Source: http://docplayer.net/4275048-Ameriprise-managed-accounts-and-financial-planning-service.html
Timestamp: 2019-05-23 08:40:57
Document Index: 504193206

Matched Legal Cases: ['art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'art 2', 'ART 2', 'ART 2', 'art 2', 'art 2', 'ART 2', 'ART 2', 'art 2', 'ART 2', 'ART 2', 'art 2', 'art 2', 'art 2']

Ameriprise Managed Accounts and Financial Planning Service - PDF
Ameriprise Managed Accounts and Financial Planning Service
Download "Ameriprise Managed Accounts and Financial Planning Service"
Thomasine Blair
1 Ameriprise Managed Accounts and Financial Planning Service Client Disclosure Brochure (Wrap Fee Program) (Part 2A Appendix 1 of Form ADV) This wrap fee program brochure provides clients with information about the qualifications and business practices of Ameriprise Financial Services, Inc. and Ameriprise Managed Accounts Services. The information in this Brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Ameriprise Financial Services, Inc. is available on the SEC website at March 30, 2015 Sponsor: Ameriprise Financial Services, Inc Ameriprise Financial Center Minneapolis, MN ameriprise.com SEC Registration No G (03/15)
2 Material Changes Annual Update This Brochure, dated March 2015 is filed as the annual update to the Form ADV Part 2A, Appendix 1 and includes material changes that have occurred since the last annual update of our brochure in March Following is a summary of the material changes: For Access Accounts, some or all of your portfolio may temporarily move to a cash position in certain circumstances such as if there is no selling agreement in place at the time of transition to Ameriprise Financial Services. Non-advisory assets held in or associated with your Account are excluded from any portion of the Wrap Fee calculation. Beginning 1/1/15, the minimum annual Wrap Fee for SPS Advantage is $200 per Household for Accounts opened prior to 1/1/14. MainStay and Principal were added as Full Participation Firms. You may request at any time a current copy of this Disclosure Brochure, and if applicable, Part 2A of your Investment Manager s Form ADV Brochure (as defined below in the Overview of Ameriprise Managed Accounts section of this Brochure) from your financial advisor. The current Brochure replaces any earlier version you receive. You may also request copies of the Brochure(s) by writing by Ameriprise Financial Services, Inc. at 2661 Ameriprise Financial Center, Minneapolis, MN 55474, or by calling Please retain a copy of this Brochure for your records.
3 Update to the Ameriprise Managed Accounts and Financial Planning Service Client Disclosure Brochure (Wrap Fee Program) (Part 2A Appendix 1 of Form ADV) Dated March 30, 2015 Update dated August 2015 This is an update to information contained in the Brochure and replaces any previous updates. All information contained in the Brochure remains the same with the exception of the language below. To help you better understand this information, headings and subheadings in this update generally coincide with those in the Brochure. If there is any conflict between this update and the Brochure, the update supersedes the Brochure. Under the heading Ameriprise Financial Planning Service (On page 34, under section Other advisory services, replace the last sentence with the following language.) As of December 31, 2014, Ameriprise Financial Services managed $117,016,450,706 in nondiscretionary assets and $55,867,723,556 in discretionary assets. Under the heading Additional information, How we get paid (On page 44, under Full Participation, insert Neuberger Berman Management LLC in the first paragraph of that section as a Full Participation Firm) Under the heading Additional information Payments from other nonproprietary companies (On page 45, under Payments from UIT sponsors, replace the section with the following language.) Certain UIT Sponsors with which we have agreements may pay Ameriprise Financial Services marketing and sales support payments to help promote and support the offer, sale and servicing of UITs. These UIT Sponsors are granted full access to Ameriprise Financial Services and our financial advisors to promote their products. UIT Sponsors without such agreements, or no access firms, do not provide direct financial advisor education or sales support. As a result, Ameriprise financial advisors may have a greater familiarity with UIT products of full access firms and may be more likely to sell those products. Please keep this update with your copy of the Brochure and Client Agreement Ameriprise Financial, Inc. All rights reserved A (08/15)
4 Table of Contents Ameriprise Managed Accounts and Financial Planning Service Combined Disclosure Brochure... 1 Ameriprise consolidated advisory fee relationship... 1 Appropriateness of a consolidated advisory fee relationship for you... 1 Establishing and maintaining a consolidated advisory fee relationship... 1 Wrap Fees for your consolidated advisory fee relationship... 2 Renegotiating Wrap Fees... 2 Terminating your consolidated advisory fee relationship... 2 Ameriprise Managed Accounts services, fees and compensation... 3 Appropriateness of a Managed Account for you 3 4 Overview of Ameriprise Managed Accounts Services SPS Advantage SPS Advisor Active Portfolios Select Separate Account Managed Accounts offered with Envestnet Asset Management, Inc Vista Separate Account Investor Unified Account Access Account Supplementary Managed Accounts information Fees and Compensation Wrap Fees Sweep Option and Expenses Account requirements and types of clients Establishing and maintaining Accounts Terminating a Managed Accounts Client Agreement Investment Manager selection and evaluation Client Information provided to Investment Managers Client contact with Investment Managers Ameriprise Financial Planning Service Advisory Business Performance-Based Fees and Side-By-Side Management Methods of Analysis, Investment Strategies and Risk of Loss Additional information Disciplinary information Other financial industry activities and affiliations How we get paid Revenue sources for Ameriprise Financial Services, Inc Economic benefits of affiliates products and services How our financial advisors get paid Code of Ethics, Participation or Interest in Transactions and Personal Trading Client referrals and other compensation Referral arrangements and other economic benefits Review of issuers of financial products Revenue sources for RiverSource Revenue Sources for Columbia Management and Threadneedle Revenue sources for other Ameriprise Financial, Inc. companies Custody Investment Discretion Voting Client Securities Form ADV: Brochure Supplements
5 Ameriprise Managed Accounts and Financial Planning Service Combined Disclosure Brochure This Combined Disclosure Brochure covers important information that is divided into four key components outlining information about the: consolidated advisory fee relationship; Managed Accounts service offered by Amerprise Financial Services, Inc.; Ameriprise Financial Planning Service; and important information about Ameriprise Financial Services, Inc. Each section of this Combined Disclosure Brochure offers important information about engaging in a consolidated advisory fee relationship that allows you to have both managed account and financial planning services for a single asset-based fee. Ameriprise consolidated advisory fee relationship Clients of Ameriprise Financial Services, Inc. ( Ameriprise Financial Services ) may elect to pay for the Ameriprise Financial Planning Service ( AFPS ) and a Managed Account Service (discussed in detail later in this Combined Disclosure Brochure) either separately or through a consolidated advisory fee relationship. A consolidated advisory fee relationship charges a combined investment advisory fee for which you will receive AFPS and at least one Managed Account Service, both of which are described more fully in this Combined Disclosure Brochure. For these two services you will pay a single, annual, asset-based fee that will be billed monthly or quarterly. Appropriateness of a consolidated advisory fee relationship for you Before selecting a consolidated advisory fee relationship, you should consider, among other things, the costs and potential benefits of a combined investment advisory service and your investment objectives. See the Overview of Ameriprise Managed Accounts charts and the Ameriprise Financial Planning Service sections for more information about the services that are eligible for a consolidated advisory fee. A consolidated advisory fee relationship may be appropriate for you if you recognize and accept the fees you pay for Managed Account(s) and AFPS may be more or less than if you were to purchase Managed Account(s) and AFPS separately and you accept that these fees, including your AFPS fees, will be subject to market risk. A consolidated advisory fee relationship may be appropriate for you if you wish to receive AFPS and pay for the service through one or more Managed Accounts. Establishing and maintaining a consolidated advisory fee relationship To establish the consolidated advisory fee relationship you will be asked to: Review this Combined Disclosure Brochure, the applicable client agreements and documents that you sign to establish your consolidated advisory fee relationship; and ask your financial advisor any questions; Provide accurate and complete information to your Ameriprise financial advisor ( financial advisor ) to complete the relevant consolidated advisory fee relationship Managed Accounts documents; Establish and maintain an Ameriprise Brokerage Account as part of the consolidated advisory fee relationship; and Select a sweep option as described in the Brokerage Agreement. 1
