Disclosure Information

Telos Capital Management, Inc. (“TCM”) is an Investment Advisor registered with the Securities and Exchange Commission (“SEC”) located in San Diego, California.. No client or prospective client should assume that any information presented on this website is a receipt or, or a substitute for, personalized investment management services. Investment management services can only be rendered after the following conditions are met: 1. Delivery of our form CRS and ADV Part 2 to you; 2. Execution of an Investment Management Agreement between us. You may obtain a copy of our forms CRS & ADV Part 2 by contacting Telos Capital Management, Inc. at 858 271-6350, or via e-mail at info@telosinc.com

For information pertaining to the registration status of TCM, please contact the SEC or the state securities regulators for those states in which TCM maintains a notice filing.

TCM’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of TCM’s web site on the Internet should not be construed by any client and/or prospective client as TCM’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by TCM with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

TCM does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to TCM’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Certain portions of TCM’s web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, TCM’s (and those of other investment and non-investment professionals) positions as of a specific prior date. Due to various factors, including changing market conditions, such discussions may no longer be reflective of current position(s). Furthermore, no client or prospective client should assume that any such discussion serves as a substitute for personalized advice from TCM, or from any other investment professional. TCM is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice.

Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if TCM is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of TCM by any of its clients. Rankings published by magazines, and others, generally base their selections exclusively on information submitted by the recognized adviser. Rankings are generally limited to participating advisers. TCM never pays a fee to be considered for any ranking or recognition but may purchase reprints or plaques or other digital marketing pieces to publicize rankings.

All opinions expressed in our Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. Any views, opinions and/or estimates are as of the date of the material posting and are subject to change without notice at any time in reaction to shifting market conditions. The Blogs are only intended to provide information and education about the financial markets. To determine which investments may be appropriate for you, consult your financial advisor prior to investing.

Any performance that may have been referenced and/or described is historical and any opinions presented cannot be viewed as an indicator of future performance nor is there a guarantee of future results. Any indices referenced for comparison purposes are unmanaged and cannot be invested into directly. Please remember that investing involves risk and possible loss of principal.

CFA® - Chartered Financial Analyst
The Chartered Financial Analyst (CFA) charter is a globally respected, graduate‐level investment credential established in 1962 and awarded by the CFA Institute, the largest global association of investment professionals.
There are currently more than 150,000 CFA charter holders working in 163 countries. To earn the CFA charter, candidates must (1) pass three sequential, six‐hour examinations, (2) have at least four years of qualified professional investment experience, (3) join CFA Institute as members, and (4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.
High Ethical Standards
The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charter holders to:

Place the integrity of the investment profession and the interests of clients ahead of their own personal interests
Maintain independence and objectivity
Act with integrity, competence, and respect
Maintain and improve their professional competence
Disclose conflicts of interest and legal matters

Global Recognition
Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending over 300 hours of study per exam level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. As a result, employers and clients are increasingly seeking CFA charter holders, often making the charter a prerequisite for employment.
Additionally, regulatory bodies in 40 countries recognize the CFA charter as a proxy for meeting certain licensing requirements. More than 550 colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own finance courses.

Comprehensive and Current Knowledge
The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed‐income and equity analysis, quantitative methods, corporate finance, alternative and derivative investments, economics, financial reporting and analysis, portfolio management, and wealth planning.
The CFA Program curriculum is updated every year by experts from around the world. Such updates ensure that candidates learn the most relevant and practical new tools, ideas, and investment wealth management skills to reflect the dynamic and complex nature of the profession.

CFP® - CERTIFIED FINANCIAL PLANNER™
The CERTIFIED FINANCIAL PLANNER™(CFP®) certification is a voluntary certification that is recognized in the United States and a number of other countries for its (1) high standard of professional education, (2) stringent code of conduct and standards of practice, and (3) ethical requirements that govern professional engagements with clients. Currently, more than 83,000 individuals have obtained CFP® certification in the United States.
To attain the right to use the CFP® marks, an individual must satisfactorily fulfill the following requirements:

Education Requirement: Complete an advanced college‐level course of study addressing the financial planning subject areas that CFP Board’s studies have determined as necessary for the competent and professional delivery of financial planning services and attain a bachelor’s degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning.

CFP® Certification Examination Requirement: The examination, administered in two three-hour sessions over one day, includes case studies and client scenarios designed to assess one’s ability to integrate and apply a broad base of financial planning knowledge in the context of real-life financial planning situations.

Experience Requirement: Complete 6,000 hours of professional experience related to the financial planning process, or 4,000 hours of Apprenticeship experience that meets additional requirements; and

Ethics Requirement: Agree to adhere to the high standards of ethics and practice outlined in the CFP Board’s Standards of Professional Conduct and to acknowledge CFP Board’s right to enforce them through its Disciplinary Rules and Procedures This demonstrates to the public one’s agreement to provide personal financial planning in the client’s best interest and to act in accordance with the highest ethical and professional standards for the practice of financial planning.

