INDEPENDENT EMPLOYEE The Power of Control

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1 INDEPENDENT EMPLOYEE The Power of Control

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3 Control. As a financial advisor in a wirehouse environment, you may feel as if you have very little of it. But while gaining full control of your practice by going independent is compelling, the administrative challenges of running your own business may keep you from making the move. Our foundation is commitment to advisors and their clients. In our ongoing efforts to provide financial advisors with the customized support they need for a thriving practice, Raymond James created the Independent Employee Division. With this option, you get the best of both worlds: the freedom and control that come with being an independent advisor and the outstanding support and benefits of being an employee of a full-service firm. And at Raymond James, when we say full service, we don t just talk the talk. We put our commitment and resources to work to show you the Raymond James difference. Since our founding, we ve focused on people, not products. We treat advisors as our clients and respect their relationships with their clients. And we re committed to providing the extensive resources you d expect from any NYSE-member firm, within a regional-firm environment where the emphasis is on your needs. In fact, we boast a support associate to financial advisor ratio that surpasses most of our competitors, with more than 700 professionals in our technology area alone. Our commitment to advisors is the foundation of our business. It s a primary reason we have one of the lowest advisor turnover rates in the industry further proof that we keep the promises we make. If you re looking for a broker/dealer that understands you are its most important asset, you ve found us. Take some time to learn more about our independent employee model. I look forward to helping you get the control you want and the full-service support you need from a firm truly dedicated to your success. Dennis W. Zank President Raymond James & Associates, Inc. Contents Independent Employee Platform Financial Advisor Bill of Rights Services and Support Professional Growth Transition Support AdvisorChoice 1

4 The Power of Control When I was exploring options for the next phase of my career, the Raymond James Independent Employee Division stood out as a unique model that offered independence while addressing my concerns about the day-to-day difficulties of running a business. As an independent employee, I get independence without giving up the support and security that comes with being an employee it s the best of both worlds. Like many professional financial advisors, you re likely attracted to the idea of independence. The ability to make your own decisions about client relationships, staffing, location and more is compelling; the freedom from the constraints of a typical wirehouse environment is appealing. But as you ve thought about independence, you ve likely also considered the challenges of running your own firm from dealing with accounting and compliance issues to worrying about employee benefits and realize they can take away from your primary responsibility of providing investment services to clients. What if you could get the best of independence with the benefits of a full-service broker/dealer? By affiliating with Raymond James as an independent employee, you can. You own your business, control your client relationships and manage your expenses. You decide how to budget for operating costs such as rent, utilities, support staff salaries and marketing expenses. You drive your personal earnings with branch profitability. Meanwhile, you and your staff enjoy all the benefits of employee status. As an independent employee you re in control, without feeling controlled by the administrative burdens typically associated with independence. It s an innovative approach to taking charge of your future. It s the power of control you ll get with Raymond James. 2

5 Are You a Good Match for Raymond James? The Raymond James independent employee option is for you if you value freedom and have the drive and discipline to independently manage your practice, but prefer to focus on clients rather than the administrative challenges of running a business. $100 billion Assets in accounts under control In turn, Raymond James provides the full-service resources necessary to support your growth within a framework that respects your professionalism. That s why we don t offer incentives or set quotas for any products. The Independent Employee at Raymond James Qualifications A minimum of three years experience and $500,000 or higher in annual fee and commission revenues is a prerequisite for joining our firm as an independent employee advisor. Staffing and Office Management You determine the staff you need, while benefiting from the expertise of our Human Resources Department for all personnel issues, including hiring, training and ongoing support of branch associates. Resources You enjoy full access to all Raymond James products and services without pressure to promote proprietary investments. See pages 5 8 for details about the strength of our commitment and the caliber of our resources. I N D E P E N D E N T E M P L OY E E Technology Our comprehensive Webbased technology platform is provided for your use. This gives you the ability to work from your office or when you re on the road. You ll stay fully informed about the details of your business which means you can better serve your clients. Benefits Since you affiliate with Raymond James as an employee, you can take advantage of quality health and life insurance, employee stock ownership, profit sharing and incentive stock option plans. Location With independence comes freedom. You know what your practice needs to reach full success, so you choose how and where your office is set up. Depending on your needs, we are available to provide facilities assistance, including helping you locate office space, negotiate attractive lease terms, and oversee construction administration, design and space planning. Payout Options You receive payouts from 70% to 80%, according to business and production mix, with no ticket charges. In turn, you manage and control your practice s expenses. Whether you conduct your business as a traditional transactional broker or as a comprehensive financial planner, whether you charge commissions or use a fee-based approach Raymond James is here to help your business reach new levels of success. 3

