Customer Relationship Summary
June 29, 2020
Abbey Street, LLC (Abbey Street) is registered with the Securities and Exchange Commission as an investment advisory firm. Investment advisory services and fees differ from those offered through a brokerage firm 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 brokerdealers, investment advisers, and investing.
What investment services and advice can you provide me?
Abbey Street’s private family client relationships are designed to be customized to your individual circumstance, aligning our delivery with the core values of your family. We work through discovery and listening sessions to understand thoroughly your goals and objectives.
Planning & Consulting– Abbey Street engages in your full personal balance sheet. Our experience with large private and family owned businesses give us insight to assist you from a unique perspective. Our planning services include wealth creation forecasting, income forecasting, cash flow analysis & budgeting, asset appreciation evaluations, & debt structures. Abbey Street is committed to operating as the central party for your financial affairs. This includes interfacing with legal, tax, risk management, insurance and other advisors on your behalf.
Portfolio Management – Abbey Street’s private wealth portfolio management draws on the unique advantage of perspective from institutional retirement plans and the decisions of their committees. Our asset allocation, manager selection, and due diligence direct the allocation of your portfolio assets among the various investment options that are available. Although Abbey Street does have certain investment strategies that it seeks to execute for all of its clients, Abbey Street tailors its advisory services to your individual needs and preferences. You engage Abbey Street to continuously monitor your investment accounts and provide advice. When you engage us for portfolio management services, you will sign an advisory agreement that gives us discretionary authority to determine the investment to buy and sell in your account. You may impose reasonable restrictions on our discretionary authority, which must be provided to us in writing and accepted by us.
Portfolio performance reporting is provided quarterly and there is a minimum initial and ongoing account size for portfolio management services. Prior to receiving advisory services, you are required to enter into a written agreement with Abbey Street setting the terms and conditions of the advisory relationship. More detailed information about our services is available in our Form ADV Part 2A, specifically under Item 4, “Advisory Business.”
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?
What fees will I pay?
Fees and costs affect the value of your account over time. You will pay fees and costs whether you make or lose money on your investments. It is important to make sure that you understand what fees and costs you are paying.
Our fees are clearly outlined in our advisory agreement and in our Form ADV Part 2A, under Item 5, “Fees and Compensation.”
Abbey Street’s advisory relationships are administered through a monthly asset-based fee based on the value of the advisory account. The asset-based fee reduces the value of your account and will be deducted from your investment portfolio. Transaction fees through your custodian are not included in our advisory asset-based fee. Some investments may also impose additional fees that will reduce the value of your investment over time, such as mutual funds. Our fees vary and are negotiable. The amount you pay will depend, for example, on the complexity of the services you receive and the amount of assets in your account. The amount paid to our firm and your financial professional does not vary based on the type of investment we select on your behalf.
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:
- The more assets you have in the advisory account, the more you will pay us. We therefore have an incentive to increase the assets in your account in order to increase our fees.
- Some of our advisors are also licensed to sell insurance and may receive commissions on purchases of insurance products.
We benefit from the advisory services we offer you. Additional information about these conflicts are provided in our Form ADV Part 2A under Item 10, “Other Financial Industry Activities and Affiliations.”
How might your conflicts of interest affect me, and how will you address them?
How do your financial professionals make money?
Our financial professionals are paid a salary. Those individuals that are also licensed to sell insurance may receive commission payments from the purchases of insurance products in addition to their salary.
Do you or your financial professional have legal or disciplinary history?
No. Our financial professionals do not have legal and disciplinary events. Visit www.investor.gov for a free and simple search tool to research our firm and our financial professionals.
As a financial professional, do you have any disciplinary history? For what type of conduct?
For additional information on our investment advisory services, please see our Form ADV Form 2A by contacting us at 952-224-7272 to request up-to-date information and/or a copy of this Customer Relationship Summary.
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?