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Client Relationship Summary

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September 10, 2021

Introduction

Westfuller Advisors is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser. Clients and prospective clients should be aware that brokerage and investment advisory services and fees differ, and it is important for retail investors to understand these differences. 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.

What investment services and advice can you provide me?

Westfuller offers values-driven wealth management and investment advisory services to ultra-high net worth individuals, high-net worth individuals, charitable institutions, foundations, endowments and businesses (each referred to as a “Client”).

Wealth management is more than investment management, as it can encompass all parts of a person’s financial life and an institution’s financial operations. We provide our clients with a variety of financial advisory services to assist them in managing the entirety of their financial and organizational affairs with purpose. This includes, among other things, investment management, financial planning, retirement planning, organizational budgeting forecasting, sustainability and impact assessments, etc. We also provide support to our clients with respect to philanthropic, estate planning, spending and reserve policies, etc. by working closely with our client’s other professional advisors. We will recommend the services of other professionals for services outside our area of expertise if needed.

Our investment advisory and investment management services are primarily focused on managing a client’s investable assets. We make investment recommendations, analyze portfolios, and research investment opportunities suitable for our clients. The fee for this service is generally based on assets under management. Other services such as financial planning and consulting may or may not be included in this fee. We offer a defined amount of additional planning services at tiered fee levels dependent upon the amount of assets under management. If clients need additional planning services, we offer additional services through a fixed or hourly fee arrangement. The services and fees for additional services are approved in advance by our clients and can be negotiated.

In accordance with your approval of our financial planning analysis and accompanying investment strategies, we prefer to work with discretionary authority so we can make changes in your portfolio without receiving your preapproval for each transaction within an investment strategy. If we have non-discretionary authority, you are responsible for making your trading decisions. We monitor your portfolio on an ongoing basis so we can respond to changes in your needs, values, objectives or market developments. In general, our minimum amount of investable assets is $5,000,000 for individuals and families, and $10,000,000 of total assets under management for institutions (non-profits, foundations, etc.) though the firm may grant exceptions under certain circumstances. As part of our collaborative approach to portfolio construction, you may limit the securities we may trade in your account.

Additional information: Please see Item 4 of our Firm Brochure https://adviserinfo.sec.gov/firm/summary/155054.

Conversation Starters:
Given my financial situation, should I choose an investment advisory service? 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?

 

What fees will I pay?

We are a fee-based firm. Our fees depend upon the service you have chosen. Wealth management and investment management fees are charged as a percentage of the value of your managed accounts at month-end and are charged in arrears. This means the more assets in your account, the more you will pay in fees, which may give us an incentive to encourage you to increase the assets in your account. Our bias is to grow your relationship and accounts with our firm. However, because we offer a tiered fee schedule, the effective rate that you pay will decrease as you meet certain breakpoints for assets we manage. Such investment advisory fees range from .50 – 1.00% per annum though clients with significant service demands may be subject to hire fees.

If you select financial planning as a separate service, we charge for the planning work on a $5,000 fixed fee basis with 50% due upon initiation and the balance due at completion of the financial plan (generally 3 months). Renewal fees for financial planning services are charged on an hourly basis, ranging from $375 – $550 per hour depending upon the complexity of the issues.

For clients selecting our UK Pension transfer services, we charge a percentage of the value of your UK pension for the initial financial planning, set-up, and transfer of your pension to a qualified, tax-deferred retirement account. For on-going investment advisory services of these UK pension assets, our firm charges a percentage of the value of the trust-related account at month-end or quarter-end in arrears, depending upon the qualified custodian selected. Depending upon the complexity of the pension transfer, size of the pension transfer, and associated advisor services involved; fees may range from 1-5%. In the United States the Securities and Exchange Commission requires investment advisers to disclose that when fees exceed 3% the fees are considered excessive in comparison to fees charged by other investment advisers for similar services. Westfuller Advisor’s maximum fee of 5% has been established based on other investment advisers offering similar services in the United States and the time and resources needed for the initial evaluation, planning and implementation process for this service.

Additional fees you may pay are charged by the custodian (transaction, wire, exchange fees, for example) or by other parties, such as managers of mutual funds, ETFs or alternative investments. For UK pension transfer services, pension report fees are charge directly to you by the independent pension report writing firm.

You will pay fees and costs whether you make or lose money on your investments. Also note that fees rise and fall with the value of your accounts. 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.

Additional Information: Please see Item 5 found in our Firm Brochure https://adviserinfo.sec.gov/firm/summary/155054.

Conversation Starters:
Help me understand how these fees and costs might affect my investments. If I give you $5,000,000 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 acting as my investment adviser? How else does your firm make money and what conflicts of interest do you have?

When we act as your investment adviser, we must 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. Fidelity, Wedbush Securities (via introducing broker-dealer Celadon Financial Group), etc. make available to us other products and services that benefit our firm but may not directly benefit your accounts. As a fiduciary, we make every effort to act in your best interests. Our recommendation that you maintain your assets with particular custodians is based in part on some of the products and services they provide us. Our receipt of products and services from custodians and the broker-dealer Celadon Financial Group (only for accounts custodied with Wedbush Securities) creates a potential conflict of interest with you. In addition, the purchase of certain fixed income securities where the mark-ups are paid to the broker dealer executing the trade, not to Westfuller Advisors, in which case the broker-dealer may provide us with additional benefits, creating a potential conflict of interest.

Additional information: Please see Item 14 of our Firm Brochure:
https://adviserinfo.sec.gov/firm/summary/155054

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

 

How do your financial professionals make money?

Our wealth advisors receive a portion of the revenue generated by the clients they serve. Advisors and staff may receive bonuses based on our profitability and their individual performance.

Do you or your financial professionals have legal or disciplinary history?

No. Visit investor.gov/CRS for a free and simple search tool to research us and our financial professionals.

Additional information, please see Item 9 of our Firm Brochure https://adviserinfo.sec.gov/firm/summary/155054.

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 to request a copy of our latest Client Relationship Summary, please visit our website at www.westfulleradvisors.com or call us at 212.542.5851

Conversation Starter:
Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?

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