Planned Financial Services, LLC
dba Return on Life® Wealth Partners (referred to herein as
“Return on Life® Wealth Partners,” the “Adviser,” “Company,” the “Firm,” “we,” “us” or “our”), an
Ohio limited liability company, is an investment adviser that is registered with the U.S. Securities
and Exchange Commission (the “SEC”) pursuant to the Investment Advisers Act of 1940, as
amended (the “Advisers Act”). The Company has been registered with SEC since April 17, 2017,
and is based in Cleveland, Ohio. Mr. Frank Fantozzi is President and Founder. He also serves as
Chief Compliance Officer.
Return on Life® Wealth Partners Definition
The name Return on Life® Wealth Partners speaks to our core purpose. Since inception, we have
cared about the balance of all that’s important in the life of our clients. Everything we do for our
clients is directed to increasing their return on life. The Firm works with clients directly, caring for
needs as we would our own families. We do so based on a single, simple principle: “Do what is
right — make a difference in our client’s lives each day — by helping clients achieve what matters
most to them.” We believe a holistic approach to planning is vital to each client to achieve a life
well lived.
Our Process
Return on Life® Wealth Partners provides fee based comprehensive financial planning and
investment advisory services including but not limited to: estate planning, retirement planning,
financing services and advice, financial management, educational planning, cash management,
individual tax consulting and preparation, investment advisory services, charitable planning,
business exit planning, family continuity consulting and financial consultation with a focus on
integration with personal values and goals; providing fiduciary management of corporate
retirement plans, family office services, insurance planning services, and information in the field
of financial and wealth planning and advice for compensation primarily to individual separate
accounts, individuals, high net worth individuals, and pension and profit-sharing plans (but not the
plan participants or government pension plans) (each a “Client” and collectively, “Clients”). This
service is based on the values, personal, professional and family goals, objectives, time horizon,
and risk tolerance of each client.
We created and refined a unique wealth planning process. The chart below represents our
methodology as it relates the many factors and considerations toward that purpose in connection
with wealth planning. The concentric circles are organized so that what’s closest to a client is at
the center and everything else is built around that.
Investment Methodology
1. Family Core Values. The innermost section = Your innermost cares. We explore what
matters most to you and your family and what you want your money to accomplish. Our
process begins with the end in mind to align a comprehensive plan to your goals.
2. Process - The second layer = What you'll need to meet those goals. We develop and
monitor a portfolio based on those goals, while taking into account your risk tolerance and
timeframe. This helps you seize potential opportunities, overcome challenges, and simplify
the complexity of managing significant business and personal wealth.
3. Assets - The third layer = Protecting what matters most. Our customized risk management
strategies help protect your life, health, and income — all while resolving your most
complex challenges to pursue the outcomes you desire.
4. Insurable Risks - The fourth layer = Potential risks that can threaten your plans.
Determining a plan of action, own what risks exist, can be self-insured or delegated to an
insurance carrier.
5. Uninsurable Risks – The fifth Layer = risks that are out of anyone’s control. They need
to be understood and recognized for their potential impact. Using judgement, experience,
and research can help to better navigate these difficult challenges.
6. Putting it all together - As your family financial advocate and guide, we execute your
comprehensive wealth plan. The most important part of this is planned, in-person
meetings and discussions about what’s happening in your life and how we might adjust
your plan to stay relevant and effective to best realize ultimate Return on Life® Wealth
Partners.
Advisory Services
Return on Life® Wealth Partners’ portfolio management and investment advisory services are
offered to individual separate accounts, business owners, high net worth individuals/families , and
defined contribution and defined benefit plans and institutional management (each a “Client” and
collectively, “Clients”). Furthermore, the types of Clients to which Return on Life® Wealth Partners
provides investment management services are more fully disclosed in Return on Life® Wealth
Partners’ Form ADV Part 1 and summarized in
Item 7 – Types of Clients of this Brochure.
The Company provides personalized and confidential financial, tax planning and investment
management services to its Clients based on each Client’s individual needs and circumstances.
