FINANCIAL PLANNING SERVICES AGREEMENT

Transcription

1 This investment advisory Financial Planning Services Agreement ( Agreement ) is made by and between IFP Advisors, Inc. a Florida corporation doing business as Independent Financial Partners ( IFP ), a Registered Investment Adviser ( RIA ) registered with the Securities and Exchange Commission ( SEC ), its Investment Adviser Representative(s) ( IAR ) identified on the signature page below, conducting IFP s investment advisory business under (if applicable) and the client(s) identified on the signature page ( Client ). This Agreement is for the limited purposes of providing the financial planning services described below. The effective date of this Agreement is the date signed by the Client. 1. CLIENT INFORMATION: Client 1 Name: Client 2 Name: Client Address: Client Address: City, State, Zip: City, State, Zip: 2. TYPE OF FINANCIAL PLANNING SERVICE (Select ALL services provided below): General Financial Planning/Analysis Education Planning/Analysis Retirement Planning/Analysis Insurance Needs Analysis Divorce Planning/Analysis Asset Allocation Planning/Analysis Financial Statements and Portfolio Reports Estate Planning/Analysis Business Planning/Analysis (describe in detail below) Other (describe in detail below) Describe in detail, the business planning/analysis or other services here: Expected completion date of the Financial Plan/Analysis/Report: 3. FINANCIAL PLANNING FEE: Fee Type: Flat Fee $ Hourly Fee $ Hourly Rate Est. Number of Hours Est. Total Fee [ 1 ]

2 Payment Type: Full Payment Upfront The full financial planning fee payment must be attached to this Agreement. The written Financial Plan/Analysis/Report must be delivered to the Client within 120 days from the date signed by the Client. Full Payment Upon Delivery of the Financial Plan The signed Agreement must be submitted to IFP. Full payment of the financial planning fee must be received upon delivery of the Financial Plan/Analysis/Report to the Client, but no more than 120 days from the date signed by the Client. Half Payment 50% of the financial planning fee must be submitted with this Agreement and the balance of the financial planning fee must be paid at the time of delivery of the written Financial Plan/Analysis/ Report, but no more than 120 days from the date signed by the Client. IARs must deliver a written Financial Plan/Analysis/Report to the Client. Partial Payment: (Equal payments paid quarterly or monthly over no more than 12 months.) The initial planning fee must be submitted with this Agreement. The balance of the monthly payments must paid no more than 12 months from the date signed by the Client. The Financial Planning/Analysis/Report must be delivered to the client no more than 120 days from the date signed by the Client. IFP cannot accept payments of fees in excess of $1,200, more than six months in advance of the services rendered. Payment Method: Check (all checks must be made payable to Independent Financial Partners) Payment billed from Client s account number: Debit/Credit Card* *Credit/debit card billing is completed by IFP s home office through a third-party credit/debit card processing vendor using the vendor s secure website. Client agrees and authorizes IFP to charge the Client s credit/debit card for the financial planning fee. Client understands that he/she will also be charged for credit/debit card processing fees by vendor, if any. IFP will send client a link to a secure payment portal upon approval of this Agreement by IFP s Compliance Department. Ongoing Payment: If this section is checked, this Agreement is ongoing and renews annually for the same financial planning services and the same fee checked above. (Check this section only if the exact same financial planning services checked above in Section 2 are to be renewed annually for the same fee. If any of the financial planning services are different or the fee is changed, a new Agreement must be completed and signed by the Client. IARs must deliver the ongoing annual Financial Plan/Analysis/Report to the Client containing all of the financial planning services checked above in Section 2 within 120 days from receipt of the Client s payment for the annual renewal financial planning services fee.) [ 2 ]

