Daniel J Hanley, CFP®

Spoor Behrins Campbell & Young Securities Corp. is a registered investment management firm. Approximately 75% of the firm’s business involves the direct supervision of individual investment accounts. The firm also advises, on occasion, the investment of funds for pension and profit sharing plans, trusts, estates and charitable organizations. The balance of the firm’s practice involves the rendering of advice of a more general financial nature.II. CompensationInvestment services are offered for an annual fee based upon a percentage of the market value of assets under management. Occasionally, financial services are rendered for a fixed fee and, less frequently, on an hourly fee basis.The standard billing method is to charge the following annual rates:1% on the first $1,000,000 of market value;½ of 1% on the next $1,000,000;¼ of 1% on the balance;with a minimum of fee of $6,000.The charges are computed and billed quarterly on a pro-rated annual basis. Most accounts are billed in arrears at the end of the quarter.Occasionally a negotiated rate is available for accounts substantially invested in one issue or substantially invested in fixed income instruments. Higher rates may also be charged for services rendered over and above traditional investment management services.Contracts for investment advisory services are in force until canceled by the client or by the firm. If fees are advanced before services are rendered, a refund of the unearned portion of the fee is negotiated and usually available to the client on a pro rata basis.III. InvestmentsThe firm invests in a broad range of securities including the following:• Equity securities(1) exchange-listed securities(2) securities traded over-the-counter(3) foreign issuers• Warrants• Corporate debt securities (other than commercial paper)2• Commercial paper• Certificates of deposit• Municipal securities• Investment company securities(1) variable life insurance(2) variable annuities(3) mutual fund shares• United States government securities• Options contracts on securities• Interests in partnerships investing in:(1) real estate(2) oil and gas interests(3) other investment partnershipsIV. Selection MethodsA broad range of information is used in the analysis and development of investments for recommendations to clients. Those methods of analysis and development could be categorized as follows:• Charting• Fundamental• Technical• CyclicalThe main sources of research information used by the firm are:• Financial newspapers and magazines• Monitoring of corporate activities• Research materials prepared by others• Corporate rating services• Annual reports, prospectuses, filings with the Securities and Exchange Commission• Company press releases• Internet research materialsSome of the strategies used to implement any investment advice given to clients include:• Long term purchases (securities held at least a year)• Short term purchases (securities sold within a year)• Trading (securities sold within 30 days)• Margin transactions• Option writing, including covered options, uncovered options or spreading strategies.3V. Education and Business Background of Managing DirectorMichael D. Young is responsible for all investment selection and all investment management services rendered by the firm.The educational and business background of Mr. Young is as follows:Mr. Young is the Managing Director of Spoor Behrins Campbell & Young Securities Corp. He has spent 40 years in the investment management business. Mr. Young was born in 1945 in Michigan and completed his primary and secondary education through high school in Jackson, Michigan. Mr. Young attended the University of Michigan and was graduated from Wagner College in New York City with a B.A. in History in 1968. He also graduated from St. John's University School of Law in 1974 with a Juris Doctor Degree and was admitted to practice in 1975. He is presently a member of the New York Bar. Mr. Young retired from the New Jersey Bar in February 2014. Mr. Young was employed by U.S. Trust Co. of New York from 1967 to 1978 when he left as a Vice President to form the firm of Spoor Behrins Campbell & Young, Inc. He presently resides and works in Hunterdon County near the firm's offices in Clinton, New Jersey.VI. Owners and Executive OfficersSpoor Behrins Campbell & Young Securities Corp. is owned and managed by Mr. Young. Messrs. Spoor, Behrins and Campbell have withdrawn from the original firm and no longer hold any ownership or management positions in the company.VII. Other Business RelationshipsMr. Young is involved in a number of private investments and is a General Partner of a limited partnership known as Sigma Partners, L.P. The other General Partner of Sigma Partners is also a client of Spoor Behrins Campbell & Young Securities Corp. Substantial fees for services are paid to the General Partners of Sigma Partners, L.P. Sigma Partners, L.P. is a private investment partnership that makes investments in other investment management partnerships. The majority of the partners in Sigma Partners, L.P. are present and/or former clients of Spoor Behrins Campbell & Young, Inc. and Securities Corp.VIII. Interest in Client TransactionsFrom time to time Mr. Young may maintain positions or be buying and selling securities in the open market in securities in which clients also have positions. It is unlikely the amount of these transactions would ever impact a position a client maintained in the same security. Special care is taken to avoid any conflict of interest if clients and Mr. Young hold positions in the same securities.Accounts are reviewed periodically with clients. Clients also receive transaction summaries from the custodians of their securities. Any potential for a conflict of interest with client held securities is reviewed with the client where appropriate.Clients are free to choose any broker or custodian of their choice for securities4transactions. Mr. Young however maintains a substantial number of client accounts at Charles Schwab and Co., Inc. Mr. Young feels the level of service, trade executions and discounted commission rates benefit the clients who maintain their account relationships at Charles Schwab. Lower commission rates might be available to a client at other brokerage firms and no attempt is made to move accounts to Charles Schwab.Spoor Behrins Campbell & Young Securities Corp. receives substantial amounts of research material from a number of brokerage firms with whom the firm periodically transact securities business. None of this research material is subject to any arrangement or provided in exchange for any particular level of commission income to the brokerage firm. In some cases, no transactions are made with firms who continue to provide research materials. In other cases, transactions are made with firms that provide no research or other services.From time to time Mr. Young or his associates may be invited to have lunch with brokers where the costs of the lunches are borne by the broker. On occasion Mr. Young has also been a guest of a broker for a golf outing. The above activities are generally limited to once a year and have an estimated value of less than $300 per incident.VIX. Client ReferralsSpoor Behrins Campbell & Young Securities Corp. welcomes and relies upon new business referrals from clients and other individuals who recommend the firm’s services to others. The company, however, has no present arrangement for compensating firms or individuals for referring new business to the company. If any such compensation relationship were entered into in the future, it would be disclosed in writing to the potential new client and in the annual filings required to be maintained with the Securities & Exchange Commission in Washington, D.C.X. GeneralThis statement is provided pursuant to Securities and Exchange Commission Rule 204-35(commonly known as the "Brochure Rule"). Further information about the firm is contained in the firm's investment advisor registration (form ADV) on file with the Securities and Exchange Commission in Washington, D.C.Please contact any member of the firm with any questions or comments you might have in regard to this statement or any other aspect of our business.Spoor Behrins Campbell & Young Securities Corp.42 Main Street, Suite 4Clinton, New Jersey 08809