Description of Firm and Principal Owners
LifePro Asset Management, LLC (hereinafter “LPAM” or the “Firm”) is a Limited Liability Company
organized in the state of California. The firm was formed in 2016. The principal owner is LifePro
Financial Services, Inc. (“LifePro Financial”). On September 1, 2022, a controlling block of LifePro
Financial’s interests were acquired by Simplicity Financial Marketing Holdings, Inc. (“Simplicity
FMH”). Please see our Form ADV Part 1A for additional information concerning the firm’s ownership.
Types of Advisory Services Offered
LPAM conducts its investment advisory business through a network of independent Investment
Adviser Representatives (“IARs”) who operate offices located throughout the United States. While we
oversee your advice and asset management, we do not dictate the products, platforms, or services
your IAR recommends to you within the scope of available options LPAM makes available to your
IAR. Most IARs will operate under their own business name(s) or Doing Business As (DBA) name(s).
The purpose of using a name other than LPAM is for your IAR to create a brand that is specific to the
IAR and/or branch but separate from LPAM. IARs also offer and provide other services through their
business name(s) or DBA name(s), however all investment advisory services conducted by IARs must
be through LPAM.
As a fiduciary, we shall exercise our best efforts to act in good faith and in the best interests of the
client. Additionally, we provide written disclosure herein disclosing conflicts of interest, which will
or reasonably may compromise our impartiality or independence.
LPAM has four service lines for investment advisory services: our Portfolio Management Services,
LPAM Tactical Strategies, LPAM Risk Based Models and Financial Planning Services.
Portfolio Management Services
LPAM offers ongoing Portfolio Management Services on a discretionary basis in accordance with the
individual goals, objectives, time horizon, and risk tolerance of the client. Typically, LPAM creates
investment guidelines for the client, which outlines the client’s current situation (income, tax levels,
and risk tolerance levels) and then constructs a plan to aid in the selection of a portfolio that matches
each client's specific situation. However, certain IARs – especially those working with Legacy Clients
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(as defined below), will follow procedures for onboarding clients that differ from those stated above.
Portfolio management services generally include, but are not limited to, the following:
• Investment strategy • Personal investment policy • Risk tolerance
• Asset allocation • Regular portfolio monitoring • Asset selection
LPAM’s Portfolio Management Services are tailored to the specific needs of each client. These services
are provided to the client by a dedicated LPAM IAR who ascertains, in consultation with the client,
the client’s financial situation, risk tolerance, and investment objectives as well as other pertinent
information. Typically, LPAM will incorporate a client’s total financial experience, from earned
income, investments, health care and other liabilities to social security, qualified plans, life insurance
and fixed annuities. These services will allow advisors to gain a holistic understanding of their
client’s: 1) Financial needs, 2) Current and projected health care costs, 3) Social Security benefits, 4)
Risk tolerance profile of the client, 5) Client’s financial fears or concerns, and 6) Scenario analysis
and planning portal. LPAM’s IARs will at times recommend Independent Managers where
appropriate and as described below. Clients may impose restrictions in investing in certain
securities or types of securities in accordance with their values or beliefs. However, if the restrictions
prevent LPAM from properly servicing the client account, or if the restrictions would require LPAM
to deviate from its standard suite of services, LPAM reserves the right to end the relationship.
LPAM seeks to provide that investment decisions are made in accordance with the fiduciary duties
owed to its accounts and without consideration of LPAM’s economic, investment or other financial
interests. To meet its fiduciary obligations, LPAM attempts to avoid, among other things, investment
or trading practices that systematically advantage or disadvantage certain client portfolios, and
accordingly, LPAM’s policy is to seek fair and equitable allocation of investment
opportunities/transactions among its clients to avoid favoring one client over another over time. It
is LPAM’s policy to allocate investment opportunities and transactions it identifies as being
appropriate and prudent, including initial public offerings ("IPOs") and other investment
opportunities that might have a limited supply, among its clients on a fair and equitable basis over
time.
