Forging A Strong PArtnerShiP

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1 Forging A Strong Partnership

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3 Pictured left to right: Nicholas Ibello, Gary Williams, Mark Atkinson. WILLIAMS ASSet MANAGEMENT Who We Are Williams Asset Management is an independent financial services, wealth management, and consulting firm. As independent financial professionals, we have the freedom to provide diverse guidance and insight to our clients. We recognize that each person s situation is different, so we develop a financial plan that focuses on helping you accomplish your personal goals. Accordingly, our approach will be to pursue an in-depth understanding of your financial situation and the personal values you hold as they relate to your investment plan. This approach allows us to forge a strong partnership with you and to assist you as we strive to turn your dreams into reality. What We Do Our well-trained team of specialists can help meet all of your wealth management needs. Each team member has an area of expertise. We strive to keep up with the constantly changing financial and insurance industries through extensive continuing education programs. So, you can feel comfortable that all of your financial needs can be met by our organization. How We Do It Our firm was founded with a mission to provide the best possible financial services. We pride ourselves on our ability to offer guidance on more than investments and insurance. We are comprehensive wealth consultants, focusing on everything from coordinating and managing your retirement income to estate planning. Our client-first philosophy dictates that we develop a customized plan designed to pursue your objectives. Using a team approach that grows out of strategic affiliations with legal and tax professionals, we seek to make your financial goals a reality. Who We Do It For Regarding our clientele, we cater to a small number of clients to provide a more personalized approach. Our clients include successful professionals, business owners, entrepreneurs, and individuals and families who want to ensure their hard-earned wealth is well managed. 1

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5 ABOUT US Our Philosophy Building long-term relationships is our priority at Williams Asset Management. We start the journey by taking the time to listen and understand each of our clients personally. Together, we carefully chart a course to pursue financial success. Additionally, staying abreast of your personal situations and evolving financial goals is of paramount importance. As time passes, your risk tolerance and income needs change; an effective portfolio needs to reflect those changes. We are just as careful about monitoring your portfolio as we are about the initial investment selection. We diligently track the investments in your account on a regular basis, rebalance your account when it deviates from its original allocation, and meet with you periodically to address any changing life situations, financial goals, and needs. Our Mission Statement To inspire our clients to make informed financial decisions through education, communication, and guidance with service that exceeds their expectations and to earn each client s trust by enjoying a strong professional and personal relationship with them. Our Team Our core group of dedicated professionals shares the common goal of providing you with the expertise, sound judgment, personalized service, and comfort level you need to confidently pursue your financial goals. 3

6 ADVISOR BiogrAPHIES Gary S. Williams, CFP, CRPC, AIF President and CEO Raised in Baltimore County, Maryland, Gary Williams learned lifelong lessons about money at an early age. Growing up the son of a bricklayer, his family struggled financially and Gary was devastated when his mother died when he was just eight years old. The family was forced to rely on welfare at times and didn t have extra cash for emergencies, and those early experiences shaped Gary profoundly. He didn t know it at the time, but the foundation was laid for Gary s career: hard work is important; family comes first; and in order to be financially secure, saving and investing for your future is essential. Gary attended Towson University and graduated with a B.S. in business administration and a concentration in finance. He quickly realized that as a financial advisor, he could help others avoid mistakes and achieve financial security, something he felt strongly about. Since 1994, Gary has done just that, specializing in working with pre- and post-retirees to help them maintain an enjoyable lifestyle during their retirement years. Since investment products and tax laws change frequently, Gary has always made it a priority to obtain advanced learning. In 1997, Gary undertook the in-depth study and examinations required to earn the CERTIFIED FINANCIAL PLANNER certification, which offers expertise in retirement, tax, insurance, financial, and estate planning. In 2004, Gary earned the Chartered Retirement Planning Counselor SM designation to more formally hone his skills as a retirement planning specialist. Finally, in 2010, Gary earned his Accredited Investment Fiduciary designation, which requires putting participants needs first, which is the highest standard of care when working with retirement plans. To help raise money for charities dear to his heart, Gary wrote the acclaimed Amazon best-seller The Art of Retirement. Here is a small sample of the reviews for this unique book: This well-written, comprehensive guide by a financial planner paints retirement in a new light. The key difference between Gary Williams engaging book about retirement and so many others written on the subject is the author s perspective: He believes that to enjoy retirement, everyone must create a life that is a masterpiece. Williams points to Michelangelo as a prime example of an artist who, created masterpieces, but also understood that his own life was a masterpiece and, at the same time, a work in progress. Barry Silverstein, ForeWord Reviews Financial planner Williams offers solid retirement planning advice using examples from the life of Michelangelo An engaging guide aimed at retirees but packed with practical advice that even 20- and 30-somethings might use. Kirkus Reviews 4

