top 40 advisors under 40 kevin higginbotham top 40...

Top 40 Advisors

Under 40The Street’s

newest young stars are setting

the industry on fi re

Ideas and Insights for Wealth Managers Volume 20, No. 12 • December 2010

www.onwallstreet.com

Kevin Higginbotham (right) & Steven

Prediletto ofBank of America

Merrill Lynchrank fi rst and second

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AS A teStAment to the importAnce of teAmwork, thiS iSthe fourth consecutive year that our top spot is taken by a duo. And almost everyone else on our annual top 40 Under 40 list talked about their teams as well. (we rank team members by their individual assets under management so when teammates are placed together, they are counted separately.)

Another common thread we saw this year was a focus on wealthy families and ultra high-net-worth individuals, particularly those who work in private equity and hedge funds. You can read all about the common threads here as well as the differences. read about the advisor who flies to

Under The Top

Advisors

South America to talk to clients who live and invest in those domestic markets. And learn about another one who also flies there to meet clients who invest in the U.S. was told to forget law school (good advice). once again started with the broker-dealers. their advisors, under the age of 40, with the most assets under management custodied at their firm. and ranked them accordingly. production. So read on for a look at the personalities we’ve profiled here.

The Top 40 Advisors Under 40

26 onwallstreet December 2010 www.onwallstreet.com

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Meet the future of

the wealth advisoryindustry

UnderAdvisors

South America to talk to clients who live and invest in those domestic markets. And learn about another one who also flies there to meet clients who invest in the U.S. One advisor was told he didn’t need college (bad advice), while another was told to forget law school (good advice). To compile our list, On Wall Streetonce again started with the broker-dealers. We asked the companies to identify their advisors, under the age of 40, with the most assets under management custodied at their firm. We separated each advisor’s assets from his or her team’s and ranked them accordingly. We also included a chart with trailing-12 month production. So read on for a look at the personalities we’ve profiled here.

www.onwallstreet.com December 2010 onwallstreet 27

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1Kevin Higginbotham and StevenPrediletto oversee what is essen-tially a mid-cap company of financial advice. And in a sign of our global times, they have an extended team scattered around the globe (eight ad-ditional equity partners, plus 55 other advisors) all ready to jump whenever a client needs help.

Like many of On Wall Street ’s top advisors this year, their team is a bifurcated effort—a corporate team focuses on companies with issues like 401(k) administration and stock plans; and an executive team focuses on the personal wealth management needs of the individuals at those companies.

Kevin Higginbotham, 38$3.97 billion in assets

Steven Prediletto, 34$3.04 billion in assetsBofA/Merrill Lynch//Atlanta

Kevin Higginbotham

THe Top 40 AdviSorS Under 40

Their individual retail assets under management alone warrant our top two slots this year, each topping $3 billion. But the total assets they oversee in this empire top $80 billion. Prediletto and Higginbotham spend much of their time on management issues of their disparate company. There are a lot of interlocking financial needs, and they “connect the dots,” says Higginbotham. They also try to maintain a boutique feeling on their team, even though it’s within BofA/Merrill. Much of the team’s retail assets come from wealthy families. More specifically, they have 100 families, each with$10 million-plus in assets; and more than 1,000 families with between$3 million and $10 million.

Working with their clients’ other professional advisors like lawyers and accountants, the Merrill team aims to effectively become the chief financial officer for their wealthy patrons. They take care of the finances, so that clients can focus on the businesses that generated the wealth in the first place, Prediletto says.

Both concede that investor sentiment is much better than last year at this time. “The world is not coming to an end,” Prediletto says, referring to last year’s pessimism.

As if their destinies were predetermined to be intertwined, Higginbotham and Prediletto both started out as interns in 1996. They both moved to Atlanta in 1999, and then teamed up in 2002.

For the corporate side of their team, they deal with some of the largest companies in the world. Home Depot, Coca-Cola, Walt Disney and United Parcel Service are just a few of their clients. In addition to the issues like stock plans, they also draw on Merrill’s other strengths like investment banking for needs like equity and debt offerings or treasury services. —


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1Kevin Higginbotham and StevenPrediletto oversee what is essen-tially a mid-cap company of financial advice. And in a sign of our global times, they have an extended team scattered around the globe (eight ad-ditional equity partners, plus 55 other advisors) all ready to jump whenever

On Wall Street ’s top advisors this year, their team is a bifurcated effort—a corporate team focuses on companies with issues like 401(k) administration and stock plans; and an executive team focuses on the personal wealth management needs of the individuals at those

Higginbotham, 38$3.97 billion in assets

Steven Prediletto, 34$3.04 billion in assetsBofA/Merrill Lynch//Atlanta

Their individual retail assets under management alone warrant our top two slots this year, each topping $3 billion. But the total assets they oversee in this empire top $80 billion. Prediletto and Higginbotham spend much of their time on management issues of their disparate company. There are a lot of interlocking financial needs, and they “connect the dots,” says Higginbotham. They also try to maintain a boutique feeling on their team, even though it’s within BofA/Merrill. Much of the team’s retail assets come from wealthy families. More specifically, they have 100 families, each with$10 million-plus in assets; and more than 1,000 families with between$3 million and $10 million.

Working with their clients’ other professional advisors like lawyers and accountants, the Merrill team aims to effectively become the chief financial officer for their wealthy patrons. They take care of the finances, so that clients can focus on the businesses that generated the wealth in the first place, Prediletto says.

Both concede that investor sentiment is much better than last year at this time. “The world is not coming to an end,” Prediletto says, referring to last year’s pessimism.

As if their destinies were predetermined to be intertwined, Higginbotham and Prediletto both started out as interns in 1996. They both moved to Atlanta in 1999, and then teamed up in 2002.

For the corporate side of their team, they deal with some of the largest companies in the world. Home Depot, Coca-Cola, Walt Disney and United Parcel Service are just a few of their clients. In addition to the issues like stock plans, they also draw on Merrill’s other strengths like investment banking for needs like equity and debt offerings or treasury services. —Lee Conrad

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4Jesse Eaton, 38Wells Fargo // New York$1.59 billion in assets

Once a cub reporter inNantucket, Jesse Eaton left the Massachusetts island to seek his fortune on Wall Street when his newspaper shut down. He got a job at Lebenthal, a small muni-bond firm. He moved on to Hambrecht & Quist in 1997, where he and Matthew Demer, another young advisor, were hired to handle the cash management practice. As H&Q made its mark taking dot-coms public, Eaton and Demer helped the young companies with cash management. The team grew assets from zero to $4 billion in less than three years. They moved to Lehman Brothers in 2001 and built assets to $7 billion, before “seeing the cracks in the foundation” and

jumped ship in 2007 to Wachovia Securities, now Wells Fargo.

