Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
Part 2B of Form ADV SEC Firm Brochure Supplement
(for Direct Clients)
Professional Backgrounds of: Greg Miller, CPA (CEO, Principal) Darlene M. Murphy, CPA, CFP® (President, Principal) Michael D. Miller (Co-Chief Investment Officer, Principal)
Paul S. Maregni Kyle S. McMorrow Paul B. Samuels, CPA, CA Michael D. Foley Jeanette I. Blalock, CPA Arik Schechet, CPA, CFP® Pamela Grossetti Michael T. Cavanaugh III James Buckham, CFA Gregory Ellms Ryan Araujo Meghan Daily Joseph M. Buscaino
This brochure supplement provides information about the qualifications of the above named Wellesley Investment Advisors, Inc. investment advisory professionals. This is a supplement to the Wellesley Investment Advisors brochure (Form ADV, Part 2A). Please contact the firm’s Chief Compliance Officer, Pamela Grossetti at 781-416-4000, ext 146, or via email to [email protected], if you did not receive Wellesley Investment Advisors’ brochure or if you have any questions about this supplement. Additional information about Wellesley investment Advisors is available on the SEC’s website at www.adviserinfo.sec.gov.
Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
Professional Designations
This summary of Professional Designation Qualifications is provided to assist you in evaluating the professional designations
and minimum requirements of our investment professionals to hold these designations.
CFP®: CERTIFIED FINANCIAL PLANNERTM
The CERTIFIED FINANCIAL PLANNER™, CFP® and federally registered CFP (with flame design) 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 a number of 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 71,000 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 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
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 in order 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.
CPA: Certified Public Accountant
CPAs are licensed and regulated by their state boards of accountancy. While state laws and regulations vary, the education,
experience and testing requirements for licensure as a CPA generally include minimum college education (typically 150 credit
hours with at least a baccalaureate degree and a concentration in accounting), minimum experience levels (most states require
at least one year of experience providing services that involve the use of accounting, attest, compilation, management advisory,
financial advisory, tax or consulting skills, all of which must be achieved under the supervision of or verification by a CPA),
and successful passage of the Uniform CPA Examination. In order to maintain a CPA license, states generally require the
completion of 40 hours of continuing professional education (CPE) each year (or 80 hours over a two year period or 120 hours
over a three year period). Additionally, all American Institute of Certified Public Accountants (AICPA) members are required
to follow a rigorous Code of Professional Conduct which requires that they act with integrity, objectivity, due care, competence,
Professional Designations
Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain client confidentiality, disclose to
the client any commission or referral fees, and serve the public interest when providing financial services.
CPA, CA: Chartered Professional Accountant
A Chartered Professional Accountant is a professional designation issued by the Canadian Institute of Chartered Accountants,
and is equivalent to the CPA designation in the United States. Candidates are tested on the following areas: client advisory
services, financial statements and business practice auditing. CAs must participate in continuing education to maintain their
licenses.
CFA: Chartered Financial Analyst
The Chartered Financial Analyst (CFA) charter is a professional designation established in 1962 and awarded by CFA Institute.
To earn the CFA charter, candidates must pass three sequential, six-hour examinations over two to four years. The three levels
of the CFA Program test a wide range of investment topics, including ethical and professional standards, fixed-income analysis,
alternative and derivative investments, and portfolio management and wealth planning. In addition, candidates must have at
least four years of acceptable professional experience in the investment decision-making process and must commit to abide by,
and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.
Series 6 License:
The Series 6 exam is administered by the Financial Industry Regulatory Authority (FINRA). Upon successful completion of
the Series 6, an individual will have the qualifications needed to sell open end mutual funds and variable annuities.
Series 7 License:
The Series 7 exam is administered by the Financial Industry Regulatory Authority (FINRA) and provides an individual with
the qualifications necessary in order to process trades with all types of corporate securities, excluding commodities and futures.
The Series 7 exam must be passed in order to take many other principal exams offered by FINRA.