6 The Perfect Fit for Your Career Raymond James gives me the independence I want and the resources I need for my clients and for my own personal success. I can offer the best investment resources and most customized solutions and I can invest in my future, thanks to the firm s generous retirement savings, deferred compensation and equity participation plans. At Raymond James, we never forget that you are our client. No other firm is so focused on your success. No other firm can give you more control of your life and your career. No other firm can deliver this kind of responsive, full-service support. Raymond James compensation competes favorably with any firm in the industry, but our commitment to your success goes far beyond. We believe your success is built on your expertise and ability to build strong relationships with clients and that your professionalism deserves to be recognized, not compromised with product pushes, account size restrictions and ticket charges. When you have the freedom to focus on the needs of your clients, your business grows. When you affiliate with us, you get the power to reach new levels of success. You get it all. The resources of a respected NYSE-member firm to help you grow your business. A variety of client accounts. A complete range of banking and trust services. Direct access to more than 3,400 on-call professionals, an award-winning research team, and a knowledgeable and engaged technology support staff. At Raymond James, we trust you to determine the best course of action for your business. We trust you to create investment plans that will meet your clients financial goals and help their dreams come true. Our strong commitment to professionals like you led to creation of the firm s Financial Advisor Bill of Rights. F I N A N C I A L A D V I S O R B I L L O F R I G H T S F I N A N C I A L A D V I S O R B I L L O F R I G H T S You own your client base, including the right to sell it. You develop and operate your practice with our assistance, not constraints. You re free to work with any retail client, while respecting existing Raymond James client relationships. You have access to world-class resources within a regional firm environment that puts the focus on you. You can count on our financial strength to support your business, even when the marketplace is challenging. You benefit from the stability of our firm, a subsidiary of an independent, public company traded on the New York Stock Exchange. You are never influenced to do anything that s not in your clients best interests no sales quotas, account size restrictions, product pushes or ticket charges designed to influence your decisions. You re entitled to enthusiastic support from associates throughout the Raymond James family. You will be fairly compensated, and can expect a consistent pay schedule without haircuts on insurance and annuities or holdbacks on dealer allowances.

7 Services and Support We re a service organization. Keeping our financial advisors satisfied is the only way our firm can prosper; exceeding your expectations is the only way we can thrive. With Raymond James, you enjoy powerful advantages. You get technology that rivals or surpasses the top NYSE-member firms. You get powerful business-building tools like Business Analyzer to assist with practice management. And you get our people: an experienced, responsive team of support personnel that free you from hassles and headaches. 1,000 Number of employee advisors 3,400 Number of home office associates Technology Raymond James provides technology solutions that streamline your workday and serve your clients proficiently. Our Web-based account management system, Advisor s Resource, gives you access to client accounts and Raymond James systems whether you re in the office, at home or on the road. Our comprehensive intranet site gives you easy access to extensive resources. And your clients receive the benefits of our technology, too. Our secure Investor Access system lets them view real-time account information and to trade online. You can even link to this system through your own customized Web site it s a great way to make sure you remain at the center of your client relationships. Unmatched Investment Resources At Raymond James, all investment products whether internal or external must stand on their own merit. We don t push specific alternatives or services. We simply provide a comprehensive offering so you have the full resources you need to appropriately by manage your clients accounts. Award-Winning Research We do more than give you online access to respected fundamental and technical research from internal and external sources we set your business apart by providing you with research on more than 600 U.S. companies from our own team of 41 nationally recognized equity research analysts. This is a powerful advantage you can offer your clients. For example, Raymond James ranked first in a recent study conducted by a Pennsylvania State University professor of finance that measured investment returns on recommended stocks from 26 leading brokerage firms over the 10-year period ending December 31, And six Raymond James analysts ranked in the top five for their coverage industries in the Wall Street Journal s 1 annual Best on the Street survey for 2005, with the firm placing seventh overall. 1 The Wall Street Journal does not sponsor, endorse or approve the investment programs of Raymond James & Associates or its parent, subsidiaries or affiliates. Past performance does not guarantee future results. 5

