CX Institutional, LLC (“CX Institutional”) was formed in 2018 in the state of Delaware through the
combination of two existing SEC-Registered Investment Advisers, Hefty Wealth Partners, Inc. established
in 2010 (“HWP”) and Oak Point Wealth Management, LLC established in 2010 (“Oak”). CX Institutional
succeeded to the Registration of HWP and became an SEC-Registered Investment Adviser on March 1,
2018. CX Institutional’s principal owners are HWP, Oak and CPF Texas (Vestpro).
CX Institutional’s main focus is to offer investment portfolios to its clients (individuals, high net worth
individuals, charitable organizations and business entities), on a discretionary and non-discretionary wrap
or non-wrap fee-only basis. In addition, CX Institutional provides financial planning and consulting services.
It is possible that different investment advisor representatives may charge different fees for providing the
same or similar services to clients. The specific level of services you will receive and the fees you will be
charged will be specified in your advisory services agreement. Before engaging CX Institutional to provide
asset management services, clients are required to enter into an agreement with CX Institutional setting
forth the terms and conditions of the engagement (including termination), describing the scope of the
services to be provided, and the fee that is due from the client.
Under each Program, CX Institutional provides investment management services specific to the needs of
each client. Before providing investment management services, an investment adviser representative will
ascertain each client’s investment objective(s). Thereafter, CX Institutional will allocate investment assets
consistent with the designated investment objective(s). CX Institutional primarily allocates client investment
assets among various individual equity (stocks), debt (bonds) and fixed income securities, no load mutual
funds, and/or exchange traded funds (“ETFs”). Once allocated, CX Institutional provides ongoing monitoring
and review of account performance, asset allocation and client investment objectives.
Asset Management Services – CX Multi-Strategy Platform Program
CX Institutional provides investment management services on a discretionary and non-discretionary wrap
or non-wrap fee-only basis through our CX Multi-Strategy Platform Program (the “Program”). Program
accounts are established at LPL Financial, a FINRA and SIPC member broker-dealer/custodian and SEC
registered investment advisor (“LPL”) and/or Charles Schwab & Co. Inc. (“Schwab”).
The Program’s discretionary and non-discretionary basis allows for allocating to numerous investments,
including but not limited to, individual equities, individual bonds, open-end mutual funds, closed-end mutual
funds, exchange traded funds (ETFs), and exchange traded notes (ETNs). Asset allocation guidelines
within the Program will be pursuant to the client’s investment objective and may entail an allocation to
multiple strategies within an account. Client understands that achievement of the stated investment
objective is a long-term goal.
Additional deposits in the Program will be invested in securities consistent with the current target allocation
for the model portfolio, but such deposits (or a portion thereof) may remain in cash until certain conditions
are met related to trade size and position deviation from the target allocation. CX Institutional may
accommodate requests for all or a portion of the assets in the account(s) to remain unallocated and
allocated to cash for a period of time.
Liquidation requests in connection with withdrawals, and changes to the model portfolios or investment
objective selected may take up to 5 business days to process, and, in certain circumstances, may take
longer.
If client advises CX Institutional that restrictions be placed on certain assets while account(s) are invested
in the Program, CX Institutional will not manage those assets in accordance with the Program’s guidelines.
Those “client restricted” assets will be segregated within an account with other Program assets. However,
CX Institutional will advise and bill an advisory fee on those “client restricted assets” maintained outside of
Program models.
CX Institutional coordinates the trades among the various securities and model portfolio(s) of the
account(s). After the account(s) is opened, and upon deposit of funds or securities by the client, CX
Institutional will invest the assets based on the model portfolio(s) selected. It generally will take up to 5
business days from the date the account(s) is fully funded for all assets to be fully allocated across the
model portfolio(s). In certain cases, it may take longer to allocate assets, for example, depending on the
ability of CX Institutional to liquidate the securities transferred into the account(s).
In the event that the client transfers assets to CX Institutional that are not publicly traded, or when liquidity
is minimal, costs for the liquidation of such assets will be borne by the client and will not be incurred by CX
Institutional. The costs associated with liquidation will be determined by the custodian.
If client transfers into the Program with a previously purchased mutual fund, and there is an applicable
contingent deferred sales charge on the fund, client will pay that charge when the mutual fund is sold. If the
account is invested in a mutual fund that charges a fee for a redemption made within a specific time period
after the investment, client will be charged a redemption fee.
