Dear Valued Client,
All financial advisors that deliver investment advice must register as Investment Advisor Representatives through a Registered Investment Advisor (RIA). Many small firms, including ours, choose to do this by partnering with larger firms that have the scale/resources to interact with regulators and provide operational support to their partnering firms. For years now, we have worked with the support of Mid Atlantic Financial Management as our RIA. You may recognize that name – it is on all of your paperwork, and contained in all of our disclosures. They have been a valuable partner to our firm.
Our decision to register directly with the SEC, and part ways with Mid Atlantic, is the last step in a series of organizational changes our firm has embraced over the last five years. We are able to do this as a direct result of your continued confidence in our team. An SEC registration requires a minimum size, which we have crossed thanks to our loyal and growing client base. It also requires an effective team of people to manage the operational efforts associated with running an RIA. We are fortunate to have grown a very skilled group of people here at PFA, adding many new faces over the last few years.
There are many reasons for this decision, and our advisors will be communicating with you individually soon. I’ll highlight just a few exciting changes here:
- An across-the-board reduction in client fees as a result of cost savings.
- Improved performance reporting and online experience for clients.
- Operational efficiencies which will allow our advisors to spend more time with clients.
Over the next few weeks your advisor will be reaching out to discuss in more depth, and cover next steps. While this change will require some paperwork to be completed, there is no hurry. For the time being we are dually-registered as our own entity, as well as through Mid Atlantic to continue providing services under our current arrangement. We will make the changes with you when you are ready. If you have any questions in the meantime, please do not hesitate to be proactive and reach out – our team is here to answer your questions.
Also, please be on the lookout for our next communication. It will contain an overview of our team – with a description of who does what in our organization. As we have prepared for this change internally over the last year, many of our roles & responsibilities have changed. We take a team approach to supporting each of our clients, and want you to be familiar with our resources.
Ourteamappreciatesthetrustyouplaceinus,andweareexcitedtotakethissteptogether. Thisdecisionwasmadewithyourbestinterestsinmind, and we will continue to act as your fiduciary in providing independent, un-biased, financial planning and investment advice.
Craig Joncas Managing Principal