Form ADV Part 2

David Beck Financial Services LLC

Form ADV Part 2  Disclosure Brochure

March 10th, 2020

This brochure provides information about the qualifications and business practices of David Beck Financial Services LLC. If you have any questions about the contents of this brochure, please contact me at:

408-460-5241 or [email protected]

 

The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority.

 

Additional information about David Beck Financial Services LLC also is available on the SEC's website at https://www.sec.gov/check-your-investment-professional. You can search this site by a unique identifying number, (CRD number) 144665.

The SEC’s web site also provides information about any persons affiliated with the Firm who are registered, or are required to be registered, as investment adviser representatives of the Firm

David Beck Financial Services LLC is a registered investment advisor in the State of Oregon.

Registration of an investment adviser does not imply a certain level of skill or training.


Item 2 - Material Changes

This brochure is dated March 10th 2020 and is prepared as a narrative description according to the SEC's updated requirements and rules.

The date of the previous annual update to this brochure was July 10th, 2019. The nature and extent of any material changes in the business since the last update are summarized below.

Changes made:

1) Item 5: Updated fee schedule;

2) Item 4: Deleted Estate Planning as a service offered.

3) Item 11: Updated link to CFP Board Code and Standards.

4) Page 13: Added Oregon tax license number.

Clients will receive a PDF copy of this brochure annually within 120 days of the close of the Firm’s fiscal year, or whenever an update is made during the year. The Firm may also provide other ongoing disclosure about material changes as necessary.

Upon request, the Firm will provide you with a PDF copy of this brochure reflecting the most recent information and changes at any time and without charge. You may request a new brochure by contacting David Beck, the Firm’s principal advisor, by telephone at (408) 460-5241 or by email at [email protected].

Additional information about David Beck Financial Services, LLC, is also available via the SEC’s web site www.adviserinfo.sec.gov.

Item 3 - Table of Contents

 Item 1 - Cover Page ............................................................................................. 1

 

Item 2 - Material Changes.................................................................................... 2

 

Item 3 - Table of Contents ................................................................................... 3

 

Item 4 - Advisory Business ................................................................................... 4

 

Item 5 - Fees and Compensation ......................................................................... 5

 

Item 6 - Performance-based Fees and Side-by-Side Management ................. 6

 

Item 7 - Types of Clients ........................................................................................ 6

 

Item 8 - Methods of Analysis, Investment Strategies, and Risk of Loss .......... 6

 

Item 9 - Disciplinary Information ......................................................................... 6

 

Item 10 - Other Financial Industry Activities and Affiliations ........................... 7

 

Item 11 - Code of Ethics, Participation or Interest in Client Transactions, and Privacy Policy…...................................................................................................................... 7

 

Item 12 - Brokerage Practices ............................................................................... 8

 

Item 13 - Review of Accounts ................................................................................ 8

 

Item 14 - Client Referrals and Other Compensation .........................................  8

 

Item 15 - Custody.....................................................................................................  8

 

Item 16 - Investment Discretion ............................................................................  8

 

Item 17 - Voting Client Securities ...........................................................................  8

 

Item 18 - Financial Information ..............................................................................  9

 

Item 19 - Requirements for State-Registered Advisers .......................................  9

 

ADV Part 2B Brochure Supplement …………….....………………………………………...…. 10

 


Item 4 - Advisory Business

David Beck Financial Services LLC (the Firm) is a financial planning firm registered as an investment advisor in the State of Oregon. The limited liability corporation is formed under the laws of the State of Oregon in 2016 as the successor to BAPlan LLC, formed under the laws of the State of California. David Beck is 100% owner and sole principal of the Firm, which began operation in 2007.

I provide fee-only, hourly, as-needed financial planning services to individuals and families.

I offer you personalized advice on a range of financial planning issues, including (but not limited to):

  • college funding
  • cash flow planning
  • debt management
  • tax planning
  • asset allocation
  • retirement planning
  • retirement income distribution

These services may be general in nature or focused on particular areas of interest or need, depending upon your unique circumstances. My underlying philosophy is to use long-term financial planning strategies.