Wrap Fee Program
The services offered and the corresponding terms and conditions pertaining to the Program are discussed
in the ADV Part 2A, Appendix 1, and Wrap Fee Program Brochure, a copy of which is presented to all
prospective Program participants. Under the Program, CX Institutional is able to offer participants
discretionary and non-discretionary asset management services for a single specified annual Program fee,
inclusive of trade execution, custody, reporting, and investment management fees. All prospective Program
participants are encouraged to review and ask any questions about both this Brochure and the Wrap Fee
Program Brochure before choosing to participate in the Program.
Wrap Program-Conflict of Interest: As discussed above, CX Institutional provides services on a wrap fee
basis as a wrap program sponsor. Under CX Institutional’s wrap offerings, the client generally receives
investment advisory services, the execution of securities brokerage transactions, custody and reporting
services for a single specified fee. Participation in a wrap program may cost the client more or less than
purchasing such services separately. The terms and conditions of a wrap program engagement are more
fully discussed in CX Institutional’s Wrap Fee Program Brochure. Conflict of Interest. Because wrap
program transaction fees and/or commissions are being paid by CX Institutional to the account
custodian/broker-dealer, CX Institutional has an economic incentive to maximize its compensation by
seeking to minimize the number of trades in the client's account. See separate Wrap Fee Program
Brochure. CX Institutional’s Chief Compliance Officer, Kyle B. Osting, remains available to address any
questions that a client or prospective client may have regarding the corresponding conflict of interest a wrap
fee arrangement creates.
Client Experience Program
The Client Experience Program makes available multiple offerings for individuals, high net worth individuals,
charitable organizations and business entities on a discretionary and non-discretionary wrap or non-wrap
fee-only basis. Under the Client Experience Program, CX Institutional is able to offer participants specific
discretionary and non-discretionary asset management portfolios that are offered under the CX Multi-
Strategy Platform Program in combination with specific Financial Planning Services. In addition, specific
client service deliverables are paired with each Client Experience offering. These combinations of
investments, financial planning, and services are intended to deliver the appropriate solutions tailored to
the individual needs of clients. The specific level of services you will receive and the fees you will be
charged will be specified in your investment advisory agreement.
Non-Discretionary Investment Management Services
The client can determine to engage CX Institutional to provide non-discretionary investment advisory
services on a wrap and non-wrap fee-only basis. Clients that determine to engage CX Institutional on a
non-discretionary investment advisory basis must be willing to accept that CX Institutional cannot affect any
account transactions without obtaining prior consent to any such transaction(s) from the client. Therefore,
in the event that CX Institutional would like to make a transaction for a client’s account, and client is
unavailable, CX Institutional will be unable to effect the account transaction (as it would for its discretionary
clients) without first obtaining the client’s consent.
Financial Planning and Consulting Services
Financial planning and consulting services help clients to identify long-term financial goals intended to be
achieved through investments, tax planning, asset allocation, risk management, retirement planning, and
other areas. CX Institutional provides financial planning and consulting services, which focus upon a client’s
overall financial situation. Before engaging CX Institutional to provide financial planning or consulting
services, clients may be required to enter into a Financial Planning and Consulting Agreement with CX
Institutional setting forth the terms and conditions of the engagement (including termination), describing the
scope of the services to be provided, and the portion of the fee that is due from the client before CX
Institutional commences services. If requested by the client, CX Institutional may recommend the services
of other professionals for implementation purposes. The client is under no obligation to engage the services
of any such recommended professional.
The client retains absolute discretion over all such implementation decisions and is free to accept or reject
any recommendation from CX Institutional.
If the client engages any such recommended unaffiliated professional, and a dispute arises thereafter
relative to such engagement, the client agrees to seek recourse exclusively from and against the engaged
professional. At all times, the engaged licensed professional[s] (i.e., attorney, accountant, insurance agent,
etc.), and not CX Institutional, shall be responsible for the quality and competency of the services provided.
Each client is advised that it remains the client’s responsibility to promptly notify CX Institutional if there is
ever any change in client’s financial situation or investment objectives for the purpose of reviewing,
evaluating or revising CX Institutional’s previous recommendations and/or services.
CX Institutional offers two basic forms of financial planning and consulting services: “Legacy for Life®” and
“Hourly Consulting Services.”
