Modern LEGACY

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PRESIDENT’S LETTER

DIVISION GROWTH NATIONWIDE

WORD OF HONOR

ALEX. BROWN HONORS PURPLE HEART RECIPIENTCURRENT TRENDS, SEASONED INSIGHT AND

AN INSIDE LOOK AT ALEX. BROWN

Q&A: JOHN SUTTONAn interview with the Metropolitan Regional Director.

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SPOTLIGHTGet to know Regional Executive Amy Rizzo.

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That is why I would like to pause and thank each one of you

for your invaluable contributions – your efforts enable us to

consistently demonstrate our value to the organization. It is also

important to note that our focus on culture and values has never

wavered. I look forward to continued success.

In this issue you’ll meet two drivers of our recruiting efforts.

First we’ll introduce you to metropolitan regional director John

Sutton. You’ll also meet Amy Rizzo, a 13-year veteran of the firm

and our newly appointed regional executive in Miami. You’ll

learn how she plans to leverage recently developed platforms

for the Latin America market to enhance the firm’s presence in

that region.

We also recognize Alex. Brown advisors who are making their

respective marks within the industry. You’ll also hear about the

inspiring time we enjoyed at the Houston Astros game where

U.S. Marine Corps Sergeant and Purple Heart recipient Eric

Morante threw out the first pitch on behalf of Alex. Brown.

As we grow, you can count on the company’s support as you

serve the best interests of your clients. We thank you again for

your continued support and appreciate you taking the time to

read this issue of Modern Legacy.

Best Wishes,

HAIG ARIYAN President, Alex. Brown A Division of Raymond James

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

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As Paul Reilly reflected on our division’s success in a recent address, he noted, “Alex. Brown is delivering above plan.”

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An interview with John SuttonThis tax attorney turned wealth management executive talks about the goals he’s set for himself and the steadily growing list of benefits emerging from the Alex. Brown and Raymond James relationship.

Q. John, your career path is certainly impressive – from successful tax attorney to your current role as regional director for the Metropolitan Region of Alex. Brown. Can you tell us about your transition from the practice of law to the wealth management business? A. It was a natural transition. The first seven years of my professional career I spent as an attorney focused on tax law – mostly in trusts, estates and compensation. In 2000, I joined Robertson Stephens (a firm with a similar profile to Alex. Brown) as a wealth planner and worked side by side with advisors as an ad hoc team member – they would talk about investments and I would discuss tax planning. As an attorney, you’re taught to listen to clients in order to provide solutions to their issues. As a result, the ability to listen – to clients, to advisors and other colleagues – has served me extremely well throughout my career. And with the increasing regulation of our industry, my legal background has been invaluable.

Q. Certainly with your background, there were many opportunities available. Can you tell us what attracted you to Alex. Brown? A. I liked the boutique nature of Alex. Brown and the client segment served by the firm. At the time, I was running national sales for Credit Suisse’s private banking group in the U.S. That unit was the former DLJ brokerage group, which had similar DNA to Alex. Brown. I knew Haig for several years when he approached me about running the downtown NYC office. I always wanted to be a branch manager, and Alex. Brown was a perfect fit.

Q. Transitions can provide new avenues for growth and development. How has the transition been to Raymond James? A. The transition has been really interesting because it has enabled us to broaden the focus of our business. For years, like others in the industry, we grew the advisory side of our business but we were still viewed in the market as an attractive place for advisors whose businesses were more eclectic. We still consider ourselves a strategy provider for sophisticated clients on the capital markets side, but the technology, support and robust platform of Raymond James make it easier to hire teams on the advisory side of the business. It’s been nice to see teams that might not have joined us at Deutsche Bank attracted to Alex. Brown because of our partnership with Raymond James.

John Sutton Regional Director, Alex. BrownA Division of Raymond James

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

Q. You managed the Alex. Brown Wall Street office for three years. For those of us who have never worked there, can you tell us what that was like?A. Back in the day, Wall Street was the center of the universe for business. Today, almost everything – most of the financial services firms and the law firms – have moved up to midtown. Even though Alex. Brown’s flagship office was in midtown. But, because Deutsche was headquartered on Wall Street, we had a second branch there. It was a lot of fun working on Wall Street, and it sort of took you back to the original days of our business. The stock exchange is right there, along with the iconic statue of the bull. It’s very different from midtown. The look and feel, the architecture, the streets are smaller, it almost feels like you’re in a small European city. It’s much more residential now, with great shops and restaurants.

