valued client/401k rollover to ira example

184195 Brinker Capital, Inc., a Registered Investment Advisor

INVESTMENT STRATEGY RECOMMENDATION

A PROPOSAL TO: Valued Client

Presented by:

Mr. Donald T McNeill, Jr., ChFC

March 05, 2013

This presentation is intended for one-on-one presentations with a financial advisor present.

184195 Brinker Capital, Inc., a Registered Investment Advisor 2

WELCOME Your investments are so much more than funds and shares, dollars and cents. They’re both plan and protection. Lifestyle and legacy. As an independent investment management firm, Brinker Capital has been serving clients like you since 1987. In that time, we’ve learned one thing that informs everything we do: It’s not just your assets you are investing. It’s your future. Thank you for the opportunity to provide you with investment recommendations. Based on responses to questions in your confidential Investment Strategy Questionnaire, we have prepared these recommendations specifically for the management of your assets and to meet your investment objectives. Should you have any questions regarding the information in this document, please contact: Mr. Donald T McNeill, Jr. Phone: (706) 361-0183 [email protected] PO Box 1839 Thomson, GA 30824 Foresters Equity Services, Inc. McNeill Financial Services, LLC

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Your Investment Team Collaboration is a large part of how we work at Brinker Capital — and has been since we were founded in 1987. Any time you need something, or you have a question or concern, you have access to a dedicated team of professionals, including:

Your financial advisor After discussing your personal financial situation, Donald will work with your team of professionals to help you meet your investment goals. Donald will help define your investment objectives and then discuss the appropriate information with Brinker Capital to develop your investment strategy recommendation. Your advisor will meet with you to discuss your investment strategy as well as assist you with meeting your asset and cash flow needs. Your advisor will also be available to communicate with you on an ongoing basis regarding the investment process and your goals. When your investment objectives and personal circumstances change, Donald will coordinate with Brinker Capital to make the necessary adjustments to your investment strategy.

Brinker Capital Brinker Capital is an investment management firm focused on being the best partner to your advisor, and therefore, to you. Just as your advisor is your trusted source to help you with financial decisions, we are that source for your advisor.

Asset Managers Your asset managers focus on day-to-day investment decisions and are responsible for selecting a portfolio of securities based on their specific investment discipline. They strive to add value by generating returns appropriate to their style of investing.

Valued Client


Getting to Know You To understand your investment objectives, we need to understand you. Your advisor will describe your goals, risk tolerance, time horizon, tax concerns, and income needs, so we can get a thorough sense of how to help you.

Understanding Your Goals

Analyze Asset Management Firms We investigate the consistency of performance, their investment process, the quality of their associates and their business process.

Your Solution Once we know your objectives, we’ll look at different ways to allocate assets to produce the results you are seeking.

We Allocate Your Portfolio We don’t give a one-size-fits-all answer. Instead, we invest in a broad mix of asset classes that best serve your needs.

Monitor and Review When appropriate, we will reallocate your portfolio for changes in the market, asset managers or in your investment objectives.

Communication You and your advisor will always know what’s happening in your portfolio through account updates and monthly and quarterly reports.


Making Disciplined Decisions The way we construct portfolios, the asset managers we select, the products we offer—they're all based on four core principles. These approaches comprise our perspective on how to invest successfully in a way that builds both wealth and relationships.

Diversification - Our portfolios span six asset classes, including both traditional strategies—domestic equity, international equity, and fixed income—and alternatives, including absolute return, real assets, and private equity. We ensure our clients have access to products and strategies typically only available to large, institutional investors. Innovation - We continually look for ways to innovate, drawing on our extensive experience to find better investment strategies for the long term. This combination of curiosity and flexibility means that you have a ready source for new ideas and smart solutions. Independent Analysis - At Brinker Capital, we form our own independent perspective on everything we recommend. When we’re putting together a portfolio, we start by analyzing strategy options based on expected returns, historic returns, and market volatility. Armed with our in-depth research, we can make informed, strategic decisions about how to allocate assets. Hands-On Management - We carefully evaluate every asset manager and strategy we recommend to make sure they meet our standards for performance and integrity. We also continue to monitor and reallocate portfolios to take advantage of market opportunities.


