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1 Firm Brochure (Part 2A of Form ADV) 7017 Hickman Road Urbandale, IA PHONE: FAX: This brochure provides information about the qualifications and business practices of If you have any questions about the contents of this brochure, please contact us at: , or by at: 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 Successful Resource Management, LTD. is available on the SEC s website at July 20, 2011 Successful Resource Management, LTD.
2 Item 2: Material Changes Annual Update The Material Changes section of this brochure will be updated annually or when material changes occur since the previous release of the Firm Brochure. Material Changes since the Last Update Since the last filing on March 17, 2011, the changes made are formatting changes. Full Brochure Available Whenever you would like to receive a complete copy of our Firm Brochure, please contact us by telephone at: or by at: i Successful Resource Management, LTD.
3 Item 3: Table of Contents Form ADV Part 2A Firm Brochure Item 1: Cover Page Item 2: Material Changes... i Annual Update... i Material Changes since the Last Update... i Full Brochure Available... i Item 3: Table of Contents... ii Item 4: Advisory Business... 1 Firm Description... 1 Types of Advisory Services... 1 Client Tailored Services and Client Imposed Restrictions... 2 Wrap Fee Programs... 2 Client Assets under Management... 2 Item 5: Fees and Compensation... 2 Method of Compensation and Fee Schedule... 2 Client Payment of Fees... 4 Prepayment of Client Fees... 5 External Compensation for the Sale of Securities to Clients... 5 Item 6: Performance-Based Fees... 5 Sharing of Capital Gains... 5 Item 7: Types of Clients... 5 Description... 5 Account Minimums... 5 Item 8: Methods of Analysis, Investment Strategies and Risk of Loss... 5 Methods of Analysis and Investment Strategies... 5 Investment Strategy and Method of Analysis Material Risks... 6 Security Specific Material Risks... 6 Item 9: Disciplinary Information... 7 Criminal or Civil Actions... 7 Successful Resource Management, LTD.
4 Administrative Enforcement Proceedings... 7 Self Regulatory Organization Enforcement Proceedings... 7 Item 10: Other Financial Industry Activities and Affiliations... 7 Broker-Dealer or Representative Registration... 7 Futures or Commodity Registration... 7 Material Relationships Maintained by this Advisory Business and Conflicts of Interest7 Recommendations or Selections of Other Investment Advisors and Conflicts of Interest... 7 Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading... 7 Code of Ethics Description... 7 Investment Recommendations Involving a Material Financial Interest and Conflict of Interest... 8 Advisory Firm Purchase of Same Securities Recommended to Clients and Conflicts of Interest... 8 Client Securities Recommendations or Trades and Concurrent Advisory Firm Securities Transactions and Conflicts of Interest... 8 Item 12: Brokerage Practices... 8 Factors Used to Select Broker-Dealers for Client Transactions... 8 Aggregating Securities Transactions for Client Accounts... 9 Item 13: Review of Accounts... 9 Schedule for Periodic Review of Client Accounts or Financial Plans and Advisory Persons Involved... 9 Review of Client Accounts on Non-Periodic Basis... 9 Content of Client Provided Reports and Frequency... 9 Item 14: Client Referrals and Other Compensation... 9 Economic benefits Provided to the Advisory Firm from External Sources and Conflicts of Interest... 9 Advisory Firm Payments for Client Referrals... 9 Item 15: Custody Account Statements Item 16: Investment Discretion Discretionary Authority for Trading Successful Resource Management, LTD.
5 Item 17: Voting Client Securities Proxy Votes Item 18: Financial Information Balance Sheet Financial Conditions Reasonably Likely to Impair Advisory Firm s Ability to Meet Commitments to Clients Bankruptcy Petitions during the Past Ten Years Item 19: Requirements for State Registered Advisors Education and business background, including any outside business activities for all management and supervised persons can be found in the Supplement to this Brochure (part 2B of Form Adv Part 2) Supervised Person Brochure Brochure Supplement (Part 2B of Form ADV) Principal Executive Officers and Management Persons Terry A. Vrieze, CLU, ChFC Professional Certifications Disclosure of Material Facts Related to Criminal, Civil, Administrative, Self-regulatory or any other material proceedings Other Business Activities Engaged In Performance Based Fee Description Requirements for State-Registered Advisors Material Relationship Maintained by this Advisory Business or Management persons with Issuers of Securities Successful Resource Management, LTD.
