The FT Top Financial Advisers Best in Class Wepresent the Leading US Professionals, Listed by State, and Provide the Research Methodology

6 | FTReports FINANCIAL TIMES Thursday 31 March 2016 FINANCIAL TIMES Thursday 31 March 2016 FTReports | 7 FT 400 Top Financial Advisers

The FT Top Financial Advisers Best in class Wepresent the leading US professionals, listed by state, and provide the research methodology

Client segments Client segments served served Name Company City Retail HNW* HNW**Ultra Institutional Name Company City Retail HNW* HNW**Ultra Institutional ALABAMA Klein, James R. Morgan Stanley Private Wealth Management Los Angeles XX Duncan, Jerry G. UBS Financial Services Birmingham XXX Kothari, Sonny S. Merrill Lynch Wealth Management Brea XX Smith, Tony R. UBS Financial Services Birmingham XXX Krenzin, Randy Wells Fargo Advisors, LLC San Jose XXX Malone III, Francis X. Morgan Stanley Private Wealth Management Los Angeles XXX ARIZONA McClellan, Ryan A. UBS Private Wealth Management Los Angeles XXX Gale, S. Christopher Merrill Lynch Wealth Management Scottsdale X X X X McGrouther, David B. Morgan Stanley Wealth Management Menlo Park XXX McWhorter, Richard Merrill Lynch - Private Banking & Investment Group Los Angeles X ARKANSAS Miller, Martin Ameriprise Financial San Carlos X X X X Winburn V, Hardy L. UBS Financial Services Little Rock XXX Minkoff , Steven M. Ameriprise Financial San Francisco X X X Pence, Laila Pence Wealth Management Newport Beach X X X CALIFORNIA Pfeff erman, Darren A. Morgan Stanley Private Wealth Management San Diego XXX Abrams, Michael L. Wells Fargo Advisors, LLC Palo Alto XX Piepenkotter, Monica Merrill Lynch - Private Banking & Investment Group La Jolla XXX Arbogast, Peter Merrill Lynch - Private Banking & Investment Group San Francisco X Richards, Perry S. Merrill Lynch Wealth Management Beverly Hills XXX Bartman, Brett RBC Wealth Management Beverly Hills XXX Rothstein, Rebecca S. Merrill Lynch - Private Banking & Investment Group Beverly Hills XX Basch, Andrew Morgan Stanley Private Wealth Management Los Angeles XXX Schirripa, Joseph J. UBS Financial Services Beverly Hills X X X X Binder, Mark N. UBS Private Wealth Management Los Angeles XX Schulten, Mark The Schulten Group of Wells Fargo Advisors, LLC Long Beach X X X X Blanchfield, Tom Merrill Lynch - Private Banking & Investment Group Newport Beach X X Shadden, John T. Morgan Stanley Private Wealth Management Long Beach XXX Bolander, Ivar J. Morgan Stanley Wealth Management Santa Rosa XX Smith, Lawrence E. UBS Financial Services Brea XXXX Bubb, Kerrick W. KWB Wealth Managers Group Redlands X X X Vaughan, Gregory V. Morgan Stanley Private Wealth Management Menlo Park XX Burbank, Mike Morgan Stanley Private Wealth Management San Francisco XX Walters, Philip S. Wells Fargo Advisors, LLC Beverly Hills XX Burford, Lon E. Royal Alliance Sacramento X X X X Weaver, Jason M. Ameriprise Financial Huntington Beach X Chopra, Ash Merrill Lynch - Private Banking & Investment Group San Francisco X Weber, Steven J. Morgan Stanley Private Wealth Management Los Angeles XX Curtis, Mark T. Graystone Consulting Palo Alto XXX Wolfslau, Karl Morgan Stanley Wealth Management Long Beach X X X X daRoza, Tony Merrill Lynch - Private Banking & Investment Group San Francisco XX Wong, Jack Morgan Stanley Wealth Management Mountain View X X Freides, Drew S. UBS Private Wealth Management Los Angeles XXX Young, Cheryl L. Morgan Stanley Wealth Management Los Gatos XXX Friedman, Mark UBS Private Wealth Management San Francisco X Zafari, Reza Merrill Lynch - Private Banking & Investment Group Century City XX Gallo, Robert F. Merrill Lynch Wealth Management Walnut Creek X X X X Zanolli, Greg Wells Fargo Advisors, LLC Roseville XXX Garcia, Jennifer Leigh Wells Fargo Advisors, LLC Encino XX Genovese, Michael T. Royal Alliance Sacramento X X X X COLORADO Gray, Eric A. Merrill Lynch - Private Banking & Investment Group Los Angeles X Di Ianni, Donna M. Merrill Lynch Wealth Management Aspen XXX Green, Rick Wells Fargo Advisors, LLC Los Angeles X X X X Dodds, Andrew T. Dodds Wealth Management Englewood XX Hartl, Philippe M. Merrill Lynch - Private Banking & Investment Group Los Angeles XX Fowler, Shawn P. Morgan Stanley Private Wealth Management Denver XXX Jackson, Dana Graystone Consulting Menlo Park XXX Hoover, Carl R. Merrill Lynch Wealth Management Denver XXX Jones, Richard B. Merrill Lynch - Private Banking & Investment Group Century City XX Jorgensen, Debbie Merrill Lynch Wealth Management San Francisco XXX CONNECTICUT Kanigher, Michael D. UBS Private Wealth Management Los Angeles XXX Erdmann III, John (Jeff ) F. Merrill Lynch - Private Banking & Investment Group Greenwich XXX Kelly, Inna L. Morgan Stanley Wealth Management San Francisco X * High net worth (clients with $1m-$10m in investable assets), ** Ultra high net worth (clients with $10m or more in investable assets) 8 | FTReports FINANCIAL TIMES Thursday 31 March 2016 FINANCIAL TIMES Thursday 31 March 2016 FTReports | 9 FT 400 Top Financial Advisers FT 400 Top Financial Advisers

