Description of the Firm
William C. Prewitt, M.S., CFP® started the firm in 1986 as a sole proprietorship. In December
2004 he reorganized it as a single member LLC. In January 2011 he re-formed it as a
multimember LLC with Diane Blackwelder, CFP®: she owns more than 5% of the firm. In
January 2016, Myles B. Brandt, M.S., CFP® became a more than 5% owner of the firm. On
January 1, 2018 Prewitt completed sale of all his equity interests to Blackwelder and Brandt,
who are equal co-owners. There are no other owners.
We work with clients on a fee-only basis, meaning we do not accept commissions or wrap fee
programs of any kind. We feel this is the most objective way to provide financial advice. We
work with clients as
fiduciaries, meaning our only loyalty is to our clients – not to a brokerage
firm nor to a mutual fund company nor to a third party. We feel this is the best way to provide
financial advice.
The Registrant has voluntarily subscribed to the “Best Practices for Financial Advisors”
published by The Institute for the Fiduciary Standard. The Best Practices offer a simple code of
conduct and outline a commitment to clients of subscribing financial advisors. They seek to
clearly articulate what a client can expect to receive from a subscribing financial advisor. These
Best Practices do not replace our regulatory compliance obligations or duties to clients under
relevant laws, rules, or regulations. The Institute for the Fiduciary Standard’s role is limited to
publishing the Best Practices as well as maintaining a corresponding register of subscribing
financial advisors. You can find a complete list of the Best Practices on our
website or
at The
Fiduciary Institute1 and verify our subscription status
at Real FiduciaryTM Practices Advisory
Registry.2
Advisory Services
Financial Planning and Investment Consultation Services
Charleston Financial Advisors, LLC works with financial planning clients on either an
hourly basis
or a fixed, project-based basis. These services may be general in nature or focused on a
particular area of interest or need, depending upon the client's unique circumstances.
A complimentary initial meeting is conducted by a qualified representative of the firm to
determine the scope of services to be provided. Following the initial meeting, the client
completes fact finder documents and schedules a data meeting. Based on the level of services
desired, the firm provides financial planning and investment consultation services relating to
various components which may be either broad based or modular.
Advice is offered on subjects such as retirement planning, risk management, college planning,
investment planning, divorce settlement, and estate planning.
1 https://thefiduciaryinstitute.org/wp-content/uploads/2019/03/Real-Fiduciary-Practices-2019-02-22.pdf
2 https://thefiduciaryinstitute.org/real-fiduciary-advisors/
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Investment Supervisory and Asset Management Services
Charleston Financial Advisors, LLC provides investment supervisory and asset management
services to clients through portfolios deemed appropriate to the client’s investment objectives
and tolerance for risk. Portfolios adhere to a passive management strategy using targeted asset
categories to build a diversified portfolio. The portfolio is fully invested within the client’s risk
tolerance and is rebalanced as required.
Schwab Wealth Investment Advisory, Inc.
We also provide portfolio management services through Schwab Institutional Intelligent
Portfolios™ (IIP), an automated, online investment management platform for use by
independent investment advisors and sponsored by Schwab Wealth Investment Advisory, Inc.
(SWIA). Through IIP, we offer clients a range of investment strategies we have constructed and
manage, each consisting of a portfolio of exchange traded funds (ETFs), mutual funds and a
cash allocation. The client’s portfolio is held in a brokerage account opened by Charles Schwab
& Co., Inc. (Schwab).
We, and not Schwab, are the client’s investment advisor and primary point of contact with
respect to IIP. We are solely responsible, and Schwab is not responsible, for determining the
appropriateness of IIP for the client, choosing a suitable investment strategy and portfolio for
the client’s investment needs and goals, and managing that portfolio on an ongoing basis.
SWIA’s role is limited to delivering IIP Disclosure Brochure to clients and administering IIP so
that it operates as described in IIP Disclosure Brochure. SWIA charges an annual fee of .10%
which is waived for our firm due to having more than 100 Million custodied at Schwab.
Wrap Fee Programs
We do not manage client accounts as part of a wrap or bundled fee program.
Assets Under Management
As of December 31, 2022, Charleston Financial Advisors, LLC managed $184,276,710 on a
discretionary basis and $1,641,095 on a non-discretionary basis.