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Per our conversation, the following are a few ways in which we could form a partnership with Evan and his group. I haven't had a chance to vet any of this with our CCO, Ann, yet as for if it each of these will work exactly, but at least this will help us think this out and decide if it is worth pursuing the conversation with Evan.

1) Allow Evan and his team (I believe it is a total of 6 licensees) to hold their licenses with us. They would be their own entity but have to put on the business cards and website that "securities are sold through RSP Investments" and we would take a 20% cut of their business. This would take some work on the part of me, Joan and Ann to supervise and vet all their deals and I would be responsible for each of the six of them but could be worth it for 20% . We would probably want to have them pick up at least some of these expenses beyond the 20% we are taking off the top.

2) Bring Evan and his team completely under the RSP Investments umbrella and make his office our NYC office. This gives us the advantage of having a team and a real office in NYC really quickly. Same supervisory risk but additional reputational risk. Would need to figure out how to share expenses and it would have to be economically worthwhile to us. Would also need to find out more about who their network of allocators are and if there can be any cross-polination.

3) Ask Evan and team to make an equity investment into the firm and become a minority owner.

Let me know your thoughts - want to get back to him either way shortly. I may have some additional feedback from Ann on this as well.


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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