Important Disclosure Information

This website ("Website") is a publication of Clarfeld Financial Advisors, LLC, a subsidiary of Citizens Bank, N.A. ("Clarfeld") is an SEC registered investment adviser located in Tarrytown, New York. Registration as an investment adviser is not an endorsement by securities regulators and does not imply that Clarfeld has attained a certain level of skill, training, or ability. This Website is limited to the dissemination of general information pertaining to Clarfeld’s advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of this Website should not be construed by any client or prospective client as Clarfeld’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice over the Internet. Any subsequent, direct communication by Clarfeld with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration as applicable.

*Regarding Clarfeld’s Assets Under Management and Assets Under Advisement: Assets Under Advisement refers to the assets which Clarfeld monitors and consults on but does not maintain trading authority. For information pertaining to the registration status of Clarfeld, please visit www.adviserinfo.sec.gov or contact the SEC or the state securities regulators for those states in which Clarfeld maintains a notice filing. Each user of this Website (“User”) is encouraged to obtain a copy of Clarfeld’s current written disclosure statement discussing Clarfeld’s business operations, services, fees, and applicable conflicts of interest, which is available from Clarfeld upon request or by searching for Clarfeld at the following link: www.adviserinfo.sec.gov.

Clarfeld Citizens Private Wealth is a division of Citizens Bank, N.A. that offers banking and investment products. Investment Management Services are offered through Clarfeld Financial Advisors, LLC, an SEC registered investment adviser. Insurance products are offered through Estate Preservation Services, LLC, or an unrelated party. Clarfeld Financial Advisors, LLC and Estate Preservation Services, LLC are both affiliates of Citizens Bank, N.A. Deposit and credit products are provided solely by Citizens Bank, N.A., Member FDIC.

All materials contained in this Website are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published, or broadcast without the prior written permission of Clarfeld. Users may not alter or remove any trademark, copyright or other notice from copies of the content. Except as prohibited by law, and as a condition precedent to accessing this Website, each User agrees to release and hold harmless Clarfeld, its members, managers, officers, directors, owners, employees, agents, and affiliates from any and all adverse consequences resulting from any actions or omissions that are independent of receiving personalized individual advice from Clarfeld. The preceding sentence shall not limit or waive any applicable User rights under federal or state law, including securities laws and fiduciary obligations that cannot be limited or waived.

Hyperlinks on this Website are provided as a convenience. Clarfeld does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to the Website or incorporated herein, and takes no responsibility for the same. All such information is provided solely for convenience, educational, and informational purposes only, and all Users are guided accordingly.

To the extent that any User accesses any economic calculator or similar interactive device contained within or linked to the Website, the User acknowledges and understands that the information resulting from the use of any such calculator/device, is not, and should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Clarfeld, or from any other investment professional.

Past performance is not indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by Clarfeld), will be profitable or equal any historical performance level(s). All investment strategies have the potential for profit or loss. Investment strategies such as asset allocation, diversification, and rebalancing do not assure or guarantee better performance and cannot eliminate the risk of investment losses. There are no guarantees that a portfolio employing these or any other strategy will outperform a portfolio that does not engage in such strategies. Any target referenced on this Website is not a prediction or projection of actual investment results and there can be no assurance that any target will be achieved. Changes in investment strategies, contributions or withdrawals may materially alter the performance of an individual’s portfolio. Historical performance results for investment indexes and/or categories generally do not reflect the deduction of transaction and/or custodial charges, or the deduction of an investment-management fee, which would decrease historical performance results. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark. Projections, forecasts and estimates referenced on the Website are not purely historical in nature and are therefore necessarily speculative and subject to material variation. Any index performance data appearing or referenced on the Website has been compiled by the respective copyright holders, trademark holders, or publication/distribution right owners of each index for comparison purposes only. Clarfeld makes no warranty, expressed or implied, for any decision taken by any party in reliance upon such indices. Investors cannot invest directly in an index.

Certain portions of the Website (e.g. newsletters, articles, videos, audio files, commentaries, indexes, etc.) may contain a discussion of, and/or provide access to Clarfeld’s (and those of other investment and non-investment professionals) positions and recommendations as of a specific prior date. Due to various factors, including changing market conditions, these discussions may no longer be reflective of current positions and/or recommendations. While information presented is believed to be factual and up-to-date, Clarfeld does not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No User should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Clarfeld or from any other investment professional. Users should not use any Website content as the sole basis for any investment decisions. Rather, a professional advisor should be consulted and/or independent due diligence should be conducted before implementing any of the options referenced in the Website content. Clarfeld is neither a law firm nor an accounting firm. The tax and estate planning information provided is general in nature. It is provided for informational purposes only, and should not be construed as legal or tax advice. Users, clients, and prospective clients should consult an attorney or tax professional regarding their specific legal or tax situation.

