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Christian Curry Batchelder, CFP. Form ADV Part 2 Disclosure Brochure - PDF
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1 Item 1 Title Page Form ADV Part 2 Disclosure Brochure Effective: June 13, 2011 This Brochure provides information about the qualifications and business practices of Christian Curry Batchelder, CFP ( CCB ). If you have any questions about the contents of this Brochure, please contact us at (510) CCB is a registered investment advisor registered with the United States Securities and Exchange Commission ( SEC ). The information in this Brochure has not been approved or verified by the SEC or by any state securities authority. Registration of an investment advisor does not imply any specific level of skill or training. The oral and written communications of an advisor provide you with information about which you determine to hire or retain an advisor. Additional information about CCB and its advisory persons are available on the SEC s website at CRD No: Glen Avenue Oakland, CA Phone: (510) Fax: (510)
2 Item 2 - Material Changes On July 28, 2010, the U.S. Securities and Exchange Commission voted unanimously to adopt amendments to Part 2 of Form ADV and related rules under the Investment Advisers Act of 1940 (the Advisers Act ). The amendments are designed to require a registered investment advisor to provide Clients with a clearly written and meaningful disclosure, in plain English, about the advisor s business practices, conflicts of interest and advisory personnel. The new Form ADV 2 is divided into two parts, Part 2A and Part 2B. Part 2A of the new Form (the Firm Brochure ) provides information about a variety of topics relating to an advisor s business practices and conflicts of interest. Part 2B of the new Form (the Brochure Supplement ) requires an advisor to provide information about certain advisory personnel. CCB believes that communication and transparency are the foundation of our relationship and continually strive to provide you with the complete and accurate information at all times. We encourage all current and prospective investors to read this Firm Brochure and discuss any questions you may have with us. And of course, we always welcome your feedback. Initial Filing CCB is an existing registered investment advisor; however, this is the initial filing of the Firm Brochure under the new rules. Future Changes From time to time, we may amend this Firm Brochure to reflect changes in our business practices, changes in regulations and routine annual updates as required by the securities regulators. This complete Firm Brochure or this summary of Material Changes shall be provided to each Client annually or if a material change is made. At any time, you may view the current Firm Brochure on-line at the SEC s Investment Adviser Public Disclosure website at To review the firm information for CCB, Click Investment Adviser Search in the left navigation menu and enter. Select the option for Investment Adviser Firm and enter (our firm s CRD number) in the field labeled Firm IARD/CRD Number. ADV Part 1 will be displayed. This will provide access to Form ADV 1 and 2A. On the left navigation, Form ADV Part 2A is located near the bottom. You may also request a copy of this Firm Brochure at any time, by contacting us at (510)
3 Item 3 Table of Contents ITEM 1 TITLE PAGE 1 ITEM 2 - MATERIAL CHANGES 2 ITEM 3 TABLE OF CONTENTS 3 ITEM 4 ADVISORY SERVICES 4 ITEM 5 FEES AND COMPENSATION 6 ITEM 6 PERFORMANCE-BASED FEES 7 ITEM 7 TYPES OF CLIENTS 7 ITEM 8 METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSS 8 ITEM 9 DISCIPLINARY INFORMATION 9 ITEM 10 OTHER FINANCIAL ACTIVITIES AND AFFILIATIONS 9 ITEM 11 CODE OF ETHICS, PARTICIPATION IN CLIENT TRANSACTIONS AND PERSONAL TRADING 9 ITEM 12 BROKERAGE PRACTICES 10 ITEM 13 REVIEW OF ACCOUNTS 11 ITEM 14 - CLIENT REFERRALS AND OTHER COMPENSATION 12 ITEM 15 CUSTODY 12 ITEM 16 INVESTMENT DISCRETION 13 ITEM 17 VOTING CLIENT SECURITIES 13 ITEM 18 FINANCIAL INFORMATION 13 ITEM 19 REQUIREMENTS FOR STATE-REGISTERED ADVISERS 13 PRIVACY POLICY 15 ADV 2B for Chris Batchelder, CFP 17
4 Item 4 Advisory Services A. Firm Information ( CCB ) is a registered investment advisor with the United States Securities and Exchange Commission. CCB is currently organized as sole proprietorship in the State of California and has been in continuous operation since May Chris Batchelder, CFP is the owner/operator of CCB. B. Advisory Services Offered Financial Planning Services CCB provides comprehensive financial planning and consulting services. Financial planning services are rendered via a proprietary service methodology. A financial plan may include a review of your net worth (including assets and liabilities), objectives, risk tolerance, risk capacity, cash flow and expenses, income tax analysis, review and analysis of fringe benefits, retirement forecast and probability analysis, educational funding analysis, estate planning analysis and risk management review. CCB s approach to providing this service starts with gathering your current financial and subjective information. CCB assesses your goals, objectives, time horizon, and risk tolerance to compare where you are today in relation to the attainment of your stated goals. A comprehensive financial plan thereafter is prepared to discuss your situation, along with various alternatives for your consideration. At the end of the processes, you will receive an education about the alternatives