United Capital is a financial advisory firm established in 2005 with over 90 advisors across 44 offices. It has $16.8 billion in assets under advisory, including $8.53 billion under management and $8.28 billion in consulting assets. The firm has acquired over 40 other advisory teams since inception and is budgeting for $83 million in revenues in 2013, representing 41% annual growth. United Capital provides a centralized platform for acquired firms that handles administration, operations, marketing, and client services, allowing advisors to focus on client relationships. The platform is designed to improve client experiences, support local growth, and create wealth through equity ownership in the growing firm.

1. United Capital Overview
September 2013

2. EXECUTIVE SUMMARY
Company Snapshot
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Established in 2005, based in Newport Beach, CA
with regional support hub in Dallas, TX
91 financial advisory professionals
• 2 Ph.D’s
• 22 CFA® charterholders
• 54 CFP® professionals
44 offices and growing
$16.8 billion of assets under advisory
• $8.53 billion of assets under management1
• $8.28 billion of consulting assets2
40+ acquisitions of independent advisory teams
since inception
20 consecutive quarters of fee-based revenue
growth
$83 million of 2013 revenues (budget forecast),
growing at 41% revenue CAGR since 2006
323 employees; 92 advisers; 59 Managing
Directors
10,000 client households; over 20,000 accounts
NATIONAL FOOTPRINT
Boston Area
Seattle
Connecticut
Buffalo
Chicago Area
Modesto
Fort Collins
Denver
San Francisco Las Vegas
Oxnard
LA Area
Albuquerque
San Diego
Dallas
Bethesda
NYC Area
Nashville
Memphis
Atlanta
Houston
Tampa Area
Boca Raton
Fort Lauderdale
As of 4/30/2013
As of 12/31/2012
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3. EXECUTIVE SUMMARY
Why Firms Partner With United Capital
3 Themes Among a Host of Individual Reasons
Improve Clients’ Lives
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Centralize administrative and operational functions elevate a trained team to focus on improved
client experience
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Access to a dedicated team of experienced professionals (CFP, CFA, MBA) collaborating to create wealth
planning solutions and best practices training to ensure staff and office is running smoothly
Local Growth
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Proven growth and marketing strategies to grow existing client base and attract new relationships
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Recruiting team to add new talent with AUM and access to capital to acquire locally
Wealth Creation
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Potential through equity in a fast growing, unified, national firm
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From start-up in 2005 to $16B in assets and approximately $85M in revenue by end of 2013
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Simply put, a higher growth trajectory than most firms can achieve standalone with the goal of a future
event at premium pricing
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4. EXECUTIVE SUMMARY
Common Traits of United Capital Partners
Complete Cultural Alignment
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Based on clients’ interests coming first
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An advice-driven client relationship is superior
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Respect and dignity with no exception, cross-office and cross-firm
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Being better this Friday than the last, week in and week out
Joining Will Improve Lives
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Clear, decisive areas where United Capital can help are identified prior to joining
United Capital’s Equity has a Higher Probability of Growth
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Owning a stake in a large, high-growth company is potentially more valuable than the
underlying equity of a single, standalone company
Whether establishing a flagship office, tucking-in to an existing office, or a recruitment; no
opportunities are pursued by United Capital unless the advisers share our vision of superior
client service and solutions
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5. Proven Platform For Efficient Growth & Scale
ADMINISTRATION
• Human Resources, Technology, Accounting and Compliance
are centralized
Administration
Operations
Marketing
Client Services
Platform Support allows offices to
focus on core competencies, while
improving efficiency and capacity
for growth
OPERATIONS
• Salesforce CRM provides a backbone for client management
as well as supporting United Capital offices
• Centralized investment operations and research drives
efficiencies, capacity and economies
CLIENT SERVICES
• Offices employ team-based service model and deliver a
consistent, customizable planning experience using UC
proprietary tools
• Practice management resources and a centralized planning
team facilitate a consistent client experience
MARKETING
• Centralized marketing and brand management with field
support model
• Scalable growth programs, campaign management and
coaching help offices achieve new levels of growth