Q. Raymond James describes itself as the premier alternative to Wall Street. How is Alex. Brown different from the rest of Wall Street? A. I think this has become an Alex. Brown/Raymond James question. We have a very unique story – we’re a boutique wealth management business that is fully supported by the resources of a large firm. We’re able to stay true to our calling and focus on high-net-worth and ultra-high-net-worth clients, and, at the same time, we benefit from the scale and the efficiencies you get from a larger firm. We have a parent company that is committed to and values the Alex. Brown brand.

Q. People draw on the strength of their backgrounds and experiences to prepare themselves for new challenges. How have your past experiences prepared you for your new role as director of the Metropolitan Region?A. Alex. Brown has a pretty flat organizational structure similar to Raymond James. As a regional executive, I’ve always worked closely with my colleagues. We’ve always had a great, close-knit leadership team made up of branch managers who collaborate and share ideas. And we have some newer managers in place, several of whom I have worked with as an unofficial mentor.

When Haig hired me, he made it clear to me that he’d like me to help him build the business in ways beyond my branch. Throughout my years in sales management, I’ve also been asked to do things beyond my local role. For example, at Deutsche I ran a weekly national sales call. I also ran a best practices call with advisors around the country that focused on a specific product or service. I think all this has provided the experience necessary for this new role.

Q. When looking ahead, most people like to talk about opportunities, and that’s fine. But what, if any, are some of the challenges you expect to face in your new role as regional director of Alex. Brown’s Metropolitan Region?A. Alex. Brown and Raymond James have great recruiting stories; I love to tell both. I present Raymond James as a strength – a parent company that is very successful in this industry, its dedication to

“The transition has been really interesting because it has enabled us to broaden the focus of our business. For years, like others in the industry, we

grew the advisory side of our business but we were still viewed in the market as an attractive place for advisors whose businesses were more eclectic. We still consider ourselves a strategy provider for sophisticated clients on the capital markets side, but the technology, support and robust platform of Raymond James make it easier to hire teams on the advisory side of the business. ”

– JOHN SUTTON

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the Alex. Brown brand, and its willingness to allow us to run Alex. Brown as a separate division. This gives us the ability to focus on growing the business. Recruiting, however, is still very competitive – everybody wants to hire the best people, so it will always be a challenge. We also cannot lose sight of the fact that we have people who’ve been with us for a long time. We have to give them the attention and support they need and deserve in order to continue to maintain and grow their businesses. So it is a balance of growing the business organically, through the dedicated, hardworking advisors we have, while recruiting at the same time.

Q. We’ve talked about the Alex. Brown transition to Raymond James. But is there a common theme you hear from advisors once they transition to Alex. Brown from another firm? A. Before we bring people over, we spend a lot of time talking about our product platform, technology, the marketing team and, of course, the financial transition package. However, it comes down to the people that support us. We do a great job within Alex. Brown and at Raymond James showcasing the quality of our people and highlighting our culture during the recruiting process. And recruits are genuinely excited to hear our story and experience the New York and St. Petersburg home office visits. They leave knowing we are different. But all of that is tested in the actual transition because no matter how well it goes, there are always issues. It’s a stressful time, and there are often things that are not uncovered in the due diligence process despite everyone’s best efforts. One of our early hires had a very rocky transition, but they got through it and now they’re doing more business than they did before they joined. They told me that even though the transition wasn’t perfect, it was the commitment of all the people who came in early, stayed late and worked on weekends, and how nobody shied away from issues is what really made them happy to be here. It’s very gratifying to know that the commitment and level of service we provide after someone is hired not only matches, but also often exceeds the promises we make in the recruiting process. Nothing makes me prouder than hearing our new colleagues tell me how happy they are at Alex. Brown – and I hear it all the time.

Q. It certainly sounds like a bright future ahead for you and your team. Can you describe the opportunity that awaits Alex. Brown?A. We’re in some great cities and most of the wealth money centers of the U.S. We have a very good business, yet we still have opportunity to grow in some great locations with the types of advisors and clients that fit our business. We’re off to a good start, but we’re just scratching the surface of what we can do from a true growth standpoint.