6 Wrap Fees for your consolidated advisory fee relationship The annual asset-based fee ( Wrap Fee ) you pay for your consolidated advisory fee relationship is negotiated between your financial advisor and you, and deducted from the sweep option related to the Managed Account(s) that you select. You may not pay general financial planning fees from your IRA or other qualified account; therefore, the entire Wrap Fee for IRA accounts must be paid from an alternate non-qualified brokerage or Managed Account. The maximum total Wrap Fee you will pay is the maximum fee percentage of the Managed Account that you select (maximum fees vary among Managed Accounts). The Wrap Fee is based upon the billable assets, which includes cash held in your Sweep Option, in your Managed Account and includes the AFPS fee. Each Managed Account Service has its own fee structure. See the following charts which outline the Wrap Fee for each Managed Account for more information. You will agree to the portion of the Wrap Fee that is allocated to AFPS. This allocation will be in five basis point increments. When you pay for AFPS fees separately, you are paying a flat fee that you negotiate and agree upon with your financial advisor. When you pay for AFPS as part of a consolidated advisory fee relationship, you agree to allocate a portion of the Wrap Fee to cover your AFPS expenses. This portion will rise and fall with your Account balance, which is impacted by the markets, deposits and withdrawals. As such, you may pay more or less for AFPS than you would if you did not elect to pay for both AFPS and Managed Accounts with a single, asset-based fee. In addition, you may pay more or less for AFPS in the consolidated advisory fee relationship than other AFPS clients with a comparable level of complexity. The tax treatment of any wrap fee (which could include financial planning services) may depend on the services covered by the fee, the kind of assets in your account, and your tax circumstances. See your tax advisor for more details. Renegotiating Wrap Fees Your financial advisor may change the allocation of your Wrap Fee between AFPS and the Managed Account for your consolidated advisory fee relationship. We or your financial advisor may reduce the Wrap Fee. We will provide you with written notice of the reallocation or reduction Wrap Fee, subject to the Managed Account s minimum fee. Your Wrap Fee will not be increased unless you sign the appropriate documents to increase the Wrap Fee. Any new Wrap Fee will become effective at the start of the next billing period following the period in which the request is received and accepted by Ameriprise Financial Services. Terminating your consolidated advisory fee relationship You may terminate your entire consolidated advisory fee relationship at any time either by telephone or in writing. In addition, you may elect to terminate the AFPS component of the services comprising the consolidated advisory fee relationship by providing appropriate notice. If you do so, your Managed Account will remain active. If the Managed Account is terminated, the AFPS component of the services will be terminated as well. If the AFPS component is also attached to other Managed Accounts, AFPS will continue under those Accounts and your financial advisor may discuss fee changes in those Accounts with you. Termination fees, as described elsewhere in this Combined Disclosure Brochure, will apply. 2
7 Ameriprise Managed Accounts services, fees and compensation Appropriateness of a Managed Account for you A Managed Account is an investment advisory account for which you pay an asset-based fee (or wrap fee) for services such as investment selection, asset allocation, execution of transactions, custody of securities, account reporting and services. Prior to establishing an Ameriprise Managed Account ( Account ) you should carefully review this Wrap Fee Program Brochure ( Disclosure Brochure or Brochure ). If there is any conflict between the applicable client agreement(s), related documents (as defined in the applicable client agreement(s)), and this Disclosure Brochure, the Disclosure Brochure supersedes the agreements and related documents. Ameriprise Financial Services, Inc. ( Ameriprise Financial Services or we ) offers the following managed accounts: Ameriprise Strategic Portfolio Service (SPS) Advantage Ameriprise SPS Advisor Ameriprise Active Portfolios Ameriprise Select Separate Account Ameriprise Investor Unified Account Ameriprise Vista Separate Account Ameriprise Access Account The annual asset-based fee ( Wrap Fee ) you pay for your Account is based on the value of your Account and as such may increase if the asset value of your Account increases, and vice versa. The Wrap Fee is assessed monthly or quarterly. The Wrap Fee that you pay for a Managed Account may be more or less than if you were to purchase the investment products and investment advisory services separately. The same or similar services provided to you under the Wrap Fee may be available to you at a lower fee from another service provider. Before selecting a Managed Account, you should consider, among other things, the costs and expenses, your investment objectives, and the types of investments you hold and intend to purchase. Discuss with your financial advisor accounts you may hold elsewhere. You should also consider: Amount you will pay in Wrap Fees; Total cost of purchasing and holding any underlying securities, products and services outside of a Managed Account, including the anticipated amount of trading; Whether you desire a long-term buy-and-hold investment strategy, or otherwise purchase mutual funds and other securities infrequently. If so, a managed account may not be appropriate for you; Your desired level of involvement in individual investment decisions; Custodial services provided; Size of your Account; Your ability to independently select and retain professional asset management services; Terms and conditions of the applicable client agreement ( Client Agreement ); The type of investment products that are available in each managed account service (as defined below); and How much of your assets you expect to be allocated to cash. Review any applicable mutual fund prospectus and other product offering documents prior to investing in order to learn about availability of rights of accumulation and other benefits and costs. You should consider whether you will be eligible for the benefits of rights of accumulation before purchasing or transferring mutual funds into a Managed Account. Each managed account service is defined in the sections that follow including mutual fund share classes available in each service. None of the mutual funds offered impose a front-end sales charge. Other share classes may be available outside of these services that have a lower expense ratio. For instance, institutional and fee-based shares do not impose a 12b-1 fee. Please refer to the mutual fund s prospectus(es) or website to determine whether your investment would qualify for such a share class and, if you do, purchasing 3
8 the shares through these managed account services may result in you paying higher expenses and fees. Overview of Ameriprise Managed Accounts All managed account services offered by Ameriprise Financial Services are collectively referred to as Services and singly as Service in this Brochure. Ameriprise Financial Services is the sponsor ( Sponsor ) and introducing broker for these Services. Each Service has its own Client Agreement. All Services, except SPS Advantage, use a discretionary investment manager, which may be affiliated or not affiliated with Ameriprise Financial Services depending upon the Service offered and selected. Sponsor will determine whether an Account is suitable upon Account opening and thereafter as described in the Terminating a Managed Accounts Client Agreement section. You will pay investment advisory fees and certain other fees when you select a Service. These fees are described in the Managed Accounts charts later in this section and in the Wrap Fees and Sweep Option and Expenses sections Ameriprise Financial Services and its affiliates receive revenue in addition to the investment advisory fees you pay. The sources of this revenue are described in the How We Get Paid section. Your Ameriprise financial advisor ( financial advisor ) receives compensation for investment advisory services provided to you. The sources of this compensation are described in the Fees and Compensation and How our financial advisors get paid sections. Client Rights and Responsibilities You may impose reasonable stock or sector restrictions ( Reasonable Restrictions ) on any discretionary Account(s) that you select by completing and signing the appropriate documents. Sponsor will inform the Discretionary Manager (as defined below in the Overview of Services and Fees section), as applicable. Reasonable restrictions will not be binding on the Account(s) until they are received and accepted by Sponsor and the Discretionary Manager. You are responsible for promptly notifying