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6. ADMINISTRATION
Solving Back Office Worries
COMPLETE
CENTRALIZED
BACK OFFICE
SERVICES
• Accounting and finance – detailed “to the last dollar” and higher level including; bill payment, payroll processing,
expense reimbursement, etc
• Centralized human resource team and centralized compliance process and oversight
• Technology infrastructure and support with “rapid response” and scalable solutions
WE HAVE
UNIFIED DATA
• Workstation (Salesforce.com) enables real-time reporting, trend analysis and valuable dashboards for
management and users
• Building robust prospect analytics and marketing automation
• Administrative functions do not live in a vacuum: continuous improvement / feedback loop to ensure reliable,
efficient solutions
OUR
PLATFORM IS
TRULY
INTEGRATED
• Integrated platform created with the best outside partners available
• Continuous investment and focus on improvements in the platform, tools and capabilities across all of the offices
• Process workflows improve ease-of-use and reduce employee ramp-up time
WE KEEP OUR
INFORMATION
SAFE
• Data security and compliance management are top priorities
• Tools to monitor and manage all aspects of security and compliance across the firm
• Vendors meet the financial service industry’s stringent data security requirements
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7. ADMINISTRATION
Partnerships With Industry Leaders
INVESTMENT SERVICES
ADVICE SERVICES
MANAGEMENT TOOLS
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8. ADMINISTRATION
Centralized Compliance Is An Asset
Key Areas of Focus
Comments / Results
EMPLOYEE AND
PLATFORM
OVERSIGHT
ONGOING TESTING
TECHNOLOGY /
DATA SECURITY
• Maintenance of client disclosure brochure
• Regulatory Filings – ADV, 13F, 13G, 13H, IAR notice filings
• Policies & procedures, code of ethics, client agreements
• Adjust for changes in the business
• Regular monitoring of changes in regulatory requirements
• Kept up to date with changes communicated across the firm
Annual self-audit of firm
Initial and annual protocol training for employees
Advertising review
Certification of acknowledgements (non-solicit / non-compete,
personal securities oversight, policies & procedures, code of
ethics, outside activities, etc.)
• Quarterly reports completed by Director of Operations
• Annual review of offices
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• Email, social media
• Investment management (best execution, valuation,
REGULATORY
FILINGS &
DISCLOSURE
• Active oversight of electronic communication
• Cross work between Compliance and Wealth Services
Anti-Money Laundering, cross trades, etc.)
• SEC exam preparedness
• Assets and holdings archives
departments – leverage various systems for efficiency
• Review and test compliance with regulatory expectations
• Review for quality capture of all AUM
• Financial Tracking compliance oversight system
• CyberU training delivery
• Salesforce workflow and case tracking
• Normalize data for testing and oversight
• Web-based training platforms
• Efficient delegation and task management tool
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Annual report completed and presented to Board of Directors
Broad training on key regulatory requirements for all EEs
Scalable advertising review process – 1,000 items in 2012
Conduct personal securities oversight of all employees through
efficient and scalable systems
• Local compliance oversight in each regional office
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9. OPERATIONS
Utilize United Capital Investment Platform
ADVISERS
DESIGN THE
CLIENT
PORTFOLIO
• With central investment support, advisers have more time to work with existing clients and grow
• Clients get custom portfolios built with expert research, recommendations and communications
• Timely market insights and materials for advisers to use for distribution to clients
OUR MENU IS
ROBUST
• Open architecture provides advisers with choice of strategies and vehicles
• Solutions fit to client segments, target $500K-$5M account size and customized solutions for
UHNW clients
WE HAVE AN
EXPERT TEAM
• Team of CFAs, CFPs and MBAs design passive / active model portfolios from which our partners
shape customized asset allocation
• On going due diligence by research and investment committee of all ETFs, Mutual Funds and
SMAs that make up model portfolios
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10. OPERATIONS
Broad And Deep Investment Support For Partners
CUSTOMIZED
SOLUTIONS
ONGOING
PUBLICATION &
COMMUNICATION
• Sophisticated Client Proposals: Help advisers close
and retain business with complex clients
• Ability and support structure to bring in managed
assets from institutions, and ultra-high net worth
clientele
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Weekly Talking Points
Monthly Macro Forecast
Quarterly Commentaries
Interim Market Updates
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11. OPERATIONS
Partners Build Portfolios To Meet Client Needs
UC INVESTMENT PROCESS
• Research new ideas
• Due diligence
• Committee approval
ADVISER
• Understanding client needs
and goals
• Developing target allocation
• Performance reviews
• Select strategies to design
client portfolios
• Strategy development
• Communicate with clients
• Monitoring & rebalancing
• Adjust portfolio based on
client needs
