Firm Description
Tull Financial Group, Inc. (“TFG” or the ”Firm”) was first incorporated as R.W. Tull & Associates, Inc. in 1992
by Robert W. Tull, Jr. The principal owners of the firm are Robert W. Tull, Jr. and Cathy C. Tull. There are currently
eight full-time employees, including employees who hold the Certified Financial PlannerTM, Certified Senior
Advisor, or Registered Financial Consultant designations, and an employee who is credentialed with National
Social Security AdvisorsSM. TFG will, from time to time, contract with other individuals on an as needed basis,
including marketing and paraplanning support. The Firm is federally registered with the U.S. Securities and
Exchange Commission “SEC” as a Registered Investment Adviser.
TFG offers investment management and financial planning to individuals, families, and their related trusts and
family businesses. TFG works with clients to define their financial concerns, goals, and objectives, and to
develop strategies for reaching those objectives, some of which may include cash flow and spending plan
management, tax planning, college planning, investment planning, insurance and risk review, retirement
planning, estate planning, company retirement plan evaluations, Social Security and Medicare options, and/or
other issues specific to the client.
TFG may recommend other professionals (such as lawyers, accountants, insurance agents, etc.) at the request
of the client. Clients are under no obligation to engage the services of any such recommended professional.
Other professionals are engaged directly by the client on an as-needed basis even when recommended by the
Firm. Any conflicts of interest will be disclosed to the client and managed in the best interest of the client. If a
client engages any professional recommended by TFG and a dispute arises thereafter relative to such
engagement, the client agrees to seek recourse exclusively from and against the engaged professional.
Types of Advisory Services
The primary type of advisory service offered by TFG is investment supervisory services (also called asset
management). TFG also offers financial planning services to accompany and/or enhance client investment
supervisory services. Other services requested by clients that are isolated in scope are generally handled on
an hourly basis. It is always TFG’s intent that a financial plan or investment proposal will culminate in an
ongoing relationship with the client as their Trusted Advisor.
In performing its services, TFG. is not required to verify any information received from the client or from the
client’s other professionals. Each client is advised that it remains his/her responsibility to promptly notify TFG
when there is any change in his/her financial situation and/or financial objectives for the purpose of reviewing,
evaluating, or revising previous recommendations and/or services.
The following are typical planning arrangements offered to clients:
Financial Planning
This offered service includes modular (topic-specific) or broader financial planning as appropriate for
the client through implementation of the Financial Planning Association’s seven steps to the financial
planning procedure: understanding the client’s personal and financial circumstances, identifying and
selecting goals, analyzing course(s) of action, developing the recommendation, presenting the
recommendation, implementing the recommendation, and monitoring progress and updating. The
topics can include cash flow and spending plan management, tax planning, college planning,
investment planning, insurance and risk review, retirement planning, estate evaluation, company
retirement plan evaluations, and/or other issues specific to the client. A written evaluation of the
client’s current situation and goals is provided to the client. Recommendations are given in each area
specifically requested by the client. This service typically includes two meetings in addition to the
introductory
meeting.
For clients whose relationship with TFG begins with a Financial Plan: Upon presentation of the client’s
financial plan (the ‘presenting’ step), a client may choose to engage TFG for implementation of the
plan, which may involve either Investment Supervisory Services or hourly services.
Investment Proposal
An Investment Proposal involves a process of identifying the client’s portfolio and the goals and
objectives, measuring the client’s risk tolerance, the development of a mutually agreed upon
Investment Policy Statement (“IPS”), and a recommended investment plan per account, complete with
fund selections and allocations. This service can be offered singularly, or as part of a broader Financial
Plan. The Investment Proposal is the beginning point for engaging TFG for Investment Supervisory
Services.
Investment Supervisory Services
The majority of services are provided by TFG to its clients through Investment Supervisory Services.
Some clients opt to engage in Investment Supervisory Services without financial planning, as TFG does
not require financial planning to accompany this service. Investment Supervisory Services typically
begin with the Investment Proposal described above, which culminates in a mutually agreed upon IPS.
The IPS is the contract by which TFG guides the client’s portfolio allocation, and it provides a
benchmark by which clients can understand portfolio performance in light of their risk level. Each
client’s IPS is periodically reviewed with the client, and mutually agreed upon adjustments are
occasionally applied to the client’s IPS over time as appropriate to the client’s situation. A client
engages TFG for Investment Supervisory Services by signing a Managed Asset Portfolio (“MAP”)
Agreement.
Small Business Retirement Plan Support
TFG provides investment account structure and administrative support for small business owners who
offer Simple IRA, 401(k), or other retirement programs to their employees. TFG provides support for
enrollment meetings, account application setup, fund selections, and trading support for participants.
TFG uses Charles Schwab as custodian for its small business retirement plans and uses adopted plan
administration materials also provided by Schwab (as needed).
Larger Business Retirement Plan Support
TFG provides similar support for larger companies offering 401(k) and profit-sharing plans to its
employees through a fixed-percentage-fee arrangement as the Advisor associated with that plan. TFG
assists with the plan’s transition or setup with the custodian, the fund selections, enrollment meetings,
and other support for plan participants.
Hourly Services
From time to time, a client may require financial services isolated in scope, which do not require a
Financial Plan or Investment Supervisory Services. TFG responds to these service requests by clarifying
the objective of the project and providing the hourly rate and estimated hours expected to complete
the project. An Hourly Services Fee Agreement is signed.
Personalized Services
TFG places a top priority on customizing services to suit the individual needs of the client. Client goals and
objectives are diagnosed in meetings and through correspondence and are used to determine the course of
action for each individual client. The goals and objectives for each client are documented in the Firm’s client
relationship management system.
Should clients desire to invest in securities outside of TFG’s recommendations, they may do so by establishing
and funding a non-managed account. The performance for non-managed accounts and investment positions
may be excluded from TFG’s quarterly reporting processes, depending on the arrangement.
Assets Under Management (“AUM”)
As of December 31, 2023,TFG managed approximately $281,487,817 in assets for about 295 clients. Of
these accounts, roughly $275,248,237 is managed on a discretionary basis and $6,239,580 is managed on
a non-discretionary basis.