Robert Shepard - Capital Management Securities, Inc.

Capital Management Securities, Inc. (CMS) is a member of the Financial Industry Regulatory Authority, Inc. (FINRA). CMS is an introducing broker/dealer and clears it securities trades through Southwest Securities, Inc. (SWS). CMS is affliated with Capital Management Associates, Inc. (CMA), a registered investment advisor, registered with the Securities and Exchange Commission. The representatives affliated with both CMS and CMA primarily provide comprehensive financial planning advice and investment management services to individuals, companies, and qualified retirement plans. Our clients primarly work with CMA on a fee basis which may be based upon assets under management, fixed or hourly fees. CMS may work with clients on a commission basis or may waive commissions for clients paying fees through CMA. CMS and CMA are completely independent of any affiliations with companies that originate securities offerings and/or insurance products. CMS has access to virtually all investment vehicles available in the financial markets.