Description of the Advisory Firm
Crestwood Advisors Group, LLC (“Crestwood” or the “Firm”) is a limited liability company formed in the State of Delaware
and a registered investment adviser firm with the Securities and Exchange Commission (“SEC”). Crestwood succeeded to
the advisory business of Crestwood Advisors, LLC (“predecessor firm”) which existed from May 2003 to December 2016.
As of January 1, 2017, Crestwood Advisors, LLC became Crestwood Advisors Group, LLC, part of the Focus Financial
Partners, LLC partnership. Additionally, in late 2016, the partners of Crestwood Advisors, LLC formed a management
company, CWA Management Co, LLC (“CWA”) and pursuant to a management agreement between CWA and Crestwood,
the CWA Principals serve as officers of Crestwood and are responsible for the management, supervision, and oversight of
Crestwood. Crestwood is headquartered in Boston, MA and has four additional locations, two in Connecticut, one in
Rhode Island and one in Colorado. Three of these offices were established from the following mergers:
Crestwood merged with MacGuire, Cheswick and Tuttle Investment Counsel LLC (“MCT”) (SEC #801-60770) on April 1,
2019.
Crestwood merged with Catamount Wealth Management (“Catamount”) (SEC #801-62368) on July 1, 2019.
Crestwood merged with Endurance Wealth Management, Inc. (“Endurance”) (SEC #801-70077) on September 1, 2023.
Since its original inception in 2003 and continuing to today, Crestwood strives to deliver comprehensive, innovative
investment solutions to high-net-worth individuals and families, foundations, and endowments. Crestwood was founded
on the belief that global exposure is essential to optimize portfolio growth. As such, Crestwood strives to provide its
clients with an effective global asset allocation strategy to broaden opportunities for growth while mitigating overall
portfolio risk.
Focus Financial Partners, LLC
Crestwood is part of the Focus Financial Partners, LLC (“Focus LLC”) partnership, a wholly-owned indirect subsidiary of
Focus LLC. Ferdinand FFP Acquisition, LLC is the sole managing member of Focus LLC. Ultimate governance of Focus LLC
is conducted through the board of directors at Ferdinand FFP Ultimate Holdings, LP. Focus LLC is majority-owned,
indirectly and collectively, by investment vehicles affiliated with Clayton, Dubilier & Rice, LLC (“CD&R”). Investment
vehicles affiliated with Stone Point Capital LLC (“Stone Point”) are indirect owners of Focus LLC. Because Crestwood is an
indirect, wholly-owned subsidiary of Focus LLC., CD&R and Stone Point investment vehicles are indirect owners of
Crestwood.
Focus LLC also owns other registered investment advisers, broker-dealers, pension consultants, insurance firms, business
managers and other firms (the “Focus Partners”), most of which provide wealth management, benefit consulting and
investment consulting services to individuals, families, employers, and institutions. Some Focus Partners also manage or
advise limited partnerships, private funds, or investment companies as disclosed on their respective Form ADVs.
We have a business arrangement with a Focus Partner firm, SCS Capital Management, LLC (“SCS”), who is an indirect,
wholly owned subsidiary of Focus LLC , under which we are recommending that certain of our clients invest in certain
private investment vehicles managed by SCS. We are an affiliate of this Focus Partner firm by virtue of being under
common control with it. Please see Items 5 and 10 of this Brochure for further details.
Advisory Services
Comprehensive Investment and Wealth Management Services
Crestwood offers tailored comprehensive investment and wealth advisory services to individuals, families, institutions
and businesses. Typically, clients are assigned a seasoned team that includes a wealth manager, a portfolio manager and
a client advisor. Initially and on a continuous basis, the team consults with our clients through meetings, calls and emails
to determine a client’s risk tolerance, time horizon, needs and goals to produce an investment policy statement (IPS).
The IPS is a living document that is used by Crestwood to guide the investment portfolio(s).
Based upon the IPS, Crestwood allocates clients’ investment assets among individual equity and debt securities,
exchange-traded funds (“ETFs”), exchange-traded notes (“ETNs”), mutual funds and/or equity options. Client can also
ask Crestwood to provide advice about any type of investment held in clients' portfolios.
In Crestwood’s Darien and Westport CT offices, legacy client assets are typically invested in equity securities of individual
companies, and to a lesser extent in ETFs, in accordance with the client’s needs as determined by the client’s adviser.
These legacy clients’ needs, asset allocation parameters and investment restrictions are documented, but typically not in
a formal investment policy statement.
As part of the firm’s comprehensive wealth management service offering, Crestwood provides investment clients with a
range of financial planning and advisory services that can address a variety of client-specific financial matters. These
services can include certain tax and non-investment related functions otherwise requiring careful coordination with a
client’s trust, estate and tax advisors. In appropriate circumstances, Crestwood may utilize specialized planning
software to provide a comprehensive financial plan.
