Part 2B of Form ADV SEC Firm Brochure Supplement

Transcription

1 Part 2B of Form ADV SEC Firm Brochure Supplement (for Direct Clients) Professional Backgrounds of: Greg Miller, CPA (CEO, Principal) Darlene M. Murphy, CPA, CFP (President, Principal) Michael D. Miller (Co-Chief Investment Officer, Principal) Paul S. Maregni Paul B. Samuels, CPA, CA Jeanette I. Blalock, CPA Pamela Grossetti James Buckham, CFA Ryan Araujo Joseph M. Buscaino Kyle S. McMorrow Michael D. Foley Arik Schechet, CPA, CFP Michael T. Cavanaugh III Gregory Ellms Meghan Daily This brochure supplement provides information about the qualifications of the above named Wellesley Investment Advisors, Inc. investment advisory professionals. This is a supplement to the Wellesley Investment Advisors brochure (Form ADV, Part 2A). Please contact the firm s Chief Compliance Officer, Pamela Grossetti at , ext 146, or via to pgrossetti@wia.cc, if you did not receive Wellesley Investment Advisors brochure or if you have any questions about this supplement. Additional information about Wellesley investment Advisors is available on the SEC s website at

2 Professional Professional Designations Designations This summary of Professional Designation Qualifications is provided to assist you in evaluating the professional designations and minimum requirements of our investment professionals to hold these designations. CFP : CERTIFIED FINANCIAL PLANNER TM The CERTIFIED FINANCIAL PLANNER, CFP and federally registered CFP (with flame design) marks (collectively, the CFP marks ) are professional certification marks granted in the United States by Certified Financial Planner Board of Standards, Inc. ( CFP Board ). The CFP certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. Currently, more than 71,000 individuals have obtained CFP certification in the United States. To attain the right to use the CFP marks, an individual must satisfactorily fulfill the following requirements: Education Complete an advanced college-level course of study addressing the financial planning subject areas that CFP Board s studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a Bachelor s Degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning; Examination Pass the comprehensive CFP Certification Examination. The examination includes case studies and client scenarios designed to test one s ability to correctly diagnose financial planning issues and apply one s knowledge of financial planning to real world circumstances; Experience Complete at least three years of full-time financial planning-related experience (or the equivalent, measured as 2,000 hours per year); and Ethics Agree to be bound by CFP Board s Standards of Professional Conduct, a set of documents outlining the ethical and practice standards for CFP professionals. Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP marks: Continuing Education Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field; and Ethics Renew an agreement to be bound by the Standards of Professional Conduct. The Standards prominently require that CFP professionals provide financial planning services at a fiduciary standard of care. This means CFP professionals must provide financial planning services in the best interests of their clients. CFP professionals who fail to comply with the above standards and requirements may be subject to CFP Board s enforcement process, which could result in suspension or permanent revocation of their CFP certification. CPA: Certified Public Accountant CPAs are licensed and regulated by their state boards of accountancy. While state laws and regulations vary, the education, experience and testing requirements for licensure as a CPA generally include minimum college education (typically 150 credit hours with at least a baccalaureate degree and a concentration in accounting), minimum experience levels (most states require at least one year of experience providing services that involve the use of accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills, all of which must be achieved under the supervision of or verification by a CPA), and successful passage of the Uniform CPA Examination. In order to maintain a CPA license, states generally require the completion of 40 hours of continuing professional education (CPE) each year (or 80 hours over a two year period or 120 hours over a three year period). Additionally, all American Institute of Certified Public Accountants (AICPA) members are required to follow a rigorous Code of Professional Conduct which requires that they act with integrity, objectivity, due care, competence,

3 fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain client confidentiality, disclose to the client any commission or referral fees, and serve the public interest when providing financial services. CPA, CA: Chartered Professional Accountant A Chartered Professional Accountant is a professional designation issued by the Canadian Institute of Chartered Accountants, and is equivalent to the CPA designation in the United States. Candidates are tested on the following areas: client advisory services, financial statements and business practice auditing. CAs must participate in continuing education to maintain their licenses. CFA: Chartered Financial Analyst The Chartered Financial Analyst (CFA) charter is a professional designation established in 1962 and awarded by CFA Institute. To earn the CFA charter, candidates must pass three sequential, six-hour examinations over two to four years. The three levels of the CFA Program test a wide range of investment topics, including ethical and professional standards, fixed-income analysis, alternative and derivative investments, and portfolio management and wealth planning. In addition, candidates must have at least four years of acceptable professional experience in the investment decision-making process and must commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct. Securities Licenses Series 6 License: The Series 6 exam is administered by the Financial Industry Regulatory Authority (FINRA). Upon successful completion of the Series 6, an individual will have the qualifications needed to sell open end mutual funds and variable annuities. Series 7 License: The Series 7 exam is administered by the Financial Industry Regulatory Authority (FINRA) and provides an individual with the qualifications necessary in order to process trades with all types of corporate securities, excluding commodities and futures. The Series 7 exam must be passed in order to take many other principal exams offered by FINRA. Series 63 License: The Series 63 exam is administered by the Financial Industry Regulatory Authority (FINRA) on behalf of the North American Securities Administrators Association (NASAA). Completion of the Series 63 exam will allow a securities agent who has passed the series 6, 7 or 62 exams to transact business with the residents in all states that require the series 63 exam. Series 65 License: The Series 65 exam is administered by the Financial Industry Regulatory Authority (FINRA) on behalf of the North American Securities Administrators Association (NASAA). Completion of the Series 65 Exam will qualify an investment professional to operate as an Investment Adviser Representative. The exam focuses on topic areas that are important for an investment adviser to know when providing investment advice. These areas include topics such as retirement planning, portfolio management strategies, and fiduciary obligations. Series 66 License: The Series 66 exam is administered by the Financial Industry Regulatory Authority (FINRA) on behalf of the North American Securities Administrators Association (NASAA). Successful completion of the Series 66 exam is equivalent to the successful completion of both the Series 63 and Series 65 exams. It is required by certain states in America, (in addition to successful completion of the Series 7) in order for an investment professional to qualify for registration as an Investment Advisor Representative and as a securities agent representing a broker dealer.

