Firm Description
Excel Financial, LLC (“Excel”) was founded in 2008. James Loquai, John Loquai, Brent Urbach,
and Mike Spangler are co-owners of Excel.
Excel is a fee-based financial planning and investment management firm.
Excel does not act as a custodian of Client assets.
An evaluation of each Client's initial situation is provided to the Client, often in the form of a
client profile, net worth statement, risk analysis, initial financial plan or similar document.
Periodic reviews are also conducted, on at least an annual basis for most Clients, to
communicate and address any changes in Client circumstances and/or goals, and to ensure
that the investment strategies being implemented continue to match Client needs and
interests. More frequent reviews of investment performance/status occur, but are not
necessarily communicated to the Client unless immediate changes are recommended.
Other professionals (e.g., lawyers, accountants, tax preparers, insurance agents, etc.) are
engaged directly by the Client on an as-needed basis and may charge fees of their own.
Conflicts of interest will be disclosed to the Client in the event they should occur.
Types of Advisory Services
ASSET MANAGEMENT
Excel offers discretionary and non-discretionary asset management services to advisory
Clients. Excel will offer Clients ongoing asset management services by/after determining
individual investment goals, time horizons, objectives, and risk tolerance. Investment
strategies, investment selection, asset allocation, portfolio monitoring, and the overall
investment program will be based on the above factors. The Client may grant Excel
discretionary authority to execute selected investment program transactions, as stated
within the Investment Advisory Contract (IAC).
Discretionary
When the Client provides Excel with discretionary authority, the client will sign a limited
trading authorization or equivalent. Excel will have the authority to execute transactions
in the account without seeking client approval for each transaction.
Non-discretionary
When the Client elects to use Excel on a non-discretionary basis, Excel will determine the
securities to be bought or sold and the amount of the securities to be bought or sold.
However, Excel will obtain prior Client approval on each and every transaction before
executing any transactions.
ASSETS HELD AWAY
Excel uses a third-party platform to facilitate management of held away assets such as
defined contribution plan participant accounts, with discretion and non-discretion.
The platform allows us to avoid being considered to have custody of Client funds since we
do not have direct access to Client log-in credentials to affect trades. We are not affiliated
with the platform in any way and receive no compensation from them for using their
platform. A link will be provided to the Client allowing them to connect an account(s) to the
platform. Once Client account(s) is connected to the platform, Excel will review the current
account allocations. When deemed necessary, Excel will rebalance the account considering
client investment goals and risk tolerance, and any change in allocations will consider
current economic and market trends. The goal is to improve account performance over time,
minimize loss during difficult markets, and manage internal fees that harm account
performance. Client account(s) will be reviewed at least quarterly and allocation changes
will be made as deemed necessary.
FINANCIAL PLANNING AND CONSULTING
If Excel is retained to provide financial planning services, a thorough review of all applicable
topics, including, but not limited to, Investments, Taxes, Qualified Plans, Insurance,
Retirement Income, and Social Security will be conducted. If a conflict exists between the
interests of Excel and the interests of the Client, Although the Client is obligated to pay for
financial planning services rendered, the Client is under no obligation to act upon Excel’s
resulting recommendations. Furthermore, if the Client elects to act on any of the
recommendations, the Client is under no obligation to effect the transactions through Excel.
Financial plans will typically be completed and delivered inside of sixty (60) days contingent
upon timely delivery of all required information and documentation.
ERISA PLAN SERVICES
Excel provides service to qualified retirement plans, including 401(k) plans, 403(b) plans,
pension and profit sharing plans, cash balance plans, and deferred compensation plans. Excel
may act as either an ERISA 3(21) or ERISA 3(38) advisor:
Limited Scope ERISA 3(21) Fiduciary. Excel may serve as a limited scope ERISA 3(21)
fiduciary that can advise and assist plan sponsors (as “the Client”) with their investment
decisions on a non-discretionary basis. As an investment advisor, Excel has a fiduciary duty
to act in the best interest of the Client. The Client is still ultimately responsible for the
decisions made regarding its plan, although using Excel can help the Client mitigate liability
by following a prudent process.
1. Fiduciary Services provided include the following:
• Provide non-discretionary investment advice to the Client about asset classes and
investment alternatives available for the plan in accordance with the plan’s investment
policies and objectives. The Client will make the final decision regarding the initial
selection, retention, removal, and addition of investment options. Excel acknowledges
that it is a fiduciary as defined in ERISA section 3 (21) (A) (ii).
• Assist the Client in the development of an investment policy statement (“IPS”). The IPS
establishes the investment policies and objectives for the plan. Client shall have the
ultimate responsibility and authority to establish such policies and objectives and to
adopt and amend the IPS.
• Provide non-discretionary investment advice to the Client with respect to the selection
of a qualified default investment alternative for participants who are automatically
enrolled in the plan or who have otherwise failed to make investment elections. The
Client retains the sole responsibility to provide all notices to the Plan participants
required under ERISA Section 404(c) (5) and 404(a)-5.
• Provide non-discretionary investment advice to plan participants if this optional
additional service is selected by the Client and requested by a plan participant after the
participant has completed a participant profile. Plan participant advisory services can
include investment advice regarding a participant’s plan account. It may also include the
development of a standard individual financial plan and investment advice regarding
other participant investment accounts if requested. All advice provided in this capacity
will be based on the information provided by the plan participant in their participant
profile. The participant retains full authority and responsibility regarding the decision to
accept or reject any advice provided by Excel in this capacity and what, if any, actions to
take regarding implementation.