recommended. In performing financial planning services CCB will attempt to put together a plan that meets your fundamental financial concerns. Those issues, detailed above, are essential for financial health and stability. An additional aspect to CCB s financial planning process is helping you reconcile your personal feelings about money, wealth, investments and legacy planning. Once basic financial necessities are met, you may begin to explore deeper feelings about your financial life and how those feelings may cause aberrant financial decisions. Among other issues addressed are issues associated with risk/investing, differing wealth attitudes in relationships, attitudes regarding wealth and financial legacy planning. CCB seeks to uncover these issues to help you plan and cope accordingly. CCB entrusts that you will provide accurate information and CCB will not be obligated to verify any information received from you. If requested by you, CCB may recommend the services of other professionals for purposes of implementing certain aspects of your financial plan. You are under no obligation to engage the services of any such recommended professional. You retain absolute authority over all implementation decisions and are free to accept or reject any recommendation from CCB. Moreover, you are advised that it remains your responsibility to promptly notify CCB if there is ever any change in your financial situation during the financial planning process. Investment Advisory Services CCB provides continuous, active management of each Client s investment portfolios. CCB has developed a proprietary, high-touch service model that includes discovery, implementation and monitoring components. Client Discovery Upon entering into an advisory agreement CCB will begin a process of discovery. CCB seeks to uncover your true investment objectives, tolerance and capacity for risk, as well as other issues surrounding your attitudes and feelings about money, wealth, investing and financial legacy. CCB will also collect information concerning your financial status, and assets, among other things. Manager Selection and Implementation Upon completion of this investment profile information CCB will implement an investment plan for you and select an investment portfolio. CCB will typically invest your managed money with mutual funds. These mutual funds, depending on a variety of factors, may invest in stocks, bonds, options, or any other marketable security as deemed appropriate by the fund manager.
5 Investment Monitoring and Maintenance CCB will continuously monitor your investment portfolio to ensure that the portfolio meets your goals and objectives as well as appropriate benchmarks. Further, CCB monitors each your portfolio in order to ensure you are invested in accordance with CCB s firmwide investment guidance and broad economic outlook. It is your responsibility to notify CCB promptly of any change to the information provided by you, including any change to your investment objectives, risk tolerance, investment time horizon, and any investment policies, guidelines or reasonable restrictions. CCB will honor your restrictions unless those restrictions impair CCB s ability to manage your account. Prior to rendering investment management services, CCB will ascertain, in conjunction with the Client, the Client s financial situation, risk tolerance, and investment objective(s). C. Client Account Management Prior to engaging CCB to provide investment advisory services, you are required to enter into an investment management agreement with CCB setting forth the terms and conditions of the engagement and the services to be provided. These services will include: Determining Portfolio Asset Allocation CCB will formulate a long-term asset allocation strategy that specifies the percentage of your assets to be invested between equity, fixed-income securities and money market funds. Asset Allocation Recommendation CCB will implement its recommended asset allocation via an asset allocation model based upon proprietary research regarding market conditions and a broad-based economic outlook. Generally, portfolio management is done on a discretionary basis. CCB will use the services of a discount broker-dealer to provide account custodial services for your account, and to affect trades. Ongoing Investment Monitoring CCB provides ongoing oversight over your investment program. All your investments are monitored for performance relative to certain benchmarks and CCB expectations. Your portfolio will be rebalanced as necessary upon CCB review. More or less frequent rebalancing may be required depending on macroeconomic, market or sector factors. D. Wrap Fee Programs CCB does not manage any proprietary wrap fee programs. E. Assets Under Management As of December 31, 2010, the most recent date for which such calculations are available, CCB manages the following assets: Discretionary Assets $64,500, Non-discretionary Assets $0.00 Total $64,500,000.00
