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Key Points of Differentiation	The CAPROCK Group	Brokerage Firm	Multi-Family Office
Compensation Structure	All revenues received by The CAPROCK Group are from our clients in a single, transparent fee	Revenues generated from commissions, selling concessions, spreads on trading, placement fees and/or planning fees	Revenues may include fees on proprietary products, referral fees and/or placement fees
Dynamic Modeling	All processes and tools are dynamic, permitting incremental decision making; clients can interact and manipulate tools for real-time decision making	If done at all, typically a snapshot in time based upon static information and historical portfolio inputs	Varies based upon sophistication and integration of modeling and reporting capabilities
Backgrounds & Expertise	16 years average investment experience at the Partner Level; practical investment experience across all six major asset classes	Sales focus; typically lack investment management experience; knowledge typically limited to liquid asset classes	Often products of brokerage world; typically lack investment management backgrounds and asset class experience
Management of Entire Balance Sheet	Ability to manage, report and advise on all assets associated with a client’s balance sheet	Assets must be held at the brokerage firm to be managed and reported on	May lack experience in certain assets and/or transactions; typically limited reporting capabilities
Portfolio Construction	Dynamic multi-phased asset allocation combined with Lifetime Discounted Cash Flow Model; after-tax portfolio inputs	Basic asset allocation modeling typically focused on pre-tax returns; no liability or spending integration	Basic asset allocation modeling typically focusing on pre-tax returns; no liability or spending integration
Portfolio Execution	Six asset class portfolio diversification; emphasis on downside protection, after-tax return focus and liquidity management	Execution typically limited to captive universe of approved managers and proprietary investments	Varies based upon sophistication and backgrounds of principals
Investment Platform	Open architecture – managers and custodial relationships; negotiated fees and minimums	Captive platform limited to advising only on assets for which they have custody and control	Varies based upon reporting capabilities, manager relationships and custodial arrangements
Reporting Capabilities	Ability to report on every asset regardless of location or type; Monthly Balance Sheet and custom Quarterly Performance Report	Limited to assets held at the brokerage firm; reporting package typically limited to overall firm specifications	Typically limited to custodial feeds; rarely includes ability to report on private investments; typically quarterly
ProprietaryToolbox	Proprietary Asset Allocation Model, Lifetime Discounted Cash Flow Model, Balance Sheet and Reporting Engine all built by The CAPROCK Group	Limited to availability from brokerage firm; zero to limited ability to customize	Typically limited to off-the-shelf, non-proprietary products with limited or no ability for customization
Advisor Coordination	Coordination of entire advisor network; coordination of data flow between tax, legal and estate professionals; family meetings	Limited ability to provide advice on tax, legal and estate planning; often in direct competition with client’s other advisors for product sales	May or may not provide these services without additional fees