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					                                                        we are keenly aware of the risks standing in the
                                                        way of our financial goals, and we look to our
                                                        wealth advisors to manage and control the often
                                                        unwieldy and volatile exposures we face. The best
                                                        advisors approach this arduous task by ascertaining
                                                        our needs, fears and preferences, then designing
                                                        strategies that balance risks and rewards in line with
                                                        our appetites and goals. The ability to solve this
                                                        often-complex equation separates truly great advi-
                                                        sors from the herd. ✲ To identify those who have
                                                        exceeded our expectations in this arena, the editors
                                                        of Worth surveyed hundreds of financial profession-
                                                        als with the knowledge, skill, access, experience and
MONTEGRAPPA AMERICA’S CUP PEN COURTESY HOUSE OF DAVID




                                                        credentials to effectively manage the affairs of
                                                        America’s wealthiest individuals and their families.
                                                        We also sought insight from those who know first-
                                                          hand what makes a top financial advisor: Worth’s
                                                             readers. ✲ In the following pages, we recognize
                                                                those financial advisors who have, through
                                                                   their formidable expertise, risen to meet
                                                                      this challenge. – Douglas McWhirter
 PRESER ATION:
       V
       The
      New
     Growth
      In an uncertain economic and
financial climate, financial advisors’ skills in
 risk management have come to the fore.

                 By Melissa Phipps
“I’M AN ENTREPRENEUR—I LOVE RISK,” DECLARES LORAYNE
Logan, founder and CEO of Work- apprehension, especially as these are
place, a regional staffing and human        risks against which we cannot, in any
resources firm in Rockford, Ill.“I don’t    traditional sense, hedge. “My invest-
need to live life on the safe path, but I   ment situation is highly volatile,” one
want to be the one taking the risks,”       client says. “The situation in Iraq only
she explains. “I need a portfolio that      adds a layer of risk.” Another offers:
protects the foundation.”                   “Since 9/11, I worry about how future
   Our financial foundations in 2004        dramatic drops in the stock market will
may not be the unassailable bulwarks        impact my portfolio.”
they were a decade ago, but neither            These and other clients we spoke or
are they still under siege from down-       corresponded with in the course of
ward-spiraling markets. Strong equity       assembling Worth’s 100 Most Exclusive
performance in 2003 revivified many         Financial Advisors list put a premium
of our battered portfolios, but the les-    on sound advice about hedging and
sons taught us by the post-bubble           defensive portfolio construction when
bear, combined with the ambivalent          discussing their advisors’ strengths.
markets we face today, has made risk           Like Logan, most affluent Americans
management one of the crucial com-          do not fear risk-taking in and of itself.
petencies we now demand in our fin-         Indeed, according to the World Wealth
ancial advisors.                            Report 2004, a study of global trends
   “The past few years in the market        and preferences in wealth manage-
have changed client focus from wealth       ment published by Merrill Lynch and
expansion to protection of accumu-          Capgemini, almost half of the world’s
lated wealth,” says Jeff Saccacio, direc-   millionaires increased their appetite
tor,Trusts and Estates Division of Citi-    for risk between 2002 and 2003. This
group Private Bank in Los Angeles.          positioned them well for the rebound
   In light of range-bound equity and       in equity markets in October 2002.
commodity markets, rising interest             Instead, we want to take risks, intel-
rates, indifferent economic expansion       ligently, to ensure our investments
and nascent inflationary pressures, a       compensate us for the risks we bear,
financial advisor’s motto might now         and to understand the risks—including
be, “Preservation is the new growth.”       liquidity, the ability to exit an invest-
War and terrorism have added to our         ment at will—embedded in our invest-



                     PHOTOGRAPHY BY DAVID BRANDT
PRESER ATION: The New Growth
      V




                                    My investment situation is highly volatile.
                                   The situation in Iraq only adds a layer of risk.

