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HomeMy WebLinkAboutINNOVEST INC - CONTRACT - RFP - 7401 PENSION CONSULTANT PROVIDER ANALYSIS FOR POUD1058443.1 INITIAL NOTICE The Securities and Exchange Commission (“SEC”) has recently issued its final rule regarding the obligation of registered investment advisors to protect the financial privacy of their customers. As part of this rule, registered investment advisors are required to disclose to their customers exactly what their policies are regarding disclosing information to third parties. CLIENT PRIVACY NOTICE Innovest values the trust and confidence you have placed in us. We welcome the opportunity to describe our privacy policies and the steps we take to protect the information we have about you. You will receive updates in the spring of each year, so that you may remain informed about this important issue. Information We Collect About You In order to provide you with investment advice, we collect from you information we receive from you on applications or other forms about your financial condition, investment portfolio and investment objectives as well as personal identifying information such as your address, phone number and social security number. We also collect information from your advisers such as your accountant and lawyer about your income and financial condition and from your securities broker and fund managers about your investment transactions and investment performance. Disclosure of Information Innovest does not disclose any nonpublic personal information about its clients or former clients except as permitted by law. Confidentiality and Security of Information Innovest restricts access to nonpublic personal information about its clients and former clients to those Innovest employees who need to know that information so that Innovest may provide investment advice to you. Innovest maintains physical, electronic, and procedural safeguards that comply with federal standards to guard the nonpublic personal information we have about you. March 30, 2012 Disclosure Brochure for Innovest Portfolio Solutions, LLC Form ADV Part II This Disclosure Brochure, Form ADV, Part II (as required by the Investment Advisers Act of 1940) gives information about the adviser and its business. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (SEC) or by any State Securities Authority. The brochure provides information about the qualifications and business practices of Innovest Portfolio Solutions, LLC. If there are any questions about the contents of this brochure, please contact us at (303) 694-1900 and / or innovest@innovestinc.com. Additional information about Innovest Portfolio Solutions, LLC is also available at the SEC’s website www.adviserinfo.sec.gov. Innovest is a registered investment adviser with the Securities and Exchange Commission. Our registration as an Investment Adviser does not imply any level of skill or training. The oral and written communications we provide to our clients, including this Brochure, is information they use to evaluate us (and other advisers) which are factors in their decision to hire us or to continue to maintain a mutually beneficial relationship. March 12, 2012 2 Material Changes No material changes to report. March 12, 2012 3 Table of Contents Material Changes .......................................................................................................................................... 2 Table of Contents .......................................................................................................................................... 3 Advisory Business ........................................................................................................................................ 4 Fees and Compensation ................................................................................................................................ 5 Performance-Based Fees and Side-By-Side Management ............................................................................ 5 Types of Clients ............................................................................................................................................ 6 Methods of Analysis, Investment Strategies and Risk of Loss ..................................................................... 6 Disciplinary Information ............................................................................................................................... 6 Other Financial Industry Activities and Affiliations ..................................................................................... 6 Code of Ethics ............................................................................................................................................... 7 Brokerage Practices ...................................................................................................................................... 7 Review of Accounts ...................................................................................................................................... 7 Client Referrals and Other Compensation .................................................................................................... 8 Custody ......................................................................................................................................................... 8 Voting Client Securities (i.e., Proxy Voting) ................................................................................................ 