Domestic Equity Domestic Equity Domestic Equity Domestic Equity Domestic Equity Domestic Equity International Equity International Equity International Equity International Equity International Equity Fixed Income Fixed Income Fixed Income Fixed Income Absolute Return Absolute Return Absolute Return Real Assets Real Assets Private Equity

We also offer a wide range of portfolios to serve the various needs of different investors, from the most conservative to the most aggressive strategy, from mutual funds to absolute return vehicles.

This broad diversification translates into broader opportunities. It means that investors like you have access to products and strategies that aren’t generally available to individual investors. It means you may see reduced risk and increased returns over the long term. It means that both your money and your confidence are well placed.

Source: Brinker Capital, Inc.

There is more than one way to be successful in investing. In fact, there are at least six. We help protect and build wealth through a broadly diversified approach, using a strategy typically employed by endowments seeking to grow their investments over the long term.

LESS DIVERSIFICATION MORE DIVERSIFICATION


Diversification Because we understand that different investments perform well at different times, we invest in six asset classes, rather than the traditional three, as well as a number of sub-asset classes. This strategy of broad diversification gives you more opportunities to grow your investments and less exposure to risk — no matter which way the market is moving.

Source: FactSet and Brinker Capital, Inc.

184195 Brinker Capital, Inc., a Registered Investment Advisor

Source: Factset, Red Rocks Capital YTD returns as of 12/31/11

The Growth of $1M chart is for illustration purposes only. No representation that the results represent investment performance of actual client accounts is intended. The chart is intended to demonstrate the impact on a traditional portfolio of diversification through the inclusion of additional asset classes over a long-term investment horizon. The table discloses the time periods during which each asset class, as represented by the market index listed, was included or removed from the chart as more representative market indexes became available, as well as the weighting of each asset class, during the period. When index data for certain asset classes was not available, the other asset class weightings were scaled upward. The information depicted in the charts above is derived from this table. For example, the equal weighted portfolio was 50% U.S. Equity and 50% International Equity from January 1971 through March 1973. In April 1973, the equal weighted portfolio was 33.33% U.S. Equity, 33.33% International Equity and 33.33% Fixed Income until January 1978, when the next asset class, Real Assets (real estate) was available, and so on. The S&P 500 Index is a market value weighted index with each stock’s weight in the Index proportionate to its market value. The S&P Index is one of the most widely used benchmarks of U.S. equity performance. Each index is a broad market index representative of its respective asset class which is utilized by Brinker Capital as a benchmark for measuring the performance of such asset class. Unmanaged indices are for illustrative purposes only. An investor cannot invest directly in an index. Index performance does not reflect the deduction of fees and changes and does not reflect the reinvestment of dividends. Past performance is no guarantee of future results.

Source: Brinker Capital, FactSet, Cambridge Associates, NCREIF

Additional Diversification Compounds Wealth


Finding Balance Many investors face the dilemma of investing for the needs of today or investing

to meet the needs of tomorrow. If you focus too much on current expenses you

may risk not meeting your future goals.

If too much focus is placed on your future growth it may be difficult to meet your

current expenses. The key is to work closely with your financial advisor to plan

for both current cash flow and growing your assets to meet your goals and

objectives.

Source: Brinker Capital, Inc.

Today Tomorrow


Our Key Investment Themes Macro Uncertainties Remain and Could Provide Global Growth Headwinds

o Favor investments in U.S. companies versus developed international markets.

o Europe has likely entered recession territory and growth in China has slowed

Emerging Markets Bias o Long-term trend of stronger growth coming from emerging markets compared to developed markets.

o Anticipate the middle class in emerging markets to continue to grow in size and wealth.

Difficult Interest Rate Environment o Real interest rates are kept artificially low and will remain so for the foreseeable future. o Some risk is necessary to maintain long-term purchasing power within the fixed income asset class. o Consideration should be given to investments outside of fixed income that possess attractive yields.

Unique Opportunities o Continue to search for market anomalies and inefficiencies with the potential for attractive risk adjusted returns.