In certain instances where clients do not meet Client Experience Program advisory fee minimum
requirements, CX Institutional may make its “Legacy for Life®”, Financial Planning Services available
through a separate service agreement. To initiate the engagement, CX Institutional will meet with these
clients to determine the scope of services and financial planning topics to be covered. Once defined and
agreed upon, the client and CX Institutional will enter into a Financial Planning and Consulting Agreement.
Legacy for Life®
CX Institutional provides financial planning and/or estate planning and/or charitable planning services to
individual clients through its Legacy for Life® Program. Depending on the scope of the engagement, areas
covered through Legacy for Life® may include, but are not necessarily limited to: retirement planning, major
purchase planning, education planning, estate planning, small business planning, risk management
planning, asset allocation recommendations, and charitable planning.
In certain instances where clients require advanced estate, business, or charitable planning and do not
meet CX Institutional’s Client Experience Program advisory fee minimum requirements, CX Institutional
may make these services available through a separate Hourly Consulting Agreement.
Hourly Consulting Services
CX Institutional may also provide financial planning and consulting services on a one-time-only basis.
Topics covered as part of these services may include any particular issue of concern to the client as agreed
to between the Client and CX Institutional, which generally include retirement planning, major purchase
planning, education planning, estate planning, small business planning, risk management planning,
charitable planning, corporate services, consulting for non-for-profit organizations and estate settlement.
The relationship shall be evidenced through a separate Hourly Consulting Agreement.
Retirement Plan Consulting
CX Institutional also provides non-discretionary pension consulting services, pursuant to which it assists
sponsors of self-directed retirement plans with the selection or monitoring of investment alternatives
(generally open-end mutual funds) from which plan participants shall choose in self-directing the
investments for their individual plan retirement accounts. In addition, to the extent requested by the plan
sponsor, CX Institutional shall also provide participant education designed to assist participants in
identifying the appropriate investment strategy for their retirement plan accounts. The terms and conditions
of the engagement shall generally be set forth in a Retirement Plan Consulting Agreement between CX
Institutional and the plan sponsor.
Miscellaneous
Limitations of Financial Planning and Non-Investment Consulting/Implementation Services. As indicated
above, to the extent requested by a client, CX Institutional may provide financial planning and related
consulting services regarding non-investment related matters, such as estate planning, tax planning,
insurance, etc. CX Institutional does not serve as an attorney or accountant, and no portion of its services
should be construed as legal or accounting services. Accordingly, CX Institutional does not prepare estate
planning documents or tax returns. To the extent requested by a client, CX Institutional may recommend
the services of other professionals for certain non-investment implementation purpose (i.e., attorneys,
accountants, insurance agents, etc.). The client is under no obligation to engage the services of any such
recommended professional. The client retains absolute discretion over all such implementation decisions
and is free to accept or reject any recommendation from CX Institutional and/or its representatives.
If the client engages any recommended unaffiliated professional, and a dispute arises thereafter relative to
such engagement, the client agrees to seek recourse exclusively from and against the engaged
professional. At all times, the engaged licensed professional[s] (i.e., attorney, accountant, insurance agent,
etc.), and not CX Institutional, shall be responsible for the quality and competency of the services provided.
Retirement Rollovers-Potential for Conflict of Interest. A client or prospective client leaving an employer
typically has four options regarding an existing retirement plan (and may engage in a combination of these
options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll over the assets to the new
employer’s plan, if one is available and rollovers are permitted, (iii) roll over to an Individual Retirement
Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s age, result in
adverse tax consequences). If CX Institutional recommends that a client roll over their retirement plan
assets into an account to be managed by CX Institutional, such a recommendation creates a conflict of
interest if CX Institutional will earn new (or increase its current) compensation as a result of the rollover. If
CX Institutional provides a recommendation as to whether a client should engage in a rollover or not
(whether it is from an employer’s plan or an existing IRA), CX Institutional is acting as a fiduciary within the
meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as
applicable, which are laws governing retirement accounts. No client is under any obligation to roll over
retirement plan assets to an account managed by CX Institutional, whether it is from an employer’s plan or
an existing IRA.
Fee Differentials. As indicated above, CX Institutional shall receive a Program Fee based upon a
percentage (%) of the market value of the assets placed under management (between negotiable and
2.0%) (the “Program Fee” shall consist of an investment advisory fee and strategy fee). However, fees shall
vary
depending upon various objective and subjective factors, including but not limited to: the representative
assigned to the account, the amount of assets to be invested, the complexity of the engagement, the
anticipated number of meetings and servicing needs, related accounts, future earning capacity, anticipated
future additional assets, and negotiations with the client.
