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To start, please know that you do not have to take any action in response to this.
We published this page to provide some additional detail and context about our plans going forward - and some of the things these plans will entail.
As technology and markets move, so do we...
Given recent advances in artificial intelligence (AI)and other automation tools, it is now possible to achieve what we could only have imagined as recently as a year ago. What this means for us is greatly enhanced analytical capacity - and the ability to make more broadly informed investment decisions on your behalf; to all but eliminate the impact of human bias. We have decided to embrace this revolution - and to make all the benefits associated with it available to you, our valued client.
To reflect these developments in our strategy - and our journey towards a more AI-powered future - we have made some minor changes to how we will operate. These are reflected in our Investment Management Agreement and in the structure of the relationship we will enter into with clients going forward.
Investment Management Agreement (IMA):
The IMA is the agreement you signed digitally when you first became a client. There is now a new version of this (found here), which will apply to all new client accounts opened after today, 4th October, 2023.
As an existing client, these changes will come into effect for you on 3rd November, 2023.
The main changes are as follows:
1. We will be employing a range of artificial intelligence (AI) tools in our investing decisioning. This will not replace humans in the advice process, but rather it will allow us to cover significantly more ground and ultimately to make more broadly-informed informed decisions on your behalf. Please note, the investment process is not 100% automated; humans still get the final say at this stage - and this will continue to be the case for the forseeable future.
2. We will no longer be offering, or supporting any portfolios with a fixed thematic investing approach, including our 'Ethical' portfolios. Instead, we will employ a more unconstrained investment style (ie. an investment style which isn't limited by a particular theme, or asset class). We will continue to favour ethical investments in our portfolios, however we will no longer select investments solely on the basis of that characteristic.
3. We will be consolidating our Custodian usage to Interactive Brokers, a multi-award winning broker dealer - and one of the largest in the world. This means that if you currently hold an individual, retirement, or joint account with us under another custodian, we will seek to migrate your account to Interactive Brokers on or after 3rd Nber, 2023. This does not apply to 401(k) accounts.
4. We are increasing our 'All-In' advice fee from 0.55% per year, to 0.75% per year (an increase of $2 per year for every $1,000 invested), for US-resident clients. This is to reflect for our higher technology costs going forward.
Once again, you don't have to take any action in response to this. All changes will come into effect on or shortly after 3rd November, 2023. If you have an individual, or retirement account with us under a Custodian other than Interactive Brokers, we will begin to arrange the consolidation of accounts after 3rd November, 2023. If you want the transfer of your account to occur sooner, please let us know.
If you have any questions, please feel free to reach out to me directly at: email@example.com
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