000 3 73 Pennsylvania Capital Mgt. Jenkintown PA 508,049,492 136 3,735,658 0 750,000 2 74 Argent Wealth Management, Inc. Weston MA 366,491,216 100 3,664,912 0 1,000,000 8 75 AMI Investment Management Kendallville IN 311,802,161 86 3,625,607 0 1,000,000 3 76 Plante Moran Financial Advisors Southfield MI 6,976,626,076 1,929 3,616,706 6,000 750,000 86 77 Hewins F. A./Wipfli Hewins I. A. San Mateo CA 1,744,000,000 518 3,366,795 2,000 0 21 78 Halbert Hargrove Long Beach CA 1,093,053,057 325 3,363,240 10,000 0 10 79 The Investment Counsel Co. Las Vegas NV 534,250,000 170 3,142,647 10,000 1,000,000 5 80 The Fairman Group Berwyn PA 256,657,219 83 3,092,256 7,500 1,000,000 17 81 Moneta Group Inv. Advisors, LLC Clayton MO 6,535,150,984 2125 3,075,365 10,000 1,000,000 63 82 Goldstein Munger and Ass. San Ramon CA 224,759,067 75 2,996,788 10,000 1,000,000 2 83 Ryan Investment Management Aspen CO 155,500,000 52 2,990,385 5,000 1,000,000 2 84 Guyasuta Inv. Advisors, Inc. Pittsburgh PA 575,990,000 197 2,923,807 0 2,000,000 8 85 Towneley Capital Mgt., Inc. Laguna Hills CA 367,338,271 127 2,892,427 5,000 500,000 9 86 Plancorp, Inc. Saint Louis MO 1,099,523,100 382 2,878,333 10,000 2,000,000 15 87 VERITY Wealth Advisors Sausalito CA 90,957,334 33 2,756,283 5,000 500,000 3 88 Private Capital Management, Inc. Larkspur CA 122,000,000 45 2,711,111 10,000 1,000,000 2 89 Brighton Jones, LLC Seattle WA 1,109,000,000 410 2,704,878 3,000 0 21 90 Truepoint Capital Cincinnati OH 392,900,000 148 2,654,730 16,000 2,000,000 15 91 Lee Financial Corporation Dallas TX 791,580,133 305 2,595,345 8,000 5,000,000 22 92 Delessert Financial Services, Inc. Waltham MA 307,622,073 119 2,585,059 10,000 2,000,000 4 93 Oxford Investment Partners Phoenix AZ 300,000,000 120 2,500,000 0 0 2 94 Glickenhaus & Co. New York NY 1,028,940,292 414 2,485,363 0 1,000,000 22 22 j u ly/ a u g u s t 2 0 0 9 w e a lt h m a n a g e r
- 9. TH ANNUAL ANNUAL TOP WEALTH TOP WEALTH Rankings by aveRage aUM PeR Client MANAGERS MANAGER Total Client Average AUM Minimum Annual Minimum AUM Number of Rank Firm Name City State AUM Relationships per Client Fee per Client per Client Professionals 95 Relative Value Partners, LLC Northbrook IL 307,000,000 125 2,456,000 7,500 1,000,000 6 96 Reinhart Partners, Inc. Mequon WI 1,877,800,000 775 2,422,968 0 100,000 22 97 SignatureFD, LLC Atlanta GA 876,294,547 365 2,400,807 15,000 2,000,000 17 98 Brouwer & Janachowski, LLC Tiburon CA 745,117,247 313 2,380,566 0.01 1,000,000 13 99 First Republic Investment Mgt San Francisco CA 4,434,000,000 1900 2,333,684 10,000 1,000,000 31 100 Garnet Group, LLC Boston MA 225,613,350 97 2,325,911 10,000 0 6 101 Mintz Levin Fin. Advisors, LLC Boston MA 807,174,861 350 2,306,214 10,000 1,000,000 8 102 Bingham, Osborn & Scarborough San Francisco CA 1,700,000,000 750 2,266,667 10,000 2,000,000 15 103 Resource Consulting Group Orlando FL 701,388,000 310 2,262,542 4,500 500,000 8 104 Resource Management, Inc. Metairie LA 620,000,000 275 2,254,545 5,000 0 2 105 Hardesty Capital Management Baltimore MD 630,000,000 280 2,250,000 4,500 500,000 8 106 Lewis & Mathews Inv. Mgt., Inc. Menlo Park CA 216,000,000 98 2,204,082 2,400 0 1 107 Frederic T. Kutscher Ass., Inc. Seattle WA 201,000,000 93 2,161,290 0 0 6 108 Strategic Wealth Partners Deerfield IL 540,000,000 250 2,160,000 0 1,000,000 4 109 Trinity Financial Advisors, LLC Chicago IL 120,501,539 57 2,114,062 0 1,000,000 6 110 Burroughs Hutchinson Boise ID 225,160,512 107 2,104,304 0 500,000 4 111 Beacon Financial Advisors, Inc. Tarrytown NY 80,000,000 39 2,051,282 0 1,000,000 1 112 Freestone Capital Management Seattle WA 1,525,000,000 750 2,033,333 0 1,000,000 21 113 Gibraltar Capital Mgt., Inc. Tulsa OK 126,025,988 62 2,032,677 5,500 500,000 2 114 Camden Financial Management Scottsdale AZ 103,109,347 51 2,021,752 