Designation Disclosures

The professional designations described below are held by certain of the firm’s investment adviser representatives and are not held by all of the firm’s personnel. A designation is noted only for those individuals who have earned and continue to hold it. Professional designations are voluntary; no federal or state securities law or regulation requires an investment adviser or its investment adviser representatives to hold any professional designation in order to provide investment advisory services.Each designation is awarded, and its eligibility, examination, experience, ethics, and continuing-education requirements are established and may be modified, by the independent organization that grants it — not by the firm. The descriptions below summarize the minimum requirements represented by each granting organization as of the date of this disclosure and are subject to change. For the most current requirements, or to verify an individual’s designation status, please contact the granting organization directly using the resources identified below.A professional designation does not imply any particular level of skill, expertise, or training beyond the requirements described, is not a measure of investment performance, and does not guarantee any particular investment result. No designation constitutes an endorsement, recommendation, or approval by the U.S. Securities and Exchange Commission, any state securities regulator, or any other governmental or self-regulatory authority. Clients and prospective clients should not rely solely on a professional designation when selecting or evaluating an investment adviser or investment adviser representative.

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‍CHARTERED FINANCIAL ANALYST (CFA®) DESIGNATION
First awarded in 1963, the Chartered Financial Analyst ® (CFA®) charter has become known as the gold standard of professional credentials within the global investment community. Around the world, investors recognize the CFA designation as the definitive standard for measuring competence and integrity in the fields of portfolio management and investment analysis.

The CFA Program is a rigorous, self-study curriculum that takes a generalist approach to security analysis and portfolio management and emphasizes the highest ethical and professional standards.

Sponsored by CFA Institute, the CFA Program requirements include:

• Examinations – Three comprehensive six-hour exams must be passed sequentially testing the individual’s knowledge on a range of investment topics including portfolio management, financial accounting, economics, statistics, security valuation, derivative securities and ethics.
• Experience – In order to earn the CFA charter, a candidate must have at least 48 months of acceptable work experience in the investment decision-making process.
• Education – A CFA charter holder is required to hold a bachelor’s degree from an accredited institution or have equivalent education or work experience in addition to a voluntary ongoing professional development program which recommends 20 hours of continuing education in investment and ethics programs.
• Compliance – A CFA charter holder must adhere to CFA Institute’s Code of Ethics and Standards of Professional
• Conduct and must annually certify compliance with these  standards. Failure to maintain these standards may result in censure or loss of the individual’s charter.

For more information about the CFA designation, log on to www.cfainstitute.org.

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‍CERTIFIED FINANCIAL PLANNER (CFP®) DESIGNATION
The CFP® certification is voluntary. No federal or state law or regulation requires financial planners to hold the CFP® certification. You may find more information about the CFP® certification at www.CFP.net.

CFP® professionals have met the CFP Board’s high standards for education, examination, experience, and ethics. To become a CFP® professional, an individual must fulfill the following requirements:

• Education – Earn a bachelor’s degree or higher from an accredited college or university and complete CFP Board-approved coursework at a college or university through a CFP Board Registered Program. The coursework covers the financial planning subject areas the CFP Board has determined are necessary for the competent and professional delivery of financial planning services, as well as a comprehensive financial plan development capstone course. A candidate may satisfy some of the coursework requirements through other qualifying credentials. CFP Board implemented the bachelor’s degree or higher requirement in 2007 and the financial planning development capstone course requirement in March 2012. Therefore, a CFP® professional who first became certified before those dates may not have earned a bachelor’s or higher degree or completed a financial planning development capstone course.
• Examination – Pass the comprehensive CFP® Certification Examination. The examination is designed to assess an individual’s ability to integrate and apply a broad base of financial planning knowledge in the context of real-life financial planning situations.
• Experience – Complete 6,000 hours of professional experience related to the personal financial planning process or 4,000 hours of apprenticeship experience that meets additional requirements.
• Ethics – Satisfy the Fitness Standards for Candidates for CFP® Certification and Former CFP® Professionals Seeking Reinstatement and agree to be bound by CFP Board’s Code of Ethics and Standards of Conduct (“Code and Standards”), which sets forth the ethical and practice standards for CFP® professionals.

Individuals who become certified must complete the following ongoing education and ethics requirements to remain certified and maintain the right to continue to use the CFP Board Certification Marks:

• Ethics – Commit to complying with the CFP Board’s Code and Standards. This includes a commitment to the CFP Board, as part of the certification, to act as a fiduciary, and therefore, act in the best interests of the client, at all times when providing financial advice and financial planning. CFP Board may sanction a CFP® professional who does not abide by this commitment, but CFP Board does not guarantee a CFP® professional's services. A client who seeks a similar commitment should obtain a written engagement that includes a fiduciary obligation to the client.
• Continuing Education – Complete 30 hours of continuing education every two years to maintain competence, demonstrate specified levels of knowledge, skills, and abilities, and keep up with developments in financial planning. Two of the hours must address the Code and Standards.

CFP® professionals who fail to comply with the above standards and requirements may be subject to CFP Board’s enforcement process, which could result in suspension or permanent revocation of their CFP® certification.

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