Welcome to Research magazine’s Advisor Hall of Fame, now in its 20th year. This eagerly anticipated annual feature has become a benchmark of excellence in our industry and an example to all of the rewards that result from effort and integrity.
Candidates who pass our rigorous screens have served a minimum of 15 years in the industry, have acquired substantial assets under management, demonstrate superior client service and have earned recognition from their peers and the broader community for the honor they reflect on their profession.
Finding the nation’s finest financial advisors is made possible by the wisdom and discernment of our panel of four distinguished judges (named on the last page of this article). Their discriminating judgment has enriched our Hall of Fame with five extraordinary new members. With no further ado, here are their stories.
John (Jeff) Erdmann III
Managing Director Merrill Lynch’s Private Banking and Investment Group
Career Began: 1985
Home Base: Greenwich, Conn.
Civic Affiliations: Maritime Aquarium at Norwalk, National Federation for Teaching Entrepreneurship
Almost everything about Jeff Erdmann’s business is supersize. With $4 billion in assets under management, he routinely ranks among Merrill Lynch Global Wealth Management’s top three advisors. Let’s face it: That’s rare air.
The statistic Erdmann himself cares most about? His clients’ comfort quotient. Just recently, he sat down with a relatively new client, the president of a major public company, and did a cash flow analysis for him.
“I’ve got so much money,” the man said afterward. “But I never knew until now that I had enough.”
The 18-member Erdmann Group, headquartered in Greenwich, Conn., manages money for 150 ultra-high-net-worth families. To call Erdmann’s clients captains of industry is not a reach. Most are current or past chief executive officers, presidents or founders of public and private companies — with family account sizes ranging from $7 million to $750 million.
As Erdmann, 48, frames it: “No one comes to us and says, ‘Make me rich.’ They’ve already done that. It’s our job to manage their wealth. The fact is we’re all worried about the same things, no matter how many zeroes are in our net worth.”
Erdmann, known for his empathy and out-of-the-box thinking, has built a business that is uniquely his. It’s industry practice, for example, for successful advisors to cull their least profitable clients. Not Erdmann. Twelve years ago, when he was trying to manage assets for 500 families, he created a second business within his own boutique to support the 300 or so clients with account sizes ranging from $500,000 to $7 million. Each family is assigned two investment partners and two administrative partners, along with an annual or as-needed check-in with Erdmann.
“All of those families are incredibly important to me. One of them is my sixth grade teacher. I’d never give them away. I want to make sure they’re totally taken care of,” says Erdmann. “We don’t tell someone you’re too small for us or we’re too important for you.”
Moreover, he adds: “To shift my clients over to some junior guy —that’s complete malpractice, it’s disrespectful and it shows I don’t care. First and foremost, you need to do what’s right and take care of the people who got you where you are.”
Not surprisingly, Erdmann still has his first client, who sold his business in 1999 for $100 million. When the entrepreneur opened his account with Erdmann, it had $2,200 in it.
Erdmann grew up in New Canaan, Conn. His father, a real estate broker, was a member of the New York Stock Exchange. When she retired, his mother was global editor-in-chief of Reader’s Digest Select Editions. Erdmann knew early on he wanted to be an advisor — cold calling for Paine Webber and then Merrill Lynch when he was still in college. He joined Merrill’s training program in 1985. It has been his corporate home since.
A graduate of Ohio Wesleyan, where he majored in business and finance, Erdmann recognized the importance of developing a business model from the outset. “I’ve said from Day One I want to have a business model that revolves around things I can control. 1. We are our clients’ financial planner and cash flow manager. 2. Their private banker. 3. Their investment advisors. 4. We’re their family friend,” he says. “If we can do all four of those things, and these are all things we can control, we will be successful.”
Twice monthly, Merrill Lynch advisors from around the country fly to Erdmann’s offices to, as he puts it, “look under the hood.” What they discover: a planning-based practice with a deep service component and laser-like focus on risk-adjusted performance and client lifestyle concerns. Notably, every person on the team is an equity partner. There’s still a great culture at Merrill Lynch,” Erdmann says. “I want to see it live on.”
