VOLUME 1 | ISSUE 2

Modern PRESIDENTS LETTER

LEGACY
SIX MYTHS ABOUT
SUSTAINABLE INVESTING

Q&A: DENNIS ZANK

SPOTLIGHT: MEET THE

CURRENT TRENDS, SEASONED INSIGHT AND REGIONAL EXECUTIVES
AN INSIDE LOOK AT ALEX. BROWN

DENNIS ZANK
Get to know the chief
operating officer of
Raymond James
Financial and
CEO of Raymond James
& Associates.
>> page 3

SPOTLIGHT
Meet two Alex. Brown
regional executives.
>> page 8
 MODERN LEGACY CURRENT TRENDS, SEASONED INSIGHT AND AN INSIDE LOOK AT ALEX. BROWN

Alex. Brown, undoubtedly, is making

substantial moves. The first of which
is quite literal: In March, we made
ourselves comfortable in our new division
headquarters at 350 Park Avenue in
New York City. But our progress most Finally, youll read about some of Alex. Browns rising stars
a number of whom were named to Barrons top 100 financial
certainly does not end there. advisors list. And youll find useful insight on sustainable
investing as well as the myths associated with the popular
strategy. Additionally, youll get a glimpse into our new digital
In this issue, youll gain insight into the vision of Dennis Zank, ad campaign, which will further support our business by
chief operating officer of Raymond James Financial and chief raising awareness of the Alex. Brown brand among prospective
executive officer of Raymond James & Associates, who shares clients and advisors, both nationally and in local markets.
his thoughts on the growth of Alex. Brown within the Raymond
As we begin to look back at what weve already accomplished
James footprint and what sets the division apart from others
in this new era, we thank you for your continued support and
in the industry. Well also introduce you to new regional
for taking the time to read this issue of Modern Legacy.
executives Roger Veome and Steve Pryor, who share why they
were attracted to Alex. Brown and how the transition has lived
Best Wishes,
up to and exceeded their expectations.

HAIG ARIYAN
President, Alex. Brown
2
A Division of Raymond James
 VOLUME 1 | ISSUE 2

An interview with Dennis Zank

The chief operating officer of Raymond James Financial and chief
executive officer of Raymond James & Associates elaborates on the
beneficial relationship between Alex. Brown and Raymond James
and his vision for the future of the brand.

Q. Dennis, youve had an extremely successful
career at Raymond James and have directly
supported the companys growth. Can you tell
us a little more about the experience?
I came to the firm when we were very small. Being young and
nave, Im not sure I understood the competitive challenges
we faced. Im dating myself, but after growing up in Michigan,
I graduated from the University of South Florida in 1976 and
went to work for a Tampa Bay area company in the automotive
parts business retail stores and Ill be generous to say that
the two gentlemen who ran that company were a bit ethically
challenged. I realized relatively quickly that I needed to move
on. So I responded to an ad this was back in the days when
you looked in the newspaper for job postings and I came
to Raymond James, interviewed and went through all of the
testing. Fortunately, I was offered a job.
I was very lucky early on because the woman who hired me
(today we would call her our chief financial officer) was tech-
nically very competent and understood most aspects of the
business but did not enjoy some of the challenges associated
with managing. This provided me with leadership opportuni-
ties at a fairly young age while gaining from her technical
understanding of the business. Because the firm was rela-
tively small, we all had to be a jack of all trades which also
provided great educational opportunities. I was able to learn a
lot regarding the financials and how the business operated and
then step into managerial roles. I completed my MBA in 1982
while working full time at the firm.
Early on, I spent a lot of time on the financial, regulatory and
treasury side of the house which eventually led to leading our
back office which included most administrative and opera-
tional areas as well as technology. I performed in this role from
1986-2002, when I was asked by Tom James to take over the
Raymond James & Associates private client business. It was a
little bit of an odd switch at that time as you dont generally
think about a support-side leader being asked to oversee the
private client side business, but thats where I feel I hit my stride
as I really enjoyed managing and trying to grow the business.
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MODERN LEGACY CURRENT TRENDS, SEASONED INSIGHT AND AN INSIDE LOOK AT ALEX. BROWN