How We Keep You Informed Quarterly Reports

o Performance Reports

o Risk/Return Analysis

o Cash Flow Summary

Monthly Outlook

Market Review

Reallocation Summary

Online Account Access

Mobile Account Access

What if Times Change? We understand that with life changes, your time horizon, tolerance for risk, or tax situation may change. At Brinker Capital, we think stability comes in large part from flexibility. With your advisor, we will adjust your portfolio to your changing circumstances, so that it best serves your needs and allows you to sustain your lifestyle.

Yet it’s not just your asset allocation we adapt. We also work hard to develop flexible investment strategies. We continually look for ways to innovate, drawing on our extensive experience to find better strategies for the short and long term. We then incorporate our best ideas into your portfolio, so that it reflects our most up-to-date thinking and current market conditions.


Your Recommended Investment Solution

We strive to create the most appropriate investment strategy based on your responses to our Investment

Strategy Questionnaire and from the input we received from your financial advisor regarding your

investment goals. If answers indicated differences in time horizon and/or risk tolerance, the investment

objective reflects a blend of those responses. Please advise Donald if you believe that your overall

investment objective differs from that derived by Brinker Capital or if you wish to modify any of your

answers to the Questionnaire. Changes to any of your responses could result in Brinker Capital

recommending a different investment strategy and asset allocation.

Your goals, objectives and risk tolerance may change over time. Your financial advisor will help you plan

for all of life’s events, including the unforeseen ones. When you determine a change is needed, Brinker

Capital will adjust your investment strategy upon your instruction.

Moderately Aggressive Qualified Valued Client IRA Rollover


1 Target weightings and holdings reflect the target allocation policy weightings as of Feb 11, 2013. These may change prior to investment and are subject to change at any time. Allocations may not add to totals due to rounding of asset class and fund allocation percentages. 2 If you are invested in a Destinations Strategy with the Personalized Distribution feature your cash weighting will vary from the illustration provided in the table above.

Weightings Target1 Range Domestic Equity 45.08% 35%-60% Large Cap

Columbia Select 7.89% Columbia Dividend Opportunity 4.55% Touchstone Focused Equity 2.25% T. Rowe Price Growth Stock 7.22% TCW Dividend Focus 5.85% Delaware Value 5.25% Fidelity US Equity Index 4.89%

