A. Advisor Background
FMB Retirement Services (“FMBRS”) was founded in May 2012 in the form of a related SEC‐
registered investment Advisor to FMB Wealth Management (“FMBWM”), both advisors being
under the majority ownership of Debra A. Fields, CFP®.
FMBRS is a privately‐owned boutique Registered Investment Advisor (RIA) firm and full scope
3(21) fiduciary or 3(38) fiduciary for qualified plans, located in Westlake Village, California.
FMBRS is designed to offer suitable clients asset allocation services, consolidated reporting, and
periodic recommendations pursuant to retirement investment objectives chosen by the clients.
FMBRS will not serve as custodian for FMBRS’ client accounts or their assets.
FMBRS coordinates the financial affairs of a limited number of clients by implementing a
comprehensive retirement plan consulting process. We specialize in long‐term investment
strategies and dynamic portfolio design. We only accept new clients when we believe that we
can add value to those clientsʹ financial situations. We primarily use passive, low‐cost strategies
for investments and a consultative and collaborative approach to investing.
FMBRSʹ clients are offered customized choices and solutions that will assist them with reaching
their goals and reinforcing their values. These solutions are developed and delivered in close
consultation with the clients as well as with other trusted advisors in a highly collaborative
environment. In every aspect of our work, we make an uncompromising commitment to
provide world class client service and strive to meet every clientʹs highly individualized
retirement needs.
FMBRS and FMBWM share office space, employees, and management personnel. Most
investment advisor representatives of FMBRS are also employee IARs with FMBWM.
B. Management and Advisory Personnel
Debra A. Fields, CFP®
Year of Birth: 1958
Designations: CFP® (Certified Financial Planner™)
Education: BA French/Business, University of Redlands, 1980
CFP® Certified Financial Planning Board of Standards, 1987
Business FMB Wealth Management
Background: President, CFO, Secretary (2018 – present)
Secretary, Treasurer, and Director (2001 ‐ present)
FMB Retirement Services
President, Secretary, CFO (2018 – present)
Secretary, Treasurer and Director (2012 – present)
6 FMB Retirement Services, Form ADV Part 2A 3/19/2024
FMB Insurance Services
President, Secretary (2018 – present)
Secretary, Treasurer and Director (2016 – present)
Reportable Ms. Fields has not been involved in a disclosure event where she was found
Disclosures: liable in any civil, self‐regulatory organization, or administrative proceeding;
and has not been the subject of a bankruptcy petition.
Other Business
Activities: Debra A. Fields does not have any other business activities other than
administrative management of FMBRS’ related advisor, FMB Wealth
Management, and FMBRS’ related insurance agency, FMB Insurance Services.
* * *
Grant E. Blindbury, CFP®
Year of Birth: 1979
Designations: CFP® (Certified Financial Planner™)
Licenses: NASAA Uniform Combined State Law Examination (Series 66)
California Life, Health and Disability Insurance licensed
Education: BA Business, UCLA, 2001
CFP® Certified Financial Planning Board of Standards, 2008
Business FMB Wealth Management
Background: Partner, Director, Investment Advisor Representative (2001 ‐ present)
FMB Retirement Services
Partner, Director, Investment Advisor Representative (2012 – present)
Reportable Grant E. Blindbury has not been involved in a disclosure event where he was
Disclosures: found liable in any civil, self‐regulatory organization, or administrative
proceeding, and has not been the subject of a bankruptcy petition.
Other Business
Activities: Grant E. Blindbury is a Director, Partner and salaried IAR with FMBRS’ affiliated
Advisor, FMB Wealth Management (“FMBWM”). Mr. Blindbury is also
licensed to sell life insurance products in the State of California and receives
insurance commissions for doing so.
Mr. Blindbury reports directly to Debra A. Fields for all FMBRS business. You may contact Ms.
Fields by calling 805‐446‐4494.
