Form CRS Conversation Starters (“Investment FAQs”)

Effective June 15, 2023

Given my financial situation, should I choose an investment advisory service? Why or why not? +

Herring RIA Sub, LLC (“PB Adviser”) is an investment adviser and we offer an automated investment advisory service that provides portfolio management services and goals-based planning tools that are available through the Playbook membership program. If you have questions about investing or want guidance on an appropriate investment strategy, then working with an investment adviser like us  could be helpful.

How will you choose investments to recommend to me?+

When you create an account with PB Adviser, we will ask a series of questions to better understand your stated goals, risk tolerance, and time horizon. Based on this information, we will calculate a risk score that we will use to match you with a portfolio of Exchange Traded Funds (“ETFs”) and corresponding asset allocation.

What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean?+

While our advice is automated through our software, our portfolio management services and goals-based planning tools are overseen by investment professionals that have experience in the technology and financial services industries. Please note that the experience of our professionals is not a substitute for doing your own research; our product is meant to be a guideline to help you make the right decisions.

Help me understand how these fees and costs might 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 for me?+

We do not charge an advisory fee. However, Playbook charges a membership fee for its platform. The fee depends on the level of membership, which is $19/month for Playbook Essential or $59/month for Playbook Plus.
You are not required to open or maintain an advisory account with us in order to participate in the Playbook membership program. If you give PB Adviser $10,000 to invest, we will invest the full $10,000 into the portfolio you selected during onboarding. PB Adviser will not charge additional fees, but you may incur additional fees and costs imposed by custodians, brokers, and other third-parties related to the investments in your account, such as custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions, internal management fees of exchange traded funds, and other product related fees. While PB Adviser seeks to invest in ETFs with low expense ratios, these third-party fees could impact your returns.

How might your conflicts of interest affect me, and how will you address them?+

We work hard to minimize any conflicts of interest. First and foremost, it’s important to know that as an investment adviser, we have a fiduciary duty to put your interests ahead of our own, which means we should always be acting in your best interest. Because Playbook receives fees from you for your participation in the Playbook membership program, we have an incentive to encourage you to maintain an advisory account with us.

As a financial professional, do you have any disciplinary history? For what type of conduct?+

No.  PB Adviser does not have material legal or disciplinary events to disclose related to any of our financial professionals.

Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?+

Because we are an online business, we do not make investment adviser representatives available to you. Your primary point of contact will be our Customer Support Team. The members of our Customer Support Team are not investment adviser representatives and are not authorized or licensed to provide any financial advice. However, if you are concerned about how you are being treated, please contact our Customer Support Team at support@helloplaybook.com and notify them of your concerns.