June 11, 2018

The Top 100 Women Financial AdvisorsAnnual Ranking,With 15 NewNamespage 13

How 3AdvisorsAre Solving KeyIssues for Clientspage 6

The NewAllureOf SustainableInvestingpage 18

Our No.1Advisor:Karen McDonald ofMorgan Stanley

S20 B A R RON ’ S June 11, 2018

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Moeder: Transferring the wealth for tax-efficiency reasons used to be the focus ofthe past, and don’t get me wrong, it’s stillimportant to our ultrahigh-net-worth clients.But more of the focus is now on the most ef-ficient way to do it ,while instilling the re-sponsibilities that come with that wealth.

What do you mean by responsible transferof wealth?

I work with a lot of first-generation wealthfamilies. And they’re looking for wayswhere that wealth is sustained and they cancreate a legacy.

Does that change what you offer?

It doesn’t change so much the vehicles thatwe utilize—trusts and limited liability com-panies. What it changes is more how theplanning is communicated to future genera-tions.

How has this played out with clients?

One particular family made a significantamount of wealth in real estate. A lot ofvery sophisticated planning was done increating trusts to transfer the wealth, butthe children were never really engaged inthe running of the business. The childrendidn’t really know the value of what thefamily wealth was. We worked reallyclosely with the matriarch and patriarch,first in helping them to consolidate it alland actually put down on paper everythingthey had. Then we helped them to pull to-gether a family meeting. It was a veryemotional discussion.

Why?

It was emotional because there were threesiblings and they all had a different view asto what their role should be going forwardif something were to happen to the matri-arch or the patriarch. They now have amuch clearer understanding of who is actu-ally going to run the business in the eventsomething were to happen.

Low interest rates make a lot of these vehi-cles for transferring wealth more attractive,right?

Yes. Usually the way they work is you areable to pass on the appreciation above a cer-tain hurdle rate. And that hurdle rate is tiedto interest rates, and when interest ratesare low, you’re able to potentially give moreaway, tax-free.

Is it possible to have an asset you can stillbenefit from during your life, even thoughyou’ve effectively given it away?

In a grantor retained annuity trust, or

Our No. 1 advisor,Karen McDonald,Morgan Stanley

Coverandthispage,BenedictEvans

GRAT, you receive a return, and anythingabove that is being transferred.

The law allows you to give away $15,000each year to each person. Do you recom-mend that?

Oh, yeah. For some of my clients, you maythink that’s an insignificant amount, but itcan really compound. We also talk to themabout paying for education as a gift for theirgrandchildren.

So you could be paying for a $70,000-a-year Harvard education, and it wouldn’t betaxable?

Right.

We have notable cases like Prince, whodidn’t have a will. Do you see this a lot?

I’ve only had a handful of situations [likethat] with my clients. Some find the processdaunting. And sometimes they end up doingnothing. I always try to help clients com-partmentalize. You can only make a decisiontoday, based on what you know and under-stand.

How often do you end up playing not justfinancial advisor, but also family coun-selor?

A lot. When it comes to things that are per-sonal and emotional, people don’t reallythink as clearly. Sometimes, our real role isto provide that objectivity and that claritybecause money can make people emotional.

What other things are you putting insidethese trusts?

One client has a diversified portfolio of equi-ties. But we have others with concentratedpositions. If you have a high-performingstock, you’ve now transferred that apprecia-tion.

You just mentioned concentrated posi-tions. What do you do to protect againstsomething that could impair the value ofthat asset?

In general, we do a lot hedging and riskmanagement around exposures. Many of ourclients accumulated their wealth by takingsignificant risk. When they look to us,they’re looking to us to help preserve andgrow.

Drawing down retirement savings is tricky,says financial advisor Debra Brede. Takeout too little and retirees can unnecessarilycramp their lifestyle. Take out too much andthey can run out of money.

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1. Karen McDonaldMorgan Stanley WM, Palo Alto2017 Rank: 1Client Types: Retail, HNW, UHNW,InstitutionalTeam Total Assets (mil): $58,797Typical Acct Size (mil): $3Typical Net Worth (mil): $10

2. Kimberlee OrthAmeriprise Financial, Wilmington2017 Rank: 3Client Types: Retail, HNW, UHNW,InstitutionalTeam Total Assets (mil): $2,378Typical Acct Size (mil): $5.16Typical Net Worth (mil): $13.04

3. Valerie NewellMariner Wealth Advisors-CincinnatiCincinnati2017 Rank: 4Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $2,841Typical Acct Size (mil): $3.4Typical Net Worth (mil): $7.5

4. Stephanie StiefelNeuberger BermanNew York2017 Rank: 5Client Types: HNW, UHNW,InstitutionalTeam Total Assets (mil): $2,136Typical Acct Size (mil): $15Typical Net Worth (mil): $45

5. Lori Van DusenLVWAdvisors, Pittsford, N.Y.2017 Rank: NClient Types: HNW, UHNW,Foundations, Endowments,InstitutionalTeam Total Assets (mil): $4,700Typical Acct Size (mil): $18Typical Net Worth (mil): $35

6. Shannon EuseyBeacon Pointe AdvisorsNewport Beach, Calif.2017 Rank: 6Client Types: Retail, HNW, UHNW,Foundations, EndowmentsTeam Total Assets (mil): $5,918Typical Acct Size (mil): $5Typical Net Worth (mil): $15