Clearly, Erdmann is part of what has made the brand special.
“Jeff has the ability to do two things: to engender trust because of his composure and honesty and to communicate in any environment,” notes Peter Rohr, a Merrill Lynch advisor in Philadelphia who once interned for Erdmann. “He also has the ability to listen, something most people in our business struggle with. This is an industry that’s changing all the time and people rise and fall. Jeff has been the best since he started and he’s the best still today, a leader within our firm.”
Today, Erdmann says he is having more fun than when he first started — working harder than ever but, thanks to technology, smarter.
“I got into this because I love working with people. I still do,” he adds. “Business has changed a lot, very much for the better. Consumers and advisors are more sophisticated and there’s more transparency than there ever was. Frankly, there’s a much greater need today for advisors than before because of the complexities of the market. If you have a planning-based business, you’re in great demand.”
Branch Manager Raymond James Financial Services
Career Began: 1979
Home Base: Draper, Utah
Civic Affiliations: Children’s Miracle Network, Rose Park Elementary, Utah Arts Festival
By any measure, Stephen Johnson is an industry success story. Production, assets under management, growth trajectory — all of that. But what makes Johnson truly stand out is an abundance that cannot be measured: his empathy, his compassion and his goodwill.
As Bill Counsman, Johnson’s regional director, puts it: “When you talk with Steve, regardless of the subject, you come away feeling good.”
Johnson, 57, heads a family practice in a Salt Lake City suburb that includes his brother Neal and son Lee. With 30 years of professional networking behind him, Johnson is the rainmaker. It’s no small thing that while many advisors saw production slide in the down market, Johnson’s firm experienced a growth spurt.
“Most advisors, if they are successful, will tell you in the down years is when they pick up more business. I hope to think it’s integrity that’s bringing them in the door. I’ve never made a decision based on what’s best for me; it’s always been what’s right for the client first,” says Johnson. “My referral sources know that.”
Johnson’s business has two distinct parts. With $225 million in assets under management, the retail side involves wealth management for business owners, executives, doctors and attorneys. “We don’t have a lot of clients we think will have trouble in retirement. The trouble is they don’t know what their number is: how much they need to be OK,” says Johnson, who also serves as investment management consultant to several Utah-based companies, including Children’s Miracle Network. “What we’re good at is helping people find that number.”
The second piece, retirement plan consulting, has grown into a $140 million business that Johnson is developing, as he frames it, by “mining” his own book.
“We’ve approached existing clients, asking them if they have a retirement plan. If so, are they happy with who’s managing it? Ninety percent of this business has come from existing clients. It’s a tremendous feeder,” says Johnson. At the moment, Johnson is managing retirement plans for four Salt Lake City law firms. Many of the attorneys were already individual clients. “I’m still trying to build it. I grew up with a stockbroker mentality of the business. I don’t mind prospecting. I like people.”
Johnson, a one-time dairy farmer, grew up in modest means in West Virginia. The student body president of his high school, he was drafted by the Baltimore Orioles but decided instead to attend Brigham Young University on a baseball scholarship. After getting his degree in business management and marketing, he briefly sold computer software and then ran his father-in-law’s dairy operation in Colorado for three years. One morning at 2 a.m. while working in the bitter cold, he decided that dairy farming wasn’t why he had gotten a business degree.
In 1979, Johnson got an insurance license and joined E.F. Hutton, later jumping to Dean Witter as an associate vice president. In 1990, he opened an office in Draper, Utah for Raymond James Financial Services (then Investment Management & Research.) When he couldn’t afford a full-time secretary, wife Connie kept him afloat by filing and record-keeping. Most recently, his wife designed new offices for the Johnson group, located in the corporate headquarters of a construction company. (Not coincidentally, Johnson now manages the builder’s retirement plan.)