Clients work with the Company’s advisors (“Advisors”) to assess their individual financial needs,
objectives and capacity for risk. Based on the Advisors’ review and analysis, Advisors provide
services desired by Clients. The Company’s client onboarding process typically starts with an
initial meeting to see if a prospective client is a good fit to collaborate together and to determine
the scope of services that may be beneficial to a particular client. After the meeting, Return on
Life® Wealth Partners will provide a Client Engagement Agreement which will outline mutual
expectations and deliverables and the associated advisory fees. Other recommended
professionals (e.g., lawyers, accountants, property, and casualty agents, etc.) are engaged
directly by the client on an as-needed basis.
With the Clients’ collaboration, Advisors attempt to meet with Clients no less than annually to
monitor their risk profiles and objectives, updating the financial guidance provided to account for
changes in the Client’s situation. Generally, meetings may occur in-person or remotely by
telephone or webinar. In certain limited situations, Clients may be serviced remotely by a team of
Advisors. If Clients choose not to meet with their Advisor, the Company will attempt to provide
services based on information received during prior meetings. The Company offers financial, tax
planning and investment management services designed to meet individual Clients’ specific
needs. These services may include one or more of the following:
Individual Consultation
Determination of personal and financial objectives, investment asset management, family office
services, identification of financial challenges, cash flow management, tax preparation and
planning, insurance review and recommendations, investment research, evaluation, and
recommendations, education/college funding, retirement planning, estate planning, case studies,
multiple financial and investment outcome scenarios, and business opportunities and evaluation.
Corporate Consultation
Institutional asset management, Defined Contribution and defined benefit planning, determination
of personal and financial objectives, identification of financial challenges, business succession
planning, buy sell consultation and insurance funding, business opportunities and evaluation.
Financial Planning
Comprehensive financial plans are prepared for Clients who have retained Return on Life®
Wealth Partners for this purpose. Upon completion of the plan, a Return on Life® Wealth Partners
Advisor will meet with the Client to review the plan and answer any questions the Client may have
about the contents of the plan.
Tax Planning
Return on Life® Wealth Partners may refer Clients to third-party, non-affiliated companies offering
tax preparation services. Return on Life® Wealth Partners may charge the Client a fee for its
assistance with providing documents to the third-party tax preparation company. Return on Life®
Wealth Partners may also offer to cover the cost of third-party tax preparation as part of its
negotiated Advisory Fee (see
Item 5 - Fees and Compensation for more information on the fees
charged). Return on Life® Wealth Partners does not provide tax preparation and filing or
accounting services (“tax services”) or legal services to Clients. Certain Advisors may provide tax
services to Clients; however, these services are provided as an outside business activity that is
not affiliated with or conducted through Return on Life® Wealth Partners and such services are
not subject to the supervision or oversight of Return on Life® Wealth Partners or any of its
affiliates. Clients are not obligated in any way to hire the Advisor to provide tax services. Clients
are urged to consult with a tax professional for any and all tax advice.
Retirement Plan Consulting
Planned Financial Services, LLC
dba 401(k) Prosperity™ provides advice to plan sponsors using
the LPL Financial LLC (“LPL”)
1 corporate Retirement Plan Consulting Program (“RPCP”). Under
1 LPL Financial LLC (“LPL”) is an investment advisor registered with the SEC pursuant to the Investment Advisers
Act of 1940 (the “Advisers Act”). LPL has provided advisory services as a registered investment advisor since
1975. non-discretionary basis. LPL is owned 100% by LPL Holdings, Inc., which is owned 100% by LPL Financial
Holdings Inc., a publicly held company. LPL is also a broker-dealer registered with the Financial Industry
Regulatory Authority (“FINRA”) and provides brokerage services to clients. All recommendations by LPL in the
Programs will be in an advisory capacity.
the program, 401(k) Prosperity™ IARs assist clients that are trustees or other fiduciaries to Plans
by providing fee-based consulting and/or advisory services. Such Plans may or may not be
subject to Employee Retirement Income Security Act of 1974 (“ERISA”). 401(k) Prosperity™
perform one or more of the following services summarized below, as selected by the client in the
client agreement.
Investment Advisory Services
• Assist the Plan in the preparation or review of an IPS for the Plan.
• Recommend or select specific investments to be held by the Plan or, in the case of a
participant-directed defined contribution plan to be made, available as investment options
under the Plan.
• Perform ongoing monitoring of investments options available in the Plan.