Eaton and Demer divide their work the way they always have, with Eaton focusing on trading and execution, while his partner concen-trates on strategy and relationship management.

But some things have changed since 2008. The good news is that the corporate world is hanging on to its cash, which spells opportunity for the team. That also brings more work because due diligence is much more stringent. “You can no longer think in absolutes. You have to question everything,” he says. “You’re looking so far under the hood you find yourself coming out the exhaust.” —Ben Voyles

John Batista Bocchino started in this business 14 years ago at Swiss Bank Corp., (now UBS) trading emerg-ing markets debt. He is now a senior v.p. at Morgan Stanley Smith Barney, where he and his three teammates still focus on trading emerging market debt for about 400 mostly ultra high-net-worth families and mid-market client accounts in Latin America.

His primary market is Venezuela, which has been volatile over the last few years, given the political turmoil and overall uncertainty, he says.

But that has caused spreads to widen, so the current yield remains high, mak-ing it attractive for investors who can handle the risk. In fact, the Venezuelan yield curve has been the primary focus in

emerging market debt lately, he says.Bocchino usually begins his day at

7 a.m., listening to calls and working on market commentary for clients. His group begins revising research pieces and looking for local market news that may affect pricing. They then send out research to brief clients on market conditions and advise on any trading opportunities.

Bocchino has seen more interest in emerging markets over the past year from investors both in Latin America and the U.S., as higher grade buys are not offering as much yield. There is also an increasing comfort level among many U.S. investors with emerging economies, and a willingness to invest in these markets.

—Lee Conrad

John Batista Bocchino, 38Morgan Stanley Smith Barney // New York$2.27 billion in assets 3

Valerie Garcia Houts andThomas Hutson-Wiley’s team at BofA/Merrill Lynch focus on customers who aren’t exactly neophytes on financial issues; they’re from the venture capital and private equity worlds. “It’s pretty unique to focus on it exclusively,” says Hutson-Wiley, who, like Houts, is a senior v.p. and international financial advisor. “We feel like we have a one-trick pony that serves us well.” The two, along with three other partners, share equally in the finances of the team.

“From a partnership perspective, that makes us work together well,” says Hutson-Wiley. “Every single member shares in the economics, and ultimately that works for our clients.”

Valerie Garcia Houts, Thomas Hutson-Wiley, Merrill Lynch // San Francisco$1.52 billion in assets each

THe TOp 40 AdVisOrs Under 40

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4jumped ship in 2007 to Wachovia Securities, now Wells Fargo.

Eaton and Demer divide their work the way they always have, with Eaton focusing on trading and execution, while his partner concen-trates on strategy and relationship

But some things have changed since 2008. The good news is that the corporate world is hanging on to its cash, which spells opportunity for the team. That also brings more work because due diligence is much more stringent. “You can no longer think in absolutes. You have to question everything,” he says. “You’re looking so far under the hood you find yourself coming out the exhaust.”

—Ben Voyles

Valerie Garcia Houts andThomas Hutson-Wiley’s team at BofA/Merrill Lynch focus on cus-tomers who aren’t exactly neophytes on financial issues; they’re from the venture capital and private equity worlds. “It’s pretty unique to focus on it exclusively,” says Hutson-Wiley, who, like Houts, is a senior v.p. and international financial advisor. “We feel like we have a one-trick pony that serves us well.” The two, along with three other partners, share equally in the finances of the team.

“From a partnership perspective, that makes us work together well,” says Hutson-Wiley. “Every single member shares in the economics, and ultimately that works for our clients.”

Investors are treated to a three-day annual event on the West Coast to help educate them on issues like taxation, and provide a chance to network with other equity colleagues and venture capitalists. While venture capital has been challenged in the past decade, the team is optimistic about the year ahead, especially in markets such as China and India, where, they note, Merrill is well positioned. Even though their clients are astute in arcane financial matters, Houts and Hutson-Wiley know they trust them to focus on their own personal assets and ensure their growth for their future. “Our clients want to continue to nurture really interesting companies,” Houts says. “And we want to help them do that.” —Lauren Barack

Valerie Garcia Houts, 39Thomas Hutson-Wiley, 36Merrill Lynch // San Francisco$1.52 billion in assets each 5

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7Jonathan Kass, 39Merrill Lynch// New York$1.3 billion in assets

When Jonathan Kassstarted his career at Merrill Lynch, his biggest challenge was finding clients. Almost everyone he called already had an advisor, many of them at Merrill. So he started calling small business owners. At the time, commercial banks were unable to offer interest-bearing checking accounts to businesses, so he used that to get a foot in the door. Through the years, he has stuck with that business owner niche and tries to eventually manage their personal assets as well. He’s selective on who he takes on as a client so he can maintain a high level of service. “I still watch a ball game at home with

my BlackBerry in my hand,” he says. Most of his clients have between $2.5 million and $5 million in assets. He wants them to have three busi-ness cards in their Rolodexes: their lawyer’s, their accountant’s, and his. The biggest difference in his clients today, compared to last year, is the fact that they want to be much more involved now, he says.

Kass uses a handful of money managers, and he has developed a style that makes wealth preservation a big priority. He tries to get 80% of the upside, while limiting risk. “We’re not swinging for the fences here,” he says. -LC


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Gregory Cash, Merrill Lynch//Charlotte, NC $1.138 billion in assets

Even for investors steeped inasset allocation, it’s still all about education. And lately Cash has been advising clients on specific risks and exposures in what can be described as an arcane fixed-incomesector, especially in the current environment. “Bonds are an area that clients ask a lot of questions about,” he says. “With Treasury rates so low and other asset classes potentially correlated to equities, they wonder, ‘Should I have a very conservative exposure to fixed income, balanced, or be more aggressive?’”

One can chase yield, but, Cash says, “clients have to balance out and understand the risks. Fixed income generally is a less understood asset class for any investor who’s not in our business.” He also believes in the power of family histories. He says his $10 million

An early stint in the ad salesdepartment at The Wall Street Journal helped Sargent excel as an advisor. “Understand-ing how people consume media and digest financial information has allowed me to give advice more intelligently,” he says. “In deal-ing with clients, we find ourselves explain-ing past the headline.” For example, when clients asked him why he recommended municipal bonds when dire headlines sug-gested the instruments were risky, Sargent knew how to add the necessary context to the news and convince clients that his advice was sound.

Such a thoughtful approach has served him well in today’s climate, when clients are on edge about their portfolios. One thing he does in his practice, which concentrates on professionals in the private equity and

financial technology industries, is to maintain a continuous dialogue with clients about the market and the outlook for interest rates. Another is to keep his client pool at no more than 50. Above that number, Sargent says it’s time to take on a partner.

