INVESTMENT PROCESS

Invest in what’s important.

Once you’ve learned what money means to you — and defined what truly matters in your life — it’s time to align your portfolio with your priorities.

Relying on careful research and with access to a full suite of strategies, your adviser will create an investment blueprint that considers every facet of your entire financial life. Throughout your journey, we’ll select, monitor and adjust those investments in response to life’s inevitable ebbs and flows. The result is an investment plan you can stick to — and believe in.

Clarity. Confidence. Control.

As always, our focus is on giving you clarity, confidence and control in every aspect of your financial life. Our investment process is no exception.

We’ll learn what your money means to you. We’ll listen to what’s truly important. And then, through our Portfolio Builder, we’ll offer a plan to help you confidently navigate your financial choices.

You can be as engaged as you like in creating your ideal financial life — with the assurance of knowing that we’re always on top of things.

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Three questions drive our unique investment process:

How much risk should I take?

No two investors feel the same way about volatility. Some take a long view and are unperturbed by the market’s ups and downs. Others are more cautious but are willing to take calculated risks. Through straight talk and careful planning, we’ll guide you to an asset allocation that reflects your risk tolerance as well as your objectives.

What’s the right style for me?

With a clear strategy for asset allocation, you can then choose how and where to invest. How do you feel about taxes? What about different geographies? How much volatility can you handle and still sleep at night? Your choices provide direction for your adviser — who will work with your preferred style when recommending choices for you.

How do I stay on track?

Life and the financial markets have something in common: change. That’s why it’s essential to follow a well-defined process. We’ll monitor everything that can affect your investments — and we’ll make adjustments as needed.



Whether the solution is adding to or making withdrawals from a strategy or rebalancing or changing strategies, we’ll do what it takes to stay one step ahead of your financial life. We’ll meet with you regularly and offer quarterly reports and online access to keep you up to date.

Gene Balas
Vice President
Tony Blagrove
Managing Director
Jerald L. "Jerry" Dunn
Managing Director
Todd Eklund
Vice President
Ryan Felde
Portfolio Manager
Matt Gagnon
Portfolio Manager - Index, Factor and Tactical Strategies
Phil Jacobson
Managing Director
Kevin King
Portfolio Manager
Sam Miller
Vice President
Berend van Roijen
Senior Investment Analyst
Patrick Rudy
Wealth Adviser
Stephen "Tuck" Tuckwood
Vice President
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Gene Balas, CFA®

Vice President

Previous experience:

  • Director of Investments, Genworth Financial Asset Management, Los Angeles, CA
  • Director, Investment Management and Guidance, Merrill Lynch, New York, NY
  • Portfolio Manager, Oppenheimer & Co., New York, NY
  • Chief Investment Strategist, East End Wealth Management, Hampton Bays, NY
  • Columnist, TheStreet, New York, NY

Education:

  • MBA, Finance, Columbia University
  • BBA, Finance, University of Houston
  • Chartered Financial Analyst (CFA)

Began career in 1989

Gene is a member of the United Capital investment management team, where he manages fixed income and balanced strategies using individual stocks and bonds, as well as income strategies using commingled vehicles. With an extensive background in economics and fundamental equity and fixed income security analysis and valuation, he applies his skills to perform due diligence on all managed strategies. These include alternatives, active equity, tactical strategies and others on United Capital’s platform. He also authors extensive written collateral.

Previously, he developed a suite of multi-asset strategies at a Registered Investment Advisor and managed them based on his top-down thinking, focusing on thematic drivers as well as his economic forecasts. During that period, he was also a columnist for TheStreet, covering economics, where he authored over 1,000 columns.

Gene helped manage $14 billion in client assets at Genworth, where he developed economic forecasts and investment strategy and headed the firm’s due diligence functions. There he forecast the recent recession a year in advance in published commentary, leading to the decision to make active bets against the market beginning in October 2007.

Earlier, Gene worked at Merrill Lynch, where he led a PhD-level quantitative analysis team and served as the lead asset allocation strategist for the firm’s Institutional Consulting Group, which oversees $350 billion in assets with an average account size of $130 million. He also co-developed Merrill Lynch’s forward-looking capital market assumptions for returns, risk and correlation of asset classes used for financial planning and modeling throughout the firm.

Gene began his career in 1989 at Oppenheimer & Co., managing fixed income separate accounts and performing equity research in Oppenheimer’s institutional asset management unit.