6 Item 4: Advisory Business Firm Description Successful Resource Management, LTD. ( SRM ) was founded in Terry A. Vrieze is 100% owner. SRM provides personalized confidential financial planning and investment management to individuals, trusts, estates, and charitable organizations. Advice is provided through consultation with the client and may include: determination of financial objectives, identification of financial problems, cash flow management, tax planning, insurance review, investment management, education funding, retirement planning, and estate planning. SRM is a fee based financial planning and investment management firm. The firm does not sell annuities, insurance, stocks, bonds, mutual funds, limited partnerships, or other commissioned products. The firm s members are affiliated with entities that sell insurance products and securities products. Investment advice is an integral part of financial planning. In addition, SRM advises clients regarding cash flow, college planning, retirement planning, tax planning and estate planning. SRM does not act as a custodian of client assets. A written evaluation of each client's initial situation is provided to the client, often in the form of a net worth statement or risk analysis. Periodic reviews are also communicated to provide reminders of the specific courses of action that need to be taken. More frequent reviews occur but are not necessarily communicated to the client unless immediate changes are recommended. Other professionals (e.g., lawyers, accountants, insurance agents, etc.) are engaged directly by the client on an as-needed basis. Conflicts of interest will be disclosed to the client in the unlikely event they should occur. Types of Advisory Services SRM provides investment supervisory services, also known as asset management services and furnishes financial planning and investment advice through consultations. On more than an occasional basis, SRM furnishes advice to clients on matters not involving securities, such as taxation issues and trust services that often include estate planning. ASSET MANAGEMENT SRM offers discretionary direct asset management services to advisory clients. SRM will offer clients ongoing portfolio management services through determining individual investment goals, time horizons, objectives, and risk tolerance. Investment strategies, investment selection, assets allocation, portfolio monitoring and the overall investment program will be based on the above factors. The client will authorize SRM discretionary authority to execute selected investment program transactions as stated within the Investment Advisory Agreement
7 FINANCIAL PLANNING AND CONSULTING SRM offers financial planning services in the forms comprehensive and modular financial planning and consultations. Advice may include, but may not be limited to: qualified retirement plan review, present net worth, tax liability, review of buy/sell agreements, medical & disability insurance, surviving spouse requirements, summary of current position, Medicare/Medicaid planning, allocation of current assets, review of wills and trusts, revised analytical reports, life insurance review, retirement analysis, charitable planning, education planning, estate analysis and cash flow. If the client elects to act on any of the recommendations, the client is under no obligation to effect the transaction through SRM. Client may cancel within 5 business days for a full refund. If client cancels after 5 business days, client will be due a prorata refund or SRM will be entitled to a pro-rata fee for work completed whichever is applicable. PORTFOLIO REVIEW SRM offers services to individual plan participants of qualified retirement plans. Portfolio reviews may be on a set schedule or at the specific request of the client. Client Tailored Services and Client Imposed Restrictions The goals and objectives for each client are documented in our client files. Investment strategies are created that reflect the stated goals and objective. Clients may impose restrictions on investing in certain securities or types of securities. Agreements may not be assigned without written client consent. Wrap Fee Programs SRM does not participate in wrap fee programs. Client Assets under Management As of February 22, 2010, SRM has $33,000,000 of client assets under management on a discretionary basis. Item 5: Fees and Compensation Method of Compensation and Fee Schedule SRM bases its fees on a percentage of assets under management, hourly charges, fixed fees and solicitor fees from third party money managers. ASSET MANAGEMENT SRM offers discretionary direct asset management services to 401(k) accounts through Charles Schwab and Fidelity Investments. SRM will offer clients ongoing portfolio management services through determining individual investment goals, time horizons, objectives, and risk tolerance. This information will be gathered through the use of an investor profile questionnaire. Based on the information gathered, SRM will generate a proposal of investment strategies for the client s consideration. The investment management services may include performance management, investment policy development, and asset allocation. SRM s IARs will also assist the client in establishing an account at the custodian broker dealer