Client segments Client segments Client segments Client segments served served served served Name Company City Retail HNW* HNW**Ultra Institutional Name Company City Retail HNW* HNW**Ultra Institutional Name Company City Retail HNW* HNW**Ultra Institutional Name Company City Retail HNW* HNW**Ultra Institutional Gourd, William C. UBS Private Wealth Management Stamford XX White, Brett D. Ameriprise Financial Oakbrook Terrace X X Sharma, Raj Merrill Lynch - Private Banking & Investment Group Boston XXX Canell, Jay Morgan Stanley Wealth Management New York X X X X Greco, William J. UBS Financial Services Hartford X X X Wilkinson, David M. Morgan Stanley Private Wealth Management Chicago X Taylor, James W. UBS Financial Services Boston XX Canell, Neil Morgan Stanley Wealth Management New York X X X X Mattson Kenworthy, Mary UBS Private Wealth Management Stamford XX Wright, David C. Merrill Lynch - Private Banking & Investment Group Chicago X Whalen, Kevin Morgan Stanley Wealth Management Boston XX Cohen, Leigh Merrill Lynch - Private Banking & Investment Group New York X McElroy, Abby Wolman RBC Wealth Management Westport X X X X Wilson, Daniel T. Ameriprise Financial Auburndale X X X Condos, Steve Morgan Stanley Private Wealth Management New York XXX Somberg, Matthew A. Gottfried & Somberg Wealth Management, LLC Glastonbury X X X INDIANA Winthrop, Mark Winthrop Wealth Management Westborough XXX Donohue, Mark G. Morgan Stanley Wealth Management New York XXX Spitzbard, Kenneth SagePoint Financial Branford X X X X Cooke, Brian F. Cooke Financial Group of Wells Fargo Advisors, LLC Indianapolis XXX Wolff , Jonathan C. Lightship Wealth Strategies, Inc. Newton Lower Falls X X X X Dyer, Robert C. Merrill Lynch - Private Banking & Investment Group New York X Cooke, Christopher Cooke Financial Group of Wells Fargo Advisors, LLC Indianapolis XXX Wood, Thomas UBS Financial Services Boston XXXX Filone, Jeff rey Morgan Stanley Wealth Management Garden City XXX DISTRICT OF COLUMBIA Gregor, Martin Merrill Lynch - Private Banking & Investment Group Indianapolis XXX Fitzburgh, Richard A. RBC Wealth Management New York XXX Apton, Keith UBS Financial Services Washington XX Moore, Christopher P. Ameriprise Financial Fort Wayne X X X X MICHIGAN Greenspan, Richard UBS Financial Services New York X X X Haff ner, Barry M. UBS Financial Services Washington XX Payne, Eric Merrill Lynch Wealth Management Indianapolis XXX Bernecker, Scott D. Merrill Lynch Wealth Management Grand Rapids X X X X Haberman, Jason Morgan Stanley Wealth Management New York XX King II, James J. Merrill Lynch - Private Banking & Investment Group Washington XXX Perry, John D. Morgan Stanley Wealth Management Indianapolis X X X Kruzan, James B. Kaydan Wealth Management, Inc. / Raymond James Fenton XXXX Halbfinger, Martin UBS Financial Services New York XXX Nelson, Wayne Merrill Lynch Wealth Management Washington X X X X Stscherban, Paul Baird Mishawaka X X X X Long, Timothy J. Merrill Lynch Wealth Management Grand Rapids X X X X Hart, Andrew Morgan Stanley Private Wealth Management New York XX Ross, Steven S. RBC Wealth Management Washington XX Migliazzo, Frank Merrill Lynch - Private Banking & Investment Group Troy XX Kass, Richard P. KBK Wealth Management, LLC New York X X X Slater III, William R. Merrill Lynch - Private Banking & Investment Group Washington XXX IOWA Nemes, Charles L. Nemes Rush Private Wealth Management of Raymond James Novi XXX Kavallieratos, Nick Morgan Stanley Wealth Management New York X X X X Walker, Dexter Mead Morgan Stanley Private Wealth Management Washington XXX Boesen, Bryan Morgan Stanley Wealth Management Des Moines XXX Sanford, Todd A. Sanford Financial Services, Inc. / Raymond James Portage XXXX Kilduff , Sean T. UBS Private Wealth Management New York X Williams, John M. Morgan Stanley Private Wealth Management Washington XXX Swanson, Keith K. Morgan Stanley