Form CRS Customer Relationship Summary
June 1, 2021CRS
Griffinest Asia Securities, LLC is registered with the Securities and Exchange Commission (SEC) as a broker-dealer and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Brokerage and investment advisory services and fees differ and it is important for you to understand these differences.
Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing.
WHAT INVESTMENT SERVICES AND ADVICE CAN YOU PROVIDE ME?
Our brokerage services to retail investors include the buying and selling of securities. These securities include certain Mutual Funds with which we have selling agreements (Onshore and Offshore Mutual Funds such as Equity Funds, Fixed Income Funds, and Balance Funds), U.S. Equities (listed companies on all U.S. exchanges, Nasdaq stocks, Bulletin Board stocks, and Pink Sheet stocks), Non-USD Equities, Fixed Income (U.S. Treasury bonds, notes, and bills; U.S. Government Sponsored Enterprise (GSE) securities; and U.S. Corporate Bonds), Options, and Exchange Traded Funds (ETFs). Please read your prospectus carefully, when applicable, and also see the risk disclosures on our website at www.griffinasia.com
We do not impose an account minimum size. We supervise retail investors’ investments, including the frequency and any material limitations, but we do not provide a monitoring service.
Our services are primarily non-discretionary meaning that you make the ultimate decision regarding the purchase or sale of investments. If we accept limited discretionary authority, we will enter into a separate written agreement with you.
- How will you choose investments to recommend to me?
- What is your relevant experience, including your licenses, education and other qualifications?
- What do those qualifications mean?
WHAT FEES WILL I PAY?
Every time you buy or sell an investment, we charge a commission that varies according to the particular investment and amount invested. The more trades you make, the more commissions we earn. This creates an incentive for us to encourage you to trade often.
For investments in stocks and ETFs the commission is usually charged as a separate cost that is added to the principal amount of the transaction. For investments in bonds, the commission (called a markup or markdown) is typically included as part of the price you pay or receive for the investment. If the Firm acts as an agent, it charges a commission. For investments in products like mutual funds we receive commissions from the investment product sponsor in the form of asset-based sales charges or “loads.” These fees are based on the amount invested in a product and, depending on the product, may be based on how long you hold the investment. Our receipt of loads creates is incentive to recommend products that include such charges.
When applicable, you will be charged directly by the custodian for other fees in addition to brokerage commissions including: (1) account maintenance fees such as trade confirmations and transfer fees; (2) fees such as checking and wire transfer charges; and (3) investment specific fees such as those for administration of foreign securities. We mark-up and receive a portion of many of the fees charged by our brokerage custodian. This results in increased costs to you. Please see additional information provided on our website at www.griffinasia.com
- How do fees and costs affect my investments?
- If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested?
WHAT ARE YOUR LEGAL OBLIGATIONS TO ME WHEN PROVIDING RECOMMEND-ATIONS?
When we provide you with a recommendation, we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates conflicts with your interests. You should understand and ask us about these conflicts because they can affect the recommendations we provide you.
HOW ELSE DOES YOUR FIRM MAKE MONEY AND WHAT CONFLICTS OF INTEREST DO YOU HAVE?
Here are some examples to help you understand what this means:
- We receive compensation from third parties related to investments you make in certain products, including mutual funds, ETFs. This compensation includes ongoing distribution charges (e.g. 12b-1 fees or “trails”)
- We receive benefits from our clearing and custodial firm, Pershing LLC. Examples include revenues from free cash balances that have moved into money market funds.
- We recommend that some clients establish a margin account. Margin allows you to borrow money to buy additional investments by using existing investments as security collateral. We receive compensation from Pershing LLC in the form of margin rebates as a percentage of the total margin interest charged to clients by the custodian. You should carefully read the margin disclosure statement provided by Pershing LLC outlining risks related to margin before considering this type of arrangement.
Payments like these from these third parties are an incentive to recommend or invest your assets in those investment products or accounts.
Additional information regarding third-party payments can be found at www.griffinasia.com
HOW DO YOUR FINANCIAL PROFESSIONALS MAKE MONEY?
Our financial professionals are compensated on each transaction as a percentage of the total commission. Some products pay higher commissions than others, which is incentive for our financial professionals to recommend higher-paying products to you. Please review the prospectus when applicable, additional disclosure on our website or ask us about the specific fees you will pay for a recommended product.
DO YOU OR YOUR FINANCIAL PROFESSIONALS HAVE LEGAL OR DISCIPLINARY HISTORY?
Yes, we have a legal or disciplinary history.
Visit Investor.gov/CRS for a free and simple search tool to research us and our financial professionals.
- Please explain your disclosure history to me.
Additional information about our products and services including the potential risks of investing can be found on our website at www.griffinasia.com. To request a printed copy of our disclosures, or for any other questions, please contact us at 626-792-1388.