He remains bullish about his profession, and working for a wirehouse. That’s because he thinks that clients, having weathered the downturn and scandals associated with financial services, take comfort in dealing with organizations that have multiple re-sources. Sargent also believes that clients now understand what advisors do, which is best for all concerned. “Clients have come to appreciate that it’s a grind-it-out business, and what we’re trying to do is combine a huge num-ber of inputs in a coordinated fashion,” he says. —Michelle Lodge

John Sargent, 39Morgan Stanley PWM // New York$1.15 billion in assets 9

ThE Top 40 Advisors UndEr 40

David Massey, 36Morgan Stanley Smith Barney // Carlsbad, CA$1.2 billion in assets

Massey works with businesses“across the board” to help them man-age short-term liquidity needs. This is something many companies have trouble understanding, especially after the impact of global markets.

Last year, many of his clients were caught off guard by financial crises in Europe. The result was a desire to keep it safe when investing. Then, earlier this year, there was a greater call for returns. “That created a f light back to quality,” he says. “So, now we’re kind of tiptoeing back out, but cautiously doing so.”

Massey shares his clients’ concern for protection of principal, while still finding opportunities in the market. But, the yin and yang of global markets has made

Massey focus on managing client expecta-tions with regard to yield curves, which are f lat. He guards against over-reaching for yield, as he believes that can set the stage for a painful lesson when yields turn quickly. He says that being conservative in the quest for yield until that turn occurs will allow companies to take advantage of it and avoid potential pain.

Even in the midst of tumultuous times, Massey is optimistic about the future. “You have to keep your eye on the ball and realize the world is not coming to an end, but there is still a lot of headwind.”

When he’s not working, he’s spending time with his wife and three young sons, who, he says, “take up all of my extra time.” —Gwen Moran

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10Andrew Lodoen, 39Merrill Lynch//Boston$1.144 billion in assets

Gregory Cash, 34Merrill Lynch//Charlotte, NC $1.138 billion in assets

Lodoen’s upbringing in a mili-tary family, shaped by nonstop travel and bootstrap financing, helps bring him a bal-anced, matter-of-fact approach to managing interests worldwide as part of a 13-person group. “I credit my mom,” Lodoen says, recalling her meticulous bookkeeping on graph paper during his father’s 26-year Army career. Those lessons from his past (including a wide variety of living circum-stances) is a path that Lodoen continues to follow—only the numbers are now a little larger, and the global exposure even more exotic and widespread.

After college, Lodoen took a job at a commercial bank in Florida before deciding that it wasn’t for him. “It wasn’t exactly a hotbed in terms of geography.” He followed family members to Boston and began working on the custodial side at State Street before shifting to broker-dealer

Robertson Stephens a decade ago.Now part of a Boston team whose clients

are mostly in private equity and venture capital, Lodoen is also expanding by look-ing after money and investments in India, a dynamic but highly regulated and complex environment. Each member of the Merrill team in Boston is responsible for building and growing relationships. The client gains access to three or four team members in case the point advisor is out of pocket. Lodoen values this deep bench, and says it offers the kind of expertise that attracts and retains clients. BofA’s breadth helps too. “I approach a client with all the capabilities we have,” he says. His outlook on the near-term for the advisory business? “Positive!” He’s seen three harsh downturns in his career, but his attitude is that markets are going to change every day. “I do think that if you stay the course, it works out in the end.” —Mike Dumiak

Even for investors steeped inasset allocation, it’s still all about education. And lately Cash has been advising clients on specific risks and exposures in what can be described as an arcane fixed-incomesector, especially in the current environment. “Bonds are an area that clients ask a lot of questions about,” he says. “With Treasury rates so low and other asset classes potentially correlated to equities, they wonder, ‘Should I have a very conservative exposure to fixed income, balanced, or be more aggressive?’”

One can chase yield, but, Cash says, “clients have to balance out and understand the risks. Fixed income generally is a less understood asset class for any investor who’s not in our business.” He also believes in the power of family histories. He says his $10 million

investors are more likely to congeal around strategies better suited to protect and grow their wealth if they know their family trees. It’s multi-generational storylines that pay dividends for all involved, he says. “Three generations from that matriarch or patriarch, there can be things that are forgotten or not taught because you weren’t directly at the feet of the wealth creator. They may have heard stories, but may not understand the values that person lived by. Part of our process is to help them know their story.”

Cash has done what he’s loved since gradu-ating. “A week later I started with Merrill Lynch in their training program,” he says. “I’m hoping I can be one of the few who can say in 30 or 40 years this is the only job I’ve ever had.” —Shane Kite

11

Massey focus on managing client expecta-tions with regard to yield curves, which are f lat. He guards against over-reaching for yield, as he believes that can set the stage for a painful lesson when yields turn quickly. He says that being conservative in the quest for yield until that turn occurs will allow companies to take advantage of

Even in the midst of tumultuous times, Massey is optimistic about the future. “You have to keep your eye on the ball and realize the world is not coming to an end, but there is still a lot of headwind.”

When he’s not working, he’s spending time with his wife and three young sons, who, he says, “take up all of my extra

—Gwen Moran

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For Gregory Klenke, business truly is aaffair. He has worked with his cousin and older brother for nearly 15 years; three other members of his staff have been with his team for nearly a decade. That loyalty binds not just the office together, but clients as well. “The staff all just went to the wedding of one of our team members,” Klenke says. “The team is our strength, there’s a lot of continuity... these are folks we trust and they really take pride in the job they do, and we hang on to them and them to us.”

That sentiment also holds true for their clients who have trusted their wealth with them. Working primarily with Fortune 500 public firms, Klenke handles the firms’ equity programs. Then, as employees want to diversify, the hope is they’ll turn to his team to handle their personal financial matters—and keep it all in the family.

Gregory Klenke, UBS // Houston$1.0 billion in assets

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Charles Balducci, 35Eric Snyder, 36Merrill Lynch//New York$1.06 billion in assets

Charles Balducci and eric snyder don’t finish each other’s sentences. But give them a few more years and they just might—after all, they spend more time with each other than with their families. Although only 35 and 36, respectively, the former fraternity brothers have worked as a team at Merrill almost since they completed its training program more than 12 years ago. “We were probably the youngest team at Merrill,” Snyder says.

To get prospects two or three times their age to trust them, they earned a number of professional designa-tions and became fluent in such issues as managing concentrated stock portfolios.

Today, the partners have 174 high-net-worth clients, including a large share of the assets of two billionaire families. Ten people work in their group. Balducci focuses on helping clients manage large, concentrated stock portfolios and reduce risk, while Snyder focuses on foreign investors and works with clients who want to deal with external money managers. Still relatively young, they now use their age as an advantage, because they will likely still be working even after their clients retire or pass away, making the transition to the next generation smoother. —B.V.