Private Wealth Management West Des Moines X X X Towner, Jeff Merrill Lynch Wealth Management Grand Rapids XX Kingsolver, Susan L. Morgan Stanley Private Wealth Management New York XXX VanDyke, Kevin M. Bloomfield Hills Financial Bloomfield Hills X X X X Kleiner, Scott Morgan Stanley Wealth Management New York XX FLORIDA KANSAS Veldheer, James D. Merrill Lynch Wealth Management Grand Rapids X X X X Klingman, Gerard Klingman & Associates, LLC / Raymond James New York XXX Aitken, Christopher C. Merrill Lynch - Private Banking & Investment Group Ponte Vedra XXX Ewing, Paul W. Prosperity Advisory Group Overland Park X X Vigi, Jon UBS Private Wealth Management Birmingham XX Kobernick, Jeff rey M. UBS Private Wealth Management New York XXX Applewhite III, Eric L. Morgan Stanley Wealth Management Boca Raton X X X Ferguson, Scott D. Morgan Stanley Wealth Management Leawood XXX Zhang, Charles C. Zhang Financial Portage XXXX Liebers, Lawrence C. Merrill Lynch Wealth Management New York XXX Barcena, Ignacio A. Wells Fargo Advisors, LLC Miami XXX Mellert, Douglas M. Merrill Lynch Wealth Management New York XXX Barnes, John C. RBC Wealth Management Naples XXX KENTUCKY MINNESOTA Naylor, Rachael Morgan Stanley Private Wealth Management New York XX Chiavacci, Louis J. Merrill Lynch - Private Banking & Investment Group Coral Gables X Donohue, Dean M. Ameriprise Financial Louisville X X X X Boyd, Christina K. Merrill Lynch Wealth Management Wayzata X X X O'Connell, Daniel Merrill Lynch Wealth Management Garden City XX Clarke, Peter J. BB&T Scott & Stringfellow Palm Beach XXX Foutch, Daniel J. The Foutch Group, Hilliard Lyons Glasgow X Brandt, Thomas J. RBC Wealth Management Wayzata X X X Osio, Miguel G. Morgan Stanley Private Wealth Management New York XX Cogan, Aimee Morgan Stanley Wealth Management Sarasota XXX Perrone, Thomas Morgan Stanley Wealth Management Louisville X X X X Eckerline, Peter Merrill Lynch Wealth Management Wayzata XX Papandrea, Rocco Merrill Lynch Wealth Management New York X X X X Dwyer, Patrick J. Merrill Lynch - Private Banking & Investment Group Miami X Macken Elliott, Martha Mayo Employees Federal Credit Union Rochester X X Piniros, Fotios Morgan Stanley Private Wealth Management New York X Elwaw, John Morgan Stanley Wealth Management Miami XX LOUISIANA Major, Charles L. UBS Private Wealth Management Minneapolis XX Poppo, Michael F. UBS Financial Services New York XXX Esses, Tony Wells Fargo Advisors, LLC Miami XX Lewis, Jr., Tandy G. Raymond James Shreveport X X X X Marks, Ben Marks Group Wealth Management Minnetonka XXX Rukeyser, Peter L. UBS Private Wealth Management New York XX Fetterman, Sean UBS Financial Services Boca Raton XXX Simmons, Charles L. Ameriprise Financial Metairie X X X Metcalf, Robert S. UBS Private Wealth Management Minneapolis XXX Salvino, Richard Merrill Lynch - Private Banking & Investment Group New York X Gouraige, Ghislain UBS Private Wealth Management Coral Gables X Sargent, John H. Morgan Stanley Private Wealth Management New York X Johnson, Kevin T. Morgan Stanley Private Wealth Management Naples XX MAINE MISSOURI Sawyer, Michael Morgan Stanley Private Wealth Management New York X McDonald, Jon Randal Morgan Stanley Wealth Management Boca Raton XXX Burns, Jeremiah S. Morgan Stanley Wealth Management Portland XX Ludwig, John T. Morgan Stanley Wealth Management Kansas City X X X X Sax, Ben Merrill Lynch - Private Banking & Investment Group New York X X X Merriam III, William H. Merrill Lynch Wealth Management Jacksonville X X X X Moeller, Michael L. Moeller Group of Wells Fargo Advisors, LLC Chesterfield X X X X Schoff , William L. UBS Financial Services Rochester XX Moll, Todd A. Provenance Wealth Advisors / Raymond James Fort Lauderdale X X X X MARYLAND Sechan II, Robert J. UBS Private Wealth Management New York XXX Moran, Thomas M. Wells Fargo Advisors, LLC Naples XXX Baker, Gregory M. Merrill Lynch Wealth Management Bethesda XX NEBRASKA Seruya, Mark Morgan Stanley Private Wealth Management New York XXX Reznik, Steven P. Raymond James Tallahassee X X X X Baum, Patricia P. RBC Wealth Management Annapolis X X X X Feltz, Todd A. Feltz WealthPLAN, Inc. Omaha XXXX Steden, Heliane Merrill Lynch Wealth Management New York X Silverman, Mickey Raymond James Boca Raton XX Boggs, Larry D. Wells Fargo Advisors, LLC Cumberland X X X X Garlock, John (Buzz) RBC Wealth Management Omaha XXXX Sukhin, Andrew G. Morgan Stanley Wealth Management New York XX Simmons, Keith Merrill Lynch Wealth