Alternatives to the big custodians for low-AUM firms

Independent advisors rely on custodians for technology, products and support. But RIAs with low AUM don’t always have access to them. Where should these firms turn? Seek out smaller custodians. Check out TAMPs. Or plead your case to the big guys, industry insiders say.

The custodian’s RIA channel business model is centered on growth: More advisors with more assets means more revenue.

Fidelity sets a platform minimum of $30 million, according to Todd Roadman, a senior vice president at Fidelity Clearing and Custody Solutions, who said in an email that the custodian typically connects firms under $50 million in AUM to larger wealth management firms they can partner with.

Other custodians, including Schwab and TD Ameritrade, do not have official minimums and say they look at other indicators.

“We take into consideration a firm’s assets, growth prospects and its business plan, among many other factors,” says TD Ameritrade Institutional spokesman Joe Giannone. “Size is a factor, for sure, but we look at the whole picture.”

As more advisors go independent, there are more startup RIAs with low AUM. There is also a growing group of advisors who are not looking to grow their AUM at all. These advisors charge monthly retainers or annual fees for their planning, and don’t spend much time with the portfolio.

“I try to talk [clients] out of investment management,” says Kaleb Paddock, a sole practitioner at Ten Talents Financial Planning, who manages a little over $800,000 in AUM and charges monthly and annual fees. Investing has become commoditized, he says, and clients don’t need someone to do it for them, or charge high fees for it. “It’s not that complicated. It’s not rocket science.”

There are options for financial planners with low AUM. For one, advisors can make the case to a custodian that they will be lucrative in the future.

“One of the main things we look at is a firm’s commitment to driving growth and, ultimately, building a professionally managed business,” said Gabriel Garcia, head of relationship management at BNY Mellon’s Pershing Advisor Solutions, in an email. While Garcia’s company requires no minimum AUM, a typical RIA makes a commitment of $150M or greater, he said, noting that the firm provides options for RIAs of all sizes, including a TAMP.

Some smaller custodians, such as Shareholders Service Group, service RIAs with little or no AUM.

XY Planning Network advisors, such as Ten Talents’ Paddock, have access to TD Ameritrade through a partnership intended to help grow fee-only RIA practices.

“It’s a huge cost savings to me,” Paddock says, who pays $421 a month to be in the XY Planning Network. He adds: “For that $800,000 [in AUM] that I manage, I use TD Ameritrade, and I don’t pay any basis points for that.” He also notes that there are significant benefits, especially for small firms, in using a well-known brand with an integrated tech platform. “It does give clients confidence,” Paddock says.

Advisors can utilize a TAMP as well. Through custodial partnerships, Envestnet allow advisors to hold assets on a custodian platform when they use the TAMP’s services, according to Jean Hempel, managing director for enterprise consulting at Envestnet’s RIA Network.

“It gives advisors an opportunity to work as an independent RIA without having to contract directly with the larger custodians,” she says. In addition, it can save money. “Your custodian fees tie in to the assets you have on the platform,” she adds.

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Fidelity says its minimum AUM requirement serves a purpose. “Minimums are set to ensure that Fidelity can accomplish our goal in providing the best service and client experience to all our clients, which includes making investments in our technology and other offerings,” Roadman said.

Regulatory concerns and expenses also play a major role, according to Robb Baldwin, CEO of TradePMR, a Florida-based custodian with over 700 RIAs.

Custodians have to monitor transactions, which includes sending regulators routine, and costly, documentation such as trading activity and fee billing, he says. TradePMR receives more requests regarding small advisors who make trades less frequently.

“It’s getting concerning that some of these advisors may be part-time or they’re not fully focused on advising their clients,” Baldwin says. “From that standpoint, there is the possibility of more regulation and more cost that firms like ours try to — or need to — stay away from.”

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Olympic gold medalist Lauryn Williams becomes CFP

Lauryn Williams knows how hard it can be for professional athletes to receive good financial advice. After signing a six-figure sponsorship deal with Nike in 2004, the young Olympian sought help to manage the windfall and plan her financial future.

Unfortunately, her first financial advisor was interested only in investing her money, not planning, and was not familiar with athletes’ special financial circumstances. A second advisor was no better.

Both experiences shaped how Williams, 35, approaches her own work as a new CFP. She advises athletes and young professionals alike with the guidance she did not receive in her first career.