15,000 2,000,000 1 115 Crestwood Advisors LLC Boston MA 351,520,000 176 1,997,273 10,000 1,000,000 10 116 SJS Investment Consulting, Inc. Sylvania OH 737,000,000 370 1,991,892 5,000 1,000,000 7 117 JMG Financial Group, Ltd. Oak Brook IL 1,097,725,000 557 1,970,781 10,000 1,000,000 16 118 Rowland Carmichael Adv., Inc. Scottsdale AZ 314,771,033 162 1,943,031 8,000 1,000,000 5 119 Catalyst Fin. Plan. & Inv. Mgt. Oakland CA 110,710,783 59 1,876,454 12,500 1,000,000 3 120 Evensky & Katz Coral Gables FL 459,000,000 245 1,873,469 12,500 0 8 121 Bridgewater Wealth Mgt., LLC Bethesda MD 182,443,963 99 1,842,868 5,000 500,000 2 122 Briaud Financial Advisors Bryan TX 448,966,000 244 1,840,025 7,500 750,000 4 123 Budros, Ruhlin & Roe, Inc. Columbus OH 1,005,271,112 548 1,834,436 5,000 500,000 17 124 Brinton Eaton Wealth Advisors Madison NJ 470,699,860 259 1,817,374 12,500 0 12 125 Technomart Inv. Advisors Baltimore MD 129,231,900 72 1,794,888 0 1,000,000 6 126 Stepp & Rothwell, Inc. Overland Park KS 305,000,000 170 1,794,118 10,000 0 12 127 Stanford Investment Group, Inc. Mountain View CA 403,351,178 229 1,761,359 0 1,500,000 9 128 The Monitor Group, Inc. McLean VA 352,514,402 201 1,753,803 10,000 0 12 129 Quest Capital Management, Inc. Dallas TX 564,935,980 324 1,743,630 3,500 300,000 18 130 Keats, Connelly and Associates Phoenix AZ 197,955,043 115 1,721,348 15,000 0 15 131 Osborne Partners Cap. Mgt., LLC San Francisco CA 580,370,525 340 1,706,972 0 1,000,000 9 132 21st Century Wealth Mgt., LLC York PA 81,813,000 48 1,704,438 0 250,000 1 133 Modera Wealth Management Old Tappan NJ 365,479,418 217 1,684,237 12,000 0 9 134 Brightworth, LLC Atlanta GA 544,021,300 324 1,679,078 10,000 1,000,000 10 135 Netting & Pace, CPAs San Antonio TX 88,697,994 53 1,673,547 6,500 1,000,000 3 136 The Family Firm, Inc. Bethesda MD 242,529,200 148 1,638,711 6,000 1,000,000 7 137 CooksonPeirce Investment Mgt. Pittsburgh PA 404,054,955 251 1,609,781 10,000 1,000,000 9 138 Horizon Advisors, LLC Houston TX 109,452,441 68 1,609,595 11,250 1,000,000 5 139 Mission Wealth Mgt., LLC Santa Barbara CA 382,162,886 239 1,599,008 10,000 1,000,000 11 140 DCA Global Wealth Mgt. Norcross GA 150,950,842 95 1,588,956 10,000 1,000,000 2 141 Balasa Dinverno Foltz, LLC Itasca IL 1,178,659,879 742 1,588,490 10,000 1,000,000 18 24 j u ly/ a u g u s t 2 0 0 9 w e a lt h m a n a g e r
- 10. TH ANNUAL ANNUAL TOP WEALTH TOP WEALTH Rankings by aveRage aUM PeR Client MANAGERS MANAGER Total Client Average AUM Minimum Annual Minimum AUM Number of Rank Firm Name City State AUM Relationships per Client Fee per Client per Client Professionals 142 Carolina Capital Consulting, Inc. Charlotte NC 85,374,200 54 1,581,004 5,000 1,000,000 2 143 Schiavi + Dattani Wilmington DE 186,000,000 118 1,576,271 5,000 0 4 144 Brentwood Advisory Group, LLC Los Angeles CA 67,350,362 43 1,566,287 5,000 1,000,000 1 145 Zdenek Financial Planning, LLC Flemington NJ 148,905,933 96 1,551,103 8,000 1,000,000 8 146 Morton Capital Management Calabasas CA 760,000,000 492 1,544,715 10,000 1,000,000 13 147 RegentAtlantic Capital, LLC Morristown NJ 1,413,547,000 920 1,536,464 10,000 0 28 148 Leisure Capital Mgt., Inc. Costa Mesa CA 227,000,000 148 1,533,784 0 500,000 3 149 Siligmueller Financial Mgt. LLC Glen Ellyn IL 58,125,000 38 1,529,605 75 BP 500,000 2 150 True North Advisors, LLC Dallas TX 737,561,000 489 1,508,305 10,000 1,000,000 24 151 Sovereign Wealth Mgt., Inc. Memphis TN 319,586,703 212 1,507,484 0.015 1,000,000 12 152 WESCAP Management Group Burbank CA 487,900,000 324 1,505,864 6,250 500,000 5 153 FGMK/Preserv. Cap. Ptns., LLC Bannockburn IL 152,000,000 101 1,504,951 5,000 500,000 3 154 Boston Research and Mgt., Inc Man.