Management Miami XXXX Eisen, Dean Graystone Consulting Potomac XX Jacobitz, Andy J. RBC Wealth Management Omaha XXXX Sullivan, Thomas E. Merrill Lynch Wealth Management Garden City XX Stephens, Jason E. UBS Private Wealth Management Naples XX Etergino, Ann Marie RBC Wealth Management Chevy Chase XXX Leinen, Scott RBC Wealth Management Omaha XXXX Talish, Joel Wells Fargo Advisors, LLC Purchase XX Sylvia, Kurt F. UBS Private Wealth Management Palm Beach XXX Fox, Paul M. Morgan Stanley Wealth Management Lutherville X X X Robinson, Andrew C. Morgan Stanley Wealth Management Omaha XXXX Temel, Charles S. UBS Financial Services New York XXX Viyella, Miguel A. Wells Fargo Advisors, LLC Miami XXX Jackson, Margaret M. RBC Wealth Management Annapolis X X X X Toomey, Christopher A. Morgan Stanley Private Wealth Management New York XX Kantor, Robert XML Financial Group Rockville X X X X NEVADA Trikha, Umesh K. Merrill Lynch Wealth Management New York X X X X GEORGIA Meredith, Andrew F. Merrill Lynch Wealth Management Baltimore X X X X Buckley, Brian J. Morgan Stanley Wealth Management Las Vegas XX Vinder, Ron J. UBS Financial Services New York XX Frank, Brian H. Morgan Stanley Private Wealth Management Atlanta XXX Murray, Jonathan P. UBS Financial Services Hunt Valley X Chudd, Michael UBS Financial Services Las Vegas XX Weil, Noel Merrill Lynch - Private Banking & Investment Group New York X Hansberger, James C. Morgan Stanley Private Wealth Management Atlanta XXX Pakenas, Betsy Morgan Stanley Wealth Management Frederick X X X Derhake, Michael A. Wells Fargo Advisors, LLC Las Vegas X X Weilman, Charles S. Morgan Stanley Wealth Management New York XXX Harbour, Andrew Graystone Consulting Atlanta XX Pearce, Kent V. Merrill Lynch Wealth Management Towson XXX Jay, Kelly K. UBS Financial Services Reno XX Williams, Alexander D. UBS Private Wealth Management New York XX Hines, Michael L. Consolidated Planning Corp. / Raymond James Atlanta XXXX Rosenwald, Beth RBC Wealth Management Baltimore X X X Laughton, Jr., James R. Wells Fargo Advisors, LLC Reno XXX Winik, Jeff rey Morgan Stanley Wealth Management New York X X X Hughes, Ron Merrill Lynch - Private Banking & Investment Group Atlanta X Sella, Edward Geoff rey SPC Financial, Inc. / Raymond James Rockville X X Lellyett, Jr., William M. Raymond James Atlanta XXXX Serenyi, Nicholas J. Morgan Stanley Wealth Management Rockville XXX NEW JERSEY NORTH CAROLINA Mericka, Keith A. UBS Private Wealth Management Atlanta XXX Smith, Edward (Ted) W. UBS Financial Services Baltimore XX Andreach, Christopher M. RBC Wealth Management Red Bank XXX Cash, Gregory M. Merrill Lynch - Private Banking & Investment Group Charlotte X Merlin, Michael J. Morgan Stanley Private Wealth Management Atlanta XXX Tomick, Paul M. Janney Montgomery Scott LLC Towson XXX Barry, James R. Merrill Lynch Wealth Management Princeton X X X X Ellsweig, Erick J. Merrill Lynch Wealth Management Greensboro XX Montgomery, John UBS Private Wealth Management Atlanta XXX Burke, John B. Burke Financial / Raymond James Iselin XX Fisher, Rick Fisher Wealth Management Burlington X X X X Ryan, Justin P. UBS Private Wealth Management Atlanta XX MASSACHUSETTS Cook, Christopher G. Merrill Lynch Wealth Management Florham Park XX Oliver, William M. Wells Fargo Advisors, LLC Charlotte XX Wagner, Michael J. Morgan Stanley Wealth Management Atlanta XX Armstrong, Christine Morgan Stanley Wealth Management Boston X Darcangelo, Devin UBS Private Wealth Management Paramus XXX Thomas, Stephen L. Linden Thomas & Co. (Wells Fargo Advisors Financial Network, LLC) Charlotte XXX Westmoreland, Rod Merrill Lynch - Private Banking & Investment Group Atlanta X Bartholomew, Thomas J. Bartholomew & Company, Inc. Worcester X X X X Deatherage, Mary M. Morgan Stanley Private Wealth Management Little Falls XXX Wickham, Robert Mitchell Merrill Lynch - Private Banking & Investment Group Charlotte X Borden, David CCR Wealth Management Westborough XX Fendrick, Mark UBS Financial Services Mt. Laurel X X X X ILLINOIS Brede, Debra K. D.K. Brede Investment Management Company, Inc. Needham X X X X Finkel, David R. Merrill Lynch Wealth Management Egg Harbor Twp X X X OHIO Baldwin, Patrick Merrill Lynch - Private Banking & Investment Group Chicago XX Connolly, Jr., Richard F. Morgan Stanley Private Wealth Management Boston XXX Gisser, Warren J. RBC Wealth Management Parsippany XX Albach, Brian K. Morgan Stanley Wealth Management Cincinnati XX Bhatia, Raj Merrill Lynch - Private