• Assistance in identifying an investment product or model portfolio in connection with the
definition of a “Qualified Default Investment Alternative” (“QDIA”) under ERISA.
• Develop asset allocation target-date or risk-based model portfolios for the Plan to make
available to Plan participants, based on funds from the line-up of investment options
chosen by the client, and to periodically review these with the client during Plan reviews
at such frequency as is mutually agreed upon.
• Prepare reports reviewing the performance of Plan investments options.
Plan Consulting Services
• Assist the Plan by acting as a liaison between the Plan and service providers, product
sponsors and/or vendors.
• Provide education, training, and/or guidance for the members of the Plan Committee with
regard to plan features, retirement readiness matters, or service on the Committee.
• Assist the client in enrolling Plan participants in the Plan, including providing participants
with information about the Plan.
• Assist with participant education, which may include preparation of education materials
and/or conducting investment education seminars and meetings for Plan participants.
• Assist with the preparation, distribution and evaluation of Request for Proposals, finalist
interviews, and conversion support.
• Provide the client with comparisons of Plan data (e.g., regarding fees and services and
participant enrollment and contributions).
• Assist client in identifying the fees and other costs borne by the Plan.
LPL provides advisory services under RPCP as an investment advisor under the Advisers Act
and is a fiduciary under the Advisers Act with respect to such services. If client elects to engage
LPL and 401(k) Prosperity™ IAR(s) to perform ongoing investment monitoring and ongoing
investment recommendation services to a Plan subject to ERISA in the RPCP agreement, such
services will constitute “investment advice” under Section 3(21)(A)(ii) of ERISA. Depending upon
the scope of services offered by 401(k) Prosperity™ clients may also have the option of engaging
LPL and 401(k) Prosperity™ to provide certain of the above Investment Advisory Services on a
discretionary basis as an “investment manager” under Section 3(38) of ERISA. Therefore, LPL
and 401(k) Prosperity™ will be deemed a “fiduciary” as such term is defined under ERISA when
providing either non-discretionary investment advice or discretionary investment manager
services, as designated in the client account agreement. Clients should understand that to the
extent LPL and 401(k) Prosperity™ are engaged to perform services other than ongoing
investment monitoring and recommendations (for example, investment education and general
financial information), those services are not “investment advice” under ERISA and therefore, LPL
and 401(k) Prosperity™ will not be a “fiduciary” under ERISA with respect to those other services.
Limited Scope ERISA 3(21) Fiduciary. 401(k) Prosperity™ typically acts as a limited scope ERISA
3(21) fiduciary that can advise, help and assist plan sponsors with their investment decisions on
a discretionary basis. The Company has a fiduciary duty to act in the best interest of the Client.
The plan sponsor is still ultimately responsible for the decisions made in their plan, though using
the Company can help the plan sponsor delegate liability by following a diligent process. Fiduciary
Services are:
• Provide discretionary investment advice to the Client about asset and investment
alternatives available for the Plan in accordance with the Plan’s investment policies and
objectives. Client will make the final decision regarding the initial selection, retention,
removal and addition of investment options.
• 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 discretionary investment advice to the Plan Sponsor 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 of providing all notices to the Plan participants required under
ERISA Section 404(c) (5) and 404(a)-5.
Excluded Assets will not be included in calculation of Fees paid to 401(k) Prosperity™ under this
Agreement.
3(38) Investment Manager. 401(k) Prosperity™ also acts as an ERISA 3(38) Investment Manager
in which it has non-discretionary management and control of a given retirement plan’s assets.
The Company would then become solely responsible for the selection, monitoring and
replacement of the plan’s investment options. When serving as an ERISA 3(38) investment
manager, the plan sponsor is relieved of fiduciary responsibility for the investment decisions made
by 401(k) Prosperity™. Furthermore, 401(k) Prosperity™ is a discretionary investment manager
in accordance with the terms of a separate ERISA 3(38) Investment Management Agreement
between 401(k) Prosperity™ and the plan sponsor. 401(k) Prosperity™’s investment
management is limited in that it has the discretion solely to replace funds in plan fund lineups and
initiate the transfer of existing balances to the replacements without prior approval from the Client.
Return on Life® Wealth Partners provides the following services to the plan sponsor:
• Select the investments.