4 PRINCIPALS Greg Miller, CPA Chief Executive Officer, Co-Chief Investment Officer Trustee and Co-Portfolio Manager, The Miller Family of Funds Education: Bachelor s Degree, Business Administration, Boston University; Master s Degree with High Distinction, Business Administration, Babson College Designations: Certified Public Accountant Co-Founder, Principal of Wellesley Investment Advisors since 1991 Born: 1949 Greg also serves as Trustee and President/Treasurer of the Miller Family of Funds, a series of mutual funds managed by Wellesley Investment Advisors. Greg does not receive economic benefits for providing advisory services, other than the regular compensation paid by Wellesley Investment Advisors. Greg is not directly supervised by another employee, with the exception of compliancerelated monitoring conducted by the firm s Chief Compliance Officer. Contact Information: ext 122 gregmiller@wia.cc Darlene Murphy, CPA, CFP President Secretary, The Miller Family of Funds Education: Bachelor s Degree, Finance and Accounting, Simmons College; Master s Degree, Business Administration, Babson College Designations: Certified Public Accountant, CERTIFIED FINANCIAL PLANNER Co-Founder, Principal of Wellesley Investment Advisors since 1991 Born: 1962 Darlene also serves as the Secretary of the Miller Family of Funds, a series of mutual funds managed by Wellesley Investment Advisors. Darlene does not receive economic benefits for providing advisory services, other than the regular compensation paid by Wellesley Investment Advisors. Darlene is not directly supervised by another employee, with the exception of compliancerelated monitoring conducted by the firm s Chief Compliance Officer. Contact Information: ext 123 dmurphy@wia.cc

5 PRINCIPALS Michael D. Miller Co-Chief Investment Officer Co-Portfolio Manager, The Miller Family of Funds Education: Bachelor s Degree, Business Administration and Finance, The American University Kogod School of Business; Master s Degree, Business Administration, Babson College Previous Experience: Senior Analyst, Convergent Wealth Advisors Joined Wellesley Investment Advisors in 2008 Born: 1983 Michael is not directly supervised by another employee, with the exception of compliancerelated monitoring conducted by the firm s Chief Compliance Officer. Contact Information: ext 132 mmiller@wia.cc EXECUTIVE MANAGEMENT AND COMPLIANCE Paul S. Maregni Executive Director Education: Bachelor s Degree, Business Administration, University of Massachusetts Previous Experience: Independent Consultant/Executive Sales Coach; Managing Director, Investment Management Practice Leader, BNY Mellon Corporation Joined Wellesley Investment Advisors in 2015 Born: 1954 Paul is directly supervised by Greg Miller and Darlene Murphy. Contact Information: ext 170 pmaregni@wia.cc.

6 EXECUTIVE MANAGEMENT AND COMPLIANCE Paul B. Samuels, CPA, CA* Treasurer Education: Bachelor of Commerce Degree, Concordia University (Formerly Sir George Williams University); Master s Degree, Business Administration, The University of New Hampshire Designations: Chartered Professional Accountant, Chartered Accountant, Order of Chartered Accountants of Quebec Joined Wellesley Investment Advisors in 2000 Born: 1951 Paul is directly supervised by Darlene Murphy. Contact Information: ext 117 psamuels@wia.cc *Paul holds the Chartered Professional Accountant designation in Canada. Paul is not a Certified Public Accountant in the United States. Please see Professional Designations for more information. Jeanette I. Blalock, CPA Vice President, Accounting Education: Bachelor s Degree, Accounting, North Carolina State University Designations: Certified Public Accountant Previous Experience: Controller, New England School of Acupuncture Joined Wellesley Investment Advisors in 2015 Born: 1960 Jeanette is directly supervised by Paul Samuels. Contact Information: ext 140 jblalock@wia.cc