Series 63 License:
The Series 63 exam is administered by the Financial Industry Regulatory Authority (FINRA) on behalf of the North American
Securities Administrators Association (NASAA). Completion of the Series 63 exam will allow a securities agent who has
passed the series 6, 7 or 62 exams to transact business with the residents in all states that require the series 63 exam.
Series 65 License:
The Series 65 exam is administered by the Financial Industry Regulatory Authority (FINRA) on behalf of the North American
Securities Administrators Association (NASAA). Completion of the Series 65 Exam will qualify an investment professional to
operate as an Investment Adviser Representative. The exam focuses on topic areas that are important for an investment adviser
to know when providing investment advice. These areas include topics such as retirement planning, portfolio management
strategies, and fiduciary obligations.
Series 66 License:
The Series 66 exam is administered by the Financial Industry Regulatory Authority (FINRA) on behalf of the North American
Securities Administrators Association (NASAA). Successful completion of the Series 66 exam is equivalent to the successful
completion of both the Series 63 and Series 65 exams. It is required by certain states in America, (in addition to successful
completion of the Series 7) in order for an investment professional to qualify for registration as an Investment Advisor
Representative and as a securities agent representing a broker dealer.
Securities Licenses
Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
PRINCIPALS
Greg Miller, CPA
Chief Executive Officer, Co-Chief Investment Officer
Trustee and Co-Portfolio Manager, The Miller Family of Funds
Educational Background and Business Experience
Education: Bachelor’s Degree, Business Administration, Boston University; Master’s
Degree with High Distinction, Business Administration, Babson College
Designations: Certified Public Accountant
Co-Founder, Principal of Wellesley Investment Advisors since 1991
Born: 1949
Disciplinary Information
None
Other Business Activities
Greg also serves as Trustee and President/Treasurer of the Miller Family of Funds, a series
of mutual funds managed by Wellesley Investment Advisors.
Additional Compensation
Greg does not receive economic benefits for providing advisory services, other than the
regular compensation paid by Wellesley Investment Advisors.
Supervision
Greg is not directly supervised by another employee, with the exception of compliance-
related monitoring conducted by the firm’s Chief Compliance Officer.
Contact Information: 781-416-4000 ext 122 [email protected]
Darlene Murphy, CPA, CFP®
President
Secretary, The Miller Family of Funds
Educational Background and Business Experience
Education: Bachelor’s Degree, Finance and Accounting, Simmons College; Master’s
Degree, Business Administration, Babson College
Designations: Certified Public Accountant, CERTIFIED FINANCIAL PLANNER™
Co-Founder, Principal of Wellesley Investment Advisors since 1991
Born: 1962
Disciplinary Information
None
Other Business Activities
Darlene also serves as the Secretary of the Miller Family of Funds, a series of mutual funds
managed by Wellesley Investment Advisors.
Additional Compensation
Darlene does not receive economic benefits for providing advisory services, other than the
regular compensation paid by Wellesley Investment Advisors.
Supervision
Darlene is not directly supervised by another employee, with the exception of compliance-
related monitoring conducted by the firm’s Chief Compliance Officer.
Contact Information: 781-416-4000 ext 123 [email protected]
Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
PRINCIPALS
EXECUTIVE MANAGEMENT AND COMPLIANCE
Michael D. Miller
Co-Chief Investment Officer
Co-Portfolio Manager, The Miller Family of Funds
Educational Background and Business Experience
Education: Bachelor’s Degree, Business Administration and Finance, The American
University Kogod School of Business; Master’s Degree, Business Administration, Babson
College
Securities Licenses: Series 65
Previous Experience: Senior Analyst, Convergent Wealth Advisors
Joined Wellesley Investment Advisors in 2008
Born: 1983
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Michael is not directly supervised by another employee, with the exception of compliance-
related monitoring conducted by the firm’s Chief Compliance Officer.
