Registered Investment Adviser
Disclosure Statement


Note: This is only a partial extract of our full disclosure statement.

The following information is provided pursuant to the Investment Advisers Act of 1940 (The Act of August 22, 1940, 54 Stat. 847, 15 U.S. Code, Secs. 80b-1 -- 80b-21, as amended.)

      John L. Boyle, as a sole proprietor, conducts business under the trade name Lennox Financial (hereafter the "Firm"). John L. Boyle is the successor to the business formerly conducted by Lennox Financial, L.L.C., an Arizona limited liability company. John L. Boyle is a Certified Financial Planner™ and is the sole portfolio manager and investment adviser for the Firm. Formerly registered as an R.I.A. with the S.E.C. since the 1970's, under new regulations promulgated by the United States Securities and Exchange Commission under the Investment Advisers Act of 1940 effective in 1997, John L. Boyle, doing business as Lennox Financial, is registered with the State of Massachusetts as an Investment Adviser/Financial Planner effective 1998. Lennox Financial also maintains registrations in other states where required by regulation.

     The term “registered investment adviser” refers to registration with government regulatory authorities and does not imply a certain level of skill or training.

      John L. Boyle dba Lennox Financial is engaged in the business of providing investment advice and financial planning. It is anticipated that the primary business of the Firm will continue to be the management of investment (securities) portfolios for clients with full trading discretion. At no time will the Firm have custody of the client's funds or securities. Trading will be directed to a licensed broker/dealer that the client selects. The firm is not a broker and no compensation will be received by the Firm for acting as a broker for any securities.

      The Firm will provide investment advice, investment management services, and financial planning to individuals, multi-generation families, individual retirement plans, trusts, and business owners. Types of investments typically include exchange-listed equity securities, securities traded over the counter, American Depository Receipts of foreign issuers, foreign securities, corporate debt securities, municipal securities, United States government securities, REITs, derivatives, options, real estate, exchange traded funds, and investment company securities, including mutual fund shares.

      Both fundamental and technical analysis is used to make investment decisions. Main sources of information include annual reports, prospectuses, filings with the Securities and Exchange Commission, research materials prepared by others, corporate rating services, financial newspapers and magazines, electronic news services, industry contacts, inspections of corporate activities, and company press releases. Investment strategies generally involve identifying undervalued securities for long term purchases, short-term trading on special situations, dividend capture, and asset allocation among different market segments and types of securities. The Firm has developed and owns various proprietary computer programs including an expert system and neural networks that it uses in conjunction with proprietary theories that predict future price movements.

      John L. Boyle is the sole portfolio manager and will manage accounts in accordance with the Clients Investment Policy Statement. John L. Boyle monitors all accounts on a regular unscheduled basis for the purpose of making buy and sell decisions or offering advice to the client. In addition to the trade confirmations and monthly statements provided by the custodian/broker, clients with individually managed accounts will receive from the Firm regular comprehensive quarterly performance reports. Comparisons may be made to common indexes such as the Standard & Poor's 500 stock index. In special circumstances the client may be provided with interim status reports. In the typical managed account, John L. Boyle will have full discretion to select the securities to be bought or sold, the amount to be traded, and the timing of the trade. Discretion does not include authority to withdraw cash or securities (except to arrange transfer to another account held by the client). The Firm has no authority to determine the broker/dealer, or custodian to be used and does not determine broker commission rates or fees. Such decisions are exclusively the responsibility of the client. If client requests, the Firm may suggest brokers that are believed to be responsible and fair; but in all cases, the client is encouraged to compare quality of service and commission rates. John L. Boyle will not receive any direct compensation for suggesting brokers. Any indirect benefit, such as access to research, will be used for the benefit of all clients unless prohibited by law or agreement.

      In addition to traditional (long only) managed accounts, multi-directional trading accounts referred to as "All-Weather" investment accounts are offered as an alternative. These accounts use derivative securities such as stock indexes and options, and may sell short securities as part of the multi-directional strategy. While some of these trading techniques when taken by themselves may be classified as aggressive or speculative, the intent of the account is to manage the directional risk of the underlying market while trying to maximize the profit from the asset classes selected for investment (similar to a hedge fund). All-Weather investing requires that the client open a margin account, and the client is encouraged to carefully consider the possible risk associated with this style of trading. Minimum account size is $150,000 for All-Weather investing.

      John L. Boyle may also manage specially designated, separate, speculative trading and hedging accounts. Minimum account size is usually $25,000 for speculative accounts. The purpose of the account is clearly defined with the investor, and clients are carefully advised of the high risk that accompanies the profit opportunity in these accounts. Speculative accounts are intended to represent a small amount of the client's total assets and are used to offset the risk of investments held in other accounts, or for purely speculative trading. The investor should have adequate means of providing for his current needs and personal contingencies and have no need for immediate liquidity in this investment.