* * *
Jeremy J. Fields, CFP®, AIF®, FBS®, RF™
Year of Birth: 1988
Designations: CFP® (Certified Financial Planner™)
7 FMB Retirement Services, Form ADV Part 2A 3/19/2024
AIF® (Accredited Investment Fiduciary)
RF™ (Registered Fiduciary)
FBS® (Certified Financial Behavior Specialist)
Licenses: NASAA Uniform State Investment Advisor Law Exam (Series 65)
California Life, Health and Disability Insurance licensed
Education: BS Business Administration, University of San Diego, 2010
CFP® Certified Financial Planning Board of Standards, 2016
Business FMB Wealth Management
Background: Director, Partner, Investment Advisor Representative (2012 ‐ present)
FMB Retirement Services
Director, Partner, Investment Advisor Representative (2012 ‐ present)
FMB Insurance Services
Chief Financial Officer (2018 – present)
Reportable Jeremy J. Fields has not been involved in a disclosure event where he was found
Disclosures: liable in any civil, self‐regulatory organization, or administrative proceeding,
and has not been the subject of a bankruptcy petition.
Other Business
Activities: Jeremy J. Fields is a Director, Partner and IAR with FMBRS’ affiliated Advisor,
FMB Wealth Management (“FMBWM”). Mr. Fields is also licensed to sell
insurance products in the State of California and could receive insurance
commissions for doing so.
Jeremy J. Fields reports directly to Debra A. Fields for all FMBRS business. You may contact
Ms. Fields by calling (805) 446‐4494.
* * *
Daniel L. Mock, CFP®, M.S.
Year of Birth: 1991
Designations: CFP® (Certified Financial Planner™)
M.S. (Master of Science)
Licenses: NASAA Uniform State Investment Adviser Law Exam (Series 65)
California Life, Health and Disability Insurance licensed
Education: B.A. Economics, California Lutheran University, 2013
B.A. Political Science, California Lutheran University, 2013
Masters of Science (M.S.), Quantitative Economics, California Lutheran
University, 2014
CFP® Certified Financial Planning Board of Standards, 2016
Business FMB Wealth Management
Background: Partner, Investment Advisor Representative; 8/2014 – Present
8 FMB Retirement Services, Form ADV Part 2A 3/19/2024
FMB Retirement Services
Investment Advisor Representative; 8/2014 – Present
Reportable Daniel Mock has not been involved in any disclosure event where he was found
Disclosures: liable in an arbitration claim alleging damages in excess of $2,500, or found liable
in a civil, self-regulatory organization, or administrative proceeding, and has not
been the subject of a bankruptcy petition.
Other Business
Activities: Mr. Mock is a Partner and registered IAR employee with FMBRS’ affiliated RIA,
FMB Wealth Management (“FMBWM”). Mr. Mock is also licensed to sell
insurance products in the State of California and could receive insurance
commissions for doing so.
Daniel Mock reports directly to Debra A. Fields for all FMBRS business. You may contact
Ms. Fields by calling (805) 446‐4494.
* * *
Andrew J. Miller
Year of birth: 1979
Designations: CRPS® (Chartered Retirement Plans Specialist)
Licenses: NASAA Uniform State Investment Adviser Law Exam (Series 65)
California Life, Health and Disability Insurance licensed
Education: Bachelor of Science in Kinesiology, California State University, Northridge, 2003
Business FMB Wealth Management
Background: Investment Advisor Representative; 8/2016 – Present
FMB Retirement Services
Investment Advisor Representative; 1/2020 – Present
Reportable Andrew J. Miller has not been involved in any disclosure event where he
Disclosures: was found liable in an arbitration claim, or found liable in a civil, self‐regulatory
organization, or administrative proceeding, and has not been the subject of a
bankruptcy petition.
Other
Business: Mr. Miller is a registered IAR employee with FMBRS’ affiliated RIA, FMB Wealth
Management (“FMBWM”). Mr. Miller is also licensed to sell insurance products
in the State of California and could receive insurance commissions for doing so.