8 Financial Information .................................................................................................................................... 8 Requirements for State-Registered Advisers ................................................................................................ 8 Brochure Supplement(s) March 12, 2012 4 Advisory Business Innovest is an independent provider of investment related consulting services to Retirement Plans, Foundations and Endowments, and Wealthy Individuals. Founded on July 1, 1996, Innovest Portfolio Solutions, LLC is a privately held, employee-owned firm. We are a fee-only investment consulting firm and have no affiliation with any broker-dealer organizations. Richard M. Todd owns 46.9% of Innovest. Innovest advises the majority of its clients on a non-discretionary basis. However, we do have one client we advise on a discretionary basis. Innovest Assets under Management for retainer clients as of December 31, 2011:  Non-discretionary: $4,650,000,000*  Discretionary: $2,400,000* *rounded to the nearest $100,000. Description of Advisory Services: Innovest believes in building a partnership for success with our clients. As the coordinator of our client’s investment program, we can be the single contact in the day-to-day operation of the client’s investments. The full range of investment consulting services provided by Innovest is: • Comprehensive investment program review and detailed fee evaluation (provided at inception of the consulting relationship and as needed) • Custodial evaluation and selection (as needed) • Investment manager evaluation and selection (as needed) • Investment policy development (review annually) • Asset allocation review and modeling (review annually) • Performance measurement, attribution, and reporting (quarterly) • Ongoing monitoring (daily) • Spending policy evaluation (annually and as needed) • Portfolio accounting (daily and monthly) • Alternative investment evaluation and selection (as needed) • Technology assistance (as needed) • Fiduciary and Trustee education and workshops (as needed) • Retirement plan vendor selection (as needed) Custom Advice Our clients receive a custom solution and custom advice specific to the type of client (foundation/endowment, high-net-worth individual or retirement plan) and their guidelines and objectives. March 12, 2012 5 Fees and Compensation Innovest is compensated on a fee-only basis. We have not and do not receive any revenue for anything other than consulting for our clients. We do not accrue any benefit from vendors, brokerage commissions, finder's fees, or the splitting of money management fees, as we believe this is a conflict of interest. As a pure investment management consulting organization, we do not build or sell investment products. Consulting fees are dependent on the amount of work and take into account client specific objectives. Fees are negotiable and can be either a percentage of assets or a flat fee, either deducted from assets under management or billed on a quarterly basis. Innovest is willing to deduct fees from assets or bill at the client’s discretion depending on the custodian. The consulting agreement may be terminated by either party upon thirty (30) days' written notice to the other. The client will be refunded for pre-paid fees based on the termination notice period and actual services provided during the billing period. Investment Fees and Plan Administrative Fees may include the following and are not paid to Innovest: • Investment Management Fees – Mutual fund expenses (including hedged funds and listed private equity) – Separate Account fund expenses – Revenue Sharing • Plan Administration Fees – Recordkeeping and administration – Custody and brokerage costs – Employee communication costs. (including internet, voice response, meetings and statement expense) – Cash handling and fees – Distribution and processing fees – Conversion fees – Fees charged in the event of plan changes – Participant charges. • Custody – Trading costs – Settlement costs – Custody Performance-Based Fees and Side-By-Side Management Innovest does not use a performance-based fee structure. March 12, 2012 6 Types of Clients Innovest provides investment consulting services primarily to Retirement Plans, Foundations and Endowments, and Wealthy Individuals. Methods of Analysis, Investment Strategies and Risk of Loss Innovest’s investment philosophy and process are structured on the following tenets: Diversification  Diversification is key to capital preservation  Proper asset allocation and diversification can reduce investment risk  Portfolios designed with a faulty investment premise will limit success Strategy  Market inefficiencies can be exploited with active management  Use only the best strategies and managers available  Passive management can be optimal in certain circumstances  Expenses and taxes should be minimized Implementation  Proper benchmarking is key to performance evaluation  Consistent managers perform better in the long run  Risk management is integral at every step and on every level  Purely quantitative strategies do not work successfully in manager selection Innovest works with its clients to establish mutually agreed upon risk and return parameters for the investment portfolio. Innovest will advise the client subject to those risk and return parameters and to objectives, conditions and guidelines set forth in an Investment Policy Statement prepared for and approved by the client. Disciplinary Information We do not have any legal, financial or other “disciplinary” item to report. This statement applies to our firm, and every