Sponsor in writing of any changes to these reasonable restrictions. Changes to your reasonable restrictions will not be binding on an Account or a Discretionary Manager until they are received and accepted by Sponsor and the Discretionary Manager. Periodically, you will be notified in writing to contact Sponsor if there have been any changes in your financial and risk profile information and investment objectives ( Client Information ) and/or reasonable restrictions. It is your responsibility to promptly notify Sponsor, in writing (which may be done by contacting your financial advisor), of any changes. Failure to do so could affect the services provided to you. Review this Disclosure Brochure and if applicable, the Investment Manager s disclosure document (Part 2A of Form ADV) and the strategy/portfolios fact sheets prior to investing. Overview of Services and Fees Sponsor is a registered investment adviser under the Investment Advisers Act of 1940 (the Advisers Act ) and a broker-dealer under the Securities Exchange Act of 1934 ( Exchange Act ). Sponsor and/or its affiliates provide the following services: Research and/or due diligence regarding the Investment Manager(s) you select to provide discretionary investment advisory services in Active Portfolios account, Select Separate Account, Vista Separate Account, Investor Unified Account, and Access Account; and research and/or due diligence regarding the discretionary financial advisor in SPS Advisor (( SPS Discretionary Advisor ) (Investment Manager and SPS Discretionary Advisor are referred to collectively as Discretionary Managers in this Brochure)); The execution of brokerage transactions on an agency or principal basis through Sponsor s clearing agent, American Enterprise Investment Services, Inc. ( AEIS ); Custodial services; custody of the securities and other assets you hold within a Managed Account and consolidated account reporting regarding those assets; Regular reports to clients; and Year-end tax information. Sponsor may rely on affiliated or unaffiliated investment advisory firms ( Investment Manager ) to provide discretionary investment advisory services that include discretionary management, asset allocation and/or rebalancing, or providing investment models. Certain services in connection with a Managed Account are performed on behalf of Sponsor by your financial 4
9 advisor. A financial advisor will be assigned to each Account and will provide services including: Assisting you by defining the parameters that will form the basis for the management of your Account(s), including your Client Information; Potentially serving as a liaison between you and any Investment Manager; At least once per calendar year, reviewing your Client Information, investment objectives and reasonable restrictions, if applicable, with you to determine if, based on information you provided, it is still accurate, reviewing if your Managed Account(s) is still suitable for you, analyzing and assessing your Account(s) to answer any questions that you may have, as well as reviewing the performance and compatibility of any Investment Manager you select. Your financial advisor is instructed to inform Sponsor if your personal and/or financial information have changed. The performance of your Account(s) will not be monitored on a day-to-day basis. Past performance is no guarantee of future performance. In addition, forecasts of future performance of financial markets may prove to be incorrect. The following charts provide an overview of the Managed Accounts Services for SPS Advantage, SPS Advisor, Active Portfolios investments and Select Separate Account, including investment minimums and Wrap Fees. Household is generally defined as an individual, his or her spouse or domestic partner, and the unmarried children under age 21 who reside at the same address, and applied separately by each Managed Account Service. Managed Accounts Investment Advisory Account Structure Asset Allocation Investment Selection Investment Vehicles Investment Minimum SPS Advantage SPS Advisor Active Portfolios Select Separate Account Non-discretionary Discretionary Discretionary Discretionary Financial advisor recommends Financial advisor recommends Includes, but not limited to: mutual funds 1 ; fund of funds; exchange traded funds ( ETFs ); stocks; bonds; certain real estate investment trusts ( REITs ); options on indices and equities; syndicate offerings of closed end funds; fund of hedge funds; managed futures $25,000 (for all accounts within a Household) Sponsor may suspend or waive this amount, if the Household maintains a minimum account balance of $1,000. Financial advisor Investment Manager Financial advisor recommends. For Select Strategist UMA Portfolios ( UMA ), the Asset Allocation is determined by the Investment Manager. Financial advisor Investment Manager Financial advisor recommends Investment Vehicles Includes, but not limited to: mutual funds 1 ; fund of funds; ETFs; stocks; bonds; certain REITs; options on indices and equities; syndicate offerings of closed end funds $25,000 (for all accounts within a Household) Sponsor may suspend or waive this amount, if the Household maintains a minimum account balance of $1,000. Mutual Funds and/or ETF portfolios $25,000 - $50,000 (depending on portfolio) Equity, balanced and fixed income separately managed account strategies ( SMA ). Some SMA managers may also invest in ETFs and certain no-load mutual funds. UMA Portfolios invest in SMAs, ETFs and mutual funds. $100,000 $500,000 (depending on the SMA investment strategy or UMA portfolio) 5
10 Managed Accounts (continued) Maximum Annual Wrap Fee (of the total advisory assets 2 in your account) SPS Advantage 3.00% (gross) 2.00% (net) SPS Advisor Active Portfolios Select Separate Account 3.00% (gross) 2.00% (net) 3.00% (gross) 2.00% (net) for all Active Portfolios accounts except Active Opportunity ETF Portfolios accounts which are 2.50% (net) Household Assets Maximum Annual Fee Active Active Portfolios Opportunity (except Portfolios Active Opportunity Portfolios) <$499, % 2.50% $500, % 2.25% $1,999,999 $2,000, % 2.00% $4,999,999 $5,000, % 1.90% $10,000,000 >$10,000, % 1.75% Household Assets Maximum Annual Fee Equity/ Equity/ Fixed Balanced Balanced Income with ETF UMA Household Assets <$99, % 2.50% 2.25% 2.35% $100, % 2.50% 2.25% 2.35% $249,999 $250, % 2.50% 2.25% 2.35% $499,999 $500, % 2.25% 2.00% 2.30% $999,999 $1,000, % 2.25% 2.00% 2.10% $1,999,999 $2,000, % 2.00% 2.00% 1.90% $4,999,999 $5,000, % 1.90% 1.30% 1.70% $9,999,999 $10,000, % 1.75% 1.10% 1.50% $24,999,999 $25,000, % 1.50% 1.00% 1.45% $49,999,999 $50,000, % 1.25% 0.90% 1.25% Minimum Annual Wrap Fee per Household 5 Margin Trading Billing Methodology $200 $200 $200 for all Active Portfolios accounts except Active Opportunity ETF Portfolios accounts which is $700. Must be approved by Sponsor Wrap Fee is based on the average daily balance of certain securities in your Account 2. Wrap Fee is calculated at the end of the selected billing period and deducted at the beginning of the next billing period (quarterly or monthly 4 ); default is monthly. $1,025 N/A N/A N/A Wrap Fee The initial Wrap Fee is based on the is based on market value of the assets in the the average Account on the opening date, adjusted daily balance proportionately to reflect the number of certain of days remaining in the initial billing securities period. Thereafter, billing will be in your calculated based on the market value Account 2. of the assets in the Account as of the Wrap Fee is last business day of the preceding calculated billing period. Wrap Fee is deducted at the end of at the beginning of the selected billing the selected period 3 (quarterly or monthly 4 ); default billing is monthly. period and deducted at the beginning of the next billing period (quarterly or monthly 4 ); default is monthly. The initial Wrap Fee is based on the market value of the assets in the Account on the opening date, adjusted proportionately to reflect the number of days remaining in the initial billing period. Thereafter, billing will be calculated based on the market value of the assets in the Account as of the last business day of the preceding billing period. Wrap Fee is deducted at the beginning of the selected billing period 3 (quarterly or monthly 4 ); default is monthly. 6