Raymond James Financial, by almost all measures, is now more
than 400 times the size it was when I joined in 1978, so its been
a great journey. Its amazing to go from effectively no market
capitalization, or very low market capitalization, to being publicly
traded we went public in 1983 and to now have a market cap of
$10 to $11 billion. Our recent inclusion into the S&P 500 is hard for
many of us to fathom. The great thing about this is that since all of
our employees are shareholders, all associates participate in the
growth of the business.
Q. Which aspects of the Alex. Brown acquisition
made it seem like a good fit for Raymond James?
We havent historically grown this firm that much by acquisition
as we have focused mostly on organic growth. But if you look at
the history of Alex. Brown, a 200-year-old company, which was
a very prominent firm back in the day and very influential in the
regional firm space, the thought of a potential merger had appeal.
Alex. Brown had a very recognizable brand and a name that people
really respected first, because of the length of time Alex. Brown
was in business and second, because of the impressive track
For example, I was recently on a call about an interest rate swap
for a very high-net-worth client who was trying to hedge their
interest-rate exposure if interest rates go up over the next five
years. This proposed transaction wasnt for an Alex. Brown
advisor. This was for a legacy Raymond James advisor. Alex. Brown
has opened up our minds on some of these types of products and
service offerings for ultra-high-net-worth clients. In this case,
the family has $100 million of assets, so this is a Raymond James
advisor and an existing Raymond James client who are now ben-
efiting from our looking at things that maybe we would not have
looked at historically.
Q. Can you share any thoughts or insight on how the
transition is going so far and how Alex. Brown has
impacted Raymond James since they joined?
It was a little bit of an unusual transition because we announced
that we were lifting the unit out of Deutsche Bank, but we didnt
close and convert for about nine months. It was a very tricky period
of time because, if you think about it, now youve gone out to 200
advisors and said, Raymond James is great. Our systems are great.

Alex. Brown has opened up our minds on some of these types of products and services
for ultra-high-net-worth clients. In this case, the family has $100 million of assets, so this is a
Raymond James advisor and an existing Raymond James client who are now benefiting
from our looking at things that maybe we would not have looked at historically.

record over many decades. Simply surviving in our industry for
over 200 years is a remarkable achievement.
As we met the Alex. Brown team, we became very comfortable. We
arent interested in mergers unless we like the people and trust
the people. Once we met the Alex. Brown team, we said, Hey, this
could be good!
Alex. Brown fit many of the criteria we consider when contemplat-
ing a merger. One, is it a good cultural fit; two, can we effectively
and efficiently convert the business; three, do we like and trust the
people; and lastly, can we do the transaction at a fair and reason-
able price.
The next phase post-conversion was filled with the tasks of learn-
ing new systems, policies and the not so simple task of who to
call. Alex. Brown has challenged many areas in our firm to think
outside of the box and expand our capabilities, which is healthy for
our organization.
Our marketing experts are great. The challenge then becomes
to focus on the future state because for a nine month period the
Alex. Brown advisors and staff continued to process their business
through Deutsche Bank/Pershing. In other words, the Alex. Brown
team had to have confidence that service and systems would be
better once converted to the Raymond James systems and service
support desks.
So it was a really challenging nine-month period when we were
trying to help people understand who we are and how they can
benefit from being part of the organization. Now it feels like things
are settling in after a nine month pre-conversion and now eight
month post-conversion period. Now it is time to get back to busi-
ness as we move past the challenges of the last 18 months.
Hats off to Haig Ariyan and the Alex. Brown management team.
Theyve done a very good job of identifying where the pain points
were, and they pressed us to look at many of the products and ser-
vices that the very, very wealthy person is interested in.

