Frequently Asked Questions
How are my accounts protected?
The Securities Investors Protection Corporation (SIPC) provides $500,000 of coverage, including $100,000 for claims for cash. That means that $400,000 is for securities and $100,000 is for cash in the account.
Most of our clients’ securities are held in advisory or brokerage accounts at Pershing. Assets held in custody by Pershing for clients are protected through Lloyd’s of London with the following coverage in excess of the limits as defined by SIPC: (1)an aggregated loss limit of $1 Billion for eligible securities across all client accounts, and (2) a per-client loss limit of $1.9 million for cash awaiting reinvestment, within the aggregate loss limit of $1 Billion. This excess account protection is the highest level of coverage available in the industry.
The account protection provided by SIPC and Lloyd’s only applies when a SIPC member firm fails financially and is unable to meet obligations to securities clients, but it does not protect against losses from the rise and fall in the market value of investments.
What is FINRA?
The Financial Industry Regulatory Authority is a regulatory organization for all securities firms doing business in the United States, including nearly 5,000 brokerage firms and more than 676,000 registered securities representatives. Created in July 2007 through the consolidation of NASD (National Association of Securities Dealers) and the regulatory functions of the New York Stock Exchange, FINRA is dedicated to investor protection and market integrity through effective regulation and compliance services.
FINRA’s scope encompasses nearly every aspect of the securities business — from registering and educating industry participants to examining securities firms; writing rules; enforcing those rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and registered firms. It also performs market regulation under contract for The NASDAQ Stock Market, the American Stock Exchange, the International Securities Exchange and the Chicago Climate Exchange.
What does SIPC mean? How does that help me?
The mission of the Securities Investor Protection Corporation is to restore funds to investors with assets in accounts at bankrupt or financially troubled brokerage firms. When a brokerage firm is closed due to bankruptcy or other financial difficulties, and customer assets are missing, SIPC steps in quickly and works to return customers’ cash, stock and other securities. Without SIPC, investors at financially troubled brokerage firms might lose their investments forever or wait years while their assets are tied up in court. Established by Congress in 1970, SIPC estimates that 99% of persons who are eligible have been made whole in the failed brokerage firm cases that it has handled. Our broker/dealer firm, Cetera Advisor Networks LLC, is a member of SIPC.
What is the relationship between Curnes Financial Group, Cetera Advisor Networks LLC, and Pershing?
Cetera Advisor Networks LLC is the highly regulated avenue by which Curnes Financial Group advisors can offer you securities such as mutual funds, stocks, and bonds. Pershing provides Cetera Advisor Networks LLC with custody of client assets, client account statements, trade execution, reporting, and other services related to securities accounts.
Who is Cetera Advisor Networks LLC?
Financial Network Investment Corporation, established in 1983, changed its name in 2013 to Cetera Advisor Networks LLC. It is one of the largest independently-managed broker/dealers in the US, with more than 2500 financial professionals and an excellent reputation in the securities industry. A full-service registered securities brokerage firm, Cetera Advisor Networks LLC is headquartered in California and offers a wide variety of investments and services through independent financial consultants.
Who is Pershing?
Pershing LLC supports Cetera Advisor Networks LLC with clearing, execution, settlement, custody, reporting, and trading services. Pershing is the world’s leading provider of comprehensive, financial business solutions to broker-dealer firms, registered investment advisors, and investment managers. Pershing has nearly $1 trillion in assets under administration. Its parent company, the Bank of New York Mellon Corporation, has more than $23 trillion in assets in custody.
How do I get to the office and where do I park?
Please see our map in the “About us” tab. We are located on the North side of Westroads Mall facing Dick Sporting Goods & JC Penny. There is an abundance of parking in our South and East parking lots. Handicap access can be found on the West side of our building. We are located on the 3rd floor in Suite 360.
Can I view my account online?
Depending on your situation, you may be able to view your account online.
What are the fees?
We can manage your investments in either of two different compensation arrangements: a traditional, transaction-based, commission brokerage account; or a fee-based, asset management account. Either model may be appropriate in a particular set of circumstances. In a traditional commission account, the client pays, and the advisor receives, compensation based on specific transactions in the account. In a fee-based, asset management account, the client pays a periodic fee which is a percentage of the value of the account. The fee is not connected to the activity in the account. It is based on the value of the account, so our fee increases only if your account increases in value. Certain conditions may require the use of a traditional brokerage account, and there are minimum values for fee-based accounts.
At Curnes Financial Group we are able to recommend the most suitable investments for your situation. We receive no incentive to work with proprietary products and we have no quotas to fulfill.
We typically provide general financial advice to clients in the course of managing their investments. If you engage us solely for financial planning, such as an analysis of your overall financial situation, or consulting on a specific financial issue, such as the selection of investments in company retirement plans, the fee will be determined between you and the advisor based on the scope and complexity of the analysis.
Is there any cost for an initial meeting?
No, there is no fee for an initial meeting. It will be a chance for you to meet an advisor, ask questions, and share information about your financial goals and expectations. At that point, you will decide how to proceed further.
How do I become a client?
Simply make an appointment to talk to one of our advisors about your situation. After an initial meeting, you will have a good idea of how we can help you. Some clients come to us for investment management and may transfer existing investment accounts to us. Others come in for a consultation on a specific investment or financial question. Many of our clients were referred to us by friends and family who are also our clients. If you are not sure who to meet with, please call and we can guide you to an advisor who will fit your needs.
What do you do?
We specialize in providing intelligent, personalized financial services for individuals and business owners. Many of our clients are either approaching or already in retirement. Others are planning for children’s education and other goals. In addition to offering financial advice, we manage investments in client portfolios based on four financial building blocks:
- Personalized financial planning
- Risk minimization
- Professional money management
- Tax efficiency
Our clients value our ability to combine deep financial knowledge and experience with creative ideas and solutions. As an independent firm, we are under no obligation to recommend specific investments or financial products. Our mission is to put you on the correct path to reach your financial goals. A fundamental aspect of our approach is long-term client relationships. We believe that your interests, as well as ours, are best served by a long-term relationship that allows us to focus on your needs rather than marketing and prospecting for new clients.