What we’re doing here is very exciting. I think we’ll all look back and realize that this period in our careers – when Alex. Brown reemerged and we joined with Raymond James – was the biggest and most exciting opportunity of our careers.

Our Mission

Our business is people and their financial well-being. Therefore, in the pursuit of our goals, we will conduct ourselves in accordance with the following precepts:

Our clients always come first. We must provide the highest level of service with integrity.

Assisting our clients in the attainment of their financial objectives is our most worthy enterprise.

We must communicate with our clients clearly and frequently.

Our investments and services must be of sound quality.

Teamwork – cooperating with and providing assistance and support to our fellow associates –

is fundamental to sustaining a quality work environment that nurtures opportunities

for unparalleled service, personal growth and job satisfaction.

Continuing education is necessary to maintain the timeliness of investment knowledge, tax law information and financial planning techniques.

Innovation is requisite to our survival in a changing world.

To emulate other members of our industry requires us to continue to work hard; to excel

beyond our peers requires us to provide an even higher caliber of service to our clients.

We must give something back to the communities in which we live and work.

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

ALEX. BROWN ENJOYS DIVISION GROWTH NATIONWIDE

New locations and recruitment across the U.S. support Alex. Brown’s strategic growth plans to recruit advisors who share specific core values and serve an ultra-high-net-worth clientele. And while there is a stalwart focus on expansion of both personnel and real estate, a corporate commitment to community involvement and philanthropic efforts remains firmly fixed.

WELCOME BACK

Former managing director at Deutsche Bank Alex. Brown Bill Conn returned to Alex. Brown in San Francisco in April of this year. Conn was at Deutsche Bank Alex. Brown from 2000 to 2012. Before returning to the firm, Conn served as a managing director at J.P. Morgan from 2012 to 2018. Along with a degree in economics from the University of California, Los Angeles (UCLA), Conn has earned the certification of Certified Financial PlannerTM professional. “It’s great to be back,” said Conn. “I look forward to so many new opportunities and the ability to make a difference in the lives of our clients. The client-centric nature of the firm is evident by the resources and support. And that is what really makes a difference.”

EXPANDING IN THE WEST

An investment management group led by Jon DuPrau and Caspar Tudor from J.P. Morgan Securities has joined Alex. Brown in Los Angeles. DuPrau will lead institutional consulting efforts in Southern California and will serve as one of the 17 advisors who make up the Institutional Consulting business at Alex. Brown. Tudor, vice president, investments, works on the team’s formulas for the Russell 1000 and 2000 indices and is enthusiastic about being able to offer these strategies to private clients and

institutional investors. “The depth of this division’s consulting resources and experience is impressive, and I’m thrilled to be joining the team here in Los Angeles. The freedom, technology and advisor support are unparalleled,” said Tudor.

JOINING IN THE EAST

Alex. Brown’s Atlantic Region has welcomed four new client advisors. First, Daniel Larsen, CFA, joined Alex. Brown in November of 2017, followed by V. Paul Lisanke, CAIA, who joined this past April. Larsen has been in the industry for more than 15 years and previously held positions as vice president and portfolio manager at UBS, vice president and private banker at J.P. Morgan Private Bank, senior portfolio manager at Morgan Stanley Private Wealth Management, and vice president and portfolio manager at Boston Research & Management. Lisanke has been in the financial services industry since 1998. Prior to joining Alex. Brown, he spent eight years at J.P. Morgan Private Bank, serving as an investment specialist and advisor. Prior to J.P. Morgan, Lisanke served as a senior vice president at Atlantic Trust, where he worked directly with clients and served as a senior member of Atlantic Trust’s Multi-Manager Investment Program.

Our Boston office also welcomed Marc Orloff and Christopher Gallo. The team serves both high-net-worth individuals and institutional clients, and provides equity and fixed-income trading and tailored portfolio management. Prior to joining Alex. Brown, in 2018, Gallo spent his career in very similar roles at J.P. Morgan, Smith Barney and Paine Webber. Gallo offers his clients nearly 20 years of experience in the financial services industry. At the beginning of his career in 1998, Orloff was a financial advisor and later became a vice president at Paine Webber. Later he had similar responsibilities at Morgan Stanley, and joined J.P. Morgan Securities in 2011 as a financial advisor and executive director before coming to Alex. Brown.