Banking & Investment Group Chicago XXX Corbett, L.O. Patrick Morgan Stanley Private Wealth Management Boston XX Lichtenfeld, Mark L. UBS Private Wealth Management Florham Park XXX Bowman, James A. Raymond James Bexley XXXX Cutilletta, Patricia G. Morgan Stanley Wealth Management Chicago XX Dillon, Sean V. UBS Financial Services Boston XXX Matina, Joseph UBS Private Wealth Management Short Hills XX Chornyak, Sr., Joseph A. Chornyak & Associates Columbus X X X X Doerge, Jack O. Morgan Stanley Private Wealth Management Chicago X Finn, Daniel N. Morgan Stanley Wealth Management Wellesley XXX McLaughlin, James M. Princeton Wealth Advisors of Raymond James Princeton XXX Edwards, Brian J. Morgan Stanley Wealth Management Columbus X X X X Easom, William H. Morgan Stanley Wealth Management Chicago X X X Javaheri, David R. Morgan Stanley Wealth Management Wellesley XX McPeak, Neil Wells Fargo Advisors, LLC Linwood X X X X Ellis III, David W. UBS Private Wealth Management Cincinnati X X X X Joyce, John C. Morgan Stanley Private Wealth Management Chicago X Joyce, Mark S. Merrill Lynch Wealth Management Boston XX Micera, John P. RBC Wealth Management Florham Park X X X X Kastan, Bradley R. Raymond James Bexley XXXX Leshem, Benjamin Hefter, Leshem, Margolis Cap Mgmt Group / Wells Fargo Advisors Highland Park X X X Kaplan, Susan C. Kaplan Financial Services, Inc. Newton XX Ricca, Michael J. Morgan Stanley Wealth Management Florham Park XXX Myeroff , Kevin Royal Alliance Cleveland X X X Lynch, Kevin R. Morgan Stanley Private Wealth Management Chicago XX Larsen, Wyatt UBS Private Wealth Management Boston X Schwartz, Daniel S. UBS Private Wealth Management Paramus XX Shendure, Ashok S. BDS Financial Network Solon XXXX Magnesen, Scott K. Morgan Stanley Wealth Management Oak Brook X X X Marchese, Michael F. Axial Financial Group Burlington X X X X Schwartz, Eric R. UBS Private Wealth Management Florham Park XXX Shendure, Rajanee A. BDS Financial Network Solon XXXX Margolis, Charles B. Hefter, Leshem, Margolis Cap Mgmt Group / Wells Fargo Advisors Highland Park X X Mason, Robert F. Morgan Stanley Private Wealth Management Boston XX Walker, Ira UBS Private Wealth Management Red Bank XX Singer, David L. Merrill Lynch - Private Banking & Investment Group Cincinnati XXX Meyer, Douglas L. Wells Fargo Advisors, LLC Deerfield X X X X McCauley, Paul J. Merrill Lynch - Private Banking & Investment Group Boston XX Weinerman, David Morgan Stanley Wealth Management Florham Park XXX Oberheide, James L. Morgan Stanley Private Wealth Management Chicago XX McGuirk, Gary L. Merrill Lynch - Private Banking & Investment Group Boston X OKLAHOMA Pfaff , Christopher S. UBS Private Wealth Management Chicago X Miller, Paul E. Axial Financial Group Burlington X X X X NEW YORK Lehman, Donald M. Merrill Lynch Wealth Management Tulsa XX Raihle, Maureen Merrill Lynch - Private Banking & Investment Group Chicago XXX Miller, Richard R. Ameriprise Financial Wellesley X X Adamsky, Jonathan UBS Financial Services New York X X X Roeser, Kathleen Morgan Stanley Wealth Management Chicago XX Mullin, Mary B. Merrill Lynch Wealth Management Boston XX Bakshi, Vishal Merrill Lynch - Private Banking & Investment Group New York XX PENNSYLVANIA Schaff er, Michael S. Wells Fargo Advisors, LLC Lake Forest XX Nabhan, Edward G. Morgan Stanley Wealth Management Boston XX Basu, Ron Morgan Stanley Private Wealth Management New York XX Archer, Ben UBS Financial Services Conshohocken X X Schuster, Scott Dashboard Wealth Advisors / Raymond James Oak Brook X X X Peckler, Maxwell D. UBS Financial Services Boston XX Bianco, George Merrill Lynch Wealth Management New York XXX Blumenthal, Edward S. Janney Montgomery Scott LLC Philadelphia XX Sparks, Walter L. The Brechnitz Group of Raymond James Decatur XXX Princi, Peter Graystone Consulting Boston XXX Boccia, Leonard Wells Fargo Advisors, LLC New York XX Boland, Robert C. RBC Wealth Management Philadelphia X X X X Ver Bockel, John Merrill Lynch - Private Banking & Investment Group Chicago XXX Rumrill, Dave Morgan Stanley Private Wealth Management Wellesley X Bodner, Eric Scott Merrill Lynch - Private Banking & Investment Group New York X X X Brennan, Patricia C. Royal Alliance West Chester X X X X 10 | FTReports FINANCIAL TIMES Thursday 31 March 2016 FINANCIAL TIMES Thursday 31 March 2016 FTReports | 11 FT 400 Top Financial Advisers FT 400 Top Financial Advisers