8 Advisory Fees are assessed based on the value of the portfolio as of the last day of the previous calendar quarter and are as follows: Account Balance Schwab Institutional Accounts Regular Portfolios PCRA* & Brokers Link Accounts Only Quarterly Annually Quarterly Annually $25,000 - $250, % 1.50%.275% 1.10% $250,001 - $500, % 1.35%.250% 1.00% $500,001 - $1,000, % 1.25%.225% 0.90% $1,000,001 - $2,500, % 1.10%.200% 0.80% $2,500,001 and greater.2500% 1.00%.175% 0.70% *Personal Choice Retirement Account (PCRA) & Brokers Link accounts are ways to manage 401(k) money in a brokerage account through Charles Schwab and Fidelity respectively. Preservation Portfolio Account Balance Quarterly Annually Less than $50, %.75% $50,001 and greater.1250%.50% SRM may charge a $400 initial account set up fee due at the time the client agreement is executed. However, SRM reserves the right to waive fee. SRM will manage the client assets for an annualized percentage of assets under management, assessed quarterly in arrears. Client shall be given thirty (30) days prior written notice of any increase in fees. FINANCIAL PLANNING and CONSULTING FIXED FEES Estate Planning Services are offered based on a negotiable fixed fee with a maximum of $5,000 based on complexity and unique client needs. Prior to the planning process the client is provided an estimated plan fee and approximation of time for completed services. Services include but are not limited to a thorough review of all applicable topics including Wills, Estate Plan/Trusts, Investments, Taxes, and Insurance. The payments are received in three installments: One third at the commencement of the planning process, the second third half way through the process and the balance of the final payment is due upon delivery of completed plan. Client may cancel within 5 business days for a full refund. If client cancels after 5 business days, client will be due a pro-rata refund, or SRM will be entitled to a prorata fee for work completed; whichever is applicable
9 HOURLY FEES Fees for comprehensive and modular financial planning and consultation services are negotiable, depending upon the services to be provided. Fees are billed at an hourly rate of $250 per hour. The hourly rate will be determined and disclosed to the client prior to services being rendered. The client will be provided with an estimated amount which is subject to change if more or less time is needed to complete the plan. The total amount of the fee to be paid will be determined by multiplying the estimated number of hours needed to complete the plan by the hourly agreed upon rate. The payments are received in two installments: One half at the commencement of the planning process and the balance of the final payment is due upon delivery of completed plan. Client may cancel within 5 business days for a full refund. If client cancels after 5 business days, Client will be due a pro-rata refund, or SRM will be entitled to a pro-rata fee for work completed; whichever is applicable. PORTFOLIO REVIEW SRM charges an hourly rate up to a maximum of $250 per hour for accounts not under SRM management. The hourly rate will be determined and disclosed to the client prior to services being rendered. The client will be provided with an estimated amount which is subject to change if more or less time is needed to complete the plan. The total amount of the fee to be paid will be determined by multiplying the estimated number of hours needed to complete the plan by the hourly agreed upon rate. The payments are received in two installments: One half at the commencement of the planning process and the balance of the final payment is due upon delivery of completed plan. Client may cancel within 5 business days for a full refund. If client cancels after 5 business days, Client will be due a pro-rata refund, or SRM will be entitled to a pro-rata fee for work completed; whichever is applicable. Client Payment of Fees For asset management, SRM may charge a $400 initial account set up fee due at the time the client agreement is executed. However, SRM reserves the right to waive fee. SRM will manage the client assets for an annualized percentage of assets under management, assessed quarterly in arrears. Client shall be given thirty (30) days prior written notice of any increase in fees. Fees are usually deducted from a designated client account to facilitate billing. The client must consent in advance to direct debiting of their investment account. The payments for financial plans and portfolio reviews are received in two installments: One half at the commencement of the planning process and the balance of the final payment is due upon delivery of completed plan. Client may cancel within 5 business days for a full refund. If client cancels after 5 business days, Client will be due a pro-rata refund, or SRM will be entitled to a pro-rata fee for work completed; whichever is applicable. Additional Client Fees Charged - 4 -
10 Custodians may charge transaction fees on purchases or sales of certain mutual funds and exchange-traded funds. These transaction charges are usually small and incidental to the purchase or sale of a security. The selection of the security is more important than the nominal fee that the custodian charges to buy or sell the security. SRM, in its sole discretion, may waive its minimum fee and/or charge a lesser investment advisory fee based upon certain criteria (e.g., historical relationship, type of assets, anticipated future earning capacity, anticipated future additional assets, dollar amounts of assets to be managed, related accounts, account composition, negotiations with clients, etc.). Prepayment of Client Fees Client may cancel within five business days of signing an agreement for a full refund. If cancellation occurs after five business days, client will be entitled to a pro-rata refund based on work completed. External Compensation for the Sale of Securities to Clients SRM does not receive any external compensation for the sale of securities to clients, nor do any of the investment advisor representatives of SRM. Item 6: Performance-Based Fees Sharing of Capital Gains Fees are not based on a share of the capital gains or capital appreciation of managed securities. SRM does not use a performance-based fee structure because of the potential conflict of interest. Performance-based compensation may create an incentive for the adviser to