7 With over 20 years experience in retirement planning and investment management, new outlets regularly seek Gary s commentary for articles and interviews. In recent years, Gary has been featured in or on these publications and websites. Nicholas A. Ibello, CFP Wealth Manager, Associate Vice President Born and raised in Baltimore, Maryland, Nick became attracted to the financial services industry at an early age. In a high school finance class, students were instructed to play a stock market game, creating investment accounts, researching stocks, and then investing with play money. Nick performed all his due diligence and loved playing the game but was stunned when he found out he came in last. After asking the student who came in first place how he was able to do it, the response was, My dad is a financial advisor. Knowing he had a lot to learn, this experience compelled Nick to study hard and learn all he could about the industry. Nick graduated Cum Laude with a B.A. in Economics and a concentration in Finance from St. Mary s College in Maryland. He excelled there both as an athlete (soccer and tennis) as well as a student, becoming a member of the National College-Athlete Honor Society, the Economics Honor Society, and a Senior St. Mary s Scholar. The hard work came naturally to him, since he had worked in his family s upholstery business for years. Realizing he was more interested in finance than upholstery (and with his father s blessing), Nick worked three years at T. Rowe Price, both in accounting and their financial advisor segment. Passionate about helping people realize their financial goals, and looking for a firm that matched his philosophy and investment process, Nick decided to join Williams Asset Management as a full-time wealth manager. Always looking to learn and gain expertise, he embarked on a two-year process of rigorous classes and exams, and in 2015, Nick earned the CERTIFIED FINANCIAL PLANNER professional certification. Nick also holds the FINRA Series 7, 63, and 66 securities registrations through Commonwealth Financial Network, as well as his insurance license, which makes him fully licensed to trade securities and provide insurance to protect his clients from the unforeseen. 5

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9 ALPHABet SOUP When selecting a financial planner, you need to feel confident that the person you choose to help you plan for your future is competent and ethical. Many people believe that all financial planners are certified, but this isn t true. Only those who have fulfilled the certification and renewal requirements of the CFP Board can use the CERTIFIED FINANCIAL PLANNER title. CFP Certification Requirements n Education: CFP professionals must develop their theoretical and practical financial planning knowledge by completing a comprehensive course of study at a college or university offering a financial planning curriculum approved by the CFP Board. n ExAMINATION: CFP practitioners must pass a comprehensive, two-day, 10-hour CFP certification examination that tests their ability to apply financial planning knowledge in an integrated format. Based on regular research of what planners do, the exam covers the financial planning process, tax planning, employee benefits and retirement planning, estate planning, investment management, and insurance. n Experience: CFP professionals must have a minimum of three years experience in the financial planning process prior to earning the right to use the CFP title. As a result, CFP practitioners possess financial counseling skills in addition to financial planning knowledge. n Ethics: As a final step to certification, CFP practitioners agree to abide by a strict code of professional conduct, known as the CFP Board s Code of Ethics and Professional Responsibility, which sets forth their ethical responsibilities to the public, clients, and employers. The CFP Board also performs a background check during this process, and each candidate for CFP certification must disclose any investigations or legal proceedings related to his or her professional or business conduct. What Is a CRPC? A Chartered Retirement Planning Counselor SM (CRPC ) professional designation is awarded by the College for Financial Planning to individuals who complete the study program and pass a final examination. The study program to become a CRPC covers the entire retirement planning process, including meeting multiple financial objectives, sources of retirement income, personal savings, employer-sponsored retirement plans, income taxes, retirement cash flow, asset management, estate planning, and more. Every two years, CRPC professionals must complete 16 hours of continuing education to continue using the designation. What Is an AIF? Accredited Investment Fiduciary (AIF ) designees have acquired a thorough knowledge of fiduciary responsibility; a fiduciary is required by law to always act in the best interest of his or her client, beneficiary, or retirement plan participant. AIF designees have successfully completed a program on investment fiduciary standards of care at the Center for Fiduciary Studies and have passed a comprehensive examination of the 27 Prudent Investment Practices. Designees are also required to adhere to continuing professional education requirements, which keep them abreast of recent events in the industry that affect every fiduciary. 7