11 Managed Accounts (continued) Cost Basis 6 SPS Advantage SPS Advisor Active Portfolios Select Separate Account Mutual Funds: Average Cost, unless you select another option. Equities: FIFO, unless you select another option. Mutual Funds: Average Cost, unless you select another option. Equities: FIFO, unless you select another option. Mutual Funds: Average Cost, unless you select another option. ETFs: HIFO, unless you select another option. Mutual Funds: Non-Average Cost (HIFO), unless you select another option. Equities: HIFO, unless you select another option. 1 Please contact your financial advisor or see our website (ameriprise.com), for a current list of mutual funds offered in any of these accounts. 2 Review the Fees and Compensation section for more information about the securities and other assets that may be excluded from the wrap fee calculation. 3 Your fee may be higher or lower, depending on the billing cycle you choose because the market value of the assets in the account may fluctuate and vary widely. 4 Each account in a Household can have the same or different billing frequency as determined by the account holder. 5 Households charged the minimum annual wrap fee amount may exceed the maximum annual wrap fee percentage. For example, a Household with less than a $10,000 balance charged the $200 minimum fee will exceed the maximum 2% fee for SPS Advantage or SPS Advisor accounts. 6 Below are the cost basis options available: Cost Basis for Equities (If specific identification of shares sold is desired, that must be done at the time of sale): First In First Out (FIFO): The first tax lots purchased are the first tax lots sold. The tax lots remaining each maintain their individual tax lot cost. Highest In First Out (HIFO): The tax lots with the highest cost basis are the first tax lots sold. The tax lots remaining each maintain their individual tax lot cost. Last In First Out (LIFO): The last tax lots purchased are the first tax lots sold. The tax lots remaining each maintain their individual tax lot cost. Cost Basis For Mutual Funds (If shares have been sold using average cost, specific identification may be prospectively accounted): Average Cost Basis: The mutual funds cost basis is the total amount invested averaged over the shares purchased, giving each share the same basis. As new tax lots are purchased, or other adjustments are made, the average cost of the shares is recalculated. For holding period purposes, the first tax lots purchased are the first tax lots sold. Average cost is calculated separately for covered and noncovered shares. Non-Average Cost Basis: The lot relief method for the mutual fund account will be the same lot relief method elected for equities on this account, even if there are no equities in the account. Cost Basis for Equities Dividend Reinvestment Plans (DRP): Non-Average Cost Basis: The lot relief method for the account will be the same lot relief method elected for equities on this account, even if there are no equities in the account. Average Cost Basis: The cost basis for the affected assets is the total amount invested averaged over the shares purchased, giving each share the same basis. As new tax lots are purchased, or other adjustments are made, the average cost of the shares is recalculated. For holding period purposes, the first tax lots purchased are the first tax lots sold. Average cost is calculated for covered shares only. Bond Elections: Revoking certain bond elections may require IRS consent. 7
12 Managed Accounts offered with Envestnet Asset Management, Inc. The following charts provide an overview of the Managed Accounts Services for Vista Separate Account, Investor Unified Account and Access Account, including investment minimums and Wrap Fees. Vista Separate Account Investor Unified Account Access Account 2 Investment Advisory Account Structure Discretionary Discretionary Discretionary Asset Allocation Financial advisor recommends Financial advisor recommends Investment Selection Financial advisor recommends Investment Vehicles Financial advisor recommends Investment Vehicles Investment Vehicles SMA strategies, mutual funds and ETFs SMA strategies, mutual funds and ETFs within in a single account Investment Minimum Program minimum - $100,000 Each SMA strategy has its own investment minimum Client must invest in at least one SMA Maximum Annual Wrap Fee (of the total assets in your account) Applies to all accounts established prior to 5/20/13 Household Assets Equity/ Balanced SMA Maximum Annual Fee Fixed Income SMA Maximum Annual Fee Mutual Fund or ETF Maximum Annual Fee $100, % 2.25% 2.00% $249,999 $250, % 2.25% 1.90% $499,999 $500, % 2.00% 1.80% $999,999 $1,000, % 2.00% 1.60% $1,999,999 $ 2,000, % 1.60% 1.50% $4,999,999 $ 5,000, % 1.40% 1.30% $9,999,999 $10,000, % 1.30% 1.10% Program minimum $250,000 Household Assets Equity/ Balanced Maximum Annual Fee $ <99, % $100, % $249,999 $250, % $499,999 $500, % $999,999 $1,000, % $1,999,999 $2,000, % $4,999,999 $5,000, % $9,999,999 $10,000, % $24,999,999 $25,000, % $49,999,999 $50,000, % Portfolio Strategist and/ or Investment Manager determines Financial advisor recommends Investment Vehicles Third-party mutual funds and/or ETF portfolios Program minimum $50,000 Each Access portfolio has its own investment minimum Client Assets Maximum Annual Fee <$50, % $50, % $249,000 $250, % $499,000 $500, % $999,000 $1,000, % $1,999,999 $ 2,000, % $4,999,999 $ 5,000, % $9,999,999 $10,000, % 8
13 Managed Accounts offered with Envestnet Asset Management, Inc. (continued) Maximum Annual Wrap Fee (of the total assets in your account) (continued) Minimum Annual Wrap Fee 3 Vista Separate Account Investor Unified Account Access Account 2 Effective for all Accounts and Account changes after 5/20/13 Household Assets Maximum Annual Fee Equity/ Balanced Fixed Income Mutual Fund/ ETF Account $ <99, % 2.25% 2.00% $100, % 2.25% 2.00% $249,999 $250, % 2.25% 1.90% $499,999 $500, % 2.00% 1.80% $999,999 $1,000, % 2.00% 1.60% $1,999,999 $2,000, % 2.00% 1.50% $4,999,999 $5,000, % 1.30% 1.30% $9,999,999 $10,000, % 1.10% 1.10% $24,999,999 $25,000, % 1.00% 1.00% $49,999,999 $50,000, % 0.90% 0.90% Equity and balanced SMAs: $1,000 per account Fixed Income SMAs: $800 per account Mutual Fund or ETF account: $700 per account $2,000 per account $600 per account Margin N/A N/A N/A Billing Methodology The initial Wrap Fee is based on the market value of the assets in the Account on the opening date, adjusted pro rata to reflect the number of days remaining in the initial billing period. Initial wrap fee is deducted the month following when the account is opened. Thereafter, billing will be calculated based on the market value of the assets in the Account as of the last business day of the preceding billing period. Wrap Fees are deducted at the beginning of the quarter. The initial Wrap Fee is based on the market value of the assets in the Account on the opening date, adjusted pro rata to reflect the number of days remaining in the initial billing period. Initial wrap fee is deducted the month following when the account is opened. Thereafter, billing will be calculated based on the market value of the assets in the Account as of the last business day of the preceding billing period. Wrap Fees are deducted at the beginning of the quarter. The initial Wrap Fee is based on the market value of the assets in the Account on the opening date, adjusted pro rata to reflect the number of days remaining in the initial billing period. Initial wrap fee is deducted the month following when the account is opened. Thereafter, billing will be calculated based on the market value of the assets in the Account as of the last business day of the preceding billing period. Wrap Fees are deducted at the beginning of the quarter. 9
14 Managed Accounts offered on the Envestnet Platform Cost Basis 4 Vista Separate Account Investor Unified Account Access Account 2 Mutual funds: Average Cost, unless you select another option. Equities: HIFO, unless you select another option. Mutual funds: Average Cost, unless you select another option. Equities: HIFO, unless you select another option. Mutual funds: Average Cost, unless you select another option. Equities: HIFO, unless you select another option. 1 In certain circumstances, your financial advisor may have discretion to select the asset allocation and investments for inclusion in your Account. 2 This program is accommodation only. 3 Accounts charged the minimum annual wrap fee amount may exceed the maximum annual wrap fee percentage. For example, an Account with less than a $40,000 balance charged the $1,000 minimum fee will exceed the maximum 2.5% fee for equity and balanced SMA Vista Separate Accounts. 4 Below are the cost basis options available: Cost Basis for Equities (If specific identification of shares sold is desired, that must be done at the time of sale): First In First Out (FIFO): The first tax lots purchased are the first tax lots sold. The tax lots remaining each maintain their individual tax lot cost. Highest In First Out (HIFO): The tax lots with the highest cost basis are the first tax lots sold. The tax lots remaining each maintain their individual tax lot cost. Last In First Out (LIFO): The last tax lots purchased are the first tax lots sold. The tax lots remaining each maintain their individual tax lot Cost Basis For Mutual Funds (If shares have been sold using average cost, specific identification may be prospectively accounted): Average Cost Basis: The mutual funds cost basis is the total amount invested averaged over the shares purchased, giving each share the same basis. As new tax lots are purchased, or other adjustments are made, the average cost of the shares is recalculated. For holding period purposes, the first tax lots purchased are the first tax lots sold. Average cost is calculated separately for covered and noncovered shares. Non-Average Cost Basis: The lot relief method for the mutual fund account will be the same lot relief method elected for equities on this account, even if there are no equities in the account. Cost Basis for Equities Dividend Reinvestment Plans (DRP): Non-Average Cost Basis: The lot relief method for the account will be the same lot relief method elected for equities on this account, even if there are no equities in the account. Average Cost Basis: The cost basis for the affected assets is the total amount invested averaged over the shares purchased, giving each share the same basis. As new tax lots are