1St & 3Rd Investments is a investment adviser based in Vestavia Hills, AL, that holds a 90.0/100 Fidelon TransparencyScore (57th percentile among state-registered advisers), with 1 registered advisor. Score based on public SEC and FINRA filings.
1St & 3Rd Investments
1St & 3Rd Investments LLC · CRD #337417
A fee-only investment adviser with a clean regulatory record and fiduciary commitment.
Fidelon Fact Sheet
1St & 3Rd Investments LLC is a state-registered investment adviser in Vestavia Hills, AL. It used to be called Duncan Law, LLC. Its one registered advisor typically serves individuals and families, business owners and pension and profit-sharing plans. It manages $1.8 million across 23 client accounts. It charges one yearly percentage of your account, and it does not report earning commissions. Its services include financial planning, portfolio management, educational seminars and market-timing advice. Its record shows no customer complaints, regulatory actions or fines.
Peer Context
4th of 15,825
state-registered advisers
Top 43%
1st of 102
state-registered advisers in AL
#1 ranked
1st of 2
state-registered advisers in Vestavia hills, AL
#1 ranked
How This Firm Works
Registration & Standard of Care
Investment Adviser — this firm is a registered investment adviser, held to a fiduciary standard — legally required to act in clients' best interests.
How This Firm Gets Paid
- Charges a percentage of assets under management
- Charges fixed fees for specific services
- Does not earn commissions on product sales
What you’d pay
Your balance falls in the $1,000,000 and above band, charged at up to 1.00% on the full amount. The brochure files this rate as a maximum, not a price. What you actually pay is set in your agreement and may be lower.
This fee is negotiable
“Our fees are negotiable at the discretion of our advisory representatives.”
From their Form ADV Part 2A. Most investors never ask.
Not included above
- • Corporate Retirement Planning: Payment for services are either paid by: an hourly rate, an agreed flat fee, annual rate, or a fee based on the value of assets in the retirement plan. Fees on an hourly basis will be at a rate of no more than $500 per hour plus expenses. Fees may also be offered at a fixed rate of no more than $5,000 annually plus expenses. Individual Consultation: Fees for such services are on an hourly basis, currently at a rate of no more than $500 per hour plus expenses. Fees may also be offered at a fixed rate of no more than $5,000 annually plus expenses. Investment companies charge their own management fees and other operating expenses. Clients are responsible for fees and expenses charged by custodians and broker-dealers, brokerage commissions, transaction fees, execution and settlement charges, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and any other fees and taxes on brokerage accounts and securities transactions.
Estimated from the firm’s Form ADV Part 2A brochure — not a quote. Actual fees are set in your agreement and may differ. Costs charged by others (custodians, fund managers) are not included.
What This Firm Charges
| Account Size | Annual Fee |
|---|---|
| $1,000,000 and above | Up to 1.00% |
Billed quarterly, in arrears
Extracted from Form ADV Part 2A brochure
Specializations
Extracted from Form ADV Part 2A brochure
Who They Typically Serve
Extracted from Form ADV Part 2A brochure
Key Findings
Strengths
- Fee-only compensation — no commission income reported
- Registered as investment adviser with fiduciary obligation
- No broker-dealer registration — advisory services only
- Clean regulatory record — no disclosures, arbitrations, or fines
- Transparent fee structure — charges advisory fees, no commissions
Conflict Audit
Zero material conflicts identified in regulatory filings.
Source: Form ADV Part 1, Items 6-8; Part 2A, Items 10-14
Regulatory Track Record
0
Disclosures
Clean record — no disclosures found
$0
Total Fines
Clean record — no fines found
Regulatory Events
TransparencyScore Dimensions
Disclosure Record
Customer complaints, arbitrations, and fines. Frequency and recency matter.
100/100
Strong
Avg for investment adviser firms: 82.6 | Top 10%: 99.5
Filing Quality
How clearly the firm describes services, fees, and investment approach in regulatory filings.
95/100
Strong
Avg for investment adviser firms: 84.1 | Top 10%: 100
Conflict Disclosure
How openly the firm explains who pays it and what it's paid to sell. The conflict isn't the problem — hiding it is.
73/100
Fair
Avg for investment adviser firms: 54 | Top 10%: 67
Enforcement History
Self-reported legal and disciplinary history from Form ADV Item 11.
100/100
Strong
Avg for investment adviser firms: 99.7 | Top 10%: 100
Their two-page relationship summary
The SEC requires every SEC-registered investment adviser to hand you this summary, called a Form CRS, and says what it must cover. We checked this firm's against that list. What is a Form CRS?
Not required
This firm is not required to file a Form CRS.
Without a Form CRS, the score above cannot go over 90. A firm that gives us one is scored on the same yardstick and can earn up to 10 more points.
What their brochure tells you
The firm must give you this brochure, Form ADV Part 2A, before you sign. We read it against the SEC's own instructions, item by item. Quotes are the firm's own words; page numbers refer to the filed brochure. What is in a brochure?
Can you tell what you'd pay and when?Brochure Fee Clarity100/100
The SEC asks every brochure to spell out the fee schedule, whether fees can be negotiated, how and when you are billed, the other costs you pay, and refunds.
The brochure answers every one of these.
- Can you tell what you'd pay?CoveredItem 5.A
Without a fee schedule you cannot compare this firm with any other.
Advisory fee schedules vary up to a maximum of 1.00% annually for accounts with less than $1,000,000 and up to a maximum of 0.90% for accounts $1,000,001 and above.p. 8
- Does it say whether the fee can be negotiated?CoveredItem 5.A
If fees are negotiable, other clients may be paying less than you for the same service.