Johnson starts each morning with his 34-year-old daughter Farah, severely handicapped since she was a baby. She is like a newborn and Johnson calls her “a great blessing.” He gives Farah her morning meds and gets her dressed. “We talk, we laugh, we play,” Johnson says. “It’s our time together.”
A member of the Raymond James Chairman’s Council, Johnson is known for giving clients calm, pragmatic advice. But, as Counsman notes, clients are drawn to him not just for the quality of his work but the quality of his character. “I would recommend Steve without qualification to anyone — and particularly to those I care the most about,” says H. Ross Workman, a retired attorney who is a longtime client.
Not surprisingly, Johnson’s impact on his community is far-reaching.
He manages money pro bono for the Utah Arts Council. And, for the last six years, he has raised funds each Christmas for families in one of the poorest sections of Salt Lake City, the neighborhood anchored by Rose Park Elementary. The money, donated anonymously, is used to buy toys, clothing and food for 12 families.
Last year, students returned to school in their new clothes and thanked the principal for the gifts. When the principal explained the money was given anonymously by “someone who loves Rose Park students,” one child asked: “Someone who doesn’t even know me wants to give me these?”
Someone named Steve Johnson.
“We have great clients and a great community,” he says. “We’re having so much fun.”
Managing Director Kauffman Wealth Services
Raymond James Financial Services
Career Began: 1982
Home Base: Pasadena and Santa Barbara, Calif.
Civic Affiliations: Santa Barbara Community College Foundation, Social Venture Partners, Hearts Therapeutic Equestrian Center, Anti-Defamation League
Mitchell Kauffman is a big thinker for whom details matter. He sets the highest of standards, above all for himself. And his client-first service model rivals the best.
Kauffman, 57, talks often of integrity, objectivity and transparency. Like his role model, the legendary Peter Drucker, Kauffman looks at the core of a client. “Is this someone I can connect with? Can I see the world through their eyes? Are we compatible? I dig pretty deep,” he says. “My practice is extraordinarily personalized.”
With $115 million in assets under management, Kauffman advises 75 households as the managing director of Southern California-based Kauffman Wealth Services, which is associated with Raymond James Financial Services. Clients include high-level executives, business owners, physicians and attorneys as well as several foundations and non-profits.
“My practice is really eclectic, to the chagrin of every coach I’ve ever talked to. They all talk about how you need to specialize,” says Kauffman, a certified financial planner. “In my practice we talk about being more people-focused than vocation-focused. A qualified client is really the person — it’s not what they do.”
Kauffman is known for practicing a comprehensive planning process that balances growth and/or income with institutional-level wealth preservation techniques. He also works closely with clients on what they want their lives to look like.
As client Ron Dresher, managing partner of a large promotional marketing agency in Los Angeles, puts it: “He not only gives good financial advice but he takes a good look at you personally — your risk tolerance, lifestyle, work desires — and then he puts a whole package together so you have a life plan that not only includes financial independence but your personal goals. And he plays with full integrity.”
Kauffman’s approach to his practice and to his own life was shaped as a child. His father abandoned him and his mother when he was three, an experience that has made him especially sensitive to the plight of struggling single women. Many of his clients are women.
Kauffman floundered in high school, barely graduating. He was pumping gas and bagging groceries when a friend’s family who believed in his potential convinced him to enroll at a junior college. He went on to get two master’s degrees. (Kauffman’s vanity plate reads: 10 HUS, for “tenacious.”) At Claremont University where Kauffman got his MBA, he studied under Drucker. It was Drucker who instilled in Kauffman a keen sense of business ethics.
After working in brand management for a consumer packaging company, Kauffman became a financial advisor first for Equitec Financial Group and later for American Pacific Securities. He founded his current firm in 1988.
From the start, Kauffman has operated according to several core business values. Objectivity and transparency, for example. Clients can choose to work with his firm on an hourly or percentage-of-assets fee basis, taking any conflict of interest right off the table. He also provides what he calls a “service sanctuary.” As Kauffman frames it: “It’s a place where clients can feel we’ve got the ball and we’re not dropping it. And these are standards I impose on my staff. If a client’s calling us with a question, we are already behind. We should have been pro-active.”
