A. Firm Information
Libra Wealth LLC (“Libra” or the “Advisor”) is a registered investment advisor with the U.S. Securities and
Exchange Commission (“SEC”). The Advisor is organized as a limited liability company (“LLC”) under the laws of
California. Libra was founded in March 2017, and is owned and operated by Mark F. Astrinos (Principal). This
Disclosure Brochure provides information regarding the qualifications, business practices, and the advisory
services provided by Libra.
B. Advisory Services Offered
Libra offers investment advisory and financial planning services to individuals, high net worth individuals, trusts,
and estates (each referred to as a “Client”).
The Advisor serves as a fiduciary to Clients, as defined under the applicable laws and regulations. As a fiduciary,
the Advisor upholds a duty of loyalty, fairness and good faith towards each Client and seeks to mitigate potential
conflicts of interest. Libra’s fiduciary commitment is further described in the Advisor’s Code of Ethics. For more
information regarding the Code of Ethics, please see Item 11 – Code of Ethics, Participation or Interest in Client
Transactions and Personal Trading.
Wealth Management (Personal CFO) Services
Libra typically offers Clients its wealth management services, which include a broad range of proactive financial
planning and consulting services in connection with ongoing discretionary management of investment portfolios.
In certain circumstances, Libra may provide investment management or financial planning services as a stand-
alone engagement. Each of these services are described in more detail below.
Investment Management Services – Libra provides customized investment advisory solutions for its Clients either
as a component of wealth management, or pursuant to a stand-alone investment management agreement.
Typically investment management services are provided on a discretionary basis. Libra works closely with each
Client to identify their investment goals and objectives as well as risk tolerance and financial situation in order to
create a portfolio strategy.
Libra structures portfolios for Clients according to the Client’s risk tolerance, financial situation, investment
objectives, and immediate need for liquidity. Portfolios are primarily designed around low-cost, diversified mutual
funds and exchange-traded funds (“ETFs”). The Advisor may retain certain legacy investments based on a
portfolio fit and/or tax considerations.
Libra’s investment philosophy is based upon Modern Portfolio Theory and other academic research including the
three-factor Model (see Item 8 for details). The Advisor implements its strategies primarily through the use of low-
cost, passively managed mutual funds (such as those offered by Vanguard and Dimensional Fund Advisors) as
well as ETFs. These mutual funds and ETFs follow a passive asset class investment philosophy. Diversification,
cost, and tax efficiency are all important factors in determining which funds to use and how they are implemented
for a Client’s account(s). The Advisor may utilize individual fixed-income securities, options, and other types of
securities, as appropriate for a particular client. Clients are assessed a transaction fee by the Custodian. Please
see Item 5.B.
Libra’s investment approach is primarily long-term focused, but the Advisor may buy, sell or re-allocate positions
that have been held for less than one year to meet the objectives of the Client or due to market conditions. Libra
will construct, implement and monitor the portfolio to ensure it meets the goals, objectives, circumstances, and
risk tolerance agreed to by the Client. Each Client will have the opportunity to place reasonable restrictions on
the types of investments to be held in their respective portfolio, subject to acceptance by the Advisor.
Libra evaluates and selects investments for inclusion in Client portfolios only after applying its internal due
diligence process. Libra may recommend, on occasion, redistributing investment allocations to diversify the
portfolio. Libra may recommend specific positions to increase sector or asset class weightings. The Advisor may
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recommend employing cash positions as a possible hedge against market movement. Libra may recommend
selling positions for reasons that include, but are not limited to, harvesting capital gains or losses, business or
sector risk exposure to a specific security or class of securities, overvaluation or overweighting of the position[s]
in the portfolio, change in risk tolerance of Client, generating cash to meet Client needs, or any risk deemed
unacceptable for the Client’s risk tolerance.
At no time will Libra accept or maintain custody of a Client’s funds or securities, except for the limited authority as
outlined in Item 15
– Custody. All Client assets will be managed within the designated account[s] at the
Custodian, pursuant to the terms of the advisory agreement. Please see Item 12 – Brokerage Practices.
Retirement Accounts – When the Advisor provides investment advice to Clients regarding ERISA retirement
accounts or individual retirement accounts (“IRAs”), the Advisor is a fiduciary within the meaning of Title I of the
Employee Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code (“IRC”), as applicable,
which are laws governing retirement accounts. When deemed to be in the Client’s best interest, the Advisor will
provide investment advice to a Client regarding a distribution from an ERISA retirement account or to roll over
the assets to an IRA, or recommend a similar transaction including rollovers from one ERISA sponsored Plan to
another, one IRA to another IRA, or from one type of account to another account (e.g. commission-based
account to fee-based account). Such a recommendation creates a conflict of interest if the Advisor will earn a
new (or increase its current) advisory fee as a result of the transaction. No client is under any obligation to roll
over a retirement account to an account managed by the Advisor.
Financial Planning Services – Libra also offers financial planning services to Clients either as a component of
wealth management or pursuant to a written financial planning agreement). The areas of financial planning that
Libra may address include: retirement planning, cash flow and debt management, income tax planning,
insurance needs analysis, estate planning, employee benefits, college savings, financial goal setting, and
investment analysis. Financial planning services may cover several areas of a Client’s financial situation,
depending on their goals, objectives, financial situation and specific needs. Financial planning services may
include the preparation of a written financial plan or simply involve rendering advice on a specific area of need.
Any advice rendered to the Client will typically include general recommendations for a course of activity or
specific actions to be taken by the Client. Libra may also refer Clients to an accountant, attorney or other
specialist, as appropriate for their unique situation. Libra does not receive compensation for these referrals.
Engagements will typically start with a discovery meeting with the Client to gain an understanding of
the overall planning goals, financial situation of the Client and other pertinent factors. Additional meetings will
be conducted to explore certain areas of the Client’s financial situation in greater depth and to discuss findings,
recommendations, and potential actions steps based on the Advisor’s analysis.
Financial planning recommendations pose a conflict between the interests of the Advisor and the interests of the
Client. For example, the Advisor has an incentive to recommend that Clients engage the Advisor for wealth
management services or for additional financial planning services as it would increase the amount of fees paid to
the Advisor. Clients are not obligated to implement any recommendations made by the Advisor or maintain an
ongoing relationship with the Advisor. If the Client elects to act on any of the recommendations made by the
Advisor, the Client is under no obligation to implement the transaction through the Advisor.
C. Client Account Management
Prior to engaging Libra to provide advisory services, each Client is required to enter into a wealth management
agreement or a financial planning agreement with the Advisor that defines the terms, conditions, authority and
responsibilities of the Advisor and the Client. These services may include:
• Establishing an Investment Strategy – Libra, in connection with the Client, will develop a strategy that
seeks to achieve the Client’s goals and objectives.
• Asset Allocation – Libra may develop a strategic asset allocation that is targeted to meet the investment
objectives, time horizon, financial situation and tolerance for risk for each Client.
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• Portfolio Construction – Libra may develop a portfolio for the Client that is intended to meet the stated
goals and objectives of the Client.
• Investment Management and Supervision – Libra may provide investment management and ongoing
oversight of the Client’s investment portfolio.
D. Wrap Fee Programs
Libra does not manage or place Client assets into a wrap fee program. Investment management services are
provided directly by Libra.
E. Assets Under Management
As of December 31, 2023, Libra manages $406,878,990 in Client assets, all of which are managed on a
discretionary basis. Clients may request more current information at any time by contacting the Advisor.