The dually-licensed advisor

It takes two: The dual-licensed advisor

Quick quiz: Name the two products about which financial advisors field the most unsolicited inquiries from investors.
Hint: One requires an insurance license to sell and the other, a securities license.

The products that prompt the most unsolicited inquiries, as reported by the Boston research firm Cerulli Associates in a 2013 study, are annuities, which require at least a state life insurance license to sell, and Roth IRAs, for which salespeople must have a securities lic.

The frequency with which advisors get unsolicited inquiries about both insurance products and securities provokes some unsolicited advice from Scottsdale, Ariz.-based wealth manager Anil Vazirani, LUTCF, IAR, QFA, to his advisor peers: If you don’t already have dual licenses to sell both insurance and securities, get them — pronto.

Having both “is not a luxury. I think it’s a necessity if you’re looking to stay in business and grow long term,” says Vazirani, president and CEO of Secured Financial Solutions, LLC, who owns a Series 65 securities license along with a state life and health insurance license.

Having the licenses required to recommend and sell both life insurance products and securities is in the best interests of client and advisor alike It will change how you serve your clients and it will change your business for the better.”

Dually licensing is something “every advisor needs to consider,” asserts Rosemary Caligiuri, president and founder of the Harvest Group Financial Services, a wealth management firm in Langhorne, Pa. “It’s about best serving the client and being able to address all their financial needs.

The additional income that dual licenses provide for the advisor is secondary.”
Secondary, perhaps, but difficult to ignore.

Registered advisors must put their clients’ best interests above their own, in pure financial terms.

The ROI (return on investment) associated with being dually licensed to sell both insurance and securities is potentially huge. Just ask Caligiuri, who became insurance licensed in 1989 and securities-licensed shortly thereafter, having quickly “tired of losing annuity sales to stock brokers who were talking my clients out of needed risk-management insurance products, like life insurance and annuities.

“In a nutshell,” says Caligiuri, who holds a securities license, “[being dually licensed] has rewarded my practice with local recognition, industry respect and a resulting income that I could never have imagined.”

Likewise, Vazirani estimates his firm’s income has doubled since he got his Series 65 in 2008. He and his business partner now manage an annuity portfolio of some $400 million (a large portion of which is tied to fixed-indexed contracts) across some 500 clients, he says, along with another $10 million in assets under management. “When I was an insurance-only advisor, I was just trying to push annuities, and I lost a lot of clients that way,” he recalls. “Now I don’t lose those assets.
Having both those licenses allows me to capture funds I would not have captured with just an insurance license.”

The bottom line and beyond

Being dually licensed pays off for advisors and their clients in tangible and intangible ways. Most importantly, says David Schlossberg, AIF, RFC, senior partner at Assured Concepts Group, Ltd., in East Dundee, Ill., it gives an advisor “that experience, that knowledge, to serve more people in an unbiased way. If I didn’t have one license or the other, I might feel the need to sell rather than consult. Now I feel more free to consult. The holistic, consultative approach adds value for the client. That’s added value that we get paid for, directly and indirectly. It’s an approach that helps add and retain clients, and it definitely helps close deals, too.”

As with Caligiuri and Vazirani, Schlossberg started as an advisor with only insurance licenses, but eventually realized having just those wasn’t going to be enough to meet the demands of his clients, and to fulfill his vision of building a multifaceted financial/retirement/estate planning practice with investment management expertise. “I had clients whom I’d built relationships with, business owners who trusted me, and when they started asking me questions related to their 401(k)s, I told them, ‘Let me see what it takes to get the licenses I need to help you with your investments,’ ” he recounts. “I promptly went through the process to get my securities licenses. It didn’t take long for me to fall in love with the securities side.”
Schlossberg has built a holistic-leaning planning practice with about 110 clients, close to half of which own some type of life insurance product, he estimates.

Besides the roughly $40 million in investment assets he manages personally for clients (the AUM for his practice approaches $75 million), Schlossberg also relies heavily on life insurance (particularly in estate planning and business succession contexts), long-term-care insurance and annuities. The ability to offer one-stop-shopping with a single advisor is something clients appreciate, he notes.

Versatility in demand
But convenience is only a small part of the service proposition an advisor who’s dually licensed to sell both insurance products and securities can deliver to clients and prospects. Earning and maintaining (through continuing education) dual licenses gives advisors the versatile skillset and product mix that clients today demand, observes Caligiuri. “The knowledge base we need to have is extensive. [Being dual-licensed for insurance and securities] demands that we know more, and since you know more, you can do more for a client. The competitive edge to help the client achieve their goals is huge.”

Nowadays, clients—and baby boomers in particular—are more sophisticated in their financial and insurance needs, and more diligent in researching ways to fill those needs, she says. “They search for advisors [who are licensed to handle both securities and insurance]. They want to know what my designations are, and they want to know somebody can handle all the issues they need addressed.”

Having those dual licenses on the wall gives an advisor more credibility in the eyes of clients and prospects, maintains Vazirani. “I think people take my recommendations more seriously now with a securities license. Having a Series 65 puts an advisor in a strong position to sit with a consumer and offer them complete, unbiased advice. They perceive your credibility and your service as stronger.”

As much as having a securities license has stoked the growth of his practice and his passion for investment management, Schlossberg says his insurance aptitude (he’s been insurance-licensed since 1980 and securities-licensed since the late 1990s) still proves invaluable. “Just telling people we can review their portfolio of insurance contracts adds value. Today lots of my clients are calling me for advice. If I weren’t able to help them with that, somebody else would be giving them advice, and I’m not going to know if that advice is good, bad or indifferent.”

For a securities-focused advisor, the ability to review client insurance portfolios is valuable—to the client, and potentially, to the advisor, as a competitive differentiator and a gateway to discuss commissioned products such as life insurance and fixed annuities.