Photos and images on this Website are not of past or present clients of Clarfeld. These photos should not be construed as an endorsement of Clarfeld or its representatives by any client.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial Planner™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Awards, rankings, ratings, and/or recognition by unaffiliated rating services and/or publications including without limitation from “Barron’s,” “Forbes,” and other organizations: are not indicative of Clarfeld’s future performance or its clients’ investment success; should not be construed by a client or prospective client as a guarantee that such client will experience a certain level of results if Clarfeld is engaged, or continues to be engaged to provide investment advisory services; nor should it be construed as a current or past endorsement of Clarfeld by any of its clients. Rankings published by unaffiliated rating services and/or publications are often based on information prepared and/or submitted by the recognized adviser. Investment performance is not an explicit criterion because clients’ investment goals differ. Working with a highly-rated or ranked adviser does not ensure that a client or prospective client will experience a higher level of performance.

The following is with respect to Clarfeld Financial Advisors, LLC (“Clarfeld”) being named to Financial Advisor magazine's (“Financial Advisor's”) RIA Survey and Ranking in 2020, which Clarfeld is providing to the best of its knowledge:

Candidates must complete an online survey that contains approximately 26 to thirty 30 questions (the number of questions may vary year to year) concerning the candidate firm's: clients, size, assets under management, industry experience, services, and growth efforts. Clarfeld applied for consideration, and the result was independently granted. Eligible candidates must be registered investment advisers and provide financial planning and related services to individual clients. Candidates with at least $500 million in assets under management are included in the national ranking published in the August 2020 issue of Financial Advisor magazine, in which Clarfeld is ranked 88 among a stated 314 candidates in the “$1 Billion and Over” Asset Category. Financial Advisor Magazine does not publish, nor is Clarfeld aware of the number of participants that applied to be on the RIA Survey and Ranking. Clarfeld is not affiliated with Financial Advisor. By virtue of disclosing this ranking, Clarfeld is disclosing favorable ratings (to the extent that Clarfeld is ranked above other advisors) and unfavorable ratings (to the extent that Clarfeld is ranked below other advisors). Clarfeld believes that the methodology used to evaluate inclusion on the RIA Survey and Ranking is quantifiable and objective, and that participating candidates do not appear to have subjective input in the analysis. Financial Advisor does not appear to include candidates on the RIA Ranking and Survey if the ratings are not statistically valid with respect to any candidate; and Clarfeld is not aware of any facts that would call into question the validity of the inclusion on the RIA Survey and Ranking or the appropriateness of Clarfeld's advertising its inclusion. Neither the participating candidates nor their employees pay a fee to Financial Advisor in exchange for inclusion on the RIA Survey and Ranking. However, Clarfeld or its representatives may pay a fee to Financial Advisor, an affiliate, or an unaffiliated third party in exchange for plaques or article reprints commemorating designation. While Clarfeld or its representatives would pay this fee after receiving the designation and not as a condition precedent to receiving it, the fact that Clarfeld pays any fee with respect to its receipt of the designation should be considered if the designation is a factor in a current or prospective client's evaluation of whether to initially engage or continue to engage Clarfeld for investment advisory services. Inclusion on the RIA Survey and Ranking is not indicative of Clarfeld's future performance, or any future performance pertaining to its clients' investments; should not be construed by a client or prospective client as a guarantee that they will experience a certain level of results if Clarfeld is engaged, or continues to be engaged to provide investment advisory services; and should not be construed as a current or past endorsement of Clarfeld by any of its clients. The RIA Survey and Ranking have differing methodology in other years than the 2020 methodology described above.