                        ments. It is not surprising that Merrill and     The second touted its own proprietary
                        Capgemini report that, during that same          portfolio, which was too volatile for her
                        per iod, nearly three-quar ters of the           tastes and which charged generous com-
                        world’s millionaires increased their demand      missions. The third promised a more inte-
                        for risk management.                             grated approach—“putting all of the pieces
                           The report’s authors found “a concerted       together to secure your financial future,”
                        move by [affluent individuals] to grow their     she recalls. Instead, it put her in inappropri-
                        families’ wealth through proactive portfolio     ate growth stocks, the collapse of which
                        risk management—albeit within the struc-         nearly demolished her portfolio. She likens
                        tures of balanced portfolios and hedged          her fury to that of the frustrated anchor-
                        risks—and broad access to advisory special-      man in the movie Network. “I was mad as
                        ists.” It credits collaboration with wealth      hell and not going to take it anymore. I
                        advisors and an increasing acceptance of         didn’t want to lose another penny.” On an
                        strategic asset allocation with                                   impulse, she insisted that the
                        helping wealthy individuals                                       firm quickly liquidate her
                        absorb market volatility on                                       portfolio.
                        the downside, while reaping                                          With all her wealth in
                        gains on the upside.                                              cash, Logan began research-
                           “You are always looking                                        ing advisors and came upon
                        to grow as much as possible,                                      Brent Brodeski and the firm
                        and you never lose track of                                       of Savant Capital Manage-
                        that,” says Bob McCarthy of                                       ment, based in Rockford.
                        Lake Forest, Ill., who retired in his 40s        After spending 10 hours getting to know
                        from Accenture, after the firm’s initial pub-    Logan’s goals, fears and tolerance for risk,
                        lic offering. “But when you get to a point       Brodeski helped her shape a portfolio that
                        where you have enough, you want to make          would attempt to meet her financial goals
                        sure you don’t lose enough.”                     without making hair-raising bets.
                                                                            Brodeski, like other skilled advisors,
                        OUNCE OF PREVENTION                              assisted her in areas where her investments,
                        The best advisors take the time to under-        lifestyle and personal goals overlapped. He
                        stand our appetites for risk, and how these      advised on ways to transfer wealth effec-
                        determine our investment preferences.            tively to her heirs, and to broaden her
                        However, these individuals can be hard to        charitable efforts. “They started me think-
                        find. Logan recalls how she endured a            ing about legacies,” Logan says.
                        series of bad breakups with national finan-         Logan has been working with Savant
                        cial firms until she finally found her perfect   Capital Management for more than a year.
                        match.                                           At a time when market, economic and
                           The first business gave her no guidance,      political uncertainty have furrowed the
                        leaving her to choose her own investments.       brows of most investors, she feels secure.




Robb Report Worth • October 2004
                                                                                    PRESER ATION: The New Growth
                                                                                          V




“Their planning concept hedges against                    today: They charge a fortune for mediocre
uncertainty to the fullest extent.They offer              results.They fare no better in terms of liq-
a vigilant perspective,” she explains.“I don’t            uidity; several advisors compared hedge
expect my portfolio will grow at the rate it              funds to the often-disastrous real estate
has. But I know over the next 10 years, I                 partnerships of the 1980s. “Liquidity risk is
will be very pleased.”                                    a huge issue,” warns Ross Levin, president
                                                          of Accredited Investors in Edina, Minn.
OMEGA TO ALPHA                                               Hedge funds often require investors to
We need our advisors’ expertise perhaps commit their capital for a year or more,
nowhere more so than in our attempts to and some of the most exclusive have
decipher the burgeoning market for alter- extended their lock-up periods to as long
native investments such as hedge funds and as three years. “Most clients have not
private equity. The former, in particular, thought deeply about how they will react
now seems almost a compulsory compo- emotionally when they discover that a
nent of a portfolio. Industry estimates of hedge fund has suffered a major loss, and
aggregate investments in hedge funds that he or she can’t easily liquidate interest
topped $1 trillion earlier this year for the in the fund to prevent additional losses,”
first time. But the term itself is little more says advisor Alice Finn, with Ballentine,
than a porous boundary that encloses Finn & Co. in Lincoln, Mass.
investment vehicles that can differ mark-                    The growth of the hedge fund industry
edly in strategy, return and risk.                        itself has become a source of concern.
   Most financial advisors define alterna- Robert Levitt’s firm in Boca Raton put
tives as those investments that have a low clients in hedge funds as early as 1998, and
correlation with equity or                                              the firm manages a fund of
fixed-income holdings and                      “With our advi-          its own. But as money has
that provide an absolute                       sor’s leadership,        flooded in, Levitt says that it
return, or alpha, rather than we have carefully step-                   is increasingly difficult to
measuring a return relative to ped into the very confus-                find funds that remain small
a performance index. When            ing and risky world of             and nimble enough to profit
stocks and bonds go one way,         n o n s t a n d a r d i nve s t -  from market inefficiencies.
alternatives tend to go anoth-       ments: private equity,             Indeed, many of the best
er—or at least follow the hedge funds and com- funds are not accepting capi-
trend less slavishly. Alterna-       modities. This has been            tal from individuals, or are
tives, advisors say, are best        handled very smartly,              seeking higher minimum
seen as tools to dampen the          expanding the range of             investment levels and fees.
volatility of our portfolios, diversification in our                       Because of this, many of
not necessar ily vehicles portfolio, without taking                     Worth’s Top 100 advisors have
meant to achieve record-set-         undue amounts of ‘get-             steered their clients to funds
ting returns.                        rich-quick’ risks.”                of funds. Although these are
   Many of Worth’s Top 100                                              usually more expensive, they
advisors are of two minds about hedge provide exposure to the asset class with
funds. While most agree that a well-man- smaller minimums, more flexibility and less
aged fund can add value and diversification risk. “A multistrategy, multimanager hedge
to a portfolio, they are wary of the fog in fund of funds offers equitylike returns with
which these funds operate. Indeed, some bondlike volatility,” says advisor Melissa
predict that, within a few years, investors Marek Babb, with JP Morgan Private Bank
will criticize hedge funds for the types of in Atlanta. In fact, funds of funds are often
shortfalls attributed to variable annuities less volatile than fixed-income investments.