4
Q. Looking across the competitive industry landscape, OUR MISSION
what do you think is going to set apart Alex. Brown,
a division of Raymond James, from the industry? Our business is people and their financial well-being.
I think Alex. Brown, the division, has a unique opportunity to take advantage of Therefore, in the pursuit of our goals, we will conduct
what Ill call the horsepower of Raymond James, with all the processing capa- ourselves in accordance with the following precepts:
bility, technology, products and service-oriented culture imbedded in our firm.
The Alex. Brown management team will use that as the base to attract other
Our clients always come first. We must provide
advisors that have similar profiles to the existing Alex. Brown advisors. I think
the highest level of service with integrity.
theres an opportunity for Haig and team to double the size of the Alex. Brown
division over the next five years. I am confident that this will happen.
Assisting our clients in the attainment of their
Q. What is your view of the brand for the long term?
financial objectives is our most worthy enterprise.
The name has a lot of appeal, and as an organization, Raymond James is used to
multiple affiliation and branding options. But, I have said frequently to Haig and
team that the future of Alex. Brown is going to be determined by how well they We must communicate with our
can prove out the brand and attract talent to the business. Growth of the unit will clients clearly and frequently.
validate the brand of the division as time goes on. Given Haigs leadership and the
competitive nature of the management team, I am very enthusiastic.
Our investments and services
The Alex. Brown brand reputation was excellent for decades although the last
must be of superior quality.
decade has certainly been a challenge. Having gotten to know Haig and the rest of
the management team, I would be surprised if they dont get recruiting going and
grow this business at above-average rates in the future. The management team is Teamwork cooperating with and providing
eager to resume growth. Haig is only 46, and he has a lot of energy and is a really, assistance and support to our fellow associates
really smart guy. Trust me when I tell you he can hold his own with just about is fundamental to sustaining a quality work
anybody on capital markets and product specific discussions. The Alex. Brown
environment that nurtures opportunities
team is just a high-energy group of people and we are delighted to have them join
for unparalleled service, personalgrowth
the Raymond James family.
and job satisfaction.
Q. Do you have any other views regarding the growth of
Alex. Brown within the Raymond James footprint?
Continuing education is necessary to maintain
First of all, recruiting is a very interesting, momentum-driven game. The advisor
the timeliness of investment knowledge, tax law
community around this country is relatively close-knit. Quality advisors are well
information and financial planning techniques.
known within each market. So when you get into a turbulent period of time like
Alex. Brown was in as part of Deutsche Bank, gaining or maintaining recruiting
momentum becomes very difficult. However, once recruiting momentum is Innovation is requisite to our survival
established it is also difficult to lose. Now weve got Raymond James behind in a changing world.
Alex. Brown, which should markedly improve recruiting momentum going
forward. But its going to take a little while to convince people as to the validity
of the model and whether Raymond James/Alex. Brown is the place to be. To emulate other members of our industry
Im already seeing Alex. Brown-focused Home Office Visits. And what happens in requires us to continue to work hard; to excel
our business is when an advisor leaves a firm, others in their branch start think- beyond our peers requires us to provide an even
ing, What do they know that we dont know? Thats how it works. Advisors all higher caliber of service to our clients.
talk to each other, and its almost contagious. And then you get the press writing
about our recruiting wins and people read that Raymond James is hiring a lot
We must give something back to the
more than theyre losing, and people start to think, Whats going on over there?
communities in which we live and work.
What kind of magic potion do they have? Whats in the water? It should be fun
for the foreseeable future!

5
MODERN LEGACY CURRENT TRENDS, SEASONED INSIGHT AND AN INSIDE LOOK AT ALEX. BROWN

myths about sustainable investing

Its not just for environmentalists, and not all sustainable
investments are the same.
While interest in sustainable investing has grown in recent years, myths regarding the popular strategy
abound. The socially and environmentally conscious approach is designed to allow investors to build
portfolios that align with their desires to make a positive impact on society and the environment while
also taking into account the risks and returns of conventional investing.