With respect to references on this Website or in other Clarfeld publications to the Barron's “Top 100 RIA Firms” in 2020, “America's Top 100 Independent Financial Advisors” / “America's Top 100 Independent Wealth Advisors” (collectively, “America's Top 100 Independent Financial Advisors” between 2009 and 2017; and Barron's “Top 40 RIA Firms” in 2018, which is provided to the best of Clarfeld's knowledge: Barron's is a registered trademark of Dow Jones & Company, L.P. Clarfeld is not affiliated with Barron's or Dow Jones & Company, L.P. Barron's “Top 100 RIA Firms”, “America's Top 100 Independent Financial Advisors,” and “Top 40 RIA Firms,” bases its rankings upon data provided by individual advisers and their firms, including submissions by Clarfeld. Barron's confirms that data via regulatory databases, crosschecks with securities firms and conversations with individual advisers. Clarfeld applied for consideration, and the results were independently granted. As of 2018, advisors who wished to be ranked filled out a 102-question survey about their practice. Barron's then verified that data with the advisors' firms and with regulatory databases and applied its rankings formula to the data to generate a ranking. The formula Barron's uses to rank advisers is proprietary. It has three major components: assets managed, revenue produced and quality of practice. Investment returns are not a component of the rankings because an adviser's returns are dictated largely by the risk tolerance of clients. Barron's also considers a wide range of qualitative factors, including the advisors' experience, their advanced degrees and industry designations, the size and shape of their teams, their charitable and philanthropic work and compliance records. Clarfeld is unaware, nor has Barron's published the number of nominees considered for the award ranking. However in 2017, Clarfeld was ranked at 2 out of a total 100 firms on the “America's Top 100 Independent Financial Advisors”, ranked at 25 out of 40 of the “Top 40 RIA Firms” in 2018, and ranked 54 out of 100 of the “Top 100 RIA Firms” in 2020.

Barron's does not require membership or payment in order for award participants and/or applicants to be considered for an award designations. Moreover, neither Clarfeld nor any other participating advisers paid a fee to be eligible for the “Top 100 RIA Firms”, “America's Top 100 Independent Financial Advisors,” and “Top 40 RIA Firms,” lists*. Barron's-ranked advisors may pay Barron's a separate fee for special advertising to publish a Barron's-ranked advisor's contact information including applicable phone numbers, email addresses, and website addresses. This publication option is offered on an annual basis and is limited to Barron's-ranked advisors for that respective year. This type of payment creates an inherent conflict of interest because it provides the awarding entity with a monetary incentive to grant such ranking, recognition, or designation to participating advisors that seek consideration. Barron's does not publish, nor is Clarfeld aware of the percentage of other advisers that received the applicable rankings. Clarfeld is unaware of any undisclosed facts that could potentially invalidate the appropriateness of the rankings. By virtue of disclosing these rankings, Clarfeld is disclosing favorable ratings (to the extent that Clarfeld is ranked above other advisers) and unfavorable ratings (to the extent that Clarfeld is ranked below other advisers). By considering the compliance record, eligibility to appear on the rankings seeks to ensure that a participating advisor has an established and significant history and record free from regulatory sanctions. The rankings may not be representative of any one client's experience because of the way in which they are calculated. The rankings are not indicative of Clarfeld's and its advisors' future performance, or any future performance pertaining to its clients' investments, nor should they be construed as a current or past endorsement by any of its clients.

With respect to references on this Website or in other Clarfeld publications to the 2017, 2018 and 2019 Forbes “America’s Top Wealth Advisors,” and 2019 “Best-In State Wealth Advisors” which is provided to the best of Clarfeld’s knowledge: “Forbes” is a registered mark of Forbes, LLC. Clarfeld is not affiliated with Forbes. Data for the Forbes “Top Wealth Advisors” and “Best-In-State Wealth Advisors” are developed by “SHOOK Research.” Each advisor considered for the award was nominated by their respective firm, then vetted and ranked by SHOOK Research. Clarfeld applied for consideration, and the result was independently granted. The Forbes “America’s Top Wealth Advisors,” and “Best-In-State Wealth Advisors” rankings are based on an algorithm of qualitative criteria mostly gained through telephone and in-person due diligence interviews, and quantitative data. An advisor would meet basic requirements for consideration based on having a minimum of seven years’ experience, a minimum of one year at the current firm (with exceptions based on acquisitions, etc.) being nominated and recommended by a firm, completion of an online survey, over 50% of revenue / production must be with individuals, and an acceptable compliance record. The algorithm weights factors like revenue trends, assets under management, compliance record, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criterion due to varying client objectives and lack of audited data.