purchased, or other adjustments are made, the average cost of the shares is recalculated. For holding period purposes, the first tax lots purchased are the first tax lots sold. Average cost is calculated for covered shares only. Bond Elections: Revoking certain bond elections may require IRS consent. Services SPS Advantage SPS Advantage is a non-discretionary Service which enables your financial advisor to provide investment advice through a brokerage account, with access to a wide spectrum of investment choices to help achieve portfolio diversification all for a Wrap Fee. SPS Advantage may be appropriate for clients who seek and act on the advice of their financial advisor. Your financial advisor makes regular investment recommendations that you review and approve. SPS Advantage is appropriate if you primarily choose transactions your advisor recommends to you (solicited). From time to time, you may also choose transactions on your own (unsolicited) that you intend to fall within the overall investment strategy that you and your advisor have discussed. An SPS Advantage Account is not appropriate as a self-directed account or for day trading, highly active traders, or other excessive trading activity (solicited or unsolicited), including trading mutual funds based on market timing. Sponsor will determine whether an SPS Advantage Account is suitable upon account opening and thereafter, Sponsor, with thirty (30) days prior notice, also reserves the right to limit or close any Account that is used for excessive securities trading, or if it is determined that the program is no longer suitable for you. See the Terminating a Managed Account Client Agreement section regarding your right to terminate your SPS Advantage Account(s). 10
15 You may have non-advisory assets held in or associated with your Account for which you will not receive ongoing investment advice and the dollar value is excluded from any portion of the Wrap Fee calculation. See the Fees and Compensation section for additional information about the types of securities that are excluded from the calculation. Included among the available mutual funds for a SPS Advantage Account are mutual funds which are affiliated with Sponsor and are managed by Columbia Management Investment Advisers, LLC, a wholly-owned subsidiary of Ameriprise Financial, Inc., Sponsor s parent company. Mutual funds offered in SPS Advantage are generally load-waived A share class or no-load funds. If share classes not available for sale are allowed to transfer into SPS Advantage, additional purchases are allowed only into mutual funds offered in the Service. A limited number of SPS Advantage accountholders hold shares that pre-date the availability of a comparable load-waived A share, such as Fidelity Class T shares. Persons holding such shares should consult with their financial advisor regarding whether shares that have a front-end or back-end load are the most appropriate investment for your Account(s) given all relevant factors. Contact your financial advisor or see our website (ameriprise.com), for a current list of mutual funds offered in these Services. See the Revenue Sources for Ameriprise Financial Services, Inc. section regarding compensation for the sale of mutual funds. Dividends, interest and distributions received on your investments held in your SPS Advantage account may be reinvested if allowed or in certain instances, directed by you. Where reinvestment is not allowed or selected, your dividends, interest and distributions will be deposited in your sweep option ( Sweep Option ), which is a vehicle for uninvested cash. Investment minimums may also apply to mutual funds you purchase through SPS Advantage. Review each applicable mutual fund s prospectus for further details. Holding large amounts of cash in an SPS Advantage account may not be appropriate. In some cases it may cost you less to hold cash in a brokerage account. Prior to establishing or as you consider remaining in an Account, consider whether you have a short term investment horizon, or whether you are holding cash for asset safety purposes (such as during periods of volatile market conditions). Principal trading Generally, Ameriprise Financial Services, your financial advisor and AEIS act as an agent when executing transactions in your Account. However, you may authorize us to engage in principal trading in your nonqualified Account(s) by providing written, revocable consent for syndicate offerings of closed end fund transactions or written and verbal consent for fixed income transactions. Effecting a principal transaction may create a potential conflict of interest whereby AEIS may benefit from the transaction by receiving, in addition to the account fees payable to Ameriprise Financial Services, a markup or markdown, an underwriting fee or selling concession or other benefits to AEIS. As such, Ameriprise Financial Services may have an incentive to recommend or execute transactions through AEIS as a principal transaction. Notwithstanding this potential conflict of interest, Ameriprise Financial Services will act in the best interest of its clients, including, but not limited to, seeking best execution on all client transactions. Both AEIS and Ameriprise Financial Services have implemented various procedures to address any potential conflicts of interest, including, but not limited to, procedures regarding the suitability, supervision and best execution of securities recommended to, or purchased to or from, Ameriprise Financial Services client accounts. Methods of analysis Your financial advisor will review your financial and investment needs, objectives and risk tolerance. He or she may use asset value, current yield, yield projections and other assumptions you provide, as well as historical yield analysis, to provide you with investment recommendations. Long-term investment strategies may be derived using asset allocation, which is a strategy for diversifying investment assets among various types of investments or asset classes with the potential to move you toward your financial goals while managing your risk tolerance. Diversification helps you spread risk throughout your investment portfolio. Different asset classes have different risk and potential return profiles, and they perform differently in different market conditions. Diversification alone will not guarantee a profit or protect against a loss. Any estimated returns and estimated asset values are based on historical performance and should not be used to project the performance of specific assets you currently own or may purchase. As with all strategies, past performance is no guarantee of future performance. In addition, forecasts of future performance of financial markets may prove to be incorrect. You should choose investments that are comprised of an optimal portfolio mix, based on a variety of factors including your age, risk tolerance, objectives, time 11
16 horizon and historical performance of different asset classes. Keep in mind, however, that asset allocation analysis does not provide a comprehensive financial analysis of your ability to reach your goals, nor does it guarantee against losses in your portfolio. Payment of transaction charges in SPS Advantage accounts may be a disincentive for a financial advisor to recommend an SPS Advantage account or to recommend trades in the account(s). Margin Investing on margin involves the extension of credit to you and your financial exposure could exceed the value of your securities. Sponsor, in its sole discretion, may approve your Account for margin trading. Margin lending has specific risks outlined in the Margin Risk Disclosure document; review that document before opening a margin account. Considerations include: A decline in the value of securities that are purchased on margin or are in a margin account may require you to provide additional funds to Sponsor to maintain your position and/or to maintain sufficient assets in the Sweep Option to meet fee requirements. If you do not provide the required additional funds or securities within the prescribed time, Sponsor may liquidate all or a portion of your holdings. You will be liable for any resulting deficit in your Account. You can lose more funds than you deposit in the margin account. Margin trading can work against you as well as for you, leading to, for example, larger losses as well as the potential for larger gains. Margin may be approved only for non-qualified SPS Advantage Accounts. Tax-qualified SPS Advantage accounts, such as accounts established under the Employee Retirement Income Security Act of 1974 ( ERISA ), IRAs and Tax-Sheltered Custodial Accounts ( TSCAs ) are not available for margin accounts. If you acquire/hold securities positions on margin, any margin account balance in SPS Advantage during a billing period will be included in the calculation of average daily balance for purposes of calculating your Wrap Fee for that period. Therefore, if you engage in margin activity your Wrap Fee may be higher and Sweep Option maintenance requirements will be impacted to the extent of the margin exposure. Compensation associated with margin activity If you purchase securities using margin you will be subject to interest charges for the extension of credit in the margin account in addition to a quarterly Wrap Fee based on total assets under management. A portion of any fees received by Sponsor and