2001 Press Releases

Industry Expert Alan Sislen Advises FOLIOfn on Managed Account Business and Product Development

07/09/2001

VIENNA, Virginia – FOLIOfn, Inc. announced today that Alan M. Sislen, a nationally recognized expert on the managed account business, has agreed to assist the company in expanding its managed account business, including the development of new products.

Mr. Sislen, the former First Vice President and Senior Director of Merrill Lynch’s Investment Consulting Group, has formed Managed Account Perspectives, LLC, providing executive level management consulting to current and prospective participants in the growing managed account industry, including mutual fund companies, money managers, and broker-dealers. According to Cerulli Associates, assets in managed accounts are growing rapidly, increasing 23 percent, from $517 billion in the fourth quarter of 1999 to $636 billion in the fourth quarter of 2000.

“Alan knows a lot about the industry, the people, and the products, and we expect to learn a lot from him,” said FOLIOfn Founder and CEO Steven Wallman. “While the idea of managing separate accounts for wealthy investors is not new, opening these accounts to mainstream investors has just started to take off. Alan’s 30-plus years in the business will be a tremendous asset as we continue to refine our managed account system.”

“I am very excited about the opportunity to work with FOLIOfn, one of the true financial services innovators,” said Mr. Sislen. “FOLIOfn continues to redefine investment products and services for financial institutions, professional investment advisors, and individual investors.”

“I think it speaks well of what we’ve already accomplished that someone like Alan would agree to work with us,” added FOLIOfn Institutional President James S. Vitalie. “We look forward to adding Alan’s expertise as we compete in this fast-growing and rapidly evolving market.”

Before founding Managed Account Perspectives, Mr. Sislen spent 31 years with Merrill Lynch. In his most recent role, he was the senior executive directly responsible for the fee-based advisory services ML Consults®, Mutual Fund Advisor®, MFA-Selects℠, Strategic Portfolio Advisor℠, and Personal Investment Advisor℠, as well as Merrill Lynch’s institutional level Consulting Services. Mr. Sislen served on the Professional Advisory Council of the Investment Management Consultants Association (IMCA) and on the Board of Governors of the Money Management Institute (MMI). In 2000, MMI presented him with its Managed Account Pioneer Award. Mr. Sislen is also a frequent speaker at industry events and is often quoted by the media on topics related to managed accounts.

FOLIOfn’s first product for the institutional market, FOLIO Advisor℠, is an easy, efficient, and low-cost Web-based platform investment advisors, money managers, and financial institutions can use to provide a range of advisory services, and it also offers a turnkey managed accounts brokerage solution. For example, advisors and money managers can easily create and subscribe multiple clients with individual preferences to model portfolios and have clients’ trades executed directly, or through a broker, using the FOLIOfn platform. Advisors, money managers, and firms can also create and manage models for advisors to use.

Independent advisors and advisory firms using FOLIO Advisor today benefit from a number of proprietary features including a low-cost trading platform and automated tax lot tracking and tax management that lets advisors easily manage clients’ tax liabilities, which may produce significant tax savings. FOLIO Advisor also provides for online account opening, delivers all statements and performance reports online (with paper available, if needed), and takes care of client billing.

FOLIOfn is working now, with Mr. Sislen, to finalize a new offering that will let advisors partner with third-party money managers. The company is also in discussions with broker-dealers, banks, mutual fund companies, and other institutions interested in using FOLIOfn’s technology platform to offer innovative services to retain and attract customers.


About Folio Investing

Folio Investing, a division of FOLIOfn Investments, Inc., is an online brokerage that enables investors to manage stocks, ETFs, and mutual funds as integrated investment portfolios called “Folios” that deliver better control, greater transparency, and lower cost. Investors can create their own Folios, much like creating personalized ETFs or mutual funds, or invest in over 100 Ready-to-Go Folios representing market indices, sectors, geographical regions, target dates, and more. The Folio Unlimited Plan features unlimited commission-free trading in twice-daily windows for only $29 a month or $290 a year. Ready-to-Go Folios can be managed or unmanaged, are not registered investment companies, and are offered by FOLIOfn Investments, Inc., a registered broker-dealer. FOLIOfn Investments, Inc. does not provide investment, tax, or legal advice. FOLIOfn Investments, Inc., is a member of FINRA/SIPC.