13

Charles Balducci (left), Eric Snyder (right)

12Peter Princi, 34Morgan Stanley Smith Barney // Boston$1.13 billion in assets

A summer internship turned peterPrinci into a financial advisor. Watching a 30-year veteran serve his clients opened Princi’s eyes to the sense of empowerment and the potential rewards the business-within-a-business brokerage model offered.

In 1999, Princi joined Smith Barney in Boston, where he has worked ever since. In the early days, he worked the phones and pounded the pavements to drum up clients. He was an avid student of the capital markets and was always prepared to offer an opinion on the outlook for almost any asset class. In retrospect, Princi traces his big break to the technology bust in 2000. “Early on I was taught never to buy anything I did not understand,” he says. “At the height of the tech bubble, I didn’t understand valuations in the equity market, so I stayed more focused on fixed income and preserving principal.” Grateful clients who saw their money protected dur-

ing the 2001-2002 bear market passed along referrals—and Princi was quick to seize the opportunity.

Princi serves more than 125 individual clients who typically have $1 million to $15 million in assets. He leaves the planning to a colleague who is a certified financial planner, while he concentrates on invest-ment management. Many clients have given him discretion over their assets, which enables him to make rapid tactical moves to take advantage of market dislocations. In early 2009, for example, he put 15% of the discretionary money into high yield bonds at a time when the spreads over Treasuries were close to all-time highs. The move paid off in spades. “If people trust you with their livelihood, that is a big deal,” Princi says. “To be able to act on market opportunities is critical to my business.” —Neil O’Hara


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For Gregory Klenke, business truly is a familyaffair. He has worked with his cousin and older brother for nearly 15 years; three other members of his staff have been with his team for nearly a decade. That loyalty binds not just the office together, but clients as well. “The staff all just went to the wedding of one of our team members,” Klenke says. “The team is our strength, there’s a lot of continuity... these are folks we trust and they really take pride in the job they do, and we hang on to them and them to us.”

That sentiment also holds true for their clients who have trusted their wealth with them. Working primarily with Fortune 500 public firms, Klenke handles the firms’ equity programs. Then, as employees want to diversify, the hope is they’ll turn to his team to handle their personal financial matters—and keep it all in the family. —L.B.

Gregory Klenke, 36UBS // Houston$1.0 billion in assets

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While Bojovski was in college, he worked asa brokerage intern making cold calls. He also learned what he didn’t want to do: sit in front of a computer screen all day. That’s why he likes his job advising businesses and executives across the country. He keeps his guidance simple.

He encouraged clients in 2008 to stay the course rather than going to cash. Almost all did, and were glad afterwards. Bojovski also avoids esoteric products and doesn’t pick individual equities. “When I’m out of the office so much, it wouldn’t be fair to clients to try to stay on top of every stock recommenda-tion,” Bojovski says. Ten years ago, people questioned whether they needed advisors, since ETFs and Internet transactions were gaining popularity and “everything kept going up 20% a year.” Today, volatility is back, and so are clients, seeking more individual advice. —Vanessa Drucker

Goran Bojovski, 29Merrill Lynch//Edison, NJ$986 million in assets

17nyder don’t other’s sentences. But give them a few

more years and they just might—after all, they spend more time with each other than with their families. Although only 35 and 36, respectively, the former fraternity brothers have worked as a team at Merrill almost since they completed its training program more than 12 years ago. “We were probably the youngest

To get prospects two or three times their age to trust them, they earned a number of professional designa-tions and became fluent in such issues as managing

Today, the partners have 174 high-net-worth clients, including a large share of the assets of two billionaire families. Ten people work in their group. Balducci focuses on helping clients manage large, concentrated stock portfolios and reduce risk, while Snyder focuses on foreign investors and works with clients who want to deal with external money managers. Still relatively young, they now use their age as an advantage, because they will likely still be working even after their clients retire or pass away, making the transition to the next generation smoother. —B.V.

15Max Peckler, 38UBS//Boston$1.02 billion in assets

Peckler knew he wanted to be an advisor while still in college. So his father called his own advisor at Merrill Lynch to inquire about an internship. The advisor counseled him to skip college, and just start working in the field. Looking back, Peckler says it was terrible advice, noting that few clients would want to trust their wealth to someone without a college education.

But he understands the thinking now. There is no substitute for knowing how hard it is to build a practice from scratch—build-ing relationships one client at a time. “No book can teach perseverance and the work needed to build a business,” he says. He compromised. He packed his classes into two days a week, and worked the other three days at Oppenheimer, learning the ropes. After graduation, he went to work for Smith Barney and started building his business with

cold calls and referrals. His team now offers clients the best of the old and new worlds. His partner, Myra Kolton, built her business over 40 years as a traditional stockbroker. Peckler took the financial planning approach, and they joined forces about six years ago. He works on multi-generational issues, among other things, and spends time educating clients’ heirs on personal finance. “They can easily make mistakes from not having to make decisions before,” he says. He also enjoys tracing the history of relationships. “We can pull a file from the cabinet and see how one relationship spurred five clients—he referred his golf buddy, and so on.”

When he’s able to get out of the office and visit clients in their homes, he’s reminded of his motto: “You can have anything you want in life as long as you help enough people get what they want first.” —Elizabeth Wine

12ing the 2001-2002 bear market passed along referrals—and Princi was quick to seize the

Princi serves more than 125 individual clients who typically have $1 million to $15 million in assets. He leaves the planning to a colleague who is a certified financial planner, while he concentrates on invest-ment management. Many clients have given him discretion over their assets, which enables him to make rapid tactical moves to take advantage of market dislocations. In early 2009, for example, he put 15% of the discretionary money into high yield bonds at a time when the spreads over Treasuries were close to all-time highs. The move paid off in spades. “If people trust you with their livelihood, that is a big deal,” Princi says. “To be able to act on market opportunities is critical to my

Neil O’Hara


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Dan Rothenberg, 28UBS//Los Angeles$833 million in assets

20

rothenberg says he’s always wanted to work with people, so after graduating college with an economics degree, he considered investment banking, human resources and even advertising. Nothing clicked until he came upon the idea of a financial advisor. “[It] provided me with a per-fect mix of two of the things I wanted; a focus on personal relationships [and] some number crunching.” Up at 5 a.m. to be at his Los Angeles desk in time for the market opening in New York, he and a partner focus on retirement planning. He thrives on an atmosphere that encourages strengthening personal relationships as new regulations call for change. He believes that over time the practitioners in retirement planning will decline and that new advisors won’t be likely to move in and start from scratch. [Editor’s Note: Rothenberg left MSSB for UBS while On Wall Street was going to press.] —M.L.