10 8 OUR SERVICES: FINANCIAL PLANNING What Is a Financial Plan? A Financial Plan Is: 1. A written document detailing the short- and long-term steps that we will take as we strive to meet your financial goals and objectives. 2. A road map of what s to come; a guide until circumstances change, at which point we will consult with you about modifying the plan. 3. A strategy or series of strategies involving multiple aspects of your financial situation designed to bridge the gap between where you are today and where you want to be tomorrow. Financial planning is an ongoing process driven by your changing needs and goals. Through this process, we will address all of the following areas, if applicable: n Financial status evaluation Statement of financial position/ balance sheet Cash flow statement Budget Capital needs analysis (e.g., insurance, retirement, major purchases) n Risk management and insurance evaluation insurance coverage (e.g., life, disability, property) retained risks Asset protection (e.g., titling, trusts, business form) Client liquidity (e.g., emergency fund) n Benefits evaluation government benefits (e.g., Social Security, Medicare) employee benefits n Investment evaluation Asset allocation investment strategies investment types regular portfolio reviews n Tax evaluation Current, deferred, and future tax liabilities income types Special situations (e.g., stock options, international tax issues) n Retirement evaluation retirement plans and strategies (e.g., pension options, annuitization) Accumulation planning Distribution planning n Education planning evaluation Sources of financing tax considerations n Estate planning evaluation estate documents estate tax liabilities ownership of assets Beneficiary designations gifting strategies n Business ownership evaluation Business form employer benefits Succession planning and exit strategy risk management n Other considerations Special circumstance (e.g., divorce, disabilities, family dynamics) inheritances, windfalls, and other large lump sums Charitable planning elder care (e.g., CCRCs, LTC, nursing home)

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13 OUR SERVICES: INVESTMENT MANAGEMENT What is Investment Management? The financial plan is one piece of the puzzle the road map that outlines your goals that opens the door to the investment opportunities that help you pursue those goals. Investment management is typically carved out as a separate service due to its distinct and complex nature. How we ultimately shape your investment portfolio is based on a collaborative effort, and the result is something we monitor regularly. The investment recommendations and services we provide are designed to support the personal needs and goals outlined in your financial plan. One of Williams Asset Management s main objectives is to deliver excellent investment results by offering best of class outsourced investment managers. Williams Asset Management s investment portfolios have performed well in past market cycles and have done so with relatively attractive levels of risk and tax efficiency. By being independent and aligned with our clients interests, Williams Asset Management is positioned as the family s investment steward. We supervise all aspects of investment management, including: n Professional portfolio construction and management n Product/Manager due diligence n Daily monitoring n Tax-loss harvesting n Access to alternative investment products n Rebalancing and reallocations based on risk and updates to our asset allocation models n Aggregate performance reporting n Regular review meetings n 24/7 online access With financial planning as the foundation and investment management providing the necessary building blocks, we can work together to help you pursue your short- and long-term goals. 11

14 THE THREE WAYS WE EARN COMPENSAtion There are a variety of ways in which we get compensated for our wealth management services. We also recognize that every client has different goals and needs, so we make this promise to all of our clients: We will always analyze your specific situation before selecting a cost structure. Your best interests are our priority. Consulting charges. We may charge a fee that does not relate to the management of a client s assets. Whereas commissions and advisory fees are associated with portfolio management, consulting charges may be assessed when a client requires some sort of project work or seeks financial planning services. A review of your current assets or accounts, as well as generation of a financial plan, a college plan, a risk management plan, or an estate plan, could be performed for consulting fees. These fees are often charged on an hourly basis or as a flat rate. Implementation. Another way we are compensated is by charging an asset management fee equal to a small percentage of a client s assets. Products in an advisory account do not generate commissions they either have no sales charge, or the sales charge is waived. Management fees vary depending on the account size and are debited quarterly from the client s account. An advisory relationship may be best for clients with long time horizons or qualified accounts. Personal introductions. Our most important form of compensation is derived from introductions to friends, family, and colleagues of current clients. Our time is best spent servicing our clients, not marketing to individuals who may not be a good fit for our practice. Our experience is that satisfied clients who are pleased with our services introduce us to the best new clients. We ask individuals who enjoy doing business with us to introduce us to others who fit our ideal client profile. Often, these people are strikingly similar to our clients. Generating introductions for us is the greatest compliment you can give our practice, and we are proud to say that a substantial portion of our current clientele was introduced to us by another client. 12

