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Simfund Pro, 7.0 – Distribution Channel & Top Distributor Descriptions

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Simfund Pro, 7.0 – Distribution Channel & Top Distributor Descriptions SIMFUND PRO, 7.0 – DISTRIBUTION CHANNEL & TOP DISTRIBUTOR DESCRIPTIONS Distribution Channel Descriptions Wirehouse The Wirehouse channel encompasses a number of the largest wealth management firms in the U.S. These firms account for more than 50,000 financial advisors nationwide and represent a very substantive proportion of overall U.S. mutual fund industry sales. From an asset perspective, Wirehouses account for in aggregate over $1 trillion in total U.S. mutual fund assets. Independent/Regional Broker Dealers Independent and Regional Broker Dealers are comprised mainly broker dealer firms whose financial advisors operate as independent contractors (as opposed to Wirehouse advisors who are employees of their firms). The Independent/Regional BD marketplace is made up of a majority of small firms but also several large and growing players. This channel represents an important advisor-sold mutual fund distribution avenue in the U.S. Registered Investment Advisors (RIAs) The RIA channel encompasses independent and largely fee-only advisors whose primary means of accessing mutual funds is via supermarket platforms such as Schwab, Fidelity, etc. While the RIA channel has been an emerging area of focus for many of the large, traditionally broker dealer sold fund firms in the U.S., much of the established mutual fund presence within the RIA community has been concentrated largely among no load boutique and specialized fund managers. Dual Registered The Dual Registered channel includes RIAs who are dually licensed as both a registered investment advisor and a registered representative. Such RIAs are able to operate both fee-based and transaction-based business models with their clients. Strategic Insight an Asset International Company 805 Third Avenue, 21st Floor, New York, New York 10022 www.sionline.com / (212) 944-4455 Simfund PRO, 7.0 Distribution Channel & Top Distributor Descriptions Private Bank The Private Bank channel typically includes the wealth management arms of banks which specialize in offering personalized financial and banking services the bank's high net worth clients. In addition to providing exclusive investment-related advice, private banking typically goes beyond managing investments to address each high net worth client's comprehensive financial situation. Bank The Bank channel includes mutual fund assets held through a number of sources within banking organizations - including through bank-affiliated financial advisor networks, as well as institutional custody and retirement services platforms. Trust Company The Trust Company channel encompasses firms, usually associated with a bank or law firm, that manages investments, administers trusts, and settles estates. In these roles a trust company may either act as an agent, trustee, or executor depending on the type of account relationship. Trust companies fall under the jurisdiction of state or federal banking regulators depending on whether or not it is a state-chartered or federally-chartered trust company. Retirement Platforms The Retirement Platform channel represents the third-party DC plan retirement platforms that are captured in the Simfund 7.0 dataset. *Note that these platforms exclude affiliated recordkeepers of asset management firms and also exclude mutual fund and ETF assets held via insurance companies. Thus, the Retirement Platform channel in Simfund 7.0 is not reflective of the comprehensive DC retirement assets held within U.S. mutual funds (which as of the end of 2012 were $2.5 trillion according to the ICI). Discount The Discount channel includes mutual fund and ETF assets purchased by individual investors through a "do-it-yourself" trading platform such as E*Trade Securities, Scottrade, or other such platforms. This channel includes only assets purchased by individuals through such platforms and does not include assets sold directly by a fund company to an investor. Top Distributor Descriptions Top Mutual Fund Distributors Distributor Firm Type Firm Description