That career saw her become the first woman to medal in both Summer and Winter Olympics. She took silver in the 100-meter dash in the 2004 Athens games and gold in the 4×100-meter relay in London in 2012. Two years later — and with less than one year of training in her new sport — Williams won silver in the two woman-bobsled at the 2014 Winter Games in Sochi.

“Anybody who’s looking for help deserves to have it,” says Lauryn Williams.

Elton Anderson

Her Olympic years inform her work with her athlete clients, who make up half of her practice. Athletes need different financial advice, she says, because the length of their career and the sources of their income are unique.

Whether they like it or not, she says, athletes are entrepreneurs, financially speaking. They receive Form 1099 income in large, infrequent payments from which they are responsible for withholding their own taxes, paying agents and budgeting the balance to last for months.

Those payments are likely to be short-lived, given that the average career of an athlete, she says, lasts just three to five years.

Those aren’t the only challenges. Athletes “are focused on the goal immediately in front of them,” says Williams. Often, she adds, they don’t make plans “until they are ready to retire.”

When Williams embarked on her second career, she was in a better position than most athletes. In college, she majored in finance. By 2012, she had signed up for an online CFP course with test prep course Dalton Review. That year she walked into Briaud Financial, a NAPFA firm in College Station, Texas, where she trained for track, and asked for an internship.

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At Briaud, Williams began to learn about the complexities of comprehensive planning. She soon realized that a similar kind of high-quality advice wasn’t available to her or others like her, given Briaud’s focus on high-net-worth clients.

“I was never an athlete who earned a million dollars,” she says, adding that she wanted to help people with fewer assets.

“Anybody who’s looking for help deserves to have it,” she says, “and that’s why I started my firm.”

CFP Lauryn Williams sits with the three Olympic medals she has won in track and bobsled.

Photos by Elton Anderson

Worth Winning, which she founded in Dallas in 2015, serves clients with an average income of $180,000. After setting up a financial plan, Williams videochats with each client at least three times each year. She charges a client earning that average income $243 per month for the first year and $175 per month afterward.

Williams had to work hard. She took online CFP classes while training for the Olympics, not realizing she would need to prepare full-time for the exam. She failed the first time, then the second.

“I was pretty deflated,” she says.

Undeterred, she ramped up her studies and passed the exam, receiving her CFP certification in 2018. After the challenges of failing twice, she is quick to empathize with others who struggle with exam prep — particularly those who are transitioning between careers.

“We put a lot of pressure on ourselves,” she says. “We’re coming from something different and we’re trying to prove ourselves at something new.”

To cope with that pressure, Williams drew on a lesson from her athletic career.

For Olympic sprinters, it’s important to maintain a low weight. As her body changed naturally with age, though, it became harder to keep weight off. However, the same weight that made sprinting more difficult turned out to be an advantage in bobsledding, where more weight helps you move faster downhill.

The example can apply to “my fellow career changers,” she says. “Sometimes we focus so much on what we’re not excelling at,” she says. But advisors can “pivot” to turn that challenge into an opportunity.

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New Guide from CFP Board Center for Financial Planning Highlights Best Practices for Firms to Recruit and Retain Talented Professionals

WASHINGTON, April 16, 2019 /PRNewswire/ — The CFP Board Center for Financial Planning is working to strengthen the financial planner workforce with the publication of Financial Planning Career Paths: Building More Sustainable and Successful Businesses, a new guide to help firms with financial planner recruitment, onboarding, training, career development and retention.

“Firms of all sizes and business models will benefit from these best practices to better engage and develop professionals, and prepare the next generation of financial planners,” said CFP Board Chief Executive Officer Kevin R. Keller, CAE. “This guide is an essential step in advancing the transition of financial planning from an ‘industry’ that delivers products and services to a ‘profession’ that is an integral part of society through improving consumers’ lives.”

The comprehensive workforce development guide, developed with support from the guide’s Signature Sponsor BNY Mellon’s Pershing – a leading provider of clearing and custody solutions – highlights the importance of clear and transparent career advancement to attract and retain the next generation of financial planners and advisors. The guide is designed to help firms structure and effectively communicate career path opportunities. It identifies and closely examines five rungs of the financial planner career ladder:

  • analyst
  • associate advisor
  • service advisor
  • lead advisor
  • partner

The guide elaborates on the requisite skills, experience and responsibilities necessary to achieve each rung. It also provides a framework for compensation and organizational advancement so that professionals can manage their expectations and be well rewarded for their efforts.

