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Corporate Office:
101 South Front Street, Tupelo, MS 38804
O: 662 823 4722 

Oxford Office:
300A Enterprise Drive, Oxford, MS 38655
O: 662.823.4722

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Steven Hyland Keen

Client Services Representative

As a career changer from professional singer and conductor to aspiring financial adviser, Hyland brings a unique perspective to the Hardy Reed team. During his years as a professional musician, he developed strong analytical abilities, adaptability, and strategies for effective teamwork with people of all backgrounds.

Hyland holds a Master’s degree in Vocal Performance from the University of North Texas as well as a Bachelor’s degree in Voice from the New England Conservatory in Boston. He is currently enrolled in the Boston Institute of Finance Certified Financial Planner Program.

Growing up in Amory, Hyland is excited to be back in North MS near family and friends and looking forward to providing holistic advice to assure clients achieve their long-term financial goals.

Anthony Savage

Financial Analyst

Originally hailing from Newcastle, Australia, Anthony joined the Hardy Reed team in July 2023. Anthony holds a Bachelor of Commerce in Finance from the University of Newcastle, which has equipped him with a deep understanding of financial markets and strategies. Anthony has his Series 65 and looks forward to achieving other designations.

Aside from his passion for finance, Anthony is an avid sports enthusiast, actively participating in various sporting activities around Oxford—from recreational pickleball with friends to regularly attending Ole Miss games. Drawing from his time as a college basketball player, Anthony approaches his professional life with an understanding that teamwork and collegiality are the keys to success in any endeavor.

Anthony and his wife, Molly, moved to Oxford in 2020. They are active members of the community and are excited to continue exploring all the unique and wonderful things Oxford has to offer.

Mike Mitchell

Chief Operating Officer

Mike Mitchell joined Hardy Reed in 2023 and serves as Chief Operating Officer. Mike brings a wealth of business experience to Hardy Reed and a passion for delivering value to both clients and staff. Mike leads strategy and day-to-day business execution with a commitment to building a strong culture built on trust.

Mike has 30 years of experience successfully building, scaling and growing companies across the technology and financial services sectors. Prior to joining Hardy Reed, Mike served as an Executive with CoreLogic – a global provider of information services. Previously, Mike was Chief Strategy Officer at FNC Inc. and helped grow that Mississippi based company from start-up through its sale to CoreLogic (NYSE: CLGX) in 2016.

Mike received a BA in Economics from Duke University and an MBA in Finance and Entrepreneurial Management from The Wharton School of Business at the University of Pennsylvania. He graduated from St. Andrews Episcopal High School in Jackson.

Civic Interests: Mike serves on the board of the Oxford Film Festival and has previously served as board member and/or volunteer with a number of non-profits including Habitat for Humanity, Lafayette-Oxford Community Foundation, Marks Youth Outreach and the University of Mississippi’s Business Advisory Board. Mike encourages entrepreneurship and currently serves as a CEO-mentor with the Bulldog Angel Network. Mike is a proud dad of three daughters, two sons and an active member of St. Peters Episcopal Church in Oxford.

Decision Tree for Foundations and Endowments

Decision Tree for Retirement Plans

Careers at Hardy Reed

“Through CEFEX’s independent assessment, the certification provides assurance to investors, both institutional and individual, that Hardy Reed has demonstrated adherence to the industry’s best fiduciary practices. This indicates that Hardy Reed’s interests are aligned with those of investors. The certification, which must be earned annually, verifies that an organization is using fiduciary best practices in the investment process they apply to manage their client’s assets.”

Carlos Panksep, General Manager of the Centre for Fiduciary Excellence.

This prestigious certification highlights our commitment to providing clients and prospective clients with independent objective fiduciary guidance. We believe that the Center for Fiduciary Excellence certification of a firm’s investment process is rapidly becoming a beacon of light for the investing public.

Using the protocol developed by the International Standards Organization (ISO) and the framework developed by the Center for Fiduciary Studies, the CEFEX designation is considered by many to be the top certification for financial services firms adhering to fiduciary best practices. Hardy Reed, LLC is proud to be one of the first firms globally to receive CEFEX Certification according to CEFEX.

Hardy Reed received the CEFEX certification as an Investment Advisor for its services to high net worth individuals, personal trusts, foundations, ERISA Defined Benefit & Defined Contribution plans, 403(b) plans, and non-qualified plans.

The Centre for Fiduciary Excellence (CEFEX) fiduciary assessment of Hardy Reed was to determine whether our practices in providing investment advice to clients conform generally to the fiduciary standards of excellence (referred to as the Fiduciary Practices) as defined by the Prudent Practices for Investment Advisors (U.S. Edition) handbook as published by Fiduciary360. CEFEX’s assessment process is based on ISO 19011 and is conducted in accordance with ISO 17021.

Click here to view or download a full copy of the standard.

The standard is substantiated by legislation, case law and regulatory opinion letters from the Employee Retirement Income Security Act (ERISA), Uniform Prudent Investor Act (UPIA), Uniform Prudent Management of Institutional Funds Act (UPMIFA) and the Uniform Management of Public Employee Retirement Systems Act (MPERS) in the U.S.

CEFEX keeps accountable and serves as the certifying organization for firms who act as:

Investment Stewards

An organization with the legal responsibility for managing investment decisions.

Investment and Fiduciary Advisors

An organization with the responsibility for providing comprehensive and continuous investment advice.

Investment Managers

An organization which makes investment decisions and selects the securities to implement a specific investment mandate.

Retirement Plan Service Providers

An organization which specifically provides record keeping and administration services to qualified retirement plans.

Like Hardy Reed, the overall goal of CEFEX is to increase trust and improve outcomes for investors.

View Certificate

Brandon Blinson

Trading and Research Analyst

Brandon joins Hardy Reed, LLC as a Trading and Research Analyst, providing investment research and management for outstanding service and support of clients. Brandon’s previous experience was serving as an Information Systems Specialist for over eleven years with Central Service Association and most recently with the City of Tupelo. There, he held a pivotal role as an IT specialist, performing tasks such as auditing, reporting, billing, system analytics, and leveraging technologies to ensure value and exceptional customer service.

Brandon graduated with a degree in Management Information Systems with a minor in Business Management from the University of Mississippi. At the University, he learned to write code in multiple languages, designed and implemented information technology systems, and mastered essential business software.

Outside of work, Brandon enjoys the constant pursuit of learning and growth through reading, being outdoors, running, and hobbies with his family. Brandon is married to his high school sweetheart, Summer, and they have two children, Benjamin and Baylah. They reside in Tupelo and attend Harrisburg Baptist Church.

Questions for Yourself and Your Advisor

Uncovering the differences is more important than ever, and here are some questions to help you do that:
  • Has my advisor invested the time to understand me, my values, and my needs?     
  • Does my advisor clearly explain the planning process, what I can expect from them, and what they expect from me for a successful relationship? 
  • Does my advisor have an undivided loyalty to me free from any conflicts of interest? Is my advisor an advocate for me in the marketplace?   
  • Are the recommendations given by my advisor offered under a fiduciary or a suitability standard?
  • Do I trust the advisor and the firm’s expertise, integrity, and service so I can confidently follow their advice for the long term? 
  • Does my advisor have the education, experience, and credentials necessary to deliver a consultative wealth management relationship? 
  • Does the compensation structure foster a long-term relationship and a cost-effective exchange of value over time?
  • Am I working with an individual or a team? Does the team or individual I work with also collaborate with the other professional advisors important in my life to achieve a comprehensive financial strategy for my financial and life goals?
Contact Us

Stacey Raper

Client Services Associate

Stacey Raper directs client needs and communications for Hardy Reed’s Tupelo office. Whether helping with various administrative duties, preparing quarterly due diligence materials or scheduling clients for account reviews, Stacey keeps the Tupelo office up-to-date and on task.

Frank Riley, Jr.

Financial Adviser

Frank joined Hardy Reed in 2020 as a financial advisor. At Hardy Reed, Frank embraces the tools and team to help clients, big or small, achieve their goals—just as he has done personally during his career at Hardy Reed. From discovery to implementation, your plan is our plan.

Frank also holds the position of Research Associate at Mississippi State University. As a representative of the University, he interacts with local governments and elected officials and has assisted numerous organizations with research, training, and service.

Frank earned his bachelor’s degree in Human and Organizational Development from Vanderbilt University and an MBA (Finance) from Millsaps College.

Civic Interests:  An active member of the community, Frank serves in statewide volunteer leadership with Methodist Senior Services of Mississippi and the Family Impact Symposium. Locally, Frank is a ten-year board member of the Madison County Schools PTO. As Committee Chairman for Troop 15 (BSA) in Madison, Frank passes on the knowledge and experience he learned as an Eagle Scout. In recent years, Frank has served as Chair of both Leadership Madison County and Youth Leadership Madison County. Frank’s accolades include Staff Volunteer of the Year at Mississippi State University and a “Top 40 under 40” by the Mississippi Business Journal.

CFP®, AIFA, CEFEX Analyst

Rick Hill

senior Wealth Manager

As a Senior Wealth Manager at Hardy Reed, Rick focuses on providing wealth management solutions for successful individuals and their families. Areas he addresses include preserving wealth, mitigating taxes, taking care of heirs, and charitable giving. Rick began his financial services career in 1991 with J.J.B. Hilliard, W.L. Lyons, Inc., a regional financial services firm and joined Hardy Reed, LLC when the firm opened in 2006.

Rick graduated from Mississippi State University, earning degrees in engineering technology and business management. He has earned his CFP® certification as well as the Accredited Investment Fiduciary Analyst™ (AIFA®) designation. Rick is also a CEFEX Analyst, having met the criteria established by the Centre for Fiduciary Excellence (CEFEX). He has received formal training in investment fiduciary responsibility. Rick is an active member of the Financial Planning Association of Northeast MS where he serves on the Board and is a Past President.

Civic Interests: Before joining Hilliard Lyons, Rick was an Industrial Engineer with True Temper Sports. He is an active member of Kiwanis of Tupelo where he was past President. Rick serves on the board of the Regional Rehab Center. Rick is a 2014 graduate of the Jim Ingram Community Leadership Institute.

Jackie Armstrong

Director of Client Services

Jackie has 28 years of investment experience, beginning her investment career in 1993 at Deposit Guaranty National Bank. She joined the Hardy Reed team in 2005.

Jackie fills her time by running account review material, performance reports, mutual fund due diligence, billing and trading for the firm.

Civic Interests: She is an active member of the Tupelo community where she has served as a volunteer with the American Cancer Society, March of Dimes, United Way, Muscular Dystrophy Association, Habitat for Humanity and Stewpot. She currently gives back to the community by serving on the board of the Tupelo Elvis Presley Fan Club by continuing the Legacy of Elvis Presley’s charitable giving and is currently the Merchandise Chairman and also a past Secretary for the club.