• Monitor the investments, replace the investments and asset allocations when appropriate.
• Provide an investment monitoring report at least annually.
• Assist the plan sponsor in developing an Investment Policy Statement (“IPS”).
• Provide a comprehensive fiduciary investment review designed to meet Plan Sponsor
fiduciary responsibility and enhance the participant experience.
Our goal in identifying the plan’s investment options is to provide a range of options that will
enable plan participants to invest according to varying risk tolerances, savings time horizons or
other financial goals. The plan's investment options may consist of mutual funds or other similar
investment funds. The investment funds from which our Firm will select will be those that are
available on the plan record-keeper’s investment platform.
• 401(k) Prosperity™ has non-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.
• Assist the Client with the selection of a broad range of investment options consistent with
ERISA Section 404(c) and the regulations thereunder.
• Assist the Client in the development of an investment policy statement (“IPS”). The IPS
establishes the investment policies and objectives for the Plan.
529 Savings Plan Account Management
Return on Life® Wealth Partners provides management of a client’s 529 savings plan account
sponsored by a third-party program manager (“Program Manager”). Return on Life® Wealth
Partners will provide advice regarding investment options made available by the 529 plan’s
Program Manager through the 529 plan. A 529 savings plan account Program Manager ordinarily
makes mutual funds, target-date mutual funds, exchange-traded funds, money market funds, and
insured deposit accounts available as investment options in the 529 savings plan, however, other
investment options may be available.
These services will be offered through an agreement between LPL, Return on Life® Wealth
Partners IAR, and the client. In connection with such services, Return on Life® Wealth Partners
will obtain the necessary financial data from the client, assist the client in setting an appropriate
investment objective for the account, and provide investment advice with respect to the assets in
the account based on the investment objective selected. IAR will typically have discretionary
authority to trade the participant’s account directly at the custodian. Return on Life® Wealth
Partners’ ability to implement investment recommendations will be limited by the terms of the 529
plan and the client’s account with the Program Manager, including, for example, limits on the
frequency with which investments may be changed.
Additional Investment Advisory Programs
In addition, the Company offers clients access to various investment advisory programs offered
through LPL Financial LLC (“LPL”).
2 LPL acts as Return on Life® Wealth Partners fully disclosed
clearing firm for broker-dealer products and services, and also provides back and middle office
services through a services agreement between the companies. As a result, there are potential
and actual conflicts of interest associated with the compensation to LPL for services to Return on
Life® Wealth Partners, and the division of compensation between the two firms for services to
clients (see Item 14 - Client Referrals and Compensation). These conflicts and implications for
the client are discussed in greater detail in the relevant Form ADV Part 2A (also called the
“Program Brochure”).
Strategic Wealth Management (“SWM”)
Strategic Wealth Management (“SWM”) is one such investment advisory program offered at LPL
Financial. Return on Life® Wealth Partners through its representative can provide ongoing
investment advice and management on assets in an account separately identified to a client and
separately managed on behalf of a client. Accounts are wrap accounts and the client should
discuss with the Return on Life® Wealth Partners representative which types of account to open.
Furthermore, through the SWM, we provide investment management services, including
providing continuous investment advice to and making investments for you based on your
individual needs. Through this service, we offer a customized and individualized investment
program. A specific asset allocation strategy and suitability profile is crafted to focus on your
specific goals and objectives. The IPS defines your risk tolerance and investment objective. Your
information should be updated regularly, but at a minimum every 2 years.
SWM accounts are custodied at LPL in their capacity as a registered broker/dealer, member
FINRA and SIPC. LPL is also an investment advisor registered with the SEC but does not serve
as an investment advisor for you through the SWM offering provided through Return on Life®
Wealth Partners. LPL provides clearing, custody and other brokerage services for accounts
established through SWM. Therefore, you are required
to establish a brokerage account(s)
through LPL’s Strategic Wealth Management platform. Separate accounts are maintained for you,
and you retain all rights of ownership of you accounts (e. g., the right to withdraw securities or
cash, exercise or delegate proxy voting, and receive transaction confirmations).
