The Managing Director then assists the client in choosing a custodian to hold monies and securities and a broker to execute trades. The Managing Director may recommend, or the client may choose, a broker based on value of products, research, or services provided and commissions charged or because the client has as existing brokerage relationship. At Montgomery, we encourage the continuation of sound relationships.

The Managing Director may recommend Koonce Securities, Inc. ("Koonce"), as the broker and/or custodian. Koonce and Montgomery have an agreement whereby Koonce offers a substantial discount on commissions to clients who choose to use its services. However, clients are under no obligation to use these services.

The client and the Managing Director also determine whether Montgomery should have discretionary authority. If the client has granted Montgomery discretionary authority, the managing directors determine which investments as well as when and how much to invest based on the particular clients' goals and objectives. Montgomery also makes investment recommendations to non-discretionary clients who then make the final decisions.

The managing directors review each account on a monthly basis to evaluate changes in the needs or investment goals of the client. These monthly reviews also take into account market performance, economic conditions, and the status of individual companies. Special reviews can be triggered by client inquiries and significant changes in economic or market conditions.

All clients receive a complete written summary of the activity and status of each account at least four times a year. This summary includes year-to-date income and capital gains and losses reports. Additionally, we can send duplicate statements to CPAs and lawyers and can generate other detailed information as required.