Introduction
Westfuller is an SEC-registered investment advisor offering values-driven, comprehensive fee-based
sustainable investment advisory and wealth management services since 2011. Westfuller is a privately held
company based in New York City and organized as a limited liability corporation under the laws of the
State of Delaware. Lola C. West and Ian Fuller are the principal owners of Westfuller. Additional
information about Westfuller’s products, structure and management is provided on Part 1 of Westfuller’s
Form ADV which is available online at the SEC’s Investment Adviser Public Disclosure website at
www.adviserinfo.sec.gov.
Client assets are held in separately managed accounts by a clearing broker-dealer that meets the criteria for
a “qualified custodian” under the Investment Advisors Act of 1940 and provides custody, securities
execution, clearance and administrative services.
The investment advisory portfolio management program is made available through the following custodian
channels:
Accounts established directly with Fidelity Brokerage Services, LLC (“Fidelity”), a Fidelity
Investments company and/or Bank of New York Mellon Pershing (“Pershing”). Fidelity and
Pershing provide Westfuller with access to its institutional trading and custody services, which are
typically not available to retail investors.
Institutional clients may also select the use of their own designated, qualified custodian such as
Northern Trust, Bank of New York, US Bank, State Street, etc.
Overview of Advisory Services
Westfuller offers values-driven investment advisory and wealth management services to charitable
institutions, foundations, endowments, ultra-high net worth individuals, high-net worth individuals, and
businesses (each referred to as a “Client”).
Investment advisory and wealth management services are more than investment management alone, as it
can encompass all parts of an institution’s financial operations and a person’s financial life. We provide our
Clients with a variety of financial advisory services to assist them in managing the entirety of their financial
and organizational affairs with purpose. This includes, among other things, mission-aligned investment
management, investment policy design and implementation, organizational financial forecasting,
sustainability and impact assessments financial planning, retirement planning, etc. We also provide support
to our Clients with respect to philanthropic, estate planning, spending and reserve policies, etc. by working
closely with our Client’s other professional advisors. We will recommend the services of other professionals
for services outside our area of expertise if needed.
Our investment advisory and investment management services are primarily focused on managing a
Client’s investable assets. We make investment recommendations, analyze portfolios, and research
investment opportunities suitable for our Clients. The fee for this service is generally based on assets under
management. Other services such as financial planning and consulting may or may not be included in this
fee. We offer a defined amount of additional planning services at tiered fee levels dependent upon the
amount of assets under management. If Clients need additional planning services, we offer additional
services through a fixed or hourly fee arrangement. The services and fees for additional services are
approved in advance by our Clients and can be negotiated.
Westfuller defines sustainable and impact investing as investments made into investment funds, investment
managers, and companies with the intention to generate positive social and environmental impact alongside
financial return. We seek out investment funds and investment managers that incorporate sustainability
analysis and/or Sustainable, Responsible, Impact-focused (“SRI”) criteria into their investment philosophy
to identify impact and sustainable investments. We believe these funds and managers gain additional insight
into potential business risks and opportunities by incorporating SRI criteria.
Funds and managers that focus on sustainable investing seek to invest in companies with practices,
products, and/or services which may mitigate risks through their evaluation of externalities (e.g.,
greenhouse gas emissions, mining pollution, unfair employment practices, and lax corporate governance).
We believe that funds and managers utilizing SRI and sustainability analysis are able to identify companies
with quality management teams and are positioned to perform better than their peers over the long term.
We work with our Clients to understand their financial assets, financial goals and objectives, and
sustainability objectives using interviews and client questionnaires. Understanding a Client’s portfolio
funding requirements, risk tolerance, and impact objectives provides us with the necessary information to
construct a portfolio to meet short to medium term liquidity requirements and long-term growth goals.
We allocate funds that are needed for short to medium-term distribution requirements to a spending
allocation that is invested in cash equivalents and short to medium-term high-quality bonds and bond funds.
Long-term growth assets are allocated based on identifying the appropriate risk model for a Client. We
strive to allocate the Client’s assets across a globally diversified, multi-asset class portfolio. As appropriate,
Westfuller allocates assets among investment funds (including mutual funds, exchange-traded funds
(“ETFs”), and private funds (including, without limitation, private equity funds, real estate funds, and fund-
of-funds) and third-party investment managers (including separate account managers, subadvisors, and
third-party asset management platforms). Occasionally, Westfuller will also make direct investments with
companies and other issuers, including, without limitation, private placement investments in community
impact notes. We then select one or more investments for each of the asset classes in their appropriate risk
model.