6 Item 5 Fees and Compensation The following paragraphs detail the fee structure and compensation methodology for investment management services. Prior to commencing any work, you will sign an Investment Management Agreement that details the responsibilities of CCB and you. A. Fees for Advisory Services Investment Advisory Services CCB s fee for investment advisory services varies based on the amount of assets managed by CCB. Typically, fees are a fixed percentage of the assets under management. This fee includes all investment recommendations and portfolio implementation, unless the client contract states otherwise. Your fees will generally adhere to the following table. Assets Investment Advisory Services Annual Fee $0 to $499, % $500,000 to $1,999, % $2,000,000 and over 0.50% All securities held in a portfolio managed by CCB will be independently valued by the Custodian. CCB will not have the authority or responsibility to value portfolio securities. B. Fee Billing Asset-Based Fee Fees are a fixed percentage of assets under management, based upon the account value on the last day of the prior quarter. Fees for investment management services vary depending on the amount of assets to be managed. You will be invoiced quarterly in arrears for advisory services. For accounts opened during the quarter fees will be prorated to cover only that period which your account was managed by CCB. Management fees will be automatically deducted from your account by the Custodian. CCB shall send a quarterly invoice to the Custodian indicating the amount of the fees to be deducted from your account. The amount due is calculated by applying the annual rate in the table above to the total assets under management with CCB at the end of each quarter. Each billing will be for a single quarter, paid in arrears. You will receive independent statements from the Custodian no less frequently than quarterly. It is your responsibility to verify the accuracy of these fees as listed on the Custodian s brokerage statement as the Custodian does not assume this responsibility. You may also elect to pay their fees directly. In such cases, no invoice will be sent the Custodian of your account. The invoice will be sent to your directly for payment. C. Other Fees and Expenses You may incur certain fees or charges imposed by third-parties, other than CCB, in connection with investment made on behalf of your account[s]. The Client is responsible for all custodial and securities execution fees charged by the Custodian and executing broker-dealer. The investment advisory charged by CCB is separate and distinct from these Custodian and execution fees. In addition, all fees paid to CCB for Investment Advisory Services are separate and distinct from the expenses charged by mutual funds and exchange-traded funds to their shareholders. These fees and expenses are described in each fund s prospectus. These fees and expenses will generally be used to pay management fees for the funds, other fund expenses, account administration (e.g., custody, brokerage and
7 account reporting), and a possible distribution fee. You may be able to invest in certain investments, without the services of CCB, but you would not receive access to Advisor and Institutional shares classes. You also would not receive the services provided by CCB which are designed, among other things, to assist you in determining which products or services are most appropriate to each Client s financial condition and objectives. Accordingly, the Client should review both the fees charged by the fund(s) and the fees charged by CCB to fully understand the total fees to be paid. D. Advance Payment of Fees and Termination Advance Fees CCB clients pay advisory fees in arrears. This disclosure does not apply to CCB. Termination Clients may request to terminate their Investment Management Agreement with CCB, in whole or in part, by providing advance written notice to CCB. You will be responsible for investment advisory fees up to and including the effective date of termination. CCB will refund any unearned, prepaid fees, if any. Your Investment Management Agreement with CCB is non-transferable without your written approval. You may terminate the Investment Management Agreement without penalty (full refund or no fees due) within 5 business days of signing the Agreement if the CCB Form ADV Part 2 was not delivered at least 48 hours prior to the execution of the Agreement. E. Compensation for Sales of Securities CCB does not receive commissions or any compensation for transactions in your account. As a fee-only advisor, CCB is paid only on the advice and investment management provided to you based on the assets under management in the Client s account(s). Additional Fee Disclosure Subsection (i) of Rule , California Code of Regulations requires that all investment advisors disclose to their advisory clients that higher or lower fees for comparable services may be available from other sources. Accordingly, CCB hereby discloses to you that similar or same investment services may be available from other sources for higher or lower overall fees. Item 6 Performance-Based Fees Performance-based Fees CCB does not charge performance-based fees for its investment advisory services. The fees charged by CCB are as described in Item 5 Fees and Compensation above and are not based upon the capital appreciation of the funds or securities held by you. Side-by-side Management CCB does not manage any proprietary investment funds or limited partnerships (for example, a mutual fund or a hedge fund) and has no financial incentive to recommend any particular investment options for its clients. Item 7 Types of Clients CCB may provide services to a variety of client types. Clients may include: Individuals, Families, Personal Trusts and Estates Private investors, investing personal assets Corporations Taxable entities organized for a specific business purpose, investing cash reserves The relative percentage each client type currently represents in available on CCB s Form ADV Part 1. The actual mix of types of clients changes over time based upon market conditions, business plans and other factors. CCB