employee. Other Financial Industry Activities and Affiliations Not applicable. March 12, 2012 7 Code of Ethics As required by regulation (and because it’s good business), we have adopted a Code of Ethics that governs a number of potential conflicts of interest we have when providing our advisory services to our clients. This Code of Ethics is designed to ensure we meet our fiduciary obligation to our Client (or Prospective Client) and to drive home a Culture of Compliance within our firm. Our Code is comprehensive, and distributed to each employee at the time of hire, and annually thereafter (if there are changes). We also supplement the Code with annual training and on-going monitoring of employee activity. Our Code includes the following:  Requirements related to the confidentiality;  Prohibitions on: – Insider trading (if we are in possession of material, non-public information); – The acceptance of gifts and entertainment that exceed our policy standards;  Reporting of gifts and business entertainment;  Pre-clearance of employee and firm transactions;  Reporting (on an on-going and quarterly basis) all personal securities transactions (what we call “reportable securities” as mandated by regulation); and,  On an annual basis, we require all employees to re-certify to our Code, identify members of their household and any account to which they have a beneficial ownership (they “own” the account or have “authority” over the account), securities held in certificate form and all securities they own at that time). Any client may request a complete copy of our Code of Ethics by contacting us at the address, telephone or email on the cover page of this Part 2; attn.: Chief Compliance Officer. Brokerage Practices Innovest does not accept brokerage commissions. Acceptance of this type of compensation is a conflict of interest. Review of Accounts Innovest consulting team reviews client accounts on an on-going basis, which includes a peer review of all accounts. Our custom quarterly performance report is a comprehensive tool for communicating with clients each quarter. It covers macro economic and market conditions, each client’s investment policy goals, a comparison of each client’s actual asset allocation to the target allocation, total portfolio performance and detailed investment level information with an analysis of why the managers performed March 12, 2012 8 or under-performed, and recommendations for change if necessary. We show performance versus other comparable universes of similar size to further illustrate and compare performance. Client Referrals and Other Compensation Innovest will, on limited occasions, compensate persons who have referred clients by paying to such referrers a portion of the management fee charged to the referred client. All clients whose accounts are subject to referral fees will be fully informed in writing of the terms and conditions of the referral to be paid and consent in writing thereto in advance of the engagement. Custody Innovest does not take custody of client funds or securities. Investment Discretion Innovest advises the majority of clients on a non-discretionary basis. However, we do have one client for which we have investment discretion, subject to investment objectives and risk and return parameters established by the client. Innovest will consider taking discretionary authority on an as needed basis. Voting Client Securities (i.e., Proxy Voting) Innovest does not accept authority to vote client securities. Financial Information N/A Requirements for State-Registered Advisers N/A; Innovest is not a State-Registered Adviser. Part 2B of Form ADV: Brochure Supplement Wendy Dominguez, Principal, President, MBA Innovest Portfolio Solutions, LLC 4643 S. Ulster Street, Suite 1040 Denver, CO 80237 (303) 694-1900 March 30, 2012 This brochure supplement provides information about Wendy Dominguez that supplements the Innovest Portfolio Solutions, LLC brochure. You should have received a copy of that brochure. Please contact Innovest if you did not receive the brochure or if you have any questions about the contents of this supplement. Additional information about Wendy Dominguez is available on the SEC’s website at www.adviserinfo.sec.gov Item 2. Educational Background and Business Experience Wendy Dominguez Year of Birth: 1969 Education: Ms. Dominguez has a B.S. in Finance and Economics (Magna Cum Laude) and an MBA from the University of Denver. Business Background: Innovest Portfolio Solutions (1996 – Present): Principal, President, Senior Investment Consultant Item 3. Disciplinary Information Ms. Dominguez does not have any history of reportable disciplinary events. Item 4. Other Business Activities Ms. Dominguez is not presently engaging in any reportable outside business activities. Item 5. Additional Compensation Ms. Dominguez does not receive any additional compensation from third parties for providing investment advice to our clients. Item 6. Supervision Supervision of all employees is a critical component in the process of compliance with federal and state laws governing the investment advisory activities. Innovest incorporates numerous checks and balances in its investment advisory business to provide for supervision of employees. Supervision is conducted by the Chief Executive Officer, the Chief Compliance Officer, employees themselves (the vast majority of clients have two or more employees assigned to their accounts), and the Directors Committee. Part 2B of Form ADV: Brochure Supplement William E. Fender, Principal, CPA, J.D., MBA, AIFA ® , RF TM Innovest Portfolio Solutions, LLC 