Item 1: Cover Page for Part 2B of Form ADV: Brochure Supplement February Eileen Mariel Proud. Individual CRD#

Transcription

1 Item 1: Cover Page for Part 2B of Form ADV: Brochure Supplement February 2014 Eileen Mariel Proud Individual CRD# True Financial Wealth Management Firm, LLC 224 Calle Diamante Sedona, Arizona (928) Firm Contact: Eileen Proud, Member and Chief Compliance OfLicer This brochure supplement provides information about Eileen Proud that supplements our firm brochure. You should have received a copy of that brochure. Please contact Ms. Proud if you did not receive our firm brochure or if you have any questions about the contents of this supplement. Additional information about Eileen Proud is available on the SEC s website at Eileen M. Proud, CDFA, CFDS Year of Birth: 1954 Item 2: Educational Background & Business Experience 1

2 Educational Background: Current Member Academy of CFDS Current Member Institute of Certified Divorce Financial Analysts 1984 to 2004 College of financial Planning graduate, Seattle WA; Earned CFP designation Academic college courses at North Seattle and Shoreline Community Colleges. Business Background: 05/2006 Present; True Financial Wealth Management Firm, LLC (formerly True Financial Advisory Firm, LLC/Proud Financial Advisory Firm/Fortune Financial Group/Walker Financial Group); Member/Owner/President 01/ /2013; Financial Advisers of America, LLC; Registered Representative and Investment Advisor Representative 09/ /2008; Girard Securities, Inc.; Registered Representative and Investment Advisor Representative 10/ /2006; True Financial Advisory Firm, LLC; Member/Owner/President 08/ /2002; Sentra Securities Corp.; Investment Advisor Representative ; Proud Financial Advisory Firm; Member/Owner/President ; Fortune Financial Group Inc. (formerly Walker Financial Group and Walker/Hinz Financial Group); Member/Owner/President Trained as a Collaborative Law Exams & Professional Designations: 08/1995 Series 65 12/1981 Series 7, 63, 24 CFP CERTIFIED FINANCIAL PLANNER (Voluntarily surrendered CFP designation in 2004) CDFA Certified Divorce Financial Analyst CFDS Certified Financial Divorce Specialist CFP - CERTIFIED FINANCIAL PLANNER : The CERTIFIED FINANCIAL PLANNER, CFP and federally registered 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 high standard of professional education, stringent code of conduct and standards of practice and ethical requirements that govern professional engagements with clients. To attain the right to use the CFP marks, an individual must satisfactorily fulfill the following requirements: 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, pass the comprehensive CFP Certification Examination, Complete at least three years of full-time financial planning-related experience and agree to be bound by CFP Board s Standards of Professional Conduct. Individuals who become certified must 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 industry and renew an agreement to 2

3 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. CDFA - Certified Divorce Financial Analyst : The CDFA designation is available to individuals who have a minimum of two years' experience as a financial professional, accountant, or matrimonial lawyer. To earn the designation, the participant must complete a series of self-study course modules and pass an exam for each module. In the USA, this training qualifies for 32 hours of continuing education for the CFP Board of Standards, 25 CPE credits for the CPA designation, and 32 PACE credits for ChFCs and CLUs. To retain the Certified Divorce Financial Analyst designation, a CDFA must obtain 20 hours of Continuing Education (CE) every two years (ten of which must be divorce-related), remain in good standing with the IDFA, and keep his/her dues current. CFDS - Certified Financial Divorce Specialist : The CFDS designation signifies that a certificant has attained comprehensive knowledge of the following subject matter: Divorce - A Historical Perspective The Financial Affidavit Debt, Credit, & Bankruptcy Retirement/Pension Plans Social Security & Medicare Qualified Domestic Relations Orders (QDROs) Alimony & Related Issues Child Support & Related Issues Dividing the House Dividing the Property Divorce Tax Issues Legal Issues Mediation, An Alternative Collaborative Divorce Malpractice Issues Expert Witnesses Forensic Accounting Marketing Code of Ethics Curriculum The CFDS designation is a self-study program that includes: One 500+ page binder covering the subject matter above Family Law Software program (five months free usage) - this software will assist you in determining financial results when calculating "what if" scenarios such as: who keeps the house, who receives the 401(k), who assumes the visa card balance, etc. Examination Requirements To earn the designation, candidates must successfully complete one case study (submitted via for grading) plus one test (taken online in the comfort of your home or office) within a one-year period of time. 3

