Capital Advisory Group (CapGroup) sought to improve client reporting and investment management processes as their client load and complexity grew. They worked with Adhesion, who implemented a new client reporting system allowing customized reporting and online access. CapGroup then explored other Adhesion services, leading them to redefine their investment approach using Adhesion's unified managed accounts and model portfolios. This freed up internal staff and improved services for CapGroup's wealth management and institutional clients.

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Wealth Advisor Solutions
CASE STUDY
Capital Advisory Group
 A Search for Improved Client Reporting Led CAPITAL ADVISORY GROUP to
Make a Host of Practice-Enhancing Upgrades with Help from Adhesion
THE PROBLEM
Current reporting and investment management processes couldn’t handle CapGroup’s growing
client load and investing complexity.
CONTACT
W. Richard Smith III, President, Capital Advisory Group
BOTTOM LINE BENEFITS
• CapGroup’s internal staff has been freed to focus on advising clients and developing
the business. CapGroup can now bring on additional books of business without concern
about their ability to handle the added operational load.
• Clients are getting a clearer, more comprehensive picture of their portfolio and its
performance; CapGroup is projecting a more distinctive image.
• CapGroup now has a superior investment management and delivery process to help
them compete for added institutional and wealth management business.
With Adhesion Investing and Reporting services, CapGroup feels they are now well
positioned to compete for substantial asset growth from institutional and wealth management
clients.
Capital Advisory Group (CapGroup), based in Richmond, VA, grew steadily over the last
twenty years to reach its current size of over $1 Billion in AUM. CapGroup has evolved into
a preeminent regional firm with specialized practices serving the asset management and
investment consulting needs of high net worth families and middle market institutional investors
including pensions, 401k plans and charitable foundations.

2. Replacing the Patchwork
Historically, CapGroup used a patchwork of external and internal operations
resources to support its diverse array of client services. In recent years, these
systems had become more and more inefficient and unable to keep up with the
firm’s demands for providing its clients with customized portfolio solutions and
meaningful reporting. With assistance from parent company, Focus Financial
Partners, CapGroup began an initiative in 2010 to upgrade and revamp its legacy
systems to provide more client capacity and operating leverage with its present
support staff.
As a result of their work with Adhesion,
CapGroup is in the process of
redefining its entire approach to
investment management
Initially the goal was to improve client reporting. CapGroup needed to provide
customized reporting, featuring both electronic and hard copy delivery depending
on client needs. Also, CapGroup wanted to enhance its clients’ online query
experience and make it more convenient for clients to access current account data.
In deciding to engage Adhesion, the firm had to first abort an extensive process
required by the previous vendor to transfer data from PortfolioCenter, as this
step was no longer necessary in order for Adhesion to create CapGroup’s new
client reporting system.
Adhesion’s Reporting Service
The quick implementation possible with Adhesion’s Reporting Service now allows
CapGroup advisors to leverage Adhesion’s powerful online inquiry tools for
monitoring and analyzing the activity, holdings and performance of their clients’
accounts. Clients will also have access to an online portal, branded by CapGroup,
Case Study – Capital Advisory Group

3. to retrieve reports and view portfolio details. Soon, they will even be able to check
their holdings via an iPad or iPhone.
CapGroup Wondered What Else Adhesion Could Do to Improve Their
Business Processes
With their client reporting greatly improved, CapGroup wanted to pursue other
Adhesion services to upgrade their practice management. With a complex book
of business ranging from wealthy individuals to institutional portfolios, CapGroup
found Adhesion could help them leverage their investment consulting expertise
to establish flexible, model-based investment programs that can be efficiently
applied across their wide set of client segments.
Adhesion provided a structure and process by which CapGroup could deliver their
investment programs to clients via a unified managed account vehicle with external
overlay portfolio management, allowing CapGroup to consolidate its research
efforts and provide closer account management and tighter risk controls over
client portfolio strategies. In addition, CapGroup will be able to apply sophisticated
tax management strategies, allowing taxable accounts to improve on after-tax
performance results.
A New Beginning
As a result of their work with Adhesion, CapGroup is in the process of redefining
its entire approach to investment management. The firm is creating multi-manager
allocation strategies for implementation via Adhesion unified managed accounts.
Adhesion has added some of CapGroup’s preferred investment managers to
provide the models that CapGroup will incorporate in its investment management
programs. 
Adding value for your clients • Building value in your business

4. Adding value for your clients
Building value in your business
adhesion
Wealth Advisor Solutions
888.295.8351
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This pamphlet is provided for informational and educational purposes only. It is not intended as and should not be used to provide investment advice and does not address
or account for individual investor circumstances. Investment decisions should always be made based on the client’s specific financial needs and objectives, goals, time
horizon, and risk tolerance. The statements contained herein are based solely upon the opinions of Adhesion Wealth Advisor Solutions. All opinions and views constitute our
judgments as of the date of writing and are subject to change at any time without notice. Past performance is not a guarantee of future results.