Once again, greed has rocked the foundation of our financial system. It has led to dishonesty, outright theft, and pervasive emotional detachment, and has caused each of us to question every financial relationship we have.

Our trust in our financial institutions is gone.We have been deceived by Freddie Mac, Fannie Mae, Congress, the SEC, AIG, Citigroup, and most recently Bernard Madoff. Each of these, in its own way, has shown that the further away from the investor an institution is, the greater the emotional detachment,and the easier it is for the institution to betray its clients’ trust.

In this environment, “transparency” becomes critically important. The literal derivation of “transparent” is “able to see through.” In financial relationships, it means the ability of the client to actually see the activities their financial services provider is undertaking on their behalf.

We have established and structured CoreStates to have multiple checks and balances that insure complete transparency. We have leading independent custodians safeguarding our clients’ assets. We require our managers to have certified independent audits and peer reviews. An unaffiliated third party conducts the accounting for our clients’ assets and generates the account statements that are provided directly from them to our clients. And, our clients maintain total 24/7 access to their account statements online. In other words, our clients are “able to see through” to each and every action taken in their accounts.

What that means to us at CoreStates is that everything we do and every decision we make is visible to our clients, and must be in their best interests.

That commitment to always act in our clients’ best interests is what makes us a fiduciary. By law, fiduciaries are required to act in the best interests of the investor. We are held to a higher standard than are brokerage firms’ registered representatives. We are the stewards of our clients’ wealth. We ask our clients to be Serious Investors, and we demand that we be Serious Advisors.

Great companies, just like great people, are guided by a core set of values that provide a foundation for their beliefs and their behavior. The following are CoreStates’ CoreValues. They have been guiding our conduct since the very beginning of CoreStates.
- We value lifetime client relationships.
- We value the family, respecting its long-term generational needs.
- We value honesty and integrity, the cornerstones of business and personal relationships.
- We value the power of transparent communication, the catalyst for trust.
- We value teamwork, the collaboration of individual initiatives and opinions.
- We value quality, if it’s worth doing, it’s worth doing right.
- We value education, the foundation for a lifetime of personal growth.
- We value the impact of partnerships, the blending of professional skills to solve client problems.
- We value extraordinary service, viewing what we do through the eyes of the client.
- We value diverse opinions, the foundation for the best investment decisions.

We realize that each and every one of our clients is guided by their own personal values. Over the past 30 years we have gotten to know and respect those guiding principles. The ideal financial relationship is a collaboration of like-minded people
guided by common values and objectives. As we move forward through 2009, I invite you to become more involved with every aspect of CoreStates. We have created one
of the industry’s most instructive websites at www.corestates.us. We are proud of our efforts to keep clients informed, in touch and feeling secure about their
investments and their relationship with CoreStates.