CLIENT RELATIONSHIP SUMMARY
March 15, 2024
Parsons Capital Management, LLC (“PCM”) is registered with the Securities and Exchange Commission as an investment adviser. Brokerage and investment advisory services and fees differ and it is important for you to understand the differences. Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing.
What investment services and advice can you provide me?
PCM is an investment advisory firm led by Russell Parsons, CFP®, ChFC® that operates as a fiduciary. PCM can provide you with holistic and continuous advice regarding the investment of your funds based on your individual needs. We would do this through personal discussions to establish and understand your investment objectives. We monitor accounts daily. We manage accounts on a discretionary basis, meaning you give us the authority to make transactions within your accounts. You may set reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Our investment recommendations are not limited to any specific product or service.
We also provide financial planning which is a comprehensive assessment of a client’s current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans. Some clients may need a more focused look at a particular issue such as estate planning, retirement planning, or other topics. We can provide consulting services to address these specific issues on a project basis as well.
PCM provides advisory services to individuals, pension and profit-sharing plans, trusts, estates, charitable organizations, corporations or other business entities. We require a minimum account size of $500,000 for Portfolio Management services.
For more detailed information, please refer to our Disclosure Brochure, the ADV Part 2A, under Item 4 Advisory Business and Item 7 Types of Clients, which can be found by CLICKING HERE.
Here are some Conversation Starters suggested by the SEC:
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Given my financial situation, should I choose an investment advisory service? Why or why not? |
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How will you choose investments to recommend to me? |
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What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean? |
What fees will I pay?
Portfolio Management Services:
All clients are required to execute an Advisory Agreement. The annual fee for Portfolio Management Services will be charged as a percentage of assets under management, typically ranging from 0.25% to 1.00%, depending on the size, nature, and complexity of your account. The annual fee is paid in quarterly increments. PCM will quote a specific fee to you prior to the execution of the Advisory Agreement.
There are a number of other fees that may be associated with holding and investing in securities. Some of these fees include: custodian fees, account maintenance fees, fees related to mutual funds and variable annuities, ETFs, and other transactional fees and product-level fees.
You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying.
Financial Planning and Consulting Services:
These services are provided at no cost for advisory service clients referenced above. For clients not using Portfolio Management Services above, we do not offer or provide Financial Planning and Consulting Services.
For more specific information regarding our fees, please refer our Disclosure Brochure, the ADV Part 2A under Item 5 Fees and Compensation by CLICKING HERE.
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Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me? |
What are your legal obligations to me when acting as my investment adviser? How else does your firm make money and what conflicts of interest do you have?
When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you. Here is an example to help you understand what this means.
Part of our process involves multiple generations to facilitate family financial planning. This approach increases the financial education of the later generations and manages expectations. However, potential for conflicts of interest can exist with the exchange of intergenerational information. PCM attempts to minimize these conflicts by treating each household as its own fiduciary relationship. Information can only be shared across generations with each household’s consent.
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How might your conflicts of interest affect me, and how will you address them? |
How do your financial professionals make money?
We are paid a portion of the asset management fees collected from clients and not rewarded with sales bonuses or commissions.
Do you or your financial professionals have legal or disciplinary history?
No. PCM has no legal or disciplinary history. Feel free to go to Investor.gov/CRS for a free and simple search.
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As a financial professional, do you have any disciplinary history? For what type of conduct? |
You may find additional information about PCM by CLICKING HERE or calling (908) 730-0011 to request up-to-date information and a copy of the Client Relationship Summary.
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Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me? |
ADV PART 3: FORM CRS