Growth remains strong from coast to coast, enabling Alex. Brown to serve more clients in communities across the U.S.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial Planner™, and in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

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OFFICE UPDATES AND OPENINGS IN MARYLAND, TEXAS AND CALIFORNIA

Alex. Brown has returned to the Annapolis, Maryland, market. The office is located in the Annapolis Town Center at Parole, a luxury business, retail and residential development that offers advisors and clients access to an array of distinct amenities. Mid-Atlantic manager

Marcus Aiello leads the office. “Alex. Brown’s long, rich history in Annapolis – stemming back to the underwriting of the Chesapeake Bay Bridge – makes our return to this important market even more thrilling,” said Aiello. “We’re looking forward to recruiting and partnering with high-caliber, well-established professionals who will complement our talented sales force.”

In Dallas, Texas, Alex. Brown introduced completely renovated office space located in The Crescent®. The design of the office has been described as elegant, simplistic and modern, all in keeping with the design of the building in which it is located. The Crescent® is

the most iconic building in Dallas, and is heralded as a celebration of art, history and architecture. Known as the financial center of the southwest, the office and retail complex is the centerpiece of the Uptown Dallas/Turtle Creek area.

The new office in Calabasas, California, is led by regional executive Gary Cohen. “This new location provides a more convenient option for our clients and advisors who often deal with long commutes, as well as presents an opportunity for significant growth with additional office space to grow the team,” said Cohen. Alex. Brown has a rich history in California, having influenced many dot-com era IPOs including Microsoft, Starbucks, Sun Microsystems and Oracle. Alex. Brown is also the one of the only high-net-worth boutique wealth management firms in Southern California with a focus on this type of clientele.

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Haig Ariyan escorted Eric Morante, retired U.S. Marine Corps Sergeant and Purple Heart recipient, as he threw the ceremonial first pitch on behalf of Alex. Brown.

Courage and sacrifice took center stage on May 2, 2018, as Alex. Brown enjoyed an exciting night at the Houston Astros versus New York Yankees game. As the first-ever naming rights partner of the Diamond Club at Minute Maid Park, Alex. Brown was offered the opportunity to throw out the ceremonial first pitch at the game. Alex. Brown opted to donate the once-in-a-lifetime opportunity to a “true Astros fan” and partnered with the Astros to honor retired U.S. Marine Corps Sergeant and Purple Heart recipient Eric Morante. Haig Ariyan, president of Alex. Brown, escorted Morante onto the field where they were both recognized. Alex. Brown also hosted clients in a suite at the game where they visited with Reid Ryan, president of the Astros, as well as Hall of Famer Jeff Bagwell.

Alex. Brown honors Purple Heart recipient with first pitch

ABOUT ERIC

Eric Morante, born and raised in Houston, was awarded the Purple Heart after losing his leg in combat while serving as a member of the Marines. Eric was deployed three times in Iraq and is now retired. He grew up with a passion for boxing and became the first Marine amputee sanctioned to compete in boxing in the United States. He has earned the title “Eric the ‘Iron Fist’ Morante” and works to help motivate and inspire other veterans and children with disabilities.

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

Amy Rizzo, Regional Executive Miami

Spotlight: Getting to know …

Amy Rizzo

Q. Can you give us a glimpse into your professional experience within the Alex. Brown organization?

A. I was only 20 years old when I started my professional career at PaineWebber. But I quickly learned if you worked hard and didn’t mind taking tests, there were fantastic opportunities in this industry. So I took advantage of those opportunities and started obtaining my licenses while working full time and finishing college. By starting my career that way, I was ready when positions became available. After PaineWebber, I went to Legg Mason where I worked as a sales assistant and in operations. I moved with a sizeable team within Deutsche Bank/Alex. Brown, and worked with Linda Krupka in Miami as the regulatory analyst. As a 25-year-old, the chance to live in Miami and move my career forward in that way was a great experience both personally and professionally. Linda was the branch admin manager and still is part of Alex. Brown in Washington, D.C. She helped mentor and support me. My experience within Alex. Brown has always been this way: the people who came before me – whose roles I would eventually take over – supported me along the way. The same is true of Thomas Morris, who was the regional executive in Miami and with whom I worked for eight years as the branch admin manager. Colleagues with whom I worked directly – CAs I supported and those within senior management roles – have ushered me along over the last 13 years.

Q. Can you provide your perspective on how the division has evolved since you moved from Deutsche Bank to Raymond James two years ago?