Plan participant advisory services expressly exclude business planning or other non-
standard individual financial planning services as well as the management of any
investment accounts outside of the plan. Such services
may be provided to a plan
participant at the participant’s request for a separate fee. In such cases, the advisory
and/or investment management services will be provided under a separate client
agreement with the participant and the fee charged will be reduced below Excel’s
standard fee charged for such services to non-plan participants.
2. Non-fiduciary Services are as follows:
• Assist in the education of plan participants about general investment information and the
investment alternatives available to them under the plan. The Client understands that
Excel’s assistance in education of the plan participants shall be consistent with and within
the scope of the Department of Labor’s definition of investment education (Department
of Labor Interpretive Bulletin 96-1). As such, Excel is not providing fiduciary advice as
defined by ERISA 3(21)(A)(ii) to the plan participants.
• Assist in monitoring investment options by preparing periodic investment reports that
document investment performance, consistency of fund management, and conformance
to the guidelines set forth in the IPS, and make recommendations to maintain, remove,
or replace investment options.
• Assist in group enrollment meetings designed to increase retirement plan participation
among the Client’s employees and investment and financial understanding by the
employees.
• Meet with the Client on a periodic basis to discuss the reports and investment
recommendations.
Excel may provide these services or, alternatively, may arrange for the plan’s other providers
to offer these services, as agreed upon between Excel and the Client.
3. Excel has no responsibility to provide services related to the following types of assets
(“Excluded Assets”):
• Employer securities;
• Real estate (except for real estate funds or publicly traded REITs);
• Stock brokerage accounts or mutual fund windows;
• Participant loans;
• Non-publicly traded partnership interests;
• Other non-publicly traded securities or property (other than collective trusts and similar
vehicles); or
• Other hard-to-value or illiquid securities or property.
Excluded Assets will not be included in calculation of Fees paid to Excel on the ERISA
Investment Advisory Contract (ERISA IAC).
Specific services will be outlined in detail to each plan in the 408(b)2 disclosure.
3(38) Investment Manager. Excel can also act as an ERISA 3(38) Investment Manager,
giving it discretionary management and control of a given retirement plan’s assets. Excel
would then become solely responsible and liable for the selection, monitoring, and
replacement of the plan’s investment options.
1. Fiduciary Services are as follows:
• Excel has discretionary authority and will make the final decision regarding the initial
selection, retention, removal, and addition of investment options in accordance with the
plan’s investment policies and objectives.
• Selection of a broad range of investment options consistent with ERISA Section 404(c)
and the regulations thereunder.
• Development of an investment policy statement (“IPS”). The IPS establishes the
investment policies and objectives for the plan.
• Selection of a qualified default investment alternative for participants who are
automatically enrolled in the plan or who have otherwise failed to make investment
elections. The Client retains the sole responsibility to provide all notices to the plan
participants required under ERISA Section 404(c) (5).
• Provide non-discretionary investment advice to plan participants if this optional
additional service is selected by the Client and requested by a plan participant after the
participant has completed a participant profile. Plan participant advisory services
include investment advice regarding a participant’s plan account. It may also include the
development of a standard individual financial plan and investment advice regarding
other participant investment accounts if requested. All advice provided in this capacity
will be based on the information provided by the plan participant in their participant
profile. The participant retains full authority and responsibility regarding the decision to
accept or reject any advice provided by Excel in this capacity and what, if any, actions to
take regarding implementation.
Plan participant advisory services expressly exclude business planning or other non-
standard individual financial planning services as well as the management of any
investment accounts outside of the plan. Such services may be provided to a plan
participant at the participant’s request for a separate fee. In such cases, the advisory
and/or investment management services will be provided under a separate client
agreement with the participant and the fee charged will be reduced below Excel’s
standard fee charged for such services to non-plan participants.
2. Non-fiduciary Services are as follows:
• Assist in the education of plan participants about general investment information and the
investment alternatives available to them under the plan. The Client understands that
Excel’s assistance in education of the plan participants shall be consistent with and within
the scope of the Department of Labor’s definition of investment education (Department
of Labor Interpretive Bulletin 96-1). As such, the Excel is not providing fiduciary advice
as defined by ERISA to the plan participants.
• Assist in group enrollment meetings designed to increase retirement plan participation
among the Client’s employees and investment and financial understanding by the
employees.
• Prepare reports and materials to assist in the administration of the plan and meet with
the Client on a periodic basis to discuss the reports and investment recommendations.
Excel may provide these services or, alternatively, may arrange for the plan’s other providers
to offer these services, as agreed upon between Excel and the Client.
3. Excel has no responsibility to provide services related to the following types of assets
(“Excluded Assets”):
• Employer securities;
• Real estate (except for real estate funds or publicly traded REITs);
• Stock brokerage accounts or mutual fund windows;
• Participant loans;
• Non-publicly traded partnership interests;
• Other non-publicly traded securities or property (other than collective trusts and similar
vehicles); or
• Other hard-to-value or illiquid securities or property.
Excluded Assets will not be included in calculation of Fees paid to the Excel on the ERISA
IAC.
Client Tailored Services and Client Imposed Restrictions
The goals and objectives for each Client are documented in Excel’s Client files. Investment
strategies are created that reflect the stated goals and objectives. Clients may impose
restrictions on investing in certain securities or types of securities.
Agreements may not be assigned without written Client consent.
Wrap Fee Programs
Excel does not sponsor any wrap fee programs.
Client Assets under Management
Excel has the following assets under management:
Discretionary Amounts: Non-discretionary Amounts: Date Calculated:
$311,155,522 $8,350,447 December 31, 2023