-by-the-Sea MA 213,233,993 143 1,491,147 0 1,000,000 5 155 Freed Advisors Chevy Chase MD 174,883,121 118 1,482,060 0 1,000,000 H 3 156 Sage Financial Group W. Consh'cken PA 725,526,582 490 1,480,666 5,000 500,000 15 157 Roof Advisory Group, Inc. Harrisburg PA 141,165,000 96 1,470,469 7,500 750,000 2 158 King Investment Advisors, Inc. Houston TX 462,942,556 315 1,469,659 SM10,000; WM2,000 SM1,000,000; WM250,000 10 159 Ramsey & Associates, Inc. Seattle WA 121,903,662 83 1,468,719 7,500 750,000 3 160 Integrated Wealth Mgt., Inc. Marina del Rey CA 132,000,000 90 1,466,667 0 1,000,000 1 161 West Financial Services, Inc. McLean VA 728,393,323 499 1,459,706 0 1,000,000 12 162 LarsonAllen Financial, LLC Minneapolis MN 1,384,386,440 950 1,457,249 5,000 0 22 163 Burt Associates, Inc. Rockville MD 280,000,000 193 1,450,777 3,750 1,000,000 5 164 Houlihan Fin. Res. Group, Ltd. Reston VA 104,429,041 72 1,450,403 0 1,000,000 4 165 Alder Financial Group Atlanta GA 98,122,948 68 1,442,985 2,000 250,000 4 166 Empyrion Wealth Management Roseville CA 119,666,580 83 1,441,766 11,500 1,000,000 4 167 Neumann Capital Management San Mateo CA 130,575,119 91 1,434,891 9,000 1,000,000 1 168 Diesslin & Associates, Inc. Fort Worth TX 478,400,000 334 1,432,335 10,000 0 12 169 Sigma Investment Mgt. Co. Portland OR 316,000,000 223 1,417,040 0 500,000 5 170 LBA Wealth Management, LLC Jacksonville FL 161,803,165 115 1,406,984 5,000 500,000 3 171 South Texas Money Mgt., Ltd. San Antonio TX 1,401,608,817 1000 1,401,609 5,000 500,000 27 172 Friedman & Associates Novato CA 193,074,000 139 1,389,022 0 1,000,000 4 173 Legacy Consulting Group Plano TX 123,995,253 90 1,377,725 0 2,000,000 2 174 Madison Wealth Management Cincinnati OH 135,963,000 99 1,373,364 5,000 0 7 175 Allodium Inv. Consultants Minneapolis MN 114,543,400 84 1,363,612 10,000 2,000,000 4 176 Stevens Wealth Management Deerfield IL 127,404,889 94 1,355,371 5,000 1,000,000 3 177 Pillar Pacific Capital Mgt. Daly City CA 302,700,000 226 1,339,381 0 1,000,000 11 178 BHCO Capital Management, Inc. Dallas TX 248,536,000 186 1,336,215 5,000 500,000 6 179 GW & Wade, LLC Wellesley MA 2,371,300,000 1776 1,335,191 0 0 47 180 Abridge Partners, LLC Madison MS 259,401,711 195 1,330,265 0 250,000 2 181 Holcombe Financial, Inc. Sandy Springs GA 123,914,172 94 1,318,236 0 1,000,000 1 182 Emerson Investment Mgt., Inc. Boston MA 432,878,905 330 1,311,754 0.012 1,000,000 5 183 GM Advisory Group, Inc. Port Washington NY 195,000,000 150 1,300,000 0 0 2 184 Vista Capital Partners Portland OR 327,848,260 253 1,295,843 9,500 1,000,000 7 185 Kahler Financial Group Rapid City SD 88,932,779 69 1,288,881 5,000 0 1 186 Tarpley & Underwood F. A., LLC Atlanta GA 121,077,370 94 1,288,057 10,000 1,000,000 3 187 Runyon & Bowes, LLC Newport Beach CA 77,000,000 60 1,283,333 9,500 1,000,000 3 188 Carlson Capital Management Northfield MN 618,651,295 485 1,275,570 5,000-10,000 1,000,000 17 w e a lt h m a n a g e r w e b . c o m j u ly/a u g u s t 2 0 0 9 25
- 11. TH ANNUAL ANNUAL TOP WEALTH TOP WEALTH Rankings by aveRage aUM PeR Client MANAGERS MANAGER Total Client Average AUM Minimum Annual Minimum AUM Number of Rank Firm Name City State AUM Relationships per Client Fee per Client per Client Professionals 189 Sumnicht & Associates, LLC Appleton WI 276,000,000 217 1,271,889 6,250 500,000 6 190 Schultz Financial Group Inc. Reno NV 118,320,240 94 1,258,726 10,000 0 4 191 Retirement Planning Specialists Ashland OR 402,000,000 320 1,256,250 0 500,000 4 192 Yeske Buie San Francisco CA 217,696,000 177 1,229,921 0 1,500,000 4 193 Lewis Financial Mgt., LLC Raleigh NC 132,728,277 108 1,228,966 3,800 1,000,000 1 194 Svanoe & Thompson LLC West Des Moines IA 51,538,000 42 1,227,095 3,500 500,000 3 195 The Colony Group, LLC Boston MA 888,217,922 726 1,223,441 10,000 1,000,000 36 196 Financial Partners Cap. Mgt., LLC New York NY 233,633,764 191 1,223,213 6,000 1,000,000 4 197 Back Bay