The Advisors Access 401(k) program offers several advantages over broker-sold or direct-to-provider 401(k) plans: 1) It uses fee-only registered investment advisors who assume fiduciary liability for fund selection and performance monitoring. 2) It provides access to Dimensional Fund Advisors (DFA) funds and advisor-managed portfolios, which are typically only available to large institutional investors. 3) It offers full fee transparency without hidden fees or arrangements between providers.

1. from Gradney & Vistica
Financial Management
PHONE: (866) 981-1500 > 2710 Loker Avenue West | Suite 370 | Carlsbad, CA 92010 > www.gradneyvistica.com
from Gradney & Vistica Financial Management A Better Way to do the 401(k)

2. The Advisors Access™ program has attracted more than $200 million in 401(k)
plan assets since the beginning of 2008 and has gained the endorsement of
some of this country’s most prominent independent fiduciaries.
Remember when 401(k) plans
were supposed to be…
a benefit? Find out how Advisors Access™ can help both you
and your participants enjoy a better 401(k) experience.
Contact us at (866) 981-1500.
Advisors Access . A Better Way to Do the 401(k)
™

3. Compare the advantages of the Advisors Access™ 401(k) program to
those sold by brokers or offered direct by large fund companies and
insurance companies:
A benefit for employees, providing them with an outstanding
Advisors Access Broker-Sold Plan Direct-to-Provider Plan opportunity to grow their retirement assets, tax-deferred,
through their employer?
Fee-only Registered And a benefit for the companies who offered those 401(k)
Investment Advisor YES NO NO plans, helping to distinguish them from other, less-generous
companies in the market and keeping their employees happy
Advisor assumes and productive?
fiduciary liability for
fund selection and YES NO NO Somewhere, somehow, the 401(k) plan lost its way.
performance monitoring
The market became dominated by huge financial services
companies that only wanted to cram as many of their high-
fee, proprietary funds in the fund lineups as possible. Those
Access to DFA funds YES NO NO exorbitant fund fees were used to hide everything from
recordkeeping expenses to broker compensation, making
it impossible for plan sponsors and plan participants to truly
Advisor-Managed understand plan costs.
Portfolios YES NO NO
Those same providers refused to take on the liability of
fund selection and performance monitoring, instead forcing
Expert team comprised the executives of the companies who operated the plan to
of independent service YES
providers NO NO shoulder that liability.
Meanwhile, participants were left to fend for themselves,
forced to choose from a baffling menu of investment options
Access to thousands of
mutual funds YES SOME SOME to cobble together an investment portfolio that they alone
were responsible for managing and maintaining.
It doesn’t have to be this way.
Full fee transparency YES NO NO The 401(k) plan can work. It can meet the needs of plan
sponsor and plan participant alike, and do so in a cost-
effective, client-focused manner.
Direct advice to YES
participants
SOME SOME
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4. Welcome to Advisors Access : ™
A better way to do the 401(k)
The majority of the funds we use in the Advisors DFA’s client list reads like a Who’s-Who of this coun-
Access program come from Dimensional Fund Advi- try’s premier corporations, public retirement plans and
sors (DFA). It is important for you to know that none non-profit institutions, including:
of the service providers in the Advisors Access pro-
gram receive any compensation from DFA for using AT&T Inc.
their funds. Boeing Corporation
California Public Employees’ Retirement System
We simply think DFA funds are among the best in the Carnegie Mellon University
industry. Illinois Municipal Retirement Fund
J. Paul Getty Trust
DFA is one of the 15 largest mutual fund companies Kellogg Company
in the United States, managing more than $165 billion Merck
for individual and institutional investors. PepsiCo, Inc.
Packard Foundation
So why isn’t DFA a household name? Pfizer Inc.
Sara Lee Corporation
The simple answer is that DFA doesn’t want to be a St. John’s Hospital
household name. DFA doesn’t advertise and doesn’t
offer its funds through retail distribution channels.
