Introduction
Law & Associates, Inc. (“Law”, the “Firm”, “we” or “our”) was founded in 1980 and registered with the
Securities and Exchange Commission (the “SEC”) in 1982.
The oral and written communications we provide to the client, including this Brochure, contain
information the client can use to evaluate Law and compare us to other advisers, to assist the client in
making the decision to hire us or to continue to maintain a mutually beneficial relationship with us. This
Brochure provides information about our qualifications and business practices.
Ownership
Law is a privately-owned corporation headquartered in Glen Echo, Maryland. Janice L. Henderson is
the sole shareholder of the business.
Services Provided
For most of our client relationships, we provide Wealth Management Services, which includes Financial
Planning Services, Investment Advisory Services, and Investment Management Services. A client may
also hire us to provide only Financial Planning or only Investment Management Services as needed to
address their particular needs.
Financial Planning Services
We will prepare an initial Comprehensive Financial Plan for the client, which will include the following
services: (i) data collection, (ii) an initial case analysis, and (iii) an initial meeting with the client and, if
requested, a follow-up meeting. Our Financial Planning Services will address the following areas, if
applicable: cash flow planning, tax planning, education planning, distribution planning, risk management
review, retirement plan strategies, estate planning (document review/strategy) and investment planning.
After delivery of the initial Comprehensive Financial Plan, we will provide the client with periodic
strategy sessions in person, by email or by telephone, as deemed necessary as mutually agreed upon, to
review and implement the plan. These services shall be available at no additional charge until the first
anniversary of the Client Agreement. After the first year, we provide Financial Planning Services, as
needed, and periodically update the Comprehensive Financial Plan to adjust it for changes in the client’s
financial situation or investment objectives.
Divorce Financial Analysis Services
Our Certified Divorce Financial Analyst (CDFA®) will work in partnership with the client’s attorney and help
analyze and understand how financial decisions made during the divorce or mediation process will impact
the client’s financial future. In concert with legal advisors, we are able to provide support to litigators as
well as become part of a Collaborative Divorce Team. We’ll help the client navigate the following:
Gathering of financial data, including balance sheet, cash flow and tax information, assisting in the
identification of financial goals, developing a budget, establishing retirement goals, and identifying and
setting realistic lifestyle expectations.
Investment Management Services Programs
In addition to the Financial Planning Services we offer, the client can request that we implement the
investment strategies, as recommended in the financial plan. The client investment strategies can be
implemented through fee-based and/or non-fee-based programs provided through Raymond James &
Associates, Inc. (“RJA”), a member of the Financial Industry Regulatory Authority (“FINRA”), the
Securities Investor Protection Corporation (“SIPC”), and member of the New York Stock Exchange.
Our investment recommendations are determined based on the client’s investment objectives, risk
tolerance, net worth, net income, age, time horizon, tax situation and other factors. We determine the
client’s investment allocation by utilizing an Investment Policy Questionnaire.
The client’s financial advisor receives a portion of the fee the client pays for the accounts listed
immediately below. For further information on wrap fee accounts, refer to the RJA Wrap Program
Brochure available at
https://adviserinfo.sec.gov. The programs offered to clients are listed below.
Accounts Administered by Raymond James & Associates, Inc.
We exclusively utilize RJA as the broker-dealer for the execution of a client’s securities
transactions. Factors we consider when recommending RJA include RJA’s financial strength,
reputation, execution, pricing, research, and service.
Ambassador
The Ambassador program is a wrap fee investment advisory account offered and administered by
RJA. Law will manage the client’s account on a non-discretionary basis according to the client’s
objectives. Ambassador offers the client the ability to pay an asset-based advisory fee, which
includes transaction costs within the advisory fee in lieu of a commission for each investment
transaction conducted in the account.