2 LPL is a broker-dealer registered with FINRA and the SEC. As a broker-dealer, LPL transacts business in
various types of securities, including mutual funds, stocks, bonds, commodities, options, private and public
partnerships, variable annuities, real estate investment trusts and other investment products. LPL is registered to
operate in all 50 states and has primarily an independent-contractor sales force of registered representatives and
IARs dispersed throughout the United States.
SWM accounts allow you to authorize us to purchase and sell, on either a discretionary basis or
non-discretionary basis, portfolios consisting of securities and investments. We may limit our
discretion with respect to your account and the securities eligible to be purchased for your
account.
Optimum Market Portfolios Program (OMP)
As stated above, the Company offers clients access to various investment advisory programs
offered through LPL. Optimum Market Portfolios Program (“OMP”) is another such program. OMP
is a professionally managed mutual fund advisory program using Optimum Funds Class I shares.
The Company’s Advisor works with its clients to complete a client questionnaire which allows LPL
to determine the asset allocation to meet their investment objectives. Currently, there are up to
six Optimum Funds that may be purchased within an OMP Account:
1. Optimum Large Cap Growth Fund
2. Optimum Large Cap Value Fund
3. Optimum Small-Mid Cap Growth Fund
4. Optimum Small-Mid Cap Value Fund
5. Optimum International Fund
6. Optimum Fixed Income Fund
Manager Select (MS)
The Company also offers clients access to Manager Select (“MS”), an investment advisory
program offered through LPL. In the Manager Select program, LPL, through its IARs, makes
available to clients the investment advisory services and/or model portfolios of third-party portfolio
management firms. Within the Manager Select program, LPL offers two alternatives – the
Separately Managed Account Platform (the “SMA Platform”) and the Model Portfolio Platform (the
“MP Platform” and collectively, the “Platforms”). In connection with the Platforms, LPL acts as an
investment advisor, serves as the custodian of the assets, provides brokerage and execution
services as a broker-dealer on transactions, and performs administrative services, such as
reporting to clients. The IAR assists the client to determine the client’s investment objectives and
risk/return preferences, to identify any investment restrictions on the management of the account,
and, in the case of the SMA Platform, to select an investment strategy and SMA Portfolio
Manager, or in the case of the MP Platform, to select a model portfolio (“Model Portfolio”) provided
by LPL’s Research Department or third-party investment advisors (“Model Advisors”). From time
to time, LPL may make available Model Portfolios provided by Model Advisors with associated
persons who are also associated persons of LPL; however, if a client selects one of these
associated persons to act as IAR for their account, such Model Advisor will not receive a separate
fee for its services as a model provider. The Manager Select program also permits clients to select
a third-party investment advisor firm, in this case, Return on Life® Wealth Partners, in lieu of an
LPL investment advisor representative (“IAR”) to provide the advisory services of the IAR
described above. The Manager Select program is described in more detail in the MS Program
Brochure.
3
Overall, Manager Select is a separate account platform that offers investors the ability to access
a variety of institutional managers at significantly lower account minimums. Clients can choose
from a broad range of portfolio managers and various investment styles. The minimum account
size varies, with models starting at $50,000 for MS. Return on Life® Wealth Partners has the
ability to set the overall models, and each separately managed account can target an individual
asset class category. The portfolio manager is responsible for trading decisions and rebalancing
within each asset class or account. If necessary, the Client is responsible for rebalancing across
multiple accounts at once. MS provides access to individual stocks, bonds, real estate investment
trusts (REITs), mutual funds, American depositary receipts (ADRs), and exchange-traded funds
(ETFs) selected by portfolio managers through separately managed accounts. LPL Research
provides initial and ongoing due diligence for available managers, as well as a separate list of
recommended managers.
Manager Access Network (MAN)
Manager Access Network (“MAN”)
4 is a separate account platform that offer investors the ability
to access a variety of institutional managers at significantly lower account minimums. Clients can
choose from a broad range of portfolio managers and various investment styles. The minimum
account size varies, with models starting at $100,000 for MAN. Return on Life® Wealth Partners
will set the overall model, and each separately managed account can target an individual asset
class category. In addition, the portfolio manager is responsible for trading decisions and
rebalancing within each asset class or account. If necessary, Return on Life® Wealth Partners is
responsible for rebalancing across multiple accounts at once. MAN provides access to individual
stocks, bonds, real estate investment trusts (REITs), mutual funds, American depositary receipts
(ADRs), and exchange-traded funds (ETFs) selected by portfolio managers through separately
managed accounts. LPL Research provides initial and ongoing due diligence for available
managers, as well as a separate list of recommended managers.