                                                                                                February 2004 • Robb Report Worth
                                                                                                   October 2004 • Robb Report Worth   6
PRESER ATION: The New Growth
      V




                      Advisors report that the uncertain fate of the estate tax
                          has kept some clients from developing a plan.

                        SINGULAR SKUNKWORKS                                            example. The core positions
                        Along with a strong grasp of                                   attempt to meet long-term
                        risk management and the                                        strategic portfolio objectives,
                        ability to navigate the world                                  while the satellite assets can
                        of alternatives, the best advi-                                be bought or sold to execute
                        sors continue to distinguish                                   tactical shifts. Satellite invest-
                        themselves with their care-                                    ments are generally not cor-
                        ful strategic planning for investment port- related with the core positions, so they help
                        folios, tax exposures and estates.               reduce the portfolio’s risk. Also, because the
                           Harold Evensky, of the Evensky Group majority of the assets simply track market
                        in Coral Gables, Fla., says recent market aggregates, the core management fees are
                        volatility and low return expectations have lower than those of actively managed
                        led many advisors to change their recom- equity portfolios, Evensky explains.
                        mendations about portfolio structures. He           The focus on r isk management has
                        has begun recommending the “core and spilled over into estate planning as well,
                        satellite” model, used by many professional says Citigroup’s Saccacio.“The uncertainty
                        investors such as pension plans, which is of the financial markets, aggressive IRS
                        designed to protect and increase wealth in challenges of tax planning strategies and a
                        any market condition by reducing the constantly chang ing tax system have
                        management fees, taxes and risk in the caused clients to question whether they
                        bulk, or core, equity portfolio, while dedi- should transfer wealth.”
                        cating a small portion of the assets to chas-       Advisors report that the uncertain fate
                        ing performance in the satel-                                 of the estate tax has kept
                        lite investments.                                             some clients from developing
                                                                  “Our investment
                           Using exchange-traded                                      a plan, while others are dis-
                                                                  advisor has sug-
                        funds, mutual funds or indi-                                  couraged by increased IRS
                                                           gested a range of vehi-
                        vidual stocks, the core tracks a                              scrutiny of partnership and
                                                           cles designed to do well
                        broad market index such as                                    planning strategies. Still oth-
                                                           in nontraditional eco-
                        the Standard and Poor’s 500,                                  ers wor r y about the Sar-
                                                           nomic times, when nei-
                        Russell 3000 or Wilshire 5000      ther stock nor bonds do
                                                                                      banes-Oxley-inspired state
                        Total Market Index. Advisors very well. Of course, as is reviews of pr ivate family
                        harvest the core positions’ always the case, time             foundations. In the face of
                        gains and offsetting losses for will tell.”                   these challenges, Saccacio
                        tax efficiency on a regular                                   recommends strategies that
                        basis. The satellite investments add extra have withstood government scrutiny and
                        return by employing actively managed and that have flexibility, so they can easily
                        alternative asset classes—an international adapt to a changing tax system.
                        microcap fund, a market-neutral hedge               A mastery of these types of strategic
                        fund or a private equity investment, for plans and tools is sine qua non for Worth’s




Robb Report Worth • October 2004
                                                                                               PRESER ATION: The New Growth
                                                                                                     V




        Top 100 Most Exclusive Wealth Advisors                   Singer at Singer Xenos Asset Management
        list. But the essential ingredient remains the           in Coral Gables. “I have a sense of comfort
        ability to win and maintain our confidence.              because he has protected what I have and
        “I trust him,” says Amos Stoll, a neurosur-              has invested it in the best way he can.”
        geon at Broward General Medical Center                     From the nation’s most exclusive wealth
        in Fort Lauderdale, of his advisor Marc                  advisors, we would expect nothing less. W



