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Sep arate Ac count Program

TAKE ADVANTAGE OF A CUSTOMIZED APPROACH TO INVESTMENT PLANNING

The Separate Account Program provides you with direct access to the expertise of carefully selected institutional asset managers. With a separately managed account, you enjoy direct ownership of the securities in the managed portfolio. This allows for greater flexibility, more control, and tax advantages over other investment vehicles.

With the Separate Account Program, you benefit from a long-term, customized, goals-driven approach to investment planning that offers:

PROFESSIONAL ASSET MANAGEMENT

Benefit from the knowledge and expertise of institutional asset managers that are typically only available to large institutions.

A PERSONALIZED INVESTMENT PLAN

The portfolio manager can make adjustments to the portfolio based upon your unique needs and requirements. For example, the manager can take into account existing securities to avoid overlap, or restrict the purchase of securities that you do not want to own.

TAX EFFICIENCY

With direct ownership of the securities in your portfolio, you, the money manager, and your investment representative can actively manage for taxes (i.e., since each security transaction has a separate cost basis, capital gains and losses can be recognized as necessary to mitigate the impact of taxes).

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The Investment Process

Through the Separate Account Program, you'll benefit from the knowledge, resources, and experience of professional money managers while receiving the ongoing guidance of your investment representative. Working with your investment representative, he or she will lead you through a four-step investment process designed to help you achieve your long-term goals:

STEP 1 IDENTIFY GOALS AND OBJECTIVES

Your investment representative will help you define your tolerance for risk, time frame for your investments, and outlook for future financial needs.

STEP 2 DETERMINE ASSET LOCATION POLICY

The weighting of the various asset categories that make up a portfolio is one of the most important factors in the successful implementation of any investment strategy. However, asset allocation involves more than just calculating the right blend of stocks, bonds, and cash in a portfolio. The institutional asset manager will help you balance this mix with changing market conditions and make sure it stays in line 1 with your investment objectives.

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Diversification does not guarantee against a loss.

STEP 3 RECOMMEND ASSET MANAGERS AND IMPLEMENT STRATEGY

With an assessment of your needs and with your asset allocation strategy in place, asset managers are selected to control risk while maximizing the potential for return. In essence, your asset allocation policy is integrated with the policies of the selected separate account managers to diversify your assets across styles and managers in order to create a blend that suits your needs.

STEP 4 ONGOING PORTFOLIO MONITORING AND REBALANCING

To make sure the portfolio stays on track to meet your stated objectives, it is monitored on an ongoing basis. Market conditions, contributions to the account, and other factors may cause the allocations to fall outside the targets originally set for your portfolio. If this happens, your investment representative will determine if it would be appropriate to bring allocations back within the desired range based upon the investment strategy you agreed to and implemented as part of the initial construction of your portfolio.

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The Asset Managers

INSTITUTIONAL INVESTMENT MANAGEMENT FOR INDIVIDUAL INVESTORS

In selecting asset managers to participate in the Separate Account Program, Envestnet Asset Management utilizes a due-diligence process that screens over 5,000 investment management firms down to a select few who are represented in the program.

UNIVERSE OF ASSET MANAGERS MANAGERS SCREENED An initial screen is conducted for: · Style consistency · Rate of return · Information ratio · Downside risk FUNDAMENTAL ANALYSIS A thorough analysis of performance and risk attribution is performed. QUALITATIVE ANALYSIS On-site due-diligence meetings. Investment discussion and approval. CAREFULLY SELECTED ASSET MANAGERS

GAIN ACCESS TO A COMPREHENSIVE ROSTER OF INSTITUTIONAL ASSET MANAGERS

The result of this rigorous research process is a comprehensive roster of over 75 separate account managers across over 200 disciplines and styles.

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LEARN MORE

To find out how you can take full advantage of the many benefits offered by the Separate Account Program, contact your investment representative.

An investment in the Separate Account Program is subject to risk. The value of an investment and the return on invested capital will fluctuate over time, and, when sold or redeemed, an investment may be worth less than its original cost.

National Financial's Managed Account SolutionsSM service is provided by Envestnet Asset Management, Inc. ("Envestnet"), a third-party provider of investment management services. National Financial does not provide investment advisory services in conjunction with the Managed Account Solutions service. Envestnet is not a corporate affiliate of National Financial. National Financial Services LLC, Member NYSE, SIPC 725724 1.827268.101

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