The resilience Kauffman learned early on also influences the economic perspective he shares with clients — not only in monthly client conferences but in a weekly newsletter and in e-mail market updates.
“The economic future is full of promise. I believe we are in better shape than the news would have us believe,” says Kauffman, a solo practitioner supported by another financial advisor and an operations manager. “Confidence, the cornerstone of our world, has been shattered and it will take time to heal. But we will come back better and sooner than many believe.”
Kauffman, a true educator, gets clients hugely involved in the planning process. After establishing how much money will support their financial freedom, he has clients figure out what they need to do to bridge the gap if there is one.
“If our process says you need a 15 percent rate of return, that’s disappointing, but it’s incredibly illuminating. That says we have to go back to the drawing board. It’s very empowering because the client then sees the trade-offs: They’ve got to save more, retire later, lower their standard of living at retirement. Whatever those trade-offs are, it initiates a process whereby the client owns that goal,” says Kauffman.
From D student to Dean’s List, Kauffman’s is a turnaround story. He is accustomed to battling the odds and it’s something he does daily for his clients.
“I’m probably working harder than I have most of my career. But I’m feeling a lot of fulfillment. I’m so privileged to be in a business where I can give back, make people’s lives better, and the footnote: make a good living. I feel so fortunate.”
President Sweet Financial Services
Raymond James Financial Services
Career Began: 1979
Home Base: Fairmont, Minn.
Civic Affiliations: Fairmont Opera House, Fairmont Area Foundation
Framed on Bryan Sweet’s desk is a quote that pretty much sums up not only his personality but his practice. “Resolve to succeed. The greatest thing one can discover is that nothing is impossible.”
The word “impossible” is not in this advisor’s vocabulary. He has built a top-flight business in, of all places, a rural Minnesota community. “Our goal is to deliver Ritz-Carlton service with FedEx efficiency. I know what we offer is as good, or better, than what people can experience anywhere,” says the 52-year-old Sweet, who acknowledges that he’s “crazy driven — really, really driven.”
Every evening before he leaves the office, Sweet writes down the six most important things he wants to accomplish the next day. So does his staff. He also focuses on One Big Idea of the week: gathering referrals, tweaking his new website, doubling assets under management over the next three years.
“It’s just about thinking big,” adds Sweet, who manages $243 million in assets. “It’s about being able to think outside the box. If you truly want to do anything, it’s setting your mind to it. With focus and discipline, if you think about anything long and hard enough, the right factors and right methods will come to you.”
No surprise that Sweet is a longtime fan of motivational speakers, going back to Zig Ziglar. (“A goal properly set is halfway reached.”) And his pursuit of excellence has led to deep coaching engagements with Strategic Coach’s Dan Sullivan (for lifetime growth, goal-setting and organization) and with LPL’s star advisor Ron Carson (for practice management.) Sweet also has retirement planning expert Ed Slott on a retainer.
Sweet has a robust team, 10 people in all, who tend to 1,000 client households. Focused today on retirement distribution planning, Sweet got his career start in 1979 as a senior in college selling life insurance for National Life of Vermont. “It was a good background in how to deal with people and rejection,” he says. “It helped me develop skill sets that I still use today. I wouldn’t want to be in that business again, but it created our foundation.”
Sweet started his own firm in 1987, joining what is now Raymond James Financial Services two years later. But his eventual involvement with Strategic Coach made him reconfigure his business after recognizing: “You need to realize what you are good at, what you enjoy.” What he did not enjoy, it turns out, was selling insurance. In 2000, he sold that piece of his business to concentrate on retirement distribution planning.
“We saw a big gap in the industry here,” he says. “We now help transition clients from accumulating money to helping them efficiently take that money to live the next 30 years.” Almost all of Sweet’s clients are retired or three to five years from retirement.