Financial Group, Inc. Boston MA 293,802,397 241 1,219,097 7,500 0 6 198 Novos Planning Associates, Inc. New York NY 70,410,436 58 1,213,973 5,000 500,000 2 199 HTG Investment Advisors, Inc. New Canaan CT 242,547,047 203 1,194,813 3,000 0 8 200 Spire Wealth Management McLean VA 471,009,470 396 1,189,418 0 0 23 201 Integris Wealth Management Carmel CA 63,000,000 53 1,188,679 4,500 500,000 4 202 Altavista Wealth Mgt., Inc. Asheville NC 191,520,118 163 1,174,970 4,000 350,000 5 203 Financial Advantage, Inc. Columbia MD 203,844,115 174 1,171,518 10,000 0 5 204 SG Financial Advisors, LLC Sandy Springs GA 96,023,246 82 1,171,015 6,250 500,000 2 205 D. L. Blain & Co., LLC New Bern NC 57,362,700 49 1,170,667 12,500 1,000,000 1 206 Wade Financial Group Minneapolis MN 215,000,000 184 1,168,478 0 500,000 7 207 Telemus Capital Partners, LLC Southfield MI 1,215,653,990 1041 1,167,775 1,500 1,000,000 56 208 Sentinel Wealth Mgt., Inc. Reston VA 86,217,000 74 1,165,095 0 1,000,000 2 209 Legend Financial Advisors, Inc. Pittsburgh PA 301,544,562 259 1,164,265 8,750IM; 10,000IM-FP 1,000,000 6 210 Creative Planning, Inc. Leawood KS 816,435,029 705 1,158,064 0 500,000 7 211 Helm Investment Mgt., LLC Denver CO 66,421,729 58 1,145,202 0 0 2 212 Select Consulting, Inc. Charlotte NC 324,000,000 283 1,144,876 2,500 250,000 3 213 YellowWood Fin. Advisors, Inc. Gaithersburg MD 86,894,043 76 1,143,343 5,000 500,000 4 214 Human Investing Lake Oswego OR 160,000,000 140 1,142,857 2,500 1,000,000 2 215 RMB Capital Management, LLC Chicago IL 1,140,647,213 1011 1,128,237 0 1,000,000 45 216 GDM Advisory Group, Ltd. Jenkintown PA 225,000,000 200 1,125,000 2,700 0 1 217 Creative Capital Mgt., Inc. San Diego CA 137,870,242 123 1,120,896 0 500,000 3 218 CBIZ Financial Solutions, Inc. Cumberland MD 1,114,812,144 1000 1,114,812 0 0 1984 219 Ruggie Wealth Management Tavares FL 305,000,000 275 1,109,091 0 500,000 5 220 Hopwood Financial Services, Inc. Great Falls VA 117,891,390 107 1,101,789 0 500,000 3 221 Legacy Wealth Management Memphis TN 531,191,807 483 1,099,776 5,000 500,000 18 222 Buckingham Asset Mgt., LLC St. Louis MO 1,478,096,000 1347 1,097,324 3,500 0 28 223 The Lubitz Financial Group Miami FL 108,000,000 99 1,090,909 10,000 1,000,000 2 224 Columbia Asset Management Ann Arbor MI 162,831,192 150 1,085,541 0 500,000 3 225 Garrison Asset Management Fayetteville AR 135,000,000 125 1,080,000 0 250,000 6 226 Tortoise Investment Mgt., LLC White Plains NY 114,318,260 106 1,078,474 10,000 0 2 227 Harbor Financial Group, Inc. Boulder CO 99,607,000 93 1,071,043 5,000 500,000 3.5 228 Sather Financial Group Inc. Victoria TX 126,087,141 118 1,068,535 0 500,000 3 229 Focus Wealth Management, Ltd. Middleburg VA 86,481,728 81 1,067,676 0 500,000 3 230 Weatherly Asset Management Del Mar CA 219,852,907 206 1,067,247 4,000 500,000 6 231 Wechter Financial Services, Inc. Parsippany NJ 140,542,312 132 1,064,714 5,000 500,000 2 232 American Econ. Plan. Group, Inc. Watchung NJ 441,500,000 418 1,056,220 5,000 1,000,000 24 233 Capelli Financial Services, Inc. Bloomfield Hills MI 218,521,700 208 1,050,585 7,500 1,000,000 4 234 Financial Mgt. Group, Inc. Cincinnati OH 137,500,000 131 1,049,618 5,000 400,000 7 235 ProVise Mgt. Group, LLC Clearwater Fl 564,000,000 546 1,032,967 3,000 250,000 9 28 j u ly/ a u g u s t 2 0 0 9 w e a lt h m a n a g e r
