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Firm Brochure Part 2A&B of Form ADV - Marketing
Share Firm Brochure Part 2A&B of Form ADV
Firm Brochure Part 2A&B of Form ADV CAMBRIDGE FINANCIAL GROUP, LLC. 12 W. Sahuaro Vista Tucson, AZ or This Brochure provides information
Firm Brochure Part 2A&B of Form ADV CAMBRIDGE FINANCIAL GROUP, LLC. 12 W. Sahuaro Vista Tucson, AZ or This Brochure provides information about the qualifications and business practices of Cambridge Financial Group, LLC. 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. Cambridge Financial Group, LLC is a State of Arizona & California registered investment advisor. Registration of an investment advisor does not imply any 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 Cambridge Financial Group, LLC is available on the SEC s website at 1 Item 2 Material Changes On July 28, 2010, the United State Securities and Exchange Commission published Amendments to Form ADV which amends the disclosure document that all registered investment advisors provide to clients. This Brochure dated 03/01/15 is a new document prepared in accordance with the revisions to Form ADV Part 2. The amended Form ADV 2 has been adopted for use by the State of Arizona and California. In the future, this Item will discuss only specific material changes that are made to the Brochure and provide clients with a summary of such changes. We will also reference the date of our last annual update of our brochure. We will ensure that you receive a summary of any materials changes to this and subsequent Brochures within 120 days of the close of our business fiscal year. We may further provide other ongoing disclosure information about material changes as necessary. We will further provide you with a new Brochure as necessary based on changes or new information, at any time, without charge. Currently, our Brochure may be requested by contacting Penny Marchand or Alicia Klein at Brochures are provided free of charge. Additional information about Cambridge Financial Group, LLC. is available via the SEC s web site The SEC s web site also provides information about any persons affiliated with Cambridge Financial Group, LLC. who are registered as Investment Advisor Representatives. 2 Table of Contents Item 1 Cover Page... 1 Item 2 Material Changes... 2 Item 3 Table of Contents 3 Item 4 Advisory Business... 4 Item 5 Fees and Compensation... 8 Item 6 Performance Based Fees and Side By Side Management Item 7 Types of Clients Item 8 Methods of Analysis, Investment Strategies and Risk of Loss Item 9 Disciplinary Information Item 10 Other Financial Industry Activities and Affiliations Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading Item 12 Brokerage Practices Item 13 Review of Accounts Item 14 Client Referrals and Other Compensation Item 15 Custody Item 16 Investment Discretion Item 17 Voting Client Securities Item 18 Financial Information Item 19 Requirements for State Registered Advisors Appendix A: Supplemental Brochure 3 Item 4 Advisory Business CAMBRIDGE FINANCIAL GROUP, LLC. ( Advisor ) is a fee only financial planning firm that specializes in providing holistic financial planning and investment advisory services to individuals and families. The firm is owned and operated by Penny Marchand, who established CAMBRIDGE FINANCIAL GROUP, LLC. 09/28/2001. The firm offers a wide range of financial services. Specifically, CAMBRIDGE FINANCIAL GROUP, LLC. distinguishes itself from traditional investment advisory firms by providing services to meet your investment needs, as well as tax, estate planning, risk management, retirement planning, business development needs, and Wealth Management. Advisor executes transactions for clients on a non discretionary basis. Nondiscretionary authority requires the Advisor to obtain Client s prior approval for each specific transaction prior to executing investment recommendations, as well as for the selection and retention of sub advisors to the account. Advisor will act in accordance with a Statement of Investment Policy (or similar document used to establish Client s objectives and suitability, regardless of whether authority is discretionary or non discretionary. Advisor will only execute transactions for Clients when specifically requested and authorized by Clients after express permission and approval, via a written limited power of attorney, prior to initiating any investment actions. Advisor and Client will enter into an agreement which details the scope of the relationship and responsibilities of both Advisor and Client. Advice and services provided under the agreement are tailored to the stated objectives of the Client(s). 