                        The “We” in Wealth Management
THOSE IN THE TOP 100 MOST EXCLUSIVE WEALTH ADVISORS LIST WERE SELECTED BY WORTH
based on their knowledge and experience. But when                to define goals and create macro-financial plans, then
recognizing these exceptional individuals, it is impor-          played quarterback to the virtual team by helping to
tant to acknowledge the efforts of their colleagues.             coordinate and implement individual strategies. As
The advisors on this list may be star players, but to tru-       assets under management have increased, independ-
ly serve our multidimensional financial needs, it takes          ent advisors have expanded in-house capabilities to
a team. “We are big believers in the ‘group genius’ con-         provide family-office type services to multiple clients.
cept,” says advisor Alan Gott-hardt, of Polstra and Dar-         One player may still represent the quarterback, but the
daman in Norcross, Ga.                                           effort belongs to a group.
   As wealth management broadens from a transac-                    Firms such as JP Morgan have extended the model as
tion-based process into one that is more relationship-           a way to integrate expansive institutional capabilities
based and holistic, advisors have become more reliant            with personal service. At JP Morgan Private Bank, clients
on a team approach to wealth management. Evidence                have at least one private banker, investor, trust and
of this trend can be found in most large, national pri-          estate attorney and lender. Team members work in
vate banks and investment firms, which have stepped              physical proximity to one another, and the firm pays
up their services to create in-house teams to meet the           them as a group to avoid internal conflicts of interest.
needs of an increasingly demanding client base. Inde-               “Some clients may choose to use us for one domi-
pendent advisory firms, while still comparatively small,         nant activity—they may spend 99 percent of their
are also beefing up their staffs with specialists such as        time talking to the investing member of the team,”
financial analysts, accountants or insurance experts.            says John Strauss, head of JP Morgan’s U.S. Private
   With this approach, clients receive the benefit of            Bank. “But the rest of the team is still there, trying to
access to the collective skills of several different advisors,   understand the generational issues, philanthropic aspi-
each focused on his or her core competency.This collabo-         rations, lending needs.”
rative effort tempers our risk by diversifying our wealth           Goldman Sachs was an early adopter of the model,
management, just as we might diversify a portfolio.“We           surrounding each client with three or four investment
like the checks and balances that outside advisors tend          professionals. Collaborative judgment is a necessity
to bring,” says Ross Levin, with Accredited Investors of         when serving clients whose level of wealth and com-
Edina, Minn.“It’s easy to drink your own Kool-Aid. Having        plexities mirror those of small companies. “The notion
an outside perspective is hugely advantageous.”                  of the individual client is a misnomer,” says Tucker York,
   Independent wealth management firms were                      managing director and head of Goldman Sachs U.S. Pri-
among the pioneers of the team approach. Those not               vate Wealth Management division. “These are entities,
tied to any one product or service attempted to offer            institutions with an average number of accounts that
clients best-in-class investments, tax advice and trust          is well into the double digits. There is no way one per-
and estate planning by leveraging so-called “virtual             son can be on top of stocks, bonds, commodities, cur-
networks” of third-party attorneys, accountants and              rencies and money managers, and still be thoughtful
money managers. These advisors worked with clients               about asset allocation and risk management.” —MP




