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Financial Advisors Research Report Series




    Financial Advisor Mergers & Acquisitions:
   An Initial Overview of Succ...
TABLE OF CONTENTS


INTRODUCTION, KEY FINDINGS, & EXECUTIVE SUMMARY....................................13
A SYNOPSIS OF FI...
Buyers’ Kits ................................................................................................................
Saxon Birdsong ..............................................................................................................
Gouws Capital Management ............................................................................................ 327
...
Green, Manning, & Bunch ................................................................................................ 3...
First Niagara Bank...........................................................................................................
Kristofor Behn...............................................................................................................
Sterling Private Investment ........................................................................................... 35...
Carter & Carter Financial ...................................................................................................
Financial Advisor Acquisitions .......................................................................................... ...
Financial Technology Partners................................................................................................
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Financial Advisor Mergers

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Financial Advisor Mergers

  1. 1. Financial Advisors Research Report Series Financial Advisor Mergers & Acquisitions: An Initial Overview of Succession Planning, Firm Valuations, & the Growing Acquisition Market for Financial Advisors February 2010
  2. 2. TABLE OF CONTENTS INTRODUCTION, KEY FINDINGS, & EXECUTIVE SUMMARY....................................13 A SYNOPSIS OF FINANCIAL SERVICES INSTITUTIONS & FINANCIAL ADVISOR WINNING TACTICS ......................................................................................................64 EVOLUTION OF FINANCIAL ADVISOR MERGERS AND ACQUISITIONS..................91 Market History ............................................................................................................................ 91 One-Off Situational Buyers..................................................................................................... 91 First Round Financial Buyers ................................................................................................. 97 Strategic Buyers ..................................................................................................................... 99 Return of Situational Buyers................................................................................................. 107 Return of Financial Buyers ................................................................................................... 111 Market Definition ...................................................................................................................... 112 Fee-Based Financial Advisors.............................................................................................. 112 Independent Reps ................................................................................................................ 112 Insurance Agents & Third-Party Administrators ................................................................... 112 Wirehouse Brokers ............................................................................................................... 112 CPA & Law Firms ................................................................................................................. 112 Market Growth.......................................................................................................................... 112 Mergers & Acquisitions Transactions ................................................................................... 112 Mergers & Acquisitions Transaction Values......................................................................... 113 Key Issues................................................................................................................................ 113 Business Exit Strategies....................................................................................................... 113 Written Succession Plans..................................................................................................... 119 Identifying Appropriate Advisors........................................................................................... 138 Developing Objectives, Expectations, & Strategies ............................................................. 165 Valuing Firms & Understanding the Value Drivers............................................................... 175 Negotiating Fall-Back Business Continuity Scenarios ......................................................... 207 Positioning Businesses for Sales ......................................................................................... 208 Negotiating Transactions...................................................................................................... 215 Prepping for the Close & Making it Work After the Deal ...................................................... 231 Leading Financial Advisor Acquirers........................................................................................ 239 Mergers & Acquisitions Transactions ................................................................................... 239 Mergers & Acquisitions Transaction Values......................................................................... 239 MARKET SEGMENTATION........................................................................................241 Fee-Based Financial Advisors ................................................................................................. 241 Independent Reps.................................................................................................................... 241 Insurance Agents & Third-Party Administrators....................................................................... 241 Wirehouse Brokers .................................................................................................................. 241 CPA & Law Firms..................................................................................................................... 242 FUTURE PREDICTIONS FOR FINANCIAL ADVISOR MERGERS & ACQUISITIONS243 The Crisis or Opportunity for Independent Broker/Dealers & Custodians ............................... 268 Crisis: Aging Advisor Population Controlling Substantial Assets ......................................... 268 Opportunity: Help the Acquirers! .......................................................................................... 269 Conference Presentations ................................................................................................ 271 Conference Workshops .................................................................................................... 271 Workbooks or Web Sites .................................................................................................. 272 Valuation Tools ................................................................................................................. 273 Supermarkets of Buyers and Sellers ................................................................................ 273 Financing Packages ......................................................................................................... 274 Transition Offices.............................................................................................................. 274 Fallback Purchase Offers ................................................................................................. 274 2 10.02.01 - FA M&A Tiburon Strategic Advisors, LLC ™
  3. 3. Buyers’ Kits ....................................................................................................................... 276 The Value-Added Opportunity for Mutual Fund & Other Companies ...................................... 277 The Opportunity to Design a Legitimate Financial Advisor Acquisition Strategy..................... 277 Target Market ....................................................................................................................... 277 Acquisition Model ................................................................................................................. 280 Back-Office & Compliance Solutions ................................................................................... 288 Marketing Assistance ........................................................................................................... 299 Products & Services ............................................................................................................. 300 Deal Structure ...................................................................................................................... 305 The Opportunity to Create a Producers Group for Mid-Tier Financial Advisors ...................... 311 The Fill-In Opportunity for Mid-Tier Financial Advisors............................................................ 312 Strategies for those Who Fail to Plan ...................................................................................... 313 The Need for a Financing Source ............................................................................................ 314 Bank Financing..................................................................................................................... 