A. In some ways, the similarities between Raymond James and Alex. Brown were the biggest challenge. What I mean by that is, within Alex. Brown, we have always been a relatively small group with a strong culture. Many of the people here today have been part of the Alex. Brown family for decades. Initially, we struggled a little with what our identity would be and how our roles might change as part of Raymond James. But after two years, I believe the culture and platform of Raymond James has become much more vivid and valuable to us all. In addition, senior

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management’s consistent emphasis on the company’s commitment to the Alex. Brown brand has become even more reassuring. Lastly, I believe that Alex. Brown adds value to Raymond James by bringing in fresh eyes and different sets of experience, which helps make the platform more robust for the entire organization.

Q. What are you most looking forward to in your new role as regional executive for the Miami office?

A. Even as the branch administrative manager, one of my top priorities has been supporting the business of advisors in my branch. I believe this focus is really what allowed me to be considered for the regional executive role. It is nice to have a bit more autonomy as it relates to making decisions I feel are the most beneficial to them and to the business. Aside from that, the biggest change for me is recruiting, which was not part of my previous job responsibilities. I jumped right into it and found, like with most things, there really is no secret sauce. You just have to do the work. I’ve spent a lot of time reaching out to recruiters, both internal and external, and broadening my network extensively. It’s begun to pay off as I’ve now developed some strong relationships, and have been able to really raise overall awareness of the Alex. Brown brand in this market. To grow, you have to do things that may be a little uncomfortable at first, but the satisfaction of learning you can be successful at something you never did before is a very powerful motivator.

Q. What are some of your favorite parts of working for Alex. Brown? What makes Alex. Brown different?

A. The people! We are a group of people who ask, “Does it make sense?” And, “How can we best get it done?”

In terms of Alex. Brown being distinct, some of the things we brought from Deutsche Bank were products and services specific to ultra-high-net-worth clients. The Alex. Brown Miami office has extensive experience in this area, and we take a very collaborative approach to developing ideas and promoting growth by solving unique challenges for clients. It has been a privilege to have this network of talented and knowledgeable individuals at my disposal for the last 13 years.

Q. How have the client profile and client concerns changed in Miami over the last 10 years?A. Our advisors, their clients and their business models are very diverse. We have a high concentration of international clients, and that really represents the Miami market in general. So when it comes to supporting our existing advisors as well as recruiting new ones, my primary goal is to help make our platform more robust for them by working with my colleagues to add products and services that cater to offshore clients. At the same time, of course, regulations are always changing and scrutiny shifting, so we focus on staying vigilant to protect this business for both our advisors and the firm, as well as looking to grow the business in a responsible way.

“I’ve spent a lot of time reaching out to recruiters, both internal and external, and broadening my network extensively. It’s begun to pay off as I’ve now developed some strong relationships, and have been able to really raise overall awareness of the Alex. Brown brand in this market.” – AMY RIZZO

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Word of HONOR10 ALEX. BROWN ADVISORS NAMED TO THE FORBES BEST-IN-STATE LIST

The 2018 Forbes Best-In-State Wealth Advisors list2 spotlights more than 2,000 top-performing advisors across the country who were nominated by their firms and then researched, interviewed and assigned a ranking within their respective states.

Congratulations to the Alex. Brown professionals who have been recognized as industry leaders.

Lee Bryan III The Bryan Spry Zaks Team of Alex. Brown/Raymond James #20 North Carolina

Kelia Coffey Alex. Brown/Raymond James #37 North Carolina

Mindy Fishel Alex. Brown/Raymond James #115 California (North)

Barry Garber The Garber Wealth Management Team #4 Maryland

Bill Grous Alex. Brown/Raymond James #144 New York

Todd Kingsley HKW Group of Alex. Brown/Raymond James #18 District of Columbia

Micah Scheinberg The Scheinberg Group of Alex. Brown/Raymond James #52 California (South)

Douglas Simon Alex. Brown/Raymond James #39 Pennsylvania

William Spry, Jr. The Bryan Spry Zaks Team of Alex. Brown/Raymond James #39 North Carolina

Bryan Stepanian Alex. Brown/Raymond James #7 Connecticut

2 The Forbes ranking of Best-In-State Wealth Advisors, developed by Shook Research is based on an algorithm of qualitative criteria and quantitative data. Those advisors that are considered have a minimum of seven years of experience, and the algorithm weighs factors like revenue trends, AUM, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of 21,138 advisors nominated by their firms, 2,213 received the award. Neither Forbes nor SHOOK receives a fee in exchange for rankings. This ranking is not indicative of advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its financial advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC.