Primary Lines of Business Leading Custodian and Clearing firm for RIAs and TPAs. Custody, Discount Brokerage & CHARLES SCHWAB & CO., INC. Clearing Firm OneSource is the leading fund supermarket platform in the U.S. Correspondent Clearing Leading Custodian for IBDs, RIAs and TPAs. Also includes Custody, Discount Brokerage & NATIONAL FINANCIAL SERVICES LLC Clearing Firm Fidelity Brokerage offices. Featured Funds Network Correspondent Clearing supermarket platform. Largest Wirehouse Firm with combined Wealth Management Brokerage, Wealth Management & MERRILL LYNCH (1) Wirehouse Services from BofA Institutional Leading Private Banking Firm. Services also include brokerage, Private Banking & Wealth JPMORGAN Private Bank wealth management and custody. Management Independent/Regional Broker Leading Independent Brokerage Firm with local offices EDWARD JONES Brokerage & Wealth Management Dealer throughtout the US. Leading Custodian for IBDs and RIAs. Also includes Pershing Brokerage & Correspondent PERSHING LLC Clearing Firm Brokerage offices. Clearing Second Largest Wirehouse Firm with combined Wealth Brokerage, Wealth Management & MORGAN STANLEY WEALTH MANAGEMENT Wirehouse Management Services from Morgan Stanley (fomerly Morgan Institutional Stanley Smith Barney). FIDELITY INV. RET. SVCS CO Retirement Platform Fidelity Retirement Services Retirement & Trustee Wells Fargo Wealth Management Services and part of overall Brokerage, Wealth Management & WELLS FARGO ADVISORS, LLC (2) Wirehouse Wells Fargo Financial Services Complex, which is categorized Institutional as a Wirehouse firm. Wirehouse Firm with combined Wealth Management Services Brokerage, Wealth Management & UBS FINANCIAL SERVICES INC. Wirehouse from UBS Bank. Institutional Leading Private Bank, Custodian and Manager of High Net Private Banking, Trust & Wealth NORTHERN TRUST COMPANY Private Bank Worth Assets Management WELLS FARGO BANK MINNESOTA, Bank Part of Wells Fargo Complex with primary services in banking. Private Banking NATIONAL ASSOCIATION (2) Independent/Regional Broker Independent Broker Dealer offering Brokerage and Wealth AMERIPRISE FINANCIAL Brokerage & Wealth Management Dealer Management Services. Independent/Regional Broker Independent Broker Dealer offering Brokerage and Wealth LPL FINANCIAL Brokerage & Wealth Management Dealer Management Services. Independent/Regional Broker Independent Broker Dealer offering Brokerage and Wealth RAYMOND JAMES & ASSOCIATES, INC. Brokerage & Wealth Management Dealer Management Services. BNY MELLON Private Bank Leading Private Bank, Custodian and Asset Management Firm. Banking & Wealth Management CHARLES SCHWAB BANK (3) Retirement Platform Schwab Bank, Trustee and Retirement. Retirement & Trustee Leading Custodian and Clearing firm for RIAs and TPAs. Fund Custody, Discount Brokerage & TD AMERITRADE CLEARING, INC Clearing Firm Supermarket for Retail Direct Investors Correspondent Clearing Custodian for IBDs and RIAs. Also includes JP Morgan Brokerage & Correspondent J.P. MORGAN CLEARING CORP. (4) Clearing Firm Brokerage offices. Clearing WACHOVIA NATIONAL BANK (2) Bank Part of Wells Fargo Complex with primary services in banking. Banking & Wealth Management BANK OF AMERICA, NATIONAL ASSOCIATION Bank Banking, Wealth Management and Custody Banking & Wealth Management Clearing Firm (categorized under Part of Wells Fargo Complex with Primary Services as Brokerage & Correspondent FIRST CLEARING, LLC (2) Wirehouse due to affiliation with Custodian and Clearing Agent for IBDs and RIAs, to include Clearing Wells Fargo) Wells offices. Independent/Regional Broker Independent Broker Dealer offering Brokerage and Wealth RBC CAPITAL MARKETS CORPORATION Brokerage & Wealth Management Dealer Management Services. Banking, Wealth Management and Custody Banking & Wealth Management U.S. BANK Bank Banking, Wealth Management and Custody Banking & Wealth Management PNC BANK, NATIONAL ASSOCIATION Private Bank (1) Merrill Lynch data is incorporated within the Wirehouse channel aggregate totals in Simfund Pro, 7.0, but ML is not broken out as a standalone distributor. (2) Part of Wells Fargo Financial Services (3) Part of Charles Schwab & Co. (4) Part of JP Morgan .
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