Overview
Advisory Business
Duncan Financial Group LLC (doing business as “Duncan Financial Planning Advisors”, and
referred to as “DFPA”, us, we, our and “Adviser” throughout this Disclosure Brochure) is a
Delaware limited liability company formed in February 2020.
We offer financial planning services to clients through individuals who are licensed or approved as
registered investment adviser representatives of DFPA (referred to as “IARs” or “Financial Planners”
throughout this document). In addition to providing financial planning services to its clients, DFPA has
entered into agreement with Cambridge Investment Research Advisors, Inc. (“CIRA”), an entity
registered with the SEC as an investment adviser, pursuant to which DFPA may refer its clients and
supervises solicitors who refer clients to CIRA (referred to as the “Solicitors” throughout this
document). Pursuant to DFPA’s agreement with CIRA, DFPA receives referral fees from CIRA. Some
Financial Planners and Solicitors (referred to collectively as “Financial Professionals” throughout this
document) are dual- hatted registered investment adviser representatives of DFPA and CIRA, but
Financial Professionals are not employees of DFPA or CIRA.
In addition to being licensed as investment adviser representatives of CIRA, Financial Professionals may
be registered representatives of CIRA’s affiliated broker-dealer, Cambridge Investment Research, Inc.
(“Cambridge”). Cambridge is a registered broker-dealer, member of the Financial Industry Regulatory
Authority
(“FINRA”) and the Securities Investors Protection Corporation (“SIPC”). CIRA and Cambridge
are under separate ownership from DFPA. DFPA is owned and controlled by Keystone Agency Investors
LLC, which in turn is majority owned by KAI Investors LLC, each of which are Delaware limited liability
companies. The operative officers of the Adviser are David S. Duncan, Chief Executive Officer, and Larry
L. Qvistgaard, II, Chief Compliance Officer. Mr. Duncan and Mr. Qvistgaard are dual-hatted registered
investment adviser representatives of DFPA and CIRA.
If a potential client referred to CIRA by a Solicitor engages CIRA as the client’s investment adviser, CIRA
will pay a portion of the referral fee that it receives from that client to DFPA for its supervision of the
Solicitor. A conflict of interest is created in this situation as the Solicitors will only be recommending
CIRA as an investment adviser that will provide asset management services. There could be other
investment advisers suitable for you that are more or less costly. No guarantees can be made that your
financial goals or objectives will be achieved. Further, no guarantees of performance can be offered.
If DFPA provides financial planning services to a client, regardless of whether that client is also a client
of CIRA, DFPA will be compensated for such services directly by the client. Financial planning services
provided by DFPA do not include the implementation of transactions on your behalf. We do not manage
any client assets on a discretionary basis.