AIFA, PPC, CFS, CEFEX Analyst

Ken Parkinson

Vice President of FIDUCIARY MANAGEMENT

Ken leads Hardy Reed’s retirement plan services division as Vice President of Fiduciary Management and serves as chair of the Investment Committee.

When Ken moved to Hardy Reed in 2009, he brought with him 15 years of experience in group plan design, employee education, and holistic financial planning at one of the country’s largest retirement planning firms. Ken has served corporations, healthcare, government and university employers.

Ken is a native of Georgia where he graduated from Berry College with a double major in economics and psychology.

Ken has earned the Accredited Investment Fiduciary Analyst™ (AIFA®), Professional Plan Consultant™ (PPC™), and Certified Fund Specialist® (CFS®) designations. Ken is also a CEFEX Analyst, having met the criteria established by the Centre for Fiduciary Excellence (CEFEX). He has received formal training in investment fiduciary responsibility.

Civic Interests: Ken is an active member of the Lafayette-Oxford Foundation for Tomorrow and the Oxford Endowment for Public Education. He is also a clean-water advocate and trained volunteer for Living Waters for the World, whose Oxford team recently installed a community water purification system in the Yucatan region of Mexico.

AAMS

Anita Giglio

Vice President OF CLIENT SERVICES

Anita Giglio brought almost two decades of financial services experience when she joined Hardy Reed as a firm principal in 2006 as director of client services. Anita oversees all trading, client relations and administrative duties at Hardy Reed.

Anita earned her B.S. in business education from Mississippi State University. She holds a Series 65 license and the designation of Accredited Asset Management Specialist℠ (AAMS®) through the College of Financial Planning.

Civic Interests: She is an active member of Tupelo Baptist Church and serves as music director.

AIFA, PPC, CEFEX Analyst

Ken Mathis

senior advisor

Ken serves as Senior Advisor at Hardy Reed. In addition he works with retirement plan and nonprofit clients. He brings over twenty-five years of executive level financial services experience and institutional experience to the firm.

Ken served as Chairperson of the first CEFEX Foundation Committee. He has written numerous whitepapers on fiduciary best practices for institutional organizations. In addition, he has been a speaker at national conferences on fiduciary best practices, fiduciary assessments and CEFEX Certification. Ken has also contributed to CEFEX’s Consultant’s Assessment of Fiduciary Excellence for Nonprofits and fi360’s fiduciary training program for foundations and endowments.

Prior to joining Hardy Reed, Ken founded Ken Mathis & Associates, providing value-added, in-depth management consulting to financial services firms to maximize that firm’s potential. Prior to that, he co-founded Valhalla Capital Partners in Louisville, KY and served the institutional fixed-income asset management firm as President/COO. Ken joined Hilliard Lyons in 1999 as Director of Investment Advisory Services before becoming Director of Institutional Asset Management.

Ken has completed the Pension and Investment Management Program at Wharton School of Business, University of Pennsylvania. He has earned the Accredited Investment Fiduciary Analyst® (AIFA®) professional designation from fi360 through the Katz School of Business, University of Pittsburgh. He has also received the Professional Plan Consultant® (PPC®) professional designation from fi360 through the Robert Morris University. Ken is also a CEFEX Analyst, having received formal training in investment fiduciary responsibility and met the criteria established by the Centre for Fiduciary Excellence (CEFEX). He received a B.B.A. from the Fogelman College of Business and Economics at the University of Memphis.

Civic Interests: Ken is past Chairperson of Neighborhood Housing Opportunities, part of The Memphis Leadership Foundation. He has also been a volunteer, summer staff and club leader for Young Life (British Columbia, Canada, Tennessee and Colorado). Ken has been an active volunteer in youth sports for over thirty years.

CIMA, CPWA, AIF

John Hardy

President

In 2006 John Hardy founded Hardy Reed with partner, Scott Reed. He is a firm principal and president today.

He began his investment career in 1982 when he joined Chandler Securities in Columbus, Mississippi before moving to the J.J.B Hilliard, W.L. Lyon, Inc., brokerage firm where he met his present-day partner, Scott Reed.

In 2000 John completed the Securities Industry Institute program, sponsored by the Securities Industry Association and The Wharton School of Business. He also graduated from the Endowments and Foundations class sponsored by The Wharton School of Business and the Investment Management Consultants Association (IMCA®), where he is an active member. John received his bachelor’s degree from the University of Mississippi in 1982.

He is also a Certified Investment Management Analyst®(CIMA®), a Certified Private Wealth Advisor® (CPWA®), and an Accredited Investment Fiduciary® (AIF®).

Civic Interests: He is past president of the Gardner Simmons Home for Girls and chairs the investment committee at St. Peter’s Episcopal Church. He also served on the vestry of All Saints Church in Tupelo and as a Big Brother to area youth.

Rachel Morgan

Client Services Associate

Rachel Morgan directs client needs and communications for Hardy Reed’s Oxford office. Whether helping with retirement plans or scheduling clients for account reviews, Rachel keeps the Oxford office up-to-date and on task.

Rachel graduated from The University of Mississippi School of Business Administration in 2010 with a B.B.A. in marketing.

CFP®, CDFA, AIF

Medora Justus

Vice President of Wealth Management

Medora Justus joined Hardy Reed in 2014 as a Wealth Manager and serves as Vice President of Wealth Management with a passion for enabling individuals and families to become more engaged in their financial lives.  Medora’s expertise in educating and empowering families on wealth management issues and her research on the financial psychology of women and families have an important impact on the families and institutions we serve.

Medora is a CERTIFIED FINANCIAL PLANNER™ professional, a CDFA® – Certified Divorce Financial Analyst™ and is an Accredited Investment Fiduciary® (AIF®).  She also has served as an adjunct instructor at The University of Mississippi, School of Business Administration teaching upper-level finance courses.  

In 2003, Medora started her career in the financial services industry.  Prior to Hardy Reed, she worked for a Fortune 500 financial services firm with a primary focus on helping advisors create tax-efficient retirement income and asset allocation strategies to minimize risk for their clients’ investment portfolios.  She also worked with advisors to educate clients on the unique challenges of investment planning in retirement. 

Civic Interests:  Originally from Greenville, Mississippi, Medora graduated from The University of Mississippi with a B.B.A. in 1999 and earned her M.B.A. in 2002.  From 2012 to 2014, she served as Treasurer for St. Peter’s Episcopal Church and as a member of the Finance and Investment Committee.  Medora served on the Friends of the Museum and Historic Houses Board from 2017 to 2022 as Treasurer, as well as Co-Chair of Harvest Supper in 2022.  Recently,  Medora joined LOFT (Lafayette Oxford Foundation for Tomorrow) organization as a Board member.

J. Wesley Webb

Financial Adviser

Wesley works with Hardy Reed as a Financial Adviser focused on protecting and growing the wealth of family and institutional clients. Wesley’s experience and expertise adds a valuable perspective to the Hardy Reed team as it seeks to minimize risk and resolve issues that may arise over a client’s long-term relationship with the firm.

Prior to joining Hardy Reed, Wesley served as an Assistant United States Attorney in the United States Attorney’s Offices in the Southern and Northern Districts of Mississippi. Wesley’s primary focus in his years with the U.S. Attorney’s Office has been asset based and financially focused whether the matter arises under criminal fraud statues or under the civil bankruptcy code.  Wesley held the position of Financial Litigation Coordinator, initiating investigations and pursuing litigation to recover restitution and assets to benefit victims of financial crimes.  While in the Civil Division, Wesley represented U.S. agencies in defensive litigation.  Additionally, Wesley served as a prosecutor in the Criminal Division of the United States Attorney’s Office in the Southern District of Mississippi.

Before serving as an Assistant United States Attorney, Wesley clerked for a Senior United States District Judge in the Northern District of Mississippi and worked for a southeast regional law firm in Washington D.C. as a legislative assistant.  Prior to attending law school, Wesley worked as a real estate broker in Oxford.

Wesley received his law degree from Mississippi College School of Law and a Real Estate, Finance degree from Mississippi State University.

Wesley recently returned to Oxford, where he lives with his wife, Katherine, and happy dog, Bay. Wesley enjoys spending time with Katherine in her flower fields, cooking for friends and family, and being a novice at pickleball, chess, and fly-fishing.

Brandy Stanford

Senior Financial Advisor

Brandy joined Hardy Reed in 2024 as a Senior Financial Advisor focusing on building, implementing, and managing comprehensive investment portfolios for institutional and private clients. Brandy brought with her over twelve years of wealth management experience with expertise in trust and estate administration and fiduciary investment management.

Brandy earned her BBA in Managerial Finance from the University of Mississippi. She also holds a Series 65 license, and the designations of Accredited Investment Fiduciary® (AIF®)through Broadridge, Certified Trust and Financial Advisor (CTFA) through the Institute of Certified Bankers, and Accredited Trust and Financial Advisor (ATFA) through Campbell University.

Brandy resides in Tupelo with her husband, Luke, and their three children, Addy, Owen, and Ellis. Outside of work, Brandy enjoys spending her time traveling and being outdoors. You can typically find her at a variety of her children’s sporting events, especially at the soccer fields.

Civic Interests: Brandy’s civic interests include various roles in booster organizations for schools and sporting organizations, volunteering with United Way of Northeast Mississippi where she currently serves a Community Impact Cabinet Chair, and she is a 2022 graduate of the Jim Ingram Community Leadership Institute.

Glossary

A

Accrued interest – The interest due on a bond since the last interest payment was made. The buyer of the bond pays the market price plus accrued interest.

Acquisition – The acquiring of control of one corporation by another. In “unfriendly” takeover attempts, the potential buying company may offer a price well above current market values, new securities and other inducements to stockholders. The management of the subject company might ask for a better price or try to join up with a third company. (SeeMerger; Proxy)

American Depositary Receipt (ADR) – a security issued by a U.S. bank in place of the foreign shares held in trust by that bank, thereby facilitating the trading of foreign shares in U.S. markets.

American Stock Exchange (AMEX) – The second largest stock exchange in the United States, located in the financial district of New York City. (Formerly known as the Curb Exchange from its origin on a Manhattan street.)

Amortization – Accounting for expenses or charges as applicable rather than as paid. Includes such practices as depreciation, depletion, write-off of intangibles, prepaid expenses and deferred charges.

Annual report – The formal financial statement issued yearly by a corporation. The annual report shows assets, liabilities, revenues, expenses and earnings – how the company stood at the close of the business year, how it fared profit-wise during the year, as well as other information of interest to shareowners.