Andrew J. Miller reports directly to Debra Fields for all FMBRS business. You may contact Ms.
Fields by calling (805) 446‐4494.
* * *
9 FMB Retirement Services, Form ADV Part 2A 3/19/2024
Jake L. Berman, MBA
Year of birth: 1995
Licenses: NASAA Uniform State Investment Adviser Law Exam (Series 65)
Education: Bachelor of Science in Business Administration, California State
University Channel Islands, May 2017
Masters of Business Administration (MBA), May 2022
Business FMB Wealth Management
Background: Director of Advisor Services ; 4/2021 – Present
FMB Wealth Management
Wealth Management Coordinator; 8/2018 – 4/2021
FMB Retirement Services
Investment Advisor Representative; 3/2023 ‐ Present
Reportable Mr. Berman has not been involved in any disclosure event where he was found
Disclosures: liable in an arbitration claim, or found liable in a civil, self‐regulatory
organization, or administrative proceeding; and has not been the subject of
a bankruptcy petition.
Other
Business: Mr. Berman is Director of Advisor Services and registered IAR employee with
FMBRS’ affiliated RIA, FMB Wealth Management (“FMBWM”).
Jake Berman reports directly to Debra Fields for all FMBWM business. You may contact Ms. Fields
at (805) 446‐4494.
* * *
Natalia M. McClure
Year of birth: 1990
Licenses: NASAA Uniform State Investment Adviser Law Exam (Series 65)
Education: Art Studies, Moorpark College
Business FMB Wealth Management
Background: Associate Advisor; 9/2022 – Present
FMB Retirement Services
Associate Advisor; 8/2023 – Present
Horst & Graben Wealth Management, LLC
Operations Specialist; 2/2018 – 9/2022
Royal Alliance
Registered Representative; 2/2018 – 12/2019
10 FMB Retirement Services, Form ADV Part 2A 3/19/2024
Reportable Ms. McClure has not been involved in any disclosure event where she was found
Disclosures: liable in an arbitration claim, or found liable in a civil, self‐regulatory
organization, or administrative proceeding; and has not been the subject of
a bankruptcy petition.
Other Business
Activities: Ms. McClure is an Associate Advisor and registered IAR employee with FMBRS’
affiliated RIA, FMB Wealth Management (“FMBWM”).
Natalie McClure reports directly to Debra Fields for all FMBWM business. You may contact Ms.
Fields at (805) 446‐4494.
* * *
C. Use of Professional Designations:
Certified Financial Planner™ (CFP®). The Certified Financial Planner™, CFP® and federally
registered CFP® marks (collectively, the “CFP® marks”) are professional certification marks
granted in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP®
Board”).
The CFP® certification is a voluntary certification; no federal or state law or regulation requires
financial planners to hold CFP® certification. It is recognized in the United States and several
other countries for its (1) high standard of professional education; (2) stringent code of conduct
and standards of practice; and (3) ethical requirements that govern professional engagements
with clients. Currently, more than 62,000 individuals have obtained CFP® certification in the
United States.
To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following
requirements:
Education – Complete an advanced college‐level course of study addressing the
financial planning subject areas that CFP® Board’s studies have determined as
necessary for the competent and professional delivery of financial planning services
and attain a bachelor’s Degree from a regionally accredited United States college or
university (or its equivalent from a foreign university). CFP® Board’s financial
planning subject areas include insurance planning and risk management, employee
benefits planning, investment planning, income tax planning, retirement planning,
and estate planning;
Examination – Pass the comprehensive CFP® Certification Examination. The
examination, administered in 10 hours over a two‐day period, includes case studies
and client scenarios designed to test one’s ability to correctly diagnose financial
planning issues and apply one’s knowledge of financial planning to real world
circumstances;
Experience – Complete at least three years of full‐time financial planning‐related
experience (or the equivalent, measured as 2,000 hours per year); and
11 FMB Retirement Services, Form ADV Part 2A 3/19/2024
Ethics – Agree to be bound by CFP® Board’s Standards of Professional Conduct, a set of
documents outlining the ethical and practice standards for CFP® professionals.