Contact Information: 781-416-4000 ext 132 [email protected]
Paul S. Maregni
Executive Director
Educational Background and Business Experience
Education: Bachelor’s Degree, Business Administration, University of Massachusetts
Securities Licenses: Series 65
Previous Experience: Independent Consultant/Executive Sales Coach; Managing Director,
Investment Management Practice Leader, BNY Mellon Corporation
Joined Wellesley Investment Advisors in 2015
Born: 1954
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Paul is directly supervised by Greg Miller and Darlene Murphy.
Contact Information: 781-416-4000 ext 170 [email protected]
.
Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
EXECUTIVE MANAGEMENT AND COMPLIANCE
Paul B. Samuels, CPA, CA*
Treasurer
Educational Background and Business Experience
Education: Bachelor of Commerce Degree, Concordia University (Formerly Sir George
Williams University); Master’s Degree, Business Administration, The University of New
Hampshire
Securities Licenses: Series 65
Designations: Chartered Professional Accountant, Chartered Accountant, Order of
Chartered Accountants of Quebec
Joined Wellesley Investment Advisors in 2000
Born: 1951
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Paul is directly supervised by Darlene Murphy.
Contact Information: 781-416-4000 ext 117 [email protected]
*Paul holds the Chartered Professional Accountant designation in Canada. Paul is not a Certified
Public Accountant in the United States. Please see Professional Designations for more information.
Jeanette I. Blalock, CPA
Vice President, Accounting
Educational Background and Business Experience
Education: Bachelor’s Degree, Accounting, North Carolina State University
Designations: Certified Public Accountant
Previous Experience: Controller, New England School of Acupuncture
Joined Wellesley Investment Advisors in 2015
Born: 1960
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Jeanette is directly supervised by Paul Samuels.
Contact Information: 781-416-4000 ext 140 [email protected]
Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
EXECUTIVE MANAGEMENT AND COMPLIANCE
.
PORTFOLIO MANAGEMENT, RESEARCH AND TRADING
James Buckham, CFA
Portfolio Manager
Educational Background and Business Experience
Education: Bachelor’s Degree, Economics, Boston University; Master’s Degree, Business
Administration, Bentley University
Designations: Chartered Financial Analyst
Previous Experience: Convertible Bond Trader, Deutsche Bank; Equities Trader, Fidelity
Investments
Joined Wellesley Investment Advisors in 2011
Born: 1965
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Jim is directly supervised by Greg Miller.
Contact Information: 781-416-4000 ext 141 [email protected]
Pamela Grossetti
Chief Compliance Officer
Educational Background and Business Experience
Education: Bachelor’s Degree, Government, Hamilton College; Juris Doctor, Boston
College Law School
Previous Experience: Associate, K&L Gates LLP
Joined Wellesley Investment Advisors in 2015
Born: 1980
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Pamela is directly supervised by Darlene Murphy.
Contact Information: 781-416-4000 ext 146 [email protected]
Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
PORTFOLIO MANAGEMENT, RESEARCH AND TRADING
PRIVATE CLIENT GROUP
Ryan Araujo
Convertible Bond Trader
Educational Background and Business Experience
Education: Bachelor’s Degree, Business Administration, Finance, Northeastern
University; Master’s Degree, Business Administration, Finance, Boston University
Previous Experience: Hedge Fund Manager/Private Wealth Manager, John J. Flatley
Company; Institutional Equity Research Sales, RBC Capital Markets
Joined Wellesley Investment Advisors in 2014
Born: 1969
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Ryan is directly supervised by Jim Buckham.
Contact Information: 781-416-4000 ext 161 [email protected]
Joseph M. Buscaino
Executive Vice President
Educational Background and Business Experience
Education: Bachelor’s Degree, Business Administration, Northeastern University; Master’s
Degree, Business Administration, Babson College; Graduate Certificate in Financial
Planning
Securities Licenses: Series 65
Joined Wellesley Investment Advisors in 2002
Born: 1975
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Joseph is directly supervised by Paul Maregni.