Leaders from thirty firms representing different types of businesses that employ and provide careers to financial planners and advisors contributed to the guide, which also incorporates data from various research studies of compensation and career development.

The Center’s Workforce Development Advisory Group provided key input on the development of the guide, under the leadership of Mark Tibergien, Chief Executive Officer of Advisor Solutions at BNY Mellon’s Pershing, a nationally recognized expert in workforce development in the financial planning profession and financial services industry. The group is composed of experts on talent acquisition and retention, leaders from financial services firms, heads of academic institutions with a CFP Board Registered Program, and CFP® professionals advancing innovative workforce development initiatives.

“Developing clear career paths is crucial to the continued growth and development of the financial planning profession,” said Tibergien. “This publication will be an important resource for employers and a game-changer for the advancement of the financial planner workforce.” 

This publication is aimed at guiding firms in fostering career paths that offer:

  • a systemic plan for skill development
  • a logical progression of responsibilities
  • a sense of fairness across the organization
  • clarity for advancement decisions
  • help with identifying top performers who have leadership potential

Professionals can also utilize the guide as a roadmap for navigating the multifaceted career of a financial planner. The guide provides information on what to expect through each career rung, direction for self-development efforts, and a step-by-step progression of skill development that ensures the right skills are learned at the right time.

“Top firms in the profession are utilizing career paths to secure a lasting competitive advantage and build sustainable organizations,” said CFP Board Center for Financial Planning Executive Director Marilyn Mohrman-Gillis. “They are important frameworks for developing the skills of professionals with various levels of experience so that they can progress in their careers, serve their clients well, and contribute to their firms at the highest level.”

In addition to the support from BNY Mellon’s Pershing, the Center is thankful for the support of the Center’s Lead Founding Sponsor TD Ameritrade Institutional, and Founding Sponsors Northwestern Mutual, Envestnet and Charles Schwab Foundation, in partnership with Schwab Advisor Services.

The CFP Board Center for Financial Planning commissioned The Ensemble Practice LLC to conduct research that captures the experiences and best practices of financial services firms. Thirty firms of all sizes and business models that employ financial advisors were interviewed. The research also examined data from InvestmentNews magazine’s 2017 Adviser Compensation Staffing Study and 2018 Study of Pricing Profitability, capturing the compensation and business practices of nearly 400 firms.

Certified Financial Planner Board of Standards, Inc. is the professional body for personal financial planners in the U.S.  CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning.  CFP Board, along with its Center for Financial Planning, is committed to increasing the public’s awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by firms and consumer groups as the standard for financial planning, CFP® certification is held by more than 83,000 people in the United States.

The CFP Board Center for Financial Planning seeks to create a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. The Center brings together CFP® professionals, firms, educators, researchers and experts to address profession-wide challenges in the areas of diversity and workforce development, and to build an academic home that offers opportunities for conducting and publishing new research that adds to the financial planning body of knowledge. More about the Center and its initiatives can be found at

SOURCE CFP Board Center for Financial Planning

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What Financial Savvy Individuals Do After The April 15th Tax Deadline



The tax filing deadline is upon us.  If you are like many Americans, your initial thoughts are that you managed to get your 2018 tax return done without any big surprises.  You might have taken advantage of the tax cuts that everyone was talking about.  You probably even promised yourself that next year, you will be more organized and proactive about managing your taxes.

However, if you are like many of us, that moment of organizational clarity never quite arrives.  As John Lennon once said, “Life is what happens to you while you are busy making other plans.”  He might have been talking about getting your finances in order.

If you look at the lives of those who are financially savvy, you might find that their financial success is due not simply to being smart or hiring the right advisor.  Instead, most individuals who excel with their money are extremely organized and proactive.

That’s not a surprise.  When looking at those who are considered financially resilient, two characteristics are clear: an individual must be both proactive and organized.

The key to this is actually quite simple:  meeting with your tax professional at the right time to organize your financial life.  For the financially savvy, this is the magic that makes the difference.