Having dual licenses also protects advisors should new policies change the regulatory status of a bread-and-butter product, such as a fixed-indexed annuity, which someday could be deemed a security and thus require a securities license to sell, notes Vazirani.

Indeed, having built a modest insurance practice into a flourishing five-star wealth management firm with upward of 1,000 clients, $300 million in annuity contracts under management and $150 million in other assets under management, Caligiuri says all she and her practice have invested to secure and maintain dual licenses for insurance and securities has been “time and money well spent.”

“First and foremost, it is an investment for our clients. It’s also an investment in our expertise as advisors, and an investment in the expertise of our staff.”
From pure, bottom-line ROI potential to the intangibles of client service and competitive differentiation, it’s hard to argue against the wisdom of such as investment.

Financial Concepts and Be The Bank

Financial Concepts
Financial Concepts

  1. Compound Interest & Rule of 72
  2. Biggest Wealth Killer
  3. High Cost of Waiting
  4. Unnecessary Transfers
  5. Opportunity Costs
  6. Be The Bank
  7. Eleven Ways to “Find” the Money
  8. The REAL Retirement Miracle

Talking Points from the VideoCompound Interest

“The most powerful force in the universe is compound  interest.” 1 – Albert Einstein

“The person that understands compound interest will earn it. The person that does not will pay it!“ 2 – Albert Einstein

Want to Save $1 million by age 67? You’d better get started soon. The longer you wait, the more you’ll have to put away each month to reach your retirement goals

The High Cost of Waiting

  • A 27 years old? needs to save $214 a month to have a million by age 67
  • Age 37, …$541
  • Age 47,…. $1,491
  • Age 57, hefty $5,168
  • Wait until the last minute (age 62) and you’d have to stash $13,258 to reach $1 million by age 67.

Don’t give up hope- we have an answer (see The Real Retirement Miracle below)

Taxation  is the Number 1 Wealth KILLER
Double a dollar 20 times

It grows to….$1,048,576
If you tax 30% on each double It grows to..$40,642 A Million Dollar Mistake!!!

Anybody see a trend here?…You Earn it They Tax it….You Spend It They Tax it…You Save It They Tax it….You Die They Tax it

Unnecessary transfers

  • By recapturing unnecessary transfers the dollars you were losing and to put these dollars towards your accumulated money and/or lifestyle money with no additional out of pocket cost.
  • Opportunity Cost
  • The interest you could have earned, had you been able to avoid losing it or transferring it away.
  • A dollar paid in taxes unnecessarily not only costs you that dollar but it also costs you what the dollar could have earned had you not given it away.
  • Be The Bank
  • The Most Powerful Bank in The World
  • You Finance Everything!

You either finance by:

  1. Paying interest to someone else –a bank, lender, finance Co, credit card etc.
  1. Or giving up interest you could have earned otherwise.

When you pay cash the interest the money could have earned is forfeited

This is called Opportunity Cost

  • Typical Family
  • Two cars, both cars are financed or leased they often swim in credit card debt, and perhaps home equity debt.
  • They have a mortgage.
  • Typical family spends about 34% of its income on paying interest to creditors.
  • Typical Family
  • At the same time they are contributing less than 5% of their income to their savings plan and they have put much, if not all, of that at risk.
  • In other words, they are spending a lot more on interest than they are saving.
  • Financing Cars

We all know that you lose money on buying cars

  • Did you realize how much?
  • Did you know there is a much better way?
  • Over a lifetime the interest paid on financing cars plus the opportunity cost lost on financing accounts for a significant wealth transfer.
  • (Lease or pay cash still have opportunity cost)

    Financing Cars ….
    So what’s the answer?

          The answer lies not in what you buy but how you buy it.

Financing Cars An example:

  • 40 year old couple purchases (one) new vehicle every 4 years at a cost of $30,000.
  • They expect to keep driving until age 80.

So, over 40 years they will buy 10 new cars.


We are not factoring any money down or inflation but we know prices will go up.

We will assume they can earn 8% on their investments and an 8% opportunity cost.

We will use an 8% loan finance rate

  • Financing Cars
  • If they continue to finance one $30,000 car every 4 years over the next 40 years they could transfer almost $300,000 in opportunity cost.
  • The more cars you add to the equation, the greater the loss.

Over 40 years, the total cost is:

Principal                               $300,000

Interest                                 $  51,546

Opportunity Cost               $297,121

 TOTAL COST                       $648,667

Imagine of you could have every dime back plus interest

  • Become The Bank
    Our Solution
  • Start building an account that will allow you to withdraw the money necessary to
  • Pay cash for your next car and then pay yourself back, paying yourself the principal & interest .
  • You can “self-finance” everything.
  • That $648,667 or more could be in your account instead
  • Sad But True…
  • People saving in qualified plans at work ( 401k, IRA etc.)

Do not have Liquidity, Use & Control of their money and are forced to finance their car

Many Americans who finance their cars lose more money in interest financing their

automobiles so they can get to work, than they will accumulate in their lifelong savings accounts at work.