Arbitrage – A technique employed to take advantage of differences in price. If, for example, ABC stock can be bought in New York for $10 a share and sold in London at $10.50, an arbitrageur may simultaneously purchase ABC stock here and sell the same amount in London, making a profit of $.50 a share, less expenses. Arbitrage may also involve the purchase of rights to subscribe to a security, or the purchase of a convertible security – and the sale at or about the same time of the security obtainable through exercise of the rights or of the security obtainable through conversion. (See: Convertible, Rights)

Assets – Everything a corporation owns or that is due to it: cash, investments, money due it, materials and inventories, which are called current assets; buildings and machinery, which are known as fixed assets; and patents and goodwill, called intangible assets. (See:Liabilities)

Auction market – The system of trading securities through brokers or agents on an exchange such as the New York Stock Exchange. Buyers compete with other buyers while sellers compete with other sellers for the most advantageous price.

Auditor’s report – Often called the accountant’s opinion, it is the statement of the accounting firm’s work and its opinion of the corporation’s financial statements, especially if they conform to the normal and generally accepted practices of accountancy.

Averages – Various ways of measuring the trend of securities prices, one of the most popular of which is the Dow Jones Industrial Average of 30 industrial stocks listed on the New York Stock Exchange. The prices of the 30 stocks are totaled and then divided by a divisor that is intended to compensate for past stock splits and stock dividends, and that is changed from time to time. As a result, point changes in the average have only the vaguest relationship to dollar-price changes in stocks included in the average. (See: NYSE Composite Index)

Averaging – (See: Dollar-cost-averaging)

B

Balance sheet – A condensed financial statement showing the nature and amount of a company’s assets, liabilities and capital on a given date. In dollar amounts, the balance sheet shows what the company owned, what it owed and the ownership interest in the company of its stockholders. (See: Assets, Earnings report)

Basis point – One gradation on a 100-point scale representing 1%; used especially in expressing variations in the yields of bonds. Fixed income yields vary often and slightly within one percent and the basis point scale easily expresses these changes in hundredths of 1%. For example, the difference between 12.83% and 12.88% is 5 basis points.

Bear – Someone who believes the market will decline. (See: Bull)

Bear market – A declining market. (See: Bull market)

Bearer bond – A bond that does not have the owner’s name registered on the books of the issuer. Interest and principal, when due, are payable to the holder. (See: Coupon bond,Registered bond)

Bid and Asked – Often referred to as a quotation or quote. The bid is the highest price anyone wants to pay for a security at a given time, the asked is the lowest price anyone will take at the same time. (See: Quote)

Block – A large holding or transaction of stock – popularly considered to be 10,000 shares or more.

Blue chip – A company known nationally for the quality and wide acceptance of its products or services, and for its ability to make money and pay dividends.

Blue Sky Laws – A popular name for laws various states have enacted to protect the public against securities frauds. The term is believed to have originated when a judge ruled that a particular stock had about the same value as a patch of blue sky.

Bond – Basically an IOU or promissory note of a corporation, usually issued in multiples of $1,000 or $5,000, although $100 and $500 denominations are not unknown. A bond is evidence of a debt on which the issuing company usually promises to pay the bondholders a specified amount of interest for a specified length of time, and to repay the loan on the expiration date. In every case a bond represents debt – its holder is a creditor of the corporation and not a part owner, as is the shareholder. (See: Collateral, Convertible,Debenture, General mortgage bond, Income bond)

Book value – An accounting term. Book value of a stock is determined from a company’s records, by adding all assets then deducting all debts and other liabilities, plus the liquidation price of any preferred issues. The sum arrived at is divided by the number of common shares outstanding and the result is book value per common share. Book value of the assets of a company or a security may have little relationship to market value.

Broker – An agent who handles the public’s orders to buy and sell securities, commodities or other property. A commission is charged for this service. (See: Commission broker,Dealer)

Brokers’ loans – Money borrowed by brokers from banks or other brokers for a variety of uses. It may be used by specialists to help finance inventories of stock they deal in; by brokerage firms to finance the underwriting of new issues of corporate and municipal securities; to help finance a firm’s own investments; and to help finance the purchase of securities for customers who prefer to use the broker’s credit when they buy securities. (See: Margin)

Bull – One who believes the market will rise. (See: Bear)

Bull market – An advancing market. (See: Bear market)

Buy side – The portion of the securities business in which institutional orders originate.

C

Callable – A bond issue, all or part of which may be redeemed by the issuing corporation under specified conditions before maturity. The term also applies to preferred shares that may be redeemed by the issuing corporation.

Capital gain or capital loss – Profit or loss from the sale of a capital asset. The capital gains provisions of the tax law are complicated. You should consult your tax adviser for specific information.

Capital stock – All shares representing ownership of a business, including preferred and common. (See: Common stock, Preferred stock)

Capitalization – Total amount of the various securities issued by a corporation. Capitalization may include bonds, debentures, preferred and common stock, and surplus. Bonds and debentures are usually carried on the books of the issuing company in terms of their par or face value. Preferred and common shares may be carried in terms of par or stated value. Stated value may be an arbitrary figure decided upon by the director or may represent the amount received by the company from the sale of the securities at the time of issuance. (See: Par)

Cash flow – Reported net income of a corporation plus amounts charged off for depreciation, depletion, amortization, and extraordinary charges to reserves, which are bookkeeping deductions and not paid out in actual dollars and cents. (See: Amortization,Depreciation)

Cash sale – A transaction on the floor of the stock exchange that calls for delivery of the securities the same day. In “regular way” trade, the seller is to deliver on the third business day, except for bonds, which are the next day. (See: Regular way delivery)

Certificate – The actual piece of paper that is evidence of ownership of stock in a corporation. Watermarked paper is finely engraved with delicate etchings to discourage forgery.

Certificate of deposit (CD) – A money market instrument characterized by its set date of maturity and interest rate. There are two basic types of CDs: traditional and negotiable. Traditional bank CDs typically incur an early-withdrawal penalty, while negotiable CDs have secondary market liquidity with investors receiving more or less than the original amount depending on market conditions.

The Commodity Futures Trading Commission (CFTC) – Created by Congress in 1974 to regulate exchange trading in futures.

Collateral – Securities or other property pledged by a borrower to secure repayment of a loan.

Commercial paper – Debt instruments issued by companies to meet short-term financing needs.

Commission – The broker’s basic fee for purchasing or selling securities or property as an agent.

Commission broker – An agent who executes the public’s orders for the purchase or sale of securities or commodities.

Common stock – Securities that represent an ownership interest in a corporation. If the company has also issued preferred stock, both common and preferred have ownership rights. Common stockholders assume the greater risk, but generally exercise the greater control and may gain the greater award in the form of dividends and capital appreciation. The terms common stock and capital stock are often used interchangeably when the company has no preferred stock.

Competitive trader – A member of the exchange who trades in stocks on the floor for an account in which there is an interest. Also known as a registered trader.

Conglomerate – A corporation that has diversified its operations usually by acquiring enterprises in widely varied industries.

Consolidated balance sheet – A balance sheet showing the financial condition of a corporation and its subsidiaries. (See: Balance sheet)

Consolidated tape – The ticker tape reporting transactions in NYSE-listed securities that take place on the NYSE or any of the participating regional stock exchanges and other markets. Similarly, transactions in AMEX-listed securities, and certain other securities listed on regional stock exchanges, are reported on a separate tape.

Convertible – A bond, debenture or preferred share that may be exchanged by the owner for common stock or another security, usually of the same company, in accordance with the terms of the issue.

Correspondent – A securities firm, bank or other financial organization that regularly performs services for another in a place or market to which the other does not have direct access. Securities firms may have correspondents in foreign countries or on exchanges of which they are not members. Correspondents are frequently linked by private wires. Member organizations of the NYSE with offices in New York may also act as correspondents for out-of-town member organizations that do not maintain New York officesp>

Coupon bond – Bond with interest coupons attached. The coupons are clipped as they come due and presented by the holder for payment of interest. (See: Bearer bond,Registered bond)

Cumulative preferred – A stock having a provision that if one or more dividends are omitted, the omitted dividends must be paid before dividends may be paid on the company’s common stock.

Cumulative voting – A method of voting for corporate directors that enables the shareholders to multiply the number of their shares by the number of directorships being voted on and to cast the total for one director or a selected group of directors. A 10-share holder normally casts 10 votes for each of, say, 12 nominees to the board of directors. One thus has 120 votes. Under the cumulative voting principle, one may do that or may cast 120 (10 x 12) votes for only one nominee, 60 for two, 40 for three, or any other distribution one chooses. Cumulative voting is required under the corporate laws of some states and is permitted in most others.

Current assets – Those assets of a company that are reasonably expected to be realized in cash, sold or consumed during one year. These include cash, U.S. Government bonds, receivables and money due usually within one year, as well as inventories.

Current liabilities – Money owed and payable by a company, usually within one year.

Current return – (See: Yield)

D

Day order – An order to buy or sell that, if not executed, expires at the end of trading day on which it was entered.

Dealer – An individual or firm in the securities business who buys and sells stocks and bonds as a principal rather than as an agent. The dealer’s profit or loss is the difference between the price paid and the price received for the same security. The dealer’s confirmation must disclose to the customer that the principal has been acted upon. The same individual or firm may function, at different times, either as a broker or dealer. (See:FINRA, Specialist)

Debenture – A promissory note backed by the general credit of a company and usually not secured by a mortgage or lien on any specific property. (See: Bond)

Debit balance – In a customer’s margin account, that portion of the purchase price of stock, bonds or commodities that is covered by credit extended by the broker to the margin customer. (See: Margin)

Delayed opening – The postponement of trading of an issue on a stock exchange beyond the normal opening of a day’s trading because of market conditions that have been judged by exchange officials to warrant such a delay. Reasons for the delay might be an influx of either buy or sell orders, an imbalance of buyers and sellers, or pending corporate news that requires time for dissemination.

Depletion accounting – Natural resources, such as metals, oil, gas and timber, that conceivably can be reduced to zero over the years, present a special problem in capital management. Depletion is an accounting practice consisting of charges against earnings based upon the amount of the asset taken out of the total reserves in the period for which accounting is made. A bookkeeping entry, it does not represent any cash outlay nor are any funds earmarked for the purpose.

Depository Trust Company (DTC) – A central securities certificate depository through which members effect security deliveries between each other via computerized bookkeeping entries thereby reducing the physical movement of stock certificates.

Depreciation – Normally, charges against earnings to write off the cost, less salvage value, of an asset over its estimated useful life. It is a bookkeeping entry and does not represent any cash outlay nor are any funds earmarked for the purpose.