“Proactive tax planning means meeting with your tax professional to discuss your financial goals and opportunities to achieve these goals with the lowest possible tax cost,” says Brian Streig, CPA and Tax Director at Calhoun, Thompson + Matza, LLP, in Austin, TX. “I find that clients who meet during the year are more confident in making financial decisions than clients who don’t have any meetings.”

As we come upon the tax filing deadline, here are three ways to start on the path of being financially savvy.

Meet with Your Tax Professional

When most Americans think of meeting with their tax professional, it’s usually during tax season.  There couldn’t be a worse time to meet.

“Tax season can be a bad time to have a planning meeting with your CPA because we are so laser focused on getting tax returns prepared,” says Streig.  “In fact, many tax professionals don’t schedule these meeting during tax season because we know our resources are dedicated to getting tax returns prepared.”

Tax season is about the production of tax returns, not about the planning. In fact, most of the planning that can occur during tax season are last-minute items such as funding an IRA for the prior year.  While it can help the bottom line, it is not being strategic in maximizing your finances.

Instead, there needs to be a mental shift to understanding that true tax planning occurs during the year. What many financially successful people do is use the April 15 deadline as the moment to schedule a planning appointment with their tax professional.

Develop A Philosophy

When individuals think of tax planning, they assume it only centers on maximizing tax benefits.  While that is true, it is more nuanced.

You often hear people say that their tax professional got them a refund.  No one gets you a refund.  You get yourself a refund.  But for most people, being in a refund (or liability) position is merely passive planning.  If you ended up with a refund, it is simply because you made no decisions about it either way.

What is your tax philosophy on refunds? Many Americans like getting a refund as they don’t have excess cash flow to handle a liability.  But there are others who firmly believe that being in a refund position means you are making an interest free loan to the government.  Their preferred position is to pay in enough to be penalty proof.

Streig agrees. “These tax meetings help our clients make strategic decisions to lower their taxes and give them a good estimate of what their tax liability will be at the end of the year. This helps relieve the anxiety that comes from wondering whether they’ll get a tax refund or how big their tax payment will be on April 15th of the following year,” he says.

Regardless of your position, actually making a decision is helpful for your tax professional.  This gives them the insight into ensuring you end up in the position you want to end up in.

You should develop a philosophy for more than just the refund issue. Going through the 1040 and the various schedules, financially successful individuals can articulate their positions on issues ranging from charitable giving to why they don’t think the mortgage deduction is worth carrying the debt.

This knowledge creates organization of your financial plan.  It also allows you to actively engage.  Philosophy is key to developing strategy.

Utilize Expertise and Experience

Like therapists, tax professionals have seen everything, which enables them to share examples of what other clients have done to maximize their returns. Working with someone with experience is invaluable.  In the tax planning process, you are trying to make decisions that might have a long-term impact.

“Topics that can be discussed include purchasing or selling assets, selecting the best type of retirement account, and adjusting your financial strategies due to changes to the tax law,” says Streig.

A seasoned tax professional will walk you through the pluses as well as explain some of the potential pitfalls.  Usually they are aware of the pitfalls from working with other clients.  As a result, a steady hand can help smooth the experience when you’re considering certain planning opportunities.

It’s in Your Hands

You must be proactive when deciding you want to organize your financial life.  It requires patience and taking the time to develop your thoughts on how you want your tax experience to be.  But by taking control and actively engaging in the process, you create accountability for your financial life.  You can better judge what years were better for you financially and how you rebounded from financial mistakes.


College dedicates Charles Schwab Financial Planning Center | News

Athens, Ga. – The College of Family and Consumer Sciences celebrated the growth of its financial planning program at a dedication ceremony for the Charles Schwab Financial Planning Center on April 11.

On behalf of independent investment advisors, Schwab Advisor Services partnered with Charles Schwab Foundation to provide funding toward a major renovation project within one of the college’s oldest buildings that will enhance students’ experiential learning opportunities.

Three independent advisory firms in Atlanta – SignatureFD, TrueWealth Management and Homrich Berg Wealth Management – contributed a total of $100,000 to the project.

Combined with support from the University of Georgia, the college and additional private funds, the renovation represents an investment of nearly $1 million and dramatically expands the space available for a program that is steadily growing in enrollment.