7. Susan KaplanKaplan Financial Svcs, Newton, Mass.2017 Rank: 7Client Types: HNW, UHNWTeam Total Assets (mil): $1,862Typical Acct Size (mil): $3.5Typical Net Worth (mil): $11

8. Elaine MeyersJ.P. Morgan Securities, San Francisco2017 Rank: 21Client Types: HNW, UHNWTeam Total Assets (mil): $2,800Typical Acct Size (mil): $50Typical Net Worth (mil): $300

9. Valerie HoutsMerrill Lynch WM, San Francisco2017 Rank: 15Client Types: HNW, UHNW,InstitutionalTeam Total Assets (mil): $22,080Typical Acct Size (mil): $50Typical Net Worth (mil): $750

10. Holly Newman KroftNeuberger Berman, New York2017 Rank: 9Client Types: HNW, UHNW,Foundations, EndowmentsTeam Total Assets (mil): $1,700Typical Acct Size (mil): $8Typical Net Worth (mil): $15

11. SoniaAttkissUBS Financial Svcs, New York2017 Rank: 22Client Types: HNW, UHNWTeam Total Assets (mil): $8,270Typical Acct Size (mil): $30Typical Net Worth (mil): $50

12. Dagny MaidmanFirst Republic Investment MgmtSan Francisco2017 Rank: 16Client Types: HNW, UHNWTeam Total Assets (mil): $1,950Typical Acct Size (mil): $50Typical Net Worth (mil): $75

13. Deborah MontapertoMorgan Stanley PWM, New York2017 Rank: 8Client Types: HNW, UHNW,FoundationsTeam Total Assets (mil): $14,118Typical Acct Size (mil): $50Typical Net Worth (mil): $100

14. Laila PencePence WM, Newport Beach, Calif.2017 Rank: 10Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $1,554Typical Acct Size (mil): $2Typical Net Worth (mil): $5

15. Virginia GuyNeuberger Berman, New York2017 Rank: 13Client Types: HNW, UHNWTeam Total Assets (mil): $1,204Typical Acct Size (mil): $5Typical Net Worth (mil): $15

16. Mary DeatherageMorgan Stanley PWM, Little Falls, N.J.2017 Rank: 11Client Types: HNW, UHNW,Foundations, InstitutionalTeam Total Assets (mil): $2,600Typical Acct Size (mil): $10Typical Net Worth (mil): $25

17. Shawn ParkerAmeriprise Financial, Schaumburg, Ill.2017 Rank: 14Client Types: Retail, HNW, UHNW,InstitutionalTeam Total Assets (mil): $2,200Typical Acct Size (mil): $2.5Typical Net Worth (mil): $5

18. Maureen RaihleMerrill Lynch PBIG, Chicago2017 Rank: 18Client Types: HNW, UHNWTeam Total Assets (mil): $1,660Typical Acct Size (mil): $20Typical Net Worth (mil): $50

19. AnnaWinderbaumMorgan Stanley PWMNew York2017 Rank: 23Client Types: HNW, UHNWTeam Total Assets (mil): $2,258Typical Acct Size (mil): $25Typical Net Worth (mil): $45

20. Alexandra FurhmannCIBCAtlantic Trust PWM, New York2017 Rank: NClient Types: HNW, UHNW, Founda-tions, InstitutionalTeam Total Assets (mil): $1,332Typical Acct Size (mil): $11Typical Net Worth (mil): $20

21. Cheryl YoungMorgan Stanley WM, Los Gatos, Calif.2017 Rank: 39Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $1,508Typical Acct Size (mil): $5Typical Net Worth (mil): $15

22. Gillian YuMorgan Stanley PWM, San Francisco2017 Rank: 25Client Types: UHNWTeam Total Assets (mil): $4,203Typical Acct Size (mil): $50Typical Net Worth (mil): $100

23. Inna KellyMorgan Stanley WM, San Francisco2017 Rank: 43Client Types: HNW, UHNW,InstitutionalTeam Total Assets (mil): $1,303Typical Acct Size (mil): $20Typical Net Worth (mil): $30

24. Gail ReidAmeriprise Financial, Glendale, Calif.2017 Rank: 60Client Types: Retail, HNW,FoundationsTeam Total Assets (mil): $1,449Typical Acct Size (mil): $2.5Typical Net Worth (mil): $4

25. Louise LaneWilliam Blair & Co., Chicago2017 Rank: 83Client Types: Retail, HNW, UHNW,FoundationsTeam Total Assets (mil): $1,069Typical Acct Size (mil): $2Typical Net Worth (mil): $6

26. Sharon OberlanderMerrill Lynch WM, Chicago2017 Rank: 24Client Types: HNW, UHNWTeam Total Assets (mil): $1,175Typical Acct Size (mil): $5.7Typical Net Worth (mil): $12

27. Jeanie WyattSouth Texas Money MgmtSanAntonio2017 Rank: 27Client Types: Retail, HNW, UHNW,FoundationsTeam Total Assets (mil): $3,372Typical Acct Size (mil): $1.07Typical Net Worth (mil): $7.43

28. Geri PellAmeriprise Financial, Rye Brook, N.Y.2017 Rank: 32Client Types: Retail, HNW, UHNW,FoundationsTeam Total Assets (mil): $1,355Typical Acct Size (mil): $2.27Typical Net Worth (mil): $5.1