                                                                                                           February 2004 • Robb Report Worth
                                                                                                              October 2004 • Robb Report Worth   8
  100 Top Financial Advisors                                                                                                                        LARGEST               MEDIAN                 MINIMUM
                                                                                                                                                    CLIENT                CLIENT                 ASSETS FOR
                                                FIRM, CITY                                             PHONE                  FIRM ASSETS           NET WORTH             NET WORTH              NEW CLIENTS
  Alabama
  Robert Studin, JD, CFP, PFS, CPA, ChFC        Lincoln Financial Advisors/                            205.803.3333           $1.3 billion          $115 million          $8 million             No minimum
                                                First Financial Group, Birmingham
  Arizona
  Laurie Bagley, CFA                            Strategic Wealth Advisors, Scottsdale                  480.998.1798           $60 million           $50 million           $5 million             $1 million
  Thomas J. Connelly, CFA, CFP                  Versant Capital Management, Phoenix                    602.265.2663           $100 million          $35 million           $2 million             $2 million
  Arkansas
  Cynthia Conger, CPA, PFS, CFP                 The Arkansas Financial Group, Little Rock              501.376.9051           $140 million          $10 million           $0.8 million           No minimum
  Larry A. Waschka Jr.                          Waschka Capital Investments, Little Rock               501.664.8036           $110 million          $105 million          $1 million             $0.5 million
  California
  James Berliner, JD                            Westmount Asset Management, Los Angeles                310.556.2502           $480 million          $60 million           $3 million             $1 million
  John T. Blankinship, CFP                      Blankinship & Foster, Del Mar                          858.755.5166           $267 million          $22 million           $5 million             $1 million
  Norman Boone, MBA, CFP                        Boone Financial Advisors, San Francisco                415.788.1952           $180 million          $25 million           $4 million             $1 million
  Diane Bourdo                                  Henrietta Humphreys Group, San Francisco               415.928.0401           $104 million          $18 million           $11.4 million          $1 million
  Victoria F. Collins, PhD, CFP                 Keller Group Investment Management, Irvine             949.476.0300           $697 million          $18 million           $3.25 million          $1 million
  Charles Foster, CFP, CFA                      Blankinship & Foster, Del Mar                          858.755.5166           $267 million          $67 million           $4.8 million           $1 million
  Joel H. Framson, CPA, PFS, CFP, MBT           Allied Consulting Group, Los Angeles                   310.474.9801           $176 million          $15 million           $2.75 million          $2 million
  Jim Freeman, CFP                              Financial Alternatives, La Jolla                       858.459.8289           $45 million           $12 million           $4 million             $1 million
  Michael Glowacki, CPA, CFP, MBT               The Glowacki Group, Los Angeles                        310.473.0100           $86 million           $35 million           $5.2 million           $1 million
  Meloni Hallock, CPA, PFS, CIMA, MBA           Ernst & Young, Los Angeles                             213.977.3596           $5 billion            $1 billion            $65 million            No minimum
  Debbie Jorgensen, CFP                         Merrill Lynch, San Francisco                           415.955.3782           $475 million          $104 million          $14 million            $5 million
  Timothy Kochis, JD, MBA, CFP                  Kochis Fitz , San Francisco                            415.394.6670           $1.2 billion          $285 million          $10 million            $5 million
  Courtney M. Liddy, CFM                        Walton Liddy Group/Merrill Lynch, San Diego`           619.699.3706           $275 million          $125 million          $3.5 million           $1 million
  Richard P. Moran, CFP                         Financial Network Investment, Rolling Hills Estates    800.998.3642           $57 million           $30 million           $3 million             $0.5 million
  Charles Joseph Ramos, CFP, CPA                Private Consulting Group, Larkspur                     415.464.9700           $85 million           $300 million          $5 million             $1 million
  Jeff J. Saccacio, CPA, PFS, ChFC              Citigroup Private Bank, Los Angeles                    213.239.1474           $202 billion          $6 billion            $18 million            $5 million
  Richard A. Stone, CLU, CFP                    Salient Financial, San Rafael                          415.444.1750           $200 million          $18 million           $2 million             $0.5 million
  Laura Tarbox, CFP                             Tarbox Equity, Newport Beach                           800.482.7269           $280 million          $150 million          $3.2 million           $5 million
  Carolyn P. Taylor                             Wetherby Asset Management, Del Mar                     858.259.4507           $90 million           $43 million           $7 million             $0.5 million
