2. Spectrum is an independent financial planning and investment
management firm that is owned by Bill Elson, CFP®. We
provide fee-based financial planning to clients and offer
investments and investment advisory services through VSR
Financial Services, Inc, a Registered Investment Adviser and
Member FINRA/SIPC. You’ll see this referenced on our
business cards, stationary, website, reports, and
advertisements. All fee-based advisors must be part of a
Registered Investment Adviser and all Registered
Representatives must have a Broker Dealer, and VSR serves us
in this capacity.
Another way we differ from other firms
that only provide investment advice is
that we counsel clients on other areas
such as retirement planning, estate
planning, income tax planning, education
funding, and risk management. While
investments are part of financial
planning, we believe that other areas are
important as well.
We differ from the large brokerage firms, insurance
companies and banks in many ways. Our approach
is planning-focused not transaction-based. We do
not have sales managers, quotas or a parent
company that manufactures and sells insurance
products or investment products. However, we
likely have access to all those same products and
research. Being independent allows us to access and
recommend a wide variety of investment tools,
regardless of the sponsor company and services
from many different companies.

3. VSR Financial Services, Inc is a broker/dealer and register investment advisor that is regulated by
FINRA and the Securities and Exchange Commission. The Financial Industry Regulatory Authority
(FINRA) is the largest independent regulator for all securities firms doing business in the United States.
FINRA’s mission is to protect America’s investors by making sure the securities industry operates fairly
and honestly.
Their website is www.finra.org
The SEC oversees the key participants in the securities world, including securities exchanges, securities
brokers and dealers, investment advisors, and mutual funds. The SEC is concerned primarily with
promoting the disclosure of important market-related information, maintaining fair dealing, and
protecting against fraud. You can find information on VSR at www.adviserinfo.sec.gov. VSR’s
IARD/CRD number is 14503 and the SEC Number is 801-61672.

4. It depends on the account size, activity,
type of investment and style of
investing. We will be happy to provide
you with the schedule of advisory fees
as well as the appropriate prospectuses,
Form ADV and/or expense estimates.
Our financial planning fees generally
range from $250 to $2,000 per year
depending on the complexity of the
case. Advisory fees generally range from
0.25% to 1.00% depending on assets
under management.

5. There are good and bad advisors in both categories. Certified
Financial Planners ™ and Registered Investment Advisors who work
for a fee have a fiduciary duty to act in the best interests of their
clients at all times. Stock brokers who work for a commission
generally are not fiduciaries to their customers and are not required
to make recommendations that are solely in their customers’ best
interests. Fee-based accounts typically pay level compensation to
the advisor, instead of a large amount of up-front as some
commissionable products do.

6. In conversations with clients, we focus on a
few key concepts. We believe long term
investors are best served by a well-diversified
portfolio strategy. We construct portfolios
that may include certificates of deposit,
stocks, bonds, mutual funds, annuities, and
exchange-traded funds in addition to various
alternative investments to achieve a given
risk/reward profile for each client over an
appropriate time horizon. By contrast,
investors (and brokers) tend to buy (or sell)
what they hear is hot in the media and/or
performing well right now. We avoid this
thinking because we believe it is detrimental
to our client’s financial health to chase
investment returns.

7. The answer really depends on the client. Risk is relative.
Each client has different risk tolerances, goals and
objectives. We are always concerned with our client’s
money, and our planning recommendations are intended
to help you achieve your goals while attempting to
minimize the risk you take to achieve those goals. It is
important that we continually communicate on risk
levels you are comfortable with.

8. American Heritage dictionary defines
investment risk as the variability of returns
from an investment or the chance of a
nonpayment of debt. We understand that
to a client, risk may mean not being able
to retire when they desire, or simply
seeing their account balance decrease. We
believe that the greatest risks to retirees
are inflation and health care costs.
Whatever the definition, we believe that a
client’s portfolio should be diversified
among a variety of different asset classes
within their own unique risk profile. This
may mean adjusting your expectations or
goals to accommodate the expected return
of your portfolio.

10. Have you ever been disciplined by the SEC, a state regulator,
or other organization (such as FINRA or one of the stock
exchanges)?
No.

11. Bill Elson has a bachelor’s degree from Iowa
State University and is a Certified Financial
Planner™. He has been advising clients since
1988, and has built a successful firm with a
solid base of loyal clients. Bill has a Series 7
securities license and a series 24 registered
principal license. Rachel Wood has a
bachelor’s degree in Business Administration
with AIB College of Business. She holds her
series 7 securities license, has worked in
financial planning since 2002, and has been
with Spectrum since 2005.

12. Yes, you have a choice, but we prefer a fee-based
relationship with our clients. We typically recommend
changes in our client’s accounts over the term of our
relationship. When we make a recommendation, we do not
want the first thought in your mind to be: “why is he trying
to sell me this?” In addition, fee-based accounts are more
transparent as far as the costs are concerned. Sometimes it
is better for the client if the investments or insurance
company pays us a commission or servicing fee and we
choose that compensation in lieu of a fee.

13. For financial planning services, we typically earn an agreed-upon
annual fee. For investment management, we typically are paid a
percentage of the assets under our management. We’d be happy
to provide a schedule for you. If a commission product fits a
client better, we will offer the option for their review and
consideration. We are an independent financial planning firm, so
we don’t sell any proprietary products for more commission like
you might find in an insurance company or large brokerage firm.

14. Very few clients choose to leave our firm. We believe
the best relationships are open and honest. This is why
we prefer a fee-based, transparent advisory
arrangement where both of us are free to choose to
continue to work together. If you do not feel
comfortable with what we are doing, you are free to go
somewhere else and generally your accounts can be
easily transferred.

15. Anytime your needs change or you have a question,
simply contact us. On average, we meet with our
advisory clients once or twice a year but some clients
prefer to meet quarterly. First year clients typically
have a few extra meetings. After that, our frequency of
meetings is dependent on your comfort level and the
pace of changes in your life. However, we do prefer to
see you at least annually.

16. As independent advisors, we are free to establish
relationships with a variety of account custodians which
we feel will best serve the needs of our clients.
Depending on your specific situation, we may
recommend any or all of the following: a managed
account held at First Clearing, a division of Wells Fargo,
mutual funds held directly at the fund company; an
insurance product to be held by the company; or direct
participation programs. This is not a comprehensive
list, but an example for illustrative purposes.

17. Our advisory accounts typically
receive monthly statements.
Others may be on a quarterly
schedule. Additionally,
custodians typically provide
online access to your accounts
for the most up-to-date
information.

18. 3705 Grand Avenue
Des Moines Iowa 50312
(515) 255-3306
belson@vsrfin.com
sfsplanners.com