29. Debbie JorgensenMerrill Lynch WM, San Francisco2017 Rank: 30Client Types: HNW, UHNW,Foundations, EndowmentsTeam Total Assets (mil): $1,565Typical Acct Size (mil): $30Typical Net Worth (mil): $65

30. Mary MullinMerrill Lynch WM, Boston2017 Rank: 31Client Types: HNW, UHNWTeam Total Assets (mil): $1,896Typical Acct Size (mil): $5Typical Net Worth (mil): $12

31. Emily RubinUBS Financial Svcs, New York2017 Rank: 29Client Types: HNW, UHNWTeam Total Assets (mil): $1,330Typical Acct Size (mil): $10Typical Net Worth (mil): $15

32. DebWetherbyWetherbyAsset Mgmt, San Francisco2017 Rank: 19Client Types: HNW, UHNWTeam Total Assets (mil): $4,870Typical Acct Size (mil): $25.57Typical Net Worth (mil): $40

33. Patti BrennanKey Financial, West Chester, Pa.2017 Rank: 46Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $915Typical Acct Size (mil): $1Typical Net Worth (mil): $2.5

34. Linda StephansMorgan Stanley Graystone, Chicago2017 Rank: 35Client Types: HNW, UHNW,Foundations, EndowmentsTeam Total Assets (mil): $7,505Typical Acct Size (mil): $150Typical Net Worth (mil): $100

The Top 100WomenAdvisorsHere are America’s top women financial advisors, as identified by Barron’s. The ranking reflects the volume of assets overseen by the advisors and their teams, revenues generated for the firms, and the qualityof the advisors’ practices. The scoring system assigns a top score of 100 and rates the rest by comparing them with the top-ranked advisor. A ranking of “N” indicates the advisor was not ranked in the specifiedyear. HNW=high net worth; UHNW=ultrahigh net worth.

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S6 B A R RON ’ S June 11, 2018

That means they’re not going to make thesame returns.

They’re going to give up some upside. Butmost of our clients don’t need 20% a year.

What do you suggest besides typicalstocks and bonds?

Fortunately, there are alternatives in themarketplace, like structured CDs and vari-able annuities with guaranteed income. Wecan create pseudo pension plans for people.

What are structured CDs?

It’s a hybrid CD that is designed to give

you some of the upside of the market with-out losing your principal. Instead of the in-terest rate tied to the bond market, it’s tiedto a growth market. One type is capped at8.5% a year, but as long as the market goesup at least 2%, you get the 8.5%. If the mar-ket goes down, you get nothing.

If it went down, you still wouldn’t lose yourprincipal?

Never. They’re FDIC-insured.

Is 60% stocks and 40% bonds still not abad mix?

To be honest, we prefer a 70/30 mix. We use

Alyssa MoederMerrill Lynch

of different kinds of assets. The key in un-certain moments like this is to avoid upset-ting that balance out of fear.“More than ever, it’s important to diver-

sify,” says McDonald. “We don’t want peoplelooking at a one-year, two-year, or three-year term, but at seven, 10, or 15 years.”

Three Views From The TopOur 100 Top Women Advisors each havedistinct investment approaches andviews on the market’s outlook.Interviews by Neal Templin

The key to surviving stock market crashesisn’t fleeing stocks, financial advisor Marga-ret Starner says. Starner, whose team man-ages $1.1 billion for Raymond James inCoral Gables, Fla., says that her clientsstayed in stocks during the 2008-09 marketcarnage because they had enough cash towait it out. She’s following the same basicgame plan today, with a few tweaks.

Barron’s: Right now, we have a strongeconomy and a strong market. Shouldinvestors be elated or worried?

Starner: Investors should always be worried.There’s never a guarantee in the market inthe short term. The market has been ex-panding for 10 years. You know there is go-ing to be a correction.

There are periods when you can be moreworried than others.

The way I look at is you have a strategythat anything can happen anytime. Whatyou don’t want to ever be is at the mercy ofthe market going up or down. The only wayto do that is to have cash. We always makesure there is at least two years of cash forclients.

That is for someone who is retired?

For anyone who needs income from theportfolio.

Did the 2008-09 market meltdown shapehow you approach things now?

I wouldn’t say it shaped my thinking. Ithas shaped the emotions of many of our cli-ents who were approaching retirement.They were about 50 to 55 years old whenthat occurred, and all of a sudden they lost40% of their portfolio. And even though itall came back, what we hear from our cli-ents is, “We can’t go through that again. Ineed to find a way to meet our goals with-out taking that kind of risk.”A

ndyRyan

a 60/40 for people who are nervous. But ifthey’re not nervous, I’m going to 70/30 ormaybe 80/20.

During the 2008-09 recession, you said alot investors looked in the abyss, and itwas very painful.

Very painful.

When you talked to people, you told themto not do anything crazy and hang on, andthings will come back?

Yep. We had one lady where it wasn’tenough for me to say, “Things will be OK.”So we sold $50,000 worth of securities. Sheneeded a release valve. But her net worthwas such that it didn’t matter.

Stocks have come roaring back, but at thetime it wasn’t clear.

Let me tell you. It’s never clear. Remember,investing is climbing on walls of worry. Iworry when the market is high. I worrywhen the market is down.

You’re using different tricks, but broadlyspeaking, have you changed over three-plus decades in this business?