Most financial advisors enjoy the sales aspectof their jobs, but self-described “student of the markets” Alex Shahidi brings a definite analytical mind to the table. After law school at UC Hastings —“I didn’t go to practice law, I wanted to expand the way I thought”—Shahidi, who had interned at Merrill Lynch, joined its private banking team. Not a natural salesman, he depends on deep knowledge for his confidence. In his early days, when most new hires were working the phones trying to establish relationships, Shahidi spent his time reading whatever he could find about asset management. It must have stuck. Now he’s the team’s investment expert, lending oversight into allocation across the gamut of asset classes. In addition to the assets under custody with Merrill, there is an additional$10 billion under custody with other shops, from Northern Rock to Schwab to Vanguard. —M.D.

Alex Shahidi, 37Merrill Lynch//Los Angeles$808 million in assets

21

When sharpes hands his clients ipads pre-loaded with his presentations to facilitate discussion, they’re usually impressed. His refusal to get bogged down in conven-tional thinking has been a driving force in his career. When he started as a quant manager in the early 1990s at Shearson Lehman, he saw some of the firm’s wealthy clients choosing specialized money managers to handle various aspects of their wealth. Combined with his interest in high-alpha stocks, an idea formulated: “What if you created a portfolio of high-alpha money managers? How would that work?” he says. Although he says he felt like an outlier at the time, he gave it a try it. Today, he and his team now work in what they call a core satellite structure, with the core indexed and a group of active high-alpha managers working on various aspects of the account to increase returns. A revolutionary concept a decade ago, it has become a successful and replicated model. —G.M.

Brian Sharpes, 39UBS // Walnut Creek, CA$942 million in assets

18

Fresh out of college in March 2000, riley moved to New York and joined Salomon Smith Barney as a sales assistant with a group focused on servicing C-suite corporate executives at Fortune 500 companies. He added to his educa-tion and climbed to full-fledged financial advisor.

The clients he and his colleagues serve run the gamut—from active executives in their early 40s all the way to retirees in their 80s. But the practice focuses on 55 to 60-year-olds making the transition to retirement. “We work with outside counsel and tax advisors to offer a comprehensive financial and estate tax platform,” Riley says. “We are a quarterback to clients’ financial planning.” The group handles a wide range of accounts from those used only to facilitate corporate option exercises, to ultra-high-net-worth balances. “We use separately managed accounts and multiple fixed income vehicles to deliver conservative and consistent portfolio returns,” he says. —N.O.

Jack Riley, 34Morgan Stanley Smith Barney//Morristown, NJ$844 million in assets

19


036_OWSDec10 11 11/15/2010 4:46:39 PM

David Lund, 36Merrill Lynch//Grand Rapids, Mich.$770 million in assets

24

Retiring baby boomers are understandably concerned about their financial security, but Lund cautions that there is a danger in being too cautious. Since boomers expect to live for decades after they retire, one has to be prepared for the long years ahead.

His clients, whose average age is 53 to 57, are looking for safety, yield and growth, but it doesn’t exist in one package, he says. “They want a risk-free rate, but it turns into a rate-free risk.” So he works to help clients save and invest for their retire-ments. What he loves about being an advisor is the marriage of working with people and the technical aspects of finance. He likes his clients to also take an active role in their finances and avoid the “home town bias” of local investments. “There’s an art to taking different concepts and making them palatable to clients,” he said. —Judy Schoolman

Ryan Sprowls caught the money bug at an early age. Growing up in a family of entrepreneurs, he mowed lawns and shoveled snow. He still relishes providing that personal service. After he helped a newly-widowed woman handle the rollover of her late husband’s 401(k) account, she brought him flowers cut from her own garden. “That just blew me away,” he says. “The gratitude that clients have toward me is wonderful.”

Clients with investable assets of $1 million to $10 million form the core of his base. And with an average age close to 60, most are either in retirement or preparing for it. Satisfied clients generate referrals of new business, but Sprowls prefers to grow by raising average balances per account. He wants to maintain the high-touch service that keeps existing clients happy without adding staff. “The trick for me is not to see how big I can become but how small I can stay,” he says. —N.O.

Ryan Sprowls, 35Wells Fargo//Alexandria, Va.$742 million in assets

25

The last few years has proven to be a litmus test for trust in the industry, Bryan says. “Nobody wants to go back to 2008, but we lost very few clients through that period. I think that’s the best proof of whether we’re providing value.” The five-person group Bryan leads is responsible for all asset allocation and investment decisions for KKM, a 28-person team focused exclusively on ultra-high-net worth clients in Merrill’s private banking and investment group. These clients include managing partners at private equity firms and hedge funds and they demand superior service. They want context to current events, but they’re also looking for what’s not in the headlines. Example? Gold, the topic du jour, is old hat to his team. They still have it in portfolios, even more than historical levels, but they’ve significantly diversified to include more international fixed income, residential mortgage-backed securities, com-mercial mortgage-backed and senior loans. —S.K.

Jeffrey Bryan, 38Merrill Lynch // New York$798 million in assets

22

For Kevin Scott, emerging markets, leavened with a healthy portion of blue chip stocks, are what bring the returns. To do his research, Scott rises early to catch CNBC Asia, examines what’s affecting China, India and Brazil (what he calls the “big three”), and tracks the equities of tried-and-true multinationals, such as IBM, Emerson Electric and Caterpillar, which have a presence in fast-growth developing countries. Then, he meets with clients and puts together portfolios based on his firm’s assessment of how best to help them reach their goals. That strategy has paid off for the 12-year veteran. This past year might get other advisors down, but Scott sees the upside of the sluggish recovery and client uncertainty. His enthusiasm shines through when he talks about the world, and that can only benefit his clients in today‘s investment climate. “From my perch, it’s an interesting time to watch the global economies develop,” he says. —M.L.

Kevin Scott, 37Merrill Lynch // Los Angeles$797 million in assets

23


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Jason david Zaks has been following themarkets for most of his 36 years and from an early age he knew what path his career would take. “I was the kid with the lemonade stand,” he says. As a college and graduate student he studied economics and business. And with degree in hand, he sought out Alex Brown and Sons, the centuries-old financial services company that became part of Deutsche Bank in 1997. “It was the place you wanted to work.” Zaks credits his interpersonal skills for his success

Jason David Zaks, 36Deutsche private client division//Winston-Salem, NC$635 million in assets

28 in dealing with clients on a topic as potentially sensitive as their finances. “It ’s a combination of psychology, entrepre-neurial spirit and an analytical bent.” Coming from a family of doctors, and having a sibling who has been a life-long volunteer, had helped illustrate the importance of working for others, he says.

Another essential skill is his ability to organize groups and committees, especially for the clients that are philan-thropic organizations that might have myriad concerns and priorities.