Guided Wealth Portfolios (GWP)
The Company also offers clients access to Guided Wealth Portfolios (“GWP” or the “Educational
Tool”), an investment advisory programs offered through LPL. This is a centrally managed,
algorithm-based, investment program. GWP uses proprietary, automated, computer algorithms
of FutureAdvisor to generate investment recommendations based upon model portfolios
3 https://www.lpl.com/disclosures/account-agreements-account-packets.html.
See also https://www.lpl.com/disclosures/lpl-financial-firm-brochure-and-program-forms-for-advisory-
services.html?_ga=2.226492378.1398880380.1571678542-1128018412.1571678542
4 Manager Access Network (MAN) is only available for advisors, such as Return on Life® Wealth Partners, who is
registered under the LPL hybrid RIA program.
constructed by LPL. FutureAdvisor and LPL are non-affiliated entities.
5
Communications concerning GWP are intended to occur primarily through electronic means
(including but not limited to, through email communications or through the Investor Portal),
although Return on Life® Wealth Partners will be available to discuss investment strategies,
objectives, or the account in general in person or via telephone.
A preview of the Educational Tool is provided for a period of up to forty-five (45) days to help
users determine whether they would like to become advisory clients and receive ongoing financial
advice from LPL, FutureAdvisor and Return on Life® Wealth Partners by enrolling in the advisory
service (the “Managed Service”). The Educational Tool and Managed Service are described in
more detail in the GWP Program Brochure.
6
Investors participating in the Managed Service complete an account application (the “Account
Application”) and enter into an account agreement (the “Account Agreement”) with LPL, Return
on Life® Wealth Partners and FutureAdvisor. As part of the account opening process, clients are
responsible for providing complete and accurate information regarding, among other things, their
age, risk tolerance, and investment horizon (collectively, “Client Profile”). LPL, Return on Life®
Wealth Partners and FutureAdvisor rely on the information in the Client Profile in order to provide
services under the Program, including but not limited to, determination of suitability of the Program
for clients and an appropriate investment objective and Model Portfolio for clients. The Model
Portfolios have been designed and are maintained by LPL Financial or, in the future, a third-party
investment strategist (as applicable, the “Portfolio Strategist”) and shall include a list of securities
holdings, relative weightings and a list of potential replacement securities for tax harvesting
purposes. None of the clients, Return on Life® Wealth Partners or FutureAdvisor can access,
change, or customize the Model Portfolios. Only one Model Portfolio is permitted per account.
Based upon a client’s risk tolerance as indicted in the Client Profile, the client is assigned an
investment allocation track (currently Fixed Income Tilt, Balance Tilt or Equity Tilt), the purpose
of which is to slowly rotate the client’s equity allocation to fixed income over time. LPL Research
created these tracks using academic research on optimal retirement allocations, the industry
averages as calculated by Morningstar for the target date fund universe, and input from
FutureAdvisor.
Within the applicable allocation track and based upon a client’s chosen Retirement Age in the
Client Profile, the client will be assigned a Model Portfolio and one of five of LPL’s standard
investment objectives:
5 Both LPL and FutureAdvisor are investment advisors registered with the U.S. Securities and Exchange
Commission, and LPL is also a Member FINRA/SIPC.
6 https://www.lpl.com/disclosures/account-agreements-account-packets.html
• Income with capital preservation. Designed as a longer-term accumulation account, this
investment objective is considered generally the most conservative. Emphasis is placed
on generation of current income with minimal risk of capital loss. Lowering the risk
generally means lowering the potential income and overall return.
• Income with moderate growth. This investment objective emphasizes generation of
current income with a secondary focus on moderate capital growth.
• Growth with income. This investment objective emphasizes modest capital growth with
some focus on generation of current income.
• Growth. This investment objective emphasizes achieving high long-term growth and
capital appreciation. There is little focus on generation of current income.
• Aggressive growth. This investment objective emphasizes aggressive growth and
maximum capital appreciation, with no focus on generation of current income. This
objective has a very high level of risk and is for investors with a longer timer horizon.
