Client Relationship Summary (ADV Part 3)
Legacy Bridge Private Family Offices is registered with the Securities and Exchange Commission as an Investment Advisor. Brokerage and investment advisory services and fees differ, and it is important for you to understand the difference. 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.
Our Firm offers investment advisory services to retail clients. We are designed to help support high-net-worth families and individuals by becoming an integral part of the investment planning, evaluation, and implementation process. We generally require clients pay a minimum fee of $75,000 annually but will accept accounts that pay less in fees at our discretion. Our service is driven by your unique needs, desires, and priorities. In addition to our investment management services, we also have family office services. As part of our standard services, we continuously monitor your investments. We also meet with you regularly and periodically. Periodic reviews may be triggered by a change in your circumstances, a need to rebalance your account to reflect the asset allocation, or a change in investment or tax environment. We do not have proprietary products that we recommend, nor do we base our advice on a limited menu of products or types of investments. We manage your investments on a discretionary or non-discretionary basis. Discretion allows us to manage your investments for your account without getting your prior approval on individual trades. For non-discretionary services, you make the ultimate decision regarding the purchase or sale of investments.
More information is available in the Legacy Bridge Form ADV Part 2A Brochure. LEGACY BRIDGE ADV PART 2
Given my financial situation, should I choose an investment advisory service? Why or why not?
How will you choose investments to recommend to me?
What is your relevant experience, including your licenses, education, and other qualifications? What do these qualifications mean?
An asset-based fee is negotiated between our firm and you based on the size and type of relationship, complexity of investments, and the services we will provide to you. We charge and collect fees monthly at the beginning of the month based on your account value at the end of the previous month. Fees for new accounts may be ratioed based on the number of days the account is held. Fees for terminated accounts will be ratioed based on the number of days the account is held. A termination fee may be charged based on the complexity of closing the accounts. A set-up fee of $1,000 to $1,500 may be applied depending on the scope of services and complexity of your accounts. We may reduce or waive this set-up fee at our discretion. One family pays a performance-based fee and a year-end true up fee.
In addition to the fees paid to us, there may be imbedded fees in certain investments such as ETFs and mutual funds. Also, our third-party vendor retains 20% of class action settlements when collected upon your behalf.
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.
Our revenue is derived by charging an asset-based fee. The Firm may therefore have an incentive to encourage you to invest additional funds into your accounts. In addition, a performance-based fee may cause us to favor one client over another and make riskier investments to increase performance. However, we must act in your best interest and not put our interest ahead of yours. You should review our Form ADV Part 2A items 5.A, B, C and D for more information regarding our fees. LEGACY BRIDGE ADV PART 2
Help me to 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?
When we act as your investment adviser, we must 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 are some examples to help you understand what this means.
We generate revenues from our asset management services as described above, not from any other sources. We and our financial professionals benefit from the advisory services we provide to you because of the advisory fees we receive from you.
How might your conflicts of interest affect me, and how will you address them?
Our financial professionals are compensated by a salary and a discretionary bonus. Our financial professionals may also receive a portion of fees generated. This results in an incentive to encourage you to invest additional funds into your account. In addition, some employees may share in the company profits.
No, neither the firm nor our financial professionals have a disciplinary history.
As a financial professional, do you have any disciplinary history? For what type of conduct?
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?