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2015 IMCA Market Research - January 2015

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Presentation Slides

1) 2015 IMCA Market Research • Annual Membership Survey (conducted January 2015) 502 Responses

2) Membership

3) Net Promoter Score is a measure of how much customers value a product  or service based on their likelihood of promoting it to their peers. IMCA Net Promoter Score 45 39 40 35 35 30 25 21 20 14 15 10 5 5 ‐1 0 2010 2011 2012 2013 2014 2015 ‐5 Q4: How likely is it that you would recommend IMCA to a friend or colleague? (Scale 1‐10) 

4) “MyIMCA” is still most valuable member benefit in 2015 ‐‐edging out the Monitor and the Journal in top five Top Five most valued benefits by % who listed the benefit as "very valuable" 50% 45% 43% 43% 40% 38% 38% 36% 35% 35% 33% 30% 30% 29% 29% 25% 20% 15% 10% 5% 0% My IMCA Investments & Wealth Monitor Journal of Investment Consulting 2015 43% 38% 36% 33% 29% 2014 43% 38% 35% 30% 29% IMCA  Research Quarterly Bloomberg BusinessWeek

5) Discounts on conferences and certification fees are valued even  more than complimentary benefits like the Monitor and Journal Top Discounted Benefits by rating average (lower is better)  3.00 2.73   2.50 2.38  2.00  2.74  2.39  2.07   2.00 1.67  1.54  1.67  1.55   1.50 2015 2014  1.00  0.50  â€ Reduced conference registration Discounts on CIMA and CPWA Reduced fees for IMCA CE broadcasts Discounts on IMCA books and brochures Discounts on industry services (IPS AdvisorPro, Horsesmouth, etc.)

6) How members learned about IMCA has not changed substantially,  though the number who find us through the website grew last  year. How did you first learn about IMCA? Other (please specify) Advertisement IMCA Publication Social Media Site 8.2% 2.4% 2.0% 0.4% IMCA Website Direct Mail Communication 5.6% 0.6% Email Communication 1.2% Non‐IMCA Conference or Event 1.2% IMCA Conference or Event Supervisor/Manager 3.8% 19.9% Colleague/Friend 54.6% 2014 2015

7) Conferences

8) A high percentage of members consistently find IMCA  conferences superior to other conferences they attend. Percent of Members who rate IMCA conferences "Better" or "Much Better" than  other conferences they've attended 61% 59% 59% 59% 57% 2011 2012 2013 2014 2015 Q14: How would you compare IMCA conferences, overall, to other conferences you have attended?

9) Of the options given, members decide to attend an IMCA conference  primarily based on the content, cost, and CE offered.   In deciding which educational conferences to attend,  how influential do you find the following factors? % who answered "very" or "somewhat" influential 96% 89% 90% 86% 83% 72% 28% Program theme and topics covered Cost to register Number of continuing A top tier university education credits program partner offered (Wharton, Princeton, Chicago, Duke, Yale) Distance to travel Appeal of destination Opportunity to attend a conference in a foreign country

10) Education and Content

11) Eight out of 10 members would be interested in purchasing online CE courses  from IMCA .  How interested would you be in purchasing online continuing education courses  from IMCA if the courses could be completed entirely from your home or office  and earned up to 20 hours of continuing education credits? 3.6% 3.6% 11.0% Very interested Somewhat interested 47.7% Neutral Somewhat uninterested Very uninterested 34.1%

12) IMCA’s offerings in 2015 seem to be on target with member interests:  Advanced Investment Strategist curriculum, Summer Institute, and new online  applied behavioral finance course meet the top three topics of interest. Top Seven Topics of interest to IMCA members % who are "very" or "somewhat" interested 89% 89% 85% 84% 80% 80% 77% Managing Portfolio Risk Advanced Asset Allocation Behavioral Finance Post‐Modern Portfolio Theory International Investing Global Macro Economics Practice Management Ideas and Tools