  • First Bank of YOU
  • Great College Plan
    • College expenses taken out Tax Free
    • Not included in college aid grant formulas
    • Cash Value is owned by parents
    • Plan completion
  • Business Owners
    • Equipment
    • No need to “qualify” for a loan
  • Anything FinancedTwelve reasons to build your personal ‘bank’
  1. You can get to the money in your ‘bank’ whenever you want it or need it . . . no penalties, no waiting, no taxes and no application.
  2. The government, your employer, or any other outsiders have nothing to say about how you operate your ‘bank.’
  3. Your ‘bank’ is protected from creditors and lawsuits (protections are not the same for every state so check with your state .)
  4. You can borrow from your ‘bank’ for any reason and you don’t have to qualify in any way.
  • Twelve reasons why
    You should build your personal ‘bank’
  1. When you borrow from your ‘bank’, the money in your ‘bank’ keeps growing as if you hadn’t borrowed a cent. . . your money does double duty.
  2. Your ‘bank’ allows you to recover the money you pay to purchase cars, household furnishings, vacations, and other big ticket items or to fund education, business start-ups or any other costly expense, and deposit both interest and principal you recover back into your ‘bank.’
  3. Your ‘bank’ allows you to put all of the interest you would normally pay to credit card companies, banks and other credit grantors into your ‘bank’ where it compounds for your benefit.
  • Twelve reasons why
    You should build your personal ‘bank’
  1. Your ‘bank’ lets you grow your wealth tax-free every year . . . no sliding backward . . . no worries about stock market crashes or real estate bubbles . . . just peace of mind about your money.
  1. Your ‘bank’ serves you without compromise while you are alive and allows you to pay forward –tax-free to anyone you choose – your legacy of wealth and wisdom.
  • Twelve reasons why
    You should build your personal ‘bank’
  1. Your ‘bank’ allows you to prepay the cost of future health and long term care so the money you need as you age is in your ‘bank’ when you need it most.
  2. Your bank funds an inflation-protected income that you do not have to work for and you can’t outlive.
  3. You can use the money in your ‘bank’ when an unforeseen life event throws you off the track.

Plus Living Benefits

  • Does This Work?
  • This method is used by many Banks.
  • To capitalize a portion of their banking system, Banks purchase billions in insurance.
  • This pool of capital is a MAJOR source of working capital the bank draws on to fuel it’s banking system.
  • Cash Value Life Insurance:
    A Cornerstone Asset Of a Bank

November 24, 2008  By Barry Dyke

  • Cash value life insurance is one of the most important assets of a bank, particularly America’s large banks.
  • Banks purchase so much cash value life insurance that life insurance of this type has its own name
  • BOLI (bank-owned-life-insurance).
  • Cash Value Life Insurance:
    A Cornerstone Asset Of a Bank

November 24, 2008  By Barry Dyke

  • Banks own so much BOLI that the banks could be considered life insurance companies unto themselves. According to the Federal Deposit Insurance Corporation (FDIC) and the General Accounting Office (GAO), BOLI is a cornerstone of a bank and one most important assets in the nation’s banking and financial systems.
  • Cash Value Life Insurance:
    A Cornerstone Asset Of a Bank

November 24, 2008  By Barry Dyke

In fact, according to the FDIC figures in June 30, 2008, Bank of America owned

$18.99 billion dollars of

Cash Value life insurance

  • Your Money Bucket

If you were filling a bucket

What would you do if your bucket had holes?

  • “FIND” money to Fund
    YOUR Bank
  • Eleven ways to “find” money to fund your plan:
  1. Restructure debt

Cleverly reducing debt will allow you to use the dollars freed up for your policy.

There are a half dozen ways to do this.

  • Eleven ways to “find” money to fund your plan:
  1. Reduce funding of your 401(k) or other retirement plans

This brings them the guarantees, tax advantages, life, living benefits and flexibility provides that their traditional, government-sponsored 401(k), IRA or pension plan does not.

  • Eleven ways to “find” money to fund your plan:
  1. Rescue your IRA or 401(k)

Use IRS rule, 72(t), to transfer your money out of a qualified plan, to fund your policy.

Avoid the premature distribution penalty anyone younger than 59½.

  • Eleven ways to “find” money to fund your plan:
  1. Tap your savings

Consider opening a policy and moving some of your current savings into it. Your policy can be used as an emergency fund

  • Eleven ways to “find” money to fund your plan:
  1. Rethink that tax refund

Some people love getting a big tax refund check in the mail every year. But that’s your own money you’re getting back.

You’re giving the government an interest-free loan, while getting a zero rate of return on your money. Fast and easy to adjust your withholding, immediately increase your monthly cash flow (in some cases by hundreds of dollars a month), and use those dollars to fund your policy

  • Eleven ways to “find” money to fund your plan:
  1. Get home based business tax deductions

Write off “business” expenses

Auto %

Cell, Internet Phone, Electric etc

Home Office


Entertainment Meals


  • Eleven ways to “find” money to fund your plan:
  1. Quote your home owners and Auto Ins

Consider raising the deductibles

Self insure inside your policy

  • Eleven ways to “find” money to fund your plan:
  1. Make lifestyle changes
  • Like holding onto your car a few years longer than you normally would and holding off on buying a new one.
  • It’s also easy to cut monthly costs through simple changes like eating out less, and bundling your Internet, cable TV, and phone services
  • Eleven ways to “find” money to fund your plan:
  1. Convert existing life insurance policies
  • Cash value from existing policies may be an option. In some situations, taking a withdrawal from the old policy and using that to fund a policy may be an option.
  • Careful analysis here: Giving up an old insurance policy is not always in your best interest.
  • Eleven ways to “find” money to fund your plan:
  1. Manage your home equity wisely
  • Many people like the feeling of security that comes with building up equity in their home, or owning it free and clear.
  • Some people make extra mortgage payments, or refinance to a 15-year mortgage, even if it makes them feel financially pinched.
  • Eleven ways to “find” money to fund your plan:
  1. Manage your home equity wisely
  • There are hidden dangers
  • Payments of principal you make into your home do notmake money for you
  • The equity in your home is not liquid
  • The equity in your home is notguaranteed (a fact which came as a shock to many when the real estate market crashed)
  • There is no tax benefitto having equity in your home
  • Eleven ways to “find” money to fund your plan:
  1. Make More Money
  • Become a paid referral agent
  • Just 2-3 referrals a year could fund a $3,000 year plan
  • The Real Retirement Secret

Wait until the last minute (age 62) and you’d have to stash $13,258 a month to reach $1 million by age 67.