8 44 years Experience in the financial services business Mutual Fund Expertise Choose from more than 9,000 mutual funds and benefit from our pioneering, forward-looking mutual fund research, timely information and educational materials. The service specialists in our Mutual Fund Department respond to due diligence questions, answer networking and operations issues, and coordinate marketing trips to mutual fund companies. Professional Asset Management Our team of carefully screened portfolio managers is an invaluable resource, helping you develop an asset management program that exactly fits your clients needs. Raymond James Consulting Services provides access to approximately 40 carefully selected money managers outside the Raymond James family, offering 60 investment portfolios that go beyond absolute returns to examine the active risks related to managers. The result is institutional-level research that includes proposals that are created specifically for your clients and delivered when you need them. Financial Planning Provide your clients with an impressive range of services and strategies from our Financial and Retirement Services Team. This consulting group of professionals is dedicated to providing guidance regarding financial, estate and retirement planning. You get consulting support for all types of retirement plans, from individual to corporate. Legal Information Raymond James provides another service that s popular with advisors: answers to legal questions. You have access to the Attorney of the Day who can answer questions related to general client issues. Your In-House Ad Agency When it comes to building your practice, you deserve more than cookie-cutter marketing tools. That s why Raymond James brings together a team of professionals who have solid expertise in marketing, who understand the nuances of the financial services industry, and who have experience helping advisors meet the challenges of today s competitive environment. You have unique needs. Your business demands individual attention. Whether you need customized newsletters, a new Web site or a full-blown marketing campaign, Raymond James Marketing provides expert resources to meet your needs in a manner that s timely and cost-effective. 6

9 Professional Growth We recognize that ongoing education is critical to long-term professional success. In fact, we re the only firm in the industry that considers professional designations and continuing education along with production in determining who is eligible for our recognition programs. And we provide a range of internal opportunities, such as the Raymond James Institute of Finance and the popular School of Life, which offer courses and certification in a variety of disciplines. Educational Conferences The Raymond James & Associates Summer Development Conference, held annually in Florida, combines professional and personal growth sessions with a variety of recreational activities designed for the whole family. This conference, which encourages advisors to expand industry knowledge and develop lasting relationships with peers, grew out of our dedication to encouraging balance between life and work. The Raymond James Network for Women Advisors A unique opportunity exists for female financial advisors to connect with the firm s management team, industry experts and peers through the Raymond James Network for Women Advisors, which holds an annual Women s Symposium. The threeday event brings together female advisors for professional development, educational and networking opportunities. This is an opportunity for you to discover the easy-to-access tools that are designed to assist you in managing, marketing and growing your practice. My ongoing development as an advisor is important both to me and my clients. It not only helps to ensure their success, but their continued trust in me. And, with Raymond James, staying on top of new products and services, as well as innovative financial planning and investment strategies, is incredibly convenient. More Ways to Learn A great way to stay sharp is to listen to AudioFile, a professionally-produced CD that features monthly product announcements, marketing programs, research analyst interviews and success stories from your peers. And Raymond James e-learning makes it possible for you and your staff to participate in a broad array of classes from the comfort

10 Independence and support: It s a powerful combination that is the foundation of your ongoing success. Transition Support When you join Raymond James, we re there for you every step of the way as you make your transition. You ll work closely with dedicated support specialists in registration, operations, technology, marketing, compliance and advisory. You ll get a complete understanding of our procedures. You ll get help transferring accounts and assistance processing business. Our transition management team also acts as a liaison between you and the Raymond James home office to make your move as easy as possible. Right from the start, you ll see that Raymond James puts your needs first. AdvisorChoice SM The Independent Employee Division of Raymond James is one component of AdvisorChoice, a revolutionary spectrum of affiliation options that lets you build your practice your way. With AdvisorChoice, you control your professional destiny. You choose the structure of your relationship with us. This fresh approach matches your desires and abilities with the very best that Raymond James has to offer. You can change your affiliation platform as your business evolves, preserving a consistent image and making the most of our proficient, well-trained and service-focused home office associates. Different by Design With the resources of a national firm, Raymond James gives you the freedom to run your own business within a supportive culture that treats you as our client. We ve created an environment in which financial advisors can reach new levels of success. Discover something different at Raymond James a flourishing organization that s dedicated to you. No other firm does more to help you reach all of your goals. Call us today at Choose the kind of business model that s best for you. Choose the financial solutions that are best for your clients. + Experience the power of control at Raymond James. 8

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12 International Headquarters: The Raymond James Financial Center 880 Carillon Parkway I St. Petersburg, FL I I advisorchoice.com/ie 2006 Raymond James & Associates, Inc. # K/DS 05/06