  Christopher C. Wheaton, CPA, CFP              Litman/Gregory Asset Management, Larkspur              415.461.8999           $3.5 billion          $792 million          $4 million             $3 million
  Colorado
  Joseph Janiczek, MSFS, ChFC                   Janiczek & Co., Greenwood Village                      303.721.7000           $180 million          $50 million+          $3.5 million           $1 million
  Myra Salzer, CFP                              Wealth Conservancy, Boulder                            303.444.1919           $375 million          $200 million          $8 million             No minimum
  Peter F. Tedstrom, CFP                        Brown & Tedstrom, Denver                               303.863.7231           $260 million          $15 million           $7 million             $1 million
  Thomas Zanecchia, CPA                         Wealth Management Consultants, Denver                  303.292.9224           $300 million          $750 million          $35 million            No minimum
  Connecticut
  John F. (Jeff) Erdmann III, CFM               Merrill Lynch, Greenwich                               203.861.5902           $1.85 billion         $400 million          $20 million            $3 million
  Alan P. Weiss, CFP, CPA                       Regent Retirement Planning, Woodbridge                 800.443.3101           $162 million          $31 million           $6 million             $1 million
  Delaware
  Judith Lau, CFP                               LauOlmstead, Wilmington                                302.792.5955           $400 million          $200 million          $9.5 million           $3 million
  Benjamin J. Ledyard, JD                       Wilmington Trust, Wilmington                           302.651.8901           $35 billion           $450 million          $25 million            $5 million
  Ralph C. Wileczek, CPA, CFP, CTFA             Wilmington Trust, Wilmington                           302.651.1985           $35 billion           $50 million           $7 million             $3 million
  District of Columbia
  Don Irwin, MBA                                JP Morgan Private Bank, Washington                     202.533.2111           $276 billion          $400 million          $30 million            No minimum
  Florida
  Harold Evensky, CFP                           Evensky Brown & Katz, Coral Gables                     305.448.8882           $400 million          $30 million           $7 million             No minimum
  Brent Fykes, CFA, CFP                         Asset Management Advisors, Palm Gardens                561.472.9454           $4 billion            $550 million          $35 million            $15 million
  Robert Levitt                                 Levitt Capital Management, Boca Raton                  561.893.9901           $200 million          $70 million           $5+ million            $3 million
  Linda S. Lubitz, CFP                          Lubitz Financial Group, Miami                          305.670.4440           $98 million           $28 million           $4.25 million          $1 million
  Gregory A. Rosica, CPA, PFS, CFP              Emst & Young, Tampa                                    813.225.4925           $5 billion            $150 million          $25 million            $5 million
  Suzette B. Rutherford, CFP, MBA, JD           Rutherford Asset Planning, Naples                      239.261.3344           $66 million           $50 million           $2.5 million           $0.5 million
  Marc Singer, MBA, CFP                         Singer Xenos Wealth Management, Coral Gables           305.443.0060           $475 million          $100 million          $3.6 million           $4 million
  Georgia
  Melissa Marek Babb                            JP Morgan Private Bank, Atlanta                        404.926.2525           $276 billion          $4 billion            $4.5 million           No minimum
  Franklin H. Butterfield, CPA, CFP, PFS, CFA   Homrich & Berg, Atlanta                                404.264.1400           $825 million          $130 million          $4 million             $2 million
  Perry L. Chesney, CFP, CIMA, CLU, ChFC        Alexander Key Investments, Atlanta                     404.926.5301           $450 million          $100 million          $6 million             $5 million
  Alan P. Gotthardt, CPA, CFP, CIMA, PFS        Polstra & Dardaman, Norcross                           770.368.1700           $318 million          $18.6 million         $3.2 million           $2 million
  Anthony J. Guinta, CPA, CFP, PFS              Homrich & Berg, Atlanta                                404.264.1400           $800 million          $1.15 billion         $5 million             $2 million
  Robert “Buzz” Law, CFP                        Creative Financial Group, Atlanta                      770.913.9704           $670 million          $95 million           $3.5 million           $5 million
  Illinois
  Brent R. Brodeski, MBA, CFP, CPA, CFA         Savant Capital Management, Rockford                    815.227.0300           $580 million          $23 million           $1.75 million          $1 million
  Steven B. Weinstein, CFA, CFP, JD, MBA        Altair Advisers, Chicago                               312.429.3013           $800 million          $1 billion+           $10 mllion             No minimum
  Indiana
  Paul Reasoner, CFP, CIMA                      Compass Wealth Advisors, Elkhart                       574.522.3738           $66 million           $22 million           $0.75 million          $0.5 million
  Iowa
  Phil M. Kruzan Sr., CFP                       Foster Group, Des Moines                               515.226.9000           $450 million          $50 million           $2.75 million          $1 million