1 There is a performance tradeoff

with sustainable investing.
A Deutsche Bank study found that environmental, social and
potentially provide better investment performance. Plus, there
is a growing belief that companies that ignore ESG factors may
become vulnerable to increased regulation or be required to
pay punitive fines. Aside from encouraging positive practices,
governance (ESG) integration was correlated with stronger
sustainable investing can help align investments with personal
risk-adjusted performance. Moreover, a study by Morgan
values and may improve portfolio risk-return characteristics.
Stanleys Institute for Sustainable Investing found that 64%
of the time, over a seven-year period from 2007 to 2014,
sustainable equity mutual funds matched or outperformed
Sustainable investing is impact investing.
traditional funds returns.1
If I am already philanthropic, this type of

2
investing is irrelevant.
People only choose sustainable investing Impact investing is only one type of sustainable investing, exist-
for the feel-good factor. ing toward the more philanthropic and less returns-focused
end of the spectrum. Sustainable investing is an overarching
According to a CFA Institute survey, sustainable investments may
analysis-based approach for investing in companies that have
help reduce volatility and risk as investors search for companies
sustainable business practices that may help them out-perform
with the best long-term outlook.2 Additionally, water use,
over time. Even if a client is philanthropic, they may be drawn to
waste management, employee practices and governance can
sustainable investings potential to reduce volatility, contribute
actually have a material effect on financials, said Audrey Choi,
to long-term returns and ensure that their investments arent
CEO of Morgan Stanleys Institute for Sustainable Investing, in
contradicting their values.

5
an October interview with Bloomberg. Finally, as the popula-
tion increases in a world with limited resources, more emphasis
is being placed on the need for efficiency in food, water and
Choosing sustainable investments will improve
energy use and production.
the performance of my portfolio.

3
Just as with traditional investing, sustainable investing
Investing sustainably is only for environmentalists. requires due diligence. As an advisor, you can research and vet
sustainable investment options just as you would any other
From attracting and retaining better human capital to
ensuring that your clients portfolios stay true to their compre-
sourcing resources using sustainable means, several factors
hensive financial strategies and personal interests and goals.
help companies that operate in a sustainable manner to

CONVENTIONAL INVESTING EXCLUSIONARY SCREENING INTEGRATION IMPACT INVESTING PHILANTHROPY

Seeks an acceptable risk/ Aims to align investing with client A strategy that considers ESG criteria An intentional and The promotion of
return profile with no investing values through exclusion of companies as part of its analysis and portfolio measurable social or causes through direct
limitations beyond suitability whose practices are contradictory construction to mitigate risks or environmental impact financial support
to the beliefs of the investor invest in best-in-class companies through investing

6
 VOLUME 1 | ISSUE 2

6 All sustainable investments are the same.

Just as not all sustainable investing is impact investing, a
variety of sustainable investment approaches are available, and
each has a different focus or goal. Exclusionary screening and
ESG integration are the most commonly used. Beyond approach,
there are several variations of investment processes: Some con-
sider ESG factors of the utmost importance, while others value
performance first and ESG criteria second. Depending on which
interests matter to your clients most, a number of options are
available to help align their values and goals, so they can feel
good about their financial future as well as the investments that
may help them improve it.
1
Returns and volatility were compared on both a calendar year (2007 2014)
and trailing basis (3, 5 and 7 year). 1 year trailing data was excluded, since
it was the same as the 2014 calendar year data. 10 year data could not be
fairly assessed and was excluded due to a low number of sustainable funds
in existence at the time.
2
CFA Institute, ESG Issues in Investing: Investors Debunk the Myths. 2015
There is no assurance that any investment strategy will be successful.
Investing involves risks including the possible loss of capital. Past
performance may not be indicative of future results. The returns mentioned
do not include fees or charges which would reduce an investors returns.
Risk-adjusted return refines an investments return by measuring how much
risk is involved in producing that return, which is generally expressed as a
number or rating. Raymond James is not affiliated with Deutsche Bank or
the Morgan Stanley Institute for Sustainable Investing.