In developing its applicant pools for “America's Top Wealth Advisors” and “Best-In-State Wealth Advisors,” SHOOK set thresholds to limit nominations for consideration. For “America's Top Wealth Advisors” as of August 2020, Forbes and SHOOK received 32,325 nominations (based on SHOOK thresholds), invited 15,577 candidates to complete the online survey, and conducted 12,456 telephone interviews and 2,646 in-person interviews at the Advisors' location. Forbes recognized a total of 250 wealth advisors in 2020 in which Rob Clarfeld was ranked #28. For “America's Top Wealth Advisors” as of August 2018, Forbes and SHOOK received 25,732 nominations (based on SHOOK thresholds), invited 9,596 candidates to complete the online survey, conducted 7,174 telephone interviews, and conducted 1,503 in-person interviews at the Advisors' location. Forbes recognized a total of 250 wealth advisors in 2018 in which Rob Clarfeld was ranked #20. For “Best-In-State Wealth Advisors” as of August 2018, Forbes and SHOOK received 29,334 nominations (based on SHOOK thresholds), invited 5,961 candidates to complete the online survey, conducted 9,230 telephone interviews, and conducted 1,757 in-person interviews at the Advisors' location. Forbes recognized a total of 100 wealth advisors from New York (excluding New York City) in 2019, from which Rob Clarfeld was ranked #1.

Neither Forbes nor SHOOK receive a fee or require membership in exchange for rankings. Accordingly, neither Clarfeld, Rob Clarfeld, nor any other participating advisors paid a fee to be eligible for the “America’s Top Wealth Advisors,” and “Best-In-State Wealth Advisors” rankings*. Based on its stated methodology, SHOOK does not name advisors if the ratings are not statistically valid; and there are no facts that would call into question the validity of the inclusion on the “America’s Top Wealth Advisors,” and “Best-In-State Wealth Advisors” rankings or the appropriateness of Clarfeld advertising the same. By considering the compliance record, eligibility to appear on the rankings seeks to ensure that a participating advisor has an established and significant history and record free from regulatory sanctions. Clarfeld is unaware of any undisclosed facts that could potentially invalidate the appropriateness of the above rankings. By virtue of disclosing the rankings, Clarfeld is disclosing favorable ratings (to the extent that Rob Clarfeld is ranked above other advisors) and unfavorable ratings (to the extent that Rob Clarfeld is ranked below other advisors). The ranking may not be representative of any one client’s experience because of the way in which it is calculated. The ranking is not indicative of Clarfeld’s and its advisors’ future performance, or any future performance pertaining to its clients’ investments, nor should it be construed as a current or past endorsement by any of its clients.

With respect to references on this Website or in other Clarfeld publications to the 2017 “Forbes – Top-1000 Next Gen Wealth Advisors / America’s Top Millennial Advisors,” which is provided to the best of Clarfeld’s knowledge: “Forbes” is a registered mark of Forbes, LLC. Clarfeld is not affiliated with Forbes. Data for the Forbes “Top-1000 Next Gen Wealth Advisors / America’s Top Millennial Advisors” is developed by “SHOOK Research,” which contacts entities in the financial services industry (such as: banks, brokerages, custodians, insurance companies, clearing houses and others) for nominations. SHOOK Research accepts advisers who meet pre-determined minimum thresholds and acceptable compliance records. SHOOK Research accepted nominations on behalf of advisers born in 1980 or more recently from three types of practitioners: “Type 1” Advisers who have built and lead their own teams; “Type 2” Advisers who have joined teams of specialists, and are acting in an adviser-type role (planners, analysts, relationship managers, etc.); and “Type 3 Advisers,” who are hybrids of Type 1 and Type 2 Advisers. Each adviser considered for the award was nominated by their respective firm, then vetted and ranked by SHOOK Research. Clarfeld applied for consideration, and the result was independently granted. The Forbes “Top-1000 Next Gen Wealth Advisors / America’s Top Millennial Advisors” ranking is based on an algorithm of qualitative criteria and quantitative data. The qualitative due diligence examines best practices such as client service models, investing process, business types, leveraging a team and firm resources, experience levels, and credentials. The quantitative due diligence includes evaluation of factors such as assets under management, compliance records and industry experience. For Type 1 Advisers, the numbers SHOOK Research evaluates represent his or her team, or contribution if partners exist; for Type 2 Advisers on teams, SHOOK Research examines the team numbers and project how the Adviser could potentially fit on the team in the future. Portfolio performance is not a criterion due to varying client objectives and lack of audited data.

