Overview
Washington Crossing Advisors, LLC (“WCA,” “we,” “us,” “our”, the “Firm”) is registered as an
investment adviser with the Securities and Exchange Commission (“SEC”). WCA is a wholly owned
subsidiary of Stifel Financial Corp., a financial services holding company whose stock is publicly traded
on the New York Stock Exchange under the symbol SF. WCA provides investment management services
to wrap and model programs (“Wrap Sponsors”). These services include security selection and
continuous monitoring of securities for wrap program accounts (“Wrap Accounts”). The types of
securities used include stocks, bonds, open and closed-end mutual funds, and exchange traded funds
(“ETFs”).
WCA is managed on a day-to-day basis by Co-Chief Investment Officers Kevin R. Caron and Chad A.
Morganlander.
WCA is a discretionary investment manager to wrap fee programs (“Wrap Program”) offered by other
financial institutions in the U.S. (a “Wrap Sponsor”), including our affiliated broker-dealer, Stifel,
Nicolaus & Company, Incorporated (“Stifel”). Clients participating in separately managed account
programs may be charged various program fees by the Wrap Sponsor in addition to the advisory fee
charged by us. We manage Wrap Accounts in accordance with their investment policies and will use
reasonably available resources to comply with investment restrictions, when applicable. There may be
differences in the performance of wrap portfolios among WCA clients, resulting from differences in the
number of securities held in the portfolio, cash availability, investment restrictions, account sizes, tax
considerations, and other factors. The Wrap Sponsor generally pays WCA a fee based on assets
managed in connection with the Wrap Program. The fees we receive in connection with Wrap Programs
may vary from fees charged to other clients and between Wrap Programs.
For our services, we receive a
portion of the total wrap fee charged by the Wrap Sponsor.
WCA is a discretionary investment manager to clients of other financial institutions that select WCA to
manage their client’s assets. Such clients are considered “dual contract” clients because the client will
have a contractual relationship, which includes custodial services, directly with their financial institution
(each, a “Dual Contract platform”) and directly with WCA.
WCA also provides non-discretionary investment advisory services in the form of model portfolios
(“Models”), as described more fully below. These Models are provided to the model programs (“Model
Programs”) offered by other financial institutions in the U.S. (each, in this capacity, a “Model Firm”),
including Stifel. In turn, the Model Firm uses our Models to manage individual client accounts (“Model
Clients”). The Models contain our current investment recommendations as to the composition of the
portfolio that would be appropriately purchased for the strategy. The Model Firm may choose to
implement some or all of our Model recommendations in terms of both the securities and/or weightings
on its own trading platform for the clients that have chosen to participate in the Model Program. As
securities and weightings change in the Model, those modifications are communicated to the Model Firm.
There is no requirement that the Models will be administered as they are provided, or at all, and we do
not supervise the Model Firm’s administration or implementation of the Models. We receive a portion of
the wrap fee for these services.
As of December 31, 2023, WCA had $1.94 billion in assets under management and $7.8 billion in assets
under advisement. Assets under advisement represent assets for which WCA provides a Model and does
not have trading authority over the assets.