315 Small Business Administration Loans .................................................................................. 315 Opportunities Outside the US .................................................................................................. 316 English Speaking Countries Markets ................................................................................... 316 Europe, Middle East, & Africa Markets ................................................................................ 316 Asia Pacific Markets ............................................................................................................. 316 Latin America Markets.......................................................................................................... 316 Offshore Markets .................................................................................................................. 316 APPENDIX..................................................................................................................317 Profiles of Financial Advisor Acquirers .................................................................................... 317 Abacus Wealth Partners....................................................................................................... 317 Pensions & Physicians Firm ............................................................................................. 317 Adirondack Bank .................................................................................................................. 317 Preferred Planning Concepts............................................................................................ 317 Alpine Woods Investments................................................................................................... 317 Saxon Woods Advisors..................................................................................................... 317 Changing Investment Advisors ......................................................................................... 317 Arcadia Financial .................................................................................................................. 317 Argent Financial Group ........................................................................................................ 318 Trust Company of Louisiana............................................................................................. 318 Aspiriant................................................................................................................................ 318 Kochis Fitz ........................................................................................................................ 318 Quintile.............................................................................................................................. 318 CI Financial........................................................................................................................... 318 Assante Wealth Management........................................................................................... 318 Reinhardt, Werba, & Bowen.......................................................................................... 319 Philpott, Bills, & Stolls ................................................................................................... 319 Steinberg, Moorad, & Dunn........................................................................................... 319 Eugene Parker & Associates ........................................................................................ 319 Klarberg, Raiola, & Associates...................................................................................... 319 Asset Management Group ................................................................................................... 319 Guaranty Bank &Trust Company...................................................................................... 319 Atalanta Sosnoff ................................................................................................................... 319 Baird, Kurtz, & Dobson......................................................................................................... 320 Neill & Associates ............................................................................................................. 320 EKW & Associates ............................................................................................................ 320 Balasa, Dinverno, Foltz, & Hoffman ..................................................................................... 320 Balasa & Hoffman............................................................................................................. 320 Dinverno & Foltz Financial Group..................................................................................... 320 Baltimore-Washington Financial Advisors............................................................................ 320 Kevin Condon ................................................................................................................... 320 Robert Cassel ................................................................................................................... 321 3 10.02.01 - FA M&A Tiburon Strategic Advisors, LLC ™
  4. 4. Saxon Birdsong ................................................................................................................ 321 Bancorp South...................................................................................................................... 321 Wright & Percy Insurance ................................................................................................. 321 Bank of America Corporation ............................................................................................... 321 Summit Bancorp ............................................................................................................... 321 Madison Consulting Group............................................................................................ 321 Corporate Dynamics ..................................................................................................... 321 Merrill Lynch...................................................................................................................... 321 First Republic Bank ....................................................................................................... 321 Froley Revy Investment Company ............................................................................ 321 Starbuck, Tisdale, & Associates ................................................................................ 322 Cypress Wealth Advisors .......................................................................................... 322 Trainer, Wortham, & Company.................................................................................. 322 Bank of Montreal .................................................................................................................. 322 Harris Bank ....................................................................................................................... 322 My CFO ......................................................................................................................... 322 Gerard Klauer................................................................................................................ 322 Sullivan, Bruyette, Speros, & Blayney .......................................................................... 322 BB&T Corporation ................................................................................................................ 322 Coonely, Rikard, & Cutin .................................................................................................. 323 Kaplan Insurance.............................................................................................................. 323 O’Neal & Hinson Insurance Services ............................................................................... 323 Sky Financial Group ......................................................................................................... 323 Claris Group...................................................................................................................... 323 Asura................................................................................................................................. 323 Piedmont Administrators................................................................................................... 323 Prudent Risk Management ............................................................................................... 323 Chaney Thomas ............................................................................................................... 323 Poindexter & Associates................................................................................................... 323 Southeastern Trust Company........................................................................................... 324 Virginia Investment Counselors ........................................................................................ 324 DeGarmo & Kelleher......................................................................................................... 324 Bessemer Trust .................................................................................................................... 324 Brundage, Story, & Rose .................................................................................................. 324 Glynn Capital Management .............................................................................................. 