Investors should consider the investment objectives, risks, and

charges and expenses of mutual funds carefully before investing.
A prospectus which contains this and other information about
these funds can be obtained by contacting your local client
advisor. Please read the prospectus carefully before investing.

The art of connection

As Alex. Brown continues to build on more than 200 years of financial tradition,
the art of creating opportunity for exceptionally successful clients begins with
awareness, perception and strategic insight. To create those opportunities, and in
addition to the numerous ways we continually work to support you, we are launching
a rather large digital advertisement campaign that aims to increase familiarity and
visibility among prospective clients and advisors both nationally and in local markets.
Our strategy is twofold: To reach an audience of high-net-worth investors and to do so
through esteemed publications and respected channels that will elevate the perception
of the Alex. Brown brand.
While striving to reach our high-net-worth target audience and an overall estimated
audience size of approximately 3 million people, we hope to generate an estimated
24 million impressions delivered across premium and digital environments.
We believe that building trust in
our advisors knowledge, expertise
and sophisticated capabilities is
vital to generating a brighter future
200 years in the making.

7
MODERN LEGACY CURRENT TRENDS, SEASONED INSIGHT AND AN INSIDE LOOK AT ALEX. BROWN

Spotlight:
Meet the
regional executives

Roger Veome and Steve Pryor serve

high-net-worth Alex. Brown clients
Roger Veome Steve Pryor in the Chicago and Boston areas.

Q. When did you decide this business was right for you,
and how did you get your start?
Roger: I was in financial services and I went back to business
school at J.L. Kellogg Graduate School of Management in Chicago.
I did that to be an investment banker, and about halfway through
the process it was the late 1990s I stumbled upon the private
client services business. Everyone was hiring MBAs to manage
some of the wealth they were creating with investment banks,
whether they were taking it public or selling companies, and to
me, it was just a better fit than investment banking; developing
personal relationships with families fit better with my skill set. So
I interviewed out of business school with a number of different
firms and started at Montgomery Securities, which was based out
of San Francisco. It was a booming firm and their training program
was great.
Steve: I dont know if my story is as impressive, but my parents
had an advisor at Merrill Lynch in Washington, D.C., who had
been a family friend for a number of years. And over a period
of time, Jeffrey Minick, the advisor, had suggested that I look
at financial programs, and specifically the training program at
Merrill. So he sponsored me and took me into that program in
1990. They built large classes, so you had some comradery and
connections to people who were going through the same thing.
It was pretty stringent, so we spent time on a number of different
fronts of building a business, including how you would engage
in a face-to-face meeting at someones house, not to discuss
the specifics around the investments but to actually conduct an
initial appointment, how or what the second appointment would
look like and things like that. I enjoyed that greatly.
Q. What were some factors that made you want to
move firms and look for other opportunities?
Roger: There were a couple of main factors that drove me to look
at other outside opportunities. I worked in the ultra-high-net-
worth group of a wirehouse. While we had ample products and
services, my team was treated like the 15,000th advisor in the
firm. If an advisor two years into a training program misused a
product or service, compliance would come up with a restriction
for everyone to ensure that this never happens again. While on
paper this makes sense, it ultimately penalizes the seasoned
advisors and makes doing business for sophisticated clients very

There is a culture problem at the wirehouses. Mergers over the years have mixed
cultures and left advisors on an island. Consultants are hired to figure out where
cuts can be made and comp can be deferred as the businesses are run on a
quarter-to-quarter basis in an attempt to meet earnings guidance. These changes
leave a culture of unhappy advisors, which leads to unhappy managers, where
successful people no longer feel that they matter. ROGER VEOME