                                                                                     CFA: Chartered Financial Analyst; CFM: Certified Financial Manager; CFP: Certified Financial Planner; ChFC: Chartered Finan-
                                                                                     cial Consultant; CIMA: Certified Investment Management Analyst; CLU: Chartered Life Underwriter; CPA: Certified Public
                                                                                     Accountant; JD: Doctor of Law; MBA: Master of Business Administration; PFS: Personal Financial Specialist; PhD: doctorate


Robb Report Worth • October 2004
100 Top Financial Advisors (cont.)                                                                                                LARGEST         MEDIAN            MINIMUM
                                                                                                                                  CLIENT          CLIENT            ASSETS FOR
                                             FIRM, CITY                                            PHONE          FIRM ASSETS     NET WORTH       NET WORTH         NEW CLIENTS
Louisianna
Lawrence R. Spinosa, CPA, CFP, ChFC, CLU     Harbor Financial Group, Mandeville                    985.674.6722   $61 million     $19 million     $3.4 million      $0.5 million
Maryland
Fred Cornelius, CFA, CFP                     Burt Associates, Rockville                            301.770.9880   $202 million    $60 million     $2.5 million      $0.5 million
James K. Eichelberger, CFP                   Strategic Wealth Management Group, Columbia           410.988.9494   $335 million    $43 million     $3.5 million      $1 million
Howard M. Weiss, MBA                         Bank of America, Baltimore                            410.547.4771   $100 billion+   $1 billion+     $125 million      $25 million
Massachusetts
William Baldwin, JD, LLM                     Pillar Financial Advisors, Waltham                    781.693.0111   $774 million    $282 million    $13 million       $5 million
Alice N. Finn, CFP, JD                       Ballentine, Finn & Co., Lincoln                       781.259.8126   $3 billion      $100 million+   $50 million       $10 million
Glenn Frank, CPA, PFS, CFP, MBA              Tanager Financial Services, Waltham                   781.893.8040   $2.3 billion    $39 million     $4.7 million      $1 million
Robert J. Glovsky, JD, LLM, CFP, CLU, ChFC   Mintz Levin Financial Associates, Boston              617.348.1802   $750 million    $85 million     $6 million        $10 million
Andrew Kryiacou, JD, LLM, CIMA               Emst & Young, Boston                                  617.859.6732   $5 billion      $850 million    $13 million       $2 million
Pran N. Tiku, ChFC, CFP                      Peak Financial Management, Wellesley                  781.239.0400   $140 million    $150 million    $2.6 million      $0.5 million
Michigan
Marilyn Capelli Dimitroff, CFP               Capelli Financial Services, Bloomfield Hills          248.594.9282   $175 million    $65 million     $3.3 million      $1 million
Charles C. Zhang, CFP, ChFC, CLU             Zhang & Associates, Portage                           269.385.1488   $500 million+   $50 million     $3 million        $0.5 million
Minnesota
Ross Levin, CFP                              Accredited Investors, Edina                           952.841.2222   $350 million    $35 million     $8 million        $1 million
Sharon Olson, CFP                            Olson Weiss, Bloomington                              952.835.1797   $120 million    $80 million     $3 million        $0.5 million
Jerry Wade, CFP, CFS                         Wade Financial Group, Minneapolis                     763.797.9577   $150 million    $50 million     $2.9 million      $0.5 million
Missouri
James Blair IV, CFP                          Moneta Group, Clayton                                 314.726.2300   $4 billion      $29 million     $5 million        $1.5 million
Joan D. Malloy, CPA, CFP, CFA                St. Louis Trust, St. Louis                            314.727.4600   $1.05 billion   $250 million    $60 million       $10 million
New Hampshire
Roy Ballentine, CFP, ChFC, CLU               Ballentine, Finn & Co., Wolfeboro                     603.569.1717   $3 billion      $1 billion      $52 million       $10 million
New Jersey
David Bugen, CFP, MBA                        RegentAtlantic Capital, Chatham                       973.635.7070   $800 million    $45 million     $5.5 million      $2 million
Christopher Cordaro, CFP, CFA, MBA           RegentAtlantic Capital, Chatham                       973.635.7070   $800 million    $30 million     $5 million        $2 million
New York
Carol Price Glazer                           Morgan Stanley, New York                              212.903.7772   $160 million    $63 million     $5 million        $1 million
Thomas J. Hakala, JD, CPA, PFS               Willmington Trust FSB, New York                       212.415.0544   $33 billion     $750 million    $6.5 million      $2 million
David Hallenbaugh, CPA, MBA, CFP, CIMA       Merrill Lynch Private Banking & Invest., New York     212.236.1601   $2 billion      $3.9 billion    $50 million       $5 million
Joanne Jensen                                Citigroup Private Bank, New York                      212.559.5555   $202 billion    $3 billion      $150 million      $10 million
Benjamin A. Pace III                         Deutsche Bank Private Wealth Mgmt., New York          212.454.7815   $201 billion    $400 million    $30 million       $5 million
Ronald W. Roge, CFP                          R.W. Roge & Co., Bohemia                              631.218.0077   $240 million    $200 million    $4.5 million      $1.2 million
Evan Roth, CFA                               BBR Partners, New York                                212.313.9870   $1.6 billion    $200 million    $40 million       $10 million
Edward R. Spector, CPA, CIMA                 Merrill Lynch, New York                               212.236.1660   $1.2 billion    $1 billion      $100 million      $10 million
Milton Stern, CFA, CFP                       Bridgewater Advisors, New York                        212.221.5300   $410 million    $90 million     $4 million        $1 million
North Carolina
Larry W. Carrol, CFP, CMFC                   Carroll Financial Associates, Charlotte               704.553.8006   $350 million    $48 million     $2 million        $5 million
Ohio
Michael J. Chasnoff, CFP                     Truepoint Capital, Cincinnati                         513.792.6648   $328 million    $75 million     $5.5 million      No minimum
Joseph Evelo                                 Merrill Lynch Private Banking & Invest., Cincinnati   513.579.3888   $1.1 billion    $200 million    $7 million        $5 million
William D. Heichel, JD, CFP                  Pinnacle Wealth Planning Services, Mansfield          800.987.4767   $210 million    $250 million    $15.5 million     $1.5 million
Jeffrey R. Loehnis, CPA, CFP                 Hamilton Capital Management, Columbus                 614.273.1000   $455 million    $70 million     $7.5 million      $0.75 million
Neil Waxman, CFP                             Capital Advisors, Cleveland                           877.621.0733   $323 million    $64 million     $14 million       $3 million
Oklahoma
Joseph Bowie, CFP                            Retirement Investment Advisors, Oklahoma City         405.842.3443   $203 million    $80 million     $3 million        $1 million
Pennsylvania
Edd H. Hyde, CFP, CIMA                       Radnor Financial Advisors, Wayne                      610.975.0284   $454 million    NA              $5.5 million      $3 million
David E. Lees, CFA, CPA                      Ernst & Young, Philadelphia                           215.448.5825   $1.8 billion    $1.6 billion    $27 million       $2 million
Grant Rawdin, JD, CFP                        Wescott Financial Advisory Group, Philadelphia        215.979.1600   $810 million    $185 million    $19.3 million     $2 million
Louis Stanasolovich, CFP                     Legend Financial Advisors, Pittsburgh                 888.236.5960   $202 million    $22 million     $1.5 million      $1 million
Tennessee
John Ueleke, MBA, CLU, ChFC, CFP             Legacy Wealth Management, Memphis                     901.758.9006   $276 million    $50 million     $4.1 million      $1 million
Texas
David Diesslin, MBA, CFP                     Diesslin & Associates, Fort Worth                     817.332.6122   $362 million    $33 million     $4.5 million      No minimum
Mary Durie, CFP                              Quest Capital Management, Dallas                      214.691.6090   $387 million    $23 million     $3 million        $1 million
Richard J. Szelc                             Neuberger Berman, Dallas                              214.880.4720   $74 billion     $1 billion      $20 million       $1 million
Utah
John Q. Bird, CFA, CFP, MBA                  Albion Financial Group, Salt Lake City                801.487.3700   $335 million    $63 million     $0.7 million      $2 million
Virginia
Michael F. Bearer, CPA, PFS, CFP, CIMA       Ernst & Young, McLean                                 703.747.1615   $5.5 billion    $1.2 billion    $35 million       $5 million
Patricia P. Houlihan, CFP                    Houlihan Financial Resources Group, Reston            703.796.0800   $60 million     $15 million     $6 million        $1 million
Margaret Miller Welch                        SBSB, McLean                                          410.822.8281   $1 billion+     $63 million     $6 million        $1 million