4643 S. Ulster Street, Suite 1040 Denver, CO 80237 (303) 694-1900 March 30, 2012 This brochure supplement provides information about William Fender that supplements the Innovest Portfolio Solutions, LLC brochure. You should have received a copy of that brochure. Please contact Innovest if you did not receive the brochure or if you have any questions about the contents of this supplement. Additional information about William Fender is available on the SEC’s website at www.adviserinfo.sec.gov Item 2. Educational Background and Business Experience William E. Fender Year of Birth: 1948 Education: Mr. Fender graduated from Ohio University with a B.A. degree in Accounting in 1970, cum laude. He also earned a Masters Degree in Business Administration from the University of Dayton in 1974 and a Juris Doctor (With Honors) from George Washington University Law School in 1976. Business Background: Innovest Portfolio Solutions (1996 – Present): Principal, Senior Investment Consultant, Chief Compliance Officer Professional Designations: Mr. Fender is a Certified Public Accountant (CPA). In order to become a licensed CPA in the United States, the candidate must sit for and pass the Uniform Certified Public Accountant Examination, which is set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. CPA’s are required to take continuing education courses in order to renew their license, and most states require CPA’s to complete an ethics course during every renewal period. Mr. Fender holds the Accredited Investment Fiduciary Analyst™ (AIFA ® ) designation. Holders of the AIFA ® designation successfully complete a specialized program on investment fiduciary standards of care and ISO assessment procedures, pass a comprehensive examination, and meet the designation’s education and professional experience prerequisites. AIFA ® designees hold the knowledge necessary to understand and implement a prudent process for Investment Stewards, Investment Advisors, and Investment Managers and can perform fiduciary assessments, and they possess the ability and knowledge to advise clients of deficiencies in investment processes. AIFA ® holders must adhere to the AIFA ® code of ethics, and must complete continuing education courses to maintain the designation. Mr. Fender is also a Registered Fiduciary™ (RF™). The Registered Fiduciary™ designation indentifies financial professionals that have achieved pertinent academic qualifications and licenses, learned required practices, and have passed a background check. The RF™ designation prepares candidate to comply with the regulatory requirement of acting as a fiduciary under current laws. The RF™ designation is continuously being updated to reflect the most recent regulatory, marketplace and technology changes. The fiduciary standard distinguishes RF™ designated professionals as having met the highest standard in the financial industry. All valid RF™ designations are listed on the Registry of Fiduciary Professionals. RF™ designations are further defined by specialties. The Foundation for Fiduciary Studies licenses training organizations to develop training and continuing education programs, as well as licensing certifying bodies. DALBAR, Inc. holds a license from the Foundation for Fiduciary Studies as a training and certifying body, and has created the RF™ designation. Item 3. Disciplinary Information Mr. Fender does not have any history of reportable disciplinary events. Item 4. Other Business Activities Mr. Fender is not presently engaging in any reportable outside business activities. Item 5. Additional Compensation Mr. Fender does not receive any additional compensation from third parties for providing investment advice to our clients. Item 6. Supervision Supervision of all employees is a critical component in the process of compliance with federal and state laws governing the investment advisory activities. Innovest incorporates numerous checks and balances in its investment advisory business to provide for supervision of employees. Supervision is conducted by the Chief Executive Officer, the President, employees themselves (the vast majority of clients have two or more employees assigned to their accounts), and the Directors Committee. Part 2B of Form ADV: Brochure Supplement Jerry Huggins, Vice President, CFP ® , MBA Innovest Portfolio Solutions, LLC 4643 S. Ulster Street, Suite 1040 Denver, CO 80237 (303) 694-1900 March 30, 2012 This brochure supplement provides information about Jerry Huggins that supplements the Innovest Portfolio Solutions, LLC brochure. You should have received a copy of that brochure. Please contact Innovest if you did not receive the brochure or if you have any questions about the contents of this supplement. Additional information about Jerry Huggins is available on the SEC’s website at www.adviserinfo.sec.gov Item 2. Educational Background and Business Experience Jerry Huggins Year of Birth: 1959 Education: Mr. Huggins graduated from University of Montana with a B.S. degree in Finance and received a MBA from the University of Colorado at Denver. Business Background: Innovest Portfolio Solutions (2011 – Present): Vice President, Senior Investment Consultant ICMA-RC (2003 – 2010): Vice President Professional Designations: Mr. Huggins has earned the Certified Financial Planner CFP designation from the Certified Financial Planners Board of Standards. The CFP designation is a professional certification mark for financial planners conferred by the Certified Financial Planner Board of Standards, Inc. (CFP Board) in the United States. To receive authorization to use