4 Advisor does not sell insurance or investment products, and does not accept commissions as a result of any product recommendations. Advisor does not pay referral or finder's fees, nor does it accept such fees from other firms. Advisor provides the following types of services: 1. OPEN RETAINER: An Open Retainer provides holistic/comprehensive financial planning for a fixed fee over the course of one year. Clients will have four to six scheduled meetings during the Initial Year (see below), depending on their individual situation, and generally three or four scheduled meetings during Renewal Years (see below). In addition to scheduled meetings, additional face toface, e mail and/or phone consultations are included at no additional charge. Services provided may include, but are not limited to: tax preparation, tax planning, insurance review, inventory of assets, analysis of financial goals, portfolio analysis, development of an asset allocation strategy, no load mutual fund recommendations, retirement planning and estate plan reviews. Initial Year of Open Retainer Scheduled meeting topics are listed below. Advisor will schedule meetings to cover those topics relevant to you, such as: Tax preparation Budgeting and cash flow Tax planning Record keeping Inventory of client assets Retirement planning Portfolio analysis Goal setting Develop asset allocation strategies Estate planning review Recommend investments 5 Small business planning Insurance analysis Education planning Analysis of employee benefits Renewal Years of Open Retainer Typical scheduled meetings: - Tax planning & Tax preparation - Goal setting/review - Investment review/update - Rebalancing of assets - Financial planning and/or any financial services as requested or needed by client. 2. EDGE AHEAD RETAINER: The Edge Ahead Retainer is designed for Young Professionals who have important financial questions, but do not have the assets to warrant a full time financial advisor. The services included in Edge Ahead are narrower in scope and usually focus on one or more of the following areas: goal setting, asset/liability analysis, cash flow management, savings goals, investment review, budgeting, risk management, and record keeping. The retainer includes a two hour financial review appointment and a simple tax return. The Edge Ahead Retainer does not constitute a comprehensive financial planning engagement and follow up advice and/or implementation assistance is provided on a limited basis. If a client wishes to upgrade to the Open Retainer option, they may receive credit toward their Open Retainer fees for all amounts paid within the prior twelve months. 6 3. FINANCIAL REVIEW: A Financial Review consists of a two hour review of up to three financial planning topics selected in advance by the client. No follow up services are provided with the Financial Review. 4. CONSULTING: Advisor provides consulting services to other financial planning firms. The scope of these services, the consulting fees, and the terms of the agreement for these services are negotiated on a case by case basis with each firm. 5. WEALTH MANAGEMENT SERVICES: Cambridge performs research, consultation and implementation for a portfolio that is designed to meet each client s objectives, risk tolerance, tax considerations, time horizon and unique needs and circumstances. Cambridge monitors market conditions and the performance of clients portfolios. The investment strategies utilized and portfolios constructed and managed depend on the confidential information provided by the client to Cambridge. Model portfolios may be used as a part of the investment strategy. However, each client has the opportunity to place reasonable restrictions on the type of investments to be held in the portfolio. Cambridge may periodically rebalance the client s account to maintain the initially agreed upon asset allocation. However, no changes are made to the agreed upon asset allocation in nondiscretionary accounts without prior client review and consent. Clients have ready access to their respective portfolio manager. Portfolio managers are not required to be available for unscheduled or unannounced visits by clients. However, portfolio managers are expected to periodically meet with clients and should generally be available to take client telephone calls on advisory related matters. 7 Item 5 Fees and Compensation Open Retainer Initial Year of Open Retainer: $5,000 $40,000 Renewal Years of Open Retainer: $3,000 $35,000 Fees are calculated annually and payable in advance. Fees are calculated based on the client(s) total income, assets, and overall complexity of their financial situation. Add ons, credits, and miscellaneous adjustments: A charge of $125 is assessed for each amended tax return prepared, if applicable. A charge of up to $125 per return is assessed for additional tax returns prepared for dependents of the client. Credits and miscellaneous adjustments may be applied if the client has an adequate estate plan (will or trust) in place, or for other reasons, as appropriate. Any credits or adjustments will be determined at the Advisor s sole discretion. Edge Ahead Retainer Services under the Edge Ahead are offered on a limited basis. The Edge Ahead Retainer fee has an initial setup fee of $500 ($250 if referred) and an annual fee based on 1.5% of gross income, capped at $2,500. Financial Review Financial Reviews consist of two hours of appointment time and concentrate on specific topics of interest to the client. The fee for this ranges from $850 $975. This fee is due at the beginning of the Review appointment. 