13) Investment News is still the most‐read trade magazine by  members Top Five most‐read industry publications % who "receive this publication and often read it" 30% 26% 25% 22% 22% 20% 20% 19% Journal of Financial Planning Financial Planning 15% 10% 5% 0% Investment News Financial Advisor Investment Advisor

14) FundFire is still the most used online news source, followed by  InvestmentNews.com, which is predominantly used “on occasion” Top Must utilized online trade industry news resources % who are "aware of this resource and often use it" 35% 29% 30% 25% 22% 21% 20% 20% 16% 16% 15% 10% 13% 12% 9% 9% 7% 4% 5% 2% 1% 3% 1% 0% I am aware of this resource and I often use it I am aware of this resource and I use it on occasion

15) Outside of LinkedIn, social media use by members is largely  restricted.  Please tell us about your use of various I read postings and I use it to research My company does I read postings but I do not look at or social media tools. sometimes clients and not allow me to use never participate participate Percentage who participate prospects these tools Answered: LinkedIn 33% 32% 16% 14% 4% Facebook 24% 10% 3% 39% 24% Twitter 13% 16% 2% 46% 22% Expert Blogs 4% 30% 4% 45% 17%

16) Online investment advice tools, algorithms and platforms (also known as "robo-advisors") are proliferating. Which of the following statements do you agree with (choose as many as you wish)? Answer Options Response Percent Online investment tools are no threat to my personal business 36.9% Online investment tools are a complement to personal investment advisors and will help the business serve more people 41.8% Online investment tools will displace unproductive, low-end advisors but will not impact the best advisors 51.7% Online investment tools are only suited to low-net-worth clients 13.7% Younger clients are likely to use them in the future, but my current clients will not 29.2% They are a flash in the pan and will not last 3.6%

17) Demographics

18) Do you currently hold any of the following IMCA credentials  (check all that apply) 74% 79% 13% 11% CIMA 10% 7% CPWA I am a Candidate in the CIMA or CPWA program 2015 2014 4% 4% CIMC 9% 6% None of the Above

19) Do you currently hold any of the following non‐IMCA  credentials (check all that apply) 28% 25% 8% 6% 3% 3% CFP CPA 3% 2% AIF 4% 4% CAIA 2015 CFA 2014 1% 3% CLU 3% 4% ChFC 1% 1% CRC

20) Other Organizations IMCA members "belong" to Other (please specify) None/No other organizations APIC CFP Board FPA NAIFA SFSP AICPA FSI NAPFA 0.0% 10.0% 20.0% 2014 30.0% 2015 40.0% 50.0% 60.0% 70.0%

21) Firm Type IMCA Membership survey respondents, Wirehouse/Regional vs. Independent 70% 60% 50% 40% 30% 20% 10% 0% 2009 2010 2011 Nat. or regional B/D (employee) 2012 2013 2014 Indy RIA, B/D, or Dual Registered (Independent) 2015

22) Membership Tenure Please tell us how long you have been a member of IMCA. 11.3% 30.0% Less than one year 12.8% 1‐2 years 3‐5 years 14.1% 6‐10 years 31.7% 11+ years

23) Membership age Please tell us your age range. 1% 3% 13% 18% 20‐29 30‐39 40‐49 50‐59 60‐69 34% 70+ 32%

24) Members by Responsibility Due to multiple responsibilities, total exceeds 100% Advisor or consultant with individual or institutional clients 7% 6% Investment management wholesaler or service provider 4% 9% Management/executive in charge of advisors (branch manager, regional manager, etc.) Management/executive in charge of platform, product, service 7% 72% 14% Management/executive in consulting role to advisors Analyst for team or firm (little or no client contact) Client relationship support

25) 50% of IMCA members have at least some institutional clients Please tell us what type of client you serve 77.2% 50.3% 21.7% Individual (or families) Institutions (endowments, foundations, 401(k) plans, etc.) Advisors (intermediaries)