8 does not specialize in, or actively seek, any given client type. CCB is committed to providing services to qualified investors, regardless of legal or corporate status. CCB does not have any required account minimums to open or maintain an account with CCB. CCB provides customized services to meet the unique needs of each client. Additional details are contained in Item 4 Advisory Services. Item 8 Methods of Analysis, Investment Strategies and Risk of Loss A. Methods of Analysis Investment Manager Due Diligence CCB will generally invests your assets with mutual funds that pursue investment approaches that are diversified among multiple strategies, asset classes, regions, industry sectors and securities. In selecting a mutual fund and allocating assets to them, CCB considers both quantitative and qualitative factors including: Relative performance during various time periods and market cycles Industry reputation Experience and training of staff investment professionals The clarity of, and adherence to, a viable investment philosophy Risk management process Portfolio management capabilities Fee structure Any other factor deemed appropriate by CCB CCB may use various databases of information in order to facilitate the discovery process on each investment manager utilized by CCB. B. Investment Strategies CCB seeks to place client assets with third-party investment managers, generally mutual funds. CCB does not maintain any fixed portfolios or strategies. Rather, your personal financial situation is assessed on an individual basis, and the appropriate mutual funds are selected that fulfill the investment strategy designed for you by CCB. CCB will not pursue strategies that are highly speculative in nature. C. Risk of Loss General Investment Risks Investing in securities involves certain investment risks. Securities may fluctuate in value or lose value. You should be prepared to bear the potential risk of loss. CCB will assist you in determining an appropriate strategy based on your tolerance for risk and other factors noted above. However, there is no guarantee that you will meet their investment goals. Your engagement with CCB will entail a review of your investment goals, financial situation, time horizon, tolerance for risk and other factors to develop an appropriate strategy for managing your account. Your participation in this process, including full and accurate disclosure of requested information, is essential for the analysis of your financial situation. CCB will rely on the financial and other information provided by you or your designees (accountant, attorney, etc.) without the duty or obligation to validate the accuracy and completeness of
9 the information you have provided. It is your responsibility to inform CCB of any changes in financial condition, goals or other factors that may affect this analysis. CCB generally employs investment strategies that do not involve any significant or unusual risk other than typical market risks. The risks associated with a particular strategy are provided to you in advance of investing any money. Margin Transactions Borrowing on margin is the practice of borrowing securities or cash to pay for securities, referred to as leverage. Leverage allows an investment manager to control more securities than they may otherwise without cash on hand. Leverage may compound both your gains and your losses, if any. Further, investment gains must be greater than the cost of borrowing for such investments to be profitable. Real Estate Partnerships CCB may recommend to you investment in real estate investment partnerships. This type of fund is subject to special risk considerations similar to those associated with the direct ownership of real estate. Real estate valuations may be subject to factors such as changing general and local economic, financial, competitive, and environmental conditions. All risks are disclosed in advance, should CCB and you decide that real estate investment partnerships are an appropriate investment in meeting your financial goals. Item 9 Disciplinary Information CCB and its advisory personnel value the trust you place in us. As we advise all clients, we encourage you to perform the requisite due diligence on any advisor or service provider in which you partner. Background information is available on the Investment Adviser Public Disclosure website at To review the firm information for CCB, click Investment Adviser Search in the left navigation menu and enter. Select the option for Investment Adviser Firm and enter (our firm s CRD number) in the field labeled Firm IARD/CRD Number. This will provide access to Form ADV Parts 1 and 2. Item 11 of the ADV Part 1 lists legal and disciplinary questions. There are no legal, regulatory or disciplinary events involving CCB or any of its employees. Item 10 Other Financial Activities and Affiliations CCB does not have any affiliations with other financial service firms. All relationships are for contracted services only, and no affiliation is created by way of these various service agreements. In some cases, CCB may outsource investment management to third-party investment managers, generally mutual funds. In no case is any affiliation created by way of these agreements. Item 11 Code of Ethics, Participation in Client Transactions and Personal Trading A. Code of Ethics CCB has implemented a Code of Ethics that defines our fiduciary commitment to each Client. This Code of Ethics applies to all persons associated with CCB. The Code of Ethics was developed to provide general ethical guidelines and specific instructions regarding our duties to you. CCB and its personnel owe a duty of loyalty, fairness and good faith towards you, and all clients. It is the obligation of CCB associates to adhere not only to the specific provisions of the Code but to the general principles that guide the Code. The Code of Ethics covers a range of topics that may include; general ethical principals, reporting personal securities trading, exceptions to reporting securities trading, reportable securities, initial public offerings and private placements, reporting