3 4. RECITALS The Client engages IFP and its IAR to perform the selected financial planning service(s) above; and IFP and its IAR will be responsible for rendering the services subject to the terms and conditions of this Agreement. 5. SCOPE OF ENGAGEMENT Financial Planning Services a. IFP and its IAR will provide financial planning services consistent with the Client s personal financial situation, goals, objectives and expectations. IAR will obtain the financial information and other necessary data from the Client to prepare the written Financial Plan/Report/Analysis, and will maintain this information and data in the Client s file. The Financial Plan/Report/Analysis may include part or all of the financial planning services checked above. b. The financial planning services will not include ongoing investment advice, asset management, and/or assistance with execution of securities transactions. These services are available under a separate Investment Advisory Managed Account Agreement. c. The fees for the financial planning services referenced above are negotiable. IFP and its IAR share in the fees. Client may elect to pay the financial planning fee checked and agreed to under Section 3 of this agreement. 6. LIMITATIONS ON SERVICES Client acknowledges that IFP and its IAR do not undertake by this Agreement to act in or have fiduciary or investment adviser status with respect to Client s assets or for any account(s) that are held and maintained by LPL Financial, any other broker/dealer or any other third party qualified Custodian that are not under a separate Investment Advisory Managed Account Agreement with IFP. Pension, retirement, profit sharing or other plans governed by the Employee Retirement Income Security Act ( ERISA ) their participants and beneficiaries should not rely on investment advice from IFP except investment advice in relation to any assets placed into an investment advisory account under a separate Agreement. Independent Financial Partners does not, and will not accept the legal capacity and obligation of acting as an Investment Adviser or fiduciary for any assets of the Client outside the scope of this Agreement. IFP and IAR are not acting as fixed insurance or property and casualty insurance brokers, agents or representatives in giving advice to Client or in providing any other investment advisory services under this Agreement. 7. CLIENT ACKNOWLEDGEMENTS Client acknowledges that neither IFP nor its IAR provide tax, accounting or legal advice. The IAR may address legal and tax issues as they relate to financial planning, however the Client should understand that any information provided is not considered or intended to be legal, accounting or tax advice. For legal advice, the Client should consult with an attorney, for tax advice a qualified tax professional and for accounting advice a Certified Public Accountant. None of the advisory fees for financial planning services under this Agreement are for tax, accounting, legal, fixed or property and casualty insurance advice. [ 3 ]

4 Client is responsible for providing information, data and documentation to the IAR as it pertains to Client s objectives, needs and goals, and to keep IAR informed of any changes to them. The Client acknowledges that IFP and its IAR cannot adequately perform the financial planning services for the Client unless the Client performs his/her responsibilities under this Agreement. IFP and its IAR are expressly authorized to rely and act upon any information and data obtained from the Client or from representatives authorized by the Client, including the Client s attorney(s), tax professional(s), accountant(s) or other professionals, in connection with this Agreement. Client acknowledges he/she will review financial planning assumptions such as rates of return, market value of existing assets, inflation rate and other factors used in preparing the Financial Plan/Report/Analysis under this Agreement, and that Client will notify the IAR if Client does not agree with any of the assumptions and other factors used in preparing the Financial Plan/Report/Analysis. a. IFP and its IAR will not be liable for any damages or losses caused by IFP s or its IAR s investment recommendations that were made based on the information, data and representations provided by the Client, or by the Client s representatives or agents. b. Client acknowledges that he/she has had the opportunity to review this Agreement, and has made an independent determination that the financial planning fees payable under this Agreement are reasonable. c. Client acknowledges receipt and understanding of this entire Agreement and all terms and conditions, including those pertaining to the pre-dispute arbitration clause, and agrees to abide by the provisions in this Agreement. 8. CLIENT S RESPONSIBILITIES Client represents that all financial information and data furnished to IFP and its IAR relating to Client s assets, liabilities, and other information is true and accurate and may be relied upon by IFP and IAR for the purpose of providing the financial planning services described in this Agreement. Client agrees to inform IFP and IAR in writing of any material changes in Client s situation, which may affect the written Financial Plan/Report/Analysis provided in this Agreement. IFP and IAR will not have any liability for Client s failure to timely inform them of any material change in Client s situation. Client further acknowledges that any investment recommendations made by IFP and IAR as a result of the Financial Plan/ Report/Analysis are based upon the professional judgment of IFP and its IAR, and neither IFP nor IAR can guarantee the results or the performance of any investment recommendations made by IAR. Client further acknowledges that IFP and IAR obtain information from a wide variety of publicly available sources and that IFP and IAR have no sources, and do not claim to have sources, of any inside or private information. 9. DISCLOSURE OF INTEREST AND CAPACITY As a result of the financial planning services provided under this Agreement, IAR may make recommendations to the Client to purchase or sell securities and/or enter into other financial transactions. If Client chooses to implement such recommendations and this Agreement has been terminated, IAR would be acting in the capacity as an IAR of IFP and/ or as a Registered Representative ( RR ) of LPL Financial. When acting in the capacity as a RR of LPL Financial, IAR is not acting as a fiduciary to the Client. LPL Financial would be entitled to charge its usual and customary commissions on purchases or sales of securities. A portion of the commissions may be paid to IAR, acting in his or her capacity as a RR of LPL Financial. Such commissions may be reduced or waived, but LPL Financial is under no obligation to reduce or waive commissions. [ 4 ]