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 VOLUME 1 | ISSUE 2

tough. In the past, this could be overcome by local management, knowledgeable advisors who can think outside the box, and I
who knew the advisors and their advisors businesses and could admire the leadership team that Roger just noted, from certainly
make an exception based on common sense and a good business my boss, Brett Kellam, to Frank McGrail and Haig Ariyan, in trying
decision. The wirehouses have become so large, though, that they to look at every circumstance as to how we can partner to make
have been forced to institutionalize the management role and have a good business decision with not only the advisor but also by
stripped local managers from making these decisions, which ulti- partnering with the client. And Haig is quick to offer to speak
mately creates road blocks to properly servicing the needs of the with clients, so I think its a completely different environment. I
ultra-high-net-worth segment. wish more knew of it because its probably one of the only places
There is also a culture problem at the wirehouses. Mergers over youll find it.
the years have mixed cultures and left advisors on an island.
Q. Why were you attracted to join Alex. Brown?
Consultants are hired to figure out where cuts can be made and
What was the opportunity here?
comp can be deferred as the businesses are run on a quarter-to-
Roger: What attracted me to Alex. Brown was the flat organiza-
quarter basis in an attempt to meet earnings guidance. These
tion, ultra-high-net-worth platform, and professional and colle-
changes leave a culture of unhappy advisors, which leads to
gial culture. When I interviewed with Alex. Brown, I interviewed
unhappy managers, and successful people no longer feel that
with Haig, Frank and John Davis. The most senior people there
they matter. It was death by 1,000 cuts, and thats why I began
to look elsewhere. all flew out to see me, which is very different. Also, the culture of
getting business done for a high-net-worth
advisor is night-and-day at Alex. Brown
versus a wirehouse because, first of all, local

I think this is a completely different environment. I wish management has authority to make their
own decisions and run their own branches.
more knew of it because its probably one of the only And youre one phone call from compliance

places youll find it. STEVE PRYOR or Haig, the president of Alex. Brown, who
also will make one-off decisions quickly.
From an advisor standpoint, I viewed the
move as an opportunity to take my business
Steve: Consolidation in our industry has created a few very large
to the next level by targeting higher-net-worth families by utilizing
bank-owned platforms that offer little culture, flexibility or vision.
the platform that was custom-built to service this specific niche.
This equation has resulted in advisors spending more time on
It also was the best home for our existing client base. As a branch
products and goals that are bank-created. The client and service
manager, it offers the opportunity to be a part of growing some-
to the client became a distant second priority. Alex. Brown with
thing special in Chicago. My goal is to further brand the office as
Raymond James presents a unique and timely opportunity for the
the home for elite advisors and their high-net-worth clients.
advisor to be outstanding to the clients we serve.
Steve: Four major factors drove my decision to join Alex. Brown.
Much of what Roger said, I think we both felt. It became clearly
First, it was Haig and the Alex. Brown leadership team, and the
evident that we had to either A. keep our jobs or B. get paid in
flat organizational structure. Second, it was the reputation
the role. So were in a leadership role, sitting down with the
of both Alex. Brown and Raymond James. Each has a storied
advisor talking about the need to do a certain product or certain
history and true commitment to the client. Next, Id say the
introduction. It erodes the culture. It erodes the trust. And you
tradition. I take pride in the Alex. Brown story and the advisors
start to feel like a pawn. How many of these hurdles can you go
respect for the legacy they are allowed to continue. And finally,
through and feel good about what were doing? I sat at a meeting
the quality of the advisors. They are top-notch and have skill sets
in New York and at a certain point it was discussed that the share
and industry knowledge that equate to deep relationships. They
price and the shareholder were primary and the client was the
are top-performing advisors as well, as far as size and scope
initiative to get there, and thats when I knew that wasnt a place
of household relationships. Alex. Brown also had the unique
I wanted to be long term.
opportunity to go to market with a compelling story and offering
Here, I think we really do believe in partnering with the advisor for the client, the advisor and the recruited advisor.
to serve the client. Weve got some pretty creative, energetic,

9
MODERN LEGACY CURRENT TRENDS, SEASONED INSIGHT AND AN INSIDE LOOK AT ALEX. BROWN

Q. The transition to the firm is, no doubt, still fresh in advisor and client experience. This is real, and it is why advisors
your mind. How did it go? rarely leave the firm.