Independent Managers
To address a client’s designated investment objectives, IARs of LPAM will at times recommend that
the client allocate a portion or all of his or her investment assets to one or more unaffiliated
independent registered investment advisers (“Independent Manager(s)”). Factors that are
considered before recommending an Independent Manager include but are not limited to: the client’s
investment objectives, the Independent Manager’s management style, investment team, performance
history, reputation, financial strength, pricing, and investment process. LPAM has discretion to
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choose Independent Managers to manage all or a portion of the client's assets. The Independent
Manager shall have day-to-day responsibility for the discretionary management of the allocated
assets, and LPAM will continue to render investment advisory services regarding the assets placed
with the Independent Manager, including the ongoing monitoring and review of account
performance and compliance with the client’s investment objectives. Clients typically will incur a
separate fee from the Independent Manager for those services in addition to the fees assessed by
LPAM.
LPAM Tactical Strategies
LPAM currently offers model portfolio strategies that are collectively referred to herein at times as
the “LPAM Tactical Strategies”. LPAM strives to offer an assortment of model portfolios capable of
meeting various risk tolerances and investment objectives, and LPAM retains complete discretion
over which model portfolios are available at any given time. LPAM makes the LPAM Tactical
Strategies available to clients, as well as independent advisory firms, on a discretionary basis. LPAM’s
Tactical Strategy accounts are implemented via the custody platform at Charles Schwab & Co., Inc.
("Schwab"), federally registered with the Securities Exchange Commission and FINRA-registered
broker-dealer and members of SIPC.
Typically, LPAM’s Tactical Strategies are not tailored to the individual needs of clients, and as such,
several clients will be invested in the same or similar model portfolios at any given time. Typically,
client managed account assets are invested and managed in one or more LPAM Tactical Strategies
that appear to be most suitable to the client based on the client’s needs and objectives, investment
time horizon, risk tolerance and any other pertinent factors. However, LPAM may, at times, and in its
sole discretion, customize the LPAM Tactical Strategies, for example to help ensure suitability and/or
to incorporate client restrictions.
LPAM
uses proprietary analytical tools and commercially available optimization software
applications in developing the LPAM Tactical Strategies.
LPAM Risk Based Models
LPAM currently offers a series of risk and time-based investment models that are designed to adjust
exposure to stocks and bonds based on a clients desired risk level, return objective and time
horizons. The underlying investments include low-cost ETF products. These model portfolio
strategies are collectively referred to herein at times as the “LPAM Risk Based Models”. LPAM
offers investment models that range from aggressive to very conservative and are diversified across
a series of low-cost equity, commodity, real estate, and fixed income ETFs. Risk Based Models are
implemented via the custody platform at Charles Schwab & Co., Inc. ("Schwab"), federally
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registered with the Securities Exchange Commission and FINRA-registered broker-dealer and
members of SIPC.
Typically, LPAM’s Risk Based Models are not tailored to the individual needs of clients, and as such,
several clients will be invested in the same or similar model portfolios at any given time. Typically,
client managed account assets are invested and managed in one or more LPAM Risk Based Models
that appear to be most suitable to the client based on the client’s needs and objectives, investment
time horizon, risk tolerance and any other pertinent factors. However, LPAM may, at times, and in its
sole discretion, customize the LPAM Risk Based Models, for example to help ensure suitability and/or
to incorporate client restrictions.
LPAM uses proprietary analytical tools and commercially available optimization software
applications in developing the LPAM Risk Based Models.
Financial Planning
LPAM’s Financial Planning Services are provided to clients regarding the management of their
financial resources and are based upon an analysis of individual client needs. The services range
from comprehensive financial planning to more focused consultations, depending on the needs of
each client. LPAM first collects pertinent information about the client’s financial circumstances and
objectives. LPAM then reviews and analyzes the information provided and generates a financial plan
containing recommendations designed with time horizon focused asset allocation with the intention
of achieving the clients’ stated financial goals and objectives. Financial plans and financial planning
may include but are not limited to investment planning; life insurance; tax concerns; retirement
planning; college planning; and debt/credit planning.