Our fees are negotiable at the discretion of our advisory representatives.p. 8
- Does it say whether the fee comes out of your account or gets billed?CoveredItem 5.B
A fee taken straight from your account is easy to stop noticing.
The custodian will deduct the fee from your account, as authorized by you, or, if you have more than one account, from the account you have designated to pay our advisory fees.p. 9
- Does it say how often you're charged?CoveredItem 5.B
Monthly, quarterly, in advance or in arrears changes what you owe when you leave.
Quarterly, in arrearsp. 8
- Does it list the other costs you pay, like fund and custodian fees?CoveredItem 5.C
The advisory fee is rarely the whole bill; fund, trading and custody costs come on top.
In addition to 1st & 3rd’s advisory fees, clients are also responsible for the fees and expenses charged by custodians and broker-dealers.p. 9
- Does it say how you get money back if you leave mid-period?CoveredItem 5.D
If you pay in advance and leave early, the refund rule decides what you get back.
Since 1st & 3rd’s fees are paid in arrears, no pro-ration of previously paid fees will occur upon termination of the agreement.p. 10
Does it explain each conflict of interest and what it could cost you?Brochure Conflict Specificity70/100
The SEC asks the brochure to name each way the firm gets paid besides your fee, what that tempts the firm to do, and what it can cost you.
The brochure answers every one of these.
The brochure states the firm has no conflicts of this kind, and its Form ADV Part 1 agrees.
- Does the brochure say the firm has no conflicts of this kind?CoveredItems 10/11/12.B/14 + Part 1A
A clear statement that the firm earns nothing from commissions, perks or referrals is the simplest answer there is.
We do not currently utilize solicitors in an effort to avoid any potential conflicts of interest of using such services.p. 27
Do they earn commissions on products, and do they say so?Brochure Sales CompensationNot applicable
Not applicable: the brochure describes no product-sales commissions
Do they get free research or services from brokers, and does it affect you?Brochure Soft Dollars82/100
When brokers give the firm research or services in return for your trades, the SEC asks the brochure to say what the firm gets and what it may cost you.
Each point is marked Covered or Not found. When a point is not found, we say what to ask.
- Does it list what the firm gets from brokers for free?CoveredItem 12.A.1.e
Research, software and data paid for by your trades are a cost you never see.
They include investment research, both Schwab’s own and that of third parties.p. 25
- Does it say the firm benefits by not paying for those things?CoveredItem 12.A.1.a
A perk the firm would otherwise buy is money in the firm's pocket, paid with your trades.
The availability of these services from Schwab benefits 1st & 3rd because we do not have to produce or purchase them.p. 23
- Does it say those perks can shape which broker it picks for you?CoveredItem 12.A.1.b
Your trades should go where you get the best deal, not where the firm gets the best perks.
1st & 3rd’s receipt of these services creates a conflict of interest because 1st & 3rd has an incentive to recommend that clients custody their assets with Schwab based on 1st & 3rd’s interest in continuing to receive Schwab’s services described above rather than based on the interests of clients receiving the best value in custody services and the most favorable execution of transactions.p. 26
- Does it say whether those perks stay within what the law allows?CoveredItem 12.A.1.e note
The law allows research paid for with client trades only within limits; outside them, it is your money.
Any benefit from such research products utilized by 1st & 3rd falls within the provisions of Section 28(e) of the Securities Exchange Act of 1934.p. 21
- Does it say whether you pay more in trading costs because of those perks?Does not applyItem 12.A.1.c
Paying up for trades to earn the firm a perk comes straight out of your returns.
- Does it say whether every client benefits or only some?Not found in the brochureItem 12.A.1.d
Your trades may be paying for research that helps other clients' accounts, not yours.
What to askAsk whether the research your trades help pay for is used for your account.
A point not found is not a finding against the firm; many points apply only when the firm has that arrangement, and state-registered firms file the same brochure form.
Next Steps
Advisor Roster
1 advisor
| Advisor | CRD | Score | Grade |
|---|---|---|---|
| Jessie Patrick McCarley | 8113064 | — | — |
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Frequently Asked Questions
What does the TransparencyScore measure?
The TransparencyScore measures how clearly and completely an advisor or firm discloses important information in their regulatory filings — things like fees, conflicts of interest, disciplinary history, and business practices. A higher score means better disclosure quality, not better investment performance.
Where does this data come from?
All data comes from public regulatory filings: SEC Form ADV (Parts 1, 2, and 3), FINRA BrokerCheck, and the SEC's Investment Adviser Public Disclosure (IAPD) database. These are official filings that firms and advisors are legally required to submit.
Does a low score mean they're a bad advisor?
Not necessarily. A low score means the firm's public filings are less transparent — they may use vague language about fees, skip details about conflicts, or have a more complex regulatory history. Some excellent advisors work at firms with poor disclosure practices. The score measures the filing, not the person.
How often is this data updated?
Fidelon refreshes data from SEC and FINRA sources on a regular schedule. Form ADV filings are updated annually by firms (with amendments throughout the year), and BrokerCheck data is updated as events are reported. Scores are recalculated after each data refresh.
Can an advisor or firm improve their score?
Yes. Scores are based on what's in public filings. A firm that rewrites its ADV brochure in clearer language, discloses conflicts more specifically, or resolves outstanding regulatory issues will see its score improve at the next refresh. The incentive structure is intentional.
Data Sources
Scores are generated using Fidelon's published scoring methodology and reflect the quality of public disclosures, not the quality of investment advice. A firm that improves its disclosures will see its score improve. Fidelon does not provide investment advice.
Verify on SEC IAPD
Last scored: · Score version: 3.15 · CRD #337417