Roger: My transition went surprisingly well. In a time of ner- I cannot be happier with my decision to join Alex. Brown, and I
vousness and uncertainty, Raymond James provided us with look forward to having a significant impact on its future growth,
a group of transition specialists who were extremely helpful. I both as an advisor as well as a branch manager.
had all hands on deck. I had transition specialists sitting in the Steve: The reality I have experienced with Alex. Brown falls
offices next to me asking me, What do you need? How can I help nicely in line with my perceptions and the expectations I held
you? Before I sat down, my website was up and running and before joining. Alex. Brown today truly represents the best
they had my LinkedIn changed. I had somebody in there helping of both worlds in that they have a vibrant parent in Raymond
me customize reports, and it was very much like they wrapped James for big-picture leadership, resources and guidance. We
their arms around me to make sure that they were protecting reside in a place where Haig has the capacity to partner with any
the investment they just made. I also have two incredible part- regional executive or client advisor to use these resources in an
ners, Kathy Wardell and Tom Morrill, who were instrumental in effort to deliver a robust and suitable outcome for the client.
the transition process.
We also have a competitive advantage in our ability to use the
Steve: As I do not currently produce, my transition to Alex. Raymond James platform, technology and reputation while
Brown was not as complex as that of a client advisor joining building on the leadership and legacy of Alex. Brown and its
the firm. The Alex. Brown leadership team in New York City as high-net-worth advisors.
well as my regional executive peers welcomed me and quickly
absorbed me into the routine of calls,
meetings and shared expectations.
The welcome was equally well-positioned
The culture is phenomenal. I can only describe it as being
at Raymond James as the ultimate resource completely focused on providing the highest levels of service
for onboarding, technology and benefits.
Both Alex. Brown and Raymond James
to enhance both the advisor and client experience. This is
share a joined vision that starts with best-
of-breed offerings that are made available
real and it is why advisors rarely leave the firm. ROGER VEOME
not only to the clients we serve, but also to
the employees at the firm. I was impressed
When I got here, I was not surprised, but I was pleased at the
with the fact that everything that was promised was delivered.
quality of the advisor, the majority of the board room: self-
There was no smoke and mirrors. What was said was done.
motivated, knowledgeable, big relationships. And thats what I
From the Raymond James side, the service model and the ease of expected. I think even when you are at the competition and you
connection and the ease of response have been excellent. So Ive think of the advisor that exists at Alex. Brown, you think theyre
been pleased on both sides. pretty savvy. And you know what? They were. Quite frankly, a lot
of the business that we do here, its good, clean, sophisticated
Q. How does your reality compare to the perceptions business that we wouldnt be allowed to do at a wirehouse.
you had prior to joining Alex. Brown?
Finally, when youre at Alex. Brown, youre counted on to contrib-
Roger: With Alex. Brown, I knew what I was getting. I met with ute. What Rogers trying to do in Chicago or what Im trying to do
several members of management and knew some advisors in Boston, it matters, it counts and we have impact.
and really felt that I was going to a high-net-worth boutique
where my team and my business mattered. This has become a
reality. I was not as familiar with Raymond James. This is where
reality provided me with a huge upside surprise. The culture is
phenomenal. I can only describe it as being completely focused
on providing the highest levels of service to enhance both the