3 Source: Barron’s “Top 1,200 Financial Advisors,” 2018. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved. The rankings are based on data provided by over 4,000 individual advisors and their firms and include qualitative and quantitative criteria. Data points that relate to quality of practice include professionals with a minimum of 7 years financial services experience, acceptable compliance records (no criminal U4 issues), client retention reports, charitable and philanthropic work, quality of practice, designations held, offering services beyond investments offered including estates and trusts, and more. Financial Advisors are quantitatively rated based on varying types of revenues produced and assets under management by the financial professional, with weightings associated for each. 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 advisor’s investment picking abilities. The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of advisor’s future performance. Neither Raymond James nor any of its financial advisors pay a fee in exchange for this award/rating. Barron’s is not affiliated with Raymond James.

4 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) and no more than 60% of the AUM with institutional clients. The FT reaches out to some of the largest brokerages in the U.S. and asks them to provide a list of advisors who meet the minimum criteria outlined above. These advisors are then invited to apply for the ranking. Only advisors who submit an online application can be considered for the ranking. In 2018, roughly 880 applications were received and 400 were selected to the final list (45.45%). The 400 qualified advisers were then scored on six attributes: AUM, AUM growth

Financial Times names two Alex. Brown advisors to 2018 “FT 4004”

This year’s “average” advisor on the “FT 400” manages $1.4 billion in assets. Overall, the impressive cohort of elite advisors hails from 38 states and Washington, D.C.

John M. DeLappe, Managing Director, DeLappe & Economacos Team, Miami, FL

Pierre Economacos, Managing Director, DeLappe & Economacos Team, Miami, FL

Six named to Forbes 2018 Top Next-Gen Wealth Advisors list5

This prestigious list is made up of talented young advisors born after 1980. It includes 1,000 advisors who represent the future of the wealth management industry. Each advisor was nominated by their respective firm, then vetted and ranked by Shook Research.

Matthew Ayers, Client Advisor, Los Angeles, CA

Lee Bryan IV, Assistant Vice President, Client Advisor, Winston-Salem, NC

Alexander Christon, Vice President, Client Advisor, New York, NY

Zack Garber, Vice President, Client Advisor, Baltimore, MD

Phil Michael, Client Advisor, New York, NY

Zach Shillingford, Client Advisor, New York, NY

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Raymond James named to Fortune list of The World’s Most Admired Companies1

BARRON’S NAMES 16 ALEX. BROWN ADVISORS TO 2018 TOP 1,200 FINANCIAL ADVISORS3 LIST

The prestigious 2018 list was published March 5 and draws from all 50 states, plus the District of Columbia. It is the largest, most comprehensive annual advisor list circulated by Barron’s.

Al Boris Alex. Brown/Raymond James #35 Pennsylvania

Lee Bryan III The Bryan Spry Zaks Team of Alex. Brown/Raymond James #9 North Carolina

Anthony Fagella Fagella Pace Group, Alex. Brown/Raymond James #33 Connecticut

Neal Fiore Alex. Brown/Raymond James #101 New York

Barry Garber The Garber Wealth Management Team #4 Maryland

Steven Grill Alex. Brown/Raymond James #44 New York

Bill Grous Alex. Brown/Raymond James #45 New York

Richard Harris Alex. Brown/Raymond James #14 District of Columbia

Rich Hassan Alex. Brown/Raymond James #3 Connecticut

Todd Kingsley HKW Group of Alex. Brown/Raymond James #16 District of Columbia

David Rosenthal The RC Group, Alex. Brown/Raymond James #22 Connecticut

Micah Scheinberg The Scheinberg Group of Alex. Brown/Raymond James #108 California (South)

Bryan Stepanian The Stepanian Group, Alex. Brown/Raymond James #6 Connecticut

William Spry, Jr. The Bryan Spry Zaks Team of Alex. Brown/Raymond James #22 North Carolina

Doug Wall Wall Group, Alex. Brown/Raymond James #26 Texas

Jason Zaks Alex. Brown/Raymond James #15 North Carolina

rate, compliance record, years of experience, industry certifications, and online accessibility. AUM is the top factor, accounting for roughly 60%-70% of the applicant’s score. Additionally, to provide a diversity of advisors, the FT placed a cap on the number of advisors from any one state that’s roughly correlated to the distribution of millionaires across the U.S. The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of advisor’s 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.

