As we welcome a new quarter and season, we’re sharing our updated Client Relationship Services and ADV Disclosures. Since the last annual update of JFS Wealth Advisors’ brochure, dated March 29, 2024, the following material changes have occurred:
- An affiliate of JFS, Focus Solutions Holdings, LLC, distributes the earned revenue from UPTIQ Treasury & Credit Solutions, LLC (together with UPTIQ, Inc. and its affiliates, UPTIQ) to us when we are licensed to receive such revenue (or when no such license is required) and the distribution is not otherwise legally prohibited. See Items 5 and 10 of Form ADV Part 2A for further information.
- The amount of insurance commission revenue earned by an affiliate, Focus Risk Solutions (FRS), is considered for purposes of determining the amount of additional compensation that certain of our financial professionals are entitled to receive. Further information on this conflict of interest is available in Items 4, 5, and 10 of Form ADV Part 2A.
- We have also added information concerning Flourish Financial LLC, which helps our clients obtain cash management solutions from unaffiliated third-party financial institutions. Further information on this this conflict of interest is available in Items 4, 5, and 10 of Form ADV Part 2A.
Client Relationship Services (CRS): Form CRS (Customer Relationship Summary) is a regulatory disclosure document that investment advisers and broker-dealers are required to provide to retail investors. It was introduced by the U.S. Securities and Exchange Commission (SEC) as part of the Regulation Best Interest (Reg BI) rules, which took effect on June 30, 2020. The purpose of Form CRS is to help investors make informed decisions when choosing financial professionals and services by providing a clear summary of key information about the firm and its practices.
Form ADV: Form ADV is a comprehensive disclosure document that investment advisers must file with the U.S. Securities and Exchange Commission (SEC) or state securities authorities. It provides detailed information about the adviser’s business practices, fees, services, conflicts of interest, and disciplinary history. Form ADV is designed to give clients and potential clients a clear understanding of an adviser’s practices and to help them make informed decisions when selecting an adviser.
