Important Disclosures

BIA is a Registered Investment Advisor in the state of California.

As a Registered Investment Advisor, we are subject, by law, to a fiduciary standard which is the highest standard of care in the industry. We are required to provide clients with full disclosure, including fees and any conflicts of interest that may exist. We will never accept incentives or inducements from a third party as these may compromise the integrity or impartiality of our advice.

Disclosure required by CCR Section 260.234

Performance-based fees will only be charged in accordance with the provisions of California Code of Regulations Section 260.234. Performance-based fees will only be charged to "qualified clients" as defined in paragraph (d) of Rule 205-3 under the Investment Advisers Act of 1940 (17 CFR 275.205-3 (d)). 

Disclosure required by CCR Section 260.238 (j)

We are required by CCR Section 260.238 (j) to inform you that lower fees for comparable services may be available from other sources.

Disclosure required by CCR Section 260.238 (k)

We assure you that all material conflicts of interest under CCR Section 260.238 (k) regarding BIA, its representatives or any of its employees, that could be reasonable expected to impair the rendering of unbiased and objective advice, are fully disclosed.

Important Disclosures Regarding Performance

The portfolio shown in the chart “BIA vs S&P 500” is a composite return of all BIA client accounts over the period indicated.  The chart reflects the weighted average of BIA’s performance versus the S&P 500 index.  All active client portfolios are represented from their inception date.  Given the customized nature of our process and wide range of client risk appetites, some portfolios underperform and some portfolios outperform the benchmark. The chart is net of non-investment cash flows such as withdrawals and deposits by clients. BIA fees for each period are deducted from returns, thus presenting a return after BIA fees versus S&P 500 (which has no fees).  Some of the BIA client accounts in the composite bear a performance fee; the performance shown for BIA client accounts is net of these performance fees with respect to the accounts that bear those fees.

This table also shows the portfolio return information for the Standard and Poor’s 500 Total Return Index (the “S&P 500”) for the periods in the tables.  BIA believes that comparing the performance of the account described above to the S&P 500 is inappropriate.  The S&P 500 is a broadly diversified, unmanaged index of equity securities of large capitalization companies.  BIA, on the other hand, can allocate capital to cash, use a narrower cohort of securities and employ derivative instruments.  BIA may also invest in fixed income instruments when deemed appropriate.  The S&P 500 is shown only as an indication of the general performance of the equity markets during the periods indicated.  No representation is made that a BIA account is comparable to any index, either in performance, composition, or element of risk involved.  BIA is not an index manager.

Investment in equity and debt securities and derivatives is speculative and involves a high degree of risk.  The rates of return shown in the tables includes investments during periods of varying market activity, and do not indicate future results.  It should not be assumed that clients will experience returns in the future, if any, comparable to those shown.  Future investments will be made under different economic conditions and in different securities.  Investors should not assume that an investment will be profitable or that future returns if any will compare to those shown in this presentation.  The potential for profit is accompanied by the risk of loss.  Past performance does not indicate future results.

Regulatory Forms

Third Party Providers

  • Custodian: Charles Schwab
  • Legal Counsel: Shartsis Friese
  • Compliance: RIA in a Box