324 Boston Private Financial Holdings ....................................................................................... 324 Westfield Capital Management......................................................................................... 325 Rinet Company ................................................................................................................. 325 Sand Hill Advisors............................................................................................................. 325 ER Taylor Investments (Boston Private Value Investors) ................................................ 325 Kanon, Bloch, & Carre (Tuckernuck Partners) ................................................................. 326 Dalton, Greiner, Hartman, Maher, & Company ................................................................ 326 Bingham, Osborn, & Scarborough.................................................................................... 326 Coldstream Capital ........................................................................................................... 326 KLS Professional Advisors Group .................................................................................... 326 Edward Goldberg.............................................................................................................. 327 Botree Asset Management................................................................................................... 327 Alexandria Financial Associates ....................................................................................... 327 Bryn Mawr Trust ................................................................................................................... 327 Skip Cowen’s M Financial Group Firm ............................................................................. 327 Lau Associates ................................................................................................................. 327 Lau Group ..................................................................................................................... 327 Olmstead & Company ................................................................................................... 327 Cambridge Bancorp ............................................................................................................. 327 White Mountain Investment .............................................................................................. 327 Camden National Corporation.............................................................................................. 327 4 10.02.01 - FA M&A Tiburon Strategic Advisors, LLC ™
  5. 5. Gouws Capital Management ............................................................................................ 327 Capital Bank & Trust Company ............................................................................................ 328 Rick Rogers’ Advisory Business ....................................................................................... 328 Cavalry Bancorp ................................................................................................................... 328 Miller & Loughry Insurance & Services............................................................................. 328 Capital One........................................................................................................................... 328 Northfork Bancorp............................................................................................................. 328 Ami Vest ........................................................................................................................ 328 Chuck Hemmingsen & Ken Beach ....................................................................................... 328 Chuck Hemmingsen ......................................................................................................... 328 Ken Beach ........................................................................................................................ 328 City National Corporation ..................................................................................................... 328 Reed, Connor, & Birdwell ................................................................................................. 329 Convergent Capital Management..................................................................................... 329 Clifford Associates ........................................................................................................ 329 Phillip Swan Associates ................................................................................................ 329 Lydian Wealth Management ......................................................................................... 329 Windermere Investment Associates.......................................................................... 329 Copper Beech Associates ......................................................................................... 329 Ambs Investment Counsel ............................................................................................ 330 Bufka & Rodgers ........................................................................................................... 330 Philip Swan Associates ................................................................................................. 330 Mid-Continent Capital.................................................................................................... 330 Patterson & Associates ................................................................................................. 331 Sage Advisory Services ................................................................................................ 331 Clifford Associates ........................................................................................................ 331 Sabl Weil Investment Counsel .................................................................................. 331 Hamilton Investment management............................................................................ 331 Clarfeld Financial Advisors................................................................................................... 331 Rutherford Asset Planning................................................................................................ 331 Clark Consulting ................................................................................................................... 331 Long, Miller, & Associates ................................................................................................ 332 Management Compensation Group ................................................................................. 332 Compensation Resource Group ....................................................................................... 332 The Wamberg Organization.............................................................................................. 332 Pearl Meyer & Partners .................................................................................................... 332 Rich Florin Solutions......................................................................................................... 332 Executive Benefit Solutions .............................................................................................. 333 Lyons Compensation & Benefits ...................................................................................... 333 Comiskey Kaufman........................................................................................................... 333 Blackwood Planning Corporation ..................................................................................... 333 Management Science Associates .................................................................................... 333 Christiansen & Associates ................................................................................................ 334 Insurance Alliances Group................................................................................................ 334 Forrest, Wagner, & Associates ......................................................................................... 334 Hilgenberg & Associates................................................................................................... 334 The Watson Company ...................................................................................................... 334 WM Sheehan & Company ................................................................................................ 334 Coates Kenney ................................................................................................................. 334 Price Waterhouse Coopers’ Federal Policy Group........................................................... 335 Bank Compensation Strategies ........................................................................................ 335 Schoenke & Associates .................................................................................................... 335 Wiedemann & Johnson..................................................................................................... 335 National Institute For Community Banking ....................................................................... 335 Business Segment of Bank Consultants of America ........................................................ 335 Co Biz ................................................................................................................................... 335 5 10.02.01 - FA M&A Tiburon Strategic Advisors, LLC ™
