Form CRS: Client Relationship SummaryEffective June 30, 2020, investment advisers are required to provide a relationship summary, called Form CRS (or ADV Part 3) to retail investors (defined as a natural person, or the legal representative of such natural person, who seeks to receive or receives services primarily for personal, family, or household purposes). This is intended to be an easy-to-read summary of services we provide to retail investors.
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Disclosures and Terms of ServiceLegal Disclosures:
Carnegie Investment Counsel (“Carnegie”) is a registered investment adviser with the United States Securities and Exchange Commission (“SEC”). Any reference to or use of the terms “registered investment adviser” or “registered,” does not imply that Carnegie or any person associated with Carnegie has achieved a certain level of skill or training. Carnegie may only transact business or render personalized investment advice in those states and international jurisdictions where we are registered, notice filed, or where we qualify for an exemption or exclusion from registration requirements. The purpose of this Website is to provide general information on our products and services only and should not be construed as a solicitation to effect, or attempt to effect, either transactions in securities or the rendering of personalized investment advice over the Internet. 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Carnegie does not claim that the products or services in this Website are available in any particular jurisdiction or appropriate for any particular investor. If you choose to access this Website from a location other than the United States, you do so on your own initiative, and you are responsible for compliance with any applicable local laws. Termination of Right to Use Website: Carnegie reserves the right to terminate your right to use this Website if you violate any of these Terms of Service. Upon termination of your right to use the Website, Carnegie will remove your account privileges. Carnegie will have no obligation to return to you your submitted data. The disclaimers and limitations of liabilities set forth in these Terms of Service shall survive any such termination. Your sole recourse and remedy if Carnegie terminates your right to use this Website, is to receive a refund for any products paid for but not processed or fulfilled by Carnegie if any. Exclusions and Limitations: Some Jurisdictions do not allow the exclusion of certain warranties or the limitation of liability for incidental or consequential damages. Accordingly, some of the limitation may not apply to you. Governing Law/Jurisdiction: These Terms of Service will be governed by and construed in accordance with the laws of the State of Ohio, without giving effect to any principles of conflicts of laws. Any action seeking legal or equitable relief arising out of or relating to this Website or Terms of Service, sole jurisdiction shall reside with the appropriate State or Federal Court located in Cleveland, Ohio. A printed version of these Terms of Service will be admissible in judicial and administrative proceedings based upon or relating to these Terms of Service to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form. If any provision of the Terms of Service shall be unlawful, void or for any reason unenforceable, then that provision shall be deemed severable from the Terms of Service and shall not affect the validity and enforceability of any remaining provisions. Carnegie makes no representation that the Terms of Service comply with the laws of any other country. Visitors who use the Website and/or services and reside outside the United States do so on their own initiative and are responsible for compliance with local laws, if and to the extent local laws are applicable. By virtue of your use of the Website, you agree not to transfer, by electronic transmission or otherwise, any materials derived from the Website and/or services in violation of any laws. Waiver: No waiver by Carnegie of any right under or term or provision of these Terms and Conditions will be deemed a waiver of any other right, term, or provision of these Terms and Conditions at that time or a waiver of that or any other right, term, or provision of these Terms and Conditions at any other time. Designation DefinitionsCertified Financial Analyst – CFA
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, CFA charterholders 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. Accredited Investment Fiduciary® – AIF® The Accredited Investment Fiduciary® (AIF®) designation is a professional certification that demonstrates an advisor or other person serving as an investment fiduciary has met certain requirements to earn and maintain the credential. It is issued by the Center for Fiduciary Studies at http://www.fi360.com. The purpose of the AIF® Designation is to assure that those responsible for managing or advising on investor assets have a fundamental understanding of the principles of fiduciary duty, the standards of conduct for acting as a fiduciary, and a process for carrying out fiduciary responsibility. In order to become an AIF® Designee, candidates must complete the following requirements: 1. Enroll in and complete training that satisfies AIF® Training requirements, which requires completing 2-day classroom instruction or a self-study program 2. Pass the AIF examination 3. Meet the experience requirement (prerequisites) 4. Satisfy the Code of Ethics and Conduct Standards 5. Submit the application and dues 6. Complete 6 hours of continuing education annually. Full requirements and policies and procedures can be found in the AIF® Candidate Handbook. Certified Public Accountants – CPA Certified Public Accountants 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, 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. The vast majority of state boards of accountancy have adopted the AICPA’s Code of Professional Conduct within their state accountancy laws or have created their own. Certified Financial Planner – CFP® 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:
Certified Divorce Financial Analyst – CDFA® The Certified Divorce Financial Analyst (CDFA®) designation is awarded by the Institute for Divorce Financial Analysts and focuses on the financial aspects of divorce. Candidates must have a bachelor's degree with three years of relevant work experience or, without a degree, five years of experience in the field. Relevant experience includes financial planning, family law practice, or expertise in at least three of the following areas: tax code, investment advisory or management, real estate and mortgage lending, life and disability insurance, and financial therapy or coaching. Candidates must submit their experience for approval before using the CDFA designation. Divorce financial planning involves applying financial planning principles to settlement strategies, requiring a deep understanding of tax, insurance, retirement, and other financial matters as they relate to divorce. This is an advanced certification, not an entry-level designation. Chartered Socially Responsible Investing Counselor – CSRIC® The Chartered SRI Counselor (CSRIC®) program is a designation program that provides a blend of foundational knowledge and scenario learning to work with sustainable, responsible, and impact (SRI) investments, alongside environmental, social, and governance (ESG) factors, for a variety of clients. This program provides experienced financial advisors and investment professionals with a foundation knowledge of the history, definitions, trends, portfolio construction principles, fiduciary responsibilities, and best practices for sustainable investing. The CSRIC® designation is issued by the College of Financial Planning, a Kaplan Company, and all professional designation holders are responsible for completing 16 hours of continuing education (CE) credits every two years. Certified Trust and Fiduciary Advisor – CTFA To earn the Certified Trust and Fiduciary Advisor (CTFA) designation, candidates must meet one of the following experience and education requirements:
Certified Private Wealth Advisor® – CPWA® CPWA candidates must meet all the following: Bachelor's degree from an accredited college or university or one of the following designations or licenses: CIMA, CIMC, CFA, CFP, ChFC or CPA license; a satisfactory record of ethical conduct, as determined by IMCA’s Admissions Committee; and five years of professional client-centered experience in financial services or a related industry. Candidate must complete the following:
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