5 Commissions charged to the Client are fully negotiable. In addition, certain mutual funds and insurance companies issuing variable insurance contracts in which Client may invest may also pay compensation, service and/or other fee payments to broker/dealers, including LPL Financial. The amount of such compensation, fees or payments, if any is described in the mutual fund s or variable insurance contract s prospectus. Any such compensation, fees or payments paid by the mutual fund or insurance company to LPL Financial are not considered in the calculation of the financial planning fees described above nor are they credited back to the Client. Therefore, IFP and its IAR have a conflict of interest when recommending the purchase or sale of securities products through LPL Financial, as does any other broker/dealer who charges commissions on executing transactions for Client. Client is under no obligation to act on the advice of IFP or its IAR or from any other person acting on behalf of IFP or its affiliates. If Client does agree to such recommendation(s) by IAR, Client acknowledges that he or she is under no obligation to effect the transactions through LPL Financial, IFP or their affiliates. Client should carefully review all sales charges, front-end or deferred sales loads and/or ongoing fees and loads charged for all products or services recommended before investing. 10. IFP AND IAR COMPENSATION a. Fees for financial planning services rendered under this Agreement are as described above. b. In compliance with the rules and regulations of the Investment Advisers Act of 1940, IFP does not receive payments for financial planning fees in excess of $1,200 more than 180 days in advance of delivering the financial planning services. c. Client acknowledges that he/she is solely responsible for the payment of the financial planning fees for the services provided under this Agreement. 11. IFP AND IAR LIABLITY Except as otherwise provided by federal or state securities laws, IFP and its IAR, when acting in good faith, are not liable for any action or omission in connection with this Agreement. This includes, without limitation, the acts and/or omissions of other professionals or third-party service providers recommended to the Client by IFP or its IAR, including a brokerdealer, investment adviser, qualified custodian, issuer, or other party. Under certain circumstances, federal and state securities laws impose liabilities on persons who act in good faith and therefore nothing contained in this Agreement constitutes a waiver of any rights that the Client may have under applicable federal and state securities laws. 12. ASSIGNMENT/TERMINATION This Agreement may not be assigned or transferred in any manner by any party without the written consent of all parties receiving or rendering the services, provided that IFP may assign this Agreement upon consent of the Client as permitted under the rules and regulations of the Investment Advisers Act of This Agreement may be terminated by any party effective upon receipt of written notice to the other parties. Client will be entitled to a refund of unearned fees, if any, based upon the time and effort completed by IFP and its IAR prior to termination of the Agreement. Unless the ongoing renewal option is checked in Section 2 this Agreement is terminated upon final delivery of the Financial Plan/Report/Analysis to the Client. No refunds will be made after delivery of the Financial Plan/Report/Analysis to the Client, except when the number of actual hours is less than the estimated number of hours specified above under the Financial Planning Fee in Section 3. Termination of the Agreement will not affect the liabilities or obligations of the parties for activity initiated prior to termination. [ 5 ]

