The purpose of this disclosure is intended to outline the responsibilities of KeyBank National Association (“KeyBank”) with respect to its provision of financial planning services to its prospective or existing clients.
KeyBank’s intention is to assist you on your personal financial journey by analyzing your investment objectives and developing a Financial Plan that we believe will help you achieve your financial goals. This Agreement sets forth the terms and conditions by which KeyBank will provide its financial planning services.
While KeyBank endeavors to address all your financial needs, the scope of this financial planning process and agreement does not include the following services: investment management, brokerage or custody agreements, credit & banking services, insurance services, trust services, or business advisory services. If any of these services interest you, we encourage you to speak with your KeyBank representative.
Financial Planning Services Offered at No Charge
We consider KeyBank’s planning expertise to be one of our core competencies. It is available to existing Core Clients free of charge as part of our relationship.
Although you will not be charged a fee for the financial planning services described in this Agreement, one or more of your KeyBank advisors may be compensated either by salary, bonus based upon the firm meeting certain performance objectives, compensation resulting from a client purchasing or selling financial assets or a combination of the described compensation methods. Related brokerage affiliates may receive sales-related compensation including, for example, commissions, trailing commissions, 12b-1 fees, spreads, transaction fees, or similar consideration that indirectly benefits your KeyBank advisor.
Additionally, when KeyBank serves in a fiduciary capacity, it will only charge additional commissions, fees, and expenses agreed to by the client or permitted under applicable law. Such fees will be detailed in a separate agreement governing the scope of those services.
Confidentiality & Privacy Notice
Your KeyBank advisor must keep confidential and may not disclose non-public personal or financial information regarding any current or former client. Such information may only be disclosed at the client’s consent and for legal and enforcement purposes.
KeyBank has policies and systems in place to protect the security of non-public personal or financial information about any client, including the security of information stored physically or electronically, from unauthorized access that could result in harm or inconvenience to the client.
Key’s Privacy Notice is available on key.com and can be printed directly from the site.
The financial planning process and delivery of the final financial plan does not create an ongoing advisory relationship.
The financial planning process will conclude at the delivery and presentation of the final Financial Plan. Specifically, this agreement shall terminate upon KeyBank’s delivery of the financial plan selected; provided, however, this agreement may be extended up to a total of thirty (30) days from the initial presentation of the financial plan selected in order to correct, update or expand the plan. We may from time to time review this Financial Plan and update same in response to your changing life circumstances. However, we are under no obligation to review and monitor the propriety of the Financial Plan on a continuous or ongoing basis.
For our Key Private Bank clients, we encourage you to engage us on a regular basis to review the implications of changing economic conditions, tax laws and/or your particular financial circumstances. If you have questions about how different decisions or changes in your life may impact your Financial Plan, please share those with your advisor who can request input from our planners.
Planning services are client dependent.
The scope of services will determine which experts from KeyBank should be involved in the process. We will only share your information with KeyBank professionals engaged in reviewing your situation.
The scope of the financial planning engagement will be determined after identifying goals and going through a financial plan discovery process. Ultimately, you may choose from one or several strategies identified during the financial planning process in order to focus on the financial decisions and/or strategies that are most critical to you now. After implementing these strategies we will periodically meet to revisit and reevaluate the chosen strategies based on your evolving financial needs.
We assemble the right resources to apply our best thinking for you.
With your current situation and trend lines established, we will gather the appropriate professionals to review your plan, identify and model strategies, and craft specific recommendations that we believe will improve your financial situation.
Collecting the right information is critical.
Based on the type of analysis we are going to provide, we will need the documents indicated by your advisor. We will review this material prior to our next meeting to discuss your goals, as well as any questions you may have. By reviewing the statements first, we can uncover additional questions necessary to complete your Financial Plan. If we are unable to gather your information, we will need to suspend the engagement until you are able to provide us the appropriate information.
Knowing your goals and questions are as important as knowing the facts.
After reviewing your documents, we will meet to explore your goals in greater detail. We will ask the tough questions about priorities and choices and if there are roadblocks to achieving your desires. This meeting may spur other thoughts or changes to your goals.
Please let us know whenever a goal changes or new questions emerge. Once we have all the needed information, our planning staff will identify any issues and project potential future results of your current financial state.
We provide detail where it matters.
We provide a detailed review of your current situation and utilize a broad needs-based approach to your Financial Plan. We do not provide a forecast of detailed results. Planning requires making assumptions about tax laws, investment returns, inflation, and many other factors. Our advisors and planners will help you understand which details and which trend lines are important to monitor over time.
We provide recommendations to address your current financial situation.
We will analyze your present financial situation and project your ability to achieve your stated objectives. If your defined goals are not met based on our mutually agreed upon assumptions, we will offer potential alternative actions for fulfilling those objectives. Our recommendations are customized and do not relate to specific products.
We complement but do not replace the work of your other advisors.
