PERSONAL TAX SUMARRY
ADVISORY SERVICES
J. Pappas Investments provides investment management services to our clients. In connection with our investment management services, J. Pappas Investments provides advice with respect to a broad range of asset classes, including, but not limited to, equities (common stocks and equivalents), mutual funds and exchange traded funds, U.S. treasuries, bonds, municipal securities and certificates of deposit. Our advice is generally limited to these types ofinvestments, but we reserve the right to advise or not advise our clients on certain investments should we deem it appropriate based on their particular circumstances.
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INVESTMENT MANAGEMENT
J. Pappas Investments provides discretionary investment management services where the client grants our firm full power to direct, manage and change the investment and reinvestment of the assets in the account, the proceeds and any additions. Our firm manages the client’s account(s) without client consultation after the initial establishment of the client’s investment objectives and appropriate asset allocation. Our authority over the client’s investments includes discretionary authority to purchase and sell securities for the client’s account, to submit aggregated trade orders for the client and others in order to obtain best execution, and to give instructions concerning these transactions to the qualified custodian with which the client’s account(s) are held.
We are not required to first consult with the client before placing any specific order or obtain specific authorization from the client for each specific transaction. Our firm receives discretionary authority from our clients through our Engagement Agreement at the outset of our advisory relationship. Clients should understand that information related to tax and legal consequences that is provided as part of the financial plan is for informative purposes only and should not be considered tax or legal advice. Clients should contact their tax and/or legal adviser for personalized advice.
ASSET ALLOCATION
J. Pappas Investments incorporates exchange traded securities and individual securities in a diversified portfolio of both U.S. and foreign stocks. J. Pappas Investments will attempt to maximize a portfolio’s expected return for a given amount of portfolio risk, or equivalently minimize risk for a given level of expected return, by selecting the proportions of various asset classes. Additionally, our goal is to ensure that the portfolio offered is suitable for the individual'srisk tolerance and, by annual re-balancing and review, we ensure the portfolio meets clients’ needs and objectives.
The investment strategy for a specific client is based upon the objectives stated by the client during our initial consultations. The client may change these objectives at any time. Risk management is integrated into our process through the use of appropriate risk levels on each position. The value of securities used in our strategies may go up or down in response to factors not within our control, including but not limited to the status of an individual company underlying a security, or the general economic climate. When investing client portfolios, we seek to maintain discipline and objectivity by focusing on the client’s financial goals and objectives and avoiding trading on short term uncertainties such as position specific news events.