7 EXECUTIVE MANAGEMENT AND COMPLIANCE. Pamela Grossetti Chief Compliance Officer Education: Bachelor s Degree, Government, Hamilton College; Juris Doctor, Boston College Law School Previous Experience: Associate, K&L Gates LLP Joined Wellesley Investment Advisors in 2015 Born: 1980 Pamela is directly supervised by Darlene Murphy. Contact Information: ext 146 pgrossetti@wia.cc PORTFOLIO MANAGEMENT, RESEARCH AND TRADING James Buckham, CFA Portfolio Manager Education: Bachelor s Degree, Economics, Boston University; Master s Degree, Business Administration, Bentley University Designations: Chartered Financial Analyst Previous Experience: Convertible Bond Trader, Deutsche Bank; Equities Trader, Fidelity Investments Joined Wellesley Investment Advisors in 2011 Born: 1965 Jim is directly supervised by Greg Miller. Contact Information: ext 141 jbuckham@wia.cc

8 PORTFOLIO MANAGEMENT, RESEARCH AND TRADING Ryan Araujo Convertible Bond Trader Education: Bachelor s Degree, Business Administration, Finance, Northeastern University; Master s Degree, Business Administration, Finance, Boston University Previous Experience: Hedge Fund Manager/Private Wealth Manager, John J. Flatley Company; Institutional Equity Research Sales, RBC Capital Markets Joined Wellesley Investment Advisors in 2014 Born: 1969 Ryan is directly supervised by Jim Buckham. Contact Information: ext 161 raraujo@wia.cc PRIVATE CLIENT GROUP Joseph M. Buscaino Executive Vice President Education: Bachelor s Degree, Business Administration, Northeastern University; Master s Degree, Business Administration, Babson College; Graduate Certificate in Financial Planning Joined Wellesley Investment Advisors in 2002 Born: 1975 Joseph is directly supervised by Paul Maregni. Contact Information: ext 118 jbuscaino@wia.cc

9 PRIVATE CLIENT GROUP Kyle S. McMorrow Vice President, Wealth Management Education: Bachelor s Degree, Business Administration, University of Maine, Orono; Master s Degree, Business Administration, Finance, Suffolk University Previous Experience: Sales and Marketing, AI Advisors, LLC.; Global Sales and Marketing Manager, Brighton House Associates, LLC; Brokerage Associate, Susquehanna International Group Joined Wellesley Investment Advisors in 2012 Born: 1983 Kyle is directly supervised by Joseph Buscaino. Contact Information: ext 155 kmcmorrow@wia.cc Michael D. Foley Vice President, Wealth Management Education: Bachelor s Degree, Business Administration, Framingham State University Securities Licenses: Series 66 Previous Experience: Financial Consultant, E*Trade; Investment Consultant, TD Ameritrade Joined Wellesley Investment Advisors in 2015 Born: 1980 Mike is directly supervised by Joseph Buscaino. Contact Information: ext 121 mfoley@wia.cc

10 PRIVATE CLIENT GROUP Arik Schechet, CPA, CFP Vice President, Relationship Management Education: Bachelor s Degree, Computer Science, Dickinson College; Master s Degree, Accounting, Northeastern University; Master s Degree, Business Administration, Northeastern University Securities Licenses: Series 66 Designations: Certified Public Accountant, CERTIFIED FINANCIAL PLANNER Previous Experience: Financial Advisor, New England Private Wealth Advisors, LLC; Associate Financial Counselor, The Colony Group; Financial Advisor, Global Wealth Management, Merrill Lynch; Investment Consultant, TD Ameritrade Joined Wellesley Investment Advisors in 2014 Born: 1980 None Arik is directly supervised by Paul Maregni. Contact Information: ext 162 aschechet@wia.cc Michael T. Cavanaugh III Vice President, Relationship Management Education: Bachelor s Degree, Economics, Trinity College; Master s Degree, Business Administration, Finance, Vanderbilt University Previous Experience: Vice President of Sales Securities Finance, State Street Bank and Trust; Managing Director Institutional Research Sales, WR Hambrecht and Co. Joined Wellesley Investment Advisors in 2012 Born: 1968 Mike is directly supervised by Paul Maregni. Contact Information: ext 160 mcavanaugh@wia.cc

11 PRIVATE CLIENT GROUP Gregory Ellms Relationship Manager Education: Bachelor s Degree, Political Science, University of Massachusetts Previous Experience: Vice President, Financial Consultant, Charles Schwab & Co., Inc. Joined Wellesley Investment Advisors in 2015 Born: 1960 Gregory is directly supervised by Paul Maregni. Contact Information: ext 110 gellms@wia.cc

12 CLIENT SERVICES Meghan Daily Vice President, Client Services Education: Bachelor s Degree, Finance, Bentley University Joined Wellesley Investment Advisors in 2006 Born: 1984 Meghan is directly supervised by Darlene Murphy. Contact Information: ext 115 mdaily@wia.cc PG102215