We may discuss various strategies during the planning process; however, we do not provide tax or legal advice. We provide analysis for you to share with your other advisors to get their input and opinions. We strongly urge you to talk over these ideas and strategies with your tax and legal advisors as they may know other details that could influence your decisions.
KEYBANK DOES NOT GIVE SPECIFIC ADVICE ON HEALTH, LIABILITY, OR PROPERTY AND CASUALTY INSURANCE ISSUES. KeyBank does not provide opinions or advice with regards to risk analysis or adequacy of coverage relating to the amount or quality of health, property, liability, professional liability, umbrella or any non-life risk insurance coverage.
KeyBank would be pleased to implement any recommendations you choose.
The Financial Planning staff is not compensated based on whether recommendations are implemented or not, but your KeyBank advisors may be. We strive to keep our recommendations and implementation processes separate and keep your best interest in mind, but it is important to keep in mind that conflicts of interest may exist. If such conflicts exist, we will disclose such conflicts of interest to you.
Although the Financial Plan may identify multiple strategies or recommendations, the financial planning process and eventual delivery of the Financial Plan does not govern the implementation phase of these identified strategies or recommendations. We will not implement any investment strategy or recommendation without your specific authorization.
If implementation can be accomplished through Key or one of its affiliates, that implementation may be governed by a separate agreement and/or fee structure. This agreement does not address any investment advisory or brokerage services that may be provided by Key or an affiliate. Should implementation require the assistance of third parties, Key will facilitate such implementation to the extent practicable, but it will not be responsible for implementing or overseeing that process.
The final financial plan is not a prediction of future results.
This final financial planning report is an expression of opinion only based on the objectives and goals identified in the financial plan discovery process.
The opinions expressed in the financial plan are based on the information you provide to Key and information from third parties believed to be reliable and Key shall not be liable for any depreciation or loss sustained in connection with recommendations made in good faith pursuant to the terms hereof.
Key does not guarantee rates of return expected for your portfolio or other financial projections since they may be influenced by many circumstances beyond our control. Similarly, planning strategies may be influenced by changes in laws and regulations.
Although the information provided to you during this engagement will be obtained or compiled from sources that we believe are reliable, KeyBank does not guarantee that the information or data made available to you through this engagement will be accurate, timely, valid, or complete. The quality of the information that you provide as part of the process of preparing a financial plan for you, or in providing you other services, will influence the accuracy and utility of the guidance we provide. KeyBank, its affiliates, directors, officers, employees, and any third-party vendors will not be liable or responsible for any loss or damage that you incur as a result of an act or omission of any other party involved in fulfilling the terms of this Agreement.
Key, its affiliates, or their respective shareholders, directors, officers, employees or agents (Covered Parties) shall not have any responsibility or liability for any loss resulting from any act or omission by the Client or employee of the Client. The Covered Parties shall not be responsible or liable for any loss or damage resulting from or arising out of any action taken or omitted in good faith by the Covered Parties. Similarly, by engaging us for purposes of providing the financial planning services discussed herein, you, on behalf of your heirs and assigns, waive any claim or action you may have against KeyBank, or any of KeyBank’s affiliates, for any loss, cost or liability, including attorney’s fees, arising from any action that you may or may not take in reliance on any financial plan provided to you by KeyBank.
Conflicts of interest
After customized recommendations are made, your KeyBank advisor may recommend the purchase of services and products from KeyBank or through an affiliate. Such services and products include, but are not limited to, purchases of annuities, life insurance, and purchasing securities underwritten or otherwise distributed by KeyBank or an affiliate. KeyBank also provides banking products, such as deposits, loans, credit lines, mortgages, and other banking products. KeyBank or an affiliate may receive and retain compensation with regard to these transactions subject to client agreements or KeyBank’s compliance with applicable law. The fees and charges for these products are not impacted by the fact that you have had a financial plan completed and our regular fee and product expenses apply.
Key Private Bank provides Investment Advisory Services. Some Key Bank advisors receive part of their compensation based upon the amount of assets under our management and therefore have an incentive to recommend that you make financial decisions that would result in more assets under our management.
Fees and charges for products are not impacted by the fact that you have had a Financial Plan completed. Our regular fee and product expenses apply.
Although KeyBank does not charge a fee for its financial planning services, KeyBank and its affiliates may receive fees and commissions from the products and services that are discussed as part of your Financial Plan. You should assume that there are separate fees and commissions associated with any of the specific products or services recommended as part of the Financial Plan, including hiring KeyBank as a trustee or investment advisor.
Engaging and working with other persons
Your KeyBank advisor may retain other professionals within KeyBank or outside of KeyBank to assist in providing financial advice. We will disclose to you when we are working with additional persons and will exercise reasonable care to protect your interests.
Miscellaneous terms and conditions
This Agreement shall be construed in accordance with and governed by the laws of the State of Ohio. The agreement constitutes the sole understanding of the parties with respect to the subject matter hereof.