Unlike nearly all other fund companies, DFA doesn’t
take all-comers to its funds. In fact, the only entities
in the country that have access to DFA funds are large
institutional investors and independent advisors that
DFA has personally vetted and approved.
The reason for all this exclusivity is that DFA believes
there is a right way to invest – and a wrong way – and
the firm only wants to attract assets that are com-
mitted to its disciplined investment philosophy. That
philosophy includes a belief in minimizing fees and
trading, diversification, efficient markets and long-
term investing. DFA adamantly avoids the kind of
“hot” money from retail investors that flows in and out
based on short-term market conditions and drives up
expenses in the process.
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5. About DFA: The Best Big Fund Company
You’ve Never Heard of…
Advisors Access is the way the 401(k) should be –
™
a program that provides expert, conflict-free advice
to plan sponsors and their participants, access to some
of the most sought-after investment vehicles in the world,
and total plan costs that are much lower than many of the
programs offered by the large financial services providers.
The Advisors Access™ program highlights include...
• Fee-only, independent Registered Investment Advisors who
serve as both ERISA 3(21) and 3(38) advisors, taking the
liability for investment selection and performance monitoring
off of the plan sponsor.
• Expert, one-on-one advice to plan participants.
• Access to institutional investment vehicles that are not
available on retail 401(k) platforms and normally require
a minimum investment of $2 million per fund.
• Advisor Managed Portfolios that give participants the
ability to turn the management of their 401(k) assets over
to expert advisors.
• A comprehensive fund menu that is created by independent
advisors using our Proprietary Fund Screening Process.
• The flexibility for participants who desire to manage their
own portfolio to open a self-directed brokerage account and
select from among thousands of mutual funds, stocks and
bonds.
Institutional funds from firms like
Dimensional Fund Advisors are used • Independent providers who are free from the conflicts
extensively in the Advisors Access of interest that plague traditional 401(k) plans.
401(k) portfolio strategies.
• No hidden fees or fee-sharing arrangements between
providers, giving you full transparency for all plan costs.
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6. The Advisors Access Expert Team ™
One of the main benefits of the Advisors Access 401(k) program is that we have assembled a
team of expert service providers in every area. Unlike bundled programs in which one provider
dabbles in a little of everything, the Advisors Access program brings an Expert Team concept to
the management of your 401(k) plan.
The Advisors Access Expert Team Members include:
™
STEP 1: Analyze Fund Structure STEP 4: Research Fees, Sales Charges
We use only open-end mutual funds in the Advisors Ac- and Trading Costs
cess program. We exclude all collective trusts, annuities, When it comes to fund fees and expenses, the less you
closed-end mutual funds and private money managers pay, the more you keep. That may seem like common
INVESTMENT ADVISORS from consideration. While such investment vehicles may sense, but it escapes the vast majority of the fund indus-
Gradney & Vistica Financial Management BAM Advisor Services sometimes have merit for individual investors, it is often try, where total funds costs often run between 2% and 3%
Gradney & Vistica Financial Management is the lead Advisors Access is a 401(k) service program offered by difficult, if not impossible, to obtain reliable third-party annually. In the Advisors Access program, we place a pre-
information on which securities those types of investment mium on funds that keep fees well below industry average.
advisor in the Advisors Access program, serving as the BAM Advisor Services, one of the nation’s largest
vehicles hold, what their fees and expenses are, and In fact, many of the funds in our program cost five times
ERISA 3(21) Fiduciary Advisor to your plan. In this role, providers of fiduciary-minded solutions in partnerships
what their performance has been. This lack of verifiable less than the average retail actively managed stock fund!
