Aspiration Financial, LLC, (“Aspiration”) is a SEC registered broker-dealer and Member FINRA/SIPC. Aspiration Financial, LLC is a subsidiary of Aspiration Partners, Inc. Neither Aspiration Partners, Inc. nor any of its subsidiaries are a bank. Aspiration pledges to donate 10% of the fees customers choose to pay us to charities.
Brokerage and investment advisory services differ, and it is important for you to understand these differences. Free and simple tools are available to research firms and financial professionals at investor.gov/CRS which also provides educational materials about broker-dealers, investment advisers, and investing. More information can also be found on FINRA’s BrokerCheck.
WHAT INVESTMENT SERVICES AND ADVICE CAN YOU PROVIDE ME?
Aspiration offers two cash management services, the Aspiration Spend and the Aspiration Save Accounts.
Aspiration does not provide discretionary advice, create investment proposal strategies, or provide for the ongoing monitoring of investments. Aspiration does not offer any additional brokerage or advisory services. The minimum amount required to open an Aspiration Spend & SaveTM account is $10. You have no obligation to open any type of account.
You make the ultimate decision whether to place your money into a Spend or Save account. For more information about Aspiration’s broker-dealer background, visit FINRA’s broker-check.
Given my financial situation, should I choose an investment advisory service? Should I choose a brokerage service? Should I choose both types of services? 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?
WHAT FEES WILL I PAY?
Aspiration empowers you to choose your own fee, even if it's zero, under our “Pay What Is Fair” model. For any extra services such as a wire transfer, Aspiration commits to "All Extra Services Provided at Cost" meaning that we will only charge you what it costs us to provide the extra service and not a penny more.
After selecting your initial fee, you can change it anytime and as often as you want on your account dashboard. Pay What Is Fair service charges are collected on the first of each month on a monthly basis using the fee settings as of the first of the month during which the fee is collected. If funds are unavailable in your account to assess the fee, we will attempt to collect the fee until the fee is collected or for 28 days, whichever is sooner.
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 you understand what fees and costs you are paying. For additional information on fees, click here and here.
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 PROVIDING RECOMMENDATIONS? HOW ELSE DOES YOUR FIRM MAKE MONEY AND WHAT CONFLICTS OF INTEREST DO YOU HAVE?
We do not provide recommendations. 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 services we provide you. Here are some examples to help you understand what this means.
Aspiration receives interchange fees on debit card transactions and the difference between the amount of interest your money earns and the interest that is paid out to you.
How might your conflicts of interest affect me, and how will you address them?
HOW DO YOUR FINANCIAL PROFESSIONALS MAKE MONEY?
All of our financial professionals, employees, and contractors are paid a salary or hourly wage. They do not receive commissions and they do not receive a higher income when you invest.
DO YOUR FINANCIAL PROFESSIONALS HAVE ANY LEGAL OR DISCIPLINARY HISTORY?
Our firm does not have a history of disciplinary events, but some of our financial professionals have been disciplined. Visit investor.gov/CRS or FINRA’s BrokerCheck for free and simple search tools to research your financial professionals.
As a financial professional, do you have any disciplinary history? For what type of conduct?
Who is my primary contact person? Is he or she a representative of an investment-adviser or broker-dealer? Who can I talk to if I have concerns about how this person is treating me?
For a PDF version of this Form CRS Brokerage Relationship Summary Disclosure, click here.