  6. 6. Green, Manning, & Bunch ................................................................................................ 335 Alexander Capital Management Group ............................................................................ 336 Commerce Bank................................................................................................................... 336 Sanford & Purvis Insurance Services ............................................................................... 336 Brother Financial Group.................................................................................................... 336 Commonwealth Bank & Trust............................................................................................... 336 SMC Capital...................................................................................................................... 336 Compass Bancshares .......................................................................................................... 336 Saint Johns Investment Management Company.............................................................. 336 Stavis & Margolis Advisory Services ................................................................................ 336 Horizons Insurance Group................................................................................................ 336 Olson & Olson................................................................................................................... 337 Maxson, Mahoney, & Turner ............................................................................................ 337 Schaefer, Smith & Ankeney.............................................................................................. 337 Texas Insurance Agency .................................................................................................. 337 Core Asset Management...................................................................................................... 337 Lieberman Financial ......................................................................................................... 337 Corus Bank........................................................................................................................... 337 Windstar............................................................................................................................ 337 Craig VanHulzen .................................................................................................................. 337 Goalpath Financial............................................................................................................ 337 Bardin Financial ................................................................................................................ 337 Dave Urovsky ....................................................................................................................... 337 Financial Advisor Acquisitions .......................................................................................... 337 Delbert Exeter ...................................................................................................................... 338 Financial Advisor Acquisitions .......................................................................................... 338 Dixon Hughes ....................................................................................................................... 338 Dixon Odom ...................................................................................................................... 338 Williams & Taylor .......................................................................................................... 338 Avant-Garde Investment Services ................................................................................ 338 Crisp, Hughes, & Evans.................................................................................................... 338 Donald Payne ....................................................................................................................... 338 Financial Advisor Acquisitions .......................................................................................... 338 Eide Bailly............................................................................................................................. 338 Schwan Financial Group................................................................................................... 339 Essex Savings Bank............................................................................................................. 339 John Rafal & Associates................................................................................................... 339 E*Trade Financial ................................................................................................................. 339 Howard Capital ................................................................................................................. 339 Kobren .............................................................................................................................. 339 Retirement Advisor of America ......................................................................................... 339 Eustice & Hoffman................................................................................................................ 339 Financial Advisor Acquisitions .......................................................................................... 339 Fiduciary Network................................................................................................................. 340 Brouwer & Janachowski ................................................................................................... 340 Evensky & Katz................................................................................................................. 340 Regent Atlantic Capital ..................................................................................................... 340 Bugen, Stuart, Korn, & Cordaro .................................................................................... 340 Financial Advantage............................................................................................................. 340 Parr Financial Solutions.................................................................................................... 340 First Bancorp ........................................................................................................................ 340 Uwharrie Insurance Group................................................................................................ 340 First Federal Savings Bank .................................................................................................. 340 Exchange Underwriters .................................................................................................... 340 First Leesport Bancorp ......................................................................................................... 341 Johnson Financial Group.................................................................................................. 341 6 10.02.01 - FA M&A Tiburon Strategic Advisors, LLC ™
  7. 7. First Niagara Bank................................................................................................................ 341 Niagara Investment Advisors............................................................................................ 341 Warren-Hoffman & Associates ......................................................................................... 341 Fisher Investments ............................................................................................................... 341 Econostrat Advisory Corporation ...................................................................................... 341 Frank Ovanin ........................................................................................................................ 341 Financial Advisor Acquisitions .......................................................................................... 341 Genworth Financial .............................................................................................................. 341 BJ Group........................................................................................................................... 342 Hinds Financial Group ...................................................................................................... 342 Hesse Financial Advisors ................................................................................................. 342 Centurion Capital Management........................................................................................ 342 Glenn Kautt........................................................................................................................... 342 The Monitor Group............................................................................................................ 342 Glickenhaus & Company...................................................................................................... 342 Financial Advisor Acquisitions .......................................................................................... 343 GV Financial Advisors .......................................................................................................... 343 Geller Financial Advisors .................................................................................................. 343 Capital Management......................................................................................................... 343 Householder Group .............................................................................................................. 343 Kavesh & Gau................................................................................................................... 343 Huntington Bancshares ........................................................................................................ 