Sweet has developed an intensive client discovery process that starts with the individual’s dreams and aspirations. The Sweet system also includes a stress test to gauge risk tolerance and portfolios designed to accommodate retirement goals. The client service experience — “systematic, highly detailed, organized, intuitive and clear,” as Sweet defines it – has obvious touches that come right out of Sweet’s coaching playbook.
“You can really see it in his materials, processes, flows,” notes Jeff Greischar, a client for 26 years who heads a construction and development business. Greischar himself is a Strategic Coach alum. “He’s really thorough. If he says he’s going to get back to you, he does. His employees are consistent with that as well. Everything about Bryan is long-range and planned out.”
Most recently, Sweet incorporated into the customer service model what Ron Carson calls “love affair marketing.” If staff learns that a client is going abroad, for example, Sweet will send along a travel guide. At the moment, Sweet is “re-branding” his client discovery process with something called “Dream Architect,” developed in conjunction with The Wisdom Link, a Chicago firm.
It’s not just Sweet who “thinks big.” He is getting his clients to do the same.
“We’re taking what we’re doing and making it better. We don’t believe in being static,” says Sweet, a longtime member of Raymond James’ Chairman’s Council. “We’re really getting people to think big: In a world where everything is possible, what would they like to do? What’s important to them? It’s all about them.”
After going through a Dream Builder workshop, clients will get a Dream Board they can look at any time to remind them how they can live the dream. Dream Architect will roll out early next year.
“I’m really optimistic about where we will be able to go as a firm. There is so much turmoil, so much uncertainty. People need somebody to help them today more than ever,” Sweet says. “People want someone different, someone who stands out from the crowd. I think we stand out.”
Senior Vice President-Investment Officer Wells Fargo Advisors
Career Began: 1983
Home Base: Long Beach, Calif.
Civic Affiliations: Women’s Shelter of Long Beach, Long Beach Rescue Mission
The first thing you notice about Freeman Welch is his outsize personality. His sentences don’t end in periods but exclamation points. Just ask him how he’s doing, and he replies in a voice worthy of a radio jock: “If I was any better I’d be twins.” Exclamation point!
Welch, with trademark exuberance, has thrown himself at a singular mission: to serve “Mr. and Mrs. Next Door.”
“I may look a little different. I may act a little different. That’s just me,” says the 57-year-old Welch, known for his signature soul patch. “I’d be here in a blue Mohawk, shorts and a tank top, if I could. I’m not Mr. Tie. But I embody the passion to do the right thing and treat your customers good and do the best you can. I’ll give it to you straight: I care.”
Welch, from Wells Fargo Advisors offices on Pacific Coast Highway in Long Beach, manages $140 million in assets for 439 households. The highlight of his advisory career: the development of multi-generational client relationships. Two client families span five generations.
“When I have children or grandchildren of my clients open accounts because they heard their parents or grandparents speak highly of me, that’s when I know I have been doing a good job of serving my clients well,” says Welch, a certified financial planner. “Nothing feels better than doing a good job for people you care about.”
Welch, the son of a country-western singer and a decorated Navy Chief, established a niche of targeting defense contractor employees when he joined the regional brokerage Newhard, Cook & Co. in 1983.
“I got hold of an employee directory for McDonnell Douglas and tried to find engineers who were about to retire. My opening line was: ‘Mr. Jones, this is Freeman Welch from Newhard, Cook.’ Except no one has ever heard of Newhard, Cook. ‘Honey, did you order a cookbook?’ was usually their opening line. Once we straightened out why I was calling, I pitched them on preferred stock from Southern California Edison,” says Welch. “Everyone had to pay their Southern California Edison bills. They liked the idea of getting a check from them four times a year.”
Welch’s core clients today are the widows of those retired defense contractor workers.
Growing up, Welch didn’t give much thought to a career path. A self-described “wrong-side-of-the-tracks kid,” he got into some scrapes after his father died. Welch was still in high school at the time. Things changed when a friend’s father intervened. “He says ‘Boy, you are fill-in-the-blank up’ and he throws me down and says: ‘Make something of yourself,’” says Welch. “That got me to get my life together.”