recommend an investment that may carry a higher degree of risk to the client. Item 7: Types of Clients Description SRM generally provides investment advice to individuals, trusts, estates, or charitable organizations, corporations and business entities. Client relationships vary in scope and length of service. Account Minimums SRM has a minimum of $25,000 to open an account managed by SRM. At the discretion of SRM, exceptions may be granted to the minimum account size. Item 8: Methods of Analysis, Investment Strategies and Risk of Loss Methods of Analysis and Investment Strategies Security analysis methods use technical analysis. Some of the current computer software is Frontier Analytical and Mutual Fund Expert. These different software programs are used to help in the asset allocation and selection of funds by different asset class. Other software that may be used change from time to time. Investing in securities involves risk of loss that clients should be prepared to bear
11 The main sources of information include financial newspapers and magazines, research materials prepared by others, and corporate rating services. Investment Strategy and Method of Analysis Material Risks The investment strategy for a specific client is based upon the objectives stated by the client during consultations. The client may change these objectives at any time. Each client executes an Investment Policy Statement, Risk Tolerance or similar form that documents their objectives and their desired investment strategy. Other strategies may include long-term purchases and short-term purchases. Security Specific Material Risks All investment programs have certain risks that are borne by the investor. Our investment approach constantly keeps the risk of loss in mind. Investors face the following investment risks: Interest-rate Risk: Fluctuations in interest rates may cause investment prices to fluctuate. For example, when interest rates rise, yields on existing bonds become less attractive, causing their market values to decline. Market Risk: The price of a security, bond, or mutual fund may drop in reaction to tangible and intangible events and conditions. This type of risk is caused by external factors independent of a security s particular underlying circumstances. For example, political, economic and social conditions may trigger market events. Inflation Risk: When any type of inflation is present, a dollar today will buy more than a dollar next year, because purchasing power is eroding at the rate of inflation. Currency Risk: Overseas investments are subject to fluctuations in the value of the dollar against the currency of the investment s originating country. This is also referred to as exchange rate risk. Reinvestment Risk: This is the risk that future proceeds from investments may have to be reinvested at a potentially lower rate of return (i.e. interest rate). This primarily relates to fixed income securities. Business Risk: These risks are associated with a particular industry or a particular company within an industry. For example, oil-drilling companies depend on finding oil and then refining it, a lengthy process, before they can generate a profit. They carry a higher risk of profitability than an electric company which generates its income from a steady stream of customers who buy electricity no matter what the economic environment is like. Liquidity Risk: Liquidity is the ability to readily convert an investment into cash. Generally, assets are more liquid if many traders are interested in a standardized product. For example, Treasury Bills are highly liquid, while real estate properties are not. Financial Risk: Excessive borrowing to finance a business operations increases the risk of profitability, because the company must meet the terms of its obligations in good times and bad. During periods of financial stress, the inability to meet loan obligations may result in bankruptcy and/or a declining market value
12 Item 9: Disciplinary Information Criminal or Civil Actions The firm and its management have not been involved in any criminal or civil action. Administrative Enforcement Proceedings The firm and its management have not been involved in administrative enforcement proceedings. Self Regulatory Organization Enforcement Proceedings The firm and its management have not been involved in legal or disciplinary events that are material to a client s or prospective client s evaluation of SRM or the integrity of its management. Item 10: Other Financial Industry Activities and Affiliations Broker-Dealer or Representative Registration The IARs of SRM are registered representatives of Broker Dealer Financial Services Corporation, a registered broker-dealer. Futures or Commodity Registration Neither SRM nor its employees are registered or has an application pending to register as a futures commission merchant, commodity pool operator, or a commodity trading advisor. Material Relationships Maintained by this Advisory Business and Conflicts of Interest SRM and its IARs principal business is as insurance agents. They are also registered representatives of Broker Dealer Financial Services Corporation. Greater than 50% of their time is spent in these businesses. From time to time, they will offer clients advice or products from those activities. These practices represent potential conflicts of interest because it gives the IARs an incentive to recommend products based on the commission amount received. This conflict is mitigated by the fact that clients are not required to purchase any products. Clients have the option to purchase these products through another insurance agent or registered representative of their choosing. Recommendations or Selections of Other Investment Advisors and Conflicts of Interest SRM does not utilize the services of Third Party Money Managers to manage client accounts. Item 11: Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Code of Ethics Description The employees of SRM have committed to a Code of Ethics. The purpose of our Code of Ethics is to ensure that when employees buy or sell securities for their personal account, they do not create actual or potential conflict with our clients. We do not allow any employees to use non-public material information for their personal - 7 -