Mid Cap RidgeWorth Mid Cap Value 3.83%

Small Cap ClearBridge Small Cap Growth 2.00% Aston/River Road Independent Value

1.35%

International Equity 15.84% 13%-30% Developed

MFS International Value 4.72% T. Rowe Price International Stock 3.47%

Emerging Markets Wasatch Emerging Markets Small Cap

2.85%

Aberdeen Emerging Markets 0.95% Micro Cap

Wasatch International Opportunities 2.20% Frontier Markets

Wasatch Frontier EM Small Countries Fund

1.65%

Weightings Target1 Range Fixed Income 23.23% 15%-35% Intermediate

Dreyfus Bond Market Index 4.62% PIMCO Total Return 3.95%

MBS DoubleLine Total Return 5.83%

Corporate Bonds Federated Intermediate Corporate 1.21%

Emerging Market Debt Forward EM Corporate Debt 1.72%

High Yield RiverPark Short-Term High Yield 1.50%

Fixed Equity JPMorgan Inflation Managed Bond 1.68%

International Currency Merk Hard Currency 1.48%

Cash2 Cash 1.24%

Real Assets 3.73% 0%-10% Global REITs

Morgan Stanley Global Real Estate 1.00% Natural Resources Equity

RS Global Natural Resources 2.73% Absolute Return 11.02% 0%-20% Closed-End Funds

RiverNorth Core Opportunity 3.77% Opportunistic

Driehaus Active Income 4.10% JP Morgan Strat Income Opps 3.15%

Private Equity 1.10% 0%-10% Listed Private Equity

Red Rocks Listed Private Equity 1.10%

Objectives The Moderately Aggressive - Qualified Asset Allocation Strategy seeks to maximize long-term capital appreciation. Typically, equity is substantially emphasized, however a meaningful allocation to fixed income and alternative asset classes is made in an effort to reduce volatility. It is designed for qualified investments. Investors should realize that the substantial emphasis on equity will likely produce a higher level of volatility than a more balanced portfolio. Portfolio Structure The substantial emphasis of the portfolio’s allocation is on equity. A meaningful allocation to fixed income is maintained. The domestic equity allocation has an emphasis on large cap securities, with smaller allocations to mid and small cap. A commitment to international equity and alternative investments, such as real assets absolute return and private equity, is maintained. A meaningful allocation is made to various sub-classes of fixed income.


Historical Performance of Recommended Investment Strategy: Destinations Valued Client IRA Rollover

Growth of $100,000

The performance information for the Recommended Investment Strategy presents historical performance of client accounts that were open for the full period and invested according to the Recommended Investment Strategy. Past performance is no guarantee of future results or trends. The returns are calculated gross (before the deduction) of advisory fees payable to Brinker Capital or other expenses for services not covered by the advisory fee. These fees and expenses will reduce your return. The Relative Return-Blended Benchmark presents the return produced over the performance period by a blend of broad market indices that approximates the recommended asset allocation. Figures for the indices reflect the reinvestment of dividends but do not reflect any fees or expenses which would reduce returns. Indices are unmanaged and an investor cannot invest directly in an index. See the accompanying disclosure statement regarding performance results, benchmarks, the impact of fees and other information included in the investment strategy recommendation. The standard deviation shown is for the length of time displayed on the Growth of $100,000 Chart.

Calendar Year Gross Performance YTD 2012 2011 2010 2009 2008 2007 2006 2005 2004

Recommended Investment Strategy 3.35% 13.44% -3.41% 13.39% 30.03% -35.14% 9.87% 14.03% 7.41% 11.82%S&P 500 5.18% 16.00% 2.11% 15.06% 26.46% -37.00% 5.49% 15.79% 4.91% 10.88%

Russell 2000 6.26% 16.35% -4.18% 26.86% 27.17% -33.79% -1.57% 18.37% 4.55% 18.33%Citigroup 3-month T-bill 0.01% 0.07% 0.08% 0.13% 0.16% 1.80% 4.74% 4.76% 3.00% 1.24%

Relative Return - Blended Benchmark 3.35% 12.98% -0.06% 13.05% 24.34% -28.17% 7.53% 13.69% 6.36% 10.50%

Gross Annualized Return through January 2013 YTD 1 year 3 years 5 years 7 years 10 years Std. Dev.

Recommended Investment Strategy 3.35% 12.25% 9.72% 2.71% 3.95% 7.62% 12.45%S&P 500 5.18% 16.78% 14.14% 3.97% 4.48% 7.93% 15.81%

Russell 2000 6.26% 15.47% 15.98% 6.31% 4.41% 10.70% 21.11%Citigroup 3-month T-bill 0.01% 0.08% 0.09% 0.39% 1.61% 1.68% 0.59%

Relative Return - Blended Benchmark 3.35% 12.11% 10.55% 4.30% 4.93% 7.89% 11.53%


Historical Performance of Recommended Investment Strategy: DestinationsValued Client IRA Rollover

Portfolio vs. Benchmark: Annualized Returns The Portfolio vs. Benchmark: Annualized Return graph plots the annualized returns of the Recommended Investment Strategy, the Absolute Return Benchmark and Relative Return-Blended Benchmark. The graph also includes the following major market indices - S & P 500, Russell 2000, MSCI EAFE, Citigroup 3-Month T-Bill & Barclays Aggregate. Annualized Return

Performance Table

The performance information for the Recommended Investment Strategy presents historical performance of client accounts that were open for the full period and invested according to the Recommended Investment Strategy. Past performance is no guarantee of future results or trends. The returns are calculated gross (before the deduction) of advisory fees payable to Brinker Capital or other expenses for services not covered by the advisory fee. These fees and expenses will reduce your return. The Absolute Return Benchmark is CPI-SA +3.5 percent (%). The benchmark return is slightly overstated because the CPI is an annual calculation but the benchmark return reflects monthly compounding.The Relative Return-Blended Benchmark presents the return produced over the performance period by a blend of broad market indices that approximates the recommended asset allocation. Figures for the indices reflect the reinvestment of dividends but do not reflect any fees or expenses which would reduce returns. Indices are unmanaged and an investor cannot invest directly in an index. See the accompanying disclosure statement regarding performance results, benchmarks, the impact of fees and other information included in the investment strategy recommendation.