6 13. NON-EXCLUSIVE SERVICES Client expressly acknowledges and understands that IFP and its IAR are free to render financial planning services to others and that IFP and its IAR do not make its financial planning services available exclusively to Client. 14. DEATH OR DISABILITY The disability or incapacity of Client will not terminate or change the terms of this Agreement. However, Client s executor, guardian, attorney-in-fact, or other legally authorized representative may terminate this Agreement in accordance with the termination provisions described in Section 12, above. 15. SEVERABILITY Should any of the provisions of this Agreement be rendered invalid by a court or governmental agency of competent jurisdiction, it is agreed that this shall not affect the enforceability of the other provisions of this Agreement, which shall remain in full force and effect. 16. CLIENT CONFLICTS If this Agreement is between IFP, its IAR and related clients (i.e. husband and wife, joint owners and life partners), IFP s and its IAR s financial planning services will be based upon the Client s joint goals communicated to IAR. IFP and its IAR will be permitted to rely upon instructions and/or information received from either party, unless and until the reliance is revoked in writing to IFP or its IAR. IFP and its IAR will not be responsible for any claims or damages resulting from their reliance on such instructions and information or from any change in the status of the relationship between the Clients. 17. DELIVERY OF DISCLOSURE DOCUMENTS AND OTHER INFORMATION REGARDING IFP AND ITS IAR The Client acknowledges receipt of IFP s Privacy Notice and IFP and its IAR s other disclosure documents, including Form ADV Part 2A and Form ADV Part 2B ( Disclosure Documents ). Client further acknowledges that he/she has had a reasonable opportunity to review the Disclosure Documents prior to the execution of this Agreement Client authorizes IFP to distribute Disclosure Documents in one or more of the following formats: i) in hardcopy paper format by hand-delivery, U.S. mail or commercial delivery service; ii) in portable electronic media (e.g., CD, DVD or Flash Drive) by hand-delivery, U.S. mail or commercial delivery service, accompanied by an IFP opt-out form in hardcopy paper format providing for the withdrawal of Client s consent to use of such media for Firm Disclosure Documents; or iii) via e-signature when this Agreement is executed by Client using an approved e-signature system. 18. IFP CONTACT INFORMATION Chief Compliance Officer, (813) APPLICABLE LAW This Agreement is governed, construed, and interpreted in accordance with the laws of the State of Florida, unless preempted by federal law. The parties agree that any mediation and/or arbitration under sections 22 and 23 of this Agreement (or, when applicable, any legal suit, action or proceeding arising out of or relating to this Agreement that must be instituted and resolved in a State or Federal court) must be conducted in Tampa, Florida, and each party irrevocably submits to such jurisdiction (when applicable) and agrees to venue in Tampa, Florida. [ 6 ]

7 20. AUTHORITY The Client acknowledges that he/she has the legal authority to execute this Agreement and to give directions and other instructions with respect to the services provided. The Client also agrees to immediately notify IFP in writing if either of these representations should change. 21. GENERAL PROVISIONS a. Entire Agreement: This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes all prior negotiations, agreements, and understandings between the parties as to its subject matter. Each party acknowledges that, in entering into this Agreement, it does not do so on the basis of or in reliance upon any representations, promises, undertakings, warranties or other statements (whether written or oral) of any nature except as expressly provided in this Agreement. b. Representation: Client represents and confirms that Client has full power and authority to enter into this Agreement and to give orders and other instructions, and that the terms of this Agreement do not violate any obligation by which the Client is bound, whether arising by contract, operation of law, or otherwise, and that this Agreement has been duly authorized and will be binding according to its terms. Client will advise IFP in writing of any event that might affect this authority or the binding effect of this Agreement. c. Modification: This Agreement may only be amended by a written document executed by all parties. d. Limitation of Remedies: The parties are not liable for indirect, special, consequential, exemplary and/or unitive damages. e. Non-Waiver: The failure by one party to require performance of any provision will not affect that party s right to require performance at any time after, nor will a waiver of any breach or default of this Agreement constitute a waiver of any subsequent breach, default, or waiver of this Agreement or any provision of this Agreement. f. Third-Party Beneficiaries: This Agreement does not and is not intended to confer any rights or remedies upon any person other than the parties to this Agreement. g. Headings: All headings are for ease of reference only and in no way will be understood as interpreting, decreasing or enlarging the provisions of this Agreement. h. Counterparts: This Agreement may be executed in counterparts, each of which together will be deemed an original, but all together constitute one and the same instrument. In the event that any signature is delivered by facsimile transmission, by delivery of a Portable Document Format ( PDF ) or via other electronic means approved by IFP, such signature will create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or PDF signature page were an original. 22. DISPUTE RESOLUTION All disputes, actions or controversies between the parties, which may arise out of or relate to any of the services provided under this Agreement, or the construction, performance or breach of this or any other agreement between the parties, whether entered prior to, on, or after the date of this Agreement, will be resolved by negotiation of the parties acting in good faith. If the parties are unable to resolve their differences through negotiation, the parties agree to engage in non-binding mediation, using the services of an impartial, neutral mediator selected by mutual agreement of the parties. Mediation is voluntary once commenced, and either party may withdraw from the mediation process at its sole discretion at any time. The fees of the mediator will be shared equally by the parties. [ 7 ]