Because CX Institutional shall generally price its advisory services based upon various objective and
subjective factors, our clients could pay diverse fees based upon a combination of factors, including but not
limited to the market value of their assets, the complexity of the engagement, the level and scope of the
overall investment advisory services to be rendered, and negotiations. Similarly situated clients could pay
diverse fees, and the services to be provided by CX Institutional to any particular client could be available
from other advisers at lower fees.
Use of Mutual and Exchange Traded Funds. Most mutual funds and exchange traded funds are available
directly to the public. Therefore, a prospective client can obtain many of the funds that may be utilized by
CX Institutional independent of engaging CX Institutional as an Investment Advisor. However, if a
prospective client determines to do so, he/she will not receive the CX Institutional’s initial and ongoing
investment advisory services.
In addition to CX Institutional’s Program Fee described below, and transaction and/or custodial fees
discussed below, clients will also incur, relative to all mutual fund and exchange traded fund purchases,
charges imposed at the fund level (e.g. management fees and other fund expenses).
Unaffiliated Private Investment Funds. CX Institutional may recommend that certain qualified clients
consider an investment in unaffiliated private investment funds. CX Institutional’s role relative to the private
investment funds shall be limited to its initial and ongoing due diligence and investment monitoring services.
CX Institutional’s clients are under absolutely no obligation to consider or make an investment in a private
investment fund(s).
Risk: Private investment funds generally involve various risk factors, including, but not limited to, potential
for complete loss of principal, liquidity constraints and lack of transparency, a complete discussion of which
is set forth in each fund’s offering documents, which will be provided to each client for review and
consideration. Unlike liquid investments that a client may own, private investment funds do not provide daily
liquidity or pricing. Each prospective client investor will be required to complete a Subscription Agreement,
pursuant to which the client shall establish that he/she is qualified for investment in the fund, and
acknowledges and accepts the various risk factors that are associated with such an investment.
Fund Valuation: If CX Institutional bills an investment advisory fee based upon the value of private
investment funds or otherwise references private investment funds owned by the client on any supplemental
account reports prepared by CX Institutional, the value for all private investment funds owned by the client
will reflect the most recent valuation provided by the fund sponsor. The current value of any private
investment fund could be significantly more or less than the original purchase price or the price reflected in
any supplemental account report.
Portfolio Activity. CX Institutional has a fiduciary duty to provide services consistent with the client’s best
interest. As part of its investment advisory services, CX Institutional will review client portfolios on an
ongoing basis to determine if any changes are necessary based upon various factors, including, but not
limited to, investment performance, fund manager tenure, style drift, account additions/withdrawals, and/or
a change in the client’s investment objective. Based upon these factors, there may be extended periods of
time when CX Institutional determines that changes to a client’s portfolio are neither necessary nor prudent.
Of course, as indicated below, there can be no assurance that investment decisions made by CX
Institutional will be profitable or equal any specific performance level(s).
Structured Notes. CX Institutional may purchase Structured Notes for client accounts. A Structured Note
is a financial instrument that combines two elements, a debt security and exposure to an underlying asset
or assets. It is essentially a note, carrying counter party risk of the issuer. However, the return on the note
is linked to the return of an underlying asset or assets (such as the S&P 500 Index or commodities). It is
this latter feature that makes structured products unique, as the payout can be used to provide some degree
of principal protection, leveraged returns (but usually with some cap on the maximum return), and be
tailored to a specific market or economic view. Structured Notes will generally be subject to liquidity
constraints, such that the sale thereof before maturity will be limited and any sale before the maturity date
could result in a substantial loss. There can be no assurance that the Structured Notes investment will be
profitable, equal any historical performance level(s), or prove successful.
If the issuer of the Structured Note defaults, the entire value of the investment could be lost.
eMoney Advisor Platform. CX Institutional may provide its clients with access to an online platform hosted
by “eMoney Advisor” (“eMoney”). The eMoney platform allows a client to view their complete asset
allocation, including those assets that CX Institutional does not manage (the “Excluded Assets”). CX
Institutional does not provide investment management, monitoring, or implementation services for the
Excluded Assets. Therefore, CX Institutional shall not be responsible for the investment performance of the
Excluded Assets. Rather, the client and/or their advisor(s) that maintain management authority for the
Excluded Assets, and not CX Institutional, shall be exclusively responsible for such investment
performance. The client may choose to engage CX Institutional to manage some or all of the Excluded
Assets pursuant to the terms and conditions of an Investment Advisory Agreement between CX Institutional
and the client.