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 VOLUME 1 | ISSUE 2

Raymond James Financial joins S&P 500

Raymond James Financial Inc. (NYSE: RJF) was selected for
the S&P 500 index effective at the open of trading on Monday,
March 20, 2017, under the GICS Investment Banking and
Brokerage Sub-Industry Index.
We are honored to be included with this prestigious group of
companies, said Chairman and CEO Paul Reilly. This repre-
sents a significant milestone for Raymond James, and a major
accomplishment for our Chairman Emeritus Tom James, who
brought Raymond James public more than 30 years ago, as
well as the many current and past advisors and associates
who have built this company to its current place among our
industrys leaders. Our addition to the S&P 500, like all of our
corporate achievements, would not be possible without our
client-first culture and the dedicated people who work here.
Moreover, reflective of the firms stability and conservative
approach, S&P Global Ratings upgraded its issuer credit and
senior debt ratings on Raymond James Financial on May 4 to
BBB+, with a stable outlook.
Our ratings on RJF reflect the companys solid retail broker-
age franchise and diverse business mix, flexible cost base, and
fairly conservative financial profile with strong liquidity and
capital, the announcement read. The stable outlook reflects
our expectation that the firm will limit loan growth, build its
portfolio of low-risk government backed securities, and limit
the portion of its brokerage client cash balances swept into its
bank to less than 50%. We also expect the firm will maintain
performance, capitalization and liquidity.

Past performance may not be indicative of future results. This is provided for informational purposes only and is not a solicitation to purchase
shares of Raymond James Financial.

Word of Congratulations to the Alex. Brown professionals named to Barrons 2017 list of
the nations top 100 financial advisors. The annual ranking is based on assets

HONOR under management, revenue generated for the advisors firms, and the quality of
the advisors practices.

No. 63 - Steven Grill, New York, NY. Among the advisors named to the Financial Times FT 400 are Alex. Browns:

No. 64 - Bill Grous, New York, NY.
No. 98 - Rich Hassan, Greenwich, CT.
Micah G. Scheinberg, Century City, CA. Roman Meyerhans, Miami, FL.
Rich Hassan, Greenwich, CT. Barry Garber, Baltimore, MD.
Richard C. Harris, Washington, D.C. Steven Grill, New York, NY.
Todd R. Kingsley, Washington, D.C.

Winners Circle, a Barrons research organization, produced the rankings based on data provided by over 4,000 individual advisors and their firms. Advisor
data is confirmed via regulatory databases, cross-checks with securities firms and conversations with individual advisors. Among the factors considered
for the rankings are assets under management, revenue that the advisors generate for their firms and the quality of their practices. Data points that
relate to quality of practice include length of service, designations held, and services beyond investments offered including estates and trusts, and an
evaluation of each advisors regulatory record etc. Investment performance is not an explicit component because not all advisors have audited results
and because performance figures often are influenced more by clients risk tolerance than by an advisors investment picking abilities. The ranking may
not be representative of any one clients experience, is not an endorsement, and is not indicative of future performance. Neither Raymond James nor any
of its Financial Advisors pay a fee in exchange for this award/rating. Barrons is not affiliated with Raymond James.
The FT 400 was developed in collaboration with Ignites Research, a subsidiary of the FT that provides specialized content on asset management. To
qualify for the list, advisers had to have 10 years of experience and at least $300 million in assets under management (AUM). The FT then invited a list of
just under 1,000 advisors to complete a survey used to obtain more information on the advisors practices. 400 qualified advisers were then scored on six
attributes: AUM, AUM growth rate, compliance record, experience, industry certifications and online accessibility. AUM is the top factor, accounting for
roughly 60-70 percent of the applicants score. Additionally, to provide a diversity of advisors, the FT placed a cap on the number of advisors from any one
state thats roughly correlated to the distribution of millionaires across the U.S. The ranking may not be representative of any one clients experience, is
not an endorsement, and is not indicative of future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this
award/rating. The FT is not affiliated with Raymond James.

11
Embarking on another century
of industry leadership

At Alex. Brown, we are driven to deliver

financial service excellence for our clients
a mission that will continue to evolve
and adapt to the latest technology and
an ever-changing investment market.

Learn more about

what Alex. Brown can
do for you by visiting
alexbrown.com.

Follow us on Twitter:
@AlexBrownRJ

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