343 Haberer Registered Investment Advisors......................................................................... 343 Unizan Financial Corporation ........................................................................................... 343 Rownd Financial Advisors Corporation......................................................................... 343 Inlet Cove Capital ................................................................................................................. 343 Capital Management Associates ...................................................................................... 344 Retirement Solutions ........................................................................................................ 344 Investment Advisor Group (IAG) .......................................................................................... 344 Financial Advisor Acquisitions .......................................................................................... 344 Investment Managers Incorporated (IMI) ............................................................................. 344 Financial Advisor Acquisitions .......................................................................................... 344 J. Lenzinger .......................................................................................................................... 344 Financial Advisor Acquisitions .......................................................................................... 345 Jack Robishaw ..................................................................................................................... 345 Financial Advisor Acquisitions .......................................................................................... 345 Jay Betzer............................................................................................................................. 345 Financial Advisor Acquisitions .......................................................................................... 345 Jim & Victor Conrad ............................................................................................................. 345 Financial Advisor Acquisitions .......................................................................................... 345 Jim Zogby ............................................................................................................................. 345 Jim Welton’s Business...................................................................................................... 345 John Clark ............................................................................................................................ 345 Financial Advisor Acquisitions .......................................................................................... 345 John O’Brien......................................................................................................................... 345 Financial Advisor Acquisitions .......................................................................................... 345 JP Morgan Chase................................................................................................................. 345 Goldman, Lichtenberg, Wasserman, & Grossman ........................................................... 346 Kanaly Trust ......................................................................................................................... 346 Financial Advisor Acquisitions .......................................................................................... 346 Kim Pinkney.......................................................................................................................... 346 Financial Advisor Acquisitions .......................................................................................... 346 Kirr, Marbach, & Company ................................................................................................... 347 Financial Advisor Acquisitions .......................................................................................... 347 Kitsap Bank & Mortgage....................................................................................................... 347 Financial Advisor Acquisitions .......................................................................................... 347 7 10.02.01 - FA M&A Tiburon Strategic Advisors, LLC ™
  8. 8. Kristofor Behn....................................................................................................................... 347 Two Fee-based Financial Advisory Firms ........................................................................ 347 Laird Norton Tyee................................................................................................................. 347 Tyee Asset Strategies....................................................................................................... 347 Laird Norton ...................................................................................................................... 347 Tyee Asset Strategies....................................................................................................... 347 Larson, Allen, Weishair, & Company ................................................................................... 348 Financial Advisor Acquisitions .......................................................................................... 348 Legacy Advisors ................................................................................................................... 348 Murphy, Deane, & Gaffey ................................................................................................. 348 Legacy Investment Partners................................................................................................. 348 Financial Advisor Acquisitions .......................................................................................... 348 Leonetti & Associates........................................................................................................... 348 Successful Financial Solutions ......................................................................................... 348 Lynn Freer ............................................................................................................................ 349 Financial Advisor Acquisitions .......................................................................................... 349 M Financial Group ................................................................................................................ 349 Management Compensation Group Northwest ................................................................ 349 Matrix Financial Management Consultants .......................................................................... 349 Hitchner, Whitt, & Company ............................................................................................. 349 Matthai Capital Management ............................................................................................... 349 Financial Advisor Acquisitions .......................................................................................... 349 Michael Chesser................................................................................................................... 349 Financial Advisor Acquisitions .......................................................................................... 349 Mike Conlon.......................................................................................................................... 349 Frank and Katherine Trillio’s Business ............................................................................. 349 Morgan Financial Group....................................................................................................... 350 Financial Advisor Acquisitions .......................................................................................... 350 Moss Adams......................................................................................................................... 350 Financial Security Group .................................................................................................. 350 Turnquist, Schmitt, Kitrosser, & McMahon ....................................................................... 350 Nationwide............................................................................................................................ 350 Condor Capital .................................................................................................................. 350 Northern Trust ...................................................................................................................... 351 Legacy South .................................................................................................................... 351 Old National Bancorp ........................................................................................................... 351 Fund Evaluation Group..................................................................................................... 351 Osborne Capital Partners..................................................................................................... 351 Woodside Asset Management.......................................................................................... 351 Outlook Financial Advisors................................................................................................... 351 Omni Tax & Financial Advisors......................................................................................... 351 Doyle Investment & Tax Strategies .................................................................................. 