By executing the Account Agreement, clients authorize LPL, Return on Life® Wealth Partners and
FutureAdvisor to have discretion to buy and sell only open-end mutual funds (“Mutual Funds”) and
exchange-traded funds (“ETFs”) (collectively, “Program Securities”) according to the Model Portfolio
selected and, subject to certain limitations described in the Account Agreement, hold or liquidate
previously purchased non-model securities that are transferred into the account (“Legacy Securities”).
In order to be transferred into an account, Legacy Securities must be Mutual Funds with which LPL
Financial has a full or partial selling agreement, ETFs or individual U.S. listed stocks. Securities that
are not Program Securities included within the Model Portfolio will not be purchased for an account,
and FutureAdvisor, in its sole discretion, will determine whether to hold or sell Legacy Securities,
generally, but not solely, with the goal of optimizing tax impacts for accounts that are subject to tax.
Additional Legacy Securities will not be purchased for the account. Clients may not impose
restrictions on liquidating any Legacy Securities for any reason. Clients should not transfer in Legacy
Securities that they are not willing to have liquidated at the discretion of FutureAdvisor.
In addition, uninvested cash may be invested in money market funds, the Multi-Bank Insured Cash
Account (“ICA”) or the Deposit Cash Account (“DCA”), as applicable, as described in the Account
Agreement. Dividends paid by the Program Securities in the account will be contributed to the cash
allocation and ultimately reinvested into the account based on the Model Portfolio once the tolerance
within cash allocation is surpassed.
Both the client and Return on Life® Wealth Partners are required to review and approve the initial
Investment Objective. As a client approaches the Retirement Age, the Algorithm will automatically
adjust the client’s asset allocation. Any change to the Investment Objective directed by a client due
to changes in the Client’s risk tolerance and/or Retirement Age will require written approval from the
client and Return on Life® Wealth Partners before implementation. Failure to approve the change in
Investment Objective may result in a client remaining in a Model Portfolio that is no longer aligned
with the applicable Client Profile. The Investment Objective selected for the account is an overall
objective for the entire account and may be inconsistent with a particular holding and the account’s
performance at any time and may be inconsistent with other asset allocations suggested to client by
LPL Financial, Return on Life® Wealth Partners or FutureAdvisor prior to client entering into the
Account Agreement. Achievement of the stated investment objective is a long-term goal for the
account, and asset withdrawals may impair the achievement of client’s investment objectives. A Client
Profile that includes a conservative risk tolerance over a long-term investment horizon may result in
the selection of an Investment Objective that is riskier than would be selected over a shorter-term
investment horizon. Clients should contact Return on Life® Wealth Partners if they believe the
Investment Objective does not appropriately reflect the Client Profile, such as their risk tolerance.
Pursuant to the Account Agreement, FutureAdvisor is authorized to perform tax harvesting when
deemed acceptable by the Algorithm. None of the clients, Return on Life® Wealth Partners or LPL
Financial can alter trades made for tax harvesting purposes. In order to permit trading in a tax-efficient
manner, the Account Agreement also grants FutureAdvisor the authority to select specific tax lots
when liquidating securities within the account. Although the Algorithm attempts to achieve tax
efficiencies, by doing so the client’s portfolio may not directly align with Model Portfolio. As a result,
the client may receive advice that differs from the advice received by accounts using the same Model
Portfolio, and the client’s account may perform differently than other accounts using the same Model
Portfolio.
During the term of the Account Agreement, FutureAdvisor will perform a daily review of the account
to determine if rebalancing is appropriate based on tolerance thresholds established by LPL Financial
and/or FutureAdvisor. At each rebalancing review, the account will be rebalanced if at least one of
the account positions is outside such thresholds, subject to a minimum transaction amount
established by LPL Financial and/or FutureAdvisor. In addition, LPL Financial and/or FutureAdvisor
may review the account for rebalancing in the event that the Portfolio Strategist changes a Model
Portfolio. FutureAdvisor may delay placing rebalancing transactions for non-qualified accounts by a
number of days, to be determined by FutureAdvisor, in an attempt to limit short-term tax treatment
for any position being sold. In addition, trading in the account at any given time is also subject to
certain conditions, including but not limited to, conditions related to trade size, compliance tests, the
target cash allocation and allocation tolerances. None of the clients, Return on Life® Wealth Partners
or LPL Financial can alter the rebalancing frequency.
