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 and has been in business approximately 8 years. Jeffrey Halpert is the majority owner and there are no other members that own 25% or more of the Company. We clear our business, on a fully disclosed basis through RBC Correspondent Services (RBCCS), one of the largest clearing firms in the United States. This means that RBCCS carries your account and acts as your custodian for funds and securities deposited with us directly by you through JMWM or as a result of transactions we process for your account.
What investment services and advice can you provide me?
Based upon our relationship with RBCCS, we act as a full service broker dealer to our advisory clients. Brokerage and advisory services differ in that for brokerage services you are charged a fee for each transaction made in your account whereas in an advisory account, you are charged a quarterly fee 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.
- 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’S) 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.
- 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.
- 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 event. The services offered will be customized to the specific client and their circumstances.
Based upon the discussions with your investment advisor representative (IAR) you will decide which program best meets your financial needs.
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 with us.
Free and simple tools are available to you to research firms and financial professionals at 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 Services 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 assets under management (AUM) which means the more assets you maintain in your account the more you will pay in 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.
For accounts managed by a RBC Capital Markets Investment manager, the clients will not be charged a total management fee over the 3% industry average unless discussed with and approved by the customer. RBC Capital Markets may access 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 CRS describing their sponsored managed product.
Be sure to discuss these fees with your Investment Advisor so you understand how they 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 have to act in your best interest and not put our 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. You should ask and understand these conflicts because they may affect the recommendations we provide you.
Do any of your financial professionals have legal or disciplinary history?
Yes, the firm and some of our IAR have legal or disciplinary histories. You may research your representative’s experiences and licenses on FINRA’s broker-check website (brokercheck.finra.org)
Your primary contact at JMWM will be your IAR. You may also deal with their sales assistant to discuss matters relative to your account (funds disbursements, transfer of assets or on-line access). Should you have questions relative to the handling of your account by your representative, you can contact our Chief Compliance Officer at (888) 467-3636.