the designation the candidate must meet education, examination, experience, and ethics requirements, and pay an ongoing certification fee. To fulfill the education requirement, students are required to complete course training in various topic areas and sit for the ten hour CFP Board Certification Examination. A bachelor’s degree (or higher), or its equivalent in any discipline, from an accredited college or university is required to attain CFP certification. Item 3. Disciplinary Information Mr. Huggins does not have any history of reportable disciplinary events. Item 4. Other Business Activities Mr. Huggins is not presently engaging in any reportable outside business activities. Item 5. Additional Compensation Mr. Huggins does not receive any additional compensation from third parties for providing investment advice to our clients. Item 6. Supervision Supervision of all employees is a critical component in the process of compliance with federal and state laws governing the investment advisory activities. Innovest incorporates numerous checks and balances in its investment advisory business to provide for supervision of employees. Supervision is conducted by the Chief Executive Officer, the President, the Chief Compliance Officer, employees themselves (the vast majority of clients have two or more employees assigned to their accounts), and the Directors Committee. Part 2B of Form ADV: Brochure Supplement Steve Karsh, Principal, Director, MBA Innovest Portfolio Solutions, LLC 4643 S. Ulster Street, Suite 1040 Denver, CO 80237 (303) 694-1900 March 30, 2012 This brochure supplement provides information about Steve Karsh that supplements the Innovest Portfolio Solutions, LLC brochure. You should have received a copy of that brochure. Please contact Innovest if you did not receive the brochure or if you have any questions about the contents of this supplement. Additional information about Steve Karsh is available on the SEC’s website at www.adviserinfo.sec.gov Item 2. Educational Background and Business Experience Steve Karsh Year of Birth: 1965 Education: Mr. Karsh received both a B.S. in Business and a MBA from George Washington University. Business Background: Innovest Portfolio Solutions (2004 – Present): Principal, Senior Investment Consultant Item 3. Disciplinary Information Mr. Karsh does not have any history of reportable disciplinary events. Item 4. Other Business Activities Mr. Karsh is not presently engaging in any reportable outside business activities. Item 5. Additional Compensation Mr. Karsh does not receive any additional compensation from third parties for providing investment advice to our clients. Item 6. Supervision Supervision of all employees is a critical component in the process of compliance with federal and state laws governing the investment advisory activities. Innovest incorporates numerous checks and balances in its investment advisory business to provide for supervision of employees. Supervision is conducted by the Chief Executive Officer, the President, the Chief Compliance Officer, employees themselves (the vast majority of clients have two or more employees assigned to their accounts), and the Directors Committee. Part 2B of Form ADV: Brochure Supplement Scott Middleton, Principal, Director, CFA, CIMA ® Innovest Portfolio Solutions, LLC 4643 S. Ulster Street, Suite 1040 Denver, CO 80237 (303) 694-1900 March 30, 2012 This brochure supplement provides information about Scott Middleton that supplements the Innovest Portfolio Solutions, LLC brochure. You should have received a copy of that brochure. Please contact Innovest if you did not receive the brochure or if you have any questions about the contents of this supplement. Additional information about Scott Middleton is available on the SEC’s website at www.adviserinfo.sec.gov Item 2. Educational Background and Business Experience Scott Middleton Year of Birth: 1959 Education: Mr. Middleton graduated from Oral Roberts University in Tulsa, Oklahoma with a B.A. in History. Business Background: Innovest Portfolio Solutions (2006 – Present): Principal, Director, Senior Investment Consultant Professional Designations: Mr. Middleton holds the Chartered Financial Analyst (CFA) designation from the CFA Institute. The Chartered Financial Analyst charter is a globally respected, graduate-level investment credential established in 1962 and awarded by the CFA Institute – the largest global association of investment professionals. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute code of Ethics and Standards of Professional Conduct. Mr. Middleton also holds the Certified Investment Management Analyst (CIMA®) designation from the Investment Management Consultants Association. The CIMA certification program is the only credential designed specifically for financial professionals who want to attain a level of competency as an advanced investment consultant. The CIMA professional integrates a complex body of investment knowledge to provide objective investment advice and guidance to individuals and institutions. That knowledge is applies systematically and ethically to assist clients in making prudent investment decisions. The CIMA certification program requires that candidates meet all eligibility requirements, including experience, education, examination, and ethics. Applicants must complete and submit the CIMA Certification Program Application and application fee. The application requests contact information, work experience including the details of three years of financial services experience, and disclosure of any complaints and regulatory