Client segments Client segments served served Frosty reception for robo-advisers Name Company City Retail HNW* HNW**Ultra Institutional Name Company City Retail HNW* HNW**Ultra Institutional DiValerio, Jr., Anthony J. Morgan Stanley Private Wealth Management W. Conshohocken X Smith, Reed H.B. Merrill Lynch - Private Banking & Investment Group Houston X adviser and a certified financial Kron, David J. Kron & Polis Financial Group of Wells Fargo Advisors, LLC Philadelphia X X X X Tiras, Scott B. Ameriprise Financial Houston XX Digital advice planner. “It’s a great thing for the Levy, Victor S. Levy Wealth Management Group Philadelphia X X X X Vicknair, Nestor J. Merrill Lynch Wealth Management Houston XX Few advisers are using industry, and we’ve decided to Nehrbas, Andrew R. Janney Montgomery Scott LLC Bryn Mawr X X X X Whitehead, Donald L. Morgan Stanley Wealth Management Houston XX embraceitandnotfightit,”hesays. Parker, Sr., John J. Wells Fargo Advisors, LLC Philadelphia XXX the programs, but Mr Goodwin’s practice manages Perry, Joseph A. Aviso Financial, LLC Southampton X X UTAH some can see their nearly $250m in assets. He would not Rohr, Peter A. Merrill Lynch - Private Banking & Investment Group Philadelphia X Mintz, Glen R. UBS Financial Services Park City X X X X say what portion of that was in robo- Salmansohn, Eric Morgan Stanley Wealth Management Philadelphia XXX future potential, advicenorwouldherevealhowmany VERMONT Seiler, Thomas A. Raymond James Newtown XXX writes Matthew Beaton customers were on the digital advice Strope, Peter M. UBS Financial Services Canonsburg X X X X Stotz, Timothy E. Morgan Stanley Wealth Management Burlington XXX platform. The firm has actively pursued SOUTH CAROLINA VIRGINIA igital financial advice young professionals in the greater Edwards, Jr., Howard D. Wells Fargo Advisors, LLC Charleston X X X X Barnette, Jr., James T. Raymond James Financial Services, Inc. Reston XXX platforms are proliferat- Nashville area for the digital offering. Ellison, Jr., J. Hagood Merrill Lynch Wealth Management Columbia XXX Campbell, Kelly Campbell Wealth Management Alexandria X ing, but there is one Mr Goodwin has found these “emerg- Kibler, E. Robertson Merrill Lynch Wealth Management Columbia XX Corey, Lynn Alexis Lee Morgan Stanley Wealth Management Alexandria XXX problem — hardly any ing investors” at networking events Sullivan, Derrick A. Morgan Stanley Wealth Management Charleston X X X X Ford, Brian T. RBC Wealth Management Richmond X X X X financial advisers are foraccountantsandlawyers,hesays. Kim, Soo (Susan) Ameriprise Financial Vienna XXXX D SOUTH DAKOTA Kurtz, Jonathan R. Voya Financial Advisors Vienna XXXX usingthem. Initially Mr Goodwin thought the Nelson, Todd Merrill Lynch Wealth Management Sioux Falls X X X X LeClair, Jeff W. Wells Fargo Advisors, LLC McLean XXX From Morgan Stanley to Wells typical client would be a late-20s-to- Leonard, Mark F. Morgan Stanley Wealth Management McLean XX Fargo to LPL Financial, major broker early-30s millennial, but found they TENNESSEE Lewis, John B. BB&T Scott & Stringfellow Richmond XXX dealers with thousands of advisers are mostly in their late 30s with a Gooch III, Robert D. Raymond James Memphis XXX Mahler, Jr., G. Carl The Pinnacle Group / Raymond James Midlothian X are developing software programs — family and “rollover dollars” from Hassan, Elias (Yaz) Hilliard Lyons Murfreesboro X X X X Rosenthal, Larry Voya Financial Advisors Manassas X X dubbed “robo-advisers” — which 401(k)retirementplansatpriorjobs. Klindt, Eric T. Merrill Lynch - Private Banking & Investment Group Nashville XXX Speck, David G. Speck-Caudron Investment Group of Wells Fargo Advisors, LLC Alexandria X X X X automatically build portfolios for At HawsGoodwin, the minimum Liles, Malcolm H. Baird Nashville X X X X Sprowls, Ryan C. Wells Fargo Advisors, LLC Alexandria X X X X investors based on a series of ques- account size required to work with its Stoever, Brude D. Stoever & Palmore Investment Group of Wells Fargo Advisors, LLC Richmond XXX tions covering risk tolerance and wealth management side is generally TEXAS Strange, Allan H. Janney Montgomery Scott LLC Richmond X X X X retirementplans. $500,000, Mr Goodwin says. Blonkvist, Kevin M. RBC Wealth Management Midland X X X X For advisers, the software repre- Andmanyroboclientshavemadeita Carlson, Randy R. Merrill Lynch Wealth Management Dallas XXX WASHINGTON sents a cheap way to handle clients goal to cross over to the full-service Clements, Kevin Morgan Stanley Wealth Management Dallas