Individuals who become certified must complete the following ongoing education and ethics
requirements to maintain the right to continue to use the CFP® marks:
Continuing Education – Complete 30 hours of continuing education hours every two
years, including two hours on the Code of Ethics and other parts of the Standards of
Professional Conduct, to maintain competence and keep up with developments in the
financial planning field; and
Ethics – Renew an agreement to be bound by the Standards of Professional Conduct.
The Standards prominently require that CFP® professionals provide financial
planning services at a fiduciary standard of care. This means CFP® professionals
must provide financial planning services in the best interests of their clients.
CFP® professionals who fail to comply with the above standards and requirements may be
subject to CFP Board’s enforcement process, which could result in suspension or permanent
revocation of their CFP® certification.
Accredited Investment Fiduciary (AIF®). The AIF® (ACCREDITED INVESTMENT
FIDUCIARY®) professional designation is the first and only designation that demonstrates
knowledge and competency in the area of fiduciary responsibility. With the media awash with
stories of financial scandals, investors are demanding that investment advisors embrace a
higher standard of practice than ever before. The AIF® professional designation and
certification is issued by the Center for Fiduciary Studies, and the training is the best way for
investment fiduciaries and professionals to absorb the Prudent Practices, their legal
underpinnings and how to apply them within existing fiduciary policies and procedures.
Holders of the AIF® mark have successfully completed this specialized program on investment
fiduciary standards and subsequently passed a comprehensive examination. To qualify for the
AIF® Designation, candidates must meet minimum criteria for Screening, Education and
Training standards, Professional Development standards, and Relevant Industry Experience
standards.
The AIF® training concludes with an examination to apply for and earn the AIF® Designation.
The AIF® final exam is a proctored exam. The requirement for a proctor ensures the integrity of
the examination process as one of the high standards for earning the AIF® Designation.
Registered Fiduciary™ (RF™). The Registered Fiduciary™ (RF™) certification identifies
financial professionals that have achieved pertinent academic qualifications and licenses,
learned required practices, and have passed a background check.
The RF™ certification prepares a candidate to comply with the regulatory requirements of
acting as a fiduciary under current laws. The RF™
certification is continuously being updated to
reflect the most recent regulatory, marketplace and technology changes.
12 FMB Retirement Services, Form ADV Part 2A 3/19/2024
This fiduciary standard distinguishes RF™ designated professionals as having met the highest
standard in the financial industry. All valid certified RF™ are listed on the Registry of Fiduciary
Professionals. RF™ certifications are further defined by specialties. Each designee has one or
more specialties that identify the services that he/she is qualified to provide.
Certified Financial Behavior Specialist® (FBS®). The Certified Financial Behavior
Specialist® (FBS®) designation is a professional certification mark for financial professionals
providing financial consulting services conferred by the Financial Psychology Institute®. To
receive authorization to use the marks, the candidate must meet specific educational and
continuing education requirements in the areas of behavioral finance and financial behavior.
Certification Requirements:
Bachelor’s Degree or higher from a Regionally Accredited Institute of higher learning
and/or a License, Registration, or Certification in financial planning, counseling,
coaching, mental health, or a related field.
Completion of a Certificate in Financial Psychology & Behavioral Finance or related
field.
Agreement to adhere to the Financial Psychology Instituteʹs® Code of Ethics.
20 Hours of CEUs in approved courses related to financial planning, financial behavior,
or a related field every 2 years, either through the Financial Psychology Institute® or
other approved providers.
Two letters of recommendation from professionals familiar with financial psychology or
financial therapy, and who are also familiar with your work.
Certificate holders include practicing financial planners, financial coaches, financial counselors,
and mental health practitioners who use the theories and tools of financial behavior to provide
more holistic services to clients, better understand financial beliefs and behaviors, and work
more effectively with individuals, couples, families, and organizations around money.