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16 INTRODUCTION TO COMMonWEALTH Commonwealth Financial Network was founded to serve as the home office for investment professionals committed to providing unbiased financial guidance to their clients. Unlike traditional Wall Street firms, Commonwealth does not produce or market any proprietary investment products, nor does it impose any sales quotas on its affiliated advisors. Accordingly, its national network of independent financial professionals is unique in its ability to make your needs the only motivating force and that is the way it should be. As Commonwealth advisors, we are provided access to all national exchanges, as well as to a full range of quality investment products and services. After working to understand your risk tolerance, personal values, and time horizons, we can recommend a suitable combination of: n Mutual funds n Full-service stock and bond trading n Unit investment trusts n real estate investment trusts (REITs) n Fixed and variable annuities n Life insurance n Managed investment programs n Limited partnerships n CDs and money market accounts n retirement plans 14

17 Commonwealth s goal is to ensure that we are able to direct the maximum amount of energy possible toward our role as financial caregivers. It makes this feasible by supporting us with: Technology Commonwealth s continual investment in leading-edge systems strives to provide superior account processing and management, as well as access to critical data. Research In-house experts at Commonwealth pore over vast amounts of financial data to offer advisors an additional perspective on investment decisions. Professional Education As Commonwealth advisors, we participate in a rich curriculum of technical seminars and educational programs reflecting the best practices in the growing complexity of financial issues. Commonwealth is a 10-time recipient of Investment Advisor magazine s prestigious Broker/Dealer of the Year award, which is based on various criteria that includes overall advisor satisfaction (1991, 1992, 1994, , 2001, 2002, 2005). Account Support Informed investors enjoy greater personal comfort. Through consolidated monthly statements, online account access, and Commonwealth s Service Center, we can provide you with all the information you ll ever need. In today s complex economic environment, the major difference between making money and keeping money is knowledge. Investment decisions vital to your economic security are far too important to be ignored or left to a machine or to anyone whose primary responsibility is not you, the investor. Commonwealth believes in supplying primary financial care through independent financial professionals. Commonwealth Financial Network is a member of the SIPC, which protects securities customers of its membership up to $500,000 (including $250,000 for claims for cash). An explanatory brochure is available on request or at 15

18 RESEARCH ALL-STARS AT WorK FOR YOU Commonwealth Financial Network has recently been recognized by Financial Advisor and Private Wealth magazines for the third time for having an all-star research team. Commonwealth s Brad McMillan, chief investment officer; Brian Price, vice president, investment management and research; Meagan Swanson, senior fixed income analyst; and Jim McAllister, manager, investment research, were selected based on nominations from readers. You can learn more about this team below. Brad McMillan Chief Investment Officer Brad is Commonwealth s chief investment officer. He has degrees from Dartmouth College (BA), MIT (MS in real estate development), and Boston College (MS in finance) and holds the CFA, CAIA, MAI, and AIF designations. Brad speaks around the country on investment issues and writes for industry publications, as well as his blog, The Independent Market Observer. This is the third consecutive year that Brad has been named to the All-Star team. Brian Price Vice President, Investment Management and Research Brian assists with the asset allocation, fund selection and overall management of Commonwealth s PPS Select turnkey mutual fund, ETF, and closed-end fund wrap program. He previously worked at Bernstein Investment Research and Management and holds his FINRA Series 7, 63, and 65 securities registrations, along with the AIF designation; he is also a CFA charterholder. This is the second consecutive year that Brian has been named to the All-Star team. Meagan Swanson Senior Fixed Income Analyst Meagan guides Commonwealth advisors on fixed income portfolio construction and design, emerging opportunities in the fixed income market, fixed income research, and industry trends. She previously worked at Babson Capital Management, Fidelity Management & Research, and Acuity Capital Management. Meagan is also a CFA charterholder and is currently studying to earn the CFP certification. Jim McAllister Manager, Investment Research Jim heads Commonwealth s analysis of the international and emerging markets asset classes and is responsible for manager evaluation, manager selection, and dissemination of research. He also manages the efforts of other analysts on the team. Prior to Commonwealth, Jim worked at Loomis, Sayles & Co. and State Street Global Advisors. Jim is a CFA charterholder. This is the second consecutive year that Jim has been named to the All-Star team. 16

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20 8850 Columbia 100 Parkway, Suite 204, Columbia, MD Phone: n Fax: n Toll-free: Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Fixed insurance products and services offered through CES Insurance Agency.