Ownership
Lifetime Wealth Management, LLC’s (“Advisor,” LWM,” “Advisor,” “our,” “us,” or “we”)
registration with the Securities and Exchange Commission (“SEC”) as an investment advisor was
approved in March 2018. Previously, we had been registered with the Minnesota Department of
Commerce since January 2012 and registered with the SEC from June 2008 to January 2012. We
are a limited liability company formed under the laws of the State of Minnesota, and Dayton
Miller, Collin Miller and Erik Landstrom are the owners.
General Description of Primary Advisory Services
We offer personalized investment advisory services including full and modular financial plans
and asset management. The following are brief descriptions of our primary services. A detailed
description of all services is provided in Item 5, Fees and Compensation, so that clients and
prospective clients (“clients” or “you”) can review all of our services and description of fees in a
side-by-side manner.
Financial Planning
We offer advisory services in the form of full and modular financial plans. Financial planning
services do not involve the active management of client accounts. Instead, full planning services
focus on a client’s overall financial situation. Modular planning services focus on specific areas
of client concern.
Financial planning can be described as helping individuals determine and set their long-term
financial goals, through investments, tax planning, asset allocation, risk management, retirement
planning and other areas. The role of a financial planner is to find ways to help clients
understand their overall financial situation and help them set financial objectives.
Asset Management
We offer a variety of investment management services that range from periodic monitoring and
investment advice based on a buy-and-hold strategy to more advanced discretionary management
services that include monitoring based on the individual needs of the client and implementing
transactions on the client’s behalf.
Limits Advice to Certain Types of Investments
We provide investment advice on the following types of investments:
• Exchange-listed securities.
• Securities traded over-the-counter.
• Foreign issues.
• Warrants.
• Corporate debt securities (other than commercial paper).
• Commercial paper.
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• Certificates of deposit.
• Municipal securities.
• Mutual fund shares.
• United States government securities.
• Options contracts on securities.
However, we reserve the right to offer advice on any investment product that may be suitable for
each client’s specific circumstances, needs, goals and objectives. (Please refer to Item 8,
Methods of Analysis, Investment Strategies and Risk of Loss for more information.)
Tailor Advisory Services to Individual Needs of Clients
Our services are always provided based on your specific needs. You are given the ability to
impose restrictions on your accounts, including specific investment selections and sectors.
However, we will not enter into an investment advisor relationship with a client whose
investment objectives may be considered incompatible with our investment philosophy or
strategies or where the prospective client seeks to impose unduly restrictive investment
guidelines.
Wrap-Fee Program versus Portfolio Management Program
In traditional management programs, advisory services are provided for a fee, but transaction
services are billed separately on a per-transaction basis. In wrap-fee programs, advisory services
and transaction services are provided for one fee. Advisor does not act as a portfolio manager of
or sponsor wrap fee programs.
Client Assets Managed by Advisor
The
amount of client assets managed by Advisor totaled $158,080,057.070 as of December 31,
2023, with $158,080,057.070 managed on a discretionary basis and $0.00 managed on a non-
discretionary basis.
Portfolio and Wealth Management Services
LWM manages client investment portfolios on a discretionary and non-discretionary basis. In
addition, we provide clients with wealth management services that include a broad range of
comprehensive financial planning services in addition to the discretionary management of
investment portfolios. LWM tailors its advisory services to meet the needs of its individual clients
and seeks to ensure, on a continuous basis, that client portfolios are managed in a manner consistent
with those needs and objectives. We consult with clients on an initial and ongoing basis to assess
their specific risk tolerance, time horizon, liquidity constraints and other related factors relevant to
the management of their portfolios.
Clients are advised to promptly notify us if there are changes in their financial situation or if they
wish to place any limitations on the management of their portfolios. Clients may impose reasonable
restrictions or mandates on the management of their accounts if we determine, in our sole
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discretion, the conditions will not materially impact the performance of a management strategy or
prove overly burdensome to our management efforts.
Retirement Accounts – DOL Disclosure
We are fiduciaries within the meaning of Title I of the Employee Retirement Income Security
Act of 1974 (“ERISA”) and/or the Internal Revenue Code (“Code”), as applicable, when we
provide investment advice regarding portfolio assets held in an IRA, Roth IRA, Archer Medical
Savings Account, a Plan covered by ERISA, or a plan described in Section 4975(e)(1)(A) of the
Code (collectively referred to collectively sometimes herein as (“Retirement Accounts”).
To ensure that LWM will adhere to fiduciary norms and basic standards of fair dealing with
respect to Retirement Accounts, we are required to give advice that is in the "best interest" of the
retirement client. The best interest standard has two chief components, prudence and loyalty.
Under the prudence standard, the advice must meet a professional standard of care and under the
loyalty standard, our advice must be based on the interests of our retirement clients, rather than
the potential competing financial interest of LWM.
To address the conflicts of interest with respect to our compensation, we are required to act in
your best interest and not put our interest ahead of yours. To this end, we must:
• Meet a professional standard of care when making investment recommendations (give
prudent advice);
• Never put our financial interests ahead of yours 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 your best
interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest.
Education
All personnel of LWM are expected to have education and business backgrounds that enable
them to perform their respective responsibilities effectively. In assigning responsibilities, we
consider academic background (including studies in college and graduate schools, as well as
degrees earned), industry training, licenses and certifications. Work experience in a related field,
such as investments, commodities, insurance, banking or accounting, is also considered. No
formal, specific standards have been set, but appropriate education and experience are required.
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