Gradney & Vistica Financial Management oversees all with independent Registered Investment Advisors all
information makes such investment vehicles unsuitable
members of the Advisors Access Expert Team. across the country. for consideration in a 401(k) plan. STEP 5: Secure Access To Institutional Funds
Retail funds attract assets from small investors, who tend
Gradney & Vistica Financial Management will guide you In Advisors Access, BAM serves as your 401(k) plan’s STEP 2: Sort Active from Passive Funds to trade frequently and drive up fund operating costs.
through a proprietary Prudent Fiduciary Process based designated 3(38) investment manager, taking on the Studies show that more than 80% of actively managed In Advisors Access, we use predominantly institutional
on industry best practices. This process includes periodic responsibility and liability for selecting and monitoring the funds fail to beat their market benchmark over five-year mutual funds, which are used by some of this country’s
review meetings with the plan’s trustees and one-on-one funds in your plan. Working with your 3(21) fiduciary time periods. In contrast, passively managed funds seek largest retirement plans, foundations, endowments and
advice for participants. advisor, Advisors Access provides “a better way to do to track a market benchmark or asset class at low cost not-for-profit groups. These funds incur much lower
the 401(k)”. and with great efficiency. In the Advisors Access program, expenses and therefore often generate a higher net
we screen out high-fee, poor performing actively managed return than comparable retail funds that trade more often.
funds and focus our search process on passively man-
aged funds.
This isn’t just our opinion; according to The Third Restate- From this rigorous screening process emerges some of
ment of the Trusts, “Current assessments of the degree the most effective, lowest cost investments available in
of efficiency (of the capital markets) support the adoption the 401(k) marketplace, the majority of which come from
of various forms of passive strategies by trustees … the Dimensional Fund Advisors (DFA) and Vanguard – two of
greater the trustees’ departure from one of the passive the most highly regarded fund companies in the world.
strategies, the greater is likely to be the burden of justifi-
cation and also of continuous monitoring.” In the Advisors Access program, we use these funds to
craft a comprehensive fund lineup that participants can
STEP 3: Identify Available Asset Classes use to create their own portfolios, and we also use those
One of our main goals when selecting funds for the same funds to construct the Advisor Managed Portfolios
Advisors Access program is to be sure our investment so popular with participants.
vehicles cover the full spectrum of asset classes and
investment styles – stocks and bonds, foreign and domes-
tic, large and small, growth and value, etc. We seek out
fund companies that provide very precise exposure to our
targeted asset classes, and do so with the least amount
of tracking error and with very low fees. This helps us
ensure that participants using our funds and portfolios
get the asset-class exposure they are expecting.
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7. The Advisors Access Proprietary ™
Fund Screening Process
In Advisors Access, we aren’t limited to just a few fund families. As independent RIAs, we are
free to choose from over 10,000 mutual funds when we create our fund lineup and construct our
Advisor Managed Portfolios. So how do we sort through thousands of investment vehicles to find
the best funds for our clients? RECORDKEEPER ALLIANCE CUSTODIAN
The answer lies in the Advisors Access Proprietary Fund Screening Process, a 5-step methodology One of the main advantages of the Advisors Access pro- Plan assets in the Advisors Access program are held in
we developed to sort the good from the bad and find the investment vehicles we believe to be gram is our nationwide network of independent record- trust accounts at TD Ameritrade, Wilmington Trust,
best-in-class. keeping firms. These experts in benefits consulting and or Charles Schwab & Co., three of the largest and most
administration are completely independent of any fund respected custodians in the business. While the advisors
company, brokerage firm or insurance company; as such, to your plan are authorized to manage the plan’s assets,
their incentive to provide top-notch client service and the assets are always held in plan name at the custodian.
professional counsel is paramount. That custodian works for you, not your advisor, providing
you important peace-of-mind about the safety and security
Recordkeepers participating in the Advisors Access of your plan’s assets.
Recordkeeper Alliance include:
ALL STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 Advisors
Access • Schwab Retirement Plan Services, Inc., one of the
FUNDS Funds largest and most respected recordkeeping firms in the
United States. Schwab is one of the only large providers
in the industry that does not require plan sponsors to
use proprietary, high-fee funds in their investment menu.
• McCready & Keene, one of the nation’s largest
s
independent third party administration, recordkeeping
nd
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and actuarial firms, dually headquartered in Virginia
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and Indiana.
