Safeguarding Assets

Approach

We seek to minimize—to the greatest degree possible—your exposure to risk and fraud.

Safeguarding your assets involves more than surmounting the challenges of ever-changing markets. We employ rigorous checks and balances between Convergent, the investment managers, and the third-party custodian to protect your assets.   We continually adapt our processes to reflect the changing financial and regulatory environment.  With three compliance officers on staff and SEC oversight, we are serious about protecting your money. 

There are no “Convergent accounts.”  The assets we manage for you are held in your name by third-party custodians who execute our recommended investment transactions. They, and only they, provide regular updates on the value of your assets, send statements confirming all transactions, and notify you of any changes in how the account is registered. In keeping with our open architecture approach to investing, we are impartial with respect to custodians and will work with any custodian you prefer.

Convergent Wealth Advisors is subject to regular and rigorous audits. Convergent is regulated by and subject to examinations by the Securities and Exchange Commission (SEC). While not required to do so, Convergent also employs a compliance consultant in ACA Compliance Group to conduct an annual mock SEC audit. Extensive examinations give us opportunities to receive important feedback on our internal controls, especially in terms of how they conform to industry best practices. These audits assist us in reviewing our operations for compliance with federal securities laws.

All broker custodians who hold the assets of our clients are regulated by and subject to the examinations by the Financial Industry Regulatory Authority (FINRA) and the SEC. FINRA is a self-regulatory organization with supervisory jurisdiction, including audits, over our broker custodians. Rules established by FINRA and the SEC are extensive and rigorous, and failure to comply with these rules may result in penalties, fines, or criminal action.




*City National Corporation (NYSE: CYN), the parent company of City National Bank, indirectly owns a majority of Convergent’s equity. Some clients who have been referred to Convergent by City National Bank choose to maintain their assets at City National Bank.