Overall, Guided Wealth Portfolios is an advisor-enhanced digital advice solution that couples an
online platform with your oversight and advice. The account minimum is $5,000. Portfolios are made
up of low-cost ETFs and benefit from tax-efficient asset placement. Sophisticated algorithms drive
rebalancing and tax-loss harvesting activities.
Tailor Advisory Services to Individual Needs of Clients
Our services are always provided based on the individual needs of each Client. This means, for
example, that Clients are given the ability to impose restrictions on the accounts we manage for
Client, including specific investment selections and sectors. Return on Life® Wealth Partners works
with each Client on a one-on-one basis through interviews and questionnaires to determine the
Client’s investment objectives, risk tolerance and suitability information. Furthermore, when the
Company serves as investment adviser, it enters into a written investment management agreement
with each of its advisory Clients. Investment management agreements include provisions related to
each Client’s management fees, investment strategy, investment guidelines, termination rights, proxy
voting and sub-adviser, if applicable.
The Firm’s standard investment management contract generally permits either party may terminate
immediately upon written notice to the other party. The management fee will be pro-rated to the date
of termination, for the quarter in which the cancellation notice was given and the unearned fee
refunded to the Client’s account, or any earned fee will be billed to the Client. Upon termination, a
Client is responsible for monitoring the securities in his or her account, and we will have no further
obligation to act or advise with respect to those assets. In the event of Client’s death or disability,
Return on Life® Wealth Partners will continue management of the account until we are notified of
Client’s death or disability and given alternative instructions by an authorized party.
In summary, Return on Life® Wealth Partners provides the following advisory services:
• Discretionary Investment Management, except as otherwise set forth in any applicable Client
Agreement. Our Clients authorize Return on Life® Wealth Partners to investigate, purchase, and
sell on behalf of Client, various securities and investments. The Company is authorized to execute
purchases and sales of securities on Client’s behalf without consulting Client regarding each sale
or purchase. Client may, however, terminate the discretionary authority of Return on Life® Wealth
Partners immediately upon written notice.
• The Company possesses the ability to work with a Client on establishing an Investment
Policy Statement. In this scenario, Return on Life® Wealth Partners, in connection with the
Client, may develop a statement that summarizes the Client’s investment goals and objectives
along with the broad strategy[ies] to be employed to meet the objectives.
When the Company serves as investment adviser, it enters into a written investment management
agreement with each of its advisory Clients. Investment management agreements include provisions
related to each Client’s management fees, investment strategy, investment guidelines, termination
rights, proxy voting and sub-adviser, if applicable. Upon termination, Clients are billed only for the
pro-rata portion of the management period. Clients do not pay a termination fee.
Furthermore, Return on Life® Wealth Partners tailors its investment advice to the specific needs of
its Clients and is subject to applicable investment restrictions set forth in the governing documents,
including the investment advisory agreement, for the applicable Clients. The Company works with
Clients to formulate appropriate and agreed-upon investment guidelines. Return on Life® Wealth
Partners works with Clients to determine the feasibility of monitoring proposed restrictions and
limitations. Clients who restrict their investment portfolios may experience potentially worse
performance results than Clients with unrestricted portfolios even for Clients with similar objectives.
Return on Life® Wealth Partners reserves the right to reject or terminate any Client that seeks
restrictions which Return on Life® Wealth Partners is unable to implement, or which may
fundamentally alter the investment objective of the Client.
Regulatory Assets Under Management
As of December 31, 2023, Return on Life® Wealth Partners managed approximately $295,895,740
in discretionary assets and $ 72,317,558 in non-discretionary assets, totaling $ 368,213,298 of
advisory assets. The SEC has adopted a uniform method for advisers to calculate assets under
management for regulatory purposes which it refers to as an adviser’s “regulatory assets under
management.” Regulatory assets under management are generally an adviser’s gross assets, i.e.,
assets under management without deduction for outstanding indebtedness or other accrued but
unpaid liabilities. Return on Life® Wealth Partners reports its regulatory assets under management
in Item 5 of Part 1 of Form ADV which you can find at www.adviserinfo.sec.gov.