Form ADV Part 2A Offer

Item 2 - Material Changes

On July 28, 2010, the United State Securities and Exchange Commission published “Amendments to Form ADV” which amends the disclosure document that we provide to clients as required by SEC Rules. This brochure dated September 30, 2023 is the most current amendment to the original document dated May 17, 2011, which was prepared according to the SEC’s new requirements and rules.

With regard to this amendment dated September 30, 2023, there have been no material changes which have been made to the previous brochure dated September 30, 2022.

In the past, we have offered or delivered information about our qualifications and business practices to clients on at least an annual basis. Pursuant to new SEC Rules, we will ensure that you receive a summary of any material changes to this and subsequent Brochures within 120 days of the close of our business’ fiscal year, which occurs on June 30th. We may further provide other ongoing disclosure information about material changes as necessary.

We will further provide you with a new brochure as necessary based on changes or new information, at any time, without charge.

Currently, our brochure may be requested by contacting Steven D. Urban, President at

(312) 379-0150. Our brochure is also available on our web site, www.ufinadv.com, also free of charge.

Additional information about Urban Financial Advisory Corporation is also available via the SEC’s web site www.adviserinfo.sec.gov.

Acknowledgment of Fiduciary Duty

Recently, the Department of Labor edited the Employee Retirement Income Security Act of 1974 (“ERISA”) 29 CFR Parts 2509, 2510 and 2550 to update and expand the definition of “fiduciary investment advice” to better reflect the current realities of the retirement market including the growth of participant-directed investment arrangements and IRAs and the increasing necessity of financial advisors to help navigate them.

At Urban Financial Advisory Corporation, our goal has always been to act in the best interest towards our client’s assets. The new edits to ERISA now require us to fulfil these standards and to provide an acknowledgement of our fiduciary duty.

In its day-to-day business, Urban Financial Advisory Corporation (“UFAC”) may provide investment advice or recommendations with respect to assets of a retirement plan or IRA account. UFAC is considered a “level-fee fiduciary” which is defined as an advisor who receives compensation based only on a fixed percentage of the value of the assets under management with such values being defined by independent statements from the custodians of those accounts. In advising clients on their retirement plans, UFAC may give advice in such a way as to increase the value of the client’s assets under managements (i.e. a rollover from a 401(k) plan to an IRA managed by UFAC), thus causing an increase in UFAC’s compensation.

UFAC follows impartial conduct standards and only gives such advice when it is in the best interest of the retirement investor. “Best interest” is defined as:

  1. acting within a professional standard of care by “discharging [our] duties with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent [person][…] would use in the conduct of an enterprise of a like character and with like aims”,

  2. basing the advice on the interests of the customer rather than the competing financial interest of the adviser or firm”,

  3. charging no more than reasonable compensation, and making no misleading statementsabout investment transactions, compensation, and conflicts of interest.

We have designated the Office Manager as responsible for addressing material conflicts and monitoring advisers’ adherence to the impartial conduct standards. Currently, UFAC knows of no material conflicts beyond that discussed above, namely, that our investment advice regarding your retirement accounts may lead to an increase in the value of your assets under UFAC’s management and thus increase UFAC’s compensation.

Privacy Policy

This notice describes Urban Financial Advisory Corporation’s privacy policy and is being distributed in compliance with the Financial Services Modernization Act passed in 2000. This summary of our privacy policy will be provided to clients annually in compliance with federal law.

In the course of providing financial planning, investment advisory and income tax planning and compliance services, Urban Financial Advisory Corporation (UFAC) collects an array of personal and financial information from its clients. Such information includes, but is not limited to, personal data such as names, addresses, dates of birth and social security numbers and financial data such as account balances information, net worth data, personal expense information, tax information including income tax returns, and estate planning information including testamentary documents. All such data is provided directly by the client to the corporation on account applications, tax, financial and estate planning questionnaires, income tax organizers and through meetings and conversations with clients. Also, clients may provide authorization to third parties such as employing companies, plan sponsors or custody agents to provide information directly to UFAC on their behalf.

This information is maintained in written form at Urban Financial Advisory Corporation’s offices. Electronic access to this information is through a cloud environment provided by and maintained by ITEGRIA, LLC (1550 N Northwest Hwy, Park Ridge, IL 60068). Information regarding ITEGRIA’s cybersecurity policies is available upon request. Employees access sensitive personal information only when needed to provide tax, financial planning and investment advisory services, including investment policy implementation, tax return preparation and related financial services or for regulatory purposes. Such information may be provided to third parties only as a means of corroborating or updating existing information such as that an account has been established or a transaction is being executed for the correct client and/or account or for regulatory purposes. Information shared in this way is generally already in the possession of the third party. UFAC has established policies and procedures to safeguard all data collected and maintained. Employees, as a condition of employment, are required to comply with established policies and procedures as well as maintain strict confidentiality as it relates to this information.

UFAC does not share or sell client personal or financial information with any third parties other than as specifically described above. UFAC does not have any subsidiaries and is an independent financial advisory firm and thus has no related entities with which to share client information.

For additional information regarding our policies, please contact us at (312) 379- 0150.