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Tony Blagrove, CFA®, CFP®

Managing Director

tony.blagrove@unitedcp.com

Previous experience:

  • Portfolio Manager, Bedrock Capital Management (later United Capital Silicon Valley), Los Altos, California
  • Portfolio Analyst, Bedrock Capital Management, Los Altos, California
  • Financial Analyst, Symantec, Mountain View, California
  • Summer Intern, Smith Barney, San Jose, California
Education:
  • BS, Finance, Santa Clara University
  • BS, Economics, Santa Clara University
  • Chartered Financial Analyst (CFA)
  • Certified Financial Planner (CFP)

Began career in 2006:

Tony Blagrove is a Managing Director of the United Capital Silicon Valley office, where he both advises clients and manages portfolios for all of the clients of the office. He contributes his considerable intellect and energy to the United Capital Silicon Valley team, managing more than $360 million in assets. Tony specializes in analyzing and creating strategies around managing employer stock concentrations (stock options, restricted stock, pre-IPO stock, employee stock purchase plans, etc.) and their unique tax circumstances. Additionally, Tony is active in the Silicon Valley professional community, where he serves as Treasurer of the Financial Planning Association (FPA) of Silicon Valley. He is also a member of the CFA Society of San Francisco.

Tony began his career at Symantec, where he worked in their corporate finance rotation program, revolving through the Treasury, Accounting and Corporate Development groups.

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Jerald L. "Jerry" Dunn, MS, CIMA, CFP®

Managing Director

jerry.dunn@unitedcp.com

Previous experience:

  • Faculty, University of Wyoming College of Commerce and Industry, Laramie, Wyoming
  • Vice President, Pat Griffin Co./GASAMAT, Fort Collins, Colorado
  • Vice President, Boettcher & Co., Fort Collins, Colorado
  • Vice President, Kemper Securities, Fort Collins, Colorado
  • Vice President, Paine Webber (became UBS), Fort Collins, Colorado
  • Vice President, Wachovia FiNet (became Wells Fargo Advisers Financial Network), Fort Collins, Colorado
  • Managing Partner, Dunn Hogerty Investment Consulting, Fort Collins, Colorado
  • Managing Director, United Capital Financial Advisors, Fort Collins, Colorado
Education:
  • BA, Managerial Economics, Fort Lewis College
  • MS, Business Administration, University of Wyoming
  • Certified Investment Management Analyst (CIMA)
  • Certified Financial Planner (CFP)

Began Investment Management Career in 1980

Jerald L. "Jerry" Dunn is a Managing Director in the Fort Collins, Colorado, office of United Capital Financial Advisers. He concentrates on defining a wide range of client investment goals and developing investment policy statement guidelines. Jerry utilizes over 35 years of direct investment experience with institutions, foundations and individual clients in various states to implement customized, goals-based investment and financial life guidance. This dynamic process assists clients to develop, review and achieve their investment and financial goals. This requires a thorough knowledge of current and projected economic conditions, growth, income and balanced strategies of individual securities and commingled vehicles. In addition, Jerry specializes in the application of active and passive asset management, with any appropriate use of tactical and alternative investing to support client needs for additional noncorrelated diversification.

Previously, Jerry concentrated on recommendations and oversight of internal and external equity, fixed income and alternative investment strategies, as well as managers to diversify asset management. He assisted in developing the use of external managed strategies at Boettcher & Co. beginning in 1980 and contributed to the due diligence of internal and external managers at Wachovia Securities Financial Network. Jerry also had significant input in reviewing and updating client investment performance reporting processes.

Jerry began his career on the faculty of the Business Department at the University of Wyoming in the College of Commerce and Industry in 1968. He became a Vice President of the Gasamat Division of Pat Griffin Co. in 1970. Jerry assisted in the development and management of Gasamat, the first national self-serve gasoline marketing company in the United States until its sale in 1978.


Securities offered through Girard Securities, Inc. (“Girard”), a registered brokerdealer, member FINRA/SIPC. Investment Advisory services offered through United Capital Financial Advisers, LLC (“United Capital”), an investment adviser registered with the SEC. Girard and United Capital are separate and unrelated companies. Check the background of this investment professional on FINRA’s BrokerCheck.

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Todd Eklund, CFA

Vice President

Previous experience:

  • Portfolio Manager, United Capital, Newport Beach, CA
  • Investment Analyst, United Capital, Newport Beach, CA
  • Specialist - Annuity & Mutual Funds (AMF), Pacific Life, Newport Beach, CA
Education:
  • BA, Economics, San Diego State University
  • Chartered Financial Analyst (CFA)

Began career in 2008

Todd is a member of the United Capital investment management team, where he plays a leadership role delivering and supporting United Capital's investment platform to offices and advisers. He has developed knowledge fluency across United Capital's broad range of investment capabilities including equity, fixed income, and alternative investments. Todd's areas of focus include business development and sales efforts, as well as providing support for various key initiatives within the firm.