After attending the University of Southern California, where he graduated with a degree in public relations and journalism, Welch’s father-in-law, a broker, invited him to join his firm. At the time, Welch was managing a 12,000-square-foot consumer electronics store. He politely declined. “Besides, I’m not down with this whole working for the father-in-law thing,” he says.
Then he got a phone call from the man who had intervened a few years earlier. The man, a retired pediatrician who is now one of Welch’s clients, said: “Freeman dear, ‘As you know, I’m very wealthy. I had to go to school 12 years to become wealthy. You have a chance to become wealthy without the 12 years. I suggest you take another look.’ Click.”
Shortly after, Welch joined his father-in-law at Newhard, Cook & Co. In 1988, he and four advisors opened a Long Beach branch for A.G. Edwards & Sons, now Wells Fargo Advisors. Welch operates today, as he always has, as a solo practitioner with assistance from Suzanne Marques, his client associate. He and Marques have worked together for over 27 years.
Welch, she says, will drop everything he’s doing to help his clients, other people’s clients, Marques’ friends. “He’s genuine, kind and compassionate. He’s got a good sense of humor; he’s in the moment. He takes time with people and treats them with respect,” she adds. “He’s a different breed, he really is. He’s the real deal.”
Welch hasn’t prospected in 15 years, relying instead on two referral engines: his clients and a professional network of attorneys and CPAs. Not surprisingly, he has no minimum account requirement. “A lot of guys would scoff at that. So many advisors today don’t take anyone under a million dollars,” he says. “Well I do.”
A few years ago, Welch got rid of all his “pickles:” unpleasant clients. “Today, when my phone rings, I know it’s someone I like and someone who likes me. I trust them and they trust me. Maybe I have all their assets and maybe I don’t — but it’s a great relationship,” he says. “I’m not into investment committees, foundations or 401 (k) plans. I’m much more interested in Mr. and Mrs. Next Door. I have great, great clients. They are the best part of what I do.”
Ron DeLegge is the editor of ETFguide.com and has contributed Research magazine’s Exchange-Traded Products Reporter since 2004. He worked as an investment advisor for 11 years and lives in Southern California with his wife.
Bill Good is president of Bill Good Marketing and the author of Hot Prospects: The Proven Prospecting System to Ramp Up Your Sales Career.
Jay Nagdeman is president of Suasion Resources (www.suasion.com), a marketing consulting firm to the financial services industry.
Stanton C. Selbst is vice president of SmartPros, a financial services training firm in Hawthorne, N.Y. He has more than 40 years of experience in sales, management and product training and marketing for the financial services industry.
Winners to Date
Charles Andriole, Wachovia Securities
Alexander P. Armour, Davenport & Co.
Bruce Bagge, Gruntal & Co.
Kent Baker, Merrill Lynch
L.H. Bayley, David A. Noyes & Co.
Roy Belknap, Shearson Lehman Brothers
David Bendix, The Bendix Financial Group/Royal Alliance
Brenda Blisk, Spire Investment Partners
Morris B. Blumenthal, Prudential Securities
Lyman H. Bond, Prudential Securities
Steve Booren, LPL Financial Services
Arthur H. Bougae, Alex. Brown & Sons
Jerry Brown, Morgan Stanley Dean Witter
Alan Bubalo, Edward Jones
Thomas F. Bullock, Edward Jones
John W. Cary III, Morgan Stanley Smith Barney
Alex S. Carroll, Prudential Securities
H.L. “Chappie” Chapman, First Union Securities
Louis J. Chiavacci, Merrill Lynch
Kyle Chudom, Morgan Stanley
Robert J. Collins, Wachovia Securities
John D. Cooke, Prudential Securities
C. Marcus Cooper Jr., Legg Mason
Mark A. Cortazzo, MACRO Consulting Group/SII Investments
Robert Costos, Merrill Lynch
James R. Cotto, Wachovia Securities
Thomas J. Curran, Curran Advisory Services
Randal Dickinson, Edward Jones
Paula Dorion-Gray, Securities America
Larry Dorn, Dorn & Co.