- 12. TH ANNUAL ANNUAL TOP WEALTH TOP WEALTH Rankings by aveRage aUM PeR Client MANAGERS MANAGER Total Client Average AUM Minimum Annual Minimum AUM Number of Rank Firm Name City State AUM Relationships per Client Fee per Client per Client Professionals 236 RSM McGladrey, Inc. Minneapolis MN 3,482,000,000 3389 1,027,442 5,000 500,000 62 237 MiddleCove Capital Centerbrook CT 61,500,000 60 1,025,000 5,000 500,000 5 238 Strategic Financial Mgt. Group Dallas TX 340,119,732 335 1,015,283 5,000 500,000 5 239 c5 Wealth Management, LLC Great Falls VA 190,626,791 188 1,013,972 10,000 1,000,000 4 240 Westport Resources Westport CT 290,184,017 289 1,004,097 6,250 500,000 35 241 IRON Financial Northbrook IL 779,000,000 778 1,001,285 0 750,000 13 242 Voso Financial Advisers Frederick MD 120,000,000 120 1,000,000 0 250,000 10 243 KR Financial Services, Inc. Hollywood FL 105,000,000 105 1,000,000 0 250,000 4 244 Berno Financial Mgt., Inc. Cincinnati OH 69,862,789 70 998,040 7,200 750,000 3 245 SYM Financial Advisors Warsaw IN 558,120,892 560 996,644 3,000 300,000 13 246 Herbein Wealth Mgt., LLC Wyomissing PA 160,615,810 162 991,456 0 1,000,000 3 247 Vector Wealth Management Minneapolis MN 307,690,553 312 986,188 0 500,000 4 248 Comprehensive Inv. Sol., LLC Yardley PA 231,192,000 235 983,796 5,000 500,000 9 249 Hammel Fin. Adv. Group, LLC Brentwood TN 89,466,782 91 983,151 10,000 J 0 1 250 Professional Fin. Strategies, Inc. Pittsford NY 70,648,959 72 981,236 8,000 500,000 3 251 KHC Wealth Mgt. Services Overland Park KS 161,704,000 165 980,024 0 250,000 4 252 Jentner Financial Group Akron OH 123,180,472 126 977,623 6,000 500,000 2 253 Rowling, Dold & Associates LLP San Diego CA 165,000,000 170 970,588 0 1,000,000 4 254 Greenspring Wealth Mgt, Towson MD 100,510,369 105 957,242 5,000 0 3 255 Appleton Group Wealth Mgt, LLC Appleton WI 113,000,000 119 949,580 0 500,000 4 256 Pinnacle Advisory Group Columbia MD 533,000,000 564 945,035 1,333 0 14 257 Moss Adams Wealth Adv. LLC Seattle WA 698,221,464 741 942,269 6,000 0 19.6 258 Enright Premier Wealth Advisors Torrance CA 545,000,000 580 939,655 0 500,000 10 259 Summit Financial Strategies, Inc. Columbus OH 388,061,044 414 937,346 8,500 300,000 14 260 Cornerstone Capital Advisors Uniontown OH 297,000,000 317 936,909 0 100,000 5 261 Gerstein, Fisher & Ass., Inc. New York NY 632,100,000 688 918,750 2,500 250,000 26 262 National Wealth Mgt., LLC Moonachie NJ 110,000,000 120 916,667 0 0 3 263 Fox, Joss & Yankee, LLC Reston VA 200,342,284 219 914,805 10,000 1,000,000 5 264 Cypress Advisory Srvs. Ltd., LLP Houston TX 50,175,786 55 912,287 7,000 750,000 2 265 Bernhardt Wealth Mgt., Inc. McLean VA 88,288,102 97 910,187 10,000 1,000,000 2 266 Royal Capital Management Boca Raton FL 68,101,314 75 908,018 750 50,000 2 267 Abridge Partners, LLC Diamond Bar CA 174,000,000 193 901,554 15,000 1,000,000 5 268 SilverOak Wealth Management Minneapolis MN 168,096,356 187 898,911 2,500 250,000 8 269 ACG Advisory Services, Inc. Midltohian VA 233,649,340 260 898,651 250 0 5 270 Summit Asset Mgt., LLC Memphis TN 356,343,693 400 890,859 1,000 100,000 6 271 Puckett Financial Advisors, LLC Oklahoma City OK 91,540,500 103 888,743 3,960 400,000 3 272 Pacific Investment Advisors, LLC Portland OR 230,805,000 260 887,712 0 1,000,000 4 273 Oak Financial Group, Inc. Stamford CT 198,369,392 225 881,642 5,000 500,000 4 274 Foster Group West Des Moines IA 708,403,848 813 871,345 5,000 1,000,000 12 275 Weaver Tidwell Wealth Mgt. Dallas TX 335,269,000 385 870,829 5,000 1,000,000 11 276 The Keller Group Inv. Mgt., Inc. Irvine CA 816,477,409 942 866,749 5,000 500,000 14 277 Capital Performance Adv., LLP Walnut Creek CA 543,573,032 629 864,186 0 1,000,000 9 278 The Arkansas Financial Group Little Rock AR 168,430,668 195 863,747 600 0 5 279 Halpern Financial, Inc. Rockville MD 98,956,740 115 860,493 0 1,000,000 3 280 Mark Sheptoff Fin. Planning LLC Glastonbury CT 110,000,000 128 859,375 0 250,000 1 281 Focus Financial Advisors, Inc. Rockford IL 90,180,381 107 842,807 0 0 3 282 The Darrow Company, Inc Concord MA 84,762,558 101 839,233 0 1,000,000 3 w e a lt h m a n a g e r w e b . c o m j u ly/a u g u s t 2 0 0 9 29