Accounts Administered by Third Party Managers
We may recommend the services of a Third-Party Investment Adviser (“TPA”) to manage the client’s
portfolio through RJA. Any program we recommend that is offered through RJA will be consistent
with
the client’s financial needs, investment goals, and risk tolerance. Upon the client’s selection of a TPA,
we will monitor the performance of the TPA to ensure its performance and investment approach
remains aligned with the client’s investment goals. The TPA is granted discretionary authority by the
client to manage and invest the client’s assets. If we recommend a TPA through RJA, the client will
receive written disclosure of the TPA’s fees and costs prior to the client’s assets being placed with the
TPA. Below is a list of the TPA programs offered:
Freedom
The Freedom Account is a wrap fee investment advisory account which allocates the client’s assets
through discretionary mutual fund or exchange-traded fund (“ETF”) management, based upon
the client’s financial objectives and risk tolerance. The client appoints Law as the client’s
investment adviser to select the investment strategy and monitor performance on a continuing
basis.
American Funds Model Portfolios Program
The American Funds Model Portfolios Program (“American Funds Program”) is a mutual fund
advisory service that provides our clients the opportunity to allocate assets among various asset
classes that cover a variety of investment objectives. The American Funds Program invests
exclusively in American Funds mutual funds. The client appoints Law as the client’s investment
adviser to select the investment strategy and monitor performance on a continuing basis.
Raymond James Consulting Services Program (“RJCS”)
The client appoints Law as the client’s investment adviser to select certain portfolio managers,
monitor performance of the client’s account and provide administrative services. Based upon the
client’s financial needs and investment objectives, Law will assist the client in selecting an
appropriate manager(s).
Eagle High Net Worth Program (“EHNW”)
The client appoints Eagle Asset Management as the client’s investment adviser. Eagle is managed
by Raymond James Investment Management, a wholly owned subsidiary of Raymond James
Financial. The client may select one or more investment objectives. Eagle will manage the client’s
account on a discretionary basis in accordance with the client’s financial needs and investment
objectives. Services provided to the client include assisting the client in choosing the appropriate
Eagle objective, monitoring the client’s performance and administrative services.
RJA no longer offers the EHNW program to prospective clients, as the investment disciplines
available in EHNW are generally also available through the RJCS program. However, existing
EHNW accounts continue to be managed under the pre-existing investment agreement with Eagle
Asset Management.
Raymond James Research Portfolios Program
The Raymond James Research Portfolios (“RJRP”) Program offers clients a managed account
investment choice that leverages the research services of Raymond James’ Equity Capital Markets
and Equity Portfolio & Technical Strategy Group divisions. The client appoints Law as the
client’s investment adviser to select the investment strategy and monitor performance on a
continuing basis.
Raymond James Multiple Discipline Account Program
The Raymond James Multiple Discipline Account (“MDA”) Program offers our clients access to
certain investment strategies developed by Portfolio Managers participating in the MDA
Program. The MDA Program is comprised of several strategies from the same manager and
allows the manager to adjust allocations to strategies based on market conditions. Law will
recommend the appropriate portfolio based on the client’s financial needs and investment
objectives and monitor performance on a continuing basis.
Freedom Unified Managed Account
The Freedom Unified Managed Account (“UMA”) Program is an investment advisory account
which, like the Freedom Account, allows our clients to allocate assets through discretionary
mutual fund or ETF management, based upon the client’s financial objectives and risk tolerance.
Additionally, our client’s assets may be invested through affiliated or unaffiliated investment
advisers (“Managers”) registered with the SEC with whom RJA has entered into a sub-advisory
agreement. The client appoints Law as the client’s investment adviser to select the investment
strategy and monitor performance on a continuing basis.
Outside Manager Program
The Outside Manager (“OSM”) Program provides investment advisory services to accounts
managed by an unaffiliated investment adviser that is not available through the aforementioned
RJCS programs. In the OSM Program, the client may receive discretionary investment advisory
services from the OSM Manager, and trade execution, custodial, advisory, and other services from
RJA.
Wrap Fee Programs
As noted above, Law participates in wrap fee programs sponsored by RJA. Wrap accounts charge one
fee, which includes investment management fees and any transaction fees.
Assets Under Management
As of December 29, 2023, the Firm has $214,191,633 in total assets under management.