For foundations and endowments, where appropriate, we develop and draft a mission-aligned investment
policy statement (“IPS”). We may also follow a Client’s existing IPS. We facilitate discussions among
multiple family members, members of Boards of Directors, and organizational stakeholders to draft an IPS
that outlines an organization’s purpose and values, investment time horizon, return objectives, income and
liquidity needs, investment restrictions, and sustainability objectives. If a Client has an IPS before engaging
us, we will review the Client’s current IPS and make recommendations as needed.
Our relationship with a new Client starts with a one-on-one consultation. We will typically conduct one or
more meetings (in person if possible, otherwise via telephone and/or video conference) with the Client in
order to fully understand the Client's goals and values. We interview each Client, complete a profile
questionnaire, and produce a financial plan to formally document specific needs, concerns and priorities.
We evaluate factors such as values, current income and expenses, assets, investment objectives, emotional
tolerance for risk, investment time horizon, tax situation, investment preferences, family dynamics, and
philanthropic and impact goals. Depending on the complexity of the Client’s financial affairs, we may also
ask to meet with their attorney, accountant, or other advisors.
Westfuller’s investment strategies seek to systematically incorporate and articulate sustainability into the
investment advisory services offered. To implement our strategy, we seek to utilize SRI inclusionary and
exclusionary metrics to measure an issuer’s or an Underlying Manager’s adherence to, or adoption of,
sustainability. Our advisory solutions and recommendations are informed by Thematic and Impact
measurement research from leading sources such as Yourstake, FFI Solutions, Factset, Bloomberg As You
Sow, MSCI Sustainalytics, Morningstar ESG, and American Friends Service Committee.
We accept new Clients who have a minimum initial balance of $3,000,000 of total assets under management
for individuals and families, and $10,000,000 of total assets under management for institutions (non-profits,
foundations, etc.).
Advanced Financial Planning and Consulting Services
Westfuller provides a wide range of comprehensive financial planning services, pursuant to a written client
engagement letter.
Topics that are addressed include SRI investing, asset allocation, portfolio diversification, management of
risk, executive compensation, family dynamics, legacy issues, philanthropic giving, retirement planning,
education planning and other general economic and financial topics. Westfuller and the Client will discuss
and agree upon the specific topics to be covered by the advanced financial plan. We will also provide or
arrange for comprehensive wealth management services such as executive compensation analysis
(including equity grant awards), retirement planning, estate and tax management guidance, planned and
philanthropic giving, credit and lending solutions advisory as well as insurance consulting.
A financial plan will usually include general recommendations for a course of activity or specific actions
to be taken by the Client. For example, we may recommend that the Client start or revise their investment
program, commence or alter retirement savings, and establish education savings and/or charitable giving
programs. Westfuller may also refer Clients to an accountant, attorney or other specialist, as appropriate
for their unique situation. For certain financial planning engagements, we will provide a written summary
of the Client’s financial situation that includes our observations and specific recommendations. For
consulting or ad-hoc engagements, we may not provide a written summary. Plans or consultations are
typically completed within six months of contract date, assuming all information and documents requested
by Westfuller has been provided promptly.
When we provide stand-alone financial planning services, which is only done on a limited basis, such
financial planning and consulting generally includes several meetings and/or steps:
Establishing and defining the client-advisor relationship
Gathering client data including goals
Analyzing and evaluating the client’s current financial status
Developing and presenting recommendations and/or alternatives
Implementing the recommendations
Monitoring the recommendations
We offer the following financial planning and consulting services to individuals, families, and institutions:
Advanced Financial Planning
Retirement accumulation planning
Retirement income planning
Education and college planning
Employer retirement planning (reviewing 401k or 403b asset allocations)
Employee benefits planning
Executive compensation planning (including equity grant analysis)
Budget and cash flow planning
Financial impact planning and scenario modeling of life
events such as new job, divorce,
inheritance, asset liquidation or purchase, and the birth/death of a family member
Record keeping and reporting across balance sheet assets and liabilities
Income tax planning assistance
Financial education for family members
Family decision-making processes
Philanthropic goals (private and public foundations)
Estate planning
Multigenerational wealth planning
Coordination of outside professional
Insurance analysis
Trustee administration service
Business succession planning.