I haven’t really changed that much. The in-formation we get has improved over theyears. We can do a better job today of de-signing the portfolio for the clients’ risk tol-erances and still deliver the returns they’relooking for.

We’re in a situation today where the mar-ket is pretty high.

There is no way we can avoid the downturn.It’s a little bit like living in Miami. We can-not avoid a hurricane. But I can have hurri-cane-proof windows. I can have a generator.It’s the same thing with these portfolios.You cannot avoid the downturn. We’re goingto have damage. What you need is enoughcash to survive.

Avoiding taxes isn’t the only worry when itcomes to transferring wealth to the nextgeneration, financial planner Alyssa Moedersays. Moeder, whose team at Merrill LynchPrivate Banking & Investment Group over-sees $6 billion in assets, spends a lot of timemaking sure heirs are prepared to inherit,while trying to head off family disputes andmisunderstandings.

Barron’s: Is wealth transfer a big concernfor your clients?

June 11, 2018 B A R RON ’ S S15

35. Kristina Van LiewMorgan Stanley Graystone, Chicago2017 Rank: 34Client Types: HNW, UHNW,Foundations, EndowmentsTeam Total Assets (mil): $7,505Typical Acct Size (mil): $150Typical Net Worth (mil): $100

36. Deborah HowardMerrill Lynch WM,Atlanta2017 Rank: 37Client Types: Retail, HNW, UHNW,Foundations, Endowments, InstitutionalTeam Total Assets (mil): $77,775Typical Acct Size (mil): $5,170Typical Net Worth (mil): $8,000

37. Margaret StarnerRaymond James, Coral Gables, Fla.2017 Rank: 26Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $1,055Typical Acct Size (mil): $5Typical Net Worth (mil): $7

38. Christiane OlsenUBS Financial Svcs, New York2017 Rank: 94Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $4,843Typical Acct Size (mil): $7Typical Net Worth (mil): $12

39. Lisa ReedNeuberger BermanAdvisers, LosAngeles2017 Rank: NClient Types: HNW, UHNWTeam Total Assets (mil): $810Typical Acct Size (mil): $7Typical Net Worth (mil): $10

40. Louise GundersonUBS Financial Svcs, New York2017 Rank: 38Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $825Typical Acct Size (mil): $4.5Typical Net Worth (mil): $12.5

41. Emily Van HoorickxUBS Financial Svcs, San Jose, Calif.2017 Rank: 40Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $6,254Typical Acct Size (mil): $2Typical Net Worth (mil): $10

42. Debra BredeD.K. Brede Investment MgmtNeedham, Mass.2017 Rank: 45Client Types: Retail, HNW, UHNW,InstitutionalTeam Total Assets (mil): $895Typical Acct Size (mil): $2Typical Net Worth (mil): $3.5

43. Susan KingsolverMorgan Stanley PWM, New York2017 Rank: 47Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $1,120Typical Acct Size (mil): $20Typical Net Worth (mil): $75

44. Jacqueline WillensUBS Financial Svcs, New York2017 Rank: 36Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $893Typical Acct Size (mil): $5Typical Net Worth (mil): $10

45. Christina BoydMerrill Lynch WM, Wayzata, Minn.2017 Rank: 33Client Types: Retail, HNW,UHNW, InstitutionalTeam Total Assets (mil): $1,214Typical Acct Size (mil): $6Typical Net Worth (mil): $15

46. Shari BurnsUnited Capital Seattle, Seattle2017 Rank: 41Client Types: HNW, UHNW,FoundationsTeam Total Assets (mil): $1,850Typical Acct Size (mil): $6.47Typical Net Worth (mil): $8.8

47. DeeAnn SchedlerCIBCAtlantic Trust PWMWashington, D.C.2017 Rank: NClient Types: HNW, UHNW,InstitutionalTeam Total Assets (mil): $1,968Typical Acct Size (mil): $10Typical Net Worth (mil): $12

48. Elizabeth WeikesJ.P. Morgan Securities, New York2017 Rank: NClient Types: Retail, HNW, UHNWTeam Total Assets (mil): $2,380Typical Acct Size (mil): $10Typical Net Worth (mil): $25

49. Alyssa MoederMerrill Lynch PBIG, New York2017 Rank: 51Client Types: HNW, UHNW,EndowmentsTeam Total Assets (mil): $6,008Typical Acct Size (mil): $25Typical Net Worth (mil): $100

50. Renee FourcadeUBS Financial Svcs, LosAngeles2017 Rank: 77Client Types: Retail, HNW, UHNW,InstitutionalTeam Total Assets (mil): $4,096Typical Acct Size (mil): $10Typical Net Worth (mil): $5

51. Tracey GluckJ.P. Morgan Securities, LosAngeles2017 Rank: 71Client Types: HNW, UHNW,FoundationsTeam Total Assets (mil): $985Typical Acct Size (mil): $10Typical Net Worth (mil): $25

52. Kimberly DwyerCIBCAtlantic Trust PWM, Boston2017 Rank: NClient Types: HNW, UHNW,InstitutionalTeam Total Assets (mil): $7,449Typical Acct Size (mil): $17Typical Net Worth (mil): $50

53. Charla McIntyre FieldsAmeriprise Financial, Hurst, Texas2017 Rank: 76Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $1,306Typical Acct Size (mil): $1.5Typical Net Worth (mil): $4

