Description of Firm
Barnes Wealth Management Group (“BWMG” or the “Firm”) is a Bakersfield, California based
investment advisory firm, founded in 1986. BWMG was previously registered under the name
Barnes & Associates Financial Planning, Inc. dba Barnes & Associates as a financial planning
firm only, in 2004. BWMG is registered with the Securities and Exchange Commission (“SEC”)
as an investment adviser and is organized under the laws of the State of California as a
corporation under the legal name Barnes Wealth Management Group, Inc., and doing business
under the names Barnes Wealth Management Group and Ironwood Retirement Plan Consultants.
BWMG offers customized investment management, financial planning and pension consulting
services to individuals, trusts, estates, 401(k) plans, and high net worth individuals. Some of the
investment instruments BWMG advises its clientele on include, among other things, mutual
funds, exchange traded funds (“ETFs”), stocks, bonds, treasuries, REITS (real estate investment
trusts), DSTs (Delaware Statutory Trust), and when appropriate, private funds. BWMG can
occasionally hold complimentary informational seminars, for its clients and prospective clients,
geared towards retirement and investment needs.
Principal Owners
BWMG is 100% owned by the Barnes Living Trust. Steven A. Barnes serves as the Firm’s
President.
Types of Advisory Services Offered
BWMG offers clients investment management services, financial planning and pension
consulting services which are fully described below. A client can engage BWMG for financial
consulting services, pension consulting and/or investment advisory services.
1. Investment Advisory Services
BWMG provides discretionary and non-discretionary portfolio management on a continuous
basis. The investment advice provided is variable depending upon the desires, investment
objectives, and other preferences of the client and in accordance with a written Investment
Advisory Agreement entered into between BWMG and the client. BWMG offers comprehensive
investment advisory services, which encompasses portfolio management as well as providing
financial consulting/financial planning to clients and is designed to assist clients in meeting their
financial goals through the use of financial investments. BWMG will conduct one or more
meetings (in person, if possible, otherwise via telephone conference) with the client in order to
understand the client’s current financial situation, existing resources, financial goals, and
tolerance for risk. Based on this information BWMG will recommend an investment approach to
the client. Upon written execution of the Investment Advisory Agreement, BWMG will work
with the client to establish or transfer investment accounts so that the Firm is able to manage the
client’s portfolio. BWMG can periodically rebalance or adjust client accounts under its
management.
Investment advisory recommendations are based on the client’s financial situation at the time the
services are provided and are based on financial information disclosed by the client. If the client
experiences any significant changes to their financial or personal circumstances, it is the client’s
responsibility to timely notify the Firm so that
such information can be used in managing the
client’s portfolio. In addition, BWMG does not assume any responsibility for the accuracy of the
information provided by clients. Clients are advised that certain assumptions can be made with
respect to interest and inflation rates and past trends and performance of the market and
economy. Past performance is in no way an indication of future performance.
2. Financial Planning and Pension Consulting Services
BWMG provides personal financial plans consistent with a client’s financial status investment
objectives, risk tolerance and tax status. The financial plan can include information regarding
retirement planning, education planning, planning for major purchases, estate planning issues
and life, long-term care and disability insurance needs.
There is a potential conflict of interest because there is an incentive for the BWMG adviser
offering the financial planning services to recommend products or services for which BWMG or
the associated person receive compensation. However, financial planning clients are under no
obligation to act upon any recommendations of BWMG or to execute any transactions through
BWMG or an associated person if they decide to follow the recommendations.
Third-Party Asset Manager Arrangement
BWMG has an arrangement with an unaffiliated third-party asset manager (“TPAM”), whereby
clients enter into a dual contract with BWMG and the TPAM to provide investment advisory
services. Under the arrangement, the TPAM is granted discretion to invest client managed assets
in line with each client’s stated investment objectives and selected investment strategy. While
the TPAM will have discretionary authority with respect to the client’s account and have day-to-
day responsibility for the active management of the client’s allocated assets, BWMG will
continue to provide investment advisory services to the client relative to ongoing monitoring and
review of account performance, overall portfolio investments, and client investment objectives.
For this arrangement, clients will pay an advisory fee to the TPAM, which is outlined in the dual
contract, and is in addition to the advisory fee charged by BWMG. The TPAM services and fees,
along with other important information are outlined in their Form ADV Part 2A and Form CRS,
which are provided to each client prior to, or at the time of engagement.
Investment Advisory Agreements
Prior to engaging BWMG to provide investment advisory services, each client is required to
enter into a written Investment Advisory Agreement with the Firm or a dual contract with
BWMG and the TPAM, which will describe the management fees to be charged and the terms
and conditions under which BWMG, and TPAM when applicable, will render services. BWMG
will provide a BWMG Form ADV Part 2A, Part 2Bs and Form CRS to each client or prospective
client prior to or at the same time a client executes BWMG’s Investment Advisory Agreement.
Amount of Client Assets Managed
As of December 31, 2022, the following represents the amount of client assets under
management by BWMG:
Type of Account Assets Under Management ("AUM")
Discretionary $175,416,688.00
Non-Discretionary $106,734,510.00
Total: $282,151,198.00