Since we launched our first program in 2001, Placemark Investments has strived to provide financial institutions and financial advisors with innovative solutions for managing client assets. We are proud of the fact that today Placemark is one of the leading providers of overlay management services, enabling the new wave in Unified Managed Accounts. However, we feel that we are only at the beginning of a fundamental change in providing investment services.

We set out, and still approach each day, with the goal of fundamentally changing how investment management services are delivered to clients. We believe that we can help create solutions that are both easier to implement and more customized to each individual client’s needs. I am fond of describing our efforts as using technology to bring family office-type services to mass-affluent investors. Placemark’s customized tax management has been one of the first examples of this trend. However, over the coming months and years, we will be introducing a number of additional and varied services that will continue this trend. We see numerous opportunities to provide more customized solutions for advisors to use with their clients.

Of course, the confidence that our clients place in Placemark must be matched by a high level of fiduciary responsibility. In today’s financial environment, it is incumbent on each firm to act responsibly and with the highest degree of integrity. Thus, we require every Placemark employee to adhere to a strict code of ethics. We at Placemark are committed to ensuring that our company always operates with the highest possible ethical standards in its investment decisions and overall conduct. We understand that each employee, and indeed every decision we make for our clients, influences our company's reputation for honesty, accountability, and integrity.

Major financial institutions and their advisors have been critical in fueling our success. We are pleased that so many have embraced Unified Managed Accounts and Active Overlay Management as a superior approach in providing fee-based solutions. While we feel that we have some great ideas in the pipeline, we are also cognizant that we have not cornered the market for creativity. I would urge all who read this letter to contact Placemark executives to explain your ideas, needs, and thoughts. I know that, collectively, we will be able to develop solutions that lead our industry and exceed client expectations.

Sincerely,

Lee Chertavian
CEO, Placemark Investments