Director – Person elected by shareholders to serve on the board of directors. The directors appoint the president, vice presidents, and all other operating officers. Directors decide, among other matters, if and when dividends shall be paid. (See: Proxy)

Discount – The amount by which a preferred stock or bond may sell below its par value. Also used as a verb to mean “takes into account” as the price of the stock has discounted the expected dividend cut. (See: Premium)

Discretionary account – An account in which the customer gives the broker or someone else discretion to buy and sell securities or commodities, including selection, timing, amount, and price to be paid or received.

Diversification – Spreading investments among different types of securities and various companies in different fields.

Dividend – The payment designated by the board of directors to be distributed pro rata among the shares outstanding. On preferred shares, it is generally a fixed amount. On common shares, the dividend varies with the fortunes of the company and the amount of cash on hand, and may be omitted if business is poor or the directors determine to withhold earnings to invest in plant and equipment. Sometimes a company will pay a dividend out of past earnings even if it is not currently operating at a profit.

Dollar-cost-averaging – A system of buying securities at regular intervals with a fixed dollar amount. Under this system investors buy by the dollars’ worth rather than by the number of shares. If each investment is of the same number of dollars, payments buy more shares when the price is low and fewer when it rises. Thus temporary downswings in price benefit investors if they continue periodic purchases in both good and bad times, and the price at which the shares are sold is more than their average cost. Dollar-cost-averaging does not assure a profit and does not protect against loss in declining markets. Since dollar-cost-averaging involves continuous investment in securities regardless of fluctuating price levels of such securities, investors should consider their financial ability to continue purchases through periods of low price levels.(See: Formula investing)

Down tick – (See: Up tick)

Dow theory – A theory of market analysis based upon the performance of the Dow Jones Industrial Average and transportation stock price averages. The theory says that the market is in a basic upward trend if one of these averages advances above a previous important high, accompanied or followed by a similar advance in the other. When both averages dip below previous important lows, this is regarded as confirmation of a downward trend. The Dow Jones is one type of market index. (See: NYSE Composite Index)

E

Earnings report – A statement, also called an income statement, issued by a company showing its earnings or losses over a given period. The earnings report lists the income earned, expenses and the net result. (See: Balance sheet)

Equipment trust certificate – A type of security, generally issued by a railroad, to pay for new equipment. Title to the equipment, such as a locomotive, is held by a trustee until the notes are paid off. An equipment trust certificate is usually secured by a first claim on the equipment.

Equity – The ownership interest of common and preferred stockholders in a company. Also refers to excess of value of securities over the debit balance in a margin account.

Ex-dividend – A synonym for “without dividend.” The buyer of a stock selling ex-dividend does not receive the recently declared dividend. When stocks go ex-dividend, the stock tables include the symbol “x” following the name. (See: Cash sale, Net change, Transfer)

Ex-rights – Without the rights. Corporations raising additional money may do so by offering their stockholders the right to subscribe to new or additional stock, usually at a discount from the prevailing market price. The buyer of a stock selling ex-rights is not entitled to the rights. (See: Ex-dividend, Rights)

Extra – The short form of “extra dividend.” A dividend in the form of stock or cash in addition to the regular or usual dividend the company has been paying.

F

Face value – The value of a bond that appears on the face of the bond, unless the value is otherwise specified by the issuing company. Face value is ordinarily the amount the issuing company promises to pay at maturity. Face value is not an indication of market value. Sometimes referred to as par value. (See: Par)

FINRA – The Financial Industry Regulatory Authority (f/k/a National Association of Securities Dealers), is the largest non-governmental regulator for all securities firms doing business in the United States. FINRA was created in July 2007 through the consolidation of NASD and the member regulation, enforcement and arbitration functions of the New York Stock Exchange.

Fiscal year – A corporation’s accounting year. Due to the nature of their particular business, some companies do not use the calendar year for their bookkeeping. A typical example is the department store that finds December 31 too early a date to close its books after the Christmas rush. For that reason many stores wind up their accounting year January 31. Their fiscal year, therefore, runs from February 1 of one year through January 31 of the next. The fiscal year of other companies may run from July 1 through the following June 30. Most companies, though, operate on a calendar year basis.

Fixed charges – A company’s fixed expenses, such as bond interest, which it has agreed to pay whether or not earned, and which are deducted from income before earnings on equity capital are computed.

Flat income bond – This term means that the price at which a bond is traded includes consideration for all unpaid accruals of interest. Bonds that are in default of interest or principal are traded flat. Income bonds that pay interest only to the extent earned are usually traded flat. All other bonds are usually dealt in “and interest,” which means that the buyer pays to the seller the market price plus interest accrued since the last payment date.

Floor – The huge trading area – about the size of a football field – where stocks, bonds and options are bought and sold on the New York Stock Exchange.

Floor broker – A member of the stock exchange who executes orders on the floor of the Exchange to buy or sell any listed securities. (See: Commission broker)

Formula investing – An investment technique. One formula calls for the shifting of funds from common shares to preferred shares or bonds as a selected market indicator rises above a certain predetermined point – and the return of funds to common share investments as the market average declines. (See: Dollar-cost-averaging)

Free and open market – A market in which supply and demand are freely expressed in terms of price. Contrasts with a controlled market in which supply, demand and price may all be regulated.

Fundamental research – Analysis of industries and companies based on such factors as sales, assets, earnings, products or services, markets and management. As applied to the economy, fundamental research includes consideration of gross national product, interest rates, unemployment, inventories, savings, etc. (See: Technical research)

Funded debt – Usually interest-bearing bonds or debentures of a company. Could include long-term bank loans. Does not include short-term loans, preferred or common stock.

G

General mortgage bond – A bond that is secured by a blanket mortgage on the company’s property but may be outranked by one or more other mortgages.

Gilt-edged – High-grade bond issued by a company that has demonstrated its ability to earn a comfortable profit over a period of years and pay its bondholders their interest without interruption.

Give-up – A term with many different meanings. For one, a member of the exchange on the floor may act for a second member by executing an order for him or her with a third member. The first member tells the third member that he or she is acting on behalf of the second member and “gives up” the second member’s name rather than his or her own.

Gold fix – The setting of the price of gold by dealers (especially in a twice-daily London meeting at the central bank); the fix is the fundamental worldwide price for setting prices of gold bullion and gold-related contracts and products.

Good delivery – Certain basic qualifications must be met before a security sold on the Exchange may be delivered. The security must be in proper form to comply with the contract of sale and to transfer title to the purchaser.

Good ’til canceled (GTC) or open order – An order to buy or sell that remains in effect until it is either executed or canceled.

Government bonds – Obligations of the U.S. Government, regarded as the highest grade securities issues.

Growth stock – Stock of a company with a record of growth in earnings at a relatively rapid rate.

H

Holding company – A corporation that owns the securities of another, in most cases with voting control.

Hypothecation – The pledging of securities as collateral – for example, to secure the debit balance in a margin account.

I

Income bond – Generally income bonds promise to repay principal but to pay interest only when earned. In some cases unpaid interest on an income bond may accumulate as a claim against the corporation when the bond becomes due. An income bond may also be issued in lieu of preferred stock.

Indenture – A written agreement under which bonds and debentures are issued, setting forth maturity date, interest rate and other terms.

Independent broker – Member on the floor of the NYSE who executes orders for other brokers having more business at that time than they can handle themselves, or for firms who do not have their exchange member on the floor.

Index – A statistical yardstick expressed in terms of percentages of a base year or years. For instance, the NYSE Composite Index of all NYSE common stocks is based on 1965 as 50. An index is not an average. (See Averages, NYSE Composite Index)

Initial public offering – (See: Primary distribution)

Institutional investor – An organization whose primary purpose is to invest its own assets or those held in trust by it for others. Includes pension funds, investment companies, insurance companies, universities and banks.

Interest – Payments borrowers pay lenders for the use of their money. A corporation pays interest on its bonds to its bondholders. (See: Bond, Dividend)

Intermarket Trading System (ITS) – An electronic communications network now linking the trading floor of seven registered exchanges and FINRA to foster competition among them in stocks listed on either the NYSE or AMEX and one or more regional exchanges. Through ITS, any broker or market maker on the floor of any participating market can reach out to other participants for an execution whenever the nationwide quote shows a better price is available.

Interrogation device – A computer terminal that provides market information – last sale price, quotes, volume, etc. – on a screen or paper tape.

Investment – The use of money for the purpose of making more money, to gain income, increase capital, or both.

Investment banker – Also known as an underwriter. The middleman between the corporation issuing new securities and the public. The usual practice is for one or more investment bankers to buy outright from a corporation a new issue of stocks or bonds. The group forms a syndicate to sell the securities to individuals and institutions. Investment bankers also distribute very large blocks of stocks or bonds – perhaps held by an estate. (See: Primary distribution, Syndicate)

Investment company – A company or trust that uses its capital to invest in other companies. There are two principal types: the closed-end and the open-end, or mutual fund. Shares in closed-end investment companies, some of which are listed on the New York Stock Exchange, are readily transferable in the open market and are bought and sold like other shares. Capitalization of these companies remains the same unless action is taken to change, which is seldom. Open-end funds sell their own shares to investors, stand ready to buy back their old shares, and are not listed. Open-end funds are so called because their capitalization is not fixed; they issue more shares as people want them.

Investment counsel – One whose principal business consists of acting as investment adviser and rendering investment supervisory services.

IRA – Individual retirement account. A pension plan with tax advantages. IRAs permit investment through intermediaries like mutual funds, insurance companies and banks, or directly in stocks and bonds through stockbrokers. (See: Keogh Plan)

Issue – Any of a company’s securities, or the act of distributing such securities.

K

Keogh plan – Tax-advantaged personal retirement program that can be established by a self-employed individual. (See: IRA)

L

Legal list – A list of investments selected by various states in which certain institutions and fiduciaries, such as insurance companies and banks, may invest. Legal lists are often restricted to high-quality securities meeting certain specifications. (See: Prudent Man Rule)

Leverage – The effect on a company when the company has bonds, preferred stock, or both outstanding. Example: If the earnings of a company with 1,000,000 common shares increases from $1,000,000 to $1,500,000, earnings per share would go up from $1 to $1.50, or an increase of 50%. But if earnings of a company that had to pay $500,000 in bond interest increased that much, earnings per common share would jump from $.50 to $1 a share, or 100%.

Liabilities – All the claims against a corporation. Liabilities include accounts, wages and salaries payable; dividends declared payable; accrued taxes payable; and fixed or long-term liabilities, such as mortgage bonds, debentures and bank loans. (See: Assets, Balance sheet)

Limit, limited order, or limited price order – An order to buy or sell a stated amount of a security at a specified price, or at a better price, if obtainable after the order is represented in the trading crowd.

Liquidation – The process of converting securities or other property into cash. The dissolution of a company, with cash remaining after sale of its assets and payment of all indebtedness being distributed to the shareholders.