                                                                                                                                                      October 2004 • Robb Report Worth
 PRESER ATION: The New Growth
       V




                                            The Methodology:A Vigilant Perspective
                         WHEN ASKED WHY HER PERSONAL WEALTH ADVISOR SHOULD BE INCLUDED
                         in Worth’s 100 Most Exclusive Wealth Advisors for                                                                       (CPA), personal financial specialist (PFS) and
                         2004, one reader spoke of the “vigilant perspective”                                                                    cer tified investment management analyst
                         he and his staff provide. In an investment climate                                                                      (CIMA). All credentials and designations were
                         that is, to say the least, uncertain, it is just such a                                                                 ver ified, and nominee backg rounds were
                         perspective that distinguishes truly exceptional                                                                        checked using the LexisNexis legal database to
                         wealth advisors from those who are merely compe-                                                                        search court and arbitration records with the
                         tent. With a steady hand and a true aim, vigilant                                                                       National Association of Securities Dealers.
                         advisors consistently see the hard realities behind                                                                        Professional experience also weighed heavily
                         exuberance, as well as the opportunities shrouded                                                                       among this year’s selection criteria. If, for instance,
                         during downturns.They remain on guard, securing                                                                         an individual had worked as a wealth advisor for
                         our base, managing risk and growing our assets.                                                                         25 years, he or she would have experienced both
                            In selecting the 100 Most Exclusive Wealth                                                                           extreme market highs and frustrating lows. While
                         Advisors for 2004, Worth editors asked readers to                                                                       the overall performance of some less-experienced
                         nominate those advisors who possess this superior                                                                       advisors justified their inclusion on the list, most of
                         ability—along with a host of other desired quali-                                                                       this year’s top advisors have worked in the profes-
                         ties. Editors extended this request to private banks,                                                                   sion for at least a decade.
                         wealth management and investment firms and                                                                                 As would be expected, client portfolio perform-
                         other industry associations as well.                                                                                    ance over the past year and a keen insight into the
                            Nominated advisors completed an extensive sur-                                                                       current investment climate weighed heavily in
                         vey in which they listed their educational creden-                                                                      deciding who would or would not be included in
                         tials, compensation structure, client retention rate,                                                                   this year’s list. Given widespread investor wariness
                         outlook on the investment climate and model                                                                             over the current economic and political climates,
                         portfolio returns. They also answered questions                                                                         editors were particularly interested in the kind of
                         about their professional histories and whether they                                                                     returns wealth advisors achieved for their clients, in
                         have been involved in any legal or disciplinary                                                                         the kind of investment strategies they were recom-
                         matters. In short, Worth editors asked these nomi-                                                                      mending, and in their predictions for the future.
                         nees the questions that investors should pose to                                                                           Finally, Worth editors asked several clients of
                         prospective advisors.                                                                                                   each nominated wealth advisor to offer some
                            With responses in hand, Worth’s editorial staff set                                                                  insight into the strengths and weaknesses of the
                         about the daunting task of selecting the 100 Most                                                                       professionals who manage their money. Their
                         Exclusive Wealth Advisors from a pool of several                                                                        responses were surprisingly detailed, evidencing
                         hundred excellent candidates. At the top of the list                                                                    complex relationships that were often quite
                         of criteria that define superior wealth advisors are                                                                    personal. These clients shared their thoughts on
                         professional designations, which often evidence a                                                                       portfolio performance, on the unpredictability
                         higher level of knowledge and professional com-                                                                         of the markets, and, perhaps most importantly,
                         mitment. The vast majority of advisors ultimately                                                                       on the vigilance they require from those in
                         chosen for this year’s 100 carry the certified                                                                          whom they place so much trust. It is this charac-
                         financial planner (CFP) designation, which                                                                              teristic, they said—the unwavering commitment
                         requires both ethics training and ongoing educa-                                                                        to guarding and growing hard-won wealth—
                         tion. Other professional designations that carry                                                                        that defines the nation’s most exclusive wealth
                         similar authority are certified public accountant                                                                       advisors. —Douglas McWhirter



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