8 Wealth Management Clients pay a quarterly fee, in advance, based upon the level of service and their assets under management as presented below: Value of All Managed Accounts with Firm Minimum Annualized Advisory Fee Maximum Annualized Advisory Fee First $1 million 1.00% 1.25% Next $1 million to $2.5 million 0.80% 1.00% Next $2.5 million to $5 million 0.70% 0.80% Next $5 million to $10 million 0.60% 0.70% $10 million and over 0.50% 0.50% CAMBRIDGE FINANCIAL GROUP, LLC is a fee only financial advisory firm and does not sell investment or insurance products. Unless specifically requested and authorized in writing by Client (with such request accepted by Advisor), Advisor does not execute recommendations on behalf of clients. Clients are responsible, but under no obligation, to implement any recommendations made by Advisor. In addition to Advisor s fee, clients may incur certain other fees and charges to implement Advisor s recommendations. Additional charges and fees will be imposed by custodians, brokers, third party investment and other third parties, such as fees charged by managers, custodial fees, deferred sales charges, odd lot differentials, transfer taxes, wire transfer and electronic fund fees, and other 9 fees and taxes. Mutual funds and exchange traded funds also charge internal management fees, which are disclosed in a fund s prospectus. Such charges, fees and commissions are exclusive of and in addition to the Advisor s fee. Fees are generally not negotiable. The client may terminate an engagement by providing written notice within five days of signing a retainer agreement. Additionally, either party may terminate an agreement, without penalty, at any time upon 30 days written notice. Any prepaid but unearned fees will be promptly refunded by Advisor. Any fees that have been earned but not yet paid by Client will be due and payable. Whether fees have been earned or unearned will be determined by Advisor at Advisor s sole discretion. Item 6 Performance Based Fees and Side By Side Management Advisor does not charge any performance based fees (fees based on a share of capital gains on or capital appreciation of the assets of a client). Item 7 Types of Clients Advisor provides holistic financial planning and investment advisory services primarily to individuals and families. We strive to work with people from all different walks of life. As such, we maintain no minimum net worth or asset requirements. As discussed above, your chosen relationship agreement and fee will be based upon your individual circumstances. 10 Item 8 Methods of Analysis, Investment Strategies and Risk of Loss The main sources of information Advisor may rely upon when researching and analyzing securities will include traditional research materials such as financial newspapers and magazines, annual reports, prospectuses, filings with the SEC, as well as research materials prepared by others, company press releases and corporate rating services. Advisor also subscribes to various professional publications deemed to be consistent and supportive of Advisor s investment philosophy. Moreover, Advisor approaches investment portfolio analysis and implementation based on internal factors such as your tax situation, overall risk tolerance, current financial situation, and your personal goals and aspirations. After identifying these items, your portfolio will be structured around your individual needs, while minimizing negative effects of external factors, such as interest rates, market performance, and the economy as a whole. In general, Advisor recommends no load mutual funds (i.e., mutual funds that have no sales fees), exchange traded funds, U.S. government securities, money market accounts, certificates of deposit, and individual bonds (corporate, agency and municipal). However, in the course of providing investment advice, Advisor may address issues related to other types of assets that you may already own. Any other products that may be deemed appropriate for you will be discussed, based upon your goals, needs and objectives. Any investing in securities involves risk of loss that clients should be prepared to bear. While Advisor will use its best judgment and good faith efforts in rendering services to client, not every investment decision or recommendation made by Advisor will be profitable. Advisor cannot warrant or guarantee any particular level of account performance, or that an Account will be profitable over time. Client assumes all market 11 risk involved and understands that investment decisions are subject to various market, currency, economic, political and