13 profit or to use internal research for their personal benefit in conflict with the benefit to our clients. The firm will provide a copy of the Code of Ethics to any client or prospective client upon request. Investment Recommendations Involving a Material Financial Interest and Conflict of Interest SRM and its employees do not recommend to clients securities in which we have a material financial interest. Advisory Firm Purchase of Same Securities Recommended to Clients and Conflicts of Interest SRM and its employees may buy or sell securities that are also held by clients. In order to avoid potential conflicts of interest such as front running, employees are required to disclose all reportable securities transactions as well as provide SRM with copies of their brokerage statements. The Chief Compliance Officer of SRM is Terry A. Vrieze. He reviews all employee trades each quarter. The personal trading reviews ensure that the personal trading of employees does not affect the markets and that clients of the firm receive preferential treatment. Since most employee trades are in products such as mutual funds, government securities, bonds or are small in size, they do not impact the securities markets. Client Securities Recommendations or Trades and Concurrent Advisory Firm Securities Transactions and Conflicts of Interest SRM does not maintain a firm proprietary trading account and does not have a material financial interest in any securities being recommended and therefore no conflicts of interest exist. Item 12: Brokerage Practices Factors Used to Select Broker-Dealers for Client Transactions SRM may recommend the use of a particular broker-dealer or may utilize a brokerdealer of the client's choosing. SRM will select appropriate brokers based on a number of factors including but not limited to their relatively low transaction fees and reporting ability. SRM relies on its broker to provide its execution services at the best prices available. Lower fees for comparable services may be available from other sources. Clients pay for any and all custodial fees in addition to the advisory fee charged by SRM. Directed Brokerage In circumstances where a client directs SRM to use a certain broker-dealer, SRM still has a fiduciary duty to its clients. The following may apply with Directed Brokerage: SRM's inability to negotiate commissions, to obtain volume discounts, there may be a disparity in commission charges among clients, and potential conflicts of interests arising from brokerage firm referrals. Best Execution - 8 -
14 Investment advisors who manage or supervise client portfolios on a discretionary basis have a fiduciary obligation of best execution. SRM reviews the execution of trades at each custodian each quarter. Soft Dollar Arrangements SRM utilizes the services of custodial broker dealers. Economic benefits are received by SRM which would not be received if SRM did not give investment advice to clients. These benefits include: A dedicated trading desk, a dedicated service group and an account services manager dedicated to SRM's accounts, ability to conduct "block" client trades, electronic download of trades, balances and positions, duplicate and batched client statements, and the ability to have advisory fees directly deducted from client accounts. Aggregating Securities Transactions for Client Accounts SRM is authorized in its discretion to aggregate purchases and sales and other transactions made for the account with purchases and sales and transactions in the same securities for other Clients of SRM. All clients participating in the aggregated order shall receive an average share price with all other transaction costs shared on a pro-rated basis. Item 13: Review of Accounts Schedule for Periodic Review of Client Accounts or Financial Plans and Advisory Persons Involved Account reviews are performed quarterly by Terry A. Vrieze, Chief Compliance Officer. Account reviews are performed more frequently when market conditions dictate. Financial Plans are considered complete when recommendations are delivered to the client and an additional review is done only upon request of client. Review of Client Accounts on Non-Periodic Basis Other conditions that may trigger a review of clients accounts are changes in the tax laws, new investment information, and changes in a client's own situation. Content of Client Provided Reports and Frequency Clients receive account statements no less than quarterly for managed accounts. Account reports are issued by the Advisor s custodian. Client receives confirmations of each transaction in account from Custodian and an additional statement during any month in which a transaction occurs. Item 14: Client Referrals and Other Compensation Economic benefits Provided to the Advisory Firm from External Sources and Conflicts of Interest SRM does not receive any economic benefits from external sources. Advisory Firm Payments for Client Referrals SRM does not compensate for client referrals