Todd works with new United Capital offices from beginning to end: showcasing United Capital's investment toolkit to new partners, onboarding training and service to new firms. Todd's role demands a high degree of collaboration with a range of internal teams at United Capital. Throughout his long tenure at the organization, he has built a wealth of knowledge and experience working alongside various internal groups.

Additionally, he provides ongoing service and support for advisers as an expert resource regarding managed portfolios, investment strategies and asset classes. Todd produces content communicating views and thought leadership on investment and private wealth topics and delivers internal and external presentations supporting existing and new business development.

Todd began his career working in client service at Pacific Life in the Annuity & Mutual Funds (AMF) division.

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Ryan Felde, CFA

Portfolio Manager

Previous experience:

  • Associate Portfolio Manager, United Capital, Dallas, TX
  • Investment Analyst, Canterbury Consulting, Newport Beach, CA
  • Investment Model and Performance Specialist, United Capital, Newport Beach, CA
  • Investment Operations Specialist, United Capital, Newport Beach, CA
Education:
  • BS, Finance, San Diego State University
  • Chartered Financial Analyst (CFA)

Began career in 2010

Ryan is a member of the United Capital investment management team, where he oversees new manager search and evaluation as well as ongoing monitoring of the investment platform's growing lineup of illiquid alternative investment solutions. He supports advisers' use of these solutions through online training modules, written and video content, presentations, and conferences. Ryan also presents United Capital's investment platform and the extensive toolkit associated with it at major corporate training events. In addition, he serves as an expert resource and provides ongoing service and support to numerous regional offices on their use of United Capital's investment platform.

Previously, he worked as an analyst at Canterbury Consulting, where he served as a primary point of contact for large institutional clients, including foundations and large religious organizations. He managed complex projects for multiple Senior Investment Consultants, assisted the Director of Outsourced Investments and participated in the Outsourced Investment Management Committee meetings.

Ryan began his career at United Capital, managing a range of operational functions: He updated allocations in investment models, analyzed performance returns, served as a liaison to outside portfolio managers and was in charge of various internal reporting functions.

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Matt Gagnon, CFA

Portfolio Manager - Index, Factor and Tactical Strategies

Previous experience:

  • Investment Analyst, United Capital Financial Advisers, Dallas, TX
  • Research Assistant, Peak Capital Investment Services (later United Capital Dallas & Denver), Highlands Ranch, CO
  • Intern, Investment Portfolio Solutions, Arvada, CO
Education:
  • BSBA, International Business, University of Denver
  • Chartered Financial Analyst (CFA)

Began career in 2007

Matt is a member of United Capital's investment management team where he manages over $1 billion, including a suite of Modern Portfolio Theory-based index exchange traded funds (ETF) models that he helped design and implement. He also oversees three tactical ETF managers, serves as product champion for the Opportunistic factor tilt strategies and provides direct support to regional offices on technical questions related to United Capital investment strategies. Matt has managed a set of transition services to help advisers implement portfolio changes in a tax-efficient manner and created advanced custom investment proposals for high-net-worth prospects.

Previously, he worked in United Capital's Dallas and Denver offices, where he was part of a two-person team responsible for the management of thousands of discretionary accounts. Matt successfully instituted a model-based investment program across a $500 million book of business by leveraging portfolio management systems that streamlined portfolio management. He worked with fellow employees and third-party vendors to successfully execute complex system transitions. Matt also conducted economic research for use in investment decision-making and client-facing presentations and gained valuable experience in tax-efficient portfolio management.۬

Matt began his career at Investment Portfolio Solutions, where he gained portfolio management, investment research and asset allocation experience.

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Phil Jacobson

Managing Director

Phil.Jacobson@unitedcp.com

Previous experience:

  • Senior Vice President, CapTrust Asset Management, Rockford, Illinois
  • Associate Vice President, Dain Rauscher (now RBC Dain Rauscher), Rockford, Illinois
  • Vice President, Branch Office Automation, Inter-Regional Financial Group (IFG), Minneapolis, Minnesota
    IFG was parent company of Dain Bosworth, Inc. and Rauscher Pierce Refsnes, Inc.
Education:
  • BS, Business, University of Minnesota

Began career as a financial advisor in 1994

Phil Jacobson is a founding principal of United Capital's Rockford office, where he brings over 20 years of industry experience to his work with clients. He has extensive experience in working with both high-net-worth individuals and nonprofit organizations. Phil is also responsible for running the 401(k) WealthPlan website at www.401kwealthplan.com to help United Capital advisers advise on their clients' 401(k) accounts. Additionally, Phil also manages a series of Tactical Asset Allocation strategies on United Capital's investment platform, and he applies his longstanding experience to a variety of key initiatives within the firm.