In developing its applicant pools for “Top-1000 Next Gen Wealth Advisers / America’s Top Millennial Advisers,” SHOOK Research sets thresholds to limit nominations for consideration. For “Top-1000 Next Gen Wealth Advisers / America’s Top Millennial Advisers,” as of July 2018, Forbes and SHOOK Research received 23,862 nominations (based on SHOOK Research thresholds), invited 6,988 candidates to complete the online survey, conducted 5,430 telephone interviews, and conducted 1,351 in-person interviews at the Adviser’s location. Forbes recognized a total of 1,000 wealth advisers in 2018 in which Michael Hans was ranked #161.

Neither Forbes nor SHOOK Research receive a fee or require membership in exchange for rankings. Accordingly, neither Clarfeld, Michael Hans, nor any other participating advisers paid a fee to be eligible for the “America’s Top Wealth Advisers” rankings*. Based on its stated methodology, SHOOK Research does not name advisers if the ratings are not statistically valid; and there are no facts that would call into question the validity of the inclusion on the “America’s Top Wealth Advisers” rankings or the appropriateness of Clarfeld advertising the same. By considering the compliance record, eligibility to appear on the rankings seeks to ensure that a participating adviser has an established and significant history and record free from regulatory sanctions. Clarfeld is unaware of any undisclosed facts that could potentially invalidate the appropriateness of the above ranking. By virtue of disclosing the ranking, Clarfeld is disclosing favorable ratings (to the extent that Michael Hans is ranked above other advisers) and unfavorable ratings (to the extent that Michael Hans is ranked below other advisers. The ranking may not be representative of any one client’s experience because of the way in which it is calculated. The ranking is absolutely not indicative of Clarfeld’s and its advisors’ future performance, or any future performance pertaining to its clients’ investments, nor should it be construed as a current or past endorsement by any of its clients.

With respect to references on this Website or in other Clarfeld or its representatives’ publications to the 2017 and 2019 “Financial Times 300 Top Registered Investment Advisers,” which is provided to the best of Clarfeld’s knowledge: “FT” and “Financial Times” are trademarks of The Financial Times Ltd. (“FT”). The Financial Times “300 Top Registered Investment Advisers” is an independent listing (“The FT 300”) produced annually. FT is not affiliated with Clarfeld. The FT 300 is presented as “an elite group,” not a competitive ranking of one to 300. Clarfeld applied for consideration, and the result was independently granted. The results are not based upon information or opinions of participating Registered Investment Advisers’ (“RIA”) clients. Therefore, inclusion on The FT 300 is not representative of any participating RIA’s clients’ experiences and should not be construed as a current or past endorsement of Clarfeld by any of its clients.

Applicants are graded on six factors: assets under management (“AUM”); AUM growth rate; company’s years in existence; compliance record; industry certifications; and online accessibility. By considering the “compliance record,” eligibility to appear on The FT 300, FT seeks to ensure that a participating RIA has an established and significant history and record free from regulatory sanctions. As of 2019, FT and “Ignites Distribution Research,” a subsidiary of FT that provides business intelligence on the asset management industry, invited more than 2,000 RIAs to apply for consideration. 740 RIA companies applied and 300 made the final list across 37 states. In 2017, approximately 725 RIA companies applied for consideration. Additionally, The FT 300 caps the number of advisory companies from any one state. The cap is roughly based on the distribution of millionaires across the United States. The FT 300 is based on data gathered from RIAs, regulatory disclosures, FT’s research, and/or research conducted on FT’s behalf by Ignites Distribution Research.

As of 2019: The FT 300 represents RIAs with an “average” practice experience of over 22 years and managing $4.6 billion in assets. FT indicates that the methodology used to evaluate inclusion on The FT 300 is quantifiable and objective, and that the participating RIAs had no subjective input in the analysis. AUM accounted for an average of 70 to 75 percent of each applicant’s score, while asset growth accounted for an average of 15 percent. To emphasize long-term client satisfaction, FT and Ignites Distribution Research used a three-year growth rate instead of the one and two-year growth rates that they used in the past. Clarfeld is one of twelve RIAs that received recognition on The FT 300 for New York. Neither the participating RIAs nor their employees pay a fee to FT in exchange for inclusion in The FT 300. There are no facts that would call into question the validity of the inclusion on The FT 300 or the appropriateness of Clarfeld’s advertising the same.

*Clarfeld may pay a fee in exchange for plaques, logo licensing, or article reprints commemorating the designation. While Clarfeld would pay this fee after receiving the designation and not as a condition precedent to receiving it, the fact that Clarfeld pays any fee with respect to its receipt of the designation should be considered if such designation is a factor in a client or prospective client’s evaluation of whether to initially to engage or continue to engage Clarfeld for investment advisory services.