Consulting
Providing mission-related investing and impact investing education
Development of mission-related investing an impact investing guidelines and implementation plans
IPS drafting, or review to address financial and mission/impact guidelines
Providing operating reserve policy guidelines and drafting
Impact investment manager search and selection
Miscellaneous consulting such as the selection of an accountant, trust and estate attorney, non-
profit counsel, bookkeeper, or other family office services.
Philanthropic Planning
We assist Clients in determining guidelines for philanthropic spending; identify assets to gift as well as
suitable charitable vehicles; and assist them in aligning their giving with their sustainability objectives. We
may recommend the services of a philanthropic consultant and/or Donor Advised Fund (“DAF”). Clients
are responsible for the fees and expenses associated with such philanthropic consultants and DAFs.
Philanthropic contributions are managed on a client-by-client basis.
Financial planning and consulting recommendations may pose a potential conflict for Westfuller. Clients
are not obligated to implement any of our recommendations and, if the Client elects to act on any
recommendation the Client is under no obligation to execute a transaction through Westfuller.
Sustainable, Responsible, and Impact-Focused (SRI) Portfolio Management
Westfuller provides SRI and values-driven wealth management, investment advice and portfolio
management services on a continuing basis. We do not require Clients to grant Westfuller discretionary
trading authority to participate in our investment management program.
Prior to engaging Westfuller to provide portfolio management, each Client is required to enter into an
advisory agreement that sets out the terms and conditions under which services will be provided. These
services may include:
Establishing an Investment Policy Statement – Westfuller, with the Client’s participation, will
develop a statement that summarizes the Client’s values, investment goals and objectives along
with the broad strategies to be employed to meet the objectives. An Investment Policy Statement
generally includes specific information on the Client’s stated SRI goals, financial goals, time
horizon for achieving the goals, investment strategies, Client risk tolerance and any reasonable
restrictions imposed by the Client.
Asset Allocation – Westfuller will develop a values-driven strategic asset allocation that is targeted
to meet the investment objectives, Sustainability and Impact goals, time horizon, financial situation
and tolerance for risk for each Client.
Portfolio Construction – Westfuller will develop a values-driven portfolio for the Client that is
intended to meet the stated objectives, SRI goals, and values of the Client.
SRI Investment Management and Supervision – Westfuller will provide sustainable, multi-asset
class investment management and ongoing oversight of the Client’s portfolio and overall account.
IRA Rollover Recommendations. For purposes of complying with the U.S Department of Labor’s (“DOL”)
Prohibited Transaction Exemption 2020-02 (“PTE 2020-02”) where applicable, Westfuller is providing the
following acknowledgment. When Westfuller provides investment advice to a Client regarding a Client’s
retirement plan account or individual retirement account, Westfuller is a fiduciary within the meaning of
Title I of the Employee Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code
(“IRC”), as applicable, which are laws governing retirement accounts. The way Westfuller makes money
creates some conflicts with Client interests, so Westfuller operates under a special rule that requires
Westfuller to act in the Client’s best interest and not put our interest ahead of the Client’s interest.
Under this special rule’s provisions, we must:
Meet a professional standard of care when making investment recommendations (give prudent
advice);
Never put Westfuller’s financial interests ahead of the Client’s when making recommendations
(give loyal advice);
Avoid misleading statements about conflicts of interest, fees, and investments;
Follow policies and procedures designed to ensure that we give advice that is in the Client’s best
interest;
Charge no more than is reasonable for Westfuller’s services; and
Give the Client basic information about conflicts of interest.
Westfuller benefits financially from the rollover of Client assets from a retirement account to an account
that Westfuller manage or provide investment advice, because the assets increase Westfuller’s assets under
management and, in turn, Westfuller’s advisory fees. As a fiduciary, Westfuller only recommends a rollover
when we believe it is in the Client’s best interest.