Liquidity – The ability of the market in a particular security to absorb a reasonable amount of buying or selling at reasonable price changes. Liquidity is one of the most important characteristics of a good market.

Listed stock – The stock of a company that is traded on a securities exchange.

Load – The portion of the offering price of shares of open-end investment companies in excess of the value of the underlying assets. Covers sales commissions and all other costs of distribution. The load is usually incurred only on purchase, there being, in most cases, no charge when the shares are sold (redeemed). (See: Investment company)

Locked in – Investors are said to be locked in when they have profit on a security they own but do not sell because their profit would immediately become subject to the capital gains tax.

Long – Signifies ownership of securities. “I am long 100 U.S. steel” means the speaker owns 100 shares. (See: Short sale)

M

Manipulation – An illegal operation. Buying or selling a security for the purpose of creating false or misleading appearance of active trading or for the purpose of raising or depressing the price to induce purchase or sale by others.

Margin – The amount paid by the customer when using a broker’s credit to buy or sell a security. Under Federal Reserve regulations, the initial margin requirement since 1945 has ranged from the current rate of 50% of the purchase price up to 100%. (See: Brokers’ loan,Equity)

Margin call – A demand upon a customer to put up money or securities with the broker. The call is made when a purchase is made; also if a customer’s account declines below a minimum standard set by the exchange or by the firm.

Market order – An order to buy or sell a stated amount of a security at the most advantageous price obtainable after the order is represented in the trading crowd. (See:Good ’til canceled order, Limit order, Stop order)

Market price – The last reported price at which the stock or bond sold, or the current quote. (See: Quote)

Maturity – The date on which a loan or bond comes due and is to be paid off.

Member corporation – A securities brokerage firm, organized as a corporation, with at least one member of the New York Stock Exchange who is an officer or employee of the corporation.

Member firm – A securities brokerage firm organized as a partnership and having at least one general partner or employee who is a member of the New York Stock Exchange.

Member organization – The term includes New York Stock Exchange member firms and member corporations.

Merger – Combination of two or more corporations.

Money market fund – A mutual fund whose investments are in high-yield money market instruments such as federal securities, CDs and commercial paper. Its intent is to make such instruments, normally purchased in large denominations by institutions, available indirectly to individuals. (See: Certificate of deposit, Commercial paper)

Mortgage bond – A bond secured by a mortgage on a property. The value of the property may or may not equal the value of the bonds issued against it. (See: Bond, Debenture)

Municipal bond – A bond issued by a state or a political subdivision, such as county, city, town or village. The term also designates bonds issued by state agencies and authorities. In general, interest paid on municipal bonds is exempt from federal income taxes and state and local taxes within the state of issue. However, interest may be subject to the alternative minimum tax (AMT).

Mutual fund – (See: Investment company)

N

NASD – please refer to the details listed above for FINRA.

Nasdaq – An automated information network that provides brokers and dealers with price quotations on securities traded over-the-counter. Nasdaq is an acronym for National Association of Securities Dealers Automated Quotations.

Negotiable – Refers to a security, the title to which is transferable by delivery.

Net asset value – Usually used in connection with investment companies to mean net asset value per share. An investment company computes its assets daily, or even twice daily, by totaling the market value of all securities owned. All liabilities are deducted, and the balance is divided by the number of shares outstanding. The resulting figure is the net asset value per share. (See: Assets, Investment company)

Net change – The change in the price of a security from the closing price on one day to the closing price the next day on which the stock is traded. The net change is ordinarily the last figure in the newspaper stock price list. The mark +1 1/8 means up $1.125 a share from the last sale on the previous day the stock traded.

New issue – A stock or bond sold by a corporation for the first time. Proceeds may be used to retire outstanding securities of the company, for new plant or equipment, for additional working capital, or to acquire a public ownership interest in the company for private owners.

New York Futures Exchange (NYFE) – A subsidiary of the New York Stock Exchange devoted to the trading of futures products.

New York Stock Exchange (NYSE) – The largest organized securities market in the United States, founded in 1792. The Exchange itself does not buy, sell, own or set the prices of securities traded there. The prices are determined by public supply and demand. The Exchange is a non-profit corporation of 1,366 individual members, governed by a board of directors consisting of 10 public representatives, 10 Exchange members or allied members and a full-time chairman, executive vice chairman and president.

Noncumulative – A type of preferred stock on which unpaid dividends do not accrue. Omitted dividends are, as a rule, gone forever. (See: Cumulative preferred)

NYSE Composite Index – The composite index covering price movements of all common stocks listed on the New York Stock Exchange. It is based on the close of the market December 31, 1965, as 50 and is weighted according to the number of shares listed for each issue. The index is computed continuously and printed on the ticker tape. Point changes in the index are converted to dollars and cents so as to provide a meaningful measure of changes in the average price of listed stocks. The composite index is supplemented by separate indexes for four industry groups: industrial, transportation, utility and finance. (See: Averages)

O

Odd Lot – An amount of stock less than the established 100-share unit. (See: Round lot)

Off-board – This term may refer to transactions over-the-counter in unlisted securities or to transactions of listed shares that are not executed on a national securities exchange.

Offer – The price at which a person is ready to sell. Opposed to bid, the price at which one is ready to buy. (See: Bid and Asked)

Open-end investment company – (See: Investment company)

Open order – (See: Good ’til canceled order)

Overbought – An opinion as to price levels. May refer to a security that has had a sharp rise or to the market as a whole after a period of vigorous buying which, it may be argued, has left prices “too high.”

Oversold – The reverse of overbought. A single security or a market which, it is believed, has declined to an unreasonable level.

Over-the-counter – A market for securities made up of securities dealers who may or may not be members of a securities exchange. The over-the-counter market is conducted over the telephone and deals mainly with stocks of companies without sufficient shares, stockholders or earnings to warrant listing on an exchange. Over-the-counter dealers may act either as principals or as brokers for customers. The over-the-counter market is the principal market for bonds of all types. (See: FINRA, Nasdaq)

P

Paper profit (loss) – An unrealized profit or loss on a security still held. Paper profits and losses become realized only when the security is sold.

Par – In the case of a common share, par means a dollar amount assigned to the share by the company’s charter. Par value may also be used to compute the dollar amount of common shares on the balance sheet. Par value has little relationship to the market value of common stock. Many companies issue no-par stock but give a stated per share value on the balance sheet. In the case of preferred stocks it signifies the dollar value upon which dividends are figured. With bonds, par value is the face amount, usually $1,000.

Participating preferred – A preferred stock that is entitled to its stated dividend and to additional dividends on a specified basis upon payment of dividends on the common stock.

Passed dividend – Omission of a regular or scheduled dividend.

Penny stocks – Low-priced issues, often highly speculative, selling at less than $1 a share. Frequently used as a term of disparagement, although some penny stocks have developed into investment-caliber issues.

Point – In the case of shares of stock, a point means $1. If ABC shares rise 3 points, each share has risen $3. In the case of bonds a point means $10, since a bond is quoted as a percentage of $1,000. A bond that rises 3 points gains 3% in $1,000, or $30 in value. An advance from 87 to 90 would mean an advance in dollar value from $870 to $900. In the case of market averages, the word point means merely that and no more. If, for example, the NYSE Composite Index rises from 90.25 to 91.25, it has risen a point. A point in this index, however, is not equivalent to $1. (See: Index)

Portfolio – Holdings of securities by an individual or institution. A portfolio may contain bonds, preferred stocks, common stocks and other securities.

Preferred stock – A class of stock with a claim on the company’s earnings before payment may be made on the common stock and usually entitled to priority over common stock if the company liquidates. Usually entitled to dividends at a specified rate – when declared by the board of directors and before payment of a dividend on the common stock – depending upon the terms of the issue. (See: Cumulative preferred, Participating preferred)

Premium – The amount by which a bond or preferred stock may sell above its par value. May refer, also, to redemption price of a bond or preferred stock if it is higher than face value.

Price-to-earnings ratio – A popular way to compare stocks selling at various price levels. The P/E ratio is the price of a share of stock divided by earnings per share for a 12-month period. For example, a stock selling for $50 a share and earning $5 a share is said to be selling at a price-to-earnings ratio of 10.

Primary distribution – Also called primary or initial public offering. The original sale of a company’s securities. (See: Investment banker)

Prime rate – The lowest interest rate charged by commercial banks to their most credit-worthy customers; other interest rates, such as personal, automobile, commercial and financing loans are often pegged to the prime.

Principal – The person for whom a broker executes an order, or dealers buying or selling for their own accounts. The term “principal” may also refer to a person’s capital or to the face amount of a bond.

Profit-taking – Selling stock that has appreciated in value since purchase, in order to realize the profit. The term is often used to explain a downturn in the market following a period of rising prices. (See: Paper profit)

Prospectus – The official selling circular that must be given to purchasers of new securities registered with the Securities and Exchange Commission. It highlights the much longer Registration Statement file with the Commission.

Proxy – Written authorization given by a shareholder to someone else to represent him or her and vote his or her shares at a shareholders meeting.

Proxy statement – Information given to stockholders in conjunction with the solicitation of proxies.

Prudent Man Rule – An investment standard. In some states, the law requires that a fiduciary, such as a trustee, may invest the fund’s money only in a list of securities designated by the state – the so-called legal list. In other states, the trustee may invest in a security if it is one that would be bought by a prudent person of discretion and intelligence, who is seeking a reasonable income and preservation of capital.(See: Legal list)

Q

Quote – The highest bid to buy and the lowest offer to sell a security in a given market at a given time. If you ask your financial adviser for a “quote” on a stock, he or she may come back with something like “45 1/4 to 45 1/2.” This means that $45.25 is the highest price any buyer wanted to pay at the time the quote was given on the floor of the exchange and that $45.50 was the lowest price that any seller would take at the same time. (See: Bid and asked)

R

Rally – A brisk rise following a decline in the general price level of the market, or in an individual stock.

Real Estate Investment Trust (REIT) – An organization similar to an investment company in some respects but concentrating its holdings in real estate investments. The yield is generally liberal since REITs are required to distribute as much as 90% of their income. (See: Investment company)

Record date – The date on which you must be registered as a shareholder of a company in order to receive a declared dividend or, among other things, to vote on company affairs. (See: Ex-dividend, Transfer)

Redemption price – The price at which a bond may be redeemed before maturity, at the option of the issuing company. Redemption value also applies to the price the company must pay to call in certain types of preferred stock. (See: Callable)

Refinancing – Same as refunding. New securities are sold by a company and the money is used to retire existing securities. The object may be to save interest costs, extend the maturity of the loan, or both.

