Firm Description
Association Financial Services, Inc. (“The Firm”) was founded in 2004 and began offering
advisory services in October 2007. Martin A. Watkins is the majority owner.
The Firm is a registered investment adviser that provides financial planning and
investment counseling services to individuals, corporations, small businesses, 401(k),
pensions and profit-sharing plans, estates, trusts, and institutional clients. The Firm does
business as TrueNorth Wealth, TrueNorth Retirement Services, and Idaho Medical
Association Financial Services. The Firm provides comprehensive financial planning to
clients. This includes the five areas of financial planning, which are Protection, Estate
Planning, Income Tax Planning, Retirement Income Planning and Investment Planning. The
Firm does not have investment discretionary authority on any accounts. In other words, we
neither custody client assets nor execute trades at the third-party custodians SEI Private
Trust Company “SEI” or Schwab without client consent.
Clients may at any time add funds or securities to their accounts, withdraw funds or
securities from their accounts, or close their accounts. There are no lock-up provisions.
Types of Advisory Services
The Firm provides investment supervisory services, also known as asset management
services and furnishes financial planning and investment advice through consultations
ASSET MANAGEMENT
The Firm offers non-discretionary direct wrap asset management services to advisory clients
custodied at SEI. In a wrap fee program, clients are charged one fee which incorporates asset
management and brokerage services. More information regarding this
service can be found in Part 2A, Appendix 1 (the “Wrap Fee Program Brochure”). The Firm
also offers traditional asset management services for clients custodied at Schwab. In a
traditional asset management services, clients are charged an asset management fee and
separately pay for brokerage services.
ERISA PLAN SERVICES
The Firm provides service to qualified and non-qualified retirement plans including 401(k)
plans, 403(b) plans, pension and profit-sharing plans, cash balance plans, and deferred
compensation plans. The Firm may act as either:
1. Limited Scope 3(21) Fiduciary. The Firm typically acts as a limited scope 3(21) fiduciary
that can advise, help and assist plan sponsors with their investment decisions. The
plan sponsor is still ultimately responsible for the decisions made in their plan, though
using The Firm can help mitigate that plan sponsor’s liability by following a diligent
process.
2. 3(38) Investment Manager. The Firm can also act as an ERISA 3(38) Investment
Manager in which it has discretionary management and control of a given retirement
plan’s assets. The Firm would then become solely responsible and liable for the
selection, monitoring and replacement of the plan’s investment options.
INSTITUTIONAL CONSULTING
The Firm offers consulting advice, counsel and recommendations to institutional clients on
a case-by-case basis. These services include but are not limited to general advice, counsel,
and recommendations to staff, governing boards, and investment
advisory committees on a
variety of matters. The Firm will analyze, evaluate, and help to improve investment options,
underlying investments, asset allocation strategies, and objectives based on age groups of
its beneficiaries as well as allocation for risk reduction.
FINANCIAL PLANNING AND CONSULTING
Services can include: determination of financial objectives, identification of financial
problems, cash flow management, tax planning, insurance review, investment management
and/or consulting, education funding, retirement planning, and estate planning.
Normally, financial planning is provided in conjunction with investment management
services, with the client’s investment management fee also covering the planning work.
The Firm does not actively seek financial planning-only engagements, but may offer them
at its sole discretion. In this case, the client will compensate The Firm on an hourly fee basis
detailed under the “Fees and Compensation” section of this brochure.
The Firm gathers information for financial planning through personal interviews, which
may take place in person or by phone, electronic mail, or other means. Related documents
supplied by the client are carefully reviewed, and The Firm may provide a financial
planning questionnaire. Often, a written financial plan report is prepared. From time to
time, clients may request ad hoc consultation on individual planning topics, and a written
report may not be necessary.
Should a client choose to implement the recommendations in the plan, The Firm suggests the
client work closely with his/her attorney, accountant, insurance agent, or other
professional(s) as may be necessary. Implementation of financial plan recommendations is
entirely at the client’s discretion, and the client is under no obligation to effect transactions
through The Firm.
EDUCATIONAL SEMINARS/WORKSHOPS
The Firm holds seminars and workshops to educate the public on different types of
investments and the different services they offer. The seminars are educational in nature and
no specific investment or tax advice is given. The Firm does not charge a fee for
attendance to these seminars.
Client Tailored Services and Client Imposed Restrictions
The goals and objectives for each client are documented in our client files. Investment
strategies are created that reflect the stated goals and objective. Clients may impose
restrictions on investing in certain securities or types of securities.
Agreements may not be assigned without written client consent.
Wrap Fee Programs
Our firm offers and sponsors a wrap fee program. Asset Management services are offered
through wrapped accounts and non-wrap accounts, which are managed on an
individualized basis according to the client’s investment objectives, financial goals, risk
tolerance, etc. There is no difference between how accounts in the wrap-fee program and
accounts outside of the wrap-fee program are managed. Please see our Wrap Fee Program
Brochure for more information.
Client Assets under Management
As of February 5, 2024, the Firm has approximately $1,017,412,752 of client assets
under management on a non-discretionary basis.