XXXX Braun, Dean Morgan Stanley Private Wealth Management Seattle XX who do not meet their minimum option at some point in their lives, he Coff ee, Jr., James L. Merrill Lynch Wealth Management Houston X X X X Cook, Terry L. UBS Private Wealth Management Bellevue X asset requirements. However, the says. “Smaller relationships histori- Crocker, J. Dow Raymond James Dallas XXX Elliott, Patrick D. RBC Wealth Management Bainbridge Island X X X X serviceisnotcatchingon. cally have not gotten [the] attention de Groot, Frederick A. Merrill Lynch Wealth Management The Woodlands X X X Hollomon, Stephen J. Merrill Lynch Wealth Management Seattle XXX “I still think our industry is a peo- or the focus that they need, and so Dodson, Philip M. Merrill Lynch - Private Banking & Investment Group Houston XX Matthews, Michael S. UBS Financial Services Bellevue X X X X ple business,” says Steven Jolly, a we’ve always wanted to serve that Elias, Mark UBS Private Wealth Management Houston XXX Ragen, Cameron Baird Seattle XXXX Wells Fargo adviser in Fresno, Cali- market,”MrGoodwinsays. Emanuelson, Jr., Dwight H. Merrill Lynch - Private Banking & Investment Group Dallas X Scannell, Erin J. Ameriprise Financial Mercer Island X X X X fornia. “Who needs you if they A few recent acquisitions are Fox, Leslie B. RBC Wealth Management Houston X X X Strong, Robert Baird Seattle XXXX haven’t built a relationship with you? expected to lead to an increase in the Fuhrmann III, Carl (Triple) I. Merrill Lynch Wealth Management San Antonio XXX Tschetter, Richard D.A. Davidson & Co. Bellevue X X X Why would they reach out to you in use of robo-advisers. Asset managers Hardin, Robert C. Underwood, Neuhaus & Hardin Group of Wells Fargo Advisors, LLC Houston X X X X West, Lowry Morgan Stanley Private Wealth Management Seattle X their time of need?” says Mr Jolly, BlackRock and Invesco have pur- Knox, Kerry A. Merrill Lynch Wealth Management Fort Worth X X X X whomanagesabout$200minassets. chasedrobosFutureAdvisorandJ em- Kravitz, Ira UBS Financial Services Plano XX WEST VIRGINIA It appears many share his scepti- step respectively in about the last six Lewis, Jr., Charles J. Wells Fargo Advisors, LLC Waco XXXX Houchins, David L. BB&T Scott & Stringfellow Charleston X X X X cism. A recent study by Practical Per- months. Already BlackRock has Lorch, Howard S. The Lorch Group of Wells Fargo Advisors, LLC Houston X X X X spectives, a research and consulting signed licensing agreements with Moore, Marie A. Morgan Stanley Wealth Management Dallas XXX WISCONSIN company, found that adding a robo- BBVA Compass and RBC Wealth Murray, R. Nelson Morgan Stanley Private Wealth Management Houston X Burish, Andrew D. UBS Financial Services Madison X X X X adviser in the next 12 to 24 months Management. Nagel, Steven M. Merrill Lynch Wealth Management Dallas XX Cimino, Vince Cimino Wealth Advisors Clinton XX was a “high priority” for only 7 per JeffGoldstein,anadviserinBeverly Pearcy, Van M. Van Pearcy's Wealth Services / Raymond James Midland X X X X Epstein, David S. Baird Milwaukee XX centofadvisersandmorethan50per Hills, is part of RBC Wealth Manage- Piatas, Richard W. Merrill Lynch Wealth Management Dallas XX Kowal, Jeff rey D. Kowal Investment Group, LLC / Raymond James Waukesha X X X X centsaiditwasnotapriorityatall. ment’s pilot programme for Futu- Price, Randy R. RBC Wealth Management Houston XX Meanwell, Walter E. Wells Fargo Advisors, LLC Madison X X X X Currently, just 4 per cent of advis- reAdvisor. Reichek, Mark E. Merrill Lynch Wealth Management Houston X X X X ers use these online advice platforms, He intends to use the robo as an Robertson, W. Michael Robertson Wealth Management Houston X X X * High net worth (clients with $1m-$10m in investable assets) ** Ultra high net worth (clients with $10m or more in investable assets) according to the survey of more than add-on when providing 401(k) serv- Schroeder, Ralph J. Ameriprise Financial The Woodlands X X 850advisersinJanuary. ices to businesses, in handling less Advisers, however, are not totally wealthyreferralsfromtopclientsand opposed to robo advice, says Howard also managing money for existing cli- Schneider, president of the consul- ents’children,forexample. Methodology tancy. They worry it does not fit into He says many of the clients he their business model and may under- meets are in the early stages of build- In autumn 2015, the Financial Times The FT then invited qualifying Assets under management