Registered bond – A bond that is registered on the books of the issuing company in the name of the owner. It can be transferred only when endorsed by the registered owner. (See:Bearer bond, Coupon bond)

Registered competitive market maker – Members of the New York Stock Exchange who trade on the floor for their own or their firm’s account and who have an obligation, when called upon by an exchange official, to narrow a quote or improve the depth of an existing quote by their own bid or offer.

Registered representative – The man or woman who serves the investor customers of a broker/dealer. In a New York Stock Exchange-member organization, a registered representative must meet the requirements of the exchange as to background and knowledge of the securities business. Also known as a financial adviser or customer’s broker.

Registrar – Usually a trust company or bank charged with the responsibility of keeping record of the owners of a corporation’s securities and preventing the issuance of more than the authorized amount. (See: Transfer)

Regular way delivery – Unless otherwise specified, securities sold on the New York Stock Exchange are to be delivered to the buying broker by the selling broker and payment made to the selling broker by the buying broker on the third business day after the transaction. Regular way delivery for bonds is the following business day. (See: Transfer)

Regulation T – The federal regulation governing the amount of credit that may be advanced by brokers and dealers to customers for the purchase of securities. (See: Margin)

Regulation U – The federal regulation governing the amount of credit that may be advanced by banks to customers for the purchase of listed stocks. (See: Margin)

Rights – When a company wants to raise more funds by issuing additional securities, it may give its stockholders the opportunity, ahead of others, to buy the new securities in proportion to the number of shares each owns. The piece of paper evidencing this privilege is called a right. Because the additional stock is usually offered to stockholders below the current market price, rights ordinarily have a market value of their own and are actively traded. In most cases they must be exercised within a relatively short period. Failure to exercise or sell rights may result in monetary loss to the holder. (See: Warrants)

Round lot – A unit of trading or a multiple thereof. On the NYSE, the unit of trading is generally 100 shares in stocks and $1,000 or $5,000 par value in the case of bonds. In some inactive stocks, the unit of trading is 10 shares. (See: Odd lot)

S

Scale order – An order to buy (or sell) a security, that specifies the total amount to be bought (or sold) at specified price variations.

Scripophily – A term coined in the mid-1970s to describe the hobby of collecting antique bonds, stocks and other financial instruments. Values are affected by beauty of the certificate and the issuer’s role in world finance and economic development.

Seat – A traditional figure of speech for a membership on an exchange.

Secondary distribution – Also known as secondary offering. The redistribution of a block of stock some time after it has been sold by the issuing company. The sale is handled off the NYSE by a securities firm or group of firms and the shares are usually offered at a fixed price related to the current market price of the stock. Usually the block is a large one, such as might be involved in the settlement of an estate. The security may be listed or unlisted. (See: Investment banker, Primary distribution)

Securities Industry Automation Corporation (SIAC) – An independent organization established by the New York and American Stock Exchanges as a jointly owned subsidiary to provide automation, data processing, clearing and communications services.

Securities Investor Protection Corporation (SIPC) – Provides funds for use, if necessary, to protect customers’ cash and securities that may be on deposit with a SIPC member firm in the event the firm fails and is liquidated under the provisions of the SIPC Act. SIPC is not a government agency. It is a non-profit membership corporation created, however, by an act of Congress.

Seller’s option – A special transaction on the NYSE that gives the seller the right to deliver the stock or bond at any time within a specified period, ranging from not less than two business days to not more than 60 days.

Sell side – The portion of the securities business in which orders are transacted. The sell side includes retail brokers, institutional brokers and traders, and research departments. If an institutional portfolio manager changes jobs and becomes a registered representative, he or she has moved from the buy side to the sell side.

Serial bond – An issue that matures in part at periodic stated intervals.

Settlement – Conclusion of a securities transaction when a customer pays a broker/dealer for securities purchased or delivers securities sold and receives from the broker the proceeds of a sale. (See: Regular way delivery, Cash sale)

Short covering – Buying stock to return stock previously borrowed to make delivery on a short sale.

Short sale – A transaction by a person who believes a security will decline and sells it, though the person does not own any. For instance: You instruct your broker to sell short 100 shares of XYZ. Your broker borrows the stock so delivery can be made to the buyer. The money value of the shares borrowed is deposited by your broker with the lender. Sooner or later you must cover your short sale by buying the same amount of stock you borrowed for return to the lender. If you are able to buy XYZ at a lower price than you sold it for, your profit is the difference between the two prices – not counting commissions and taxes. But if you have to pay more for the stock than the price you received, that is the amount of your loss. Stock exchange and federal regulations govern and limit the conditions under which a short sale may be made on a national securities exchange. Sometimes people will sell short a stock they already own in order to protect a paper profit. This is know as selling short against the box.

Sinking fund – Money regularly set aside by a company to redeem its bonds, debentures or preferred stock from time to time as specified in the indenture or charter.

Specialist – A member of the New York Stock Exchange who has two primary functions: first, to maintain an orderly market in the securities registered to the specialist. In order to maintain an orderly market, the exchange expects specialists to buy or sell for their own account, to a reasonable degree, when there is a temporary disparity between supply and demand. Second, the specialist acts as a broker’s broker. When commission brokers on the exchange floor receive a limit order, say, to buy at $50 a stock then selling at $60 – they cannot wait at the post where the stock is traded to see if the price reaches the specified level. They leave the order with a specialist, who will try to execute it in the market if and when the stock declines to the specified price. At all times the specialists must put their customers’ interests above their own. (See: Limit order)

Speculation – The employment of funds by a speculator. Safety of principal is a secondary factor. (See: Investment)

Speculator – One who is willing to assume a relatively large risk in the hope of gain.

Spin off – The separation of a subsidiary or division of a corporation from its parent company by issuing shares in a new corporate entity. Shareowners in the parent company receive shares in the new company in proportion to their original holding and the total value remains approximately the same.

Split – The division of the outstanding shares of a corporation into a larger number of shares. A 3-for-1 split by a company with 1 million shares outstanding results in 3 million shares outstanding. Each holder of 100 shares before the 3-for-1 split would have 300 shares, although the proportionate equity in the company would remain the same; 100 parts of 1 million are the equivalent of 300 parts of 3 million. Ordinarily, splits must be voted by directors and approved by shareholders. (See: Stock dividend)

Stock – (See: Capital stock, Common stock, Preferred stock)

Stock exchange – An organized marketplace for securities featured by the centralization of supply and demand for the transaction of orders by member brokers for institutional and individual investors. (See: New York Stock Exchange)

Stock dividend – A dividend paid in securities rather than in cash. The dividend may be additional shares of the issuing company, or in shares of another company (usually a subsidiary) held by the company.

Stockholder of record – A stockholder whose name is registered on the books of the issuing corporation. (See: Registrar)

Stock index futures – Futures contracts based on market indexes, e.g. NYSE Composite Index Futures Contracts.

Stock ticker symbols – Every corporation whose transactions are reported on the NYSE or AMEX ticker or on Nasdaq has been given a unique identification symbol of up to four letters. These symbols abbreviate the complete corporate name and facilitate trading and ticker reporting. Some of the most famous symbols are: T (American Telephone & Telegraph), XON (Exxon), GM (General Motors), IBM (International Business Machines), S (Sears Roebuck) and XRX (Xerox).

Stop limit order – A stop order that becomes a limit order after the specified stop price has been reached. (See: Limit Order, Stop Order)

Stop order – An order to buy at a price above or sell at a price below the current market. Stop buy orders are generally used to limit loss or protect unrealized profits on a short sale. Stop sell orders are generally used to protect unrealized profits or limit loss on a holding. A stop order becomes a market order when the stock sells at or beyond the specified price and, thus, may not necessarily be executed at that price.

Street name – Securities held in the name of a broker instead of a customer’s name are said to be carried in “street name.” This occurs when the securities have been bought on margin or when the customer wishes the security to be held by the broker.

Swapping – Selling one security and buying a similar one almost at the same time to take a loss, usually for tax purposes.

Syndicate – A group of investment bankers who together underwrite and distribute a new issue of securities or a large block of an outstanding issue.

T

Technical research – Analysis of the market and stocks based on supply and demand. The technician studies price movements, volume, trends and patterns, which are revealed by charting these factors, and attempts to assess the possible effect of current market action on future supply and demand for securities and individual issues. (See: Fundamental research)

Tender offer – A public offer to buy shares from existing stockholders of one public corporation by another public corporation under specified terms good for a certain time period. Stockholders are asked to “tender” (surrender) their holdings for stated value, usually at a premium above current market price, subject to the tendering of a minimum and maximum number of shares.

Third market – Trading of stock exchange-listed securities in the over-the-counter market by non-exchange member brokers.

Ticker – A telegraphic system that continuously provides the last sale prices and volume of securities transactions on exchanges. Information is either printed or displayed on a moving tape after each trade.

Trader – Individuals who buy and sell for their own accounts for short-term profit. Also, an employee of a broker/dealer or financial institution who specializes in handling purchases and sales of securities for the firm and/or its clients. (See: Speculator)

Trading floor – (See: Floor)

Trading post – The structure on the floor of the New York Stock Exchange at which stocks or options are bought and sold.

Transfer – This term may refer to two different operations. For one, the delivery of a stock certificate from the seller’s broker to the buyer’s broker and legal change of ownership, normally accomplished within a few days. For another, to record the change of ownership on the books of the corporation by the transfer agent. When the purchaser’s name is recorded, dividends, notices of meetings, proxies, financial reports and all pertinent literature sent by the issuer to its securities holders are mailed directly to the new owner. (See: Registrar, Street name)

Transfer agent – A transfer agent keeps a record of the name of each registered shareowner, his or her address, the number of shares owned, and sees that certificates presented for transfer are properly canceled and new certificates issued in the name of the new owner. (See: Registrar)

Treasury stock – Stock issued by a company but later reacquired. It may be held in the company’s treasury indefinitely, reissued to the public or retired. Treasury stock receives no dividends and has no vote while held by the company.

Turnover rate – The volume of shares traded in a year as a percentage of total shares listed on an exchange, outstanding for an individual issue or held in an institutional portfolio.

U

Underwriter – (See: Investment banker)

Unlisted stock – A security not listed on a stock exchange. (See: Over-the-counter)

Up tick – A term used to designate a transaction made at a price higher than the preceding transaction. Also called a “plus” tick. A “zero-plus” tick is a term used for a transaction at the same price as the preceding trade but higher than the preceding different price. Conversely, a down tick, or “minus” tick, is a term used to designate a transaction made at a price lower than the preceding trade. A plus sign, or a minus sign, is displayed throughout the day next to the last price of each stock at the trading post on the floor of the New York Stock Exchange.