54. Kathleen RoeserMorgan Stanley WM, Chicago2017 Rank: 42Client Types: HNW, UHNW,Foundations, InstitutionalTeam Total Assets (mil): $1,087Typical Acct Size (mil): $8Typical Net Worth (mil): $15

55. Jennifer MarcontellEdward Jones, Baytown, Texas2017 Rank: 73Client Types: Retail, HNWTeam Total Assets (mil): $1,052Typical Acct Size (mil): $2.05Typical Net Worth (mil): $3.06

56. Trudy HaussmannSecurities America, Lake Forest, Calif.2017 Rank: 50Client Types: Retail, HNWTeam Total Assets (mil): $1,081Typical Acct Size (mil): $0.7Typical Net Worth (mil): $1.5

57. Cheryl HollandAbacus Planning GroupColumbia, S.C.2017 Rank: 52Client Types: HNW, UHNWTeam Total Assets (mil): $1,056Typical Acct Size (mil): $4.57Typical Net Worth (mil): $8.92

58. Lisa DetannaRaymond James, Beverly Hills, Calif.2017 Rank: 80Client Types: Retail, HNW, UHNW,Foundations, InstitutionalTeam Total Assets (mil): $2,937Typical Acct Size (mil): $5Typical Net Worth (mil): $7

59. Teresa JacobsenUBS Financial Svcs, Stamford, Conn.2017 Rank: 67Client Types: HNW, UHNW, Founda-tions, Endowments, InstitutionalTeam Total Assets (mil): $853Typical Acct Size (mil): $11.5Typical Net Worth (mil): $20

60. Linnell SullivanMerrill Lynch WM, Cincinnati2017 Rank: 57Client Types: HNW, UHNWTeam Total Assets (mil): $1,035Typical Acct Size (mil): $5Typical Net Worth (mil): $10

61. Leslie LauerUBS Financial Svcs, Atlanta2017 Rank: 78Client Types: HNW, UHNW,InstitutionalTeam Total Assets (mil): $2,975Typical Acct Size (mil): $22Typical Net Worth (mil): $40

62. Diane CompardoMoneta Group, Clayton, Mo.2017 Rank: 65Client Types: HNW, UHNWTeam Total Assets (mil): $1,091Typical Acct Size (mil): $12Typical Net Worth (mil): $17

63. Ann Marie EterginoRBCWM, Chevy Chase, Md.2017 Rank: 62Client Types: Retail, HNW, UHNW,Foundations, Endowments,InstitutionalTeam Total Assets (mil): $1,099Typical Acct Size (mil): $7Typical Net Worth (mil): $15

THE MORE YOU KNOW,THE MOREWEMAKE SENSE.

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June 11, 2018 B A R RON ’ S S5

Congratulations to the Merrill Lynchadvisors on Barron’s “Top 100 WomenFinancial Advisors” list.

And thank you to all our advisors forproviding so many clients with the adviceand guidance they need to pursue theirgoals at every stage of their financial life.

Investing involves risk including possible loss of principal.

Source: Barron’s “Top 100 Women Financial Advisors” list, June 11, 2018. Advisors considered for the “America’s Top 100 Women Financial Advisors” list ranking have a minimum of seven years financial services experience andhave been employed at their current firm for at least one year. Quantitative and qualitative measures used to determine the advisor rankings include client assets, return on assets, client satisfaction/retention, compliance recordsand community involvement, among others. Barron’s does not receive compensation from advisors, participating firms and their affiliates, or the media in exchange for rankings. Barron’s is a trademark of Dow Jones & Company,Inc. All rights reserved. Rankings and recognition from Barron’s are no guarantee of future investment success and do not ensure that a current or prospective client will experience a higher level of performance results and suchrankings should not be construed as an endorsement of the advisor.Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated,a registered broker-dealer and Member SIPC, and other subsidiaries of Bank of America Corporation.

Investment products:

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value© 2018 Bank of America Corporation. All rights reserved. | ARS3SWFR | AD-04-18-0454 | 05/2018

We think our advisors are among the best inthe business. Apparently, Barron’s agrees.

Connect with one of our talented advisors today. ML.com I 888.339.9417 I @MerrillLynch

S16 B A R RON ’ S June 11, 2018

64. Faith XenosSinger Xenos Schechter Sosler WMCoral Gables, Fla.2017 Rank: 54Client Types: Retail, HNW, UHNW,Foundations, EndowmentsTeam Total Assets (mil): $1,520Typical Acct Size (mil): $3Typical Net Worth (mil): $8.5

65. Robin ReichMerrill Lynch WM, New York2017 Rank: 56Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $1,295Typical Acct Size (mil): $2.5Typical Net Worth (mil): $10

66. Soo KimAmeriprise Financial, Vienna, Va.2017 Rank: 53Client Types: Retail, HNWTeam Total Assets (mil): $1,323Typical Acct Size (mil): $1Typical Net Worth (mil): $2

67. Barbara BruserFirst Republic Investment MgmtLosAngeles2017 Rank: 28Client Types: HNW, UHNWTeam Total Assets (mil): $977Typical Acct Size (mil): $2Typical Net Worth (mil): $5

68. ElizabethArmitageMerrill Lynch WM, Cincinnati2017 Rank: NClient Types: Retail, HNW, UHNW,InstitutionalTeam Total Assets (mil): $2,595Typical Acct Size (mil): $1.5Typical Net Worth (mil): $5.56