Because of his down-to-earth yet relevant style, Phil is a requested speaker on the economy and the markets at conferences across the country, and he is quoted in the media.

Previously, Phil worked at parent company of Dain Bosworth and Rauscher Pierce Refsnes, Inc., where he led their Branch Office Automation team. Among his accomplishments was the development of a customized portfolio management system, which was one of the first of its kind to be implemented throughout an entire brokerage firm.

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Kevin King, CFA

Portfolio Manager

Previous experience:

  • Portfolio Manager, United Capital San Diego, San Diego, CA
  • Portfolio Analyst, Provident Capital
  • Investment Support Specialist, San Diego Trust & Savings Bank
Education:
  • BS, Business Administration, San Diego State University
  • Chartered Financial Analyst (CFA)

Began career in 1988

Kevin is a member of the United Capital investment management team, where he manages all of the strategies on the investment platform that use DFA mutual funds. He also oversees investment platform strategy updates and coordinates the resulting trade activity. Kevin provides direct support to regional offices on technical questions related to United Capital's investment strategies, and as the team's General Manager, he monitors all departmental projects in progress.

Previously, he worked in United Capital's San Diego office, where he formulated and presented investment solutions to clients. He was also responsible for account trading, maintenance of the portfolio accounting system and client-facing performance and allocation reports.

Earlier, Kevin worked at Provident Capital, where he assisted in the management of investment strategies focusing on individual stocks. Responsibilities included performing proprietary research on individual securities and formulating investment strategies using macroeconomic themes. He was also responsible for trading, maintenance of the portfolio accounting system and resolving settlement issues.

Kevin began his career in investments at San Diego Trust & Savings Bank, assisting both equity and fixed income portfolio managers with research and operational support. He was also responsible for executing trades for trust accounts and trading securities in the firm's in-house mutual fund family.

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Sam Miller, CFA

Vice President

Previous experience:

  • Associate Vice President, United Capital, Newport Beach, CA
  • Portfolio Strategist, United Capital, Newport Beach, CA
  • Portfolio Manager, Slayton Lewis, Chicago, IL
  • Senior Investment Analyst, Northwestern Mutual Investment Services, Chicago, IL
Education:
  • BS, Finance, University of Illinois at Urbana-Champaign
  • MBA, Finance and Econometrics, University of Chicago
  • Chartered Financial Analyst (CFA)

Began career in 2002

Sam is a member of the United Capital investment management team, where he leads and directs the management of United Capital's portfolio construction, monitoring, and evaluation tools and resources. He also manages the tax minimization strategies on the investment platform. Additionally, Sam works with prospective advisers to demonstrate the value of joining United Capital and leveraging United Capital's investment platform, and then he assists with onboarding and training. He also provides direct support to established regional offices on technical questions related to strategies on United Capital's investment platform.

Previously, as Portfolio Strategist, Sam served as a liaison between United Capital's advisers and the investment department, helping to connect the investment strategies offered to the adviser-client relationship.

Earlier, Sam worked at Slayton Lewis, where he successfully managed a $120 million portfolio of discretionary equity and fixed income assets for a time period including the 2008 credit crisis.

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Berend van Roijen, CFA®, CAIA®

Senior Investment Analyst

Previous experience:

  • Relationship Manager, United Capital of Bethesda, Bethesda, MD
  • Analyst, Bloomberg L.P., Skillman, NJ
  • Analyst, Credit Suisse, New York, NY
Education:
  • MA, Finance, Tulane University
  • BA, Economics, Tulane University
  • Chartered Financial Analyst (CFA)
  • Chartered Alternative Investment Analyst (CAIA)

Began career in 2007

Berend is a member of the United Capital of Bethesda office, where he leads the research efforts of one of United Capital's largest offices. He also leads corporate credit analysis and has investment responsibility for taxable bond accounts. He works closely with advisers to review and discuss asset allocation, security selection, valuation, industry trends, macroeconomic events and general tax implications. The team explores and engages in a range of investment styles and strategies to achieve wealth management goals.