1 year 3 years 5 years 7 years 10 years

Recommended Investment Strategy 13.44% 7.50% 0.94% 3.96% 7.14%

S&P 500 16.00% 10.87% 1.66% 4.12% 7.10%

Russell 2000 16.35% 12.25% 3.56% 4.79% 9.72%

MSCI EAFE Index 17.90% 4.04% -3.21% 2.67% 8.70%

Citigroup 3-month T-bill 0.07% 0.09% 0.45% 1.66% 1.69%

Barclays U.S. Aggregate 4.21% 6.19% 5.95% 5.86% 5.18%


Recommended Investment Strategy: DestinationsValued Client IRA Rollover

Risk/Return The Risk/Return graph plots the portfolio’s return (annualized %) against the portfolio’s standard deviation. This chart is a characterization of the risk adjusted return of the Recommended Investment Strategy as compared to the Relative Return-Blended Benchmark. The graph also includes the following major market indices - S & P 500, MSCI EAFE & Barclays Aggregate. The ideal location on the graph is the upper left-hand quadrant, which means the portfolio had greater returns than the benchmark with less volatility or risk.

Risk/Return

The performance information for the Recommended Investment Strategy presents historical performance of client accounts that were open for the full period and invested according to the Recommended Investment Strategy. Past performance is no guarantee of future results or trends. The returns are calculated gross (before the deduction) of advisory fees payable to Brinker Capital or other expenses for services not covered by the advisory fee. These fees and expenses will reduce your return. The Relative Return-Blended Benchmark presents the return produced over the performance period by a blend of broad market indices that approximates the recommended asset allocation. Figures for the indices reflect the reinvestment of dividends but do not reflect any fees or expenses which would reduce returns. Indices are unmanaged and an investor cannot invest directly in an index. See the accompanying disclosure statement regarding performance results, benchmarks, the impact of fees and other information included in the investment strategy recommendation.

Return: The change in the value of a portfolio over an evaluation period, including any distributions made from the portfolio during that period.

Standard Deviation: A statistical measure of volatility indicates the “risk” associated with a return series. The lower the number the less volatility.

Sharpe Ratio: The Sharpe Ratio is a measure of reward per unit of risk. It is a portfolio's excess return over the risk-free rate divided by the portfolio's standard deviation. The portfolio's excess return is its geometric mean return minus the geometric mean return of the risk-free instrument (by default, T-bills). The lower the Sharpe Ratio, the less return per unit of total risk the manager has generated.

Beta vs. Blended Benchmark: Beta represents the systematic risk of a portfolio and measures its sensitivity to a benchmark. A portfolio with a beta of one is considered as risky as the benchmark and would therefore provide expected returns equal to those of the market during both up and down periods. A portfolio with a beta of two would move (both up and down) approximately twice as much as the benchmark.

Maximum Drawdown: The maximum loss (compounded, not annualized) that the manager incurred during any sub-period. Drawdowns are calculated on monthly returns.

Return (%)

Standard Deviation

(%) Sharpe

Ratio (%) Beta vs. Blended

(%) Maximum Drawdown

(%) Recommended Investment Strategy 4.98 12.45 0.21 1.06 -44.21

S&P 500 3.01 15.81 0.04 1.34 -50.95

MSCI EAFE Index 4.16 17.96 0.10 1.45 -56.40

Barclays U.S. Aggregate 5.67 3.54 0.94 0.01 -3.83

Relative Return - Blended Benchmark 4.68 11.53 0.20 1.00 -39.38


Hypothetical Total Return for Your Recommended Investment Strategy: Destinations Valued Client IRA Rollover