By using the marks, the FBS® Certificant promises to adhere to the ethical standards guide as
defined in the Financial Psychology Instituteʹs® Code of Ethics.
Chartered Retirement Plans Specialist® (CRPS®). The Chartered Retirement Plans Specialist®
(CRPS®) designation is a credential for those who create, implement and maintain retirement
plans for businesses. Unlike most other professional financial planning and advisory
professional designations, the CRPS® focuses on wholesale and business clients. It is awarded
by the College for Financial Planning to individuals who pass an exam demonstrating their
expertise. Every two years, CRPS® professionals must complete 16 hours of continuing
education and pay a nominal fee to continue using the designation.
The Chartered Retirement Plans Specialist® program is a case‐study‐based, client‐centered
problem‐solving approach. The study program to become a CRPS® covers types and
characteristics of retirement plans, including IRAs, small business retirement plans, defined
contribution plans, nonprofit plans, 401(k) and 403(b) plans, and government plans.
13 FMB Retirement Services, Form ADV Part 2A 3/19/2024
Keeping up with changes to tax codes and other laws is important for a chartered retirement
plans specialist. For example, the passage of the Setting Every Community Up for Retirement
Enhancement (SECURE) Act in December 2019 brought forth some hefty changes to the
retirement industry. As of 2020, under the new law, the age for taking required minimum
distributions (RMDs) is no longer 70.5, but age 72. Then, a few years later, Congress passed the
SECURE 2.0 Act which increased the RMD age to 73. Being mindful of these changes as they
occur are central to the role of chartered retirement plans specialist.
D. Advisory Services
The Employee Retirement Income Security Act of 1974, as amended (ERISA) requires employee
benefit plan fiduciaries to act solely in the interests of, and for the exclusive benefit of, plan
participants and beneficiaries.
FMBRS provides full scope 3(21) fiduciary or 3(38) fiduciary for qualified plans and retirement
services for Pensions, 401ks and other qualified retirement plan clients. Retirement Services is
comprised of Investment Consulting, Advanced Planning and Relationship Management.
Investment Consulting incorporates historical portfolio performance analysis, risk evaluations,
and asset allocation.
FMBRS provides full scope fiduciary services in compliance with ERISA § 3(21) as follows:
1. Strategic Planning and Investment Policy Services
Meet with the Plan Sponsor to assist in developing an Investment Policy Statement (“IPS”).
Alternatively, if the Plan has an existing IPS, the IAR will review the existing IPS and assist
the Plan Sponsor to determine whether the Plan is performing consistent with the IPS
and/or whether the IPS needs to be revised, based on an analysis of the Plan’s liquidity
requirements, performance goals, and risk tolerance levels of the Plan, using information
provided by the Plan Sponsor.
2. Assessment of Investments
Conduct an initial and/or periodic annual review of Plan investments and investment
options including, without limitation, investment performance, fund expenses and style
drift for investments offered by the Plan to participants; provide investment
recommendations to the Plan Sponsor from time to time as deemed warranted by IAR for
alternative investment options for the Plan to make available to its participants (which
decision shall remain the sole and exclusive decision of the Plan Sponsor and/or their
delegate).
3. Plan Review
Conduct a review of the Plan design and use best efforts to advise the Plan Sponsor whether
the Plan is operating in accordance with Plan documents.
4. Plan Fee and Cost Review
Conduct a periodic annual review, using a third‐party tool, of fees and costs charged to Plan
by other service providers to assist Plan Sponsor with monitoring the reasonableness of fees
and costs paid by the Plan.
14 FMB Retirement Services, Form ADV Part 2A 3/19/2024
5. Third Party Service Provider Liaison
Act as a liaison for the Plan and Plan Sponsor, on an as needed basis, when dealing with the
trustee, custodian, plan actuary and other third‐party services providers to the Plan.
6. Participant Investment Information
The IAR will prepare information regarding allowable contributions and the choice of
investments, which the Plan participant may implement at his/her sole discretion.