its affiliates may be paid to other affiliated employees. These fees may include a portion of the Wrap Fee assessed and a portion of interest charges received for the extension of credit in the margin account. Your Wrap fee will increase as the value of your account increases. In situations where you engage in margin activity in your SPS Advantage Account, the incremental fees paid to Sponsor and its affiliates may be significantly higher than in the absence of margin or than might otherwise be paid pursuant to a standard margin arrangement with another broker-dealer. The following is a hypothetical illustration of the impact on the compensation received by Sponsor and its affiliates comparing an SPS Advantage Account that does not engage in margin activity to an Account with a margin arrangement with respect to 30% of the SPS Advantage Account assets. Client type No margin activity Margin activity Account value $130,000 $100,000 Revised Account value including assets purchased on margin n/a $130,000 Annual Wrap Fee received by Sponsor (based on 2.0% net Wrap Fee) Margin interest received by Sponsor Total Wrap Fee and margin interest received by Sponsor and affiliates ** $2,600 $2,600 n/a $1,800 * $2,600 $4,400 * Assumes average daily outstanding margin loan balance of $30,000 over one-year period and 6% interest rate. For current interest rates consult your financial advisor. ** This example does not include any product-level fees that may be received by Sponsor on the mutual fund portion of the SPS Advantage Account(s). If these fees were included, total fees received by Sponsor would be higher. SPS Advisor SPS Advisor is a discretionary Service that enables your financial advisor to direct the purchase or sale of certain securities and/or investment products within a single account on your behalf. Your financial advisor will purchase and sell securities in your Account that are suitable for you and consistent with your investment objectives, time horizon, financial situation and risk tolerance. You must promptly notify your financial advisor if these factors change. Discretionary authority means that your financial advisor can purchase or sell securities within your SPS Advisor 12
17 Account without seeking your prior approval. SPS Advisor Accounts are not appropriate for day trading, highly active traders, or other excessive trading activity (solicited or unsolicited), including trading mutual funds based on market timing. Your SPS Discretionary Advisor will not have the ability to withdraw, disburse or transfer funds or securities from your SPS Advisor account without your prior authorization. You may impose reasonable restrictions on your SPS Advisor Account(s) by working with your financial advisor to complete and sign appropriate documents to reflect your restriction request(s). Although your financial advisor will exercise discretion in your Account, the performance of your Account(s) will not be monitored on a day-to-day basis. Included among the available mutual funds for a SPS Advisor Account are mutual funds which are affiliated with Sponsor and are managed by Columbia Management Investment Advisers, LLC, a wholly-owned subsidiary of Ameriprise Financial, Inc., Sponsor s parent company. Mutual funds offered in SPS Advisor are generally load-waived A share class or no-load funds. Additional share classes may be available over time. Contact your financial advisor or see our website (ameriprise.com), for a current list of mutual funds offered in these Services. See the Revenue Sources for Ameriprise Financial Services, Inc. section regarding compensation for the sale of mutual funds. Dividends, interest and distributions received on your investments held in your SPS Advisor account may be reinvested if allowed or in certain instances, directed by you or your financial advisor in the case of a SPS Advisor Account. Where reinvestment is not allowed or selected, your dividends, interest and distributions will be deposited in your Sweep Option. Investment minimums may also apply to mutual funds purchased through SPS Advisor. Review each applicable mutual fund s prospectus for further details. Methods of analysis Your financial advisor will review your financial and investment needs, objectives and risk tolerance. He or she may use asset value, current yield, yield projections and other assumptions you provide, as well as historical yield analysis, to make investment decisions. Long-term investment strategies may be derived using asset allocation, which is a strategy for diversifying investment assets among various types of investments or asset classes with the potential to move you toward your financial goals while managing your risk tolerance. Diversification helps you spread risk throughout your investment portfolio. Different asset classes have different risk and potential return profiles, and they perform differently in different market conditions. Diversification alone will not guarantee a profit or protect against a loss. Any estimated returns and estimated asset values are based on historical performance and should not be used to project the performance of specific assets you currently own or may purchase. As with all strategies, past performance is no guarantee of future performance. In addition, forecasts of future performance of financial markets may prove to be incorrect. In addition, your financial advisor will use Sponsorapproved asset allocation tools and other information listed in Sources of Information section to assist him or her in positioning the investment assets in your Account. Asset allocation will be based on your risk tolerance, investment objectives, time horizon, tax bracket and historical performance of different asset classes. Using Sponsor-approved asset allocation tools, the asset mixes are derived using available historical information and projected performance for each asset class, based on the selected performance index for that class. They illustrate the relative experience between asset classes and portfolios. Other asset classes and indices may have characteristics similar or superior to those analyzed using Sponsor-approved tools. Your financial advisor may periodically rebalance your SPS Advisor account and reallocate the asset classes within the Account. Payment of transaction charges in SPS Advisor accounts may be a disincentive for a financial advisor to recommend an SPS Advisor account or to execute trades in the account(s). Active Portfolios Active Portfolios account is a discretionary Service that enables you to invest in actively managed portfolios comprised of load-waived A share class, W share class or no-load mutual funds and/or ETFs. These portfolios are managed by professional investment managers. Ameriprise Financial Services offers a variety of Active Portfolios investments that are designed to address your investment growth and/or income needs. Columbia Management Investment Advisers, LLC, an affiliate of Sponsor, is the Investment Manager for two of our Active Portfolios investments: Active Accumulation Portfolios and Active Income Portfolios. The Columbia Management Asset Allocation Team (the Team ) determines the asset allocation at the portfolio level and selects the investments to be included in the portfolios. Sponsor may receive greater revenue when 13
18 you select a portfolio managed by Columbia than if you select another Active Portfolios investment. The Managed Accounts Investment Committee ( Investment Committee ) of Ameriprise Financial Services is the Investment Manager for all other Active Portfolios investments. The Investment Committee leverages the Ameriprise Investment Research Group ( IRG ) and its partnership with both affiliated and nonaffiliated portfolio strategists to construct investment strategies and develop asset allocation models for these investments. None of the portfolio strategists for these Active Portfolios investments have discretionary authority or control to purchase or sell securities or make other investments for individual investors. The IRG conducts research and due diligence on portfolio strategists, and provides recommendations to the Investment Committee on matters including the addition or termination of a portfolio strategist, benchmark allocations, and security trading. The Ameriprise Due Diligence Group conducts due diligence and provides recommendations to the Investment Committee for all investments where IRG serves as the portfolio strategist. Portfolio strategists may recommend mutual funds and/ or ETFs. In general, the recommended mutual funds are among the fund families that fully participate in the Ameriprise Financial Services mutual fund program. Program participants pay marketing and sales support payments to Ameriprise Financial Services, as described in the How We Get Paid section. You may impose reasonable restrictions on your Active Portfolios account(s). To impose reasonable restrictions on your account(s), you and your financial advisor will complete and sign the appropriate document reflecting your restriction request. The Investment Manager will determine whether to reinvest dividends, interest and distributions received on the investments held in your Active Portfolios Account. Where reinvestment of dividends is not allowed, dividends, interest and distributions will be deposited into your Sweep Option. Inclusion and management of Active Portfolios