Milestone Asset Management, LLC (‘Milestone’) doing business as Legacy Capital Planners, West Advisory
Group, and Hayes Advisory Group (hereinafter “LCP/WAG/HAG”) is an investment adviser with its principal
place of business in Pittsburgh Pennsylvania. Milestone commenced operations as an investment adviser
in February 2021 and has been registered with the SEC since 2021. Richard Todd Baker, Michael D.
Ausherman, Jr., Walter West and Thomas Brian Hayes the principal owners of Milestone.
Milestone provides the following advisory services on a discretionary basis to its clients, which include
individuals and institutions with separately managed accounts.
ASSET MANAGEMENT SERVICES
Milestone’s principal service is providing fee-based investment advisory services. Milestone manages
investment portfolios, according to the client’s objectives. Milestone obtains data from potential clients
addressing financial objectives, needs, risk tolerance, investment horizon and other pertinent information.
This information is gathered and analyzed by Milestone’s IARs and a Risk Profile is created. Once the
analysis is completed, the IAR develops an investment strategy with the potential client that addresses
specific investment styles and allocation of the client’s assets. Milestone may use a combination of equities,
mutual funds, exchange traded funds, structured notes and options to accomplish these objectives.
Milestone may partner with Sub-Advisory firms to create and manage portfolio strategies. A client’s portfolio
is allocated according to the client’s risk profile and documented on the IPS.
In addition, Milestone offers asset management services to clients through customized individual
investment accounts. In such accounts, clients may authorize Milestone to purchase and sell mutual funds,
exchange traded funds, equities, fixed income securities and other securities or sub-advisers authorized by
Milestone on a discretionary basis pursuant to investment objectives and strategies chosen by the client.
Clients should refer to the individual mutual fund or ETF prospectus for the risks associated with each
specific fund.
Recommendation of Sub Advisers
As part of our overall investment management strategy, we manage money internally for each client, but
we may recommend sub advisers to manage all or a portion of your account. All sub advisers
recommended by our firm must either be registered as investment advisers or exempt from registration
requirements. Factors that we take into consideration when making our recommendations include, but are
not limited to, the following: the sub adviser’s performance, methods of analysis, fees, your financial needs,
investment goals, risk tolerance, and investment objectives. The sub adviser(s) will actively manage your
portfolio and will assume discretionary investment authority over your account(s). We will periodically
monitor the sub adviser’s performance to ensure its management and investment style remains aligned
with your investment goals and objectives.
You may be required to sign an agreement directly with the sub adviser(s). You may terminate your advisory
relationship with the sub adviser(s) according to the terms of your agreement with the sub adviser(s). You
should review each sub adviser’s Form ADV Brochure for specific information on how you may terminate
your advisory relationship with the sub adviser and how you may receive a refund, if applicable. You should
contact the sub adviser directly for questions regarding your advisory agreement with the sub adviser.
TECHNOLOGY SERVICES
In providing advisory services to its clients, Milestone utilizes software which allows the firm and its IARs to
consolidate client accounts through a portfolio accounting
system and create consolidated, on-demand
performance reports. As part of the advisory services offered, clients will have the capability to create an
online profile allowing them to login to Milestone’s portfolio accounting system and view their own account
in “real time” on a consolidated basis. These tools will give the client access to advanced account
performance reporting, financial account aggregation and reporting across all financial accounts and
access to the client portal for viewing real-time account balances.
FINANCIAL PLANNING SERVICES
Milestone also offers comprehensive financial planning services for individuals, families and businesses.
Our Financial Planning services include data gathering and analysis, along with creating a financial plan
with specific recommendations and implementation advice tailored to client needs. Specific areas of advice
include investment planning, insurance needs assessment and advice, retirement planning, cash flow
management, debt consolidation, capital needs assessments, educational planning, estate planning, and
business planning.
Fees for financial planning services will be outlined in a Financial Planning Agreement signed by both the
client and IAR, and any client participating in this program will receive a copy of the Financial Plan created.
Should a client decide to implement any recommendations contained in their financial plan, the client may,
but is under no obligation to, utilize Milestone or one of its IARs to implement those recommendations.
Financial planning clients who wish to engage Milestone for portfolio management services will be required
to enter into a separate written agreement with the firm for such services, for which Milestone will be paid
a separate and additional fee based on assets under management in accordance with the fee schedule set
forth under Fees and Compensation, below.
As part of the financial plan, Milestone may also recommend estate planning firms. Clients are made aware
both as part of this Brochure, and the client’s individual agreement, that Milestone does not provide tax or
legal advice, and that it is the client’s sole responsibility to find independent advice in connection with such
services.
There can be no assurance that Milestone’s financial planning services or any products recommended by
a financial plan are at the lowest available cost. Clients are advised that potential conflicts of interest exist
if Milestone recommends its own investment management services, or a third party for which Milestone will
receive a referral fee. Specifically, clients should be aware that a conflict may exist between Milestone’s
interests and the interest of the client if the client implements the financial plan through the firm, or a
recommended third party, for Milestone will receive additional payment from the client in the form of advisory
fees and/or referral fees. This may act as an incentive to Milestone to make certain recommendations in
the financial plan or to advise the client to instruct Milestone to implement the plan. Clients also should be
aware that other advisory firms may charge lower fees for providing such services.
TAILORED SERVICES FOR INDIVIDUAL CLIENTS
Milestone provides advice to client accounts based on specific investment objectives and strategies. In
some instances, Milestone may create a tailored strategy for an advisory client. For example, Clients may
impose restrictions on investing in certain securities or certain types of securities.
WRAP FEE PROGRAMS
Milestone is neither a sponsor of or adviser to a wrap fee program.
Client Assets Under Management. As of February 1, 2024, Milestone managed approximately
$445,758,992 in client assets on a discretionary basis.