actions. Item 3. Disciplinary Information Mr. Middleton does not have any history of reportable disciplinary events. Item 4. Other Business Activities Mr. Middleton is not presently engaging in any reportable outside business activities. Item 5. Additional Compensation Mr. Middleton does not receive any additional compensation from third parties for providing investment advice to our clients. Item 6. Supervision Supervision of all employees is a critical component in the process of compliance with federal and state laws governing the investment advisory activities. Innovest incorporates numerous checks and balances in its investment advisory business to provide for supervision of employees. Supervision is conducted by the Chief Executive Officer, the President, the Chief Compliance Officer, employees themselves (the vast majority of clients have two or more employees assigned to their accounts), and the Directors Committee. Part 2B of Form ADV: Brochure Supplement Peter Mustian, Principal, Director Innovest Portfolio Solutions, LLC 4643 S. Ulster Street, Suite 1040 Denver, CO 80237 (303) 694-1900 March 30, 2012 This brochure supplement provides information about Peter Mustian that supplements the Innovest Portfolio Solutions, LLC brochure. You should have received a copy of that brochure. Please contact Innovest if you did not receive the brochure or if you have any questions about the contents of this supplement. Additional information about Peter Mustian is available on the SEC’s website at www.adviserinfo.sec.gov Item 2. Educational Background and Business Experience Peter Mustian Year of Birth: 1982 Education: Mr. Mustian graduated With Honors from the University of Colorado at Boulder, studying both Finance and History. Business Background: Innovest Portfolio Solutions (2004 – Present): Principal, Senior Investment Consultant Item 3. Disciplinary Information Mr. Mustian does not have any history of reportable disciplinary events. Item 4. Other Business Activities Mr. Mustian is not presently engaging in any reportable outside business activities. Item 5. Additional Compensation Mr. Mustian does not receive any additional compensation from third parties for providing investment advice to our clients. Item 6. Supervision Supervision of all employees is a critical component in the process of compliance with federal and state laws governing the investment advisory activities. Innovest incorporates numerous checks and balances in its investment advisory business to provide for supervision of employees. Supervision is conducted by the Chief Executive Officer, the President, the Chief Compliance Officer, employees themselves (the vast majority of clients have two or more employees assigned to their accounts), and the Directors Committee. Part 2B of Form ADV: Brochure Supplement Gordon Tewell, Principal, CFA, CPC Innovest Portfolio Solutions, LLC 4643 S. Ulster Street, Suite 1040 Denver, CO 80237 (303) 694-1900 March 30, 2012 This brochure supplement provides information about Gordon Tewell that supplements the Innovest Portfolio Solutions, LLC brochure. You should have received a copy of that brochure. Please contact Innovest if you did not receive the brochure or if you have any questions about the contents of this supplement. Additional information about Gordon Tewell is available on the SEC’s website at www.adviserinfo.sec.gov Item 2. Educational Background and Business Experience Gordon Tewell Year of Birth: 1957 Education: Mr. Tewell graduated from Colorado State University with a B.S. degree in Economics and a minor in mathematics. Business Background Innovest Portfolio Solutions (2008 – Present): Principal, Senior Investment Consultant City of Westminster (2005 – 2008): Retirement Plan Manager Professional Designations: Mr. Tewell holds the Chartered Financial Analyst (CFA) designation. The Chartered Financial Analyst charter is a globally respected, graduate-level investment credential established in 1962 and awarded by the CFA institute – the largest global association of investment professionals. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute code of Ethics and Standards of Professional Conduct. Mr. Tewell has also received the Certified Pension Consultant (CPC) designation. The Certified Pension Consultant credential is conferred by the American Society of Pension Professionals and Actuaries (ASPPA) to benefit professionals working in plan administration, pension actuarial administration, insurance, and financial planning. CPC’s work alongside employers to formulate, implement, administer, and maintain qualified retirement plans. Earning ASPPA’s CPC credential required successful completion of the following exams: Retirement Plan Fundamentals Part 1 (RPF-1), Retirement Plan Fundamentals Part 2 (RPF-2), Defined Contribution Administrative Issues – Basic Concepts (DC-1), Defined Contribution Administrative Issues – Compliance Issues (DC-2), Defined Contribution Administrative Issues – Advanced Topics (DC-3), Administrative Issues of Defined Benefit Plans (DB), Certified Pension Consultant Modules, and Certified Pension Consultant (CPC) . Individuals with at least three years of retirement plan related experience may apply to the ASPPA Board of Directors for the CPC credential. Applicants must demonstrate competence in specific areas of retirement and related employee benefits consulting through completion of the CPC examination series offered by ASPPA. Item 3. Disciplinary Information Mr. Tewell does not have any history of reportable disciplinary events. Item 4. Other Business Activities Mr. Tewell