“On a personal level, whenever I pass a cancer center, and know that we helped financially to build that center, it ’s the greatest satisfaction.” He describes his business motto as“winning by not losing.” The financial markets “have taught us the ability to look at an organization’s liquidity needs, liabilities, etcetera, and try not to lose money. We try to keep a steady hand,”Zaks says. — J.S.

The List of

21 Alex Shahidi

22 Jeffrey Bryan

23 Kevin Scott

24 David Lund

25 Ryan Sprowls

26 Gregory Hersch

27 Pablo Gherardi

28 Jason David Zaks

29 F. Michael Covey III

(tie) Thomas Kane

(tie) Mark Wiktor

32 Andrew Stern

33 Jared Samos

34 Carrie Gallaway

35 Emily Bach

36 Eric Beiley

37 Marcus Fagersten

38 Adam Schur

39 Bruce Munster

40 Brett Bartman

rank name

1 Kevin Higginbotham

2 Steven Prediletto

3 John Batista Bocchino

4 Jesse Eaton

5 Valerie Garcia Houts

(tie) Thomas Hutson-Wiley

7 Jonathan Kass

8 David Massey

9 John Sargent

10 Andrew Lodoen

11 Gregory Cash

12 Peter Princi

13 Charles Balducci

(tie) Eric Snyder

15 Max Peckler

16 Gregory Klenke

17 Goran Bojovski

18 Brian Sharpes

19 Jack Riley

20 Dan Rothenberg

For Gregory hersch, the most important jobskill is listening. He enjoys learning his clients’ goals, objectives, values and risk tolerances—and then mapping out customized plans to address them. He works with about 30 families, mostly over the age of 50. “When I go into meetings with a prospective client who may have decades of life experience ahead of me, they may wonder how I could be prepared,” he says. But once they realize his full knowledge, they’re usually appeased. In the summer of 2007, he grew cautious on the housing market and overweighted his portfolios with hedge fund manager John Paulson. Throughout 2008, he cut equity exposure from 65% to 20%, and built up 40% in cash. The following year, he repositioned for recovery, rein-vesting that cash in senior credit instruments. Now he is buying shorter bonds and low volatility hedge funds. He believes loose monetary policy will produce a few more good quarters for equi-ties, but is cautious thereafter, expecting sovereign concerns tomanifest again. —Vanessa Drucker

Gregory Hersch, 31UBS//New York$708 million in assets

26

About once a month, pablo Gherardi travelsfromhis home in Miami to South America, where most of his clients live. He and his team specialize in money management for fami-lies in Argentina and Uruguay, with typical net worths between $1 million and $5 million and some as high as $25 million.

One of the important aspects of working with his clients who have investments in the U.S. or Switzerland, is building connections through regular face time. “They have a lot of confidence in the U.S., but they want to have information and feel confident in [their advisors].” The travel is rigorous, but it’s also a homecoming for the Uruguay native. He began his career as a bank teller when he was 18. From there, he moved into private banking and joined Wells Fargo in 2008. The relative stability of U.S. financial markets, even in light of the recession and recent issues in the financial sector, make it an attractive market for those whose political and financial markets are even more volatile, he says. —G.M.

Pablo Gherardi, 32Wells Fargo//Miami$673 million in assets

27


038_OWSDec10 13 11/15/2010 4:47:02 PM

in dealing with clients on a topic as potentially sensitive as their finances. “It ’s a combination of psychology, entrepre-neurial spirit and an analytical bent.” Coming from a family of doctors, and having a sibling who has been a life-long volunteer, had helped illustrate the importance of working

Another essential skill is his ability to organize groups and committees, especially for the clients that are philan-thropic organizations that might have myriad concerns and

“On a personal level, whenever I pass a cancer center, and know that we helped financially to build that center, it ’s the greatest satisfaction.” He describes his business motto as“winning by not losing.” The financial markets “have taught us the ability to look at an organization’s liquidity needs, liabilities, etcetera, and try not to lose money. We try to keep a steady hand,”Zaks says. — J.S.

The List of Top AdvisorsSource: T

he listed companies

21 Alex Shahidi BofA /Merrill Lynch Los Angeles, CA 808,187,294 1,473,835 37

22 Jeffrey Bryan BofA /Merrill Lynch New York, NY 798,452,654 1,473,097 38

23 Kevin Scott BofA /Merrill Lynch Los Angeles, CA 796,676,651 749,797 37

24 David Lund BofA /Merrill Lynch Grand Rapids, MI 770,000,000 850,000 36

25 Ryan Sprowls Wells Fargo Alexandria, Va. 741,742,477 2,536,000 35

26 Gregory Hersch UBS New York, NY 708,260,485 637,036 31

27 Pablo Gherardi Wells Fargo Miami, FL 673,781,098 1,200,000 32

28 Jason David Zaks Deutsche Winston-Salem, NC 635,000,000 845,000 36

29 F. Michael Covey III UBS Chicago, IL 607,000,000 1,995,953 38

(tie) Thomas Kane UBS Chicago, IL 607,000,000 1,982,907 33

(tie) Mark Wiktor UBS Chicago, IL 607,000,000 2,017,576 39

32 Andrew Stern MSSB New York, NY 569,000,000 1,311,000 35

33 Jared Samos MS PWM New York, NY 563,000,000 4,900,000 34

34 Carrie Gallaway MSSB New York, NY 562,000,000 1,320,843 34

35 Emily Bach MSSB Orinda, CA 544,000,000 1,665,000 39

36 Eric Beiley MSSB New York, NY 540,000,000 2,255,000 38

37 Marcus Fagersten UBS San Francisco, CA 526,516,958 769,812 39

38 Adam Schur MSSB Purchase, NY 485,000,000 1,350,000 39

39 Bruce Munster MSSB Los Angeles, CA 478,000,000 2,400,000 35

40 Brett Bartman RBC Wealth Mgt Los Angeles, CA 450,000,000 2,200,000 38

Rank Name Firm Office Assets (in dollars)

T-12 (in dollars) Age

1 Kevin Higginbotham BofA /Merrill Lynch Atlanta, GA 3,970,000,000 1,200,000 38

2 Steven Prediletto BofA /Merrill Lynch Atlanta, GA 3,040,000,000 897,000 34

3 John Batista Bocchino MSSB New York, NY 2,270,000,000 9,300,000 38

4 Jesse Eaton Wells Fargo New York, NY 1,586,500,000 1,020,000 38

5 Valerie Garcia Houts BofA /Merrill Lynch San Francisco, CA 1,523,951,887 1,296,799 39

(tie) Thomas Hutson-Wiley BofA /Merrill Lynch San Francisco, CA 1,523,951,887 1,296,799 36