Financial plans are based on the client’s financial situation at the time the plan is presented and are
based on the information disclosed by the client to LPAM. Clients are advised that certain
assumptions are made with respect to interest and inflation rates, use of past trends and performance
of the market and economy. Past performance is in no way an indication of future performance.
LPAM cannot offer any guarantees or promises that the client’s financial goals and objectives will be
met.
In offering financial planning, a conflict exists between the interests of the investment adviser and
the interests of the client. The client is under no obligation to act upon the investment adviser's
recommendation, and, if the client elects to act on any of the recommendations, the client is under no
obligation to effect the transaction through LPAM or any of its investment adviser representatives.
Additionally, as part of the firm’s Financial Planning Services, if deemed to be in the best interest of
the client, LPAM or our representatives, will from time-to-time recommend clients invest in certain
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insurance products such as fixed annuities. Such products are managed by independent managers
for which LPAM has no control over the selected manager. LPAM recommends clients review any
financial product prior to purchase. Clients should be aware that these services pay a commission or
other compensation to such representatives and creates a conflict of interest because such
representatives have an incentive to make recommendations based on the compensation received
rather than on a client’s needs. Please note that clients are not obligated to implement any
recommendation made by LPAM as part of its Financial Planning Services, and should clients choose
to implement such recommendations, any subsequent transaction may be placed at any broker-
dealer or insurance agency of client’s choosing. Please see additional disclosures related to insurance
activity under Item 10: Other Financial Industry Activities and Affiliations.
Services Limited to Specific Types of Investments
LPAM generally limits its investment advice to mutual funds, fixed income securities, real estate
funds (including REITs), equities, ETFs, bonds, non-U.S. securities, and options. LPAM may use other
securities as well to help diversify a portfolio when applicable. Additionally, LPAM will recommend
as part of its Financial Planning Services additional products such as fixed annuities if such products
are deemed to be in the best interest of the client. Fixed business is not included in the asset
management fee calculation.
Wrap Fee Programs
A wrap fee program is an investment program where the investor pays one stated fee that includes
management fees, transaction costs, fund expenses, and other administrative fees. LPAM does not
offer any wrap fee programs at this time.
Advisory Agreements
Information Received by Individual Clients
At the onset of the client relationship, LPAM gathers information on each client’s investment
objectives, risk tolerance, time horizons and financial goals. LPAM does not assume responsibility
for the accuracy of the information provided by the client and is not obligated to verify any
information received from the client or from any of the client’s other professionals (e.g., attorney,
accountant, etc.). Under all circumstances, clients are responsible for promptly notifying LPAM in
writing of any material changes to the client’s objectives, risk tolerance, time horizon, and financial
goals. In the event that a client notifies LPAM of any changes, LPAM will review such changes and
implement any necessary revisions to the client’s portfolio.
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Client Agreements and Disclosures
Each client is required to enter into a written agreement with LPAM setting forth the terms and
conditions under which the Firm shall render its services (the “Agreement”). In accordance with
applicable laws and regulations, LPAM will provide its Form CRS, disclosure brochure (ADV Part 2A),
brochure supplement (ADV Part 2B) and most recent Privacy Notice to each Client prior to or
contemporaneously with the execution of the Agreement. The Agreement between LPAM and the
client will continue in effect until terminated by either party pursuant to the terms of the Agreement.
Neither LPAM nor the Client may assign the Agreement without the prior consent of the other party.
Transactions that do not result in a change of actual control or management of LPAM shall not be
considered an assignment.
Assets Under Management
As of December 31, 2023, LPAM actively manages $311,330,551 of clients' assets, all on a
discretionary basis. Additionally, LPAM advises on $13,448,128 of assets managed by third parties.