10 ethical violations, distribution of the Code of Ethics, review and enforcement processes, amendments to Form ADV and supervisory procedures. CCB has written its Code of Ethics to meet and exceed regulatory standards. To request a copy of our Code of Ethics, please contact us at (510) B. Personal Trading and Conflicts of Interest CCB allows employees to purchase or sell the same securities that may be recommended to, and purchased on behalf of, our clients. Owning the same securities recommended (purchase or sell) to clients presents a potential conflict of interest that, as fiduciaries, CCB must disclose to you and mitigate through policies and procedures. As noted above, CCB has adopted, consistent with Section 204A of the Investment Advisers Act of 1940, a Code of Ethics, which addresses insider trading (material non-public information controls) and personal securities reporting procedures. Further, CCB has adopted written policies and procedures to detect the misuse of material, nonpublic information. CCB may have an interest or position in certain securities, which may also be recommended to you and other clients. At no time, will CCB or any associated person of CCB, transact in any security to the detriment of any client. CCB is a Fee-Only advisor, who, in all circumstances, is compensated solely by our clients. CCB does not engage in any transactions where it has a financial interest, including, but not limited to commissionable securities transactions, buying securities from or selling securities to its clients. As a registered investment advisor, CCB does not have a broker-dealer relationship and has no incentive to sell products of any kind to its Clients. Item 12 Brokerage Practices A. Recommendation of Custodian[s] CCB does not have discretionary authority to select the broker-dealer/custodian for custodial and execution services. You will select the broker-dealer or custodian (herein the "Custodian") to safeguard your assets and authorize CCB to direct trades to this Custodian as agreed in the Investment Management Agreement. Further, CCB does not have the discretionary authority negotiate commissions on behalf of our clients on a trade-by-trade basis. Where CCB does not exercise discretion over the selection of the Custodian, it may recommend the custodian[s] to Clients for execution and/or custodial services. You are not obligated to use the recommended Custodian and will not incur any extra fee or cost associated with using a broker not recommended by CCB. CCB may recommend a Custodian based on criteria such as, but not limited to, reasonableness of commissions charged for trade execution, ancillary services made available to you, experience and financial stability, reputation and the quality of services provided and location of the Custodian s offices. CCB does not receive research services, other products, or compensation as a result of recommending a particular broker that may result in you, or other clients, paying higher commissions than those obtainable through other brokers. CCB typically recommends to Clients that they established their brokerage account[s] at the Institutional Services division Charles Schwab and Company, Inc. ( Schwab ). Schwab is an independent and unaffiliated SECregistered broker-dealer and FINRA member. Schwab offers services to independent investment Advisors and their Clients, which include custody of securities, trade execution, clearance and settlement of transactions. CCB
11 receives some benefits from Schwab through its participation in its Advisory program. CCB considers a number of factors in selecting and/or recommending brokers and custodians for its Clients accounts, including, but not limited to, execution capability, experience and financial stability, reputation and the quality of services provided. CCB is not affiliated with, or related to, Schwab. All trading executed via Schwab is subject to a best execution review by CCB. 1. Soft Dollars - Soft dollars are revenue programs offered by broker-dealers whereby an advisor enters into an agreement to place security trades with the broker in exchange for research and other services. CCB does not participate in soft dollar programs sponsored or offered by any broker-dealer. 2. Brokerage Referrals - CCB does not receive any compensation from Schwab or any other entity in connection with the recommendation for establishing a brokerage account. 