351 Patricia Dudas ...................................................................................................................... 352 Financial Advisor Acquisitions .......................................................................................... 352 Penniall & Associates........................................................................................................... 352 Financial Advisor Acquisitions .......................................................................................... 352 Penn Rock Financial Services.............................................................................................. 352 National Advisory Group................................................................................................... 352 Peoples Bank ....................................................................................................................... 352 Olsen, Mobeck, & Associates ........................................................................................... 352 Peter Eckerline, Christina Boyd, & Barbara Bencini’s Team ............................................... 352 Financial Advisor Acquisitions .......................................................................................... 352 Pitcairn Trust ........................................................................................................................ 352 Carnegie Hill Asset Management ..................................................................................... 352 PNC Bank............................................................................................................................. 352 National City Bank ............................................................................................................ 353 8 10.02.01 - FA M&A Tiburon Strategic Advisors, LLC ™
  9. 9. Sterling Private Investment ........................................................................................... 353 National Asset Management ......................................................................................... 353 Allegiant Bancorp .......................................................................................................... 353 Gold Tower Investment Advisors .............................................................................. 353 Stolpher & Company Financial Advisors .......................................................................... 353 Pollock Financial Group ....................................................................................................... 353 Joint Venture with Dan Goldie .......................................................................................... 354 Quadrant Management ........................................................................................................ 354 Carret Asset Management................................................................................................ 354 Ray & Saron McPharlin and Paul Giles ............................................................................... 354 Ray & Sharon McPharlin’s Business ................................................................................ 354 Ray LaPalme ........................................................................................................................ 354 Hank Lucas’ Business ...................................................................................................... 354 Regions Financial ................................................................................................................. 355 Rebasmen Insurance........................................................................................................ 355 ICT Group ......................................................................................................................... 355 Wealth Trust...................................................................................................................... 355 Greenwood Capital Associates ..................................................................................... 355 Wilbanks, Smith, & Thomas Asset Management.......................................................... 355 Kanawha Capital Management..................................................................................... 355 Delta Asset Management.............................................................................................. 356 Duncker, Streett, & Company ....................................................................................... 356 Fulton, Breakefield, Broenniman................................................................................... 356 Harvey Investment Company........................................................................................ 356 James Myers Research ................................................................................................ 356 Office of Mellon Private Wealth Management............................................................... 356 Optimum Investment Advisors ...................................................................................... 357 Graver, Bokhof, Goodwin, & Sullivan ........................................................................ 357 Burnham, Sullivan, Andelbrandt, & Company.......................................................... 357 Stake in Kabarec Financial Advisors......................................................................... 357 Richard Courtier ................................................................................................................... 357 Financial Advisor Acquisitions .......................................................................................... 357 Richmond County Savings Bank.......................................................................................... 357 Pete Connell & Company ................................................................................................. 358 Rob Kosters.......................................................................................................................... 358 Financial Advisor Acquisitions .......................................................................................... 358 Ronald Blue & Company ...................................................................................................... 358 Atlantic Capital Management............................................................................................ 358 Balser, Horowitz, Frank, & Wakeling ................................................................................ 358 Washington, DC Based Firm ............................................................................................ 358 Dallas, TX Based Firm...................................................................................................... 358 Roy Faulkinbury ................................................................................................................... 358 Financial Advisor Acquisitions .......................................................................................... 358 Sanders Morris Harris Group ............................................................................................... 359 Salient Partners ................................................................................................................ 359 SDR Capital Management.................................................................................................... 359 Lighthouse Asset Management ........................................................................................ 359 Sharon Ishizaki ..................................................................................................................... 359 Financial Advisor Acquisitions .......................................................................................... 359 Silas Shafter ......................................................................................................................... 359 Financial Advisor Acquisitions .......................................................................................... 359 Silicon Valley Bank ............................................................................................................... 359 Woodside Asset Management.......................................................................................... 359 Silicon Valley Capital Management...................................................................................... 359 Alan Letzman’s Business.................................................................................................. 359 Siuslaw Valley Bank ............................................................................................................. 360 9 10.02.01 - FA M&A Tiburon Strategic Advisors, LLC ™