Monte Carlo Simulation

The above projections are forecasted returns and market values for the Recommended Investment Strategy using Brinker Capital’s capital market return assumptions for various major asset classes. Brinker Capital’s capital market return assumptions are based on the long-term (10 years or longer if available) annualized returns, standard deviations and correlation coefficients of various capital market indices. No premium or discount to return based on any active portfolio management in the Recommended Investment Strategy was included in the projections. The resulting investment outcomes are hypothetical and do not reflect actual investment results or the impact of unforeseen events that may affect portfolio returns. No representation that your portfolio will achieve projected performance is intended and future returns are not guaranteed. In certain years your annual withdrawal may exceed the total return on your portfolio resulting in a loss in principal. The Annual Withdrawal shown above includes a 3.00% increase each calendar year in order to account for inflation. The performance information reflects the deduction of a 0.50% annual advisory fee but no other expenses for services not covered by the advisory fee. The advisory fee shown is calculated by applying the proposed annual fee to the 50th percentile projected, inflation-adjusted market value. The actual advisory fee may be more or less than the fee reflected in the above projection. Any additional fees and expenses will reduce the portfolio and your return. See the accompanying disclosure statement regarding performance results, benchmarks, the impact of fees and other information included in the investment strategy recommendation.

Portfolio Value Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 10th Percentile $120,892 $136,431 $152,125 $169,279 $187,580 $206,121 $227,451 $250,206 $274,306 $300,957 50th Percentile $107,810 $115,732 $124,215 $133,361 $142,898 $153,313 $164,944 $176,904 $189,519 $202,992 90th Percentile $94,714 $96,516 $99,642 $103,611 $107,692 $112,477 $117,794 $123,225 $130,194 $137,295 Average Flow Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Fees ($542) ($584) ($630) ($679) ($731) ($789) ($851) ($919) ($989) ($1,067)

Recommended Portfolio 10-Year Horizon Initial Investment $100,000

Average Annualized Return: 8.35% Standard Deviation: 10.31% Inflation Rate: 3% Annual Withdrawal (assumes 3% inflation):

$0

Annual Fee: 0.50%

10% probability of an ending value of at least $300,957





Projected Values


Your Program FeesBased upon this proposal of $100,000.00, the blended fee payable to Brinker Capital for all assets in your Destinations accounts is 0.50% annualized. This blendedfee will vary based upon total account value (resulting from appreciation, depreciation, liquidations or additional contributions) in accordance with Brinker Capital’s fee schedule for the Destinations program.

Account Registration Investment Strategy Assets Fee Valued Client IRA Rollover Destinations $100,000.00 0.50%

Your fee covers the following costs associated with your investments: Compensation to Foresters Equity Services, Inc. and Mr. Donald T McNeill, Jr. for assisting in the development and ongoing monitoring of your

investment strategy Your investment strategy recommendations Regular rebalancing of mutual funds in your portfolio consistent with your investment strategy Customized quarterly reporting, monthly statements and trade confirmations Access to Brinker Capital Online Services All ongoing mutual fund due diligence provided by Brinker Capital Custody of the mutual fund assets in your portfolio

The total annual fee is exclusive of mutual fund expense ratios, which are set forth in the prospectus for each fund. A fund expense ratio represents the percentage of the fund’s assets that go toward the expense of running the fund. A fund expense ratio reflects the fund’s investment advisory fee, administrative costs, distribution fees and other operating expenses, which are paid by the fund and reduce the fund’s net asset value.

The fee set forth above is calculated using Brinker Capital’s current fee schedule for the Destinations program. Brinker Capital may change the fee schedule for any program on 30 days advance written notice to you.

Brinker Capital will debit your account at the beginning of each quarter based on the previous quarter’s ending balance. Your initial quarterly fee will be pro-rated based upon the beginning value of your account and Brinker Capital will debit your account the month following your initial investment.


Disclosure Statement One-on-One Presentation: This report is exclusively for use in one-on-one presentations with sophisticated investors.

