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Client Relationship Summary

Bumped Inc, Bumped Financial LLC

October 28, 2022

Introduction

This Client Relationship Summary (“Form CRS”) provides important information about Bumped Financial LLC (“Bumped Financial”), a broker-dealer registered with the Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority, Inc. (FINRA) and the Securities Investor Protection Corporation (SIPC). Bumped Financial is a wholly owned subsidiary of Bumped, Inc. (“Bumped”). Securities accounts for Bumped Financial are held at the clearing firm, Apex Clearing Corporation (“Apex”), a third-party broker-dealer and custodian. Choosing any financial advisor or financial relationship is an important decision. 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.

Relationships and Services:

What investment services and advice can you provide me?

Bumped Financial offers brokerage services through self-directed brokerage accounts to retail investors. These services include rewarding, holding, and selling securities, including the facilitation of trading in fractional shares of stocks and exchange-traded funds (“ETFs”). Our principal service is the facilitation of the Bumped Reward Program. Investment rewards are provided by Bumped and Clients elect to receive investment rewards at their own will and are not eligible for additional deposit of outside funds. Clients will receive investment rewards through participation in the Bumped Reward Program. The securities rewards in Bumped Client Accounts is based on Client’s spending habits and retail purchases made at retailers, merchants, and/or brands (each a "sponsor", and collectively "sponsors") that sponsor the Bumped Reward Program. Selling of securities is offered and facilitated when requested by the account holder.

We do not make securities recommendations and we do not make markets in securities. Our trading activities are on an agency basis, and are to facilitate the rewards and sales of securities. Additional information can be located in our disclosures in the customer agreement (located at: https://bumped.com/legal/customer-agreement/).

Stock selection for rewards may be limited to certain offerings. Bumped Financial does not provide recommendations to purchase or sell securities in the accounts.

  • Monitoring: Monitoring is not offered as part of our standard service.
  • Investment Authority: Clients decide to participate in the Reward program, thereby making the ultimate decision to own fractional shares that are purchased as a reward pursuant to separate consumer purchases. Clients hold the right to liquidate and place sell orders at their sole discretion.
  • Limited Investment Offerings: We do not offer investment advice. Products and investments available as rewards are a limited number of stocks and ETFs, which are subject to change and ongoing review.
  • Account Minimums and Other Requirements: There is no minimum to open or maintain an account.

For additional information, please see the customer agreement (located at: https://bumped.com/legal/customer-agreement/ ).


Conversation Starter:

  • 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?

Fees, Costs, Conflicts, and Standard of Conduct:

What fees will I pay?

Bumped Financial does not charge commissions. Clients do not pay brokerage execution fees. Sponsors fund the Bumped Reward Program, which results in clients paying no fees.

Although you pay no brokerage fees with your Bumped account, an investment account typically has fees. 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, please see the Bumped Financial Fee Schedule (located at https://bumped.com/legal/fee-schedule/).


Conversation Starter:

  • 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 as my broker-dealer? How else does your firm make money and what conflicts of interest do you have?

When we provide you with a recommendation as your broker-dealer, we have to act in your best interest and not put our interest ahead of yours. At the same time, 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 investment advice we provide you. Here are some examples to help you understand what this means:

  • Bumped enters into agreements with reward sponsors to support the Reward Program and the rewards are variable based upon those agreements. This may influence the amount of the awards clients receive.
  • Revenue Sharing: Bumped covers the expenses of Bumped Financial in order to facilitate the Reward Program. Further Apex may share discounts or revenue with Bumped Financial for order flow.
  • Principal Trading: Our firm engages in principal trading of fractional shares to facilitate customer sale orders and may profit or lose money on agency trades incidental to this order flow facilitation.
  • Third Party Fees include ETF expenses: Accounts may incur expenses related to owning the specific ETF. Information on the expense ratios for these investments may be viewed in the prospectus for the particular ETF, provided to the customer.

Conversation Starter:

  • How might your conflicts of interest affect me, and how will you address them?

How do your financial professionals make money?

Financial professionals are paid an annual salary, in addition to bonuses. They are not compensated based upon factors such as the amount of client assets they service; time and complexity required to meet a client’s needs; the product sold (i.e., differential compensation); or commissions.

Disciplinary History: Do you or your financial professionals have legal or disciplinary history?

Bumped Financial does not have any disciplinary history. The registered representatives do not have a disciplinary record either. Visit investor.gov/CRS or brokercheck.finra.org for a free and simple search tool to research you and your financial professionals.


Conversation Starter:

  • As a financial professional, do you have any disciplinary history? For what type of conduct?

Additional Information

For additional information about our services or a copy of this disclosure, please visit our website at www.bumped.com, email support@bumped.com, or call (503) 765-7005.

Please also see the customer agreement (located at: https://bumped.com/legal/customer-agreement/) and information about payment for order flow (located at https://www.apexclearing.com/sec-rule-606-and-607) and the Bumped Financial Fee Schedule (located at https://bumped.com/legal/fee-schedule/)


Download the Client Relationship Summary as a PDF

View all legal disclosures

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