3. Directed Brokerage - All Clients are serviced on a directed brokerage basis, where CCB will place trades within the established account[s] at the custodian designated by the Client. Such custodian designation may be made in accordance with a recommendation by CCB, as noted above, or independently by the Client. Further, all Client accounts are traded within their respective brokerage account[s]. Clients may use the custodian recommended by CCB. In such cases, the recommendation of a specific broker-dealer will be in accordance with CCB s duty to seek best execution. If a Client uses a custodian of their own choosing and not recommended CCB, CCB will not be obligated to select competitive bids on securities transactions and does not have an obligation to seek the lowest available transaction costs. These costs are determined by the designated custodian. When Clients direct the brokerage partner to be used, CCB may not achieve best execution and the Client may pay higher trade costs than would otherwise be available. Custodians chosen by the Client, and not recommended by CCB, are not subject to a best execution review. CCB will not engage in any principal transactions (i.e., trade of any security from or to the Advisor s own account) or cross transactions with other Client accounts (i.e., purchase of a security into one Client account from another Client s account[s]). B. Aggregating and Allocating Trades The primary objective in placing orders for the purchase and sale of securities for client accounts is to obtain the most favorable net results taking into account such factors as 1) price, 2) size of order, 3) difficulty of execution, 4) confidentiality and 5) skill required of the broker. CCB will execute its transactions through an unaffiliated broker-dealer designated by you. CCB may aggregate orders in a block trade or trades when securities are purchased or sold through the same broker-dealer for multiple discretionary accounts. If a block trade cannot be executed in full at the same price or time, the securities actually purchased or sold by the close of each business day must be allocated in a manner that is consistent with the initial pre-allocation or other written statement. This must be done in a way that does not consistently advantage or disadvantage particular client accounts. Item 13 Review of Accounts A. Frequency of Reviews Accounts are monitored on an ongoing basis by CCB for adherence to investment strategy and your objectives, goals and restrictions. Investment management and supervision over the securities contained in your portfolio are performed in an ongoing basis by CCB, as applicable. Reviews are conducted by Chris Batchelder, CFP.
12 Often reviews will consist of a personal interview. This time will typically be non-billable, and is structured such that CCB may get to know you more fully, and develop a financial plan to meet your financial and emotional needs. B. Causes for Reviews In addition to the investment monitoring noted in Item 13.A, your account will be reviewed at least annually. Reviews may be conducted more or less frequently upon your request. Accounts may be reviewed as a result of major changes in economic conditions, known changes in your financial situation, and/or large deposits or withdrawals in your account. You are encouraged to notify CCB if changes occur in your personal financial situation that might adversely affect the investment plan designed for you by CCB. Additional reviews may be triggered by material market, economic or political events. C. Review Reports You will receive brokerage statements no less than quarterly from the Custodian. These brokerage statements are sent directly from the Custodian to you. You may also establish electronic access to the Custodian s website so that you may view these reports and any activity in your account. Your brokerage statements will include all positions, transactions and fees relating to your account[s]. Item 14 - Client Referrals and Other Compensation A. Compensation Received by CCB CCB is a Fee-Only advisor, who, in all circumstances, is compensated solely by the Client. CCB does not receive commissions or other compensation from product sponsors, broker dealers or any unrelated third party. CCB may refer clients to various third-parties to provide certain financial services necessary to meet the goals of its clients. Likewise, CCB may receive referrals of new clients from a third-party. Referrals, if any, are done as a professional courtesy in your interests. B. Client Referrals from Solicitors CCB does not presently pay any solicitors to refer business to CCB. CCB may receive referrals from various third-parties. No compensation is paid for such referrals. All referrals are a professional courtesy and in the interest of the referred client. Item 15 Custody CCB does not accept or maintain custody of your account. You must place your assets with a qualified custodian. You are required to select your own custodian to retain their funds and securities and direct CCB to utilize that custodian for your security transactions. CCB may make a recommendation for a Custodian. For more information on custodians and brokerage practices, see Item 12 - Brokerage Practices. While CCB will not have custody of your funds or securities, payments of fees may be paid by the Custodian from the custodial brokerage account that holds your assets. In certain jurisdictions this may be deemed constructive custody. Prior to permitting direct debit of fees you will provide written authorization permitting fees to be paid from your account Custodian. CCB will send you and the Custodian a bill showing the amount of the fee and the way in which it was calculated. The Custodian will send to you an account statement not less than quarterly showing all account activity, including the amounts disbursed from your account to CCB.