7 Jonathan Kass BofA/Merrill Lynch New York, NY 1,300,000,000 3,100,000 39

8 David Massey MSSB Carlsbad, CA 1,196,432,837 1,356,416 36

9 John Sargent MSPWM New York, NY 1,152,784,000 2,034,039 39

10 Andrew Lodoen BofA /Merrill Lynch Boston, MA 1,143,780,603 892,387 39

11 Gregory Cash BofA /Merrill Lynch Charlotte, NC 1,137,719,000 1,614,000 34

12 Peter Princi MSSB Boston, MA 1,125,000,000 3,158,612 34

13 Charles Balducci BofA /Merrill Lynch New York, NY 1,059,281,197 1,465,189 35

(tie) Eric Snyder BofA /Merrill Lynch New York, NY 1,059,281,197 1,465,189 36

15 Max Peckler UBS Boston, MA 1,021,000,000 3,385,579 38

16 Gregory Klenke UBS Houston, TX 1,000,000,000 1,922,633 36

17 Goran Bojovski BofA /Merrill Lynch Edison, NJ 986,000,000 400,000 29

18 Brian Sharpes UBS Walnut Creek, CA 942,109,397 2,266,090 39

19 Jack Riley MSSB Morristown, NJ 844,000,000 1,150,808 34

20 Dan Rothenberg UBS Los Angeles, CA 833,000,000 1,165,000 28

ablo Gherardi travelsfromhis home in Miami to South America, where most of his clients live. He and his team specialize in money management for fami-lies in Argentina and Uruguay, with typical net worths between $1 million and $5 million and some as high as $25 million.

One of the important aspects of working with his clients who have investments in the U.S. or Switzerland, is building connections through regular face time. “They have a lot of confidence in the U.S., but they want to have information and feel confident in [their advisors].” The travel is rigorous, but it’s also a homecoming for the Uruguay native. He began his career as a bank teller when he was 18. From there, he moved into private banking and joined Wells Fargo in 2008. The relative stability of U.S. financial markets, even in light of the recession and recent issues in the financial sector, make it an attractive market for those whose political and financial

—G.M.

32


039_OWSDec10 14 11/15/2010 4:47:07 PM


To really be successful in this industry, you have to be good at snatching opportunities when they come whizzing your way. Eric Beiley, a serious lacrosse player, is good at that. When Beiley started in the trainee program at Smith Barney in 1995, just out of college, he joined a local lacrosse team. At one point, a conversation with the team’s sponsor led to a discussion about the problems that a successful executive was having with his stock options and company stock grants.

Suddenly Beiley found his niche: helping executives manage their company stock positions. As the biotech sector grew, so did his business. He moved to New York to try the same thing on a larger scale and now works with Fortune 500 executives. But he still handles every day the same way: he comes in with a plan of who he wants to talk to and what he wants to do. “And I don’t leave until I get that done.” —

Eric Beiley, Morgan Stanley Smith Barney//New York$540 million in assets

36After several years as a junior analyst in UBs’s private banking practice, Jared Samos had an epiphany: He wanted to be a banker, not work for one. So he joined Salomon Smith Bar-ney, and started in September, 2001. He teamed up with Jonathan Madrigano, an advisor and estate planning attorney who was try-ing to build a high-net-worth practice. Samos would handle the portfolio management, while his partner managed estate planning issues. Their practice has grown to 10 people, but remains centered around the same concept of providing full-service planning and management for the ultra-high-net worth set. Many of their clients are former C-level executives or family members of the founders of companies. Samos sees a roller coaster ahead: year-end rally followed by the potential for higher taxes and inflation. So, he’s looking at shorter bonds and dividend-paying U.S. multinationals with strong balance sheets. —B.V.

Jared Samos, 34Morgan Stanley PWM//New York$563 million in assets

33

Carrie Gallaway’s part in building a three- person, practice has been shaped by forging personal relationships and focusing on separately-managed accounts and wealth building. She got her start after graduation in 1998, by taking part in a training program at Donaldson, Lufkin & Jenrette. She then decided that she “wanted to have more direct contact with clients and more ownership of the relationship with clients.”

So moving first to Citi Asset Management and then to Smith Barney’s wealth management division, Gallaway started her focus on SMAs and planning. She has taken on a greater role in estate planning along the way. Looking ahead, Gallaway sees the challenging and competitive environment continuing. “Clients will really have to focus on how they are obtaining income,” she says. “That’s going to be the focus for the industry.”

Carrie Gallaway Morgan Stanley Smith Barney//New York $562 million in assets

34

With three young children, Andrew stern understands the stress a family can feel as they’re trying to save. “You can do all the homework in the world, but un-less you really know where your clients are coming from, you’ll never be successful.” Their trust in Stern enabled him to shepherd them through their anxiety. He considers his secret weapon a PhD in investor psychology. As clients have weathered the recent financial storms, he’s ready to bring them to calmer waters—a skill he believes will always be useful. “With the proliferation of technology in financial services and the amount of information, you would think it arms people with the ability to make informative decisions. The reality is there is too much to sort through, which is why clients need to rely on trusted advisors to help them make good decisions.” —L.B.

Andrew Stern, 35Morgan Stanley Smith Barney//New York $569 million in assets

32

Teammates Covey, Kane and Wiktor come in at a three-way tie on our list. They focus on wealthy families, essentially acting as a family office for about 60 clients. Many of them are also business owners and are looking for one point person to handle their financial affairs, Covey says. Kane focuses a lot of his time on research and alternative investments, while Wiktor does much of the transactional work on their team. One of the differences they see today, compared to a year ago, is the heightened demand for liquidity and more tactical portfolios. From

F. Michael Covey III, 38Thomas Kane, 33Mark Wiktor, 39UBS//Chicago $607 million in assets each

292003 to about 2007, when the markets were going great guns, investors were more likely to just put assets to work and then let it go, Covey says. But now, there are more concerns with combining safety with returns. The team focuses on families with at least $10 million in investable assets, but the average client has about $30 million to $40 million, Kane says. And a lot of the team’s prospecting is old fashioned word-of-mouth. It’s a relatively insular world, and clients tend to know each other so a good referral can be worth its weight in gold. —L.C.


040_OWSDec10 15 11/15/2010 4:47:20 PM

Marcus Fagersten got the financial bug incollege. Rather than going to class, he snuck off to a discount brokerage firm in Beverly Hills. “I listened to old guys, asked a lot of stupid questions and made a lot of stupid trades,” he says, laughing. He dropped out of college in his junior year to work at Lehman Brothers, a decision that did not go over well at home. (Ten years later he went back and finished his degree). He has developed a specialty in helping executives at public companies divest block stock, restricted and otherwise. He also helps structure 10b5-1 trading plans. And when the proceeds need to be invested, it leads to the other part of his business—general wealth management. He also has clients with other liquidity events, such as small business owners who want to sell their business and retire. He says he tends to be conservative at these times. “Protecting the fruits of that labor is much more important than producing a return.” —E.W.

