FAQs

Below are a few financial questions we have answered to enhance the transparency of our services. If your question is not answered below, please contact us here.

What is an independent financial advisor?

Independent financial professionals are not employees of an investment or financial services firm – they are independent business owners. They have the freedom to provide objective advice and structure their business in a manner that best serves the client’s financial goals. An independent financial professional utilizes a broker-dealer who provides services that include processing investment business, marketing assistance, practice management and education. 

Who is Prospera?

Founded in 1982 by financial advisors, Prospera is a full-service independent broker-dealer headquartered in Dallas, Texas. Prospera oversees our investment recommendations as a third party. They also support us as we conduct business for our clients. Prospera has been named Broker-Dealer of the Year 5 times by Investment Advisor Magazine: 2009, 2010, 2012, 2014 and 2015.

Is my money safe from fraud?

Securities regulations are designed to protect clients’ funds and fully paid for securities when they are in custody at a registered broker-dealer. The Securities Exchange Commission (SEC) is an agency of the U.S. government that oversees the Financial Industry Regulatory Authority (FINRA), which in turn oversees broker-dealers, clearing firms and the financial advisor.

All of our clients’ money is held with a third-party custodian. That custodian is First Clearing. First Clearing holds client assets for firms such as Morgan Stanley and Wells Fargo, among others. First Clearing insures the assets held against fraud.

Who is First Clearing?

Headquartered in St. Louis, Missouri, First Clearing is one of the largest third-party custodians, or holding companies in the financial services industry. They hold assets for several major firms. First Clearing is a member of the New York Stock Exchange, NASDAQ and other major exchanges and is a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

Who supervises the activities of Waits Financial Group?

The licensed individuals within the Waits Financial Group are subject to compliance, reporting and regulations set by the Securities and Exchange Commission (SEC) and the Financial Institutions Regulatory Association (FINRA). Our team members are also responsible to stay in continued dialogue with the compliance division of Prospera over investment recommendations. Serving as a fiduciary to our clients’ needs is at the forefront of everything we do.