13 Item 16 Investment Discretion Discretionary Trading Authority CCB generally has discretion over the selection and amount of securities to be bought or sold in your account without obtaining prior consent or approval from you. This is known as limited discretionary authority. Purchases or sales are subject to specified investment objectives, guidelines, or limitations previously set forth by you and agreed to by CCB. Discretionary authority will only be authorized upon full disclosure to you. The granting of such authority will be evidenced within the Investment Management Agreement signed by you, and containing all applicable limitations to such authority. All discretionary trades made by CCB will be in accordance with your investment objectives and goals. Item 17 Voting Client Securities CCB does not accept proxy voting responsibility for you, or any client. Therefore, although CCB may provide investment advisory services relative to your investment assets, you maintain exclusive responsibility for: (1) directing the manner in which proxies solicited by issuers of securities beneficially owned by you shall be voted, and (2) making all elections relative to any mergers, acquisitions, tender offers, bankruptcy proceedings or other type events pertaining to your investment assets. CCB and/or you will correspondingly instruct the Custodian of the assets to forward to you copies of all proxies and shareholder communications relating to your investment assets. Item 18 Financial Information Neither CCB, nor any of its advisory persons has any adverse financial situations that would reasonably impair the ability of CCB to meet all obligations to you. Neither CCB, nor any of its advisory persons, has been subject to a bankruptcy or financial compromise. CCB is not required to deliver a balance sheet along with this brochure as the firm does not collect advance fees for services to be performed six months or more in advance. CCB charges fees for only the immediate quarter for which it will provide services. Please see Item 5 - Fees and Compensation for additional information. Item 19 Requirements for State-Registered Advisers A. Educational Background and Business Experience of Principal Officer The sole owner of CCB is Chris Batchelder, CFP. Information regarding the formal education and background of Chris Batchelder, CFP is below in Part 2B. B. Other Business Activities of Principal Officer Chris Batchelder, CFP is dedicated to the investment advisory activities of CCB s Clients, and is not engaged in any outside business endeavors. C. Performance Fee Calculations CCB does not charge performance-based fees for its investment advisory services. The fees charged by CCB are as described in Item 5 Fees and Compensation above and are not based upon the capital appreciation of the funds or securities held by any Client. D. Disciplinary Information There are no legal, civil or disciplinary events to disclose regarding CCB or Chris Batchelder, CFP. Neither CCB nor Chris Batchelder, CFP has ever been involved in any regulatory, civil or criminal action. There have been no
14 client complaints, lawsuits, arbitration claims or administrative proceedings against CCB or Chris Batchelder, CFP. Securities laws require an advisor to disclose any instances where the advisor or its advisory persons have been found liable in a legal, regulatory, civil or arbitration matter that alleges violation of securities and other statutes; fraud; false statements or omissions; theft, embezzlement or wrongful taking of property; bribery, forgery, counterfeiting, or extortion; and/or dishonest, unfair or unethical practices. As previously noted, there are no legal, civil or disciplinary events to disclose regarding CCB or Chris Batchelder, CFP. However, we do encourage you to independently view the background of Chris Batchelder, CFP on the Investment Adviser Public Disclosure website at Select Investment Adviser Search from the left navigation menu. Then select the option for Investment Adviser Representative and enter in the field labeled Individual CRD Number. E. Material Relationships with Issuers of Securities Neither CCB nor Chris Batchelder, CFP has any relationships or arrangements with issuers of securities. All material conflicts of interest Under Section (k) of the Corporations Code are disclosed regarding the investment adviser, its representatives or any of its employees, which could be reasonable expected to impair the rendering of unbiased and objective advice.
15 Privacy Policy Effective: March 15, 2011 Our Commitment to You (referred to as "CCB", "we", "our" and "us" throughout this notice) is committed to safeguarding the use of your personal information that we have as your investment advisor. We will protect the security and confidentiality of the personal information we have and make efforts to ensure that such information is used for proper business purposes in connection with the management or servicing of your account. Our relationship with you is our most important asset. We understand that you have entrusted us with your private information, and we do everything we can to maintain that trust. We do not sell your nonpublic personal information to anyone. Nor does Advisor provide such information to others except for discrete and proper business purposes in connection with the servicing and management of your account as discussed below. Details of our approach to privacy and how your personal nonpublic information is collected and used are set forth in this privacy policy. The Information We Collect About You You typically provide personal information when you complete the paperwork required to become our Client. This information may include some or all of the following: Name and address address Phone number Social security or tax ID number Accounts at other institutions Assets Income Account balance Investment activity Detailed financial information We may collect nonpublic information about you from the following sources: Information we receive on Brokerage Agreements, Managed Account Agreements and other Subscription and Account Opening Documents Information we receive in the course of establishing a customer relationship including, but not limited to, applications, forms, and questionnaires Information about your transactions with us or others Information About You That We May Share CCB works to provide products and services that benefit our customers. We may share nonpublic personal information with non-affiliated third parties (such as brokers and custodians) as necessary for us to provide agreed services and products to you consistent with applicable law. We may also disclose nonpublic personal information to other financial institutions with whom we have joint business arrangements for proper business purposes in connection with the management or servicing of your account. In addition, your nonpublic personal information may also be disclosed to persons or entities we believe to be your authorized agent or representative, regulators in order to satisfy our regulatory obligations, and is otherwise required or permitted by law. Lastly, we may disclose your nonpublic personal information to companies we hire to help administrate our business. Companies we hire to provide services of this kind are not allowed to use your personal information for their own purposes and are contractually obligated to maintain strict confidentiality. We limit their use of your personal information to the performance of the specific service we have requested. We do not sell your nonpublic personal information to anyone.