V

Variable annuity – A life insurance policy where the annuity premium (a set amount of dollars) is immediately turned into units of a portfolio of stocks. Upon retirement, the policyholder is paid according to accumulated units, the dollar value of which varies according to the performance of the stock portfolio. Its objective is to preserve, through stock investment, the purchasing value of the annuity which otherwise is subject to erosion through inflation.

Volume – The number of shares or contracts traded in a security or an entire market during a given period. Volume is usually considered on a daily basis and a daily average is computed for longer periods.

Voting right – Common stockholders’ right to vote their stock in affairs of a company. Preferred stock usually has the right to vote when preferred dividends are in default for a specified period. The right to vote may be delegated by the stockholder to another person. (See: Cumulative voting, Proxy)

W

Warrants – Certificates giving the holder the right to purchase securities at a stipulated price within a specified time limit or perpetually. Sometimes a warrant is offered with securities as an inducement to buy. (See: Rights)

When issued – A short form of “when, as and if issued.” The term indicates a conditional transaction in a security authorized for issuance but not as yet actually issued. All “when issued” transactions are on an “if” basis, to be settled if and when the actual security is issued and the exchange or National Association of Securities Dealers rules the transactions are to be settled.

Working control – Theoretically, ownership of 51% of a company’s voting stock is necessary to exercise control. In practice – and this is particularly true in the case of a large corporation – effective control sometimes can be exerted through ownership, individually or by a group acting in concert, of less than 50%.

Y

Yield – Also known as return. The dividends or interest paid by a company expressed as a percentage of the current price. A stock with a current market value of $40 a share paying dividends at the rate of $3.20 is said to return 8% ($3.20÷$40.00). The current yield on a bond is figured the same way.

Yield to maturity – The yield of a bond to maturity takes into account the price discount from or premium over the face amount. It is greater than the current yield when the bond is selling at a discount and less than the current yield when the bond is selling at a premium.

Z

Zero coupon bond – A bond that pays no interest but is priced, at issue, at a discount from its redemption price.

Privacy Policy

Hardy Reed, LLC has adopted this policy with recognition that protecting the privacy and security of the personal information we obtain about our clients is an important responsibility. We also know that you expect us to service you in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. We want you to know what information we collect and how we use and safeguard that information.

WHAT INFORMATION WE COLLECT
We collect certain non-public personal identifying information about you (such as your name, address, social security number, etc.) from information that you provide on applications or other forms as well as communications (via e-mail, telephone, facsimile, written or in person) with you or your authorized representative (such as your attorney, accountant, etc.) We also collect information about your brokerage accounts and transactions (such as purchases, sales, account balances, inquiries, etc.)

WHAT INFORMATION WE DISCLOSE
We do not disclose the nonpublic personal information we collect about our clients to anyone except: (i) in furtherance of our business relationship with them and then only to those persons necessary to effect the transactions and provide the services that they authorize (such as broker-dealers, custodians, independent money managers, etc.); (ii) to persons assessing our compliance with industry standards (such as professional licensing authorities; (iii) our attorneys, accountants, and auditors; or (iv) as otherwise provided by law. We are permitted to disclose nonpublic personal information about you to governmental agencies and other third parties in certain circumstances (such as third parties that perform administrative or marketing services on our behalf or for joint marketing programs). These third parties are prohibited to use or share the information for any other purpose. If you decide at some point to either terminate our services or become an inactive client, we will continue to adhere to our privacy policy, as such may be amended from time to time.

SECURITY OF YOUR INFORMATION
We restrict access to your nonpublic personal information to those persons who need to know that information to service your account. We maintain physical, electronic, and procedural safeguards that comply with applicable federal or state standards to protect your nonpublic personal information.

CHANGES TO OUR PRIVACY POLICY OR RELATIONSHIP WITH YOU
Our policy about obtaining and disclosing information may change from time to time. We will provide you with notice of any material change to this policy before we implement the change.

Hardy Reed Honors

Building solid and successful plans for your financial future doesn’t happen by accident. We are proud to be recognized as an asset for the industry and you.

Financial Advisor Magazine – 2019
Financial Advisor Magazine recognizes HardyReed as one of the 50 fastest-growing firms in America

CEFEX®
HardyReed Certified for Fiduciary Excellence (CEFEX) for 9th consecutive year

RIA Channel – 2019
RIA Channel recognizes HardyReed as one of the top 100 Wealth Managers in America

Financial Times – 2020
Financial Times names HardyReed as one of the top 300 registered investment advisers in America

Awards and recognitions by unaffiliated rating services, companies, and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if the Firm is engaged, or continues to be engaged, to provide investment advisory services; nor should they be construed as a current or past endorsement of the Firm or its representatives by any of its clients. The Firm makes no representation that the rating is representative of any one client’s experience. Neither the Firm nor its representatives paid a fee to participate in any survey. Rankings published by magazines and others are generally based on information prepared and/or submitted by the recognized advisor. Investment performance generally is not a criteria for an award. Moreover, with regard to all performance information contained herein, directly or indirectly, if any, note that past results are not indicative of future results. Please see below for a more detailed description of the criteria used with respect to the awards and recognition granted to the Firm or the Firm’s individual employees.

Disclosure Brochure

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ADV Brochure Part 1
ADV Brochure Part 2

Hardy Reed, LLC,
101 South Front Street, Tupelo, MS 38804
662-823-4722

3/19/15 – This Brochure provides information about the qualifications and business practices of Hardy Reed, LLC. If you have any questions about the contents of this Brochure, please contact us at 662-823-4722 and/or info@hardyreed.com.

Hardy Reed, LLC is a Registered Investment Adviser. Registration of an Investment Adviser does not imply any level of skill or training. The oral and written communications of an Adviser provide you with information about which you determine to hire or retain an Adviser.

Hardy Reed Accreditations

Providing guidance is only part of the equation. Doing so with the highest and most respected designations in the industry is what sets us apart. We are proud to have earned the following accreditations that benefit you and your financial future.

The Center for Fiduciary Excellence (CEFEX®)

Accredited Investment Fiduciary Analysts® AIFA®

Certified Financial Planner®, CFP®

Certified Private Wealth Advisor®, CPWA®

Accredited Investment Fiduciary®, AIF®

Certified Investment Management Analyst®, CIMA®

Professional Plan Consultant™, PPC™

Accredited Asset Management Specialist ℠, AAMS®

Board Certified Fiduciary, BCF™

Disclaimer

Important Disclosures

Hardy Reed is a Mississippi-registered investment adviser located in Tupelo, Mississippi.  Registration as an investment adviser does not imply any level of skill or training.  Hardy Reed may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements.  Hardy Reed’s website is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links.  Accordingly, the publication of Hardy Reed’s website on the Internet should not be construed by any client and/or prospective client as Hardy Reed’s solicitation to effect or attempt to effect transactions in securities or the rendering of personalized investment advice for compensation over the Internet.  Any subsequent, direct communication by Hardy Reed with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

Hardy Reed does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to the Hardy Reed website or incorporated herein and takes no responsibility therefor.  All such information is provided solely for convenience purposes only, and all users thereof should be guided accordingly.

Certain portions of Hardy Reed’s website (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Hardy Reed’s (and those of other investment and non-investment professionals) positions and/or opinions as of a specific prior date.  Due to various factors, including changing market conditions, such discussion may no longer be reflective of current positions and/or opinions.  Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Hardy Reed, or from any other investment professional.  Hardy Reed is neither an attorney nor an accountant, and no portion of the website content should be interpreted as legal, accounting or tax advice.  

Each client and prospective client agrees, as a condition precedent to his/her/its access to Hardy Reed’s website, to release and hold harmless Hardy Reed, its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from Hardy Reed.

Personnel of Hardy Reed hold the designations or educational experience referenced in the website.  In addition, Hardy Reed itself is a member of certain organizations referenced in the website.  You may request a copy of the Brochure Supplements for the personnel of Hardy Reed for additional information regarding the education, business experience and professional designations of the investment adviser representatives of Hardy Reed. 

 

Terms & Conditions of Use

These Terms & Conditions of Use are between you and Hardy Reed (“we,” “us,” and “our”). Your use of the www.hardyreed.com website (the “Website”) constitutes an acknowledgment that you have read the most recent version of the Terms & Conditions of Use and that you agree to adhere to its terms. If you do not agree to be bound by these Terms & Conditions of Use, please cease all further use. We reserve the right to amend these Terms & Conditions of Use at any time.

1. Access to Website

Limited License. We grant you a non-exclusive, non-transferable limited license to access and make personal use of the Website and not to download (other than page caching) or modify any portion of the Website without our prior written approval. You shall not use any robot, spider or other device to monitor the Website in any manner. We may terminate this license at any time.

2. Policies Governing Use of the Website

Links to the Website. You are expressly prohibited from framing or linking or otherwise using or displaying the Website or any portion thereof in such a manner so that it appears to be part of your own or someone else’s website.

Privacy Policy. Our use of your information shall be governed at all times by our Privacy Policy.

Links to Other Websites. We may place links on the Website to other websites on the Internet that are owned or operated by third parties. You acknowledge and agree that we are not responsible for, nor do we endorse or support, the operation of or content located on any such website, and we cannot and do not warrant that the content of such websites is accurate, complete, legal and/or inoffensive. By linking to these third-party websites, you acknowledge and agree that you may not make any claim against us for any damages or losses of any kind arising from the third-party website and/or the link.

3. Disclaimer of Warranty; No Consequential Damages; Limitation of Liability

Disclaimer of Warranty. YOU ACKNOWLEDGE THAT YOUR USE OF THE WEBSITE IS ENTIRELY AT YOUR OWN RISK. The Website is provided as is, without warranties of any kind, either express or implied, including, but not limited to, warranties of title or implied warranties of merchantability or fitness for a particular purpose or warranties of non-infringement. To the fullest extent permissible by law, we make no warranties and shall not be liable for the use of the Website, including, without limitation, any interruption of or error in the services under any circumstances, including, but not limited to, our negligence.

Limitation of Liability. Under no circumstances shall we be liable for any special or consequential damages that are directly or indirectly related to the use of, or the inability to use, the Website, even if we have been advised of the possibility of such damages. Some states do not allow the exclusion or limitation of incidental or consequential damages, so the above limitation or exclusion may not apply to you.

4. Miscellaneous

Prohibited Uses. You expressly agree not to use the Website in a manner that is prohibited by any law or regulation, or to facilitate the violation of any law or regulation. You acknowledge that prohibited conduct includes, but is not limited to, use of the Website to invade the privacy of third parties, impersonation of our personnel or other parties or entities, transmitting abusive, profane, libelous, slanderous, threatening, or otherwise harassing material via e-mail or your personal Web page(s). You also agree not to use the Website to violate the security of the Website or attempt to utilize another user’s account name or persona without authorization from that user.