Alternative Investments. Westfuller also offers advice on alternative investments such as Community
Impact Notes, venture capital, private equity, real estate and hedge funds. We may also advise on structured
notes, the use of foreign exchange forward contracts and interest rate and equity derivatives. Alternative
investments generally are speculative investments that are subject to a significant amount of risk. Hedge
funds are complex investment vehicles that often engage in the use of leverage and other speculative
investment practices, such as short sales, options, derivatives, futures and illiquid investments that may
increase the risk of investment loss. Prospective investors must carefully review the risk- disclosure
statement. This Client Brochure is not a solicitation, recommendation or invitation to invest in alternative
investments and is intended solely to disclose the availability of alternative investments within our advisory
program.
Independent Portfolio Managers and Other Independent Managers. Upon Client request, we can
introduce them to third-party portfolio managers (“Independent Portfolio Managers”) that, based on our
due diligence, we believe are suitable for the Client or recommend that Clients utilize one or more
unaffiliated investment managers or investment platforms (collectively “Independent Managers”) for all or
a portion of a Client’s investment portfolio. Clients can choose Westfuller to manage their account assets,
retain an Independent Portfolio Manager or Independent Manager, or choose both of these options.
Independent Portfolio Managers work with each Client to identify their investment goals and objectives as
well as risk tolerance in order to create a portfolio allocation. The manager will then construct a portfolio,
consisting of stocks, bonds, options, exchange-traded funds and mutual funds to achieve the Client’s
investment goals. The Independent Portfolio Manager may also recommend alternative investments as
necessary to meet the needs of its Clients. The Independent Portfolio Manager may also require the Client
to authorize them to effect transactions without prior consultation with the Client. In instances where an
Independent Manager is used, the Client will be required to authorize and enter into a tri-party advisory
agreement with Westfuller and the Independent Manager that defines the terms of the investment
management and related services. Westfuller will assist in the development of the initial policy
recommendations and managing the ongoing Client relationship. The Client, prior to entering into a tri-
party agreement, will be provided with the Independent Manager's Form ADV 2A (or a brochure that makes
the appropriate disclosures).
We consider Independent Portfolio Managers and Independent Managers that use either or both
fundamental and technical analysis as well as Independent Portfolio Managers employing a broad range of
investment strategies. As a general matter, the factors we will use to evaluate an Independent Portfolio
Manager include, but are not necessarily limited to: reputation, management strength and continuity,
performance record, investment philosophy, client service, values-alignment, minimum dollar investment
requirement and fees. We use these factors to determine whether the Independent Portfolio Manager or
Independent Manager is compatible with the Client’s investment objectives, risk tolerances, values and
other client criteria. Supported by our advice and guidance, the Client makes all Independent Portfolio
Manager or Independent Manager selection decisions. We encourage Clients to review the public
disclosures available with respect to any Independent Portfolio Manager or Independent Manager we may
propose for more information on their investment advisory services and brokerage policies.
Westfuller will conduct continuing due diligence with regard to the Independent Portfolio Managers and
Independent Managers we may recommend consistent with our oversight responsibilities. We will be
responsible for screening, retaining, monitoring and will, where necessary, recommend replacement of the
Independent Portfolio Managers or Independent Managers responsible for investment decisions regarding
their respective portion of the Client’s account assets.
Our methods of implementing investment strategies vary from Client to Client. Clients opting to engage an
Independent Portfolio Manager or Independent Manager will be provided with a list of managers we deem
appropriate for that particular Client. Westfuller does not accept compensation from, or pay compensation
to, any managers.
Assets Under Management
As of December 31, 2023, Westfuller approximately manages the following assets:
Assets Under Management
(AUM) Assets
Discretionary $997,493,020
Non-Discretionary $434,115,714
Total Assets under
Management $1,431,608,734
Assets Under Advisement
Westfuller participates in consulting relationships with a number of clients where Westfuller provides
Investment Policy Statements, asset allocation study, liquidity needs assessment and investment models to
clients. In these instances, Westfuller’s primary responsibilities are to create a non-client specific,
representative model portfolio based on a specified investment strategy and to communicate periodic model
changes to the client. Clients have sole discretion with respect to implementing a model, in whole or in
part.
As of December 31, 2023, Westfuller approximately advises on the following assets:
Total Assets under
Advisement (AUA) $645,551,000
Total Assets Under Management / Assets Under Advisement
Total AUM/AUA $2,077,159,734