A Team of 10 sales and you do one or two a month

  • Eleven ways to “find” money to fund your plan:
  1. Debt $100
  2. Reduce Funding IRA/401K $100
  3. Rescue IRA/401k $100
  4. New Emergency Fund $100
  5. Tax Refund $100
  6. Tax Deductions $100
  7. Save on Home Owners and Auto $100
  8. Lifestyle adjustments $100
  9. Convert Old Policies $100
  10. Manage Home Equity $100
  11. Make More $100


You can’t retire properly without some sort of annuity…. FACT


It’s not my opinion it’s just a mathematical, scientific and economic fact. You cannot retire without some sort of annuity in your portfolio.
And those are just the facts.

And here’s why

You see there are a lot of risks in retirement. There is market risk, there is order of return Risk, There’s inflation, deflation. Heck you may need long term care. You may even DIE. There are a lot of risks in retirement

But the single biggest Risk, The number 1 risk is Longevity Risk. And longevity is not just a risk, it’s a risk multiplier of all those other risks.

What am I talking about?
Let’s say that you retire at age 65 and you drop dead 3 years later at age 68.
If the stock market drops 3000 points does it matter? NOPE
If you withdraw 10% from your portfolio annually does it matter? NOPE
If you forgot to purchase long-term care insurance DOES IT MATTER? No WHY?

Because you didn’t live long enough.
But what if you live to age 80, 85 or 95 years of age? It’s all those other risks that will wipe you out.

So what Math and science has taught us is that you must take Longevity risk OFF the table.  Stocks can’t take longevity risk off the table, Bonds can’t take longevity risk off the table, and Managed money can’t take longevity risk off the table.

Only some form of an annuity can provide a guaranteed paycheck for life and those are just the facts.

So where can you get this.

Well Social Security is a form of an Annuity it’s a guaranteed paycheck for life.
We all have an opinion about social security. Pension is a form of an Annuity it’s a guaranteed paycheck for life. Not too many people today have a pension.

So where else can you get this.
Only an insurance company can provide some form of a guaranteed paycheck for life. Only some form of annuity, or a lifetime income annuity, or a deferred lifetime income annuity or an income rider on an insurance policy

When it come to Retirement Plans what is the difference between… Good… Better…. and Best? about 300% to 200% more money!

Good Better Best
When it come to Retirement Plans what is the difference between Good… Better…. and Best? about 300% to 200% more money!

When people ask about IRAs and 401(k)s, I remind them that these may have once been good vehicles at one time for saving for retirement but today they’re far from the best. Some people are perplexed when they learn this until they’re shown the difference between a good retirement savings strategy vs. a better one or the best one.

Let’s say that you worked your entire life and you accumulated a $1 million nest egg.

Many financial advisors hoped to average a 10%-12% return in the market for their clients even though that’s not been a reality for some time.

The problem is, even if you’re earning 12%, that’s not entirely your money. If it’s in a tax-deferred vehicle, at least 25% of that money is going to go to Uncle Sam in the form of taxes.

Another 5-7% of that money is going to go to whatever state you live in thanks to state income taxes. All you’ve done is delay the payment of those taxes until you start accessing that money.

With that million dollar nest egg, even if you were earning 12%, you’d be realizing $120,000 a year. But remember, not all of that money is yours. By the time you’ve paid your taxes, you’ll be lucky to have $80,000 to spend.

This is because most retirees end up paying roughly a third of their nest egg in taxes during their golden years.

This isn’t even counting the asset management fees charged by many advisors.

This means that people who are in retirement who were getting a 12% return that gave them $120,000 in annual income, are only netting $70,000-$75,000 a year to buy gas and groceries.

The sad truth is that the actual rate of return over the last two decades, according to DALBAR, has only been about 3.5-4%. This is why many financial advisors recommend that their clients withdraw no more than four percent yearly from their retirement nest egg.

They worry that their clients may end up outliving their money.

If you don’t believe that you can live on 4%, you may think you’d be better off withdrawing 6% annually. That means $60,000 annually.

Remember, you’re still going to end up paying $20,000 of that money in the form of taxes which leaves you with roughly $40,000 a year to live on.

Better Than a Roth….What’s better?

A Roth is probably better since you’ll be coming out at least 33% further ahead than a traditional IRA or 401(k).

Keep in mind that over 90 percent of Americans still prefer to put their savings into traditional IRAs and 401(k)s. They do this believing that, upon reaching retirement, they’ll be in a lower tax bracket.

If you’re in the same tax bracket when you retire, there’s no difference between a Roth IRA and a traditional IRA or 401(k). But if taxes go up, in the long run, you’ll be 33 percent better off with a Roth.

With a million bucks in a Roth, if you pull out 6% annually that’s $60,000 that’s tax-free on the back end. That’s 50% more than the $40,000 you’d be enjoying with a traditional IRA or 401(k).

The best possible situation is what has been called a LASER plan. This stands for Liquid Assets Safely Earning Returns.

Our favorite LASER fund is 100% tax-free like a Roth but has three big benefits over a Roth IRA.

It accumulates tax-free and you can access it tax-free but on top of that, there’s no strings attached. There are no restrictions on how much you can put in each year and when you’re allowed to touch it.

With the LASER fund, if you had a million dollars in it and were to die in an accident or from a heart attack, it would instantly blossom in value and transfer to your loved ones tax-free.

Roth can NOT do that.

Over the last 45 years, it has averaged 8.2% return. That means that on a million dollars, he could pull out $80,000 tax-free. Even if he was only pulling out 6%, he’d still be netting $60,000 tax-free and with the other three major benefits over a Roth.