Choice of Law; Jurisdiction. These Terms & Conditions of Use shall be governed and interpreted in accordance with the substantive law of the State of California without regard to its conflict of law provisions. You agree to the exclusive jurisdiction of the courts located within Lee County, State of Mississippi.

Severability. If any provision of these Terms & Conditions of Use is deemed invalid or unenforceable, that provision shall be deemed severable and shall not affect the validity, legality or enforceability of the remaining provisions.

Survival. Any section of these Terms & Conditions of Use which by its terms and nature is meant to survive the termination of these Terms & Conditions of Use, shall survive such termination.

Entire Agreement. These Terms & Conditions of Use set forth the entire understanding and agreement between us with respect to the subject matter hereof.

 

 

CEFEX Certification

“Through CEFEX’s independent assessment, the certification provides assurance to investors, both institutional and individual, that Hardy Reed has demonstrated adherence to the industry’s best fiduciary practices. This indicates that Hardy Reed’s interests are aligned with those of investors. The certification, which must be earned annually, verifies that an organization is using fiduciary best practices in the investment process they apply to manage their client’s assets.”

Carlos Panksep, General Manager of the Centre for Fiduciary Excellence.

This prestigious certification highlights our commitment to providing clients and prospective clients with independent objective fiduciary guidance. We believe that the Center for Fiduciary Excellence certification of a firm’s investment process is rapidly becoming a beacon of light for the investing public.

Using the protocol developed by the International Standards Organization (ISO) and the framework developed by the Center for Fiduciary Studies, the CEFEX designation is considered by many to be the top certification for financial services firms adhering to fiduciary best practices. Hardy Reed, LLC is proud to be one of the first firms globally to receive CEFEX Certification according to CEFEX.

Hardy Reed received the CEFEX certification as an Investment Advisor for its services to high net worth individuals, personal trusts, foundations, ERISA Defined Benefit & Defined Contribution plans, 403(b) plans, and non-qualified plans.

The Centre for Fiduciary Excellence (CEFEX) fiduciary assessment of Hardy Reed was to determine whether our practices in providing investment advice to clients conform generally to the fiduciary standards of excellence (referred to as the Fiduciary Practices) as defined by the Prudent Practices for Investment Advisors (U.S. Edition) handbook as published by Fiduciary360. CEFEX’s assessment process is based on ISO 19011 and is conducted in accordance with ISO 17021. 

Click here to view or download a full copy of the standard.

The standard is substantiated by legislation, case law and regulatory opinion letters from the Employee Retirement Income Security Act (ERISA), Uniform Prudent Investor Act (UPIA), Uniform Prudent Management of Institutional Funds Act (UPMIFA) and the Uniform Management of Public Employee Retirement Systems Act (MPERS) in the U.S.

CEFEX keeps accountable and serves as the certifying organization for firms who act as:

Investment Stewards

An organization with the legal responsibility for managing investment decisions.

Investment and Fiduciary Advisors

An organization with the responsibility for providing comprehensive and continuous investment advice.

Investment Managers

An organization which makes investment decisions and selects the securities to implement a specific investment mandate.

Retirement Plan Service Providers

An organization which specifically provides record keeping and administration services to qualified retirement plans.

Like Hardy Reed, the overall goal of CEFEX is to increase trust and improve outcomes for investors.

View Certificate

AIFA, CIMA, CEFEX Analyst

Scott Reed

Chief Executive Officer

In 2006 Scott Reed founded Hardy Reed with partner, John Hardy. He is a firm principal and CEO today.

Scott began working in the investment industry in 1985, dedicating the first 21 years of his career to the J.J.B. Hilliard, W.L. Lyons, LLC, brokerage firm where he met his present-day partner, John C. Hardy.

Scott earned his Endowments and Foundations Certificate at the Wharton School of Business in 2006. He is a Certified Investment Management Analyst® (CIMA®), an Accredited Investment Fiduciary Analyst™ (AIFA®), and a CEFEX Analyst, having met the criteria established by the Centre for Fiduciary Excellence (CEFEX). Scott has received formal training in investment fiduciary responsibility.

Civic Interests: Giving back to his industry is important to Scott, which is why he is a member of the National Council on Planned Giving, the Planned Giving Council of Northeast Mississippi, and the Investment Management Consultants Association. He has penned a nationally syndicated financial newspaper column for 25 years and speaks nationally on investment and fiduciary responsibility.

Scott serves on the IMCA Code of Ethics Committee and has been a guest lecturer on the topic of ethics in The Owen School of Management at his alma mater, Vanderbilt University.

He serves on the boards of the Community Development Foundation, Mississippi Hospital Association, Ambulatory Surgery Center and the North Mississippi Medical Center where he is vice chairman. Scott is a past member of the Mississippi United Methodist Foundation Board of Directors and the past president of the Tupelo Kiwanis Club, United Way of Northeast Mississippi, and Big Brothers/Big Sisters of North Mississippi.

Awards: He has received the Julius G. Berry Award for Outstanding Volunteer Service, Mississippi Business Journal’s 1997 Top 40 Under 40, Rotary Group Study Exchange to Australia, and the Boy Scouts of America Silver Beaver Award.

Author: Scott is the author of “Top 40 Rules of Investing”, an engaging and thoughtful guide down the path of successful investing practices. Get the book at top40rules.com

Individuals and Families

Individuals and Families

Making your financial goals a reality.

Hardy Reed will help you define your goals and create a path to get there. If your goals change, so will your path, and we will be there to guide you.

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OUr Fee structure

As a fee-only firm, we are not allowed to be paid by the products we use - only by the clients we serve. Our interests are aligned with our clients' interests. Your success is our success.

The Process
The Discovery Meeting is an in-depth interview focused on gaining a clear understanding of your values, long and short-term goals, important relationships, current financial situation, and unique challenges. We use the information gathered to create a plan to help you meet your financial goals.
During the Investment Plan Meeting, we present our recommendations providing a detailed explanation of our approach in order to ensure understanding and transparency.
In the Mutual Commitment Meeting, we mutually determine whether we want to move forward and formalize our partnership. If so, we begin the process of implementing the wealth management recommendations.
During the Initial Follow-up Meeting, we help to organize paperwork for the new account(s) and answer any questions. Then  implementation, working toward your financial objectives and setting priorities for achievement.
Regular Progress Meetings are held at intervals throughout the course of our relationship. These meetings address any personal, professional or financial changes made or incurred by the client since the previous meeting. Together we will discuss progress, review and assess investments, and make any necessary adjustments.
The Approach

Investment Planning

Investment consulting is the astute supervision of investments to achieve financial goals. Successful investing requires our wealth management team to know a client’s values, concerns, goals, and most important challenges and then design and monitor an investment strategy to help them realize your objectives. Trust and open communication from both the team and client are essential components of the investment planning process.

Not every advisor manages investments the same. Below are areas of distinction among advisors and financial firms. They are central to selecting an advisor and firm you will work well with for a successful long-term relationship.

Conflicts of Interest

Conflicts of Interest

As a fiduciary we have legal responsibility to act in our clients best interest. Most investment professionals are not required to meet that standard.

Team Approach​

Team Approach​

Having a smart advisor is good. Having a team of them with the experience you need is better.

Credentials & Experience

Credentials & Experience

Our investment team has earned over 20 advanced designations in our over 250 years of combined experience.

Define your financial goals

Define your financial goals

Our discovery process was created to not only understand your goals but the motivations behind them as well.

Communication

Communication

It's important to understand your financial plan. We communicate your strategy in clear and simple terms.
Our Services

Estate Planning

Estate planning goes beyond investments. It addresses the range of an individual’s financial needs such as wealth preservation, wealth enhancement, wealth protection, wealth transfer, and charitable giving. Most successful individuals and families have significant estate planning needs that require addressing and effectively coordinating with the client’s other trusted advisors, as their CPA or estate attorney, relationships and in conjunction with their investment plan.

01

Wealth Preservation

Wealth Preservation

Wealth preservation is about having enough money to fund your family’s lifestyle today and tomorrow.
02

The impact of taxes

The impact of taxes

Of all the expenses investors pay, taxes have the potential for taking the biggest bite out of an investor’s total returns. We help you understand the extent of that impact and work with your CPA on how to mitigate it.
03

Wealth Protection

Wealth Protection

A wealth management plan should not only implement strategies for growth, but also recognize the importance of protecting your wealth against catastrophic loss, creditors, litigants, and identity thieves.
04

Wealth Transfer

Wealth Transfer

Just as your financial plan gives you control of your investments while you are alive, a well-made estate plan allows you to decide how your assets will be handled when you pass away or become incapacitated.
05

Charitable Planning

Charitable Planning

Many of our clients have a desire to make the world a better place through causes they are passionate for. One of the most impactful ways to do that is through well thought out charitable planning.
Our services

Retirement Planning

We want you to be confident that your retirement is just the beginning of your next chapter. There is no financial goal more important than making sure you don’t outlive your money. We partner with you to help determine what you need, how long you need it, and what we have to do to make that goal happen.

Our Services

Finding the Right Advisor

Finding the right advisor for your wealth plan can be a daunting endeavor. In an industry where a job title no longer clearly identifies the services, relationships, designations, or expertise an advisor offers, how do investors choose the best advisor and firm for their needs? 

Hardy Reed is built to take on fiduciary responsibility for our clients. What does that mean for you?

  • We must act in your best interest.
  • We must continually follow the investments we use on your behalf.
  • We must evaluate all fees to ensure they are reasonable, including our own.
Contact An Advisor

Plans for Individuals

01

Families & Individuals

Families & Individuals

Hardy Reed works with successful families and individuals to clarify and focus on the goals most important to them. Through our consultative process, we help you understand where you are now, identify where you want to go, and address any gaps you have for getting there.
02

Retirees

Retirees

Understanding what you need in retirement is critical and we have the resources and expertise to develop a dynamic plan specific to you. When your life changes, the plan can change with it.
03

Business Owners

Business Owners

From using investments to cash flow your business to succession planning and ultimately exit strategies, you face unique challenges as a business owner. Hardy Reed has worked with Business Owners for decades to ensure your money is working as hard as you are.

Need help making your decision?

Use the decision tree to help you find your path.

Decision Tree

Call Our Office

662.823.4722

Tell us about your investment goals.

Contact Us

Hardy Reed, LLC Named to 2020 Financial Times 300 Top Registered Investment Advisers for the Second Year in a Row.

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Corporate Office:
101 South Front Street, Tupelo, MS 38804
O: 662.823.4722 

Oxford Office:
300A Enterprise Drive, Oxford, MS 38655
O: 662.823.4722

Get the book Top 40 Rules of Investing by Hardy Reed CEO Scott Reed. 
top40rules.com

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