can etc) demonstrates technical and The FT presents the FT 400 cut their personalised approach. But ingwealthandareunlikelytobecome contacted the largest US brokerage advisers — a list which totalled just signal experience managing money industry knowledge and obtaining as an elite group, not as a they also acknowledge that it repre- full-service clients for 20 years. “The firms and asked them to supply under 1,000 — to complete a short and client trust. these designations shows a competitive ranking. sents the future and do not want to keyisestablishingthoserelationships information about advisers in their questionnaire that gave us more AUM growth rate (we look at both professional commitment to gaining The research team decided that miss out. “There’s sort of this bipolar early,”hesays. networks in order to compile the information about their practices. one-year and two-year growth investment skills. ranking the industry’s top advisers viewofrobo-advice,”hesays. Mr Goldstein is part of a team that listing of the 2016 FT 400 Top We augmented that information rates) can be seen as a proxy for Online accessibility illustrates from one to 400 would have been Digital platforms could signifi- oversees about $1.5bn in assets, Financial Advisers. with our own research on the performance, asset retention and commitment to providing investors misleading since each adviser takes cantly increase a practice’s efficiency where the firm’s senior partners do By seeking information in this candidates, including data from ability to generate new business. with easy access and transparent a different approach to his or her in handling less wealthy clients, Mr “They’d really like to put these platform after it debuted in June. He nottakeonaccountsoflessthan$5m. manner, the FT was able to obtain regulatory filings. Years of experience can indicate a contact information. practice and has different Schneider argues. Firms have a sur- smaller accounts on a more efficient says adoption of the service could He agrees the robo represents a nice verified data on assets under The formula the FT uses to grade track record managing assets in AUM accounted for an average of specialisations. The FT plus of these “accommodation cli- platform like a robo-advice plat- provide “a growth engine” for his introduction to financial advice for management (AUM) instead of advisers is based on six broad different economic and interest-rate approximately 66 per cent of each methodology aims to be both ents”, which, for example, could be form.” business, by acting as a vehicle “that thosewhodonotmeettheassetmini- relying on self-reporting by advisers. factors and calculates a numeric environments. adviser’s score. Additionally, the FT quantifiable and objective. the $50,000 account of the great aunt Significant business growth oppor- allows us to develop relationships mum,butlikelywilloneday,hesays. We asked for information on score for each adviser. Compliance record can show how places a cap on the number of of a very wealthy client that the prac- tunities exist with digital advice, says ‘It’s a great thing for the with investors earlier in their lives “It fills a void, it fills a need,” Mr advisers with more than 10 years’ The research team chose satisfied clients have been with the advisers from any one state that is The research was conducted on ticewantstokeephappy,hesays. Cam Goodwin, a managing partner at industry, and we’ve and help set them on a path to build Goldstein says. “Quite frankly, there experience and who had more than indicators that can be taken as adviser’s conduct — a string of roughly calculated according to the behalf of the Financial Times by “In many cases, advisers will do HawsGoodwin Financial based near wealth and eventually get to our are many people out there who need $300m in assets under proxies for other desirable complaints could signal problems. distribution of millionaires across Ignites Distribution Research, a that,begrudgingly,butthey’lldoitfor Nashville.Hisfirmwasoneofthefirst decided to embrace it wealthmanagementside”. financial advice that a digital adviser management. characteristics. Industry certifications (CFA, CFP, the US. Financial Times sister publication. the bigger fish that they serve,” Mr to employ Schwab’s Institutional and not fight it’ Investors who sign up for the can provide that otherwise simply Schneidersays. Intelligent Portfolios digital robo also get access to a financial wouldnotgetit.”