“We have prospered in a short period of time because of the amazing people we have to work with, especially the students,” faculty member Lance Palmer said at Thursday’s ceremony. “We are so grateful for the support of Schwab and our partner firms that has allowed us to transform this historic building into a cutting-edge financial planning communication training facility.”

The renovated space now includes three client interview rooms, a state-of-the-art observation lab for students to conduct and record financial planning and tax filing sessions as well as additional office space for graduate students and faculty.

The three-story house on South Campus was constructed in 1939 and originally served as a residence for students in the college’s home management course and then office space for faculty and graduate students.

Lisa Salvi, Vice President of Business Consulting and Field Experience for Schwab Advisor Services, said it was “surreal” to see the renovation project in person after several years of planning.

“The reason Schwab looks for partner universities like UGA is because we want to help create awareness of the wonderful, entrepreneurial career opportunities that exist within the independent advisory industry,” she said, “and to do our part to support programs that create high-quality talent for those firms to hire. UGA’s innovative approach to preparing future financial planners is truly inspiring.”

UGA President Jere Morehead noted one of the programs that will benefit from the renovation project is the online component of the Volunteer Income Tax Assistance program, Virtual VITA, which gives students the opportunity to provide free tax preparation for Georgia citizens through a partnership with UGA Extension.

Students completed nearly 400 tax returns in the program’s first year, saving an average of $300 per resident. The technology enhancements made possible by the renovation project will allow the program to expand.

“These are incredibly valuable programs for Georgians as well as our students,” Morehead said.

The college’s financial planning program was first registered with the CFP® Board in 2001 and started with just seven students. There are now well over 200 undergraduates and approximately 80 graduate students in the program.

The program is fully accredited by the CFP® Board and has been ranked as one of the top 10 programs in the country by Financial Planning Magazine.

“I could not be prouder of our faculty,” FACS Dean Linda Kirk Fox said. “They have remained steadfast in their commitment to creating a better world through financial literacy, service to community and sending out highly-skilled professionals for a growing industry. This collaboration with Schwab and our partner firms only strengthens that commitment.”

Photos from the event can be viewed here.

About Charles Schwab

At Charles Schwab we believe in the power of investing to help individuals create a better tomorrow.

We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.

More information is available at

About Charles Schwab Foundation

Charles Schwab Foundation is a private, nonprofit organization funded by The Charles Schwab Corporation. Its mission is to create positive change through financial education, philanthropy, and volunteerism.

More information is available at

The Charles Schwab Foundation is classified by the IRS as a charity under section 501(c)(3) of the Internal Revenue Code. The Foundation is neither a part of Charles Schwab Co., Inc. nor its parent company, The Charles Schwab Corporation. Charles Schwab Foundation and University of Georgia are independent of each other and are not affiliated entities.

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Not all financial planning is created equal. The relationship between the planner/adviser and the client is based on years of experience, trust and continuity. “The Intelligent Investor: The Better Way to Pay for Financial Advice” (Exchange, April 6) doesn’t place enough emphasis on the human component of investing. When the market is volatile, and people see their money going down in value, many people are fearful and reactive to these circumstances. Jason Zweig is correct that if people were able to eliminate their emotions completely from the picture, invest in a diversified portfolio of index funds, and adjust the…

One Madison and Ranpak to Appoint Trent Meyerhoefer Chief Financial Officer

NEW YORK CONCORD TOWNSHIP, Ohio–(BUSINESS WIRE)–Apr 15, 2019–One Madison Corporation (NYSE:OMAD, OMAD.U, OMAD.WS) (“One Madison”) and Ranpak Corp. (“Ranpak”) today announced the appointment of Trent Meyerhoefer as Senior Vice President and Chief Financial Officer (“CFO”), effective as of, and contingent on, the consummation of the business combination between One Madison and Ranpak (collectively, the “Company”), which is expected to occur in the second quarter of 2019. Mr. Meyerhoefer will oversee all financial aspects of the Company, including financial planning and analysis, accounting and financial reporting, tax, internal audit, investor relations and treasury and risk management. Mr. Meyerhoefer will report to Mark Borseth, Ranpak’s Chief Executive Officer.

