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Parish & Company, LLC
Registered Investment Advisor
Client Agreement
Parish & Company is an independent registered investment
advisor based in Portland, Oregon providing investment management
services to a broad mix of clients based upon the following parameters:
1) Client Analysis: All client recommendations are
based upon a complete review of each clients
specific financial situation and the related suitability of the
investments recommended. Such factors include the following:
other investments and investment experience, age, financial situation
and needs, tax status, net worth, liquid net worth, annual income,
investment objectives, liquidity needs, investment time horizon, risk
tolerance and other specific information disclosed.
2) Definition of Risk: Parish & Company defines
risk directly in relation to each clients asset allocation, or more
specifically the percent of stock and stock funds to total assets.
The higher the percent of stocks and stock funds, the greater the
risk.
Beginning with a client specific analysis, coupled with this asset
allocation centric philosophy, four general investment profiles/objectives are
considered for suitability: they are growth, balanced,
conservative and low risk. These are considered in conjunction with each clients tolerance for risk.
These four specific asset allocation/investment objective parameters are defined as follows:
Growth: greater than 75 percent stock and stock funds, remainder fixed income
Balanced: 50 percent stock and stock funds, remainder fixed income
Conservative: less than 25 percent stock and stock funds, remainder fixed income
Low Risk: 100 percent US treasury bills and other government backed securities
Note that the "balanced" average is 50 percent stock and stock funds,
yet the balanced range could be anywhere from 40 percent to 60 percent
stock and stock funds.
3) Long Term Perspective: Parish & Company is focused
upon long term asset growth based upon identifying an investment allocation in
line with each specific client's objectives and risk profile. It
is important to note; however, that returns can vary greatly from year
to year. For example, in 1974 the overall stock market declined 28
percent followed by a 38 percent increase in 1975. Therefore,
Parish & Company makes no representation guaranteeing a specific
return in any given year. In addition, it is to be expected that
some years will result in declines in value.
4) Fees: Fees are billed quarterly
based upon the previous quarter ending total assets under management.
The annual management fee is .75 percent of assets or .1875
percent quarterly.
Therefore, if client assets grow 10 percent, growth net of fees
will be 9.25 percent. Similarly, if client assets decline 10
percent, the decline will be 10.75 percent net of fees. Such fees
will be paid directly to Parish & Company from the client account
upon submission of an invoice to the custodian and, unless otherwise
agreed upon, reflected on the January, April, July and
October monthly statements. Parish & Company also provides a
detailed accounting of fees in addition to a quarterly projected fee
going forward.
No other fees are accepted either directly or indirectly from
any provider of investment products. No soft dollar fees, no 12B-1, no
front load or back load fees, etc. In addition, no Parish & Company client has ever paid a load on a mutual fund.
5) Custodian Firm: The determination of where clients
maintain there accounts is very important and Parish & Company
regularly reviews leading custodians ranging from TD Ameritrade to
Vanguard. Based upon a broad mix of factors including diversity
of investment products, absence of conflicts of interest, fees and the
strength of internal controls and compliance matters, TD Ameritrade is
currently the firm recommended.
6) Advisor Authority and Custody of Client Assets: All
securities and cash are deposited directly with the custodian,
generally TD Ameritrade, and therefore Parish & Company does not
maintain custody of assets. Parish & Company does maintain a
limited power of attorney that provides for duplicate statements and
confirmations, the ability to execute transactions in client accounts
based upon client approval and finally to charge quarterly management
fees.
Regarding security purchases, Parish & Company is authorized to
aggregate certain purchases to take advantage of better pricing and/or
operational efficiency. An example would be Canadian treasury
notes, for which much better pricing is available if purchased in
amounts exceeding $1 million.
7) Privacy and Safeguarding of Information: All client
information is considered
confidential and will not be provided to any party other than those
specifically requested in writing by the client. Parish
& Company maintains detailed privacy, safe guarding of information
and anti-identify theft policies that can be reviewed at
www.billparish.com/services
8) Money laundering: Client represents that it owns all the
property deposited in the account outright with no restrictions and
that it was gained via legitimate means and such assets are not
encumbered in any way.
9) Conflicts of interest: Parish & Company strives to
have no conflicts of interest and to its knowledge has none.
10) Termination, Indemnity and Liability: This agreement
may be terminated at any time by either party via written notice.
Parish & Company will use its best judgment and related
efforts in serving clients. Client indemnifies Parish &
Company for any losses, including legal fees, resulting from inaccurate
information provided by or omitted by the client. There is no
guarantee regarding investment results and losses will occur.
Client assumes all market risks and understands that the account
is subject to market, economic, foreign currency, political and
business related risks.
Parish and Company may not assign this agreement to any other person
without prior written consent of the client or its successor in
interest, as applicable, except as expressly provided otherwise in this
agreement.
11) Governing Law Dispute: To the extent federal law does
not apply to this agreement, it shall be construed in accordance with
the laws of the State of Oregon.
12) This agreement will apply to existing accounts and all accounts
opened in the future for which Parish & Company is the investment
advisor. In addition, it also supersedes all previous agreements.
13) Client signature below affirms receipt of form ADV Part IIA,
the standard regulatory filing for Parish & Company that provides
more information on its business history and practices.
Client Signature ______________________ Date ___________
Client Signature ______________________ Date ___________
(Updated March 2017)
Bill Parish
Parish & Company
4800 Meadows Road Suite 300
Lake Oswego, Oregon 97035
Tel: 503-643-6999 Fax: 503-747-2495
email: bill@billparish.com
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