Performance Data: All return calculations are in U.S. dollars and are gross of advisory fees payable to Brinker Capital and any other expenses not covered by the advisory fee (see “Fees” section). Destinations: The performance returns provided for Destinations are composed of accounts that were open for the full period and are invested in mutual funds according to the asset allocation policy for the recommended Investment Strategy. Detailed information regarding the Investment Strategy composite is available upon request. The composite returns are based on actual market values and are weighted accordingly. All calculations reflect the deduction of the respective fund’s internal management fees and expenses but are gross (before deduction) of advisory fees payable to Brinker Capital, which will reduce an investor’s return. Certain funds included in the performance information may no longer be available for purchase and may not be included in the recommended Investment Strategy. Brinker Capital may also determine to replace a fund due to a change in management or based upon Brinker Capital’s evaluation of the fund’s performance. Since Brinker Capital retains full discretion to add or replace mutual funds in which the account is invested and to change the allocation among such funds, the historical performance of the recommended Investment Strategy may reflect the performance of mutual funds which are no longer included in the recommended Investment Strategy. Furthermore, past performance of the funds included in the recommended Investment Strategy is not a guarantee of future results or trends.

Mutual Fund Performance: Mutual Fund and Exchange Traded Fund (ETF) performance information is based upon published performance of the mutual funds or ETFs, which must be calculated by the funds in accordance with rules and regulations promulgated by the Securities and Exchange Commission.

Benchmarks: Brinker Capital constructs the benchmark to match, to the best of its ability, the components of the recommended Investment Strategy to the appropriate indices so as to reasonably parallel the asset allocation of the Investment Strategy. However, the benchmarks are not intended to parallel the risk or investment style of any particular manager or mutual fund included in the recommended Investment Strategy or reflect guidelines, restrictions, correlations, concentrations, sector allocations or volatility of the portfolio of any such manager or mutual fund. The benchmarks are provided for comparative purposes only and do not represent actual performance. Figures for the indices reflect the reinvestment of dividends but do not reflect any management fees, transaction costs or expenses, which would reduce returns.

The Destinations Relative Return-Blended Benchmark is a composite of the following indices weighted in accordance with the recommended Investment Strategy: R3000(56%), MSCI ACW ex. US(14%), LBGCI(28%), T-Bill(2%) for the time period 1/1/89 to 12/31/07 and R3000(49%), MSCI ACW ex. US(21%), Lehman Agg(28%), T-Bill(2%) for the time period 1/1/08 to date. Effective 1/1/08, Brinker Capital increased the allocation to international securities for this Investment Strategy and adjusted the Blended Benchmark to more closely parallel this revised asset allocation. Detailed information on the composition of each index included in the Blended Benchmark is available upon request Indices are unmanaged and an investor cannot invest directly in an index.

Fees: The performance information does not reflect the deduction of advisory fees payable to Brinker Capital and any other expenses for services not covered by the advisory fee that an investor may incur, which will reduce a client’s return. Brinker Capital charges one comprehensive fee for investment management services, which includes manager and fund due diligence, asset allocation, manager fees, custody fees and trading expenses and Solicitor fees. Brinker Capital’s fee does not include the internal management fees and operating expenses of mutual funds in which a client’s account is invested, which are reflected in the performance information contained herein.

Brinker Capital’s fees are disclosed in Part II of its Form ADV. The net effect of the deduction of Brinker Capital’s fees on annualized performance, including the compounded effect over time, is determined by the relative size of the fee and the account’s investment performance. The chart below depicts the effect of a 1% management fee on the growth of one dollar over a 10-year period at 10% (9% after fees) and 5% (4% after fees) assumed rates of return.

Year 1 2 3 4 5 6 7 8 9 1010% 1.10 1.21 1.33 1.46 1.61 1.77 1.95 2.14 2.36 2.59 9% 1.09 1.19 1.30 1.41 1.54 1.68 1.83 1.99 2.17 2.37 5% 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 1.63 4% 1.04 1.08 1.12 1.17 1.22 1.27 1.32 1.37 1.42 1.48


Portions of the analytical information within this proposal have been powered by Zephyr Web Analytics.