is not presently engaging in any reportable outside business activities. Item 5. Additional Compensation Mr. Tewell does not receive any additional compensation from third parties for providing investment advice to our clients. Item 6. Supervision Supervision of all employees is a critical component in the process of compliance with federal and state laws governing the investment advisory activities. Innovest incorporates numerous checks and balances in its investment advisory business to provide for supervision of employees. Supervision is conducted by the Chief Executive Officer, the President, the Chief Compliance Officer, employees themselves (the vast majority of clients have two or more employees assigned to their accounts), and the Directors Committee. Part 2B of Form ADV: Brochure Supplement Richard M. Todd, Principal, CEO, RF™ Innovest Portfolio Solutions, LLC 4643 S. Ulster Street, Suite 1040 Denver, CO 80237 (303) 694-1900 March 30, 2012 This brochure supplement provides information about Rich Todd that supplements the Innovest Portfolio Solutions, LLC brochure. You should have received a copy of that brochure. Please contact Innovest if you did not receive the brochure or if you have any questions about the contents of this supplement. Additional information about Rich Todd is available on the SEC’s website at www.adviserinfo.sec.gov Item 2. Educational Background and Business Experience Richard M. Todd Year of Birth: 1961 Education: Mr. Todd graduated from Western State College with a B.S. in Business. Business Background: Innovest Portfolio Solutions (1996 – Present): Principal, CEO, Senior Investment Consultant Professional Designations: Mr. Todd is a Registered Fiduciary™. The RF™ designation indentifies financial professionals that have achieved pertinent academic qualifications and licenses, learned required practices, and have passed a background check. The RF™ designation prepares candidate to comply with the regulatory requirement of acting as a fiduciary under current laws. The RF™ designation is continuously being updated to reflect the most recent regulatory, marketplace and technology changes. The fiduciary standard distinguishes RF™ designated professionals as having met the highest standard in the financial industry. All valid RF™ designations are listed on the Registry of Fiduciary Professionals. RF™ designations are further defined by specialties. The Foundation for Fiduciary Studies licenses training organizations to develop training and continuing education programs, as well as licensing certifying bodies. DALBAR, Inc. holds a license from the Foundation for Fiduciary Studies as a training and certifying body, and has created the RF™ designation. Item 3. Disciplinary Information Mr. Todd does not have any history of reportable disciplinary events. Item 4. Other Business Activities Mr. Todd is not presently engaging in any reportable outside business activities. Item 5. Additional Compensation Mr. Todd does not receive any additional compensation from third parties for providing investment advice to our clients. Item 6. Supervision Supervision of all employees is a critical component in the process of compliance with federal and state laws governing the investment advisory activities. Innovest incorporates numerous checks and balances in its investment advisory business to provide for supervision of employees. Supervision is conducted by the President, the Chief Compliance Officer, employees themselves (the vast majority of clients have two or more employees assigned to their accounts), and the Directors Committee. Part 2B of Form ADV: Brochure Supplement Martin Walsh, Vice President, MBA Innovest Portfolio Solutions, LLC 4643 S. Ulster Street, Suite 1040 Denver, CO 80237 (303) 694-1900 March 30, 2012 This brochure supplement provides information about Martin Walsh that supplements the Innovest Portfolio Solutions, LLC brochure. You should have received a copy of that brochure. Please contact Innovest if you did not receive the brochure or if you have any questions about the contents of this supplement. Additional information about Martin Walsh is available on the SEC’s website at www.adviserinfo.sec.gov Item 2. Educational Background and Business Experience Martin Walsh Year of Birth: 1980 Education: Mr. Walsh graduated from the School of Foreign Service at Georgetown University, and holds an MBA from the Yale School of Management, with concentrations in Finance and Investment Management. Business Background: Innovest Portfolio Solutions (2011 – Present): Vice President, Consultant Tribeca Companies (3/10 – 10/10): Director Goldman, Sachs & Co (2007 – 2010): Private Wealth Advisor Item 3. Disciplinary Information Mr. Walsh does not have any history of reportable disciplinary events. Item 4. Other Business Activities Mr. Walsh is not presently engaging in any reportable outside business activities. Item 5. Additional Compensation Mr. Walsh does not receive any additional compensation from third parties for providing investment advice to our clients. Item 6. Supervision Supervision of all employees is a critical component in the process of compliance with federal and state laws governing the investment advisory activities. Innovest incorporates numerous checks and balances in its investment advisory business to provide for supervision of employees. Supervision is conducted by the Chief Executive Officer, the President, the Chief Compliance Officer, employees themselves (the vast majority of clients have two or more employees assigned to their accounts), and the Directors Committee.