Ric Edelman, Edelman Financial Services
Susan E. Edwards, Morgan Stanley
Robert D. Enright, Royal Alliance Associates
John (Jeff) Erdmann III, Merrill Lynch
Jay M. Eshbach II, National Planning Corp.
D. Craig Fecel, PaineWebber
Todd Feltz, Feltz WealthPLAN/LPL
H. Michael Finkle, Kemper Securities
Alan K. Gage, Prudential Securities
James F. Gallivan, J.C. Bradford & Co.
Carol Glazer, Smith Barney
Donald G. Gloisten, GBS Financial Corp.
Meg Green, Meg Green & Associates/Royal Alliance
Roger S. Green, Multi-Financial Securities Corp.
Sherry Griffin, Principal Financial
John S. “Jack” Gunter, Merrill Lynch
Bruce E. Haney, Piper, Jaffray & Hopwood
James C. Hansberger, Shearson Lehman Brothers
Scott Hanson, Securities America
Gena Harper, Smith Barney
Mary McFadden Hastings, Wells Fargo Advisors
Martin Higgins, Family Wealth Management/Mutual of Omaha
William F. Holly, Sage, Rutty & Co.
Christopher E. Jay, Merrill Lynch
Stephen W. Johnson, Raymond James Financial Services
Robert G. Jones, Prudential Securities
F.D. “Bud” Jordan, Smith Barney
Alan K. Jusko, Prudential Securities
Susan Kaplan, Kaplan Financial Services/LPL
Mitchell Kauffman, Raymond James Financial Services
John T. Kelleher, Merrill Lynch
Carla Koren, Smith Barney
Howard S. Lorch, Wachovia Securities
Malcolm A. Makin, Raymond James Financial Services
James A. McKenzie, Edward Jones
Albert Maggini, Merrill Lynch
David A. Mallach, Merrill Lynch
Kenneth Margolin, PaineWebber
Nancy Matta, Merrill Lynch
Edward J. Meeuwsen, Salomon Smith Barney
J. Nathan McCarley Jr., Interstate/Johnson Lane
Edward F. McGehrin, Merrill Lynch
Marion L. McMillan Jr., Smith Barney
Charles A. Mills III, Anderson & Strudwick
Stanley Milne, Edward Jones
John Mockovciak III, Everen Securities
Joseph Montgomery, Wheat First Butcher Singer
Gerald K. Moore, PaineWebber
Royce Nies, D.E. Frey & Co.
Richard C. Otter, Shearson Lehman Brothers
Eric Park, LPL Financial Services
John F. “Jack” Peters, Butler, Wick & Co.
Van Pearcy, Raymond James Financial Services
Thompson S. Phillips, Jr., Phillips Securities
Gregory Powell, Morgan Stanley
Christopher S. Sargent, Wachovia Securities
Fareed Siddiq, Salomon Smith Barney
Mark J. Smith, Raymond James Financial Services
Mark J. Snyder, Royal Alliance
David G. Speck, Wachovia Securities
Daniel L. Stanley, Edward Jones
Margaret Chow Starner, Raymond James & Assoc.
Gerald “Zeke” Strid, Wachovia Securities
Bryan Sweet, Raymond James Financial Services
William R. Tennison Jr., D.E. Frey & Co.
Willard J. Tillotson Jr., Hefren-Tillotson
Robert C. Upton, Edward D. Jones
Ira A. Walker, UBS Financial Services
Freeman H. Welch, Wells Fargo Advisors
Julius Westheimer, Ferris, Baker Watts
T. Manley Whitener Jr., Interstate/Johnson Lane
W.R. “Bob” Wigley, Smith Barney
Gail Winslow, Ferris, Baker Watts
Gary A. Wollin, Wedbush Morgan Securities