5 Forbes list of “America’s Top Next-Generation Wealth Advisors/Top Millennial Advisors 2018.” Data provided by ShookTM Research, LLC. Data as of 3/31/2018. Shook Research considered advisors born in 1980 or later with a minimum of four years of relevant experience. Advisors have built their own practices and lead their teams; joined teams and are viewed as future leadership; or a combination of both. Ranking algorithm is based on qualitative measures derived from telephone and in-person interviews and surveys: service models, investing process, client retention, industry experience, review of compliance records, firm nominations, etc.; and quantitative criteria, such as assets under management and revenue generated for their firms. Investment performance is not a criteria because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of Shook Research, LLC. Neither Shook nor Forbes receives compensation from the advisors or their firms in exchange for placement on a ranking. Raymond James is not affiliated with Forbes or Shook Research, LLC. This ranking is not indicative of advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Out of 5,832 advisors considered, 1,000 made the final list in 2018.

For more information see ShookResearch.com. This ranking is not indicative of advisor’s future performance, is not an endorsement and may not be representative of individual clients’ experience. Neither Raymond James nor any of its financial advisors or RIA firms pay a fee in exchange for this award/rating.

1Minimum account sizes are general since it can vary depending on a range of circumstances. 2Advisors are judged on individual contribution but total team assets are shown, which can include one or more additional advisors. 3Minimum account sizes are general since it can vary depending on a range of circumstances.

1 Fortune collaborated with their partner Korn Ferry Hay Group on this survey of corporate reputations. Beginning with a universe of about 1,500 candidates: the 1,000 largest U.S. companies ranked by revenue, along with non-U.S. companies in Fortune’s Global 500 database that have revenues of $10 billion or more, they then winnowed the assortment to the highest-revenue companies in each industry, a total of 680 in 28 countries. The top-rated companies were picked from that pool of 680; the executives who voted work at the companies in that group. To determine the best-regarded companies in 51 industries, Korn Ferry Hay Group asked executives, directors, and analysts to rate enterprises in their own industry on nine criteria, from investment value and quality of management and products to social responsibility and ability to attract talent. A company’s score must rank in the top half of its industry survey to be listed. The ranking may not be representative of any one client’s 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 nor is Raymond James affiliated with Fortune.

© 2018 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC.Raymond James® is a registered trademark of Raymond James Financial, Inc. 18-AlexBrown-0563 JPR 12/18

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ATLANTA3414 Peachtree Road N.E., Suite 900, Atlanta, GA 30326

ANNAPOLIS2077 Somerville Road, Suite 320, Annapolis, MD 21401

BALTIMORE100 International Drive, 22nd Floor, Baltimore, MD 21202

BOSTON1 International Place, 12th Floor, Boston, MA 02110

CALABASAS24025 Park Sorrento, Calabasas, CA 91302

CHICAGO222 South Riverside Plaza, 26th Floor, Chicago, IL 60606

DALLAS200 Crescent Court, Suite 500, Dallas, TX 75201

GREENWICH1 Pickwick Plaza, 3rd Floor, Greenwich, CT 06830

HOUSTON700 Louisiana Street, 24th Floor, Houston, TX 77002

LOS ANGELES10250 Constellation Boulevard, 8th Floor, Los Angeles, CA 90067

MIAMI600 Brickell Avenue, 20th Floor, Miami, FL 33131

NEW YORK345 Park Avenue, 14th Floor, New York, NY 10154

NEW YORK200 Liberty Street, 26th Floor, New York, NY 10281

PALM BEACH250 Royal Palm Way, Suite 500, Palm Beach, FL 33480

PHILADELPHIA1735 Market Street, 24th Floor, Philadelphia, PA 19103

SAN FRANCISCO101 California Street, 45th Floor, San Francisco, CA 94111

WASHINGTON801 17th Street NW, Suite 310, Washington, DC 20006

WINSTON-SALEM100 N. Main Street, Suite 2400, Winston-Salem, NC 27101

ALEX. BROWN LOCATIONS