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Business Plan myCFO Business Plan January 5, 2000 STARS0031068 Proprietary & Confidential I. EXECUTIVE SUMMARY myCFOis a unique professional financial services firm focused on providing comprehensive,tailored financial solutions for individuals in varying stages of wealth accumulation. While myCFO’scurrent focus is dedicated to the $5 million and above high net worth (HNW)market in the United States, the companywill also extend its services in the near term serve other markets both internationally and in the U.S. Primary Market: U.S. high net worth households with $5 million and above HNhouseholds with $5 million or more in net worth spend an average of $145,000 per year per household on financial services, and comprise the most demandingand financially complexmarket for myCFO.Typically, these households use a variety of advisors for tax planning, investment planning, and wealth management.Additionally, these households also employpersonal staffs, whichmight include bookkeepers,drivers, nannies or pilots, all of whom need to be managed.As a result, HNWindividuals face a complicated, time intensive integration process to managetheir total financial situation, and ultimately are liable if anything goes wrong. myCFOcurrently provides an unsurpassed service offering to this segment by combining personalized financial counseling with state-of-the-art, Internet technology(the Online Service Offering). Each client has a single point of contact with a Client Service Director whoprovides a core offering of tax services, including individual tax consulting, tax planning, complianceand accountingservices. In addition, the Client Service Director provides a single point of contact for a full suite of specialty services, whichare providedthrough Specialty Directors with in- depth knowledgeon specific areas. Throughthe Online Service Offering, the client’s entire team of advisors has unprecedentedaccess to the client’s real time financial position, with supplementalaccounting reports and information, freeing up moretime to dedicate to financial and tax planning. Additionally, myCFO’sadvanced bill paymentservices are designed for multiple users, client entities and accounts, and are integrated with tax classification and preparation, whichsignificantly reduces the administrative burden at "tax time." Other Markets 1. Interndtional. As attractive as the U.S. market for HNWindividuals is, it represents less than 30%of wealth worldwide.Additionally, the international markets are experiencing a dramatic increase in the numberof newly wealthy individuals. For examplein Europe, only about 1/3 of the total wealth marketof $142 billion is inherited. The rest was generated through Initial Public Offerings (40%), sales of private businesses (10%), and high annual incomesof least $500 thousand per year (15%) (VIP Forum1996). myCFOsees an opportunity to provide the rest of the world with the sameleading edge services it provides in the U.S. 2. Mass Market of Affluent Individuals (MMADThere are 6 million households with a net worth of $1-$5 million (including all assets except personal residence), growingat 2’0% annually. There are an additional 35 million "emergingaffluent" householdswith a net ’,worth of between $100 thousand and $1 million. The service market that provides tax planning and myCFOBusiness Plan 2 1/5/00 STARS0031069 Proprietary & Confidential preparation services to these "emergingaffluent" is fragmented,and lacks true marketleaders. Generally, individuals in these householdseither end up being very involved in the preparation of their taxes, or they delegate the process to the sameaccountant they had before they were wealthy, myCFOsees a significant opportunity to serve the unmet needs in this market. For households with $1-$5 million, myCFO will provide the Online Service Offering and a Client Service professional to prepare tax returns, handle estate planning and respond to specific questions on topics such as establishing trusts for multiple entities or defining a residence strategy that minimizes local taxes. For households with $100 thousand to $1 million, myCFO will offer an online subscription service, whichwill provide even the mostpurely self-reliant client with self-service tax preparation products, advancedbill paymentservices linked to tax preparation, and access to expert advisors through online Q&Aforums and chat rooms. Additionally, these clients will have the option to select a client service packageto receive personal myCFOadvisory services. myCFOStrategy There are four aspects of myCFO’sstrategy that makeit an unparalleled offering: 1. Comprehensiveapproach, managingthe complete financial life of myCFOclients. 2. World-classfinancial advisors, including manyof the best HNWtax and accounting professionals in the country, most being seasonedpartners from the Big 5 professional services firms. 