The process I use for financial planning projects is as follows:

  • We have an initial meeting or telephone conversation to discuss your financial needs, goals, and time horizon. After identifying the extent and content of my services, you will sign an agreement that identifies what I will cover in your financial planning.                                                                                                              
  • I will ask for documentation and detailed information about your specific situation. This may include items such as completing a general questionnaire, and provision of copies of account statements, mortgage statements, tax returns, and so on. I may also ask you about your cash flow, and for detailed information on how you spend your money.
  • I will then analyze your current financial situation and generate future scenarios as needed for your plan.
  • When my analysis complete, I will present my findings to you, including my significant observations, assumptions, and recommendations for each area we agreed to work on. I will answer any questions you may have.
  • Based on your new understanding of your situation, you may ask for clarification on certain points or to investigate additional scenarios. This may require additional meetings.
  • Once these additional scenarios have been presented to your satisfaction, your project is concluded and our advisor-client relationship is terminated. Unless other arrangements have been made, it is your responsibility to implement any recommendations.  If you need additional services, or you want to establish an ongoing advisory relationship, you will need to sign a separate agreement. I highly recommend you review your financial state on a bi-annual basis or any time there is a major change in your life.

Financial plans are based on your financial situation at the time the plan is presented and on the financial information you disclose to me.  You must notify me promptly if your financial situation, goals, or objectives change.

Services NOT provided

I do not manage investments or give advice on insurance, and do not sell insurance or investment products.

 

Item 5 - Fees and Compensation

David Beck Financial Services LLC is a fee-only service provider, which means fees paid by clients are the only source of compensation. I do not sell any products or manage investments, and do not receive any commissions. My sole fiduciary responsibility is to you, the client.  I do not have minimum income, asset, or net worth requirements for you to be able to work with me.

My fees for hourly financial planning services are based on a rate of $275 per one hour meeting, which includes time taken to prepare and/or finalize the service provided. The number of meetings needed to complete the services will be quoted, and the final fee will not exceed the quote unless the scope of services to be provided is altered and agreed to in writing by the client. For example a basic retirement plan typically involves two meetings and is $550; individual college or other financial planning topics typically involve only one meeting and are $275. The fee for a more comprehensive financial plan or budgeting work would be fixed according to the work involved.

You will sign an engagement agreement that details the fee, and any later changes to the engagement that increase the fee will need to be approved by signing an updated agreement.

Fees for tax preparation are based on the complexity of the tax return. Each tax form or schedule has a specific price, with the total charge being the sum of the individual prices for the forms in the return. A price list is available on request.

I am available to work on an annual retainer basis, for a fee proportionate to the complexity of the client’s financial situation. The agreed fee is paid in arrears in quarterly installments.

All fees are to be paid by the client in the form of a personal check (or Paypal for an additional 3% processing fee). Where the fee is in excess of $825, I may require a deposit at the start of the engagement in the amount of approximately one half the estimated service cost, with the balance of the fee due immediately upon acceptance of the financial plan by the client.

Fees will not be collected for services to be performed more than six months in advance which are in excess of $500. Discounted fees are negotiable at my sole discretion.

Either the client or Firm may terminate an engagement upon written notice within five days of signing the engagement agreement, after which any deposit check will be cashed. If the client terminates the engagement after this date, the client is responsible for any fees incurred for work already performed. Any remaining balance of the client's deposit will be refunded.

If you are not 100% satisfied with the service or delivered plan, and if the Firm is unable to remedy the complaint(s) to your satisfaction, I will immediately refund all related fees paid upon written notice of such dissatisfaction. The refund of fees will immediately terminate the agreement.

Item 6 - Performance-based Fees and Side-by-Side Management

David Beck Financial Services LLC does not manage investments and thus does not charge performance-based fees based on the capital gains or capital appreciation of the assets of a client.

Item 7 - Types of Clients

I mainly provide services to individuals and families. Typically, my clients are looking for a plan or a strategy to meet their goals. They want a professional opinion for issues such as how to pay for college, how to budget and pay down debts, and when they can retire.  They want a financial plan that is easy to understand and maintain. 

