A. IBEX Wealth Advisors, LLC (the “Registrant”, “IBEX”, or the “Firm”) is a limited liability
company formed in December 2012 in the state of New Jersey. The Registrant became
registered as an Investment Adviser Firm in January 2014. The Registrant is owned by
Glenn E. Stephenson, James J. Varaklis, and Phillip Rongo. Mr. Stephenson is the
Managing Member.
B.
INVESTMENT MANAGEMENT SERVICES
The Registrant provides discretionary investment advisory services on a fee basis. The
Registrant’s annual investment advisory fee is based upon a percentage (%) of the market
value of the total assets placed under the Registrant’s management.
Prior to engaging the Registrant to provide investment advisory services, clients are
required to enter into an Investment Advisory Agreement with the Registrant setting forth
the terms and conditions of the engagement.
Registrant provides investment advisory services specific to the needs of each client. Prior
to providing investment advisory services, an investment adviser representative will
ascertain each client’s investment objectives. Thereafter, the Registrant will allocate or
recommend that the client allocate investment assets consistent with their designated
investment objectives. It is the client’s responsibility to promptly notify the Registrant if
there is a change in their financial situation or investment objectives.
FINANCIAL PLANNING AND CONSULTING SERVICES (STAND-ALONE)
The Registrant may provide financial planning and/or consulting services (including
investment and non-investment related matters, including estate planning and insurance
planning) on a stand-alone separate fee basis.
Prior to engaging the Registrant to provide planning or consulting services, clients are
required to enter into a Financial Planning and Consulting Agreement with Registrant
setting forth the terms and conditions of the engagement (including termination),
describing the scope of the services to be provided, and the portion of the fee that is due
from the client prior to Registrant commencing services.
If requested by the client, Registrant may recommend the services of other professionals
for implementation purposes, including certain of the Registrant’s representatives in their
individual capacities as registered representatives of LPL Financial (“LPL”) and/or in their
capacities as licensed insurance agents. (See disclosure below at Items 10.C below). The
client is under no obligation to engage the services of any such recommended professionals.
The client retains absolute discretion over all such implementation decisions and is free to
accept or reject any recommendation from the Registrant.
It remains the client’s responsibility to promptly notify the Registrant if there is ever any
change in their financial situation or investment objectives for the purpose of reviewing,
evaluating or revising Registrant’s previous recommendations and/or services.
RETIREMENT PLAN SERVICES
The Registrant provides retirement plan consulting/management services, pursuant to
which it assists sponsors of self-directed retirement plans organized under the Employee
Retirement Security Act of 1974 (“ERISA”). The terms and conditions of the engagement
shall be set forth in a Retirement Plan Services Agreement between the Registrant and the
plan sponsor.
If the plan sponsor engages the Registrant in an ERISA Section 3(21) capacity, the
Registrant will assist with the selection and/or monitoring of investment options (generally
open-end mutual funds and exchange traded funds) from which plan participants shall
choose in self-directing the investments for their individual plan retirement accounts.
MISCELLANEOUS
Limitations of Financial Planning and Non-Investment Consulting/Implementation.
As indicated above, to the extent requested by a client, Registrant provide financial
planning and related consulting services. Neither the Registrant nor its investment adviser
representatives assist clients with the implementation of any financial
plan, unless they
have agreed to do so in writing. The Registrant does not monitor a client’s financial plan,
and it is the client’s responsibility to revisit the financial plan with the Registrant, if
desired.
The Registrant provides financial planning and related consulting services regarding non-
investment related matters, such as estate planning, tax planning, and insurance on an as
needed basis.
The client is under no obligation to engage the services of any such recommended
professional. The client retains absolute discretion over all such implementation decisions
and is free to accept or reject any recommendation from Registrant and/or its
representatives.
Financial Planning and Aggregation Software Programs. Registrant provides its clients
with access to an online financial planning and aggregation software platform. The
platform allows a client to view his/her/its complete asset allocation, including those assets
that Registrant does not manage (the “Excluded Assets”). Registrant does not provide
investment management, monitoring, or implementation services for the Excluded Assets.
Therefore, Registrant shall not be responsible for the investment performance of the
Excluded Assets. Rather, the client and/or their advisor(s) that maintain management
authority for the Excluded Assets, and not Registrant, shall be exclusively responsible for
such investment performance.
The platform also provides access to other types of information, including financial
planning concepts, which should not, in any manner whatsoever, be construed as services,
advice, or recommendations provided by Registrant. The client may choose to engage
Registrant to manage some or all of the Excluded Assets pursuant to the terms and
conditions of an Investment Advisory Agreement between Registrant and the client.
Retirement Plan Rollovers – No Obligation / Conflict of Interest: When the Registrant
recommends that a client roll over their retirement plan assets into an account to be
managed by the Registrant, the recommendation creates a conflict of interest when
the Registrant earns an advisory fee on the rolled over assets. No client is under any
obligation to roll over retirement plan assets to an account managed by Registrant.
When the Registrant provides investment advice to you regarding your retirement plan
account or individual retirement account, we are fiduciaries within the meaning of Title
I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as
applicable, which are laws governing retirement accounts. We operate under a special rule
that requires us to act in your best interest and not put our interest ahead of yours; to act
otherwise creates a conflict with your interests.
Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations
(give prudent advice);
• Never put our financial interests ahead of yours when making recommendations (give
loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your
best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest.
Our investment adviser representatives are available to discuss the requirements with
you.
C. The Registrant provides investment advisory services specific to the needs of each client.
Prior to providing investment advisory services, an investment adviser representative
ascertains each client’s investment objective(s). The client may, at any time, impose
reasonable restrictions, in writing, on the types of securities or on a specific security.
D. Registrant does not offer a wrap fee program for its investment advisory services. Certain of our
clients participate in a wrap fee program offered by LPL.
E. As of December 31, 2023, the Registrant had $709,700,000 in assets under management
on a discretionary basis.