- 13. TH ANNUAL ANNUAL TOP WEALTH TOP WEALTH Rankings by aveRage aUM PeR Client MANAGERS MANAGER Total Client Average AUM Minimum Annual Minimum AUM Number of Rank Firm Name City State AUM Relationships per Client Fee per Client per Client Professionals 283 Leonetti & Associates, LLC Buffalo Grove IL 335,000,000 402 833,333 0 200,000 6 284 The Asset Advisory Group Cincinnati OH 164,934,810 198 833,004 5,000 0 4 285 PacWest Financial Mgt., Inc. Phoenix AZ 173,692,329 209 831,064 5,500 500,000 5 286 Burns Matteson Cap. Mgt., LLC Corning NY 106,248,042 128 830,063 15,000 2,000,000 3 287 The Windsor Group, Ltd. Indianapolis IN 403,181,000 492 819,474 5,000 750,000 8 288 Hamilton Capital Mgt., Inc. Columbus OH 556,145,000 680 817,860 6,000 300,000 17 289 Stonegate Wealth Mgt., LLC Fair Lawn NJ 163,000,000 200 815,000 10,000 1,000,000 5 290 Sanders Financial Management Norcross GA 132,674,078 163 813,951 4,500 300,000 5 291 Paradigm Financial Advisors, LLC Des Peres MO 88,616,800 109 812,998 0 500,000 2 292 Peak Financial Advisors Denver CO 67,722,467 84 806,220 0 100,000 2 293 Douglass Winthrop Adv., LLC New York NY 190,827,094 237 805,178 0 500,000 4 294 Larry Heller & Associates Melville NY 53,622,342 67 800,333 4,000 500,000 1 295 WJ Interests, LLC Sugar Land TX 101,600,000 127 800,000 5,000 500,000 3 296 Briggs Wealth Management, LLC Glastonbury CT 58,840,888 74 795,147 5,000 1,000,000 1 297 Reilly Financial Advisors La Mesa CA 176,369,248 222 794,456 0 350,000 8 298 Barnes Investment Advisory, Inc. Phoenix AZ 102,182,428 129 792,112 0 0 2 299 Cassaday & Company, Inc. McLean VA 711,022,955 900 790,026 5,000 500,000 7 300 JFS Wealth Advisors, LLC Hermitage PA 566,442,686 720 786,726 0 500,000 10 301 HC Financial Advisors, Inc Lafayette CA 115,613,531 147 786,487 7,500 750,000 5 302 Galecki Financial Management Fort Wayne IN 201,583,067 257 784,370 1,250 300,000 4 303 Asset Planning Corporation Knoxville TN 97,930,303 125 783,442 4,000 500,000 2 304 Greystone Financial Group, Inc. Troy MI 249,178,000 320 778,681 10,000 1,000,000 5 305 WheelerFrost Associates, Inc. San Diego CA 120,976,000 157 770,548 0 1,000,000 4 306 Pinnacle Wealth Plan. Svs., Inc. Mansfield OH 326,000,000 424 768,868 6,000 500,000 6 307 Petersen Hastings In. Mgt. Kennewick WA 268,478,611 351 764,896 5,000 500,000 8 308 WNA Wealth Advisors, Inc. Hinsdale IL 120,459,300 160 752,871 5,000 500,000 4 309 Jackson Financial Management Costa Mesa CA 247,101,802 329 751,069 1,000 250,000 4 310 Chitwood-Lindberg W. M., Inc. Birmingham AL 120,000,000 160 750,000 1/4% 250,000 2 311 American Financial Advisors, Inc. Orlando FL 112,000,000 150 746,667 0 750,000 5 312 Signature Estate & Inv. Adv., LLC Los Angeles CA 1,189,686,767 1596 745,418 3,500 250,000 13 313 William Mack & Associates, Inc. Troy MI 299,154,000 404 740,480 0 250,000 4 314 White Oaks Wealth Advisors, Inc. Minneapolis MN 176,061,375 239 736,658 10,000 1,000,000 5 315 Macke Financial Advisory Group Fort Myers FL 95,126,566 130 731,743 4,600 0 1 316 Ritter Daniher Fin. Advisory, LLC Cincinnati OH 97,961,713 134 731,058 3,000 300,000 4 317 Parsec Financial Asheville NC 749,718,651 1027 730,008 4,000 0 13 318 Lindner Capital Advisors, Inc. Marietta GA 704,000,000 965 729,534 1,500 100,000 6 319 Securus Wealth Mgt., LLC Plymouth MN 150,329,726 207 726,231 5,000 500,000 7 320 Kistler Tiffany Advisors Berwyn PA 327,500,600 451 726,165 0 500,000 21 321 Mallard Advisors, LLC Newark DE 56,979,066 80 712,238 250 50,000 4 322 Crescent Sterling, Ltd. Metairie LA 127,561,357 180 708,674 0 250,000 3 323 Charles Stephen and Co. Albuquerque NM 185,000,000 265 698,113 3,500 500,000 5 324 Searcy Financial Services, Inc. Overland Park KS 95,192,935 139 684,841 5,00 500,000 3 325 JWA Financial Group, Inc. Dallas TX 290,351,465 424 684,791 5,000 250,000 6 326 Financial Mgt. Professionals Austin TX 274,998,000 402 684,075 0 250,000 7 327 Kaye Capital Management Los Angeles CA 101,319,221 150 675,461 0 250,000 2 328 Money Consultants, Inc. Southport CT 168,000,000 250 672,000 0 100,000 5 329 Curran & Lewis Inv. Mgt., Inc. Menlo Park CA 90,523,350 136 665,613 0 1,000,000 2 30 j u ly/ a u g u s t 2 0 0 9 w e a lt h m a n a g e r