Contact Information: 781-416-4000 ext 118 [email protected]
Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
PRIVATE CLIENT GROUP
Kyle S. McMorrow
Vice President, Wealth Management
Educational Background and Business Experience
Education: Bachelor’s Degree, Business Administration, University of Maine, Orono;
Master’s Degree, Business Administration, Finance, Suffolk University
Securities Licenses: Series 65
Previous Experience: Sales and Marketing, AI Advisors, LLC.; Global Sales and Marketing
Manager, Brighton House Associates, LLC; Brokerage Associate, Susquehanna
International Group
Joined Wellesley Investment Advisors in 2012
Born: 1983
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Kyle is directly supervised by Joseph Buscaino.
Contact Information: 781-416-4000 ext 155 [email protected]
Michael D. Foley
Vice President, Wealth Management
Educational Background and Business Experience
Education: Bachelor’s Degree, Business Administration, Framingham State University
Securities Licenses: Series 66
Previous Experience: Financial Consultant, E*Trade; Investment Consultant, TD
Ameritrade
Joined Wellesley Investment Advisors in 2015
Born: 1980
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Mike is directly supervised by Joseph Buscaino.
Contact Information: 781-416-4000 ext 121 [email protected]
Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
PRIVATE CLIENT GROUP
Arik Schechet, CPA, CFP®
Vice President, Relationship Management
Educational Background and Business Experience
Education: Bachelor’s Degree, Computer Science, Dickinson College; Master’s Degree,
Accounting, Northeastern University; Master’s Degree, Business Administration,
Northeastern University
Securities Licenses: Series 66
Designations: Certified Public Accountant, CERTIFIED FINANCIAL PLANNER™
Previous Experience: Financial Advisor, New England Private Wealth Advisors, LLC;
Associate Financial Counselor, The Colony Group; Financial Advisor, Global Wealth
Management, Merrill Lynch; Investment Consultant, TD Ameritrade
Joined Wellesley Investment Advisors in 2014
Born: 1980
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Arik is directly supervised by Paul Maregni.
Contact Information: 781-416-4000 ext 162 [email protected]
Michael T. Cavanaugh III
Vice President, Relationship Management
Educational Background and Business Experience
Education: Bachelor’s Degree, Economics, Trinity College; Master’s Degree, Business
Administration, Finance, Vanderbilt University
Securities Licenses: Series 65
Previous Experience: Vice President of Sales – Securities Finance, State Street Bank and
Trust; Managing Director – Institutional Research Sales, WR Hambrecht and Co.
Joined Wellesley Investment Advisors in 2012
Born: 1968
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Mike is directly supervised by Paul Maregni.
Contact Information: 781-416-4000 ext 160 [email protected]
Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
PRIVATE CLIENT GROUP
Gregory Ellms
Relationship Manager
Educational Background and Business Experience
Education: Bachelor’s Degree, Political Science, University of Massachusetts
Securities Licenses: Series 65
Previous Experience: Vice President, Financial Consultant, Charles Schwab & Co., Inc.
Joined Wellesley Investment Advisors in 2015
Born: 1960
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Gregory is directly supervised by Paul Maregni.
Contact Information: 781-416-4000 ext 110 [email protected]
Wellesley Investment Advisors, Inc.
Wellesley Investment Advisors, Inc. | 20 William Street, Wellesley, MA 02481 | (781) 416-4000
SUPPLEMENTAL
INFORMATION
October 2015
CLIENT SERVICES
PG102215
Meghan Daily
Vice President, Client Services
Educational Background and Business Experience
Education: Bachelor’s Degree, Finance, Bentley University
Securities Licenses: Series 65
Joined Wellesley Investment Advisors in 2006
Born: 1984
Disciplinary Information
None
Other Business Activities
None
Additional Compensation
None
Supervision
Meghan is directly supervised by Darlene Murphy.
Contact Information: 781-416-4000 ext 115 [email protected]
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