16 Information About Former Clients CCB does not disclose, and does not intend to disclose, nonpublic personal information to non-affiliated third parties with respect to persons who are no longer our clients. Confidentiality and Security Our employees are advised about our obligation to respect the confidentiality of our customers' nonpublic personal information. Additionally, we maintain physical, procedural and electronic safeguards in an effort to protect the information from access by unauthorized parties. Opt-Out Provision We will not share your information under any circumstances unless doing so is permitted by law and necessary for us to provide service to you. Therefore, no allowances are made for clients and former clients to opt-out of our privacy policy and information sharing arrangements. We'll Keep You Informed We will send you notice of our privacy policy annually for as long as you maintain an ongoing relationship with us. Periodically we may revise our privacy policy, and will provide you with a revised policy if the changes materially alter the previous privacy policy. We will not, however, revise our privacy policy to permit the sharing of non-public personal information other than as described in this notice unless we first notify you and provide you with an opportunity to prevent the information sharing. For any questions about our privacy policy, contact us at
17 Form ADV Part 2B Individual Disclosure Brochure for Christian Curry Batchelder Principal and Chief Compliance Officer Effective: June 13, 2011 This Brochure Supplement provides information about the background and qualifications of Christian Curry Batchelder (CRD# ) in addition to the information contained in the Christian Curry Batchelder, CFP ( CCB ) Brochure. If you have not received a copy of this Brochure or if you any questions about the contents of the CCB Brochure or this Brochure Supplement, please contact us at (510) Additional information about Christian Curry Batchelder is available on the SEC s Investment Adviser Public Disclosure website at CRD No: Glen Avenue Oakland, CA Phone: (510) Fax: (510)
18 Item 2 Educational Background and Business Experience CHRISTIAN CURRY BATCHELDER, CFP Born: 1953 Education: University of California - Berkeley BS, Liberal Arts, 1979 California State University - Hayward MBA, Finance, 1981 Certified Financial Planner - CFP Certified Financial Planner Board of Standards, Inc. Business Background: Principal, Investment Advisory Representative and Chief Compliance Officer Christian Curry Batchelder, CFP May 1993 to Present Personal Investment Management June 1988 to May 1993 Advisory Affiliate John W. Brooker & Co. March 1984 to May 1988 Item 3 Disciplinary Information CCB and its advisory personnel value the trust you place in us. As we advise all clients, we encourage you to perform the requisite due diligence on anyone providing services to you. There are no legal or disciplinary events to disclose regarding Christian Curry Batchelder. However, we do encourage you to independently view the background of Christian Curry Batchelder on the Investment Adviser Public Disclosure website at Select the option for Investment Adviser Representative and enter in the field labeled Individual CRD Number: Item 4 Other Business Activities Mr. Batchelder dedicates his business time serving the needs of the advisory clients of CCB. Mr. Batchelder serves all investment advisory and administrative functions within CCB. Mr. Batchelder is not involved in any other business activity.
19 Item 5 Additional Compensation Mr. Batchelder is compensated by CCB for the services provided to Clients. Mr. Batchelder does not receive any additional compensation or economic benefit from any unaffiliated person, company or organization in connection with the services provided to you and other CCB clients. Item 6 Supervision Mr. Batchelder serves as the sole investment advisory representative of CCB, as well as performing all operational and administrative functions. Mr. Batchelder s full contact information is included on the cover of this Brochure Supplement. CCB has implemented a Code of Ethics and internal compliance that guide each employee in meeting their fiduciary obligations to you. Further, CCB is subject to regulatory oversight by various agencies. These agencies require registration by CCB and its employees. As a registered entity, CCB is subject to examinations by regulators, which may announced or unannounced. CCB is required to periodically update the information provided to these agencies and to provide various reports regarding CCB business, assets, disciplinary information and personnel, as appropriate.