The eMoney platform also provides access to other types of information, including financial planning
concepts, which should not, in any manner whatsoever, be construed as services, advice, or
recommendations provided by CX Institutional. Finally, CX Institutional shall not be held responsible for any
adverse results a client may experience if the client engages in financial planning or other functions
available on the eMoney platform without CX Institutional’s assistance or oversight.
Pontera Platform: CX Institutional uses an investment platform made available by Pontera Solutions, Inc.
(“Pontera”), a third-party online platform, to assist with management of clients’ “held-away” accounts,
including 401(k)s, 403(b)s, annuities, and 529 education savings plans. The Pontera platform permits
advisers to manage held-away assets without having to reflect that it has custody of such assets on Part 1
of Form ADV. The advisory fee charged by CX Institutional for the management of held-away assets is
established in the client’s Investment Advisory Agreement. Pontera charges CX Institutional an annual fee
based upon the percentage of assets managed in the held- away accounts. Other than CX Institutional’s
advisory fee, clients do not pay any additional fee to Pontera or to CX Institutional in connection with the
use of the Pontera platform.
Socially Responsible (ESG) Investing Limitations. Socially Responsible Investing involves the incorporation
of Environmental, Social and Governance (“ESG”) considerations into the investment due diligence
process. ESG investing incorporates a set of criteria/factors used in evaluating potential investments:
Environmental (i.e., considers how a company safeguards the environment); Social (i.e., the manner in
which a company manages relationships with its employees, customers, and the communities in which it
operates); and Governance (i.e., company management considerations). The number of companies that
meet an acceptable ESG mandate can be limited when compared to those that do not and could
underperform broad market indices. Investors must accept these limitations, including potential for
underperformance. Correspondingly, the number of ESG mutual funds and exchange-traded funds are
limited when compared to those that do not maintain such a mandate. As with any type of investment
(including any investment and/or investment strategies recommended and/or undertaken by CX
Institutional), there can be no assurance that investment in ESG securities or funds will be profitable or
prove successful. CX Institutional does not advocate an ESG investment strategy but will seek to employ
ESG if directed by a client to do so. If implemented, CX Institutional shall rely upon the assessments
undertaken by the unaffiliated mutual fund, exchange traded fund or separate account portfolio manager to
determine that the fund’s or portfolio’s underlying company securities meet a socially responsible mandate.
Cryptocurrency. For clients who want exposure to cryptocurrencies, including Bitcoin, CX Institutional, will
advise the client to consider a potential investment in corresponding exchange traded securities, or an
allocation to separate account managers and/or private funds that provide cryptocurrency exposure. Crypto
is a digital currency that can be used to buy goods and services but uses an online ledger with strong
cryptography (i.e., a method of protecting information and communications through the use of codes) to
secure online transactions. Unlike conventional currencies issued by a monetary authority, cryptocurrencies
are generally not controlled or regulated and their price is determined by the supply and demand of their
market. Because cryptocurrency is currently considered to be a speculative investment, CX Institutional
will not exercise discretionary authority to purchase a cryptocurrency investment for client accounts. Rather,
a client must expressly authorize the purchase of the cryptocurrency investment.
CX Institutional does not recommend or advocate the purchase of, or investment in, cryptocurrencies. CX
Institutional considers such an investment to be speculative.
Clients who authorize the purchase of a cryptocurrency investment must be prepared for the potential for
liquidity constraints, extreme price volatility and complete loss of principal.
Cash Positions. CX Institutional continues to treat cash as an asset class. As such, unless determined to
the contrary by CX Institutional, all cash positions (money markets, etc.) shall continue to be included as
part of assets under management for purposes of calculating CX Institutional’s advisory fee. At any specific
point in time, depending upon perceived or anticipated market conditions/events (there being no guarantee
that such anticipated market conditions/events will occur), CX Institutional may maintain cash positions for
defensive purposes. In addition, while assets are maintained in cash, such amounts could miss market
advances. Depending upon current yields, at any point in time, CX Institutional’s advisory fee could exceed
the interest paid by the client’s money market fund.
