Members of the C-PAS management team have worked in the financial services industry since the early 1980s. They have worked as registered representatives and investment advisor representatives and have owned and operated registered investment advisors, broker-dealers, etc. They have experienced bear markets, bull markets, high interest rate environment, low interest rate environments, fad investments, increasing scrutiny by regulators, the rise of fee-based investment advice, etc. In short, they have dealt with all of the issues that you have faced and are currently facing in your business.

Members of the management team lean on their experience when enhancing the offering of C-PAS. Their experience led them to creating a proposal generation system for advisors to leverage when presenting recommendations to clients. Also, they used their experience to ensure that a dependable performance reporting package was in place that advisors could use with clients. Finally, they leveraged their years in the business when seeking an overlay manger for the platform and determining the approach that was going to be used for manager due diligence and portfolio construction. While the decision on manager due diligence and portfolio construction was an easy one due to the existence of the Investment Research Department, the choice on the overlay manager required more thought. Ultimately, Parametric was chosen primarily for their experience in tax aware investing and proprietary technology solutions. Activity in global investment markets combined with the prospect for higher tax rates on capital gains in the United States has created an environment that demands that advisors place more attention on after-tax - rather than pre-tax - returns. Studies produced and results tabulated by Parametric indicate that the tax alpha generated by their overlay management is real and significant (see http://www.parametricportfolio.com/downloads/Quantifying%20ISAM_white1.pdf and http://www.parametricportfolio.com/downloads/Q108_OverlayOne_Performance.pdf).