Ethics and Continuing Education (CE)
Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks:

Complete thirty hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field.
Complete a Certification Application every two years, which includes an acknowledgement of voluntary adherence to the terms and conditions of certifications with the CFP Board. The CFP Board monitors CFP® professionals’ ongoing compliance with its ethical standards in addition to investigating consumer complaints, reviewing reports from other regulatory bodies and the press, and searching FINRA’s Central Registration Depository system; and
Pay an annual certification fee.

CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, LLC. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.

AAMS® - Accredited Asset Management SpecialistSM
In the Accredited Asset Management SpecialistSM, or AAMS® professional designation program, you’ll study the asset management process through a logical progression of topics, enabling you to think in terms of clients’ total financial situations, not just their investments. The program is ideal for those looking to build stronger client relationships and provide more comprehensive advice. At the conclusion of your studies, you’ll be qualified to identify opportunities and employ strategies not only regarding investments but also related to planning for insurance, tax, retirement, and estate issues. The end result: stronger, lasting client relationships.
At the time you enroll in the AAMS® designation program, you also have the option to enroll in the College’s Financial Advising Accelerator certificate program at a reduced tuition. Before beginning your AAMS® program, the Financial Advising Accelerator certificate program is designed to help you learn the practical skills needed to plan for, develop, and manage your practice and confidently engage with clients.
Begin your program at any time and complete your AAMS® designation program.
Students have access to OnDemand classes which provide the flexibility to complete a professional designation program at their own pace based on their busy schedule. Your online learning platform will guide you through all your course-related activities, from reading assignments, recorded video lectures and module quizzes to your final exam.
The AAMS® designation streamlines the cost and time toward your next credential.
As you advance your career, the College recognizes the time and investment it takes to earn industry-recognized credentials. Upon completion of the AAMS® program, graduates receive exemption from course FP511 General Financial Planning Principles, Professional Conduct, and Client Psychology in the College's CFP® certification education program.

If you currently hold a professional designation from the College, completion of a new professional designation fulfills CE hours as part of the renewal of your current designation.

AIF® – Accredited Investment Fiduciary®
The purpose of the AIF® designation is to assure that those responsible for managing or advising on investor assets have a fundamental understanding of the principles of fiduciary duty, the standards of conduct for acting as a fiduciary, and a process for carrying out fiduciary responsibility.
Fi360 is accredited by the ANSI National Accreditation Board (ANAB) for the AIF® designation, making the designation part of an elite group of accredited designations in financial services.
As the financial services landscape continues to evolve and grow in complexity, more clients are requiring their financial professionals to act as fiduciaries in order to earn and retain their business. The Accredited Investment Fiduciary® (AIF®) Training empowers financial professionals like you with the fiduciary knowledge and tools needed to serve your clients’ best interests and continue to successfully expand your business. You’ll gain a fundamental understanding of the principles of fiduciary duties, the standards of conduct for acting as a fiduciary, and a process for carrying out fiduciary responsibilities.
As an official education provider of AIF® Training, the College’s program helps candidates looking to sit for the AIF® exam satisfy the training requirement of the designation. Ranked as one of the 10 best financial certifications by U.S. News & World Report*, the AIF® certification mark is owned by Fi360, a Broadridge Company, which authorizes the use of the designation by individuals who successfully complete initial and ongoing designation requirements.
The program covers the following topics:

Organize: Fiduciary roles and responsibilities are clearly documented and defined
Formalize: The Investment Policy is consistent with the objectives of the portfolio and the risk and return assumptions
Implement: Decisions regarding investments and services are implemented in accordance with the duties of loyalty and care
Monitor: The portfolio is monitored regularly to ensure consistency with benchmarks and overall objectives
Course Recap and Review

Accolade: #45 Wealth Management Firm in the United States (2025)
Disclosure: Awarded in May/June. “The CNBC Digital editorial team, along with Meridian-IQ, created the following ranking methodology for its Top 100 Fee-Only Wealth Management Firms rankings. Scores for each measure listed below were weighted according to a proprietary formula to arrive at a final total rank: Assets under management, Having staff with professional designations such as a CFP or CFA, Working with third-party professionals such as attorneys or CPAs, Average account size, Client segmentation, Growth of assets, Years in business, Number of advisory clients, Providing advice on insurance solutions. Firms with greater AUM totals were given a higher ranking in the case of numerical ties of the above formula. The Meridian/AdviceIQ team then applied the formula to the Meridian-IQ database of all RIAs to create the list. The final step to create the Top 100 Fee-Only Wealth Management Firms list for CNBC.com was to apply the AdviceIQ Regulatory Compliance Review (RCR) process to the master list and eliminate any firm that failed the RCR process. The RCR process is a due-diligence process whereby each advisory firm was compared with the RCR database of all regulatory actions from all four primary regulators: SEC, FINRA, state regulators and state insurance commissioners. In order to pass the RCR process, an advisory firm cannot have any complaints, actions or disclosures from any of the above regulators.”