8 If the parties are unable to agree on a single mediator or to resolve the issues through mediation, then to the extent permitted by law, the matter will be settled by binding arbitration under the commercial arbitration rules of the American Arbitration Association. Unless the parties can agree on a single arbitrator, the matter will be heard by a panel of three arbitrators, one selected by each party and the third selected by the two arbitrators selected by the parties. Judgment upon any award rendered by the arbitrator(s) will be final, and may be entered into any court having jurisdiction. 23. ARBITRATION a. Arbitration Provisions i. All parties to this Agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed. ii. Arbitration awards are generally final and binding; a party s ability to have a court reverse or modify an arbitration award is limited. iii. The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings. iv. The arbitrators do not have to explain the reason(s) for their award. v. The panel of arbitrators will typically include a minority of arbitrators who were, or are, affiliated with the securities industry. vi. The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court. vii. The arbitration forum rules in which the claim is filed, and any amendments thereto, shall be incorporated into this Agreement. viii. The arbitration forum shall not be selected if traveling to its location would cause undue, not ordinary, hardship or financial expense to the Client. ix. The arbitrator and/or arbitration panel shall be bound by section 21.d. of this Agreement and shall not award indirect, special, consequential, exemplary, or punitive damages. b. Important Arbitration Notices i. If IFP seeks to compel arbitration of any disputes arising under this Agreement, IFP must agree to arbitrate all of the claims contained in the statement of claim or complaint if the Client so requests; ii. No person shall bring a putative or certified class action to arbitration, nor seek to enforce any predispute arbitration agreement against any person who has initiated in court a putative class action, or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action, until: (i) the class certification is denied; (ii) the class is decertified; or (iii) the Client is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Agreement except to the extent stated herein: iii. You are entitled to keep a copy of this Agreement; iv. You are entitled to request a copy of this Agreement at any time; and v. You are entitled to request the names of and information on how to contact or obtain the rules of all arbitration forums in which a claim may be filed under this Agreement. This Agreement contains a pre-dispute arbitration clause in Sections 22 and 23. Client understands that the agreement to arbitrate does not constitute a waiver of his or her right to seek a judicial forum where such waiver would be void under federal or applicable state securities laws. [ 8 ]

9 SIGNATURES: I Acknowledge that: 1. I have received, read understand and agree with all of the information written in this document; 2. I have received, read and understand IFP s Privacy Policy. Check this box if you are giving consent to receive electronic communications. 1st Owner Signature Client Name Printed 2nd Owner Signature Client Name Printed IAR ACCEPTANCE: IAR s Signature IAR s Name Printed Rep ID# Split % IAR s Signature IAR s Name Printed Rep ID# IFP ACCEPTANCE: Split % Signature 04/17 [ 6 ]