  10. 10. Carter & Carter Financial .................................................................................................. 360 Spraker, Fitzgerald, Tamayo, & Moisand............................................................................. 360 Optimum Financial Group................................................................................................. 360 State Bank/Texas United Bancshares ................................................................................. 360 Financial Planning Practice .............................................................................................. 360 State Street Corporation....................................................................................................... 360 Sports Management Group .............................................................................................. 360 Bel Air Investment Advisors.............................................................................................. 361 RXR Group ....................................................................................................................... 361 S&T Bank ............................................................................................................................. 361 Evergreen Insurance Associates ...................................................................................... 361 Stepp & Rothwell .................................................................................................................. 361 Kathy Stepp’s Firm ........................................................................................................... 361 Howard Rothwell’s Firm.................................................................................................... 362 Sterling Grace ...................................................................................................................... 362 Financial Advisor Acquisitions .......................................................................................... 362 Sunset Financial Management............................................................................................. 362 David Drucker’s Business................................................................................................. 362 Sun Trust Banks ................................................................................................................... 362 Asset Management Advisors ............................................................................................ 362 Eagle Capital International................................................................................................ 363 Susquehanna Bancshares ................................................................................................... 363 Valley Forge Asset Management ..................................................................................... 363 Retirement Plan Services ................................................................................................. 363 Brandywine ....................................................................................................................... 363 Synovus Bank ...................................................................................................................... 363 Creative Financial Group .................................................................................................. 363 Globalt............................................................................................................................... 364 Ted Alvarez .......................................................................................................................... 364 Financial Advisor Acquisitions .......................................................................................... 364 The Bank of New York Mellon Corporation.......................................................................... 364 AFCO ................................................................................................................................ 364 VanDeventer & Hoch ........................................................................................................ 364 Weber, Fulton, & Felman.................................................................................................. 364 The Providence Group...................................................................................................... 364 The Arden Group .............................................................................................................. 364 Paragon Asset Management ............................................................................................ 365 Beldon & Associates Investment Counsel........................................................................ 365 Ganz Capital Management ............................................................................................... 365 The Trust Company of Washington .................................................................................. 365 Safeco Trust Company ..................................................................................................... 365 The Founders Group ............................................................................................................ 365 Financial Advisor Acquisitions .......................................................................................... 365 Washington Trust Bancorp................................................................................................... 365 Phoenix Investment Management .................................................................................... 365 Timber Ridge Financial Advisors ......................................................................................... 366 Financial Advisor Acquisitions .......................................................................................... 366 Trustmark Corporation ......................................................................................................... 366 Chandler Samson Insurance ............................................................................................ 366 Bottrell Insurance Agency................................................................................................. 366 United Capital Financial Partners......................................................................................... 366 PFE Group ........................................................................................................................ 366 Spectrum Assets............................................................................................................... 366 Park Cities Financial Group .............................................................................................. 367 Sapient Wealth Management ........................................................................................... 367 United Investment Advisors.................................................................................................. 367 10 10.02.01 - FA M&A Tiburon Strategic Advisors, LLC ™
  11. 11. Financial Advisor Acquisitions .......................................................................................... 367 Valley National Bank ............................................................................................................ 367 New Century Asset Management..................................................................................... 367 Hallmark Capital Management ......................................................................................... 367 Walter Saltzman ................................................................................................................... 368 Financial Advisor Acquisitions .......................................................................................... 368 Wells Fargo Corporation ...................................................................................................... 368 Acordia ACO Brokerage Holding Group........................................................................... 368 Buffalo Insurance Agency................................................................................................. 368 Risk Management Services .............................................................................................. 368 General Insurance Consultants ........................................................................................ 368 Nelson Capital Management ............................................................................................ 368 FAS Holdings .................................................................................................................... 368 Greater Bay Bancorp ........................................................................................................ 369 ABD Insurance & Financial Services ............................................................................ 369 Wachovia .......................................................................................................................... 369 Benefit Resources......................................................................................................... 369 Cameron Harris & Company ......................................................................................... 369 Crawford, Slevin & Hicks............................................................................................... 369 Davis Baldwin................................................................................................................ 369 Dilks Company .............................................................................................................. 369 Hamilton, Dorsey, & Alston ........................................................................................... 369 Olympic Insurance Associates ...................................................................................... 369 Palmer & Cay ................................................................................................................ 370 Rhodes Agency............................................................................................................. 370 Taylor & Clark ............................................................................................................... 370 The Puckett Group ........................................................................................................ 370 Titus Company .............................................................................................................. 370 Tribus Company............................................................................................................ 