15 Item 15: Custody Account Statements All assets are held at qualified custodians, which means the custodians provide account statements directly to clients at their address of record at least quarterly. Clients are urged to compare the account statements received directly from their custodians to the performance report statements prepared by SRM. Item 16: Investment Discretion Discretionary Authority for Trading SRM accepts discretionary authority to manage securities accounts on behalf of clients. SRM has the authority to determine, without obtaining specific client consent, the securities to be bought or sold, and the amount of the securities to be bought or sold. However, SRM consults with the client prior to each trade to obtain concurrence if a blanket trading authorization has not been given. The client approves the custodian to be used and the commission rates paid to the custodian. SRM does not receive any portion of the transaction fees or commissions paid by the client to the custodian on certain trades. Discretionary trading authority facilitates placing trades in your accounts on your behalf so that we may promptly implement the investment policy that you have approved in writing. Item 17: Voting Client Securities Proxy Votes SRM does not vote proxies on securities. Clients are expected to vote their own proxies. The client will receive their proxies directly from the custodian of their account or from a transfer agent. When assistance on voting proxies is requested, SRM will provide recommendations to the client. If a conflict of interest exists, it will be disclosed to the client. Item 18: Financial Information Balance Sheet A balance sheet is not required to be provided because SRM does not serve as a custodian for client funds or securities and SRM does not require prepayment of fees of more than $500 per client and six months or more in advance. Financial Conditions Reasonably Likely to Impair Advisory Firm s Ability to Meet Commitments to Clients SRM has no condition that is reasonably likely to impair our ability to meet contractual commitments to our clients. Bankruptcy Petitions during the Past Ten Years Neither SRM nor its management has had any bankruptcy petitions in the last ten years
16 Item 19: Requirements for State Registered Advisors Education and business background, including any outside business activities for all management and supervised persons can be found in the Supplement to this Brochure (part 2B of Form Adv Part 2)
17 Supervised Person Brochure Part 2B of Form ADV Terry A. Vrieze, CLU, ChFC 7017 Hickman Road Urbandale, IA PHONE: FAX: This brochure supplement provides information about Terry A. Vrieze and supplements the s brochure. You should have received a copy of that brochure. Please contact Terry A. Vrieze if you did not receive s brochure or if you have any questions about the contents of this supplement. Additional information about Terry A. Vrieze is available on the SEC s website at July 20,
18 Brochure Supplement (Part 2B of Form ADV) Supervised Person Brochure Principal Executive Officers and Management Persons Terry A. Vrieze, CLU, ChFC Educational Background: Date of birth: 1942 Northwest College; Orange City, IA; no degree completed Drake University; Des Moines, IA; no degree completed Business Experience: ; President/Investment Advisor Representative; 10/ Present Successful Resource Management, Ltd; Chief Compliance Officer; 07/2008 Present Self-Employed; Independent Insurance Agent; 02/ Present Broker Dealer Financial Services Corp; Registered Representative; 11/ Present Securities America, Inc.; Registered Representative; 10/ /2009 Fox College Funding, LLC; Planner; 01/ /2006 Professional Certifications Employees have earned certifications and credentials that are required to be explained in further detail. Chartered Life Underwriter (CLU): Chartered Life Underwriters are licensed by the American College. CLU certification requirements: Complete successfully CLU coursework 5 required and 3 elective Meet the experience requirements: Three years of business experience immediately preceding the date of use of the designation are required. An undergraduate or graduate degree from an accredited educational institution qualifies as one year of business experience. Take the Professional Ethics Pledge. When you achieve your CLU designation, you must earn 30 hours of continuing education credit every two years. Chartered Financial Consultant (ChFC): Chartered Financial Consultants are licensed by the American College. ChFC certification requirements: Complete ChFC coursework within five years from the date of initial enrollment
19 Pass the exams for all required elective courses. You must achieve a minimum score of 70% to pass. Meet the experience requirements: Three years of business experience immediately preceding the date of use of the designation are required. An undergraduate or graduate degree from an accredited educational institution qualifies as one year of business experience. Take the Professional Ethics Pledge. When you achieve your ChFC designation, you must earn your recertification every two years. Disclosure of Material Facts Related to Criminal, Civil, Administrative, Selfregulatory or any other material proceedings None to report Other Business Activities Engaged In Terry A. Vrieze has a financial industry affiliated businesses as an insurance agent and as a registered representative. From time to time, he offers clients advice or products from those activities. Clients are not required to purchase any products. These practices represent potential conflicts of interest because it gives Mr. Vrieze an incentive to recommend products based on the commission amount received. This conflict is mitigated by the fact that clients are not required to purchase any products. Clients have the option to purchase these products through another insurance agent or registered representative of their choosing. Performance Based Fee Description Mr. Vrieze does not receive any performance based fees. Requirements for State-Registered Advisors Arbitration Claims: None Self-Regulatory Organization or Administrative Proceeding: None Bankruptcy Petition: None Material Relationship Maintained by this Advisory Business or Management persons with Issuers of Securities None to report