Individual participant investment recommendations are not covered under this agreement.
7. Coordination with Other Consultants
Interact with outside advisors or tax, legal and accounting counsel as necessary and
requested by the Plan Sponsor.
8. Participant Education and Communication
Coordinate investment education and enrollment for Plan participants. This does not
include IAR performing onsite Plan participant meetings, providing individualized
investment advice to Plan participants, or acting in a fiduciary capacity for Plan
participants.
ERISA Section 3(38) FMBRS Managed Vision Portfolios:
FMBRS designs, constructs, and maintains each Model Portfolio and serves as Model Portfolio
Manager. FMBRS shall not render any investment advice as to the selection of funds, which
decision shall be within the sole discretion of Client. FMBRS shall have the authority and
discretion to initially select, add or remove any underlying mutual fund, however, if it is from
the series selected by client, for purposes of rendering Fiduciary Services. If any mutual fund
not listed above shall be utilized for Model Portfolio purposes, FMBRS IAR shall provide Client
with a mutual fund prospectus and relevant information about fees and required disclosure
items at least sixty days prior to the use of such mutual fund in any Model Portfolio. If Client
does not object in writing to the use of such mutual fund in a Model Portfolio following the
sixty‐day notice period, then Client shall be deemed to have provided consent to the use of such
mutual fund.
Model Portfolios are not managed securities but rather asset allocation portfolios utilizing only
the underlying mutual funds from the approved series of mutual funds designated by Client.
The allocation of asset classes within each Model Portfolio to achieve each strategy shall be
based on generally accepted investment theories and modern portfolio theory.
FMBRS shall modify asset allocation within the Model Portfolio based on its professional
judgment. FMBRS shall re‐balance Model Portfolio at its discretion based on conformance to its
investment policy for proprietary investment bands. FMBRS may allow for some deviation
from the investment policy (depending on the size of the position) based upon level of
deviation of the asset class and other factors.
ERISA Section 3(38) Qualified Default Investment Alternative (“QDIA”) Services:
FMBRS will provide QDIA management services by creating and managing the Model Portfolio
that allocates the assets of individual accounts for participants who are automatically enrolled
15 FMB Retirement Services, Form ADV Part 2A 3/19/2024
in the Plan but who fail to make an investment election. The Model Portfolio will be
constructed to achieve varying degrees of long‐term appreciation and capital preservation
through a mix of equity and fixed income exposures offered through mutual funds as
designated above by Client. FMBRS shall diversify, reallocate, and rebalance the QDIA Model
Portfolio and associated risk levels over time in accordance with generally accepted investment
theories.
In providing QDIA Services, FMBRS shall act as an ERISA fiduciary and will serve as an
“investment manager” as defined in ERISA Section 3(38) only with respect to the assets of a
participant’s account which have been defaulted into the QDIA. The Client retains the sole
responsibility to provide notices to participants as required under ERISA Section 404(c)(5).
In providing Fiduciary Services under this Agreement, FMBRS has no responsibility to provide
any Fiduciary Services with respect to the following types of assets: employer securities, real
estate (but excluding real estate funds), participant loans, non‐publicly traded securities or
assets; other illiquid investments, or brokerage window programs (collectively, “Excluded
Assets”). FMBRS shall have no authority or responsibility to provide Fiduciary Services with
respect to voting proxies for securities held by the Plan or take other action related to the
exercise of shareholder rights regarding such securities.
FMBRS does not act as, nor will FMBRS agree to assume the duties of, a trustee of the Plan or as
Plan Administrator (as such term is defined under ERISA). FMBRS has discretion only with
respect to investments in the Model Portfolio but no discretion to interpret the Plan documents,
to determine eligibility or participation under the Plan, or to take any other action with respect
to the management, administration, or any other aspect of the Plan. Further, FMBRS does not
serve as a custodian for the Plan and does not take custody of Plan assets.