- 14. TH ANNUAL ANNUAL TOP WEALTH TOP WEALTH Rankings by aveRage aUM PeR Client MANAGERS MANAGER Total Client Average AUM Minimum Annual Minimum AUM Number of Rank Firm Name City State AUM Relationships per Client Fee per Client per Client Professionals 330 TGS Financial Advisors Radnor PA 176,697,852 266 664,278 1,000 1,000,000 9 331 Ivy League Fin. Advisors, LLC Rockville MD 57,529,215 89 646,396 0 0 2 332 KMH Wealth Management, LLC Victoria TX 109,839,943 170 646,117 1,000 0 7 333 Harold C. Brown & Co., LLC Buffalo NY 666,521,543 1034 644,605 2,000 200,000 25 334 Eclectic Associates, Inc. Fullerton CA 278,753,262 436 639,342 4,000 400,000 5 335 Savant Capital Mgt., Inc. Rockford IL 1,192,891,593 1903 626,848 5,000 500,000 25 336 Harris Financial Advisors, Inc. Torrance CA 143,409,369 229 626,242 0 750,000 5 337 Covenant Wealth Advisors Williamsburg VA 61,606,198 99 622,285 0 750,000 2 338 Resnick Inv. Advisors, LLC Westport CT 514,000,000 840 611,905 3,125 250,000 8 339 Waller Fin. Planning Group, Inc. Columbus OH 194,253,969 320 607,044 7,500 500,000 9 340 Financial Mgt. Concepts Winter Springs FL 82,271,914 136 604,941 12,000 0 3 341 Medley & Brown, LLC Ridgeland MS 296,556,518 493 601,535 0 500,000 5 342 Sheaff Brock Inv. Advisors, LLC Indianapolis IN 251,000,000 420 597,619 0 200,000 6 343 RPH Financial Services, Inc. Sciota PA 68,524,444 116 590,728 1,250 500,000 3 344 Family Wealth Adv. Group, LLC Cincinnati Oh 61,464,894 105 585,380 2,000 0 3 345 Fragasso Financial Advisors Pittsburgh PA 900,065,926 1542 583,700 0 0 20 346 Ballew/Russell, Inc. Jackson MS 285,350,878 492 579,981 0 100,000 7 347 Willow Ridge Capital Advisors Monterey CA 56,590,480 98 577,454 0 1,000,000 3 348 CJM Wealth Advisers, Ltd. Fairfax VA 266,019,575 468 568,418 0 250,000 5 349 McDermott Advisory Group, LLC Wilmington DE 56,751,254 101 561,894 1,500 250,000 2 350 Grimes & Company, Inc. Westborough MA 675,212,000 1202 561,740 0 500,000 7 351 WS Investment Advisors, LLC Englewood CO 142,616,313 254 561,482 0 500,000 10 352 Financial Connections. Group, Inc. Corte Madera CA 97,039,360 173 560,921 5,000 500,000 2.5 353 Retirement Investment Advisors, Inc. Oklahoma City OK 283,966,000 510 556,796 1,500 100,000 4 354 Capital Planning Advisory Group, Inc Yardley PA 149,518,000 271 551,727 0 500,000 4 355 Petra Financial Advisors, Inc Colorado Springs CO 92,528,700 169 547,507 0 1,000,000 3 356 Moisand Fitzgerald Tamayo, LLC Maitland FL 148,260,018 271 547,085 5,000 500,000 3 357 Donald W. Nicholson & Associates, Ltd. Wilmington DE 61,210,720 112 546,524 0 0 2 358 Tull Financial Group, Inc. Chesapeake VA 60,706,954 112 542,026 2,500 250,000 2 359 Rodgers & Associates Lancaster PA 221,641,795 410 540,590 0 500,000 4 360 Syverson Strege & Company West Des Moines IA 179,272,866 332 539,979 1,500 100,000 9 361 CCP, Inc. Financial Planning Services Palatine IL 107,000,000 205 521,951 5,000 500,000 4 362 Tilson Financial Group, Inc. Watchung NJ 156,257,128 300 520,857 5,000 500,000 6 363 TABR Capital Management, LLC Orange CA 128,832,000 250 515,328 0 300,000 2 364 AM&M Financial Services Pittsford NY 440,961,465 858 513,941 1,500 200,000 28 365 The H Group, Inc Portland OR 592,000,000 1180 501,695 0 500,000 14 366 Hoxton Financial, Inc. Shepherdstown WV 119,453,746 240 497,724 0 500,000 2 367 McKinley Carter Wealth Services Wheeling WV 240,000,000 500 480,000 0 0 20 368 Williams Asset Management Columbia MD 123,000,000 263 467,681 5,000 500,000 1 369 Vintage Financial Services, LLC Ann Arbor MI 111,129,353 243 457,322 