Item 8 - Methods of Analysis

I use commercially available professional planning and tax software in the preparation of financial plans and tax returns. Recommendations are based upon my professional judgment and the results of any recommendation are not guaranteed. I obtain information from a wide variety of publicly available sources.

Item 9 - Disciplinary Information

David Beck Financial Services LLC has had no legal or disciplinary events, and does not have any pending events.

Item 10 - Other Financial Industry Activities and Affiliations

David Beck Financial Services LLC is not registered, nor do we have an application pending, as a securities broker-dealer, futures commission merchant, commodity pool operator, or commodity trading advisor.

As a service to clients, I may provide referrals to investment advisory firms and other professionals, such as a CPA, insurance agent, attorney, etc. David Beck Financial Services LLC does not have agreements with and does not receive referral fees from any referred entity.

I do not have other arrangements that are material to my advisory business or my clients with a related person who is a broker-dealer, municipal securities dealer, government securities dealer or broker, investment company or other pooled investment vehicle, futures commission merchant, commodity pool operator, commodity trading advisor, banking or thrift institution, accountant or accounting firm, lawyer or law firm, insurance company or agency, pension consultant, real estate broker or dealer, or sponsor or syndicator of limited partnerships.

Item 11 - Code of Ethics, Participation or Interest in Client Transactions, and Privacy Policy

David Beck Financial Services LLC has adopted a code of ethics that sets forth the basic policies of ethical conduct for all associated persons of the Firm. I accept the obligation not only to comply with the mandates and requirements of all applicable laws and regulations, but also to take responsibility to act in an ethical and professionally responsible manner in all professional services and activities. I will be happy to provide a copy of my code of ethics to any client or prospective client, upon request.

David Beck Financial Services LLC adheres to the Certified Financial Planner Board of Standards Code of Ethics, which may be found at https://www.cfp.net/docs/default-source/for-cfp-pros---professional-standards-enforcement/cfp-board-code-and-standards.pdf?sfvrsn=23

David Beck Financial Services LLC does not recommend securities to clients and has no financial interest in the securities transactions of clients.

David Beck Financial Services LLC views protecting its customers' private information as a top priority and, pursuant to the requirements of the federal Gramm-Leach-Bliley Act, it has instituted policies and procedures to ensure that customer information is kept private and secure.

David Beck Financial Services LLC does not disclose any nonpublic personal information about its Clients or former Clients to any nonaffiliated third parties, except as permitted by law.

David Beck Financial Services LLC restricts internal access to nonpublic personal information about the Client. It has always been and will always be the Firm's policy never to sell information about current or former Clients or their accounts to anyone.

Item 12 - Brokerage Practices

David Beck Financial Services LLC does not recommend brokerage or custodial service firms to clients. Clients may utilize the broker/dealer of their choice.

Item 13 - Review of Accounts

David Beck Financial Services LLC does not need access to client financial accounts and does not monitor the performance or progress of client financial accounts. Periodic reviews of financial plans are recommended, but it is usually the client's responsibility to initiate these reviews. I also recommend clients notify me of any changes to their personal financial situation.

Item 14 - Client Referrals and Other Compensation

David Beck Financial Services LLC does not receive, nor does it pay, any fees for client referrals.

Item 15 - Custody

David Beck Financial Services LLC does not take custody of client cash, bank accounts, or securities.

Item 16 - Investment Discretion

David Beck Financial Services LLC does not provide discretionary investment management services, so issues related to investment discretion are not applicable.

I will not ask for any of your account access information, such as usernames and/or passwords.

I will not act as a trustee for, nor have full power of attorney over, a client account.

Item 17 - Voting Client Securities

David Beck Financial Services LLC does not vote client securities.

Item 18 - Financial Information

Due to the nature of my services, an audited balance sheet is not required, nor included in this disclosure document. David Beck Financial Services LLC does not have any financial conditions that require further disclosure.