Can you see why it might be worth having all the benefits of a Roth and a whole bunch more?

Once you understand the difference between good, better and best, you can make the necessary adjustments in how you approach saving for retirement.

No Brainer Prospecting

No Brainer-640x350_zpsa80749d9

No Brainer Prospecting

1. YOU: “DO you have money in the “market”? or
“By the way, how are your investments doing IRA 401k?”
(If they answer is, “I don’t have any investments.”
You : Does that concern you?…)
2. THEM: “Fine…”
3. YOU: “May I ask what your rate of return was last year?”
4. THEM: “It was good.” or “My accounts are up”
5. YOU: “Like 3% or 5%?”
6. THEM: “I don’t know exactly.”
7. YOU: “Do you think that is important to know?”
8. THEM: “Yeah, I guess so.”
9. YOU: “Do you know what level of risk you are assuming to get that return?”
10. THEM: “Risk level? What do you mean?”
11. YOU: “Your portfolio is setup to incur a certain amount of risk. Do you think this is important information to know?”
12. THEM: “Yeah, I guess so.”
“How do you measure risk in your invesments?
Them “huh?”
You: “Do you think that’s important to know?”
13. YOU: “Would you like a no charge, second opinion to make sure you’re getting what you think you’re getting? I have access to a team of experts that can do that for you.”
“My first priority would be to get a second opinion”
14. THEM: “Ok, what do you need?”
15. YOU: “I just need a copy of a recent statement. If it turns out you’re ok, we’ll tell you otherwise we’ll suggest ways to improve. Sound good?”
16. THEM: “Ok. What should I do?”
17. YOU: “Just get me a copy of your latest statement . Of course, everything will be held in strict confidence.” We dont need account numbers or anything that identifies you so you can leave that off.

Trillions of Reasons to be in the asset managment business


No FISH here ,,,,Let’s move on….  An Ocean of money out there!

Need a reason how about Trillions

( $1 Trillion Dollars added to AUM with RIA’s (below))

Pure Recurring, Residual, and Compouding Fee Revenue
on $1 Trillion in “new” Assets Under Management (AUM) is about $10 Billion a year to Advisors.

What is an independent financial advisor?
Independent registered investment advisors (RIAs) are professional independent advisory firms that provide
personalized financial advice to their clients, many of whom have complex financial needs.

Because these advisors are independent,
they are not tied to any particular family of
funds or investment products.

As fiduciaries, they are held to the
highest standard of care—and are
required to act in the best interests
of their clients at all times.
They are registered with either the
Securities and Exchange Commission
or state securities regulators.

Why does it matter if your advisor
is independent?

Many independent advisory firms are
owned by the individual advisors who
run them, so they forge deep, personal
relationships and have a strong sense of
accountability to their clients.

As one of the fastest-growing areas
within the financial services industry,
independent advisors have increased their
assets managed by more than 14% year
over year since 2008, and this number is
expected to grow another $1 trillion in the
next two years (2015-2016) alone.1***

1*** May 2014. Cerulli associates, company reports, Charles Schwab Strategy estimates.


BlackRock 4,398,439.1 (That’s $4.3 trillion with one firm in the USA!!!!)

