Form CRS

What investment services and advice can you provide me?

We offer the following investment advisory services to retail investors: Investment Management, Financial and Retirement Planning Services. We may also provide advice on Pensions and Deferred Compensation for Executives.

Investment Offerings

SRL provides advice on investment and financial products which may include equity securities, ETFs, mutual fund shares, government, municipal and corporate securities (other than commercial paper), commercial paper, certificates of deposit, money market funds, Structured Notes, REITs, Private Equity and other investment products that might be suitable to your situation.

Investment Authority

SRL manages investment accounts on a discretionary basis. This means that we will decide which investments to buy or sell for your account. You may limit our discretionary authority by providing our firm with your restrictions and guidelines in writing. SRL also offers non-discretionary investment management services whereby we will provide advice, but you will ultimately decide which investments to buy and sell for your account. You have an unrestricted right to decline to implement any advice provided by our firm on a non-discretionary basis.

Account Monitoring

If you open an investment account with SRL, we will monitor your investments on a continuous basis and will conduct reviews with you (subject to client availability), at least annually.

Account Minimums and Requirements

Generally, we do not require a minimum dollar amount to open and maintain an advisory account. Detailed information regarding our services, fees and other disclosures can be found in our Form ADV Part 2A, Items 4, 7, 13 and 16, also available at the Investment Adviser Public Disclosure site.

What fees will I pay?

The following summarizes the principal fees and costs associated with engaging our firm for investment advisory services. All advisory fees are negotiable.

• Asset Based Fees are payable quarterly in advance. Since the fees we receive are asset-based, we have an incentive to increase your account value which creates a conflict, especially for those accounts holding illiquid or hard-to-value assets.
• Financial Planning and Consulting Fees are negotiable and depend on the scope and complexity of the services to be rendered. Generally, one-half of the fee (estimated hourly or fixed) is payable upon execution of the Advisory Agreement. The outstanding balance is generally due upon delivery of the services.

Examples of other fees that may apply to your investment accounts include:

• Custodian fees
• Account maintenance fees
• Fees related to mutual funds and exchange-traded funds
• Transaction charges when purchasing or selling securities
• Other product-level fees associated with your investments

For detailed information, refer to our Form ADV Part 2A.

What are your legal obligations to me? How else does your firm make money and what conflicts of interest do you have?

When we act as your investment adviser, we are obliged to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because they can affect the investment advice we provide you.

Some members of our firm may also be licensed insurance agents. We may receive commissions for the sale of insurance-based products such as Life or Long-Term Care Insurance. While we consider the sale of such products incidental to the services we provide, a conflict of interest may exist when using these products.

Please review Form ADV Part 2A on the Investment Adviser Public Disclosure site to understand what conflicts may exist.

How do your financial professionals make money?

Our Company and the financial professional(s) servicing your account(s) may be compensated through salary, bonus, and non-cash compensation. Financial professionals’ compensation is based on the amount of client assets they service and the revenue the firm earns from the person’s services or recommendations. Compensation paid to our financial professionals involves a conflict of interest because they have a financial incentive to refer clients to our firm.

No, our firm and our financial professionals do not have any legal or disciplinary history to disclose.