69. Kathleen MaloneWells FargoAdvisors, Charlotte, N.C.2017 Rank: 66Client Types: HNW, UHNWTeam Total Assets (mil): $2,321Typical Acct Size (mil): $7Typical Net Worth (mil): $12

70. Marie VanerianMerrill Lynch WM, Troy, Mich.2017 Rank: 64Client Types: Retail, HNW, UHNW,Endowments, InstitutionalTeam Total Assets (mil): $1,264Typical Acct Size (mil): $20Typical Net Worth (mil): $20

71. Sharon SagerUBS Financial Svcs, New York2017 Rank: 75Client Types: HNW, UHNW,Foundations, Endowments, InstitutionalTeam Total Assets (mil): $1,081Typical Acct Size (mil): $50Typical Net Worth (mil): $50

72. Judy FredricksonUBS Financial Svcs, Minneapolis2017 Rank: 61Client Types: HNW, UHNWTeam Total Assets (mil): $1,492Typical Acct Size (mil): $12Typical Net Worth (mil): $25

73. Donna Di IanniMerrill Lynch WM,Aspen, Colo.2017 Rank: 59Client Types: HNW, UHNW,FoundationsTeam Total Assets (mil): $872Typical Acct Size (mil): $8Typical Net Worth (mil): $20

74. Jean GannonUBS Financial Svcs, Palo Alto2017 Rank: 72Client Types: UHNWTeam Total Assets (mil): $2,242Typical Acct Size (mil): $75Typical Net Worth (mil): $154

75. Anouchka BalogMorgan Stanley WMLaguna Niguel, Calif.2017 Rank: 58Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $618Typical Acct Size (mil): $5Typical Net Worth (mil): $10

76. VanessaAndersonUBS Financial Svcs, Palo Alto2017 Rank: 69Client Types: UHNWTeam Total Assets (mil): $2,242Typical Acct Size (mil): $75Typical Net Worth (mil): $154

77. Judith McGeeRaymond James, Portland, Ore.2017 Rank: 79Client Types: Retail, HNW,InstitutionalTeam Total Assets (mil): $575Typical Acct Size (mil): $1Typical Net Worth (mil): $3

78. Jana ShouldersMariner Wealth Advisors, Tulsa, Okla.2017 Rank: NClient Types: Retail, HNW, UHNWTeam Total Assets (mil): $2,507Typical Acct Size (mil): $6Typical Net Worth (mil): $9

79. Kim Ciccarelli KantorCiccarelli Advisory Svcs, Naples, Fla.2017 Rank: 70Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $1,759Typical Acct Size (mil): $4Typical Net Worth (mil): $7

80. Emily BachMorgan Stanley WM, Orinda, Calif.2017 Rank: 89Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $1,067Typical Acct Size (mil): $4Typical Net Worth (mil): $6

81. LouiseArmourJ.P. Morgan SecuritiesPalm Beach Gardens, Fla.2017 Rank: 81Client Types: HNW, UHNW,InstitutionalTeam Total Assets (mil): $3,000Typical Acct Size (mil): $12Typical Net Worth (mil): $30

82. Marcie BehmanMerrill Lynch PBIG, Boston2017 Rank: 86Client Types: HNW, UHNWTeam Total Assets (mil): $1,015Typical Acct Size (mil): $25Typical Net Worth (mil): $50

83. Alma GuimarinMorgan Stanley WM, San Jose, Calif.2017 Rank: NClient Types: Retail, HNW, UHNWTeam Total Assets (mil): $773Typical Acct Size (mil): $3Typical Net Worth (mil): $7

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THEPOWERTO

INSPIRE.Congratulations to Barron’s Top 100Women Advisors.We salute the visionaries, innovators, and entrepreneurs whobreak down barriers, defy expectations, and blaze new trails.

Thank you for helping to raise the bar in our industry. It’s this samestandard of excellence we aspire to with all that we do for ourindependent advisors and their clients, every single day.

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S4 B A R RON ’ S June 11, 2018

well as a handful who made impressiveleaps upward. Renee Fourcade in Los An-geles rose to the 50th position from No. 77last year. Christiane Olsen in New Yorkmoved up 56 spots, to land at 38. AndElaine Meyers in San Francisco jumped to8th from 21st.Our ranking reflects assets under man-

agement, revenue that the advisors gener-ate for their firms, and the quality of theirpractices. Investment performance isn’t anexplicit criterion because clients pursue awide range of goals. In many instances,asset preservation is the primary one.When it comes to today’s markets, our

top women share a sense of caution. We’renow in the 10th year of the bull market, andthere are signs that the ice is getting thin.A spike in inflation, starting in commodi-

ties or wages, could trigger a reversal ofeconomic growth around the globe, arguesShannon Eusey, our No. 6 advisor. “It tooknine years in the ’90s for inflation to showup in the data,” she says.Rosenau is more blunt. She points to in-

dicators such as flat retail sales, risingmortgage rates, and sliding home-builderstocks. “I don’t buy this argument that thisis going to get better, and there will be norecession until 2020,” she says. “I think [onewill occur] early next year.”(Rosenau doesn’t appear in this year’s

rankings, and the reason for her absence isprocedural: Barron’s sidelines advisors fora year following certain structural changesto a practice. She had ranked among the top20 women advisors for the past six years,and she remains in good standing.)But Wells Fargo’s Kathleen Malone,