Item 19 - Requirements for State-Registered Advisers

Education and business background, including any outside business activities and disclosable events for all management and supervised persons can be found in the Supplement to this Brochure (Part 2B of Form ADV Part 2).

David Beck Financial Services LLC

636 NE 61st Ave.

Portland, OR 97213

Tel: 408-460-5241

 

 

Form ADV Part 2B

Brochure Supplement

March 10th, 2020

This brochure supplement provides information about David Beck that supplements the David Beck Financial Services LLC ADV Part 2A brochure you should have received. Please contact David Beck if you did not receive David Beck Financial Services LLC’s brochure or if you have any questions about the contents of this supplement.

Additional information about David Beck is available on the SEC’s website at www.adviserinfo.sec.gov

If you have any questions about the contents of this brochure supplement, please contact me at:

408-460-5241 or [email protected]

The information in this brochure has not been approved or verified by the United States

Securities and Exchange Commission or by any state securities authority.

Additional information about David Beck Financial Services LLC also is available on the SEC's website at www.advisorinfo.sec.gov. You can search this site by a unique identifying number, (CRD number) 144665.

David Beck Financial Services LLC is a registered investment advisor in the State of Oregon.

Registration of an investment adviser does not imply a certain level of skill or training.

Educational Background and Business Experience

 

 Owner Name: 

David Beck, year of birth 1951

 

Formal Education:

  • University of Sussex, U.K., Bachelor of Science, 1972
  • Ealing College, London, U.K., D.M.S., Management, 1977
  • University of California Santa Cruz - Certificate in Personal Financial Planning,  2006
  • Passed the CERTIFIED FINANCIAL PLANNER™ Board of Standards exam November

      2006

 

Business Background:

  • Prior to providing personal financial planning, David Beck served in senior-level positions in product management at a cross section of entrepreneurial, high-growth, and Fortune 500 companies.
  • Financial Planning services, 2007-present

 

 

 

 

 

 

 

Disciplinary Information

 David Beck has not been nor is currently the subject of any reportable legal or disciplinary event.

 

 

Other Business Activities

 In addition to providing financial planning advice, David Beck is also involved in the following business activities:

 

  • As a Registered Tax Preparer for Federal and State income taxes with the Internal Revenue Service (IRS) and as a Licensed Tax Consultant with the State of Oregon Board of Tax Practitioners, license number 36239-C

 

  • As the owner of CollegeMoneyCoach.com, an internet based provider of education to families of college-bound high school students.  In promoting this service, David may hold educational seminars covering topics generally associated with college admissions and financial planning. Any investment information provided under this service does not purport to meet the objective or needs of each individual participant.  Attendees of the seminars are under no obligation to engage the Firm for any of its offered services.

 

 

 

Additional Compensation

 Performance-Based Fees

David Beck is not compensated for advisory services based on the performance of the invested assets.

 

Relationships with Issuer of Securities

David Beck does not have any relationship or any other arrangement with any issuer of securities to receive compensation for recommending or using their financial products.

DAVID BECK FINANCIAL SERVICES is a fee-only advisor.

 

 

Supervision

 David Beck is the sole owner and principal of DAVID BECK FINANCIAL SERVICES LLC, and as such does not supervise any Investment Advisor Representatives.

 

Requirements for State-Registered Advisers

 Bonding

David Beck Financial Services LLC holds a $10,000 bond per State of Oregon requirements.

 

Bond Number: 100310326

 

Expiration Date: 5/13/2021 (eligible for renewal)

 

Bonding Company: SuretyBonds, Columbia, Missouri

 

Bond in the sum of  $10,000 US Dollars legal tender

 

Errors & Omissions Insurance

David Beck Financial Services LLC holds a Tax and Financial Services Professional Liability Policy per State of Oregon requirements.

 

Policy Number: 279680541

 

Expiration Date: 7/23/2020 (eligible for renewal)

 

Insurance Company: Continental Casualty Company, Chicago, Illinois

 

Insurance limits $1,000,000 per claim, $2 Million aggregate

 

 

 

 


 

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