Overview
We offer our services to individuals, families, pension and profit-sharing plans, trusts, estates,
charitable organizations and corporations or other business. We may require a minimum account
balance. Third-Party Advisers may have a minimum account size. Please refer to the Third-Party’s
Form ADV Part 2A for details.
Wrap Fee Program Disclosures
• The benefits under a wrap fee program depend, in part, upon the size of the account, the
costs associated with managing the account, and the frequency or type of securities
transactions executed in the account.
• For example, a wrap fee program may not be suitable for all accounts, including but not
limited to accounts holding primarily, and for any substantial period of time, cash or cash
equivalent investments, fixed income securities or no-transaction-fee mutual funds, or any
other type of security that can be traded without commissions or other transaction fees.
• In order to evaluate whether a wrap fee arrangement is appropriate for you, you should
compare the agreed-upon Wrap Program Fee and any other costs associated with participating
in our Wrap Fee Program with the amounts that would be charged by other advisers, broker-
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dealers, and custodians, for advisory fees, brokerage and execution costs, and custodial
services comparable to those provided under the Wrap Fee Program.
Conflict of Interest. When managing a client's account on a wrap fee basis, we receive as
compensation for our investment advisory services, the balance of the total wrap fee you pay
after custodial, trading and other management costs (including execution and transaction fees)
have been deducted. Accordingly, we have a conflict of interest because we have a financial
incentive to maximize our compensation by seeking to reduce or minimize the total costs
incurred in your account(s) subject to a wrap fee.
• For example, our wrap fee arrangement creates incentives for our advisers to trade less
frequently or select investments that that reduce our costs, and in some cases increase
expenses that are borne by the client.
Additionally, Schwab generally does not charge commissions [or transaction fees] for online
trades of U.S. exchange-listed equities, U.S. exchange-listed ETFs, and no-transaction-fee (“NTF”)
mutual funds. This means that, in most cases, when we buy these types of securities, we can do
so without paying commissions to Schwab.