Providing sophisticated resources and support to

independent investment consultants

CALLAN
INDEPENDENT
ADVISER
GROUP

Callan Associates • Knowledge for Investors

 Callan Independent Adviser Group
Callan’s Independent Adviser Group (IAG) serves a select number of investment consulting organizations by
leveraging Callan’s unparalleled resources and industry experience on their behalf.

Founded more than 35 years ago, Callan Associates is an established leader in manager research, capital markets
research, fiduciary training and education, and performance evaluation. Our professionals are recognized
throughout the industry for their experience and expertise. Our proprietary consulting tools and databases have
set industry standards.

We have synthesized these extensive consulting resources into a comprehensive set of services for the
independent investment consultant. We work closely with our clients to ensure that they are effectively utilizing
our services to build and maintain high quality, client-centered investment consulting practices.

Who Are Callan IAG Members?

Clients of Callan’s Independent Adviser Group, known as “IAG Members,” are investment consulting firms that
focus on middle market investors (typically those with $5 million to $150 million in assets); they serve high net
worth individuals, family offices, endowments, foundations and retirement plans. IAG Member Firms are objective,
experienced and provide fee-based investment consulting services.

IAG Members include some of the most established and successful middle market investment consulting firms in
the industry. They range from regional consulting organizations to the investment advisory practices of national
financial services organizations.

Callan Associates • Knowledge for Investors

IAG Membership
Provides Access to a Wide Range of Consulting Support Services

To help you serve your clients effectively and efficiently, we provide access to:

Capital Market To start the strategic planning process, sound capital market assumptions are crucial. Our
Research capital market research includes expected returns, standard deviations and correlation
coefficients for all major asset classes.

Asset AssetMax is Callan Associates’ Windows™ based mean variance optimization and Monte
Optimization and Carlo modeling application. AssetMax was designed to assist with determining optimal
Monte Carlo asset allocation strategies and with understanding the trade-off between investment risk
Software and return. Based on either Callan’s capital market projections or user defined projections,
AssetMax clearly illustrates the potential range of returns, market values and spending
policy outcomes associated with various asset mixes.

Callan’s Middle Callan’s Middle Market Matrix (MAX) is an open architecture manager research platform.
Market Matrix It currently covers approximately 80 separate account managers and about 150 mutual
funds that have passed our rigorous manager search and due diligence process. MAX
enables you to provide your middle market clientele with access to institutional quality
investment managers and custodians that were previously unavailable due to high
minimums and fees. Investment products on MAX are categorized by investment style and
are under periodic review by our consulting teams.

Unified Managed The Callan Unified Managed Account (UMA) Program is a flexible total investment
Accounts management consulting solution. Subject to the same due diligence process as the broader
MAX platform, our Callan UMA Program allows the adviser to efficiently address asset
allocation, manager structure and selection, rebalancing, tax management overlay,
performance reporting and back office monitoring.

Alternative The IAG recognizes the need for institutional caliber alternative investment solutions. In
Investments collaboration with Callan’s Alternative Research Group, the IAG constructs a focus list of
Research institutional hedge fund-of-funds products and direct real estate solutions. IAG Member
Firms draw on this research list to use with their qualified or accredited investor clients.

Performance Our performance report solutions allow you to provide your clients with standard or
Report Solutions customized performance reports that range from basic to very comprehensive. Multiple
levels of asset allocation review, investment manager analysis and comparative results are
available.
OpCenter IAG’s password protected internet site, the OpCenter, allows you to access most of IAG’s
service offerings. IAG Members can access up-to-date communications and detailed profiles
of MAX and UMA managers or funds. Furthermore, members can select from an extensive
list of mutual funds to create their own mutual fund performance report or they can access
client-specific performance reports. You can also browse through our web portal for a
comprehensive collection of research and presentation templates.

Performance Our proprietary performance analysis and evaluation software package, PEP, allows IAG
Evaluation Members to analyze and understand the performance and portfolio characteristic patterns of
Program (PEP) existing or prospective client portfolios. PEP is an industry-leading performance, risk, and
style analysis software application powered by an in-depth database of returns and holdings-
based characteristics on thousands of investment products, indices and comparative peer
groups.

Effective The IAG Consultant Communiqué and Callan Insights are online services that provide up-to-
Communications date news on the IAG, MAX, and UMA manager platforms, and the institutional investment
management community via e-mail. Both the IAG Consultant Communiqué and Callan
Insights are backed by the full research resources of Callan Associates.

Callan The Callan Investments Institute is recognized as one of the leading educational forums for
Investments the investments industry. Through published research, conferences and workshops, the
Institute Institute offers timely research and educational programs so our clients keep on top of
important trends.

Collaborative IAG Member Firms frequently engage our consulting team for detailed discussions on topics
Consulting such as strategic investment planning, sales guidance, manager or mutual fund insights,
Support performance evaluation and industry and market trends. Callan’s collaborative culture allows
the IAG Consulting Team to access Callan’s specialty consultants directly to address IAG
Member inquiries, thus providing important access to Callan Associates, an industry leader
and well resourced consulting firm.
 Bringing global knowledge
and objective guidance
to your critical investment decisions

The Benefits of IAG Membership

Receive the Highest Level of Support – Callan’s Independent Adviser Group is comprised of highly experienced,
knowledgeable and motivated investment consultants who are focused exclusively on serving IAG Member Firms
and their unique needs. The IAG consulting team possesses a diverse financial background and has an average
of more than 12 years of industry experience and 9 years with Callan Associates.

Access Comprehensive Research with a Broad Perspective – Our extensive collection of up-to-date research
has been carefully compiled to support the middle market consultant. IAG Member Firms are granted access to
the expertise and insights of Callan’s specialty consulting groups including: Global Manager Research, Capital
Markets, Private Equity, Hedge Fund-of-Funds, Real Estate and Defined Contribution.

Leverage Callan’s Industry Presence – Institutional quality investment management and custody services are
available through independent providers at significantly reduced fees and minimums.

Collaborate with Other Successful Middle Market Consultants – Tap the special skills and experiences of a
select roster of highly competent and objective middle market consulting firms. IAG Member Firms gather
annually at a Callan Associates sponsored conference to review industry trends, collaborate with Callan
professionals, and share ideas and experiences.

Reduce Overhead – By utilizing Callan’s deep resources, you can reduce your overhead and focus your efforts
on growing and maintaining your client base. Our service expands and streamlines important parts of your
business such as capital markets research, manager and mutual fund search, due diligence research, back office
operations and performance measurement and analysis.

Maintain Flexibility – Callan’s “open architecture” consulting philosophy ensures that you can use your clients’
existing investment managers and/or custodians when appropriate.

To learn more about Callan’s Independent Adviser Group services,

please contact us at 415.274.3014 or iag@callan.com
Callan Associates Inc.

Independent Adviser Group

101 California Street
Suite 3500
San Francisco, CA 94111
415.274.3014
iag@callan.com

Regional Consulting Offices

Atlanta
300 Galleria Parkway
Suite 950
Atlanta, GA 30339

Chicago
120 N. LaSalle Street
Suite 2100
Chicago, IL 60602

Denver
1660 Wynkoop Street
Suite 950
Denver, CO 80202

New Jersey
200 Park Avenue
Suite 230
Florham Park, NJ 07932

www.callan.com