Vanguard Asset Management 3,091,978.
State Street Global Advisors 2,066,479
BNY Mellon Investment 1,492,895 –
J.P. Morgan Asset Management 1,361,178
PIMCO 1,321,158
Capital Group 1,272,080 –
Prudential Financial, Inc 1,089,737
Legal & General Investment Management 1,012,389
Goldman Sachs Asset Management International 996,650.5
Amundi 985,028.2
Wellington Management 853,274 852,629
Northern Trust Asset Management 805,763
Natixis Global Asset Management 801,128
TIAA Global Asset Management 786,478.52
Deutsche Asset Management 777,091
Invesco 714,069.8
Franklin Templeton Investments 703,219
T. Rowe Price 702,479
AXA Investment Managers 669,436
Legg Mason 618,397 534,786
Sumitomo Mitsui Trust Bank 614,761.
UBS Asset Management 597,234
Affiliated Managers Group 578,310
Mitsubishi UFJ Trust and Banking Corporation 551,179 –
Insight Investment 550,044
BNP Paribas Investment Partners 530,187.42
New York Life Investments 469,930
Allianz Global Investors 441,860
Columbia Threadneedle Investments 434,917.
AllianceBernstein 430,305
Schroder Investment Management 425,401
APG 406,413
Generali Investments Europe 395,872
Aberdeen Asset Management 394,212.8
Aviva Investors 393,352
HSBC Global Asset Management 390,423.
MFS Investment Management 380,177
Morgan Stanley Investment Management 374,180
Dimensional Fund Advisors 357,434
Principal Global Investors 349,820.
Aegon Asset Management 345,422
Standard Life Investments 343,555
M&G Investments 335,824
Federated Investors 332,546
Mellon Capital 323,860 –
Wells Capital Management 321,484.
Natixis Asset Management 320,600 –
Macquarie Asset Management 314,856
Nomura Asset Management 309,326 –
Credit Suisse 297,192 219,922
Eaton Vance Management (International) 283,393 123,509
Manulife Asset Management 277,352.04 240,594.76
Robeco 268,062 125,518
Eurizon Capital 267,057 10,538
Union Investment 260,801.52 121,437
RBC Global Asset Management 257,297 142,289
MEAG 254,813 10,890
Fidelity International 251,386 64,281
SEI 239,800 –
Dodge & Cox 238,761 185,838
Pioneer Investments 223,614 51,091
Neuberger Berman 221,263 139,366
DekaBank 217,555 92,331
BNY Mellon Cash Investment Strategies 205,990 –
Babson Capital Management 205,068 81,802
Loomis Sayles & Company 204,200 –
Voya Investment Management 191,901 82,767
Nordea Investment Management 188,978 48,046
NN Investment Partners 186,874 42,455
SEB 185,365 –
Guggenheim Partners Investment Management 181,892 123,282
PGGM 180,669 –
Nuveen Investments 171,713.88 17,780.09
Swiss Life Asset Managers 170,566 35,732
Baillie Gifford 166,924 153,143
TCW 166,390 129,845
Caisse de dépôt et placement du Québec (CDPQ) 164,366 164,366
Janus Capital Group 161,411 –
Santander Asset Management 158,760 11,807
Lazard Asset Management 154,464.06 100,158.08
Russell Investments 151,964 97,807
La Banque Postale Asset Management 150,090 –
Standish Mellon Asset Management 143,755 –
Nikko Asset Management Europe 141,504 52,897
Pictet Asset Management 139,094 56,667
Putnam Investments 135,776 60,150
Bridgewater Associates 134,000 134,000
Bank J. Safra Sarasin 133,014 –
DIAM International 131,784 –
AQR Capital Management 131,004 –
First State Investments 130,767 51,410
American Century Investments 129,270 –
Itau Asset Management 122,911 –
Talanx Asset Management 122,700 –
Eastspring Investments 120,945 4,775
Swedbank Robur 118,851 –
Helaba Invest 118,220 115,955
MN 117,634 117,634
Lyxor Asset Management 117,600 90,800
Lord, Abbett & Co 115,562 –
Royal London Asset Management 114,664 17,842
Zurcher Kantonalbank Asset Management 113,026.73 83,931.38
Harris Associates L.P. 112,800 –
Henderson Global Investors 110,636 40,904
GAM 109,498 31,044
Kohlberg Kravis Roberts & Co 109,411.3 78,134.8
Danske Capital 107,911 30,381
AMP Capital 106,160 –
Achmea Investment Management 101,957 64,362
GE Asset Management 101,490.6 9,815.7
Union Bancaire Privée, UBP SA 101,138 10,520
Union Bancaire Privee 101,138 10,520
BBVA Asset Management 100,041 –
KBC Asset Management 100,007 14,703
Artisan Partners 97,928 –
Sumitomo Mitsui Asset Management Co. 96,720.3 77,271.4
Investec Asset Management 96,558 68,411
SURA Asset Management 94,353 –
Hartford Investment Management Company 94,170 –
Candriam Investors Group 94,078 57,318
GMO UK 92,546 92,546
Harvest Fund Management 92,432 –
Groupama Asset Management 91,761.7 12,983.3
BRAM – Bradesco Asset Management 90,937.1 10,434.5
Covéa Finance 90,150 –
Oaktree Capital Management 89,629 77,285
BMO Global Asset Management (EMEA) 88,793 72,058
CIBC Global Asset Management 88,383.5 18,380.7
Vontobel Asset Management 88,058 74,186
Payden & Rygel Global 87,729 87,729
Ares Management 86,025 –
First Eagle Investment Management 83,149.9 16,744
MacKay Shields 82,110.03 51,785.99
CBRE Global Investors 81,800 81,800
Barrow, Hanley, Mewhinney & Strauss 81,620.5 81,601
Conning 81,103.92 69,612
Hines 78,405 61,939
PineBridge Investments 77,793.3 31,679.9
LSV Asset Management 77,708 77,708
Kames Capital 76,979 16,773
CI Financial 73,898.46 10,993.85
Man Group 72,540 53,499
Mediolanum Gestione Fondi 69,743.6 –
Mirae Asset Global Investments 69,483 –
OP Financial Group 68,500 –
ANIMA Sgr 66,887.76 17,242.72
