Regulatory Disclosures

Relationships & Services

What investment services and advice can you provide me?

We offer investment management and financial planning services to individuals, trusts, and estates. Our investment recommendations are based on the investment strategy selected by the client and advisor and may include individual stocks and bonds, mutual funds, and exchange-traded funds (“ETFs”).

Monitoring

As part of our investment management services, we monitor and advise on clients’ investment portfolios on an ongoing basis.

Investment Authority

The majority of our clients grant us ongoing discretionary authority to manage their accounts, which means that we can buy and sell investments on behalf of our clients without seeking permission on a trade-by-trade basis.  For clients with whom we provide non-discretionary services, clients make the ultimate decision regarding the purchase or sale of investments.

Account Minimums & Other Requirements

For investment management services, we have a minimum annual fee of $15,000.

More detailed information about FRA’s services is available in Part 2 of our Form ADV, which is available here.

Conversation Starter to ask our financial professionals

• Help me understand how these fees and costs might affect my investments.  If I give you $1,000,000 to invest, how much will go to fees and costs, and how much will be invested for me?

What are your legal obligations to me when acting as my investment adviser?  How else does your firm make money and what conflicts of interest do you have?

When we act as your investment adviser, we act in your best interest and not put our interest ahead of yours. You should understand and ask us about any conflicts because they can affect the investment advice we provide you. Here is an example to help you understand what this means.

• We manage accounts for multiple clients, and we allocate our time based on each client’s needs.  Our firm earns more as we expand our client base and grow our assets under management, and we seek to balance our staffing with the individualized needs of each client.

Conversation Starter to ask our financial professionals

• How might your conflicts of interest affect me, and how will you address them?

More detailed information about conflicts of interest between FRA and its clients is available on Part 2 of our Form ADV, which is available at here.

How do your financial professionals make money?

FRA’s financial professionals receive a salary. Compensation is set with the intention of attracting and retaining highly qualified professionals. Compensation is based on a variety of factors, including the number, value and complexity of accounts under management, the performance of those accounts, and client satisfaction and retention.

Disciplinary History

Do your financial professionals have legal or disciplinary history?

No, FRA and its financial professionals have not been subject to any legal or disciplinary events. You can research FRA and our financial professionals using the free and simple search tool available at Investor.gov/CRS.

Conversation Starter to ask our financial professionals

• As a financial professional, do you have any disciplinary history?  For what type of conduct?

Additional Information

Updated copies of this form, and additional information about FRA, can be found at here.  You can also request an up-to-date version of the Relationship Summary, or the more detailed Part 2 of our Form ADV, by calling (650) 845-8100.

Conversation Starter to ask our financial professionals

• Who is my primary contact person?   Is he or she a representative of an investment-adviser or a broker-dealer?   Who can I talk to if I have concerns about how this person is treating me?