The Hypothetical Total Return chart uses market indices to represent the various major and sub asset classes: The Dow Jones Wilshire 5000 Index represents US Equities, MSCI AC World ex/US Index represents foreign equities, Barclays Aggregate Index represents taxable fixed income, Barclays US Treasury 1-5 Yr represents short US Treasuries, Barclays US Treasury 5-10 Yr represents intermediate US Treasury, Barclays US Treasury Long represents Long US Treasury, Citigroup 3 Month Treasury Bill represents Cash, Merrill Lynch 3-7 Yr Muni represents municipal fixed income, Dow Jones Wilshire REIT represents US REITs, FTSE EPRA NAREIT Global Index represents Global REITs, Dow Jones AIG Commodity represents Commodities, NCREIF Property Index represents private real estate, Credit Suisse/Tremont Hedge Fund Index represents absolute return, Cambridge Associates US Private Equity Index represents private equity and the Red Rocks Listed Private Equity Index represents listed private equity. The Cambridge Associates US Private Equity Index is comprised of limited partnership investments available only to Qualified Purchasers. The Red Rocks Listed Private Equity index reflects actual returns from January 2006 to present; returns prior to January 2006 are provided by Red Rocks Capital, LLC and represent backtested, hypothetical values calculated by reconstructing the index with companies that were included in the index as of inception (or at such time as a company had been public for one full quarter, if later) and re-weighting the index quarterly and do not represent actual index performance.


Glossary of Investment Terms 60/40 – 60/40 Portfolio is composed of 60% of the Russell 3000 / 40% Barclays Aggregate.

Absolute Return – The total return that an asset achieves over a certain period of time. Absolute return differs from relative return because it is concerned with the return of a particular asset and does not compare it to any other measure or benchmark.

Absolute Return Strategies – Strategies that seek to generate positive absolute return regardless of the direction of financial markets.

Asset Allocation – The process of deciding how to apportion investment capital between the various possible asset classes: domestic equity, international equity, fixed income, real assets, absolute return strategies, private equity, etc.

Asset Class – Category of assets such as equities and fixed income, and their subcategories, including large cap, small cap, emerging markets, commodities, etc.

Commodities – Basic raw materials and foodstuffs such as metals, petroleum, plantation crops, "softs,” such as coffee and sugar, and grains and agriculture.

Due Diligence – The performance of those actions that are generally regarded as prudent, responsible and necessary to conduct a thorough and objective investigation, review and/or analysis.

Emerging Market – Emerging markets generally do not have the level of market efficiency and strict standards in accounting and securities regulation to be on par with developed economies, but emerging markets will typically have a physical financial infrastructure including banks, a stock exchange and a unified currency.

Expense Ratio – A measure of what it costs an investment company to operate a mutual fund. An expense ratio is determined through an annual calculation, where a fund's operating expenses are divided by the average dollar value of its assets under management.

Global Macro – A strategy that bases its holdings—such as long and short positions in various equity, fixed income, currency, and futures markets—primarily on overall economic and political views of various countries’ macroeconomic principles.

Growth Stocks – Stocks of companies that exhibit growth characteristics and have shown an ability to grow at a faster rate than other firms’.

International Equities – Strategies that target either developed economies (e.g. Western Europe, Japan, Australia, Canada) or emerging economies (e.g. China, Latin America, Eastern Europe).

Large Cap – A company whose market cap typically exceeds $17 billion (using Russell Index methodology).

Manager Tenure – The length of time a portfolio manager has been responsible for managing the specific investment strategy.

Mid Cap – A company whose market cap is typically between $2 billion and $17 billion (using Russell Index methodology).

Real Assets – Real assets consist of ownership interests in investment vehicles that typically invest in physical assets and exhibit a high correlation to inflation and provide high levels of current cash flow. Real assets include real estate, commodities, timber, and oil and gas interests.

Relative Return – The return that an asset achieves over a period of time compared to a benchmark or peer group. The relative return is the difference between the absolute return achieved by the asset and the return achieved by the benchmark or peer group.

Relative Value – Attractiveness measured in terms of risk, liquidity and return of one instrument versus another.

valued client/401k rollover to ira example

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