BayernInvest 65,489.37 65,489.37
OFI Asset Management 65,000 –
Metzler Asset Management 64,119.73 59,481.28
Newton Investment Management 63,747 52,425
Mesirow Financial Currency Management 62,363 60,449
CM-CIC Asset Management 62,000 –
Acadian Asset Management 61,548 61,548
Storebrand Asset Management 59,574 –
LBBW Asset Management 58,343.6 55,403.6
DNB Asset Management 58,000 –
Erste Asset Management 55,899 35,908
Arrowstreet Capital 54,888 54,888
Handelsbanken Asset Management 54,489 –
Prologis 54,452 –
Walter Scott & Partners 54,067 –
BBH Investment Management 53,995 –
LaSalle Investment Management 53,700 42,200
William Blair Investment Management 53,491.1 44,808.1
Edmond de Rothschild 53,000 24,900
La Francaise 52,642 30,439
BlueBay Asset Management 52,430 34,318
Irish Life Investment Managers 52,404 –
QIC 52,356 –
Mondrian Investment Partners 52,340 52,340
Actiam 52,037 –
Carmignac 52,000 –
Delta Lloyd Asset Management 51,600 6,000
Rothschild & Cie Gestion 51,000 14,569
M.M. Warburg & Co 51,000 –
Thornburg Investment Management 50,521 2,511
Degroof Petercam Asset Management 50,018 26,029
LGT Capital Partners 49,769 31,231
Record Currency Management 49,240 49,232
Marathon Asset Management 48,730 47,881
Jupiter Asset Management 48,400 –
Cohen & Steers Capital Management, Inc. 48,132.1 27,375.9
Sal. Oppenheim 48,100 –
Brown Advisory 47,867 –
Daiwa SB Investments (UK) 46,479 26,122
Hauck & Aufhäuser Privatbankiers 46,292 12,820
Partners Group 46,000 –
Oddo Meriten Asset Management 45,900 34,700
Caixabank Asset Management 45,828 15
Cornerstone Real Estate Advisers 45,652.3 11,296.3
GCM Grosvenor 45,589 –
Ashmore Group 45,500 41,400
Tokio Marine Asset Management 44,756.8 28,869.7
Lombard Odier Investment Managers 42,661 29,853
CVC Credit 41,920 –
KLP Kapitalforvaltning 40,857 –
Joh. Berenberg, Gossler & Co 40,100 17,100
Coronation Fund Managers 39,321.73 23,971.35
THEAM 38,300 –
Fischer Francis Trees & Watts 37,613 –
Epoch Investment Partners 37,565 –
CPR Asset Management 37,500 27,481
Stone Harbor Investment Partners 36,070 36,070
HarbourVest Partners 36,000 –
Quilvest 36,000 –
Kempen Capital Management 35,899.3 23,162.7
PanAgora Asset Management 35,313 35,230
HardingLoevner 34,608 –
The Boston Company Asset Management 33,646 –
Rogge Global Partners 32,711 32,480
Baring Asset Management 32,415 23,128
Heitman 32,381 32,261
Shinhan BNP Paribas AMC 32,270 –
Hermes Investment Management 31,234 8,471.4
Hamilton Lane Advisors 31,100 31,100
Artemis Investment Management 31,064 –
W & W Asset Management 30,500 –
Victory Capital 29,610 –
Raiffeisen Capital Management 29,265 –
Old Mutual Global Investors 29,148 –
Pantheon Ventures 29,050 29,050
Pathway Capital Management 28,558 28,558
Eagle Asset Management 28,514.8 17,386.9
Fisher Investments 28,472.59 28,472.59
ARCA SGR 28,409 1,935
Gothaer Asset Management 28,300 –
Northill Capital 27,536 –
Mirabaud & Cie 26,965 –
Altius Associates 26,779.7 26,779.7
Davis Selected Advisers 26,683.23 1,693.62
J O Hambro Capital Management 26,197 21,428
Quoniam Asset Management 25,710 25,710
GW&K Investment Management 25,380 –
Adams Street Partners 24,926 24,926
Beutel Goodman & Company 24,790 –
Universal-Investment 24,675.2 24,675.2
Genesis Asset Managers 24,304 –
Brandes Investment Partners 23,946 17,712
Muzinich & Co 23,871 22,409
Alcentra 23,062 –
Seix Investment Advisors 22,792 22,792
Renaissance Technologies 22,663 –
HFT Investment Management 21,990 –
AGF Management 21,779.84 7,800.69
KGAL Group 21,687.2 16,885.4
Intermediate Capital Group 21,230.46 18,940.5
TKP Investments 21,180 21,180
Comgest 20,828 18,745
Capital Dynamics 20,682 19,702
AEW Capital Management 20,500 –
Axeltis 20,300 –
Calamos Advisors 20,167.2 7,275
BlueMountain Capital Management 20,096 –
Highland Capital Management 19,913.5 15,238.2
Kutxabank Gestion 19,608 95
DNCA 19,400 –
Nykredit Asset Management 19,269 –
Bankia 19,044 –
Assenagon Asset Management 18,939 17,369
Banco Sabadell 18,895 –
First Quadrant 18,693 –
SPF Beheer 18,062 18,062
AEW Europe 18,000 –
The Permal Group 17,773 13,371
Colony Capital Investment Advisors 17,300 16,100
Frankfurt-Trust 17,220 8,517
Savills Investment Management 16,984 12,942
Tweedy, Browne Company 16,861 –
Allianz Popular Asset Management 16,798 –
PATRIZIA Immobilien 16,600 15,500
Managed Portfolio Advisors 16,400 –
Westwood Management Corp. 16,397.74 15,911.02
Unigestion 16,308 15,105
ValueAct Capital 16,248 –
SYZ Asset Management 16,200 –
BankInvest 16,079 –
Seeyond 16,000 –
Siemens Fonds Invest 15,925.7 –
Yacktman Asset Management 15,888 –
Jyske Bank Capital Management 15,840 5,883
TimesSquare Capital Management 15,694 –
EIG Global Energy Partners 15,567 –
Brookfield Investment Management 15,397 13,756
Veritas Asset Management 15,161 –
Vescore 15,001 14,017
Majedie Asset Management 14,780 –
Reich & Tang Asset Management 14,500 –
GNB Gestãó de Activos 14,088 4,947
Kepler-Fonds 13,843 –
SCOR Investment Partners 13,600 1,543
Landmark Partners 13,599.95 –
CamGestion 13,400 –
Perennial Investment Partners 13,322 –
Alfred Berg 13,100 –
Theodoor Gilissen Bankiers 13,000 3,938
Carnegie Asset Management 12,400 9,900
EFG Asset Management (UK) 12,350 976