Investment Managers The following summarizes Sponsor s research, due diligence and contractual efforts in connection with the inclusion of Investment Managers and portfolio strategists in the Active Portfolios Service. Review of Investment Managers/Portfolio Strategists From time to time, the IRG personnel will conduct searches to identify new Investment Managers and/ or Portfolio Strategists for Active Portfolios. These recommendations are presented to the Investment Committee for inclusion in Active Portfolios. In addition, IRG conducts quarterly reviews of the Investment Managers and portfolio strategist(s). These reviews are based on applicable information gathered from various sources including disclosure documents, quarterly questionnaires, portfolio performance, assets under management, personnel changes, portfolio turnover and other factors as Sponsor deems appropriate. Sponsor periodically provides information from these reviews to financial advisors servicing Active Portfolios investments. As a result of these reviews, Sponsor may identify actual or potential concerns regarding the Investment Manager and/or portfolio strategist(s) and may request that the Investment Manager take corrective action to address such concerns. From time to time, these reviews may also result in the removal of an Investment Manager and/or portfolio strategist. Education and business standards The investment advisory personnel employed by the Investment Manager must meet certain educational, business and personnel requirements. The minimum educational requirement for an individual providing investment advice is a college degree and completion of further financial service industry certification, such as Chartered Financial Analyst ( CFA ), Financial Industry Regulatory Authority ( FINRA ) Series 7, 63, 65 and 66 licenses, or comparable education or work experience. Sponsor s research personnel seek to identify, and encourage participation by, Investment Managers whose personnel have additional professional qualifications, including graduate degrees or a CFA designation. In addition, suitable work experience in the financial services industry is considered as part of an individual s overall qualifications. Sponsor s contractual relationship with Investment Manager Each Investment Manager and portfolio strategist has entered into a master investment advisory agreement with Sponsor, which governs the relationship and responsibilities of the respective parties. Your Active Portfolios Selection Your financial advisor will assist you in selecting one or more Active Portfolios investments. Your financial advisor will discuss your financial objectives and other factors such as your risk tolerance, investment objectives, and important information regarding 14
19 the Investment Manager. Your financial advisor will also provide you with the applicable Active Portfolios investment fact sheet ( Active Portfolios investment Fact Sheet ). The Active Portfolios investment Fact Sheet includes biographical information about the Investment Manager and/or portfolio strategist, investment philosophy and style information, portfolio characteristics and composite performance. Past performance is not an indication of future results. Composite performance information included in the Active Portfolios investment Fact Sheet is calculated by the Investment Manager. This composite performance information is shown both gross and net of Wrap fees. Sponsor deducts the highest annual Wrap Fee. These composites are created quarterly on an asset and time-weighted basis using month-end net asset values and returns. Sponsor does not review the appropriateness of the methodologies used by Columbia Management Investment Advisers, LLC to calculate the underlying historical performance information presented on all Active Portfolios investment Fact Sheets, nor does Sponsor audit the mathematical accuracy of the performance information. Sponsor does restate the performance after deducting the highest annual Wrap Fee when presenting the performance on a net basis. Each Active Portfolios investment Fact Sheet is reviewed before being made available to clients. Acceptance of your Active Portfolios Account Sponsor, in its sole discretion, will determine, on behalf of the Investment Manager, whether to accept or reject a prospective client and related account based upon the Client Information. Once your Account is accepted, you will become an investment management client of the Investment Manager. Your Investment Manager will have full discretionary authority to act on your behalf for purchases, sales and other transactions in your Active Portfolios, including sales with respect to securities transferred in-kind to the account, without seeking your approval. Your Investment Manager will not have the ability to withdraw, disburse or transfer funds or securities from your account without your prior authorization. Methods of analysis Columbia Management Investment Advisers, LLC uses quantitative models to manage Active Accumulation Portfolios and Active Income Portfolios investments. Review Columbia Management Investment Advisers, LLC Advisory Brochure (Part 2A of the Form ADV) for additional information about its quantitative models and methods of analysis. Each of the portfolio strategists for Active Portfolios investments develops asset allocation models, conducts qualitative and quantitative research on the mutual funds and ETFs, and constructs and recommends model portfolios to Sponsor. Sponsor reviews and approves these recommendations. Sponsor may remove a mutual fund or ETF strategist from the Active Portfolios Service and/or adjust a model portfolio as appropriate. Investment Manager review of Active Portfolios Ongoing updates of Active Portfolios account information, including holdings and transaction information, as well as other relevant information are made available to the Investment Manager to help monitor the Active Portfolios investments. Termination of Active Portfolios Investment Manager Services (You should read the following in conjunction with the section titled Terminating a Managed Accounts Client Agreement. ) If you terminate your Investment Manager, or if Sponsor or Investment Manager terminates or discontinues the service provided to you, you may reinvest with another Investment Manager. Reinvesting with another Investment Manager may result in portfolio turnover and tax implications based on the holdings of the successor Investment Manager s portfolio. Because you will be responsible for any associated tax liabilities, you should discuss the potential implications with your tax professional. Select Separate Account Select Separate Account is a discretionary Service in which you may own a portfolio of individual securities, ETFs, and mutual funds managed by a professional investment manager in accordance with a single investment strategy or a combination of complementary strategies. Sponsor also offers a series of firm-guided portfolios consisting of SMAs, mutual funds and ETFs in a single account called Select Strategist UMA. These firm-guided portfolios are developed by investment professionals within IRG in partnership with affiliated and non-affiliated portfolio strategists. None of the portfolio strategists for these firm-guided portfolios have discretionary authority or control to purchase or sell securities or make other investments for individual investors (for the Select Strategist UMA, Sponsor has discretionary authority). 15
20 IRG conducts research and due diligence on portfolio strategists, and provides recommendations to the Investment Committee on matters including, addition or termination of a portfolio strategist, benchmark allocations, and security trading. The Ameriprise due diligence team conducts due diligence and provides recommendations to the Investment Committee when a member of IRG serves as a portfolio strategist for the Service. With the aid of your financial advisor, you select the appropriate Investment Manager(s) in accordance with the Client Information you provide to your financial advisor. The Investment Manager, not your financial advisor, will provide you with investment management services according to the investment strategy you select and the related investment objectives. Investment Managers in the Service will either serve as a discretionary manager over the assets in your Account(s) or as a model provider ( Model Provider ). The Investment Manager that has discretionary authority over the assets in your Account will independently: i) determine whether to accept your Account application, in which case you will become an investment management client of the Investment Manager, and ii) have full discretionary authority to act on behalf of your Account to purchase, sell and conduct other transactions in any and all securities and instruments, without seeking your prior approval. The Investment Manager will not have the ability to withdraw, disburse or transfer funds or securities from your account without your prior authorization. An Investment Manager who serves as a Model Provider will construct a model portfolio according to a specified investment strategy. The Model Provider will not exercise discretion over the assets in your Account, but will be independently responsible for the investment decisions it makes for the model portfolio strategy. Sponsor will have