• Risk oversight
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12. Offering Clients What They Want
CLIENT
SERVICES
OUR ADVICE
AND PLANNING
IS UNIQUE
• Custom-made advice that is scalable – and has a revenue stream
• Manage the client experience to achieve the highest levels of client satisfaction as efficiently
as possible (measured annually via client survey)
• Manage the clients’ whole life, they aren’t just walking wallets
WE ARE
POWERED BY
TOOLS AND
TECHNOLOGY
• Custom Road Map financial planning system fully integrated with Salesforce and third party
financial planning software
• Advice output through the Guidebook and other client deliverables is highly automated
• Client tools are fun and engaging and our adviser support tools are cutting edge
WE TAKE
TRAINING
SERIOUSLY
• Extensive practice management support and best practice sharing among offices
• Online training / Boot Camps for support staff and specialists are available at every stage of
office growth
• Implemented across all United Capital regional offices with phenomenal client adoption
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13. CLIENT
SERVICES
Advice Process Is Different
United Capital offers an innovative way to help clients plan their financial life, not just manage their
investment returns
TRADITIONAL PLANNING
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Canned solutions for a client’s unique life
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A static plan that rarely ever changes
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Fixed assumptions about the market and the future
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A non-customized model based approach to designing a
plan
ADVICE PLANNING
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PERFORMANCE HISTORY
Focuses on a client’s entire financial life rather than just
money or investments
Choices customized to each client’s unique goals and
circumstances
Enables periodic course corrections as a client’s life and
the world changes
Highly collaborative decision making process
ADVICE HISTORY
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14. CLIENT
SERVICES
The Honest Conversations® System
How do I
think about
money?
What
matters to
me?
FRIENDLY
Where am
I today?
INTERACTIVE
How do I get
where I want to
go?
How am I
doing?
TRANSPARENT
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15. Newly Integrated Guidebook –
Consistency, Scalability & Customization
Dynamic guidebook,
reflecting the client’s
unique situation
Genogram outlining the
client’s family tree to visually
encompass who is being
considered
Financial assessment allows for the
reasonable analysis of options
available in a financial plan
Money Mind® Analyzer:
interactive utility that assess
client’s value of money and
emotions
Based upon Honest Conversations®
output and the financial analysis, a
priority action list is developed
CLIENT
SERVICES
Honest Conversations®:
interactive in-person or webbased utility to facilitate a
deeper understanding of an
individual’s priorities
Performance is measured
relative to objectives, not
benchmarks (ie: S&P 500)
Honest Conversations® output:
helps clients and advisers have an
open conversation regarding
priorities and goals before setting
a financial plan
Based on client objectives, risk
tolerance, and timeframe the adviser
utilizes the platform to generate a
recommended asset allocation
After further
discussion with
the client, an
action plan is
devised with the
client taking
ownership of
the decisions
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16. CLIENT
SERVICES
Making A Difference To Clients & Advisers
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When advisers join United Capital, they learn more about their clients through Honest Conversations®
Relationships become broader, deeper and more profitable
The process ties the client to our firm
BEFORE UNITED CAPITAL
AFTER UNITED CAPITAL
COMMENTS
ASSETS UNDER
MANAGEMENT
$1.8 M
$2.1 M
• Planning process uncovers
assets from existing clients
FEE %
1%
1.25%
• New advice fee
REVENUE
$18K
$26K
• 31% revenue uplift
FOCUS
Investments
Planning
• Clients are happier, they
understand and feel good
RELATIONSHIP
Tied to Adviser
Tied to Team & Process
• The relationship becomes
tied to the firm
ENGAGEMENT
Paternalistic
Collaborative
• Both spouses are involved
and feel heard
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17. Growing Our Partner Firms
GROWTH
WE APPLY
SCIENCE TO
MARKETING
• Detailed processes, training and coaching improve field success rates
• Campaign dashboards and measurements in Salesforce drive accountability
• Campaign elements (list, offer, creative) adjusted based on marketing analysis to drive ROI
VOLUME AND
RESULTS ARE
BUILDING
• Over 4,500 qualified prospects representing $1.1B “highly qualified” lead AUM now being
actively nurtured
• Over 145 campaigns for 2013 with 50% of offices enrolled in formal growth programs
WE SCALE
PROGRAMS
THAT WORK
• Seminar series response rate is almost double the industry’s; 57% book appointments
• Rolled out a national direct mail campaign with 100,000 mailers year-to-date
• Lead generation program for 401k plan participants
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18. GROWTH
Multi-faceted Growth Programs
Direct Mail
What Can an Adviser Expect?