Cash Sweep Accounts. Certain account custodians can require that cash proceeds from account
transactions or new deposits, be swept to and/or initially maintained in a specific custodian designated
sweep account. The yield on the sweep account will generally be lower than those available for other money
market accounts. When this occurs, to help mitigate the corresponding yield dispersion CX Institutional
shall (usually within 30 days thereafter) generally (with exceptions) purchase a higher yielding money
market fund (or other type security) available on the custodian’s platform, unless CX Institutional reasonably
anticipates that it will utilize the cash proceeds during the subsequent 30-day period to purchase
additional investments for the client’s account. Exceptions and/or modifications can and will occur with
respect to all or a portion of the cash balances for various reasons, including, but not limited to the amount
of dispersion between the sweep account and a money market fund, the size of the cash balance, an
indication from the client of an imminent need for such cash, or the client has a demonstrated history of
writing checks from the account.
The above does not apply to the cash component maintained within a CX Institutional actively managed
investment strategy (the cash balances for which shall generally remain in the custodian designated cash
sweep account), an indication from the client of a need for access to such cash, assets allocated to an
unaffiliated investment manager and cash balances maintained for fee billing purposes.
The client shall remain exclusively responsible for yield dispersion/cash balance decisions and
corresponding transactions for cash balances maintained in any CX Institutional unmanaged accounts.
Sub-Advisor Arrangement. CX Institutional is affiliated with CXI Advisors, a Registered Investment Adviser.
CXI Advisors has engaged CX Institutional to provide investment management services on a sub-advisory
basis according to the terms and conditions of a written Sub-Advisory Agreement. With respect to its sub-
advisory services, CXI Advisors will maintain both the initial and ongoing day-to-day relationship with the
client, including initial and ongoing determination of client suitability for the client’s designated investment
strategies and/or programs.
Client Obligations. In performing its services, CX Institutional shall not be required to verify any information
received from the client or from the client’s other professionals, and is expressly authorized to rely thereon.
Moreover, each client is advised that it remains their responsibility to promptly notify CX Institutional if there
is ever any change in their financial situation or investment objectives for the purpose of reviewing,
evaluating or revising CX Institutional’s previous recommendations and/or services.
Cybersecurity Risk. The information technology systems and networks that CX Institutional and its third-
party service providers use to provide services to CX Institutional ’s clients employ various controls, which
are designed to prevent cybersecurity incidents stemming from intentional or unintentional actions that
could cause significant interruptions in CX Institutional ’s operations and result in the unauthorized
acquisition or use of clients’ confidential or non-public personal information. Clients and CX Institutional are
nonetheless subject to the risk of cybersecurity incidents that could ultimately cause them to incur losses,
including for example: financial losses, cost and reputational damage to respond to regulatory obligations,
other costs associated with corrective measures, and loss from damage or interruption to systems. Although
CX Institutional has established procedures to reduce the risk of cybersecurity, there is no guarantee that
these efforts will always be successful, especially considering that CX Institutional does not directly control
the cybersecurity measures and policies employed by third-party service providers. Clients could incur
similar adverse consequences resulting from cybersecurity incidents that more directly affect issuers of
securities in which those clients invest, broker-dealers, qualified custodians, governmental and other
regulatory authorities, exchange and other financial market operators, or other financial institutions.
Consultant to Third-Party. CX Institutional serves as a consultant with respect to certain retail clients of an
unaffiliated broker-dealer. With respect to this engagement, the unaffiliated broker-dealer maintains both
the initial and ongoing day-to-day relationship with the underlying client, including initial and ongoing
determination of client suitability. Although CX Institutional shall provide information to underlying client, CX
Institutional is not responsible for custodial selection and cannot negotiate commissions and/or transaction
costs, and/or seek better execution on behalf of the underlying clients. The underlying clients with whom
CX Institutional interacts are advised as to the limitations of CX Institutional’s duties.
Disclosure Statement. A copy of CX Institutional’s written Brochure as set forth on ADV Part 2A, Wrap Fee
Program Brochure as set forth on ADV Part 2A Appendix 1 (as applicable), ADV Part 2B Brochure
Supplement and, Form CRS shall be provided to each client prior to, or contemporaneously with, the
execution of the applicable form of client agreement.
Client Assets Managed by CX Institutional
As of December 31, 2023, CX Institutional maintained $2,386,979,619 in client assets under
management on a discretionary basis and $0 on a non-discretionary basis.