Marcus Fagersten, 39UBS//San Francisco$527 million in assets

37

Emily Bach ditched plans for law school partly on the advice of her father, a veteran Dean Witter advisor. This repeat winner has since thanked him for steering her toward this career. “How many dads talk their daughters out of law school?” she quips. She took an unpaid internship at Dean Witter while still in school. A manager gave her great exposure to the business by letting her observe everything. She loved advising and eventually hung her own shingle and built a $100 million book of business. She then joined her dad’s Bach Group in 2001, eventually becoming managing partner for the group. Her dad is still a partner and her mom produces the group’s newsletters. (Her brother, David, quit the group to write bestselling books.) Emily Bach offers the ultimate hedge; liquidity to her retiree-clients. “We can add six or 12 months of cash and CDs for clients living off their money, so they don’t have to worry about the next market blip.” —S.K.

Emily Bach, 39Morgan Stanley Smith Barney//Orinda, CA$544 million in assets

35

To really be successful in this industry, you have to be good at snatching opportunities when they come whizzing your way. Eric Beiley, a serious lacrosse player, is good at that. When Beiley started in the trainee program at Smith Barney in 1995, just out of college, he joined a local lacrosse team. At one point, a conversation with the team’s sponsor led to a discussion about the problems that a successful executive was having with his stock options and company stock grants.

Suddenly Beiley found his niche: helping executives manage their company stock positions. As the biotech sector grew, so did his business. He moved to New York to try the same thing on a larger scale and now works with Fortune 500 executives. But he still handles every day the same way: he comes in with a plan of who he wants to talk to and what he wants to do. “And I don’t leave until I get that done.” —B.V.

Eric Beiley, 38Morgan Stanley Smith Barney//New York$540 million in assets

36After several years as a junior analyst in UBS’s private banking practice, Jared Samos had an epiphany: He wanted

a banker, not work for one. So he joined Salomon Smith Bar-ney, and started in September, 2001. He teamed up with Jonathan Madrigano, an advisor and estate planning attorney who was try-ing to build a high-net-worth practice. Samos would handle the portfolio management, while his partner managed estate planning issues. Their practice has grown to 10 people, but remains centered around the same concept of providing full-service planning and management for the ultra-high-net worth set. Many of their clients are former C-level executives or family members of the founders of companies. Samos sees a roller coaster ahead: year-end rally followed by the potential for higher taxes and inflation. So, he’s looking at shorter bonds and dividend-paying U.S. multinationals

—B.V.

Carrie Gallaway’s part in building a three- person, practice has been shaped by forging personal re-lationships and focusing on separately-managed accounts and wealth building. She got her start after graduation in 1998, by taking part in a training program at Donaldson, Lufkin & Jenrette. She then decided that she “wanted to have more direct contact with clients and more ownership of the relationship with clients.”

So moving first to Citi Asset Management and then to Smith Barney’s wealth management division, Gallaway started her focus on SMAs and planning. She has taken on a greater role in estate planning along the way. Look-ing ahead, Gallaway sees the challenging and competitive environment continuing. “Clients will really have to focus on how they are obtaining income,” she says. “That’s going to be the focus for the industry.” —M.D.

Carrie Gallaway 34Morgan Stanley Smith Barney//New York $562 million in assets

34

2003 to about 2007, when the markets were going great guns, investors were more likely to just put assets to work and then let it go, Covey says. But now, there are more concerns with combining safety with returns. The team focuses on families with at least $10 million in investable assets, but the average client has about $30 million to $40 million, Kane says. And a lot of the team’s prospecting is old fashioned word-of-mouth. It’s a relatively insular world, and clients tend to know each other so a good referral can

—L.C.


041_OWSDec10 16 11/15/2010 4:47:27 PM


Bruce Munster works with business owners on avariety of pre-sale planning, helping them maximize the value of their businesses on an after-tax basis. “There are deal attorneys, there are fairness opinions and there are investment bankers. There are always folks who are focused on the business and what’s unique about it. We remain focused on the client and help the client remain focused on what their objectives are,” he says. Munster has been a f inancial coach for 23 dif fer-ent clients selling major assets, the largest of which was an $850 million deal last year. He and his partners, John Paffendorf and David Freeman, realized the traditional practice of cold-calling companies after deals had been announced—along with every other wealth management firm—wasn’t working. So they began building relationships with firms before a sale. He and his six-person team now focus on providing their services to middle-market business owners. —G.M.

Bruce Munster, 35Morgan Stanley Smith Barney//Los Angeles$478 million in assets

39

The dark days of 2008 had a silver lining for Brett Bartman. They enabled him to test his strategies for protecting investors on the downside. He sought out lower beta, lower-standard deviation managers who took defensive positions, and he substantially outperformed the bear market. Bent on preserving capital, Bartman says he might underperform in roaring, frothy environments like those of 1999 or 2003.

During pullbacks, however, his focus on risk management helps buffer portfolios. Bartman takes a hands-on approach to stock selection. He keeps an active watch on about 50 core investments, often ready to pounce opportunistically. He even personally selects the assets for an income portfolio, composed of high-dividend equities. His team serves 300 or so families. “We don’t limit ourselves to a few standard models,” says Bartman, who also customizes asset allocations for each client’s needs. “You can’t blanket people.” —Vanessa Drucker ows

Brett Bartman, 38RBC Wealth Mgt//Los Angeles$450 million in assets

40

sensitivity may not be the first trait that comesto mind when picking a financial advisor. Yet Adam Schur says his ability to stay attuned to what truly keep his clients up at night is

Adam Schur, 39Morgan Stanley Smith Barney//New York$485 million in assets

38

rank name

Age Firm LocationAssets

(in millions)T-12

(in dollars)

1 Brett Bartman 38 RBC Wealth Management Beverly Hills, CA $450M 2,200,000

(tie) Chris Calvelli 35 Robert W. Baird Milwaukee, WI $450M 850,000

3 Adam Estes 33 Hilliard Lyons Bloomington, IL $412M 2,400,000

4 Robert Boland 39 RBC Wealth Management Philadelphia $350M 1,390,000

5 Brent Anderson 31 Raymond James & Assoc. Houston $325M 679,415

Top regional Advisors

one of his greatest strengths. “I think sensitive people will have a tendency to listen to [other] people.” His conversations are less about advice and more personal, he says.

His conservative style of investing is one reason clients trust him, along with a willingness to handle mundane tasks, such as confirming a check has cleared. He knows these small gestures tell clients that he’s focused on their needs. But Schur is not convinced he would have been accepted into the financial advisory business today. He recalls a manager informing him he scored as “too sensitive” on a broker aptitude test when he was starting out. “Today, I don’t think they would accept people like me.” —L.B.


042_OWSDec10 17 11/15/2010 4:47:38 PM

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