Cornell Pochily Investment Advisors, Inc.

 

Form CRS Relationship Summary, January 11, 2021

 

Item 1. Introduction.

What type of firm is Cornell Pochily Investment Advisors, Inc. (Cornell Pochily, the Firm)?

Cornell Pochily is a U.S. Securities and Exchange Commission (SEC) registered investment advisory firm.  Registered investment advisory firms and brokerage firms are different and it is important that retail investors understand the differences in their services and fees.  See https://investor.gov/CRS, a website helpful to investors that provides free educational tools and information about the differences between the two types of firms, investing and various financial professionals.

 

Item 2. What investment services and advice can you provide me? 

Our Firm provides investment management, financial planning, consulting and tax preparation services.  Advisors continually track changes in financial markets and recommend stocks, mutual funds, exchange traded funds, fixed income securities and other appropriate investments.  Cornell Pochily routinely monitors and reviews client portfolios as part of an ongoing process for discretionary accounts and necessary adjustments are made.  In addition, discretionary accounts undergo a full review in conjunction with client goals and risk preferences at least once a year, and more frequently as necessary.  Client accounts that are provided consulting or financial planning services are reviewed on an as needed basis.  Clients receive comprehensive monthly or quarterly statements of holdings and activity from their custodian(s) and, where available, can access on-line services that enable them to monitor their investments and account activity. 

 

Our clients direct the type of authority we have over their investment account(s).

 

Discretionary authority for client investments:  When we engage in discretionary management of client investments, we take responsibility for making investment decisions to buy and sell stocks and other investment products without further direction from the client.  Our authority is based on agreement with the client and respect for the goals, risk preference and other information provided by each client. 

 

Non-discretionary authority for consulting services:  Under agreement for non-discretionary consulting services, the client generally initiates discussions with the Firm and retains responsibility over their investment strategy and ultimate decisions regarding the purchase or sale of stocks or other products.  A client who receives consulting services may request and choose to rely upon our opinions, research, the news or other information.  Although we believe information is accurate and correct when we are providing consulting services, we cannot guarantee the accuracy or correctness of our opinions, or of any information we provide. 

 

Clients are expected to keep us informed of any changes in their financial circumstances and goals so that we can provide appropriate services for them.  The Firm relies upon information provided by the client(s) and we do not verify such information.

 

We generally limit the scope of our investments to those referenced above, we do not offer proprietary investment products, and we do not require account minimums or the like. 

 

Additional Information: The services offered by Cornell Pochily are more fully described in our Form ADV Part 2A (Disclosure Brochure), see especially Items 4, 5 and 7, which can be accessed here: adviserinfo.sec.gov/firm/summary/145355

 

  • Given my financial situation, should I choose an investment advisory service? Why or why not?
  • How will you choose investments to recommend to me?
  • What is your relevant experience, including your licenses, education and other qualifications? What do these qualifications mean?

 

 

 

Item 3. What fees will I pay?

You will pay a quarterly fee for our discretionary investment management services that is based upon the value of the assets in your account(s) under management.  By agreement with the client, the fee is set at an annual percentage of up to 1.25%.  The fee is calculated at the end of each fiscal quarter and is deducted from one or more of your accounts.  Our fees for our investment consulting and financial planning services are based either on a fixed fee or an hourly basis.  For additional information about our fees, see our Form ADV Part 2A (Disclosure Brochure) at Items 5 and 6, which can be accessed here: adviserinfo.sec.gov/firm/summary/145355.   In addition to our fees, clients will incur miscellaneous costs and pay fees to financial institutions with whom they have relationships, including, but not limited to, their account custodian(s), mutual funds and/or exchange traded funds.   

 

Additional Information: You will pay fees and costs whether you make or lose money on your investments.  Fees and costs will reduce any amount of money you make on your investments over time.  Please make sure that you understand what fees and costs you are paying.  

 

  • Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees and costs, and how much will be invested for me?

 

What are your legal obligations to me when acting as my investment adviser?  How else does your firm make money and what conflicts of interest do you have?

When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.  At the same time, the way we make money creates some conflicts with your interests.  You should understand and ask us about these conflicts because they can affect the investment advice we provide you.  Here are some examples to help you understand what this means.  As a rule, because the Firm charges clients an asset-based fee, the more assets in your investment advisory account(s) the more fees you will pay and the more Cornell Pochily will earn, so we have some incentive to encourage you to increase the assets in your accounts.  In addition, the Firm provides tax preparation services and has some incentive to recommend these services to clients. 

 

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

 

Additional Information: For more detailed information about our conflicts of interest see our Form ADV Part 2A (Disclosure Brochure), see especially Items 12 and 14, which can be accessed here: adviserinfo.sec.gov/firm/summary/145355.

 

How do your financial professionals make money? 

Our financial professionals are compensated by salary and some may receive an occasional bonus based upon their individual professional ability.  Compensation is not commission based, but is in some ways related to the overall revenue of the Firm.   

 

Item 4. Disciplinary History

Do you or your financial professionals have legal or disciplinary history?

No.  You can visit investor.gov to research our Firm and our financial professionals. 

 

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

 

Item 5. Additional Information

Our office is located at 2415 North Triphammer Road, Suite 1, Ithaca, New York 14850.  You can get additional information about our Firm and our services at the Firm website www.CornellPochily.com and/or you can contact us either by phone at (607) 391-7080 or by email at cl@cornellpochily.com.  We will provide you with an up-to-date version of our Form ADV Part 2A (Disclosure Brochure) and/or our Relationship Summary upon request. 

 

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