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• Administrative Services, LLC, one of the Southeast’s
se
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Tr
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premier benefits consulting firms and a subsidiary of
In
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Our pledge of independence and objectivity:
nd
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the highly regarded accounting firm Kassouf & Co. in
m
Neither the investment advisors nor the plan
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ai
Birmingham, Ala.
Fe
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yz
Av
recordkeepers in the Advisors Access program
e
Ac
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receive any compensation from the investments
re
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Re
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offered through the plan.
Se
So
10 7

8. The Advisors Access Investment Modules ™
The Solution to “Analysis Paralysis”:
Not Just Choices… SOLUTIONS. Advisor-Managed Portfolios
International Real Intermediate Term Bond 0%
In the Advisors Access program, we don’t just give you options – we give you answers. We offer Estate 5% Inflation Linked Bond 0%
Domestic Real
Short Term Bond 0% Most 401(k) providers tout all of the investment options
three distinctly different investment modules to your participants, ranging from a complete “do-it- Estate 5%
International
US Large Growth
Stock 20%
available on their platform. But the reality is that participants
for-me” solution to a self-directed brokerage window that lets a participant choose just about any Small Stock 6%
are often overwhelmed by too much choice. Faced with
investment they desire.
mountains of data about dozens or even hundreds of funds,
Here is a look at the three different investment modules International
Large Stock 14%
participants often develop “analysis paralysis” and end up
making hasty, impulsive decisions about one of the most
available in the Advisors Access program: ™
US Large Value important things in their lives – their retirement assets.
Stock 20%
US Mid/Small Value
We developed the Advisors Access investment lineup to
Stock 16%
overcome this problem. While the Advisors Access platform
US Mid Growth
US Small Growth
Risk/Return Chart Stock 7%
Stock 7% offers participants plenty of options, it also offers them
something in short supply in the 401(k) market:
HIGH LOW
HELP.
ALL EQUITY PORTFOLIO Our Advisor Managed Portfolios give participants the abil-
MODULE A
ity to make a single choice about the investment of their
Participants can choose from one of the five Advisor Managed Portfolios constructed by the Advisors Access GROWTH PORTFOLIO 401(k) assets and still have the peace of mind that they
investment team. These all-or-nothing investment options span the risk spectrum from aggressive to conserva-
are being invested in a well-diversified, expertly managed
tive and are designed to give participants a single-choice investment option that frees them from the burden
MODERATE GROWTH PORTFOLIO portfolio.
of managing their own portfolio.
CONSERVATIVE PORTFOLIO Unlike lifestyle and target-date funds, these portfolios are
managed at the participant level by professional investment
DEFENSIVE PORTFOLIO managers. Rebalancing and, if necessary, fund replacement
are handled automatically for all participants. The partici-
MODULE B
Participants can choose from a menu of twelve mutual funds selected by the Advisors Access investment
pant’s only responsibility is to select the portfolio that best
team. These funds were screened from the thousands available on the recordkeepers’ platforms to provide
The Advisors Access™ Advisor Managed suits his or her long-term risk and return needs.
participants with a select group of funds that are low in cost and provide outstanding asset-class represen-
tation. For participants who wish to construct their own portfolios but want an objective advisor to do the
Portfolios give your participants the
ability to turn the management of their Statistics show that when participants are offered the
research for them, these funds are excellent options.
401(k) assets over to professional advisors. option to select an advisor-managed portfolio or construct
their own portfolio, more than 80% of participants opt
for the advisor-managed portfolio.
Clearly, when given the option to have an expert advisor
M OD UL E C
Participants can build and manage their own portfolio through a self-directed brokerage window offered by the manage their portfolio for them, the vast majority of partici-
custodians in the Advisors Access program. With this option, participants can choose from literally thousands pants jump at the chance.
of mutual funds and individual securities, or retain the services of an independent investment advisor to man-
age their portfolio for them. In the Advisors Access program, they have that chance.
NOTE: Plan sponsors can choose to offer all three modules,
or can simplify the investment line-up by offering only Module A,
or a combination of Module A and Module B.
8 9