In performing these planning and advisory services, the firm is not required to verify any information received from the
client or from the client’s other professionals (e.g., attorney, accountant, etc.) and is expressly authorized to rely on such
information. Crestwood may recommend the services of itself, and/or other professionals to implement its
recommendations. Clients are advised that a conflict of interest exists if Crestwood recommends its own
services. The
client is under no obligation to act upon any of the recommendations made by Crestwood or to engage the services of
any such recommended professional, including Crestwood itself. The client retains absolute discretion over all such
implementation decisions and is free to accept or reject any of Crestwood’s recommendations. Clients are advised that
it remains their responsibility to promptly notify Crestwood if there is ever any change in their financial situation or
investment objectives for the purpose of reviewing, evaluating, or revising Crestwood’s previous recommendations
and/or services.
Upon request, Crestwood can render non-discretionary investment management services to clients relative to variable
life/annuity products that they may own, their individual employer-sponsored retirement plans, and/or 529 plans or
other products that may not be held by the client’s primary custodian. In so doing, Crestwood either guides or suggests
the allocation of client assets among the various investment options that are available with the product. Client assets
are maintained at the specific insurance company or custodian designated by the product.
Clients are advised to promptly notify Crestwood if there are changes in their financial situation or investment objectives
or if they wish to impose any reasonable security restrictions upon Crestwood’s management services.
Pathfinder – Crestwood’s automated investment solution
Crestwood offers a digital investment management solution for clients that require less intensive financial guidance,
advice and planning. This program is supported by Schwab Institutional Intelligent Portfolios. Prospective clients of
Pathfinder must complete an online questionnaire that assists Crestwood in determining the clients risk tolerance and
goals. A dedicated team of select investment advisor representatives will engage in an initial meeting (in person, phone
or video conferencing) to assist clients in the initial investment discussion, including discussing their risk tolerance. After
the initial meeting and investment, Pathfinder clients can engage with their dedicated team as needed to discuss
financial topics such as savings goals, retirement planning, first time home purchases, etc. These engagements will
primarily occur via electronic means, such as email, video conferencing and phone. At least annually, the dedicated
Pathfinder team will contact the client to discuss their investments and any changes to their financial lives.
Portfolios created for Pathfinder currently utilize ETF’s as the primary investment vehicle. Charles Schwab has discretion
of adding new investment vehicles, such as mutual funds to the program, which Crestwood may choose to include in
Pathfinder when they become available.
Pathfinder differs from Crestwood’s Comprehensive Investment and Wealth Services in the following ways:
• Many of Crestwood’s Comprehensive clients have complex financial lives and require individualized attention
• Crestwood attempts to engage with Comprehensive clients on a continual basis
• Comprehensive clients engage with a larger and more seasoned team of professionals
• Portfolio’s in the Comprehensive service plan can include individual stocks and bonds investments
• Portfolio’s in Pathfinder automatically rebalance to maintain their asset allocation
• Portfolio’s in Pathfinder over $50,000 can perform tax-loss harvesting on a continuous basis
Comprehensive and Pathfinder clients differ on fees. Please see Item 5 (below) to understand these fee differences.
Crestwood is a fiduciary under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) with
respect to investment management services and investment advice provided to ERISA plans and ERISA plan participants.
Crestwood is also a fiduciary under section 4975 of the Internal Revenue Code of 1986, as amended (the “IRC”) with
respect to investment management services and investment advice provided to ERISA plans, ERISA plan participants,
IRAs and IRA owners (collectively, “Retirement Account Clients”). As such, Crestwood is subject to specific duties and
obligations under ERISA and the IRC that include, among other things, prohibited transaction rules which are intended
to prohibit fiduciaries from acting on conflicts of interest. When a fiduciary gives advice, the fiduciary must either avoid
certain conflicts of interest or rely upon an applicable prohibited transaction exemption (a “PTE”).
As a fiduciary, we have duties of care and of loyalty to you and are subject to obligations imposed on us by the federal
and state securities laws. As a result, you have certain rights that you cannot waive or limit by contract. Nothing in our
agreement with you should be interpreted as a limitation of our obligations under the federal and state securities laws
or as a waiver of any unwaivable rights you possess.
UPTIQ Treasury & Credit Solutions, LLC
We offer clients the option of obtaining certain financial solutions from unaffiliated third-party financial institutions
through UPTIQ Treasury & Credit Solutions, LLC (together with UPTIQ, Inc. and its affiliates, “UPTIQ”) and Flourish
Financial LLC (“Flourish”). Please see Items 5 and 10 for a fuller discussion of these services and other important
information.
Focus Risk Solutions, LLC
We help our clients obtain certain insurance solutions from unaffiliated, third-party insurance brokers by introducing
clients to our affiliate, Focus Risk Solutions, LLC (“FRS”), a wholly owned subsidiary of our parent company, Focus
Financial Partners, LLC. Please see Items 5 and 10 for a fuller discussion of this service and other important information.
As of December 31, 2023, assets under management include discretionary assets of $5,646,655,651 and non-
discretionary assets of $45,570,612.