Previously, he worked for several years at Credit Suisse in New York within the Private Bank, where he developed new and strengthened existing relationships with ultrahigh net worth (>$10million) clients to continue rapid assets under management and revenue growth. He controlled trading for separately managed accounts, including a broadly implemented discretionary value strategy.

He began his career as an analyst with Bloomberg L.P., where he was selected as one of five analysts to develop the Bloomberg Dividend Forecasting Product (BDVD), the first Bloomberg product to produce proprietary forecasts based on subjective decisions by internal analysts and precursor to the now popular Bloomberg Intelligence platform. Within the BDVD team, Berend served as the sole analyst covering the North America Financial sector. He maintained an exceptional forecast accuracy rate during the financial crisis. He also successfully predicted several major bank dividend cuts.

In addition to achieving the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations, Berend previously held a FINRA Series 7 and a NASAA Series 66. Berend has been published in Bloomberg Markets magazine.

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Patrick Rudy, CFA, CFP, CPA

Wealth Adviser

patrick.rudy@unitedcp.com
Connect on LinkedIn

Previous experience:

  • Senior Investment Consultant, Cascade Investment Group, Colorado Springs, Colorado
  • Director of Audit and Compliance, The Corundum Group/Central Bank & Trust Wealth Management, Colorado Springs, Colorado
  • Investment Consultant, Isaac Financial Services, Colorado Springs, Colorado
  • Audit and Tax Accounting, Stockman Kast Ryan & Co., Colorado Springs, Colorado

Education:

  • BS, Accounting, The Master's University
  • Chartered Financial Analyst (CFA)
  • Certified Financial Planner (CFP)
  • Certified Public Accountant (CPA)

Began career in 2006

In his role as Wealth Adviser, Patrick Rudy works directly with a group of clients to help them through the financial guidance process and manage their investment accounts. He is an experienced financial planning and investment management professional. As a Certified Financial Planner professional, Chartered Financial Analyst and licensed CPA, Patrick takes a holistic approach to investing and planning. He works with individuals, families and nonprofit endowments to help bring clarity, strategy and results to his clients. Specific areas where he is most knowledgeable include holistic wealth management and planning, asset allocation, retirement planning and risk management. Patrick is passionate about helping his clients navigate the complex web of saving and investing vehicles available today. Patrick serves his clients directly through the development, implementation and monitoring of a comprehensive financial plan that is tailored to each individual's unique circumstances.

Previously, Patrick worked with a small group of clients and supported other advisers in developing asset allocation recommendations and comprehensive financial plans. He also developed a tool to import mutual fund data and track retirement plan options through various metrics, and he developed a reporting tool to help plan sponsors keep track of options on a watch list and the history of plan options.

Previously, Patrick managed the compliance program for a family office focused primarily on one client. In this role, he also assisted the Chief Operating Officer of the firm in managing day-to-day operations, including reconciling accounts in Advent Axys and developing custom reports for various client situations and special tax projects.

Earlier, Patrick was an audit consultant at a large local accounting firm in Colorado Springs. He specialized in auditing hospitals and nonprofit organizations. In this role, Patrick worked as part of an audit team for larger clients and managed audits for smaller clients.

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Stephen "Tuck" Tuckwood, CFA

Vice President

Previous experience:

  • Head of Equities Equity Portfolio Manager, United Capital, Dallas, TX
  • Wealth Manager, United Capital Atlanta, Atlanta, GA
  • Senior Financial Analyst, Sanders Financial Management, Atlanta, GA
  • Project Analyst, Kingsley Associates, Atlanta, GA
Education:
  • BBA, Finance and Economics, Mercer University
  • MS, Finance, Georgia State University
  • Chartered Financial Analyst (CFA)

Began career in 2005

Tuck is a member of the United Capital investment management team, where he is responsible for the oversight and direction of all the active equity strategies on United Capital's investment platform. He also directs the design efforts to broaden the functionality of the Adviser Investment Portal. He serves as a content leader for the design of client literature about the investment platform and oversees the development and evolution of new media for delivering messaging from investment management to the field and to United Capital's client and prospect base. Tuck works with Registered Investment Advisor prospects to demonstrate the value of joining United Capital and leveraging United Capital's investment platform, and he provides direct support to regional offices on technical questions related to strategies on United Capital's investment platform.

Previously, he worked in United Capital's Atlanta office, where he served as a voting member of their investment committee. At his time within the Atlanta office, Tuck was responsible for generating new investment ideas, oversight of current positions and general portfolio management.

Tuck began his career at the real estate consultancy firm Kingsley Associates (KA). During his time at KA, he worked with the firm's major institutional clients, helping them assess their real estate assets.

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