2,500 250,000 4 370 FP Financial Services, Inc. Palatine IL 115,500,000 253 456,522 0 0 8 371 Zeller Kern Private Wealth Management Inc. Gold River CA 66,000,000 150 440,000 0 400,000 3 372 Personal Financial Advisors, LLC Covington LA 94,823,000 220 431,014 4,000 NP 3 373 McCarthy Asset Management, Inc. Redwood Shores CA 82,809,973 193 429,067 0 300,000 2 374 Fortune Financial Services, LLC Dallas TX 150,000,000 350 428,571 1,000 100,000 10 375 Sard Wealth Management Group, LLC Atlanta GA 74,353,561 174 427,319 0 500,000 1 376 Evans Capital Management Erie PA 93,000,000 220 422,727 0 100,000 5 32 j u ly/ a u g u s t 2 0 0 9 w e a lt h m a n a g e r
- 15. TH ANNUAL ANNUAL TOP WEALTH TOP WEALTH Rankings by aveRage aUM PeR Client MANAGERS MANAGER Total Client Average AUM Minimum Annual Minimum AUM Number of Rank Firm Name City State AUM Relationships per Client Fee per Client per Client Professionals 377 Winch Advisory Services Appleton WI 134,901,722 323 417,652 2,500 500,000 8 378 Pinnacle Investment Management Simsbury CT 96,356,099 233 413,545 2,500 250,000 4 379 Mark J. Snyder Financial Services, Inc. Medford NY 172,000,000 420 409,524 0 100,000 2 380 Investor Resources Inc Port Orchard WA 53,620,518 132 406,216 0 500,000 3 381 StrategicPoint Investment Advisors Providence RI 502,112,028 1244 403,627 0 0 13 382 Huff, Stuart & Carlton Forest VA 72,222,111 180 401,234 3,000 300,000 5 383 Nathan Hatton Walsh San Francisco CA 120,000,000 300 400,000 2,500 250,000 5 384 CPS Investment Advisors Lakeland FL 341,935,734 860 397,600 1.5 and 1.0 0 7 385 Horowitz & Companu Weston FL 67,000,000 170 394,118 1,000 50,000 2 386 Schroeder, Braxton & Vogt Inc. Amherst NY 168,729,420 438 385,227 1,000 250,000 4 387 The McGowanGroup of Wachovia Securities Dallas TX 207,000,000 541 382,625 0 500,000 5 388 Summit Equities, Inc. Parsippany NJ 1,500,000,000 4000 375,000 0 100,000 78 389 LJCooper Capital Management, LLC Orem UT 52,117,467 140 372,268 0 0 7 390 Asset Planning, Inc Cypress CA 65,098,833 177 367,790 0 400,000 5 391 Clifton Gunderson Financial Advisors Middleton WI 523,403,281 1475 354,850 2,500 250,000 29 392 Horan Capital Management Baltimore MD 304,000,000 859 353,900 0 500,000 19 393 Northern Financial Advisors, Inc. Franklin MI 140,000,000 402 348,259 2,900 0 4 394 Altrius Capital Management, Inc. New Bern NC 96,866,519 281 344,721 0 500,000 3 395 Honkamp Krueger Financial Services Dubuque IA 788,029,124 2460 320,337 100 0 18 396 LifePlan Financial Group, Inc. Miamisburg OH 131,449,995 418 314,474 1,000 100,000 7 397 Legacy Financial Group, LLC Torrance CA 58,256,328 199 292,745 0 0 2 398 Edelman Financial Services, LLC Fairfax VA 2,900,000,000 10000 290,000 1,000 50,000 33 399 HBK Sorce Financial LLC Erie PA 990,844,734 3691 268,449 0 0 28 400 F.I.G. Financial Advisory Services, Inc. Edmond OK 55,712,627 237 235,074 0 0 1 401 Traphagen INvestment Advisors LLC Oradell NJ 166,918,095 767 217,625 0 0 2 402 Affintiy Wealth Management Wilmington DE 143,000,000 703 203,414 0 250,000 13 403 Cornerstone Wealth Management Group Hagerstown MD 100,000,000 500 200,000 0 250,000 3 404 Camarda Financial Advisors, Inc. Fleming Island FL 91,068,707 461 197,546 0 100,000 4 405 Regatta Research & Money Management New Orleans LA 122,719,441 660 185,939 0 0 8 406 The Mutual Fund Store Overland Park KS 3,347,279,286 25712 130,184 0 50,000 110 407 Educators Financial Services, Inc. Cambridge MN 186,000,000 6858 27,122 0 0 42 FootnoteS nP: Not Provided e: Portfolio Sm: Separately Managed a: Waivable F: Family Office Group wm: Wealth Management b: Generally g: Mill Street Inv. Mgmt. Im: Investment Management c: Negotiable h: New Clients Im-FP: Inv. Mgmt and Financial Planning D: Comprehensive J: First Year w e a lt h m a n a g e r w e b . c o m j u ly/a u g u s t 2 0 0 9 33