Non‐Fiduciary Services:
FMBRS may coordinate for a suite of services, performed by various non‐affiliated service
providers, for the management and investment of Plan assets. Clients may select among various
services including investment management services by Agreement, custodial record‐keeping
and third‐party administration services provided under agreement between Client and
respective service providers, and services rendered by Advisor to Clients as agreed among
them.
FMBRS may provide other Non‐Fiduciary Services as agreed to in writing with Clients.
FMBRS acts as a fiduciary of Plans under Sections 3(21)(A)(i) and 3(38) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) and under the Investment
Advisors Act of 1940 (the “Act”).
In performing any other services from time to time, including Non‐Fiduciary Services, FMBRS
provides consulting or administrative support to Clients and acts solely as an agent of Clients
(whether or not Client is acting as Plan Administrator) and acts solely at the direction of Clients
and is not acting as a Fiduciary of the Plan. When FMBRS has been granted discretionary
power and authority to act as an investment manager for the Plan, FMBRS may be a fiduciary.
16 FMB Retirement Services, Form ADV Part 2A 3/19/2024
Custody of Plan assets will be maintained with an independent custodian selected by Clients
and approved by FMBRS. Generally, the independent custodian will be one of the following:
Charles Schwab Institutional (“Schwab”), Fidelity Investments (“Fidelity”), Nationwide
Retirement (“Nationwide”), Transamerica Retirement Services (“Transamerica”), Empower
Retirement Services (“Empower”), Ascensus, PCS Retirement, Principal Financial Group,
TruStage, or American Funds (Capital Group).
FMBRS will not have custody of any assets. Clients will be solely responsible for paying all
associated fees, charges and expenses by the respective custodian. FMBRS will not have any
liability with respect to custodial arrangements or the acts, conduct, or omissions of the chosen
custodian. Clients authorize FMBRS to instruct the custodian on Clients’ behalf to provide
FMBRS and IAR with copies of all periodic statements and other reports that the custodian
sends to Clients.
The sole standard of care imposed on FMBRS in performing the Fiduciary Services is to act with
the care, prudence, and diligence under the circumstances then prevailing that a prudent man
acting in a like capacity and familiar with such matters would use in the conduct of an
enterprise of like character and with like aims, provided, however, that nothing in the executed
Agreement limits any responsibility that FMBRS may have to Client to the extent such
limitation would be inconsistent with applicable laws, including securities laws.
FMBRS has not completed, nor will it complete, any independent due diligence or
investigations of Clients, other than the required positive identification of each account
beneficial owner(s), as required by federal and state law. Otherwise, FMBRS relies solely on the
facts presented by Clients.
FMBRS uses passively managed index mutual funds and Exchange Traded Funds (ETF’s) from
various asset classes to achieve diversification. Many of the funds used are from Dimensional
Fund Advisors (DFA). These funds are purchased and held at an independent third–party
discount stock brokerage firm or qualified retirement plan custodian.
For participant‐directed Defined Contribution pension plans held with qualified custodians,
IAR will review and analyze all available investment options.
E. Client Needs
IARs conduct initial discovery meetings with each potential advisory client to discuss their
financial needs, personal goals, risk tolerance and overall investment objectives in depth. It is
beneficial to the client for each client to provide accurate and candid information and promptly
inform their IAR of any material changes in their circumstances as soon as a change occurs so
their IAR can re‐evaluate their portfolio to see if adjustments to the advisory account portfolio
are necessary. Clients may impose restrictions on investing in certain securities or types of
securities in most advisory programs.
F. Wrap Programs
FMBRS and its associated IARs do not offer or participate in wrap fee programs.
17 FMB Retirement Services, Form ADV Part 2A 3/19/2024
G. Client Assets Under Management
As of December 31, 2023 (our fiscal year‐end) FMB Retirement Services had 82 Pension and
other corporate retirement plan clients and was managing approximately $ 120,741,257 in assets
on a discretionary basis. FMBRS does not manage non‐discretionary account assets.
18 FMB Retirement Services, Form ADV Part 2A 3/19/2024