3. Unbiasedadvice, giving clients best-of-breed, independent solutions. Froma foundation based on individual tax and accounting, myCFOhelps clients by providing the best solutions across a variety of needs, including: o. Estate and Trust Planning, Managementand Advisory Services ¯ Philanthropy Planning, Managementand Advisory Services ¯ Tax and Investment Packaged Solutions ¯ Investment Planning, Managementand Advisory Services ¯ Insurance Planning, Managementand Advisory Services 4. Online Service Offering, a web-enabled,online consolidation of all financial activities across institutions, including a client’s assets, liabilities, income,expenses and taxes, myCFO automates the process of accounting, bookkeeping,bill paymentand taxes, thereby eliminating paperwork,saving time, and providing unsurpassedaccuracy and quality for its clients. II. MARKET SIZE AND GROWTH myCFO’sclient strategy is to provide a total financial solution for the following markets: ¯ HNWhouseholds, usually with a net worth between $5 million and $1+ billion ¯ The MMAI,usually with a net worth between $1 million and $5 million ¯ The emerging MMAI,usually with a net worth between $I00 thousand and $1 million myCFOBusiness Plan 3 1/5/00 STARS0031070 Proprietary & Confidential Current Market Size Top 1% ¯ v/^ Top 2-10% 9% 49% 90°1o Rest 34% 17% % U.S. Households % U.S. Wealth The HNWmarket is significantly large and growing. Roughly1% of all households control nearly half of the wealth in the U.S., and 10%of the country controls over 80%. According to the SpectremGroup’s 1998 survey, and confirmed by PSI, Cerulli and the Advisory Board, over 400,000 households have investible assets of over $5 million, and 3,000 households have over $100 million in net worth. Between1998 and 2000, approximately 65,000 new households are expected to reach the $5 million and above net worth level (based on estimates from PSI and the Advisory Board). ra6M Households Between$1- 4.9M ¯ 307K Households Between$5- 9.9M I:]110K Households over $10M In the MMAImarket, nearly 7 million U.S. households have over $1 million in investible assets (including 401Kand all assets, excluding personal residence), and according to Spectrem, this population is growingby 26.4%annually. By focusing at the high end of the market, myCFOhas the opportunity to represent the vast majority of all wealth in the U.S., while simultaneously reaching an underserved market. According to data from Federal Reserve Board’s Survey of ConsumerFinance and Spectrem, there also exist approximately 35 million households with a net worth between $100 myCFOBusiness Plan 4 1/5/00 STARS0031071 Proprietary & Confiden!ial thousand and $1 million. And, according to PSI and the Advisory Board, the numberof affluent Americanhouseholds is expected to grow by 25%between 1998 and 2000. The Spectrem Group also projects that HNhouseholds spend over $195 billion on financial services each year. Withinthis population, householdswith $5+ million in investible assets (excluding 401Kand personal residences) each spend about $145 thousand per year financial services, while householdswith $1+ million in investible assets (excluding personal residences) each spend roughly $33 thousand per year. Market Growth ProjectedPopulation Growth by Net Worth (1992-2000ECAGR) 17% 11% 1% USPopulation Net Worth Net Worth $500K+ $1MM+ myCFOis positioned to serve a rapidly growingclient base. The U.S. is in the midst of the longest, largest bull marketin history. In 1998alone, $2 trillion was generated in transactions, such as IPOs and M&As.From November1994 to November1999, the value of the U.S. markets has increased by $10 trillion, with approximately40% of this wealth held by individual investors (CNNfnDecember 1999). The numberof millionaires has more than doubled since the start of the 1990s, reaching 7.9 million in 1998 (SpectremGroup 1999). Going forward, the numberof millionaires is expected to increase 400%,from 5 million to 20 million between 1998 and 2008 (Forbes 1999). Anenormous amount of wealth will transfer between U.S. generations in the near future, including approximately$15 trillion that will change hands over the next ten years. According Numberof Households Value of Expected with Final Estates Wealth Transfer 1998 - 2017 25.8 million $11.6 trillion 20 Years 1998 - 2052 87.8 million $40.6trillion 55 Years myCFOBusiness Plan 5 1/5/00 STARS0031072 Proprietary &Confidential to Havensand Schervish (10/19/99) of BostonCollege’s Social Welfare Research Institute, "over the 55 year period from 1998 to 2052, the wealth transfer will be $41 trillion, and maywell reach double or triple that amount." III. THE DIFFERENT NEEDS OF THE "EMERGING WEALTHY" The needs
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