Mr. Meyerhoefer comes to the Company following a 24-year career at Eaton Corporation (“Eaton”), where he served most recently as Senior Vice President and Treasurer. During his time at Eaton, Mr. Meyerhoefer also served as Vice President and Assistant Treasurer; Director, Capital Markets; Director, Corporate Planning; Director, Business Development; and Manager, Strategic Planning. Prior to joining Eaton, he was a Senior Consultant at Accenture Ltd. (then doing business as Andersen Consulting). Mr. Meyerhoefer received an MBA from Tuck School of Business at Dartmouth College and a BA in Economics Management from Albion College.

“Trent has tremendous experience in the financial operations of a public company. His background combines capital markets and financial expertise with a deep understanding of corporate planning and business development to make him the perfect fit for One Madison and Ranpak. I look forward to working with Trent and the entire Ranpak team as we embark on this new chapter in Ranpak’s long and successful history,” said Omar Asali, the current Chairman and Chief Executive Officer of One Madison who will become the Executive Chairman of the Board of Directors of the Company following the business combination.

Mr. Borseth added, “We are delighted to have Trent join our team. He is a strategic and innovative leader with extensive financial experience. We couldn’t be more excited to have Trent’s help as we bring Ranpak to the next level following our business combination with One Madison by building on our existing product portfolio, creating new paper packaging solutions for our end users, and expanding our business into new geographies.”

“I am honored to join Ranpak and look forward to working with Omar, Mark and the entire Ranpak team to further enhance the Company’s financial and operational performance, expand the Company’s businesses, and help spread the word on the importance of sustainable packaging solutions for increasing business and consumer applications,” Mr. Meyerhoefer said.

About One Madison Corporation

One Madison is a special purpose acquisition company launched in 2018 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. One Madison began trading on NYSE in January 2018 and its Class A ordinary shares, units and warrants trade under the ticker symbols OMAD, OMAD.U, and OMAD.WS, respectively. One Madison is sponsored by One Madison Group LLC, an investment firm founded by Omar Asali, formerly President and Chief Executive Officer of HRG Group. One Madison’s investors and strategic partners include JS Capital and Soros Capital (the family offices of Jonathan Soros and Robert Soros, respectively), as well as entities managed by Blackstone Alternative Solutions L.L.C. On December 12, 2018, One Madison entered into a definitive agreement with affiliates of Rhône Capital, pursuant to which One Madison will combine with Ranpak.

About Ranpak Corp.

Founded in 1972, Ranpak’s goal was to create the first environmentally responsible system to effectively protect products during shipment. The development and improvement of materials, systems and total solution concepts have earned Ranpak a reputation as an innovative leader in e-commerce and industrial supply chain solutions. Ranpak is headquartered in Concord Township, Ohio and has approximately 550 employees.

Additional Information

In connection with the proposed acquisition, One Madison filed a registration statement on Form S-4 (File No. 333-230030) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”), which includes a preliminary proxy statement/prospectus, that is both the proxy statement to be distributed to holders of the Company’s ordinary shares in connection with the Company’s solicitation of proxies for the vote by the Company’s shareholders with respect to the business combination and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to the Company’s equityholders in connection with the Company’s proposed domestication as a Delaware corporation in connection with the completion of the business combination. The Registration Statement has not yet been declared effective. After the Registration Statement is declared effective, the Company will mail a definitive proxy statement/prospectus and other relevant documents to its shareholders. STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the proxy statement/prospectus (when available) and any other relevant documents filed with the SEC from the SEC’s website at In addition, stockholders will be able to obtain, without charge, a copy of the proxy statement/prospectus and other relevant documents (when available) at One Madison’s website at–investor-relations.html or by contacting One Madison’s investor relations department via e-mail at

Participants in the Solicitation

One Madison and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from One Madison’s stockholders with respect to the proposed acquisition. Information about One Madison’s directors and executive officers and their ownership of One Madison’s common stock is set forth in One Madison’s filings with the SEC, including (i) the Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was filed on February 28, 2019 and (ii) the Registration Statement on Form S-4 initially filed on March 1, 2019, as amended on April 8, 2019. Stockholders may obtain additional information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the proposed acquisition, including the interests of One Madison’s directors and executive officers in the proposed acquisition, which may be different than those of One Madison’s stockholders generally, by reading the proxy statement/prospectus and other relevant documents regarding the proposed acquisition, which will be filed with the SEC.