BPI Gestao de Activos 12,303.94 1,063.02
GPT Group 12,218 –
T&D Asset Management 12,177 –
Veritable LP 12,051 –
Patron Capital 11,795 11,355
Millennium Global Investments 11,714 –
Frontier Capital Management 11,579 –
Semper Constantia Privatbank 11,500 –
Gateway Investment Advisers 11,200 –
DJE Kapital 11,000 –
CQS 10,900 10,900
RWC Partners 10,749 10,749
DTZ Investors 10,557 10,557
Vaughan Nelson Investment Management 10,400 –
H2O Asset Management 10,300 –
SKAGEN Funds 10,206 6,429
McDonnell Investment Management 10,200 –
Pyrford International 10,193.77 9,781.56
Bantleon Bank 10,113 8,961
EII Capital Management 9,993 –
Glenview Capital Management 9,975 –
Siguler Guff 9,748 –
Edinburgh Partners 9,626 9,626
LocalTapiola Asset Management 9,407 541
Pacific Alternative Asset Management Company (PAAMCO) 9,295 9,251
Sparinvest 9,149.75 2,623.06
Chicago Equity Partners 8,997 –
Systematic Financial Management 8,785 –
ECM Asset Management 8,475 –
Trilogy Global Advisors 8,467 –
La Financiere de l’Echiquier 8,300 –
Fisch Asset Management 8,228 6,772
Rockspring Property Investment Managers 8,220 8,202
Renta 4 8,209 –
Foyston, Gordon, Payne 8,168 –
Driehaus Capital Management 8,145 –
Systematica Investments 8,037 –
Lupus Alpha Asset Management 8,000 8,000
Kairos Partners 8,000 –
Aktia 7,930 7,930
Baring Private Equity Asia 7,733 –
Kleinwort Benson Investors 7,722 7,722
Setanta Asset Management 7,693 1,136
CenterSquare Investment Management 7,556 –
Bouwinvest REIM 7,495 –
TwentyFour Asset Management 7,453.78 3,632.13
TOBAM 7,357.7 7,356.4
SPARX Asset Management 7,324 –
Jacobs Levy Equity Management 7,264 6,979
Tristan Capital Partners 7,192 7,087
Maj Invest 7,149 5,531
River Road Asset Management 7,147 –
Arion Banki 7,052 –
IDFC Asset Management Company 7,000 –
WHV Investment Management 6,937.3 2,648
AlphaSimplex Group 6,900 –
DDJ Capital Management 6,813.28 6,813.28
Gottex Fund Management 6,779 4,288
Capital Four Management 6,543 4,907
Access Capital Partners 6,500 6,500
March Asset Management 6,487 –
Maple-Brown Abbott 6,481 5,582
Liontrust Asset Management 6,425 1,505
myCIO Wealth Partners 6,312 –
Neptune Investment Management 6,163 1,213
Spängler IQAM Invest 6,160 –
McKinley Capital Management 6,159 5,957
Mirova 6,100 –
Vega Investment Managers 6,100 –
AMG Funds 6,037 –
Ibercaja Pension 5,930 5,930
Abbott Capital Management 5,904.4 5,831.9
Adveq Management 5,883 5,752
Valartis Asset Management 5,595 –
HQ Capital International 5,559 3,485
TT International 5,482 –
Baker Street Advisors 5,474 –
FIM Asset Management 5,300 –
Ryan Labs Asset Management 5,262.32 4,931.57
Third Avenue Management 5,189 –
Evli Bank 5,119 –
SouthernSun 5,114 –
Symphonia SGR 5,098 831
Mutua Madrilena 5,021 –
Investa 4,999 333
Aspect Capital 4,981 –
Sentinel Real Estate Corporation 4,859 3,499
Mapfre Inversión DOS 4,837 –
Bestinver 4,789 –
BNG Vermogensbeheer 4,768 4,768
MatlinPatterson 4,661 –
Pareto Asset Management 4,600 2,750
IPM Informed Portfolio Management 4,496 4,496
Abax Investments 4,476 –
EACM Advisors 4,455 –
Lingohr & Partner Asset Management 4,284 2,742
CoreCommodity Management 4,246 3,918
Impax Asset Management 4,200 –
Ersel Asset Management 4,153 467
Adrian Lee & Partners 4,113 –
Fonditel Pensiones 4,090 370
Sberbank Asset Management 3,957.4 3,385.4
The Renaissance Group 3,901 –
Welch & Forbes 3,708 –
ValueInvest Asset Management 3,560 2,385
Exane Asset Management 3,500 –
CGD Pensoes – Sociedade Gestora de Fundos Pensoes 3,414.97 2,913.14
Sycomore Asset Management 3,380 2,805
Fulcrum Asset Management 3,368 3,261
Clarfeld Wealth Management 3,347 –
Ivory Investment Management 3,309 –
Dynagest 3,300 3,200
Aquila Capital Concepts 3,300 2,640
Ahorro Corporacion 3,235 –
RAM Active Investments 3,220 2,846
Montanaro Asset Management 3,200 –
London & Capital 3,113 –
LGM Investments 3,086 2,497
Montrusco Bolton Investments 3,038 –
Morgan Creek Capital Management 3,033 2,840
Stenham Asset Management 3,005 –
Holberg Fondene 3,000 –
Apo Asset Management 2,586 564
FirstPrivate Investment Management 2,460 –
Mandarine Gestion 2,405 1,419
TreeTop Asset Management 2,400 –
Banco Estado Fondos Mutuos 2,400 –
Econopolis 2,300 1,400
OLZ & Partners Asset & Liability Management 2,181 –
Ossiam 2,100 –
East Capital 2,079 1,351
Arnhem Investment Management 2,000 –
Alandsbanken Asset Management 2,000 –
Aurum Funds 1,825 –
Altera Vastgoed 1,800 –
ARX Investimentos 1,785 –
GET Capital 1,750 1,750
Ethos Services 1,692 1,621
RGA Rural Pensiones 1,431 –
FUTURO – Sociedade Gestora de Fundo de Pensoes 1,289.9 55.98
BMCI Asset Management 1,220 –
TEB Asset Management 1,200 –
CCM Vida y Pensiones 1,055 –
Fondinvest Capital 1,032 1,032
Catalunyacaixa Vida 986 –
AVANA Invest 985 62
A.G. Bisset Associates 974 973
New Amsterdam Partners 971 695
Sumitomo Mitsui Asset Management (London) 896 896
Dorval Asset Management 688 –
CBL Asset Management 638.2 537.6
Active Investment Advisors 619 –
Duero Pensiones 607.28 607.25
Emerise 597 –
Astellon Capital Partners 547 –
Deans Knight Capital Management 526 –
J.M. Hartwell 455 –
FOURPOINTS Investment Managers 407 –
Previsao-SGFP 295 –
Darius Capital Management $275 million