     Most clients consider it desirable that John Boyle invests his own money in a manner consistent with the advice he is giving to clients. John Boyle is an active investor. To avoid conflict, thinly traded securities and initial public offerings will not be purchased by John Boyle or members of his family in competition with clients. Trading for John L. Boyle or accounts for members of his family will be treated on an equal basis with other clients only in large publicly traded markets on major regulated exchanges when the size of the trade relative to the size of the market makes it extremely unlikely that there would be any meaningful effect. In general, personal trades will occur after client trades, but personal trades may be bunched with client trades as part of a block order. If a clear conflict does arise, the interests of the client will always be placed first. If any conflict is expected to continue over a period of time, or be of a size that is meaningful, the conflict is expected to be terminated and resolved in favor of the client. If there is a possibility of a negative effect on a client, the client will be notified in writing.

      John L. Boyle was born in Boston, Massachusetts. John L. Boyle attended high school for three years at Phillips Academy in Andover, Mass. He attended Harvard University in Cambridge, Mass. for three years and graduated cum laude in 1972 B.A. (1971 advanced placement) with a major in social sciences. He has also taken various business classes at the Sloan School of Business at the Massachusetts Institute of Technology, at Arizona State University, and at Salem State University. In 1982 John L. Boyle completed a two year course of study under the College of Financial Planning in Denver Colorado. From 1979 to 1983 John L. Boyle owned, managed and acted as Designated Broker for REP CO. International and related investment companies. From 1983 to 1990 he was employed as a stockbroker with the investment banking firm of Kidder, Peabody. From 1990 to 1995 John L. Boyle, acting as a sole proprietor, conducted an investment management business under the trade name Lennox Financial. From 1995 to the end of 1997 John L. Boyle conducted the same business under the name of Lennox Financial, L.L.C., an Arizona limited liability company. In 1998 the business was moved to Massachusetts, where it has continued to the present. John L. Boyle lives in Massachusetts and can be reached at: (781) 592-6662

The mailing address for the Firm is: 168R Humphrey Street Swampscott, MA 01907.

     John L. Boyle has had experience and held licenses in a number of related financial fields. He is now focused on investment management and has voluntarily allowed other non-essential licenses to lapse. Up until 2011, John Boyle was a licensed real estate broker with the State of Massachusetts. John Boyle uses his extensive prior real estate experience to advise investors on real estate related securities. From 1983 through 2004, John L. Boyle was licensed with the NASD as a series 7 registered representative. That license was voluntarily not renewed. John L. Boyle was previously licensed with the CFTC to sell commodity futures, but allowed the license to lapse. John Boyle has also been licensed as a real estate broker, insurance agent, and mortgage broker with the State of Arizona, but those licenses have not been renewed due to a change in residence. With regard to legal or disciplinary events material to his integrity, John Boyle has not been involved in any disciplinary action.

      Investment management services for individual clients include preparation of an investment policy statement with the client, selection and purchase & sale of investments on a discretionary basis, and providing performance reports.

     Lennox Financial is capable of providing financial planning; but personal financial planning advice and comprehensive financial advice and planning is an activity totally separate from investment management, which is the primary focus of the Firm. The Management Agreement clearly states that it is an agreement for investment management and not an agreement for financial planning services In the situation where someone requests our service specifically for financial planning, the engagement agreement will state in detail the nature of the financial planning and define the scope of the services intended. In general, Lennox Financial does not seek, and is likely to turn away, requests for comprehensive personal financial planning.

     Inevitably, investment management clients, will benefit from the financial planning experience and training that has accrued to John Boyle; but this is a value-added benefit for which there is no separate charge and there is no implied intent to meet the scope or professional standards of individual financial planning.

Minimum account size:

      $100,000 total return (balanced account, long only)

Speculative Trading & Hedging Accounts:

      $25,000 minimum, speculative only

      $150,000 minimum, All-Weather multi-directional trading accounts

Investment advice without account management (no discretionary trading authority):

      No minimum account size but $25.000 is a recommended minimum.


      Financial planning services are provided at an hourly rate or at a flat fee to be mutually agreed upon with the client.

      Investment management clients must sign a "Client Agreement" and client "Investment Policy" statement providing further disclosure and clarification of the business practices of the Firm.

      The Investment Management Agreement is a voluntary agreement that may be cancelled by either party at will. The Agreement may not be assigned without prior written consent of the client.

Lennox financial respects the complete privacy of its clients and does not release information to third parties. As stated in the Client Agreement, "All information furnished by either party to the other shall be treated as confidential and shall not be disclosed to third parties other than as agreed in writing or required by law." Clients are provided with a written privacy policy.

      Upon request, clients will additionally be provided with form ADV part II in lieu of or in addition to this brochure.

Note: This is only a partial extract from our brochure.
Please request a full copy of our disclosure brochure.

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