ranked 69th, argues that the U.S. economyremains strong. Tax reform and the ex-panded budget passed by Congress inFebruary are stimulating business, she ob-serves. And the Atlanta Federal Reserve’sGDPNow model estimates second-quarterreal gross domestic product growth above4%.Furthermore, unemployment is low, con-

sumer confidence is high, and businessesare accelerating their capital expenditures,Malone observes, adding: “In my view, theseare all positive signs that point to solid do-mestic economic growth into 2019.”One thing that our top women advisors

agree on is that America is a smart place toinvest in right now. Louise Armour, ranked81st, believes that performance will be moreconsistent and less volatile with a U.S.-centric portfolio.Malone likes economically sensitive

stocks (which tend to do well in a strength-ening economy), and believes that therecent success of small-cap names couldcontinue. “Small-cap equities may benefitthe [most] from the tax reform and providea buffer if trade discussions continue to betense,” she says.Rosenau, on the other hand, likes safer

value stocks, specifically telecommunica-tions, energy, and consumer staples. Valuestocks, she maintains, are poised for abreakout after trailing growth shares overthe past 15 years.As for foreign markets, they’ve been a

favorite of some top advisors over the past

few years because they’re earlier in theirrecoveries than the U.S. Now, however,European economic growth estimates arebeing scaled back, notes Armour. And whileU.S. tax reform and protectionism haveboosted earnings growth at home, they maytake a toll on emerging market economies,she says. Armour and her team are reduc-ing exposure to both sectors.Though U.S. stocks may be one of the

better opportunities out there, it’s impossi-ble to overlook their historically high valua-tions, says Eusey. “Our opinion is that themarket may continue to go up,” she says.“But…this may end up being the most

expensive market in history.”The cyclically adjusted price/earnings

ratio is at 32, which is higher than it was in1929, she points out. The only other time itwas higher was in 1999, ahead of the techwreck. Eusey and her team are careful toinvest with managers who pay close atten-tion to valuation. But the expensive marketis one reason that advisors are leaning moreon alternative investments.They can “generate returns with less

correlation to the broader equity, as well asthe fixed-income, markets,” says Eusey. Tomeet her clients’ goals, she’s using long-short hedge funds, private equity, and pri-vate credit.Morgan Stanley’s Anna Winderbaum, our

19th-ranked advisor, says that callable yieldnotes, a type of structured product, makesense as an income play in this low interest-rate environment. Notes with two- to three-year maturities are paying 8% to 9% cou-pons, she adds. It’s important to note thatthese complex instruments can lose princi-pal if indexes fall sharply, and that they arecallable once per quarter.Rosenau is high on energy master lim-

ited partnerships, whose results and popu-larity have been battered by low oil prices.Some midstream MLPs are poised to re-cover; her favorite is Enterprise ProductsPartners (ticker: EPD). It pays an almost6% yield, which is growing about 3% a year.None of this is to say that the average

investor should ditch plain-vanilla bonds.But with rising interest rates threatening toundercut bonds’ value, a conservative ap-proach is warranted, according to Malone.Many investors have lost sight of the two

primary reasons they own bonds—to gener-ate income and offer stability, she contends.“I’ve been taking risk out of bond portfoliosby shortening durations and increasingquality,” she says. “Now is not the time tofight the Fed.”Our top women are not averse to holding

cash. Eusey uses active fund managers whohave cash allocations as high as 30%.Rosenau has a full one-fifth of her clients’money in cash, just as she did prior to the2008 crash. Note: When investors talk aboutcash, they’re usually referring to safe andvery liquid investments, including certifi-cates of deposit or very short-duration bondfunds, not greenbacks under the mattress.“Cash is king,” Rosenau says. “You’re

getting a positive return on it, and it allowsme to manage risk in a very effective way.”A good investment portfolio is built for

the long term, with a careful counterbalance

Debra Brede, D.K.Brede InvestmentManagement

KarinMicheleDailey

June 11, 2018 B A R RON ’ S S17

84. Audree BegayAmeriprise Financial, Houston2017 Rank: 44Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $870Typical Acct Size (mil): $1.2Typical Net Worth (mil): $2.9

85. Melissa Corrado HarrisonUBS Financial Svcs, Denver2017 Rank: NClient Types: HNW, UHNWTeam Total Assets (mil): $1,015Typical Acct Size (mil): $25Typical Net Worth (mil): $100

86. Christina CollinsNorthwestern Mutual, Chicago2017 Rank: NClient Types: Retail, HNW, UHNWTeam Total Assets (mil): $780Typical Acct Size (mil): $2.8Typical Net Worth (mil): $3.5

87. Melissa SpicklerMerrill Lynch WM, Bloomfield Hills, Mich.2017 Rank: 87Client Types: Retail, HNW, UHNW, InstitutionalTeam Total Assets (mil): $1,095Typical Acct Size (mil): $2Typical Net Worth (mil): $5

88. Lee DeLorenzoUnitedAsset Strategies, Garden City, N.Y.2017 Rank: 95Client Types: Retail, HNW, UHNW, InstitutionalTeam Total Assets (mil): $904Typical Acct Size (mil): $1Typical Net Worth (mil): $5

89. Marie MooreMorgan Stanley WM, Dallas2017 Rank: 88Client Types: Retail, HNW, UHNWTeam Total Assets (mil): $413Typical Acct Size (mil): $2Typical Net Worth (mil): $5