4 Item 3: Disciplinary Information If there are legal or disciplinary events material to your evaluation of Eileen Proud, we are required to disclose all material facts regarding those events. In June 2005, Peggy Nichols claimed damages for suitability, mutual fund switching, failure to follow client objectives, negligence, breach of contract and breach of fiduciary duty while employed with Sentra Securities Corp. In December 2006, this action was settled for $25,000 through no fault or liability of Eileen Proud. Eileen Proud did not contribute to the settlement and denied all allegations. Item 4: Other Business Activities A. If Eileen Proud is actively engaged in any investment-related business or occupation, including if Eileen Proud is registered, or has an application pending to register, as a broker-dealer, registered representative of a broker-dealer, futures commission merchant ( FCM ), commodity pool operator ( CPO ), commodity trading advisor ( CTA ), or an associated person of an FCM, CPO, or CTA, we are required to disclose this fact and describe the business relationship, if any, between the advisory business and the other business. 1. If a relationship between the advisory business and Eileen Proud s other financial industry activities creates a material conflict of interest with you, the SEC requires us to describe the nature of the conflict and generally how we address it. Eileen Proud may offer life, health and long term care insurance products and receive normal and customary fees as a result of insurance sales. Eileen Proud spends approximately 20 hours per year to this activity. A con'lict of interest may arise as these commissionable insurance product sales may create an incentive to recommend products based on the compensation Eileen Proud may earn and may not necessarily be in the best interests of the client. In order to minimize this con'lict of interest, Eileen Proud will place client interests ahead of her own interests and adhere to our 'irm s Code of Ethics as well as clearly explaining this con'lict when recommending any such products to clients. Clients are not obligated to purchase these products. 2. If Eileen Proud receives commissions, bonuses or other compensation based on the sale of securities or other investment products, including as a broker-dealer or registered representative, and including distribution or service ( trail ) fees from the sale of mutual funds, we have to disclose this fact. If this compensation is not cash, we are required to explain what type of compensation Eileen Proud receives. We must explain that this practice gives Eileen Proud an incentive to recommend investment products based on the compensation received, rather than on your needs. B. If Eileen Proud is actively engaged in any business or occupation for compensation not discussed in response to Item 4.A, above, and the other business activity or activities provide a substantial source of Eileen Proud s income or involve a substantial amount of Eileen Proud s time, we are required to disclose this fact and must describe the nature of that business. If the other business activities represent less than 10 percent of Eileen Proud s time and income, we may presume that they are not substantial. 4

5 Item 5: Additional Compensation If someone who is not a client provides an economic benefit to Eileen Proud for providing advisory services, we are required to generally describe the arrangement. For purposes of this Item, economic benefits include sales awards and other prizes, but do not include Eileen Proud s regular salary. Any bonus that is based, at least in part, on the number or amount of sales, client referrals, or new accounts should be considered an economic benefit, but other regular bonuses should not. Item 6: Supervision We are required to explain how we supervise Eileen Proud, including how we monitor the advice Eileen Proud provides to you. Our firm has to provide the name, title and telephone number of the person responsible for supervising Eileen Proud s advisory activities on behalf of our firm. Eileen Proud is a Member and Chief Compliance Officer of True Financial Wealth Management Firm, LLC and as such has no internal supervision placed over her. She is, however, bound by our firm s Code of Ethics. If you have any questions regarding this supplement you should contact Eileen Proud at Item 7: Requirements for State-Registered Advisers A. In addition to the events listed in Item 3 of Part 2B, if Eileen Proud has been involved in one of the events listed below, we disclose all material facts regarding the event. 1. An award or otherwise being found liable in an arbitration claim alleging damages in excess of $2,500, involving any of the following: (a) an investment or an investment-related business or activity; (b) fraud, false statement(s), or omissions; (c) theft, embezzlement, or other wrongful taking of property; (d) bribery, forgery, counterfeiting, or extortion; or (e) dishonest, unfair, or unethical practices. Please see Item 3 above. 2. An award or otherwise being found liable in a civil, self-regulatory organization, or administrative proceeding involving any of the following: (a) an investment or an investment-related business or activity; (b) fraud, false statement(s), or omissions; (c) theft, embezzlement, or other wrongful taking of property; (d) bribery, forgery, counterfeiting, or extortion; or (e) dishonest, unfair, or unethical practices. 5

6 B. If Eileen Proud has been the subject of a bankruptcy petition, we must disclose that fact, the date the petition was first brought, and the current status. 6