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Turn-key marketing program
Customized direct mail invitation package
invites consumers to a private appointment
Appointment occurs in local office
Includes pre-screening and appointment
scheduling
2 Campaigns
4 to 6 new clients
$6 million in new assets
$100,000 in additional revenue
Money Code Dinner Experience
What Can an Adviser Expect?
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Turn-key program
Custom, pre-approved materials
Best practices training & execution support
Advising Corporate Employees
Program
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Established calling program for plan
participants
Workplace seminars and appointments
Offices opt in to participate
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3 to 5 new clients short term, 6-8
over 18 months
$6-8 million in new assets
$150,000 in additional revenue
What Can an Adviser Expect?
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Activity levels driven by corporate
locations
Each localized campaign targets
$10M in assets
$2M annual revenue target
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Other Programs:
• Formalized Referral Coaching Program
• Digital Marketing nurtures all qualified leads
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19. Campaign Discipline Drives Results
Step 1
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Step 2
Schedule Appointments &
Meeting 1
Answer incoming calls
Google prospect
Email prospect
Money Mind® Analyzer
link – use adviser’s email
account
Enter into Salesforce
MD receives
Money Mind® Analyzer
results
3 Days prior: Call/email to
remind prospect of
importance of receiving
the Money Mind®
Analyzer exercise
2 days prior: Call to
confirm appt, if no
Money Mind® Analyzer,
call to reschedule
appointment
Prepare Prospect Folder
Adviser: Hold meeting #1
Schedule Data Gathering
phone mtg
Update Salesforce
Data gathering
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Relationship Manager
receives statements
before call
Relationship Manager
holds call, reviews
statements
Schedules meeting #2
GROWTH
Step 3
Step 4
Paperwork/Transfer Funds
Meeting 2
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Relationship Manager
prepares score card,
investment profile, cost
analysis for meeting
Confirm meeting
Meeting 2 held
Paperwork signed or
follow up meeting is
scheduled
Update prospect and
meeting status in
Salesforce
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Step 5
Meeting 3
Relationship Manager
receives funds/ prepares
for meeting #3
Schedule meeting #3
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Confirm meeting #3
Relationship Manager
walks prospect through
tutorial, investments and
website
Send welcome gift and
personal note
Add new client to client
communications list
Update prospect and
meeting status in
Salesforce
Schedule review and
Honest Conversations®
meeting
For each campaign advisers have
a coaching resource
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20. FINANCIALS
Financial Highlights
HIGH GROWTH
MOMENTUM
HIGH QUALITY
ORGANIC
GROWTH
DRIVERS
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41% Revenue CAGR since 2006; 20 consecutive quarters of fee-based revenue growth
$80M+ run-rate revenues (current); $95M (year-end)
High earnings quality (QoE) > 90% recurring fee-based revenue
65% of current revenues acquired; mix rapidly shifting as organic growth accelerates
• Fee-based Advice creates a new and recurring revenue stream for every acquisition and recruit
• Organic Net New Assets (“NNA”) from growth programs introduced in 2012
• Recruit revenues are accelerated post-transition; zero capital required and fully accretive
SCALE &
MARGIN
EXPANSION
• Core Operating Margin has increased 330% from 6% to 20% since 2009
• Accelerating efficiency; revenue/employee increased from $186k to $243k since 2009 while
revenue/household has increased from $4,600 to $7,200
• Robust platform able to support 300% revenue growth
PROVEN
ACQUISITION
PROGRAM
• 40+ successful and accretive transactions since 2005
• Structured to align interests: sharing of upside and downside with discreet financial arbitrage
• Performance accountability in the post-closing period aided by 12-24 month lookback/reset
SELF-FUNDING:
EFFICIENT USE
OF CAPITAL
• $5M of founders capital and $31M from outside investors
• $30M of acquisition investments and $60M of platform investment  self funding
• Unrealized (off-balance sheet) tax benefit (NOL) and tax shield (on balance sheet) from amortizing intangible
assets
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21. CONCLUSION
Our Principles Guide Our Work…
HOW WE WORK
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