Jeffrey Matthews Wealth Management, LLC
Form CRS Customer Relationship Summary – as required by FINRA and SEC
Jeffrey Matthews Wealth Management, LLC (“JMWM”) is a state registered Investment Advisor with the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”) as an Investment Advisor. JMWM was formed in September 2010 as a New Jersey LLC. Jeffrey Halpert, President and CEO, is currently the sole owner. Our clearing firm is RBC Clearing and Custody (“RBC CC”), a division of RBC Capital Markets, LLC, one of the largest clearing firms in the United States. RBC CC carries our accounts and acts as the custodian for funds and securities deposited directly through JMWM or as a result of the account transactions we process.
At JMWM we believe that it is in the best interest for our clients to understand our services, fees, and costs, and be aware of any conflicts of interest that we are required to provide when we offer investment recommendations.
What investment services and advice can you provide me?
Our relationship with RBC enables us to act as a full-service broker-dealer offering brokerage as well as advisory accounts. Brokerage based account services incur a fee for each transaction, whereas in an advisory account, a quarterly fee is charged as outlined in the Advisory Agreement. The Firm provides three different types of advisory services. Each type of service addresses a unique client need and clients can participate in any one or all three of the services.
- 1. Wrap Fee Program- This is the only program whereby JMWM manages client assets. It consists of a selection of mutual funds as well as non-fixed income individual securities such as equities, exchange traded funds (“ETF”) and/or options. The program may utilize a buy and hold strategy, an active trading strategy or a combination of both strategies to achieve the investment objectives. The client will have the choice of designating the account as discretionary (letting the advisory representative choose which securities to buy/sell, the amount to be purchased or sold and the timing of the purchases/sales) or non-discretionary which will require the advisory representative to obtain the client’s authorization prior to every purchase and sell.
- 2. Money Manager Program- The JMWM money manager program provides clients with the opportunity to work with an advisory representative to select and invest with an independent third-party money manager. Clients can choose from a list of approved independent money manages each offering a different asset allocation and investment objective. The minimum investment will depend on the choice of money manager.
- 3. Financial Planning Program- The JMWM financial planning program entails an advisory representative meeting with a client to discuss their personal financial situation which may include saving for college, preparing for life after a divorce or death of a spouse, estate planning, or other significant life changing events. The services offered will be customized to the specific financial needs of the client.
Based upon the discussions with your investment advisor representative (“IAR”) you will decide which program best meets your financial needs. The monitoring of your account will be done on a periodic basis as part of our advisory services in accordance with the terms of your advisory agreement.
Free and simple tools are available to research firms and financial professionals at www.investor.gov/crs. This site also provides educational material about broker-dealers, investment advisors and investing.
What fees will I pay?
The standard fee for JMWM’s Financial Planning Service is $200 per hour, however, this fee is dependent on the complexity of the services provided and is negotiable. A flat fee may also be negotiated in place of the hourly fee.
Although the fees charged by JMWM are fully documented in the client’s written agreement with JMWM, in general, for all advisory services other than the Financial Planning Program, JMWM charges a management fee based solely on the total assets under management (AUM) which means that the larger amount of assets will result in higher fees. All of JMWM’s advisory services are charged the same rate, which may be negotiable again based upon AUM and range between 1-1.5%. JMWM’s Investment Advisors earn a percentage of the fee charged by JMWM and do not charge any fees in addition to those specified.
Clients that choose to have their account managed by a RBC Capital Markets Investment Manager, will not be charged a total management fee over the 3% industry average unless discussed with and approved by the client. RBC Capital Markets may assess certain fees associated with your advisory account, such as account termination fees and account transfer or liquidation fees, depending on the advisory program selected. You will receive a separate mailing from RBC describing their sponsored managed product.
Please discuss these fees with your Investment Advisor to completely understand what will affect your account.
What are your obligations to me when providing recommendations? How else does our firm make money and what conflict of interest do we have?
When we provide you with a recommendation, we must act in your best interest and not put our own interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. We generally earn more compensation when you invest with us through an advisory account instead of a brokerage account, particularly if you trade infrequently or purchase investments that would pay us lower commissions and other compensation if purchased through a brokerage account. This creates an incentive for us, and your Investment Advisor, to recommend that you open or transfer assets to an advisory account instead of a brokerage account. These conflicts of interest may affect the recommendations we provide.
Do any of your financial professionals have legal or disciplinary history?
Yes, the firm and some of our Investment Advisory Representatives have legal or disciplinary histories. You may research your representative’s experiences and licenses on FINRA’s broker-check website (www.brokercheck.finra.org)
Your primary contacts at JMWM will be your IAR as well as their sales assistant to discuss matters relative to your account (fund disbursements, transfer of assets or on-line access). Please contact our Chief Compliance Officer at (888) 467-3636 for any questions concerning the handling of your account.