Forward-Looking Statements

The information in this press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about the pending transaction among One Madison Corporation (the “Company”), Rack Holdings L.P. and Rack Holdings Inc. (“Ranpak”) and the transactions contemplated thereby, and the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example, statements about: our ability to complete our initial business combination; our expectations around the performance of the prospective target business or business; our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination; the proceeds of the forward purchase shares being available to us; our potential ability to obtain additional financing to complete our initial business combination; our public securities’ potential liquidity and trading; the lack of a market for our securities; the use of proceeds not held in the trust account or available to us from interest income on the trust account balance; the trust account not being subject to claims of third parties; or our financial performance following this offering.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could result in the failure to consummate the initial business combination; (2) the possibility that the terms and conditions set forth in any definitive agreements with respect to the initial business combination may differ materially from the terms and conditions set forth herein; (3) the outcome of any legal proceedings that may be instituted against the Company, Ranpak or others following the announcement of the initial business combination and any definitive agreements with respect thereto; (4) the inability to complete the initial business combination due to the failure to obtain approval of the stockholders of the Company, to obtain financing to complete the initial business combination or to satisfy other conditions to closing in the definitive agreements with respect to the initial business combination; (5) changes to the proposed structure of the initial business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the initial business combination; (6) the ability to meet and maintain NYSE’s listing standards following the consummation of the initial business combination; (7) the risk that the initial business combination disrupts current plans and operations of Ranpak as a result of the announcement and consummation of the initial business combination; (8) costs related to the initial business combination; (9) changes in applicable laws or regulations; (10) the possibility that Ranpak or the Company may be adversely affected by other economic, business, and/or competitive factors; and (11) other risks and uncertainties indicated from time to time in filings made with the SEC. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. We are not undertaking any obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.

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Sard Verbinnen Co.

Jamie Tully/David Millar




SOURCE: One Madison Corporation

Copyright Business Wire 2019.

PUB: 04/15/2019 08:45 AM/DISC: 04/15/2019 08:45 AM

Tax tips for last-minute filing: Tax Strategy Scan

Our weekly roundup of tax-related investment strategies and news your clients may be thinking about.

Tax tips for last-minute filing
As the tax-filing deadline draws near, clients who need more time to prepare their taxes should consider an extension until Oct. 15 to avoid putting themselves through a stressful situation, according to this article on Kiplinger. The IRS will hold on to their tax refund until they can file their returns. However, those who owe the IRS should ensure that they pay their taxes by April 15 even if they have already secured an extension to avoid penalties plus interest on the dues.

Clients who need more time to prepare their taxes should consider an extension.

Bloomberg News

Side hustle or hobby? Know the difference to avoid issues with the IRS
Clients who have a side hustle should ensure that the IRS considers it a business and not a hobby, according to this article on The Washington Post. That’s because while income from business and hobby is taxable, clients can claim a tax deduction only for business losses. “Make sure that the IRS will consider your endeavor a real business before you start claiming deductions for the costs of your art projects or toy car collection,” according to an expert.

Too high a tax bill for 2018? Here’s how to lower your 2019 taxes
Clients who owed the IRS a hefty tax bill for 2018 can minimize the tax bite this year by maxing out deductible contributions to their retirement plans, according to this article on Motley Fool. They should also consider setting up a health savings account and a flexible spending account, which are also funded with pretax dollars. Investors sitting on depreciated investments can sell these assets and use the losses to offset taxable capital gains and trim their tax bill.

There’s still time to make this move to lower your clients’ taxes
Clients who have yet to file their taxes can still make a last-minute move to minimize their tax bill, according to this article on Money. They have until April 15 to make 2018 pretax contributions to their traditional IRAs and reduce their taxable income for the year. “It’s one of the only things you can do up until the 2018 tax deadline that can lower the amount of taxes you owe,” a CPA says.

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How to pay less in taxes with smart investment decisions
Clients can minimize their tax burden with tax-advantaged IRAs and employer’s matching contributions in their 401(k) plans, according to this article on Arizona Republic. They should also consider investing in municipal bonds, which offer tax-exempt yields. While clients will owe taxes on dividends from stocks held in taxable accounts, they can delay capital gains by deferring the sale of these investments and use losses to write off taxable income.

How Schwab Is Shaking Up the Industry by Charging Like Netflix