370 Barry, Evans, Joseph, & Snipes ................................................................................... 370 Offit Bank....................................................................................................................... 370 Calibre ........................................................................................................................... 370 Tanager Financial Services........................................................................................... 371 Wetherby Asset Management .............................................................................................. 371 Hauswirth & Dunn............................................................................................................. 371 White Oaks Wealth Advisors................................................................................................ 371 Robert Klosterman’s Firm ................................................................................................. 371 Jonathan White’s Firm ...................................................................................................... 371 Wilmington Trust .................................................................................................................. 371 Cramer, Rosenthal, & McGlynn ........................................................................................ 371 Balentine & Company ....................................................................................................... 371 Camden Partners Holdings............................................................................................... 372 WinTrust Financial Corporation............................................................................................ 372 Wayne Hummer................................................................................................................ 372 Lake Forest Capital Management .................................................................................... 372 Zions Bank............................................................................................................................ 372 Financial Advisor Acquisitions .......................................................................................... 372 Profiles of Financial Advisor Mergers & Acquisitions Consultants .......................................... 372 Berkshire Capital Securities ................................................................................................. 372 History............................................................................................................................... 372 Early Phase ................................................................................................................... 373 Middle Phase ................................................................................................................ 373 Recent Phase................................................................................................................ 373 Businesses........................................................................................................................ 373 Investment Banking....................................................................................................... 373 Organization & Ownership................................................................................................ 373 11 10.02.01 - FA M&A Tiburon Strategic Advisors, LLC ™
  12. 12. Financial Technology Partners............................................................................................. 373 History............................................................................................................................... 373 Early Phase ................................................................................................................... 373 Middle Phase ................................................................................................................ 373 Recent Phase................................................................................................................ 373 Businesses........................................................................................................................ 374 Investment Banking....................................................................................................... 374 Organization & Ownership................................................................................................ 374 Hovde ................................................................................................................................... 374 History............................................................................................................................... 374 Early Phase ................................................................................................................... 374 Middle Phase ................................................................................................................ 374 Recent Phase................................................................................................................ 374 Businesses........................................................................................................................ 375 Hovde Financial ............................................................................................................ 375 Hovde Capital Advisors................................................................................................. 375 Organization & Ownership................................................................................................ 375 Jefferies Group ..................................................................................................................... 375 History............................................................................................................................... 375 Early Phase ................................................................................................................... 375 Middle Phase ................................................................................................................ 375 Recent Phase................................................................................................................ 375 Businesses........................................................................................................................ 376 Investment Banking....................................................................................................... 376 Organization & Ownership................................................................................................ 376 Keefe, Bruyette, & Woods .................................................................................................... 376 History............................................................................................................................... 376 Early Phase ................................................................................................................... 376 9/11 Phase .................................................................................................................... 376 Rebuilding Phase .......................................................................................................... 376 Businesses........................................................................................................................ 376 Investment Banking....................................................................................................... 377 Organization & Ownership................................................................................................ 377 Sandler O’Neill Partners....................................................................................................... 377 History............................................................................................................................... 377 Early Phase ................................................................................................................... 377 Middle Phase ................................................................................................................ 377 Recent Phase................................................................................................................ 377 Businesses........................................................................................................................ 377 Investment Banking....................................................................................................... 377 Organization & Ownership................................................................................................ 378 Silver Lane Advisors............................................................................................................. 378 History............................................................................................................................... 378 Businesses........................................................................................................................ 378 Investment Banking....................................................................................................... 378 Organization & Ownership................................................................................................ 378 Duplication or distribution of this report, and/or the data in this report, is strictly prohibited without the written consent of Tiburon Strategic Advisors, LLC™ 12 10.02.01 - FA M&A Tiburon Strategic Advisors, LLC ™

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