This Disclosure document is being offered to you by Consilium, LLC (“Consilium”) in connection
with the investment advisory services we provide. It discloses information about the services that
we provide and the manner in which those services are made available to you, the client.
Consilium was established and became a Registered Investment Adviser by David Halseth in 2019.
David Halseth is the owner of the firm. Consilium’s lines of business are asset management,
retirement plan consulting and financial concierge for individual and institutional accounts. Our
clients receive advice specific to their guidelines and objectives.
Investment Management and Supervision Services
We offer discretionary investment management and investment supervisory services for a fee,
typically based on a percentage of assets under management or flat fee.
We determine a client’s portfolio composition primarily based on its needs, tolerance for risk, any
applicable restrictions and its time horizon. Such information enables us to determine the
portfolio best suited for its investment objective and needs.
In performing our services, we shall not be required to verify any information received from you
or from other professionals. If you request, we may recommend and/or engage the services of
other professionals for implementation purposes. You are under no obligation to engage the
services of any such recommended professional.
Once we have determined the types of investments to be included in your portfolio and allocated
them, we will provide ongoing portfolio due diligence and management services. This approach
requires us to review your portfolio on a continuing basis.
We will rebalance the portfolio, as we deem appropriate, to meet its financial objectives. For
discretionary accounts, we will trade portfolios and rebalance them on a discretionary basis based
on your investment policy, our market views and its objectives.
In all cases, clientele has a direct and beneficial interest in the securities under management,
rather than an undivided interest in a pool of securities. We do have limited authority to direct the
Custodian to deduct our investment advisory fees from your accounts, but only with the
appropriate authorization.
Clients are advised and are expected to understand that our past performance is not a guarantee
of future results. Certain market, economic and other risks exist that may adversely affect an
account’s performance. This could result in capital losses.
Retirement Plan Consulting Services
The Retirement Plan services include some or all the following, depending upon the needs of the
client and the elections made by the client when executing an Investment Advisory Agreement:
1. Review or Development of an Investment Policy Statement
2. Perform Due Diligence on Money Managers
3. Provide Initial Investment and Management Selection - Consilium typically uses mutual
funds/managed accounts/collective trusts/cash equivalents to structure portfolios
designed to meet client objectives and risk profiles.
4. Provide ongoing Performance Evaluation and Due Diligence of Money Mangers
5. Make Investment Recommendations
6. Retirement Plan Services - Consilium will provide services that may include such items as
a cost analysis, benchmarking, vendor RFI/RFP, fee negotiations, participant education
and advice, etc.
Sub-Advisory Services to Collective Trust Funds and Unitized Managed Accounts
In addition to the services described above, we may offer sub-advisory services to certain
collective trust funds and unitized managed accounts. Information concerning these funds and
investments, including a description of the services to be provided and advisory fees payable to
us would be contained in each fund's prospectus or investment’s offering documents.
Wealth and Financial Concierge Services
These services provided by Consilium includes the analysis of a client’s situation and assistance
in identifying and implementing appropriate financial planning and other services to help them
meet their specific financial objectives. Such services include financial
analysis and planning
recommendations. We also work with a limited number of professional to assist with such items
as estate and tax planning, gifting and other family office services.
Institutional Intelligent Portfolios® Platform (“IIPP”)
We offer an automated investment program, otherwise known as a robo-advisor, through which
clients are invested in a range of investment strategies we have constructed and manage, each
consisting of a portfolio of exchange-traded funds (“ETFs”) and a cash allocation. The client’s
portfolio is held in a brokerage account opened by the client at Charles Schwab & Co., Inc.
(“CS&Co”). We use the Institutional Intelligent Portfolios® platform (“IIPP”), offered by Schwab
Performance Technologies (“SPT”), a software provider to independent investment advisors and
an affiliate of CS&Co., to operate the automated investment program. We are independent of
and not owned by, affiliated with, or sponsored or supervised by SPT, CS&Co., or their affiliates
(together, “Schwab”). We, and not Schwab, are the client’s investment advisor and primary point
of contact with respect to the automated investment program. We are solely responsible, and
Schwab is not responsible, for determining the appropriateness of the automated investment
program for the client, choosing a suitable investment strategy and portfolio for the client’s
investment needs and goals, and managing that portfolio on an ongoing basis. We have contracted
with SPT to provide us with the IIPP, which consists of technology and related trading and account
management services for the automated investment program. The IIPP enables us to make the
automated investment program available to clients online and includes a system that automates
certain key parts of our investment process (the “System”). The System includes an online
questionnaire that helps us determine the client’s investment objectives and risk tolerance and
select an appropriate investment strategy and portfolio. Clients should note that we will
recommend a portfolio via the System in response to the client’s answers to the online
questionnaire. The client may then indicate an interest in a portfolio that is one level less or more
conservative or aggressive than the recommended portfolio. As the listed Adviser on the account,
our Firm has the ability to select a portfolio that may be more suited to the Client’s objective based
on the research and information regarding the Client’s financial condition, investment objectives,
liquidity requirements, risk tolerance, time horizons, and any restrictions on investing. The System
also includes an automated investment engine through which we manage the client’s portfolio on
an ongoing basis through automatic rebalancing and tax-loss harvesting (if the client is eligible and
elects).
Consulting Services
We also provide clients investment advice on a more-limited basis on one-or-more isolated areas
such as private market investment, real estate, and other topics. Additionally, we provide advice
on non-securities matters about the rendering of estate planning, insurance, real estate, and/or
annuity advice. In these cases, you will be required to select your own investment managers,
custodian and/or insurance companies for the implementation of consulting recommendations.
If your needs include brokerage and/or other financial services, we will recommend the use of
one of several brokers, banks, custodians, insurance companies or other financial professionals.
Custodial Services and Accounts
If your needs include brokerage and/or other financial services, we may recommend the use of
one of several brokers, banks, custodians, insurance companies or other financial professionals
("Firms"). You must independently evaluate these Firms before opening an account or transacting
business, and have the right to effect business through any firm you choose. You are under no
obligation to follow the consulting advice that we provide.
Wrap Fee Programs
We do not place any client assets into a wrap fee program.
Assets
As of December 31, 2023, Consilium had the following client assets under management:
Discretionary $33,090,000
Non-discretionary 138,717,000
Total $171,807,000