discretionary trading authority over the assets in your Account(s) to implement the Model Provider s trading instructions for the model portfolio. You may impose reasonable restrictions on your Account(s) by working with your financial advisor to complete and sign appropriate documents to reflect your restriction request(s). Inclusion and Management of Investment Managers The following summarizes Sponsor s research, due diligence and contractual efforts. Screening and evaluation of Investment Managers Sponsor seeks to identify a range of professional Investment Managers to participate in the Select Separate Account Service in order to provide clients with a choice of investment styles and corresponding risk levels. The evaluation process consists of gathering information on the Investment Manager candidates from published materials, questionnaires and interviews. Screening factors are both quantitative and qualitative and include (but are not limited to): (i) management style and total assets under management; (ii) assets managed in a particular investment style; (iii) number of years the firm has managed assets; and (iv) the number and qualifications of investment professionals employed. Each evaluation factor may have a different weighting in the decision- making process. Generally, no one factor determines the outcome of any selection. Firms, including affiliates of Sponsor, which pass the evaluation process are subject to a structured due diligence review by IRG. Review of Investment Managers Members of IRG conduct ongoing reviews of the Investment Managers. This review is based on applicable information gathered from various sources, including disclosure documents, quarterly questionnaires, composite performance, assets under management, personnel changes and portfolio turnover. Sponsor will periodically provide information from these reviews to financial advisors servicing the Accounts. Sponsor may identify actual or potential concerns regarding a particular Investment Manager as a result of the review and may request that the Investment Manager take corrective action to address such concerns. These reviews may also result in the removal of an Investment Manager or portfolio strategist from the Service. Education and business standards The investment advisory personnel employed by Investment Managers participating in the Select Separate Account Service must meet certain educational, business and personnel requirements. The minimum educational requirement for an individual providing investment advice is a college degree and completion of further financial service industry certification, such as the CFA, FINRA Series 7, 63, 65 and 66 licenses, or comparable education or work experience. Sponsor s research personnel seek to identify, and encourage participation by, Investment Managers whose personnel have additional professional qualifications, including graduate degrees or a CFA 16
Ameriprise Managed Accounts and Financial Planning Service Client Disclosure Brochure (Wrap Fee Program) (Part 2A Appendix 1 of Form ADV) This wrap fee program brochure provides clients with information
Ameriprise Managed Accounts
Ameriprise Managed Accounts Client Disclosure Brochure (Wrap Fee Program) (Part 2A Appendix 1 of Form ADV) This wrap fee program brochure provides clients with information about the qualifications and
Ameriprise SPS Advisor Client Agreement
Provide this form to the client. Do NOT send it to the Corporate Office Ameriprise SPS Advisor Client Agreement 1. Overview of Ameriprise Managed Accounts Ameriprise Financial Services, Inc. offers several
Ameriprise Active Portfolios Client Agreement
Provide this form to the client. Do NOT send it to the Corporate Office. Ameriprise Active Portfolios Client Agreement 1. Overview of Active Portfolios Investments Ameriprise Financial Services, Inc. offers
JANNEY MONTGOMERY SCOTT LLC Investment Management Disclosure Brochure 1717 Arch Street Philadelphia, PA 19103 Main (215) 665-6000 Toll-free (800) 526-6397 www.janney.com August 17, 2015 This Brochure provides
Ameriprise Strategic Portfolio Service Advantage Client Agreement
Provide this form to the client. Do NOT send it to the Corporate Office. Ameriprise Strategic Portfolio Service Advantage Client Agreement 1. Overview of Ameriprise Managed Accounts Ameriprise Financial
Citizens Securities, Inc. 770 Legacy Place Dedham, Massachusetts 02026 www.citizensbank.com May 26, 2015 Form ADV, Part 2A, the Disclosure Brochure as required by the Investment Advisers Act of 1940 is
Form ADV Wrap Fee Program Brochure Morgan Stanley Smith Barney LLC Select UMA Program July 18, 2016 2000 Westchester Avenue Purchase, NY 10577 Tel: (914) 225-1000 www.morganstanley.com This Wrap Fee Program
231 South LaSalle Street 13 th Floor Chicago, IL 60604 312-431-1700 www.wintrustwealth.com www.whummer.com May 18, 2015
Item 1 Cover Page 231 South LaSalle Street 13 th Floor Chicago, IL 60604 312-431-1700 www.wintrustwealth.com www.whummer.com May 18, 2015 WELLS FARGO ADVISORS WRAP FEE PROGRAMS BROCHURE This wrap fee brochure
Ameriprise Financial Planning Service
Ameriprise Financial Planning Service Client Disclosure Brochure (Form ADV Part 2A) March 30, 2015 Ameriprise Financial Services, Inc. 2773 Ameriprise Financial Center Minneapolis, MN 55474 ameriprise.com
Ameriprise Select Separate Account Client Agreement
Provide this form to the client. Do NOT send it to the Corporate Office. Ameriprise Select Separate Account Client Agreement 1. Overview of Select Separate Account Ameriprise Financial Services, Inc. offers
Summary Disclosure. Raymond James & Associates, Inc.
Summary Disclosure Pursuant to the provisions of the CFP Standards of Conduct, the following is a written document containing the information about the CFP Certificant that you have chosen to work with
Client Agreement. Ameriprise SPS Advisor. Provide this form to the client. Do NOT send it to the Corporate Office
Amy V. Smith Wealth Management, LLC 161 Fort Evans Road, NE Suite 345 Leesburg, VA 20176 Phone: (703) 669-5022 Fax: (540) 301-0015 Website: www.amysmithwealthmanagement.com Email: amy.v.smith@raymondjames.com
FORM ADV, PART 2A DISCLOSURE BROCHURE DECEMBER 15, 2014
FORM ADV, PART 2A DISCLOSURE BROCHURE DECEMBER 15, 2014 This brochure provides information about the qualifications and business practices of Raymond James & Associates, Inc. If you have any questions
JANNEY MONTGOMERY SCOTT LLC Investment Management Disclosure Brochure 1801 Market Street Philadelphia, PA 19103 Main (215) 665-6000 Toll-free (800) 526-6397 www.janney.com November 25, 2011 This disclosure
INVESTMENT AND INSURANCE PRODUCTS: NOT FDIC INSURED NOT A BANK DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NO BANK GUARANTEE MAY LOSE VALUE
ITEM 1. COVER PAGE July 1, 2016 153 East 53rd Street New York, NY 10022 210-677-3782 or (800) 846-5200 (toll-free in the U.S.) https://investments.citi.com/home_pwm.htm (Citi Personal Wealth Management
JANNEY MONTGOMERY SCOTT LLC 1717 Arch Street Philadelphia, PA 19103 Main: 215.665.6000 Toll-free: 800.526.6397 www.janney.com
JANNEY MONTGOMERY SCOTT LLC 1717 Arch Street Philadelphia, PA 19103 Main: 215.665.6000 Toll-free: 800.526.6397 www.janney.com INVESTMENT MANAGEMENT DISCLOSURE BROCHURE MARCH 30, 2016 This Brochure provides
Securities America Advisors, Inc. Firm Brochure (Part 2A of Form ADV)
Firm Brochure (Part 2A of Form ADV) This Brochure provides information about the investment advisory services of Securities America Advisors, Inc. If you have any questions about the contents of this brochure,
DISCLOSURE BROCHURE (FORM ADV, PART 2A) AMERIVEST INVESTMENT MANAGEMENT, LLC SEC File No. 801-55501 200 SOUTH 108TH AVE OMAHA, NE 68154-2631
DISCLOSURE BROCHURE (FORM ADV, PART 2A) AMERIVEST INVESTMENT MANAGEMENT, LLC SEC File No. 801-55501 200 SOUTH 108TH AVE OMAHA, NE 68154-2631 Main: 888-310-7921 Fax: 866-468-6268 TDAMERITRADE.COM October
LPL Financial LLC 75 State Street, 24th Floor, Boston, MA 02109 www.lpl.com (617) 423-3644 September 21, 2015 This brochure provides information about the qualifications and business practices of LPL Financial.
Cover Page Cadaret, Grant & Co, Inc. One Lincoln Center Syracuse, NY
Cover Page Cadaret, Grant & Co, Inc. One Lincoln Center Syracuse, NY 13202 800.288.8601 www.cadaretgrant.com Part 2A of Form ADV: Firm Brochure Dated: March 25, 2011 This brochure provides information
DISCLOSURE BROCHURE (FORM ADV, PART 2A) AMERIVEST INVESTMENT MANAGEMENT, LLC SEC File No. 801-55501. Main: 888-310-7921 Fax: 866-468-6268
DISCLOSURE BROCHURE (FORM ADV, PART 2A) AMERIVEST INVESTMENT MANAGEMENT, LLC SEC File No. 801-55501 4211 S 102nd Street Omaha, NE 68127 Main: 888-310-7921 Fax: 866-468-6268 WWW.TDAMERITRADE.COM October
Form ADV Part 2A Disclosure Brochure. Date of Brochure: March 2013
1899 L St. NW, Suite 700 Washington, DC 20036 202-955-6734 http://www.raffawealth.com Date of Brochure: March 2013 This brochure provides information about the qualifications and business practices of
Form ADV Part 2A Appendix 1
Form ADV Part 2A Appendix 1 Wrap Fee Program Brochure Brown Advisory Securities, LLC 801-61427 901 South Bond Street Baltimore, MD 21231-3340 Phone: (410) 537-5400 Email: compliancegroup@brownadvisory.com
Summit Financial Resources, Inc. Investment Advisory Brochure 4 Campus Drive Parsippany, NJ 07054 973.285.3600 www.sfr1.com March 30, 2016 This brochure provides information about the qualifications and