Fidelity 2016 Wealth Management M&A Transaction Report

Fidelity 2016

Wealth Management M&A Transaction Report

Insights into Large RIA Acquirer Models and Strategies

What's inside

About Fidelity's M&A Leaders Forum

2016 M&A Trends: Role of RIA Acquirers How Large RIA Firms are making acquisitions

Appendix

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What's inside

About Fidelity's M&A Leaders Forum

2016 M&A Trends: Role of RIA Acquirers How Large RIA Firms are making acquisitions

Appendix

3

About Fidelity's M&A Leaders Forum

Recognizing the growing importance of M&A strategies to the future of the wealth management industry and individual advisory firms, Fidelity created the M&A Leaders Forum in 2015.1

Comprised of influential leaders actively executing M&A strategies, the Forum community seeks to:

? Increase M&A transaction transparency by identifying individual deals.

? Raise advisor understanding and preparedness to engage in M&A through increased education on key M&A trends and issues.

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1. The Fidelity M&A Leaders Forum is a community of Wealth Management M&A Industry Leaders including leading strategic and financial acquirers, large RIA firms which have created a range of business models focused on growth and sustainability, and Broker Dealers. Members of the Fidelity M&A Leaders Forum can be found in the following pages of this report.

Highlights from Fidelity's November 2016 M&A Leaders Forum meeting

In November 2016, Forum members gathered in Boston for their annual meeting. Noteworthy takeaways from the Forum's discussion include:

Acquirers are increasingly prepared, well capitalized, and sophisticated, yet are experiencing increased competition for a relatively small pool of attractive target firms.

Unlike in the past when AUM "rollup" was the primary M&A objective, acquirers today are using M&A as means to pursue strategies such as talent acquisition, scale, improved advisor productivity, and growth.

The advisor community is largely unprepared for M&A and lacks awareness on the right time to sell. Too many desire to maintain independence and lifestyle elements while failing to see the forces driving increased industry consolidation.

Acquirers demonstrate greater interest today in understanding and addressing seller motivation as well as understanding the specific challenges each advisory firm seeks to solve through M&A.

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About Fidelity's M&A Leaders Forum

AMG Wealth Partners John Copeland

Atlantic Trust Eric Propper

Cambridge Investment Research, Inc. Jeff Vivacqua

Colchester Partners Frank Kettle

Exencial Wealth Advisors John Burns

AMG Wealth Partners Rich Gill

Beacon Pointe Advisors Matt Cooper

Cambridge Investment Research, Inc. Amy Webber

Dynasty Financial Partners Ed Swenson

Fiduciary Network Mark Hurley

Atlanta Capital Group Joseph P. Young, Jr.

Berkshire Capital Bruce Cameron

CAPTRUST Financial Advisors Rush Benton

EP Wealth Advisors Patrick Goshtigian

FP Transitions Brad Bueermann

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All photographs used with permission. The third parties referenced herein are independent companies and are not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or endorsement by Fidelity Investments.

About Fidelity's M&A Leaders Forum

HighTower Advisors Matthias Kuhlmey

Hilliard Lyons Karl Heckenberg

Kestra Financial Mark Schoenbeck

Ladenburg Thalmann Richard Lampen

Ladenburg Thalmann Adam Malamed

Ladenburg Thalmann Mark Zeitchick

Mariner Holdings Marty Bicknell

Park Sutton Advisors Steve Levitt

Savant Capital Management Brent R. Brodeski

Silver Lane Advisors Liz Nesvold

Wescott Financial Advisory Group Grant Rawdin

United Capital Matt Brinker

Wealth Enhancement Group Jeff Dekko

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All photographs used with permission. The third parties referenced herein are independent companies and are not affiliated with Fidelity Investments. Listing them does not suggest a recommendation or endorsement by Fidelity Investments.

What's inside

About Fidelity's M&A Leaders Forum

2016 M&A Trends: Role of RIA Acquirers How Large RIA Firms are making acquisitions

Appendix

8

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