business risks. Item 9 Disciplinary Information Registered investment advisers are required to disclose all material facts regarding any legal or disciplinary events that would be material to your evaluation of CAMBRIDGE FINANCIAL GROUP, LLC. or the integrity of CAMBRIDGE FINANCIAL GROUP, LLC. s management. Advisor has no information to disclose applicable to this Item. Item 10 Other Financial Industry Activities and Affiliations Advisor is a member of the Alliance of Comprehensive Planners (ACP). This nonprofit organization provides training and support through an alliance of fee only comprehensive financial advisors. As a member of the ACP, Advisor has the right to use proprietary products and systems designed by the ACP. The ACP offers education in the form of in person, web and tele conferences (which may provide continuing education credits) and services produced by collaborative efforts of the fee only financial advisors. Advisor is also an Associate member of the National Association of Personal Financial Advisors (NAPFA), which requires that its members are fee only. out model la in my and will 12 Item 11 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading CAMBRIDGE FINANCIAL GROUP, LLC. seeks to avoid material conflicts of interest. Accordingly, neither Advisor nor its investment adviser representatives nor its team members receive any third party direct monetary compensation (i.e., commissions, 12b 1 fees, or other fees) from brokerage firms (custodians) or mutual fund companies. However, some additional services and non direct monetary or other forms of compensation may be offered and provided to Advisor as a result of its relationships with custodian(s) and/or providers of mutual fund products. For example, Advisor s representatives and employees may be invited to attend educational conferences and/or entertainment events sponsored by such brokerage firms or custodians or mutual fund companies. Advisor believes that the services and benefits provided to it by brokerage firms (custodians) and mutual fund providers do not materially affect the investment management recommendations made to clients. However, in the interest of full disclosure of any potential conflicts of interest, we discuss the possible conflicts herein. Although Advisor believes that its business methodologies, ethics rules, and adopted policies are appropriate to eliminate, or at least minimize, potential material conflicts of interest, and to appropriately manage any material conflicts of interest that may remain, clients should be aware that no set of rules can possibly anticipate or relieve all potential material conflicts of interest. In any event, Advisor will disclose to advisory Clients any material conflict of interest relating to Advisor, its representatives, or any of its employees which could reasonably be expected to impair the rendering of unbiased and objective advice. 13 Our Code of Ethics Advisor has adopted a Code of Ethics for all supervised persons of the firm describing its high standard of business conduct, and fiduciary duty to its clients. The Code of Ethics includes provisions relating to the confidentiality of client information, a prohibition on insider trading, a prohibition of rumor mongering, restrictions on the acceptance of significant gifts and the reporting of certain gifts and business entertainment items, and personal securities trading procedures, among other things. All supervised persons of Advisor must acknowledge the terms of the Code of Ethics annually, or as amended. Participation or Interest in Client Transactions and Personal Trading Advisor does not currently participate in securities in which it has a material financial interest. Advisor and its related persons, as a matter of policy, do not recommend to clients, or buy or sell for client accounts, securities in which the firm or its related persons has a material financial interest. Advisor or individuals associated with Advisor may buy and sell some of the same securities for its own account that Advisor buys and sells for its Clients. When appropriate the Advisor will purchase or sell securities for Clients before purchasing or selling the same securities for Advisor s own account. In some cases, Advisor may buy or sell securities for its own account for reasons not related to the strategies adopted by the Advisor s Clients. The Code of Ethics is designed to assure that the personal securities transactions will not interfere with making decisions in the best interest of advisory clients while at the same time, allowing employees to invest for their own accounts. Certain classes of securities, such as open ended mutual funds, are designated as exempt transactions, meaning employees may trade these without prior permission because such trades would not materially interfere with the best interest of Advisor s 14 clients. Nonetheless, because the Code of Ethics
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