90. Hilary GilesMerrill Lynch PBIG, Palo Alto2017 Rank: 68Client Types: HNW, UHNWTeam Total Assets (mil): $1,165Typical Acct Size (mil): $20Typical Net Worth (mil): $35

91. Jennifer ManCIBCAtlantic Trust PWM, San Francisco2017 Rank: NClient Types: HNW, UNHW, InstitutionalTeam Total Assets (mil): $2,289Typical Acct Size (mil): $8.5Typical Net Worth (mil): $12.5

92. Rita FiumaraUBS Financial Svcs, Chicago2017 Rank: NClient Types: Retail, HNW, InstitutionalTeam Total Assets (mil): $1,815Typical Acct Size (mil): $32Typical Net Worth (mil): $15

93. Suzanne KilleaMerrill Lynch PBIG, Palo Alto2017 Rank: 74Client Types: HNW, UNHWTeam Total Assets (mil): $1,165Typical Acct Size (mil): $20Typical Net Worth (mil): $35

94. Rebecca LernerMerrill Lynch WM, New York2017 Rank: 90Client Types: Retail, HNW, UNHWTeam Total Assets (mil): $802Typical Acct Size (mil): $3Typical Net Worth (mil): $8

95. Aimee CoganMorgan Stanley WM, Sarasota, Fla2017 Rank: 85Client Types: Retail, HNW, UNHW,Foundations, EndowmentsTeam Total Assets (mil): $857Typical Acct Size (mil): $10Typical Net Worth (mil): $20

96. Thais PiotrowskiAmeriprise Financial, Boca Raton, Fla.2017 Rank: NClient Types: Retail, HNWTeam Total Assets (mil): $788Typical Acct Size (mil): $0.75Typical Net Worth (mil): $1.2

97. Carlette McMullanWilliam Blair & Co., Chicago2017 Rank: NClient Types: Retail, HNW, UNHWTeam Total Assets (mil): $713Typical Acct Size (mil): $2Typical Net Worth (mil): $7

98. Patricia CutillettaMorgan Stanley WM, Chicago2017 Rank: 93Client Types: HNW, UNHWTeam Total Assets (mil): $687Typical Acct Size (mil): $8Typical Net Worth (mil): $11

99. Elizabeth LockwoodUBS Financial Svcs, Houston2017 Rank: 98Client Types: HNW, UNHWTeam Total Assets (mil): $1,970Typical Acct Size (mil): $10Typical Net Worth (mil): $15

100. Anne GoldenFirst Republic Investment Mgmt, San Francisco2017 Rank: 97Client Types: Retail, HNW, UNHW, EndowmentsTeam Total Assets (mil): $4,498Typical Acct Size (mil): $3.3Typical Net Worth (mil): $5

N=Not Ranked WM=Wealth Management PWM=Private WealthManagement PBIG=Private Banking and Investment Group Note:For more information on Barron’s Top Advisors, contact Matt Barthelat matthew.barthel@barrons.com. Barron’s publishes four individualfinancial advisor rankings each year: The Top 100, The Top 100 Wom-en. The Top 100 Independents, and the Top 1,200, which is a state-by-state list. The process of being ranked in Barron’s starts with fillingout a detailed online survey. For information about our nominationsprocess and the online survey, please contact Jennifer Pedone, man-ager of FA Research: Jennifer.Pedone@barrons.com.

Daily 3X Leveraged ETFs from Direxion.

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An investor should carefully consider a Fund’s investment objective, risks, charges, andexpenses before investing. A Fund’s prospectus and summary prospectus contain thisand other information about the Direxion Shares. To obtain a Fund’s prospectus andsummary prospectus call 646-846-7370 or visit ourwebsite at direxioninvestments.com.A Fund’s prospectus and summary prospectus should be read carefully before investing.Investing in a Direxion Shares ETFmay bemore volatile than investing in broadly diversifiedfunds. The use of leverage by a Fund increases the risk to the Fund. The Direxion SharesETFs are not suitable for all investors and should be utilized only by sophisticated investorswho understand leverage risk, consequences of seeking daily leveraged, or daily inverseleveraged, investment results and intend to actively monitor and manage their investment.The Direxion Shares ETFs are not designed to track their respective underlying indicesover a period of time longer than one day.Direxion Shares Risks – An investment in each Fund involves risk, including the possibleloss of principal. Each Fund is non-diversified and includes risks associated with the Funds’concentrating their investments in a particular industry, sector, or geographic region whichcan result in increased volatility. The use of derivatives such as futures contracts and swapsare subject to market risks that may cause their price to fluctuate over time. Each Fund doesnot attempt to, and should not be expected to, provide returns which are three times theperformance of their underlying index for periods other than a single day. Risks of each Fundinclude Effects of Compounding and Market Volatility Risk, Leverage Risk, CounterpartyRisk, Intra-Day Investment Risk, Valuation Time Risk, risks specific to investment in thesecurities of the Energy Sector, for the Direxion Daily Energy Bull 3X Shares, Daily IndexCorrelation/Tracking Risk and Other Investment Companies (including ETFs) Risk, and forthe Direxion Daily Energy Bear 3X Shares, Daily Inverse Index Correlation/Tracking Riskand risks related to Shorting and Cash Transactions. Please see the summary and fullprospectuses for a more complete description of these and other risks of each Fund.Distributor: Foreside Funds Services, LLC

Call 646-846-7370 or go todirexioninvestments.com

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