A. Firm Information
Golden Road Advisors LLC (“Golden Road Advisors” or the “Advisor”) is a registered investment advisor with the
U.S. Securities and Exchange Commission. The Advisor is organized as a Limited Liability Company (LLC) under
the laws of the State of Florida. Golden Road Advisors was founded in January 2021 and is owned and operated by
Jeffrey Kikoler (Principal and Chief Compliance Officer) and Kevin Caldwell (Principal). This Disclosure Brochure
provides information regarding the qualifications, business practices, and the advisory services provided by Golden
Road Advisors.
B. Advisory Services Offered
Golden Road Advisors offers investment advisory services to individuals, high net worth individuals, trusts, estates,
businesses, and retirement plans (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. Golden Road Advisors' 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.
Investment Management Services
Golden Road Advisors provides customized investment management services for its Clients. This is achieved
through continuous personal Client contact and interaction while providing discretionary and non-discretionary
investment management services in connection with a broad range of comprehensive financial planning services.
Golden Road Advisors works closely with each Client to identify their investment goals, objectives, risk tolerance
and financial situation in order to create a portfolio strategy. Golden Road Advisors will then construct an
investment portfolio, primarily consisting of low-cost, diversified mutual funds and/or exchange-traded funds
(“ETFs”). The Advisor may also utilize individual stocks, bonds, options contracts, or independent managers to
meet the needs of its Clients. The Advisor may retain certain legacy investments based on portfolio fit and/or tax
considerations.
Golden Road Advisors’ investment strategies are 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. Golden Road Advisors 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.
Golden Road Advisors evaluates and selects investments for inclusion in Client portfolios only after applying its
internal due diligence process. Golden Road Advisors may recommend, on occasion, redistributing investment
allocations to diversify the portfolio. Golden Road Advisors may recommend specific positions to increase sector or
asset class weightings. The Advisor may recommend employing cash positions as a possible hedge against market
movement. Golden Road Advisors 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 the Client, generating
cash to meet Client needs, or any risk deemed unacceptable for the Client’s risk tolerance.
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
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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.
At no time will Golden Road Advisors 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.
Financial Planning Services
Golden Road Advisors will typically provide financial planning services as part of its investment management
services described above. Golden Road Advisors may also provide standalone financial planning and consulting
services to Clients, pursuant to a written financial planning agreement. For standalone financial planning, services
may be offered on a project-based engagement or annual ongoing engagement. Generally, such financial planning
services involve preparing a formal financial plan or rendering
a specific financial consultation based on the Client’s
financial goals and objectives. This planning or consulting may encompass one or more areas of need, including
but not limited to, investment planning, retirement planning, personal savings, education savings, insurance needs
and other areas of a Client’s financial situation.
A financial plan developed for, or financial consultation rendered to the Client will usually include general
recommendations for a course of activity or specific actions to be taken by the Client. For example,
recommendations may be made that the Client start or revise their investment programs, commence or alter
retirement savings, establish education savings and/or charitable giving programs.
Golden Road Advisors may also refer Clients to an accountant, attorney or other specialists, as appropriate for their
unique situation. For certain financial planning engagements, the Advisor will provide a written summary of the
Client’s financial situation, observations, and recommendations. For consulting or ad-hoc engagements, the
Advisor may not provide a written summary. Plans or consultations are typically completed within six (6) months of
contract date, assuming all information and documents requested are provided promptly.
Financial planning and consulting 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
investment management services or to increase the level of investment assets with the Advisor, as it would
increase the amount of advisory 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.
Use of Independent Managers
Golden Road Advisors may recommend that Clients utilize one or more unaffiliated investment managers or
investment platforms (collectively “Independent Managers”) for all or a portion of a Client’s investment portfolio,
based on the Client’s needs and objectives. In certain instances, the Client may be required to authorize and enter
into an investment management agreement with the Independent Manager[s] that defines the terms in which the
Independent Manager[s] will provide its services. The Advisor will perform initial and ongoing oversight and due
diligence over each Independent Manager to ensure the strategy remains aligned with Client’s investment
objectives and overall best interests. The Advisor will also assist the Client in the development of the initial portfolio
recommendations and managing the ongoing Client relationship. The Client, prior to entering into an agreement
with an Independent Manager, will be provided with the Independent Manager's Form ADV Part 2A - Disclosure
Brochure (or a brochure that makes the appropriate disclosures).
Retirement Plan Advisory Services
Golden Road Advisors provides retirement plan advisory services on behalf of the retirement plans (each a “Plan”)
and the company (the “Plan Sponsor”). The Advisor’s retirement plan advisory services are designed to assist the
Plan Sponsor in meeting its fiduciary obligations to the Plan and its Plan Participants. Each engagement is
customized to the needs of the Plan and Plan Sponsor. Services generally include:
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• Vendor Analysis
• Plan Participant Enrollment and Education Tracking
• Investment Policy Statement (“IPS”) Design and Monitoring
• Investment Oversight Services (ERISA 3(21))
• Performance Reporting
• Ongoing Investment Recommendation and Assistance
• ERISA 404c Assistance
• Benchmarking Services
These services are provided by the Advisor serving in the capacity as a fiduciary under the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”). In accordance with ERISA Section 408(b)(2), the Plan
Sponsor is provided with a written description of the Advisor’s fiduciary status, the specific services to be rendered
and all direct and indirect compensation the Advisor reasonably expects under the engagement.
C. Client Account Management
Prior to engaging Golden Road Advisors to provide investment advisory services, each Client is required to enter
into one or more agreements with the Advisor that define the terms, conditions, authority and responsibilities of the
Advisor and the Client. These services may include:
• Establishing an Investment Strategy – Golden Road Advisors, in connection with the Client, will develop a
strategy that seeks to achieve the Client’s goals and objectives.
• Asset Allocation – Golden Road Advisors will develop a strategic asset allocation that is targeted to meet
the investment objectives, time horizon, financial situation and tolerance for risk for each Client.
• Investment Management and Supervision – Golden Road Advisors will provide investment management
and ongoing oversight of the Client’s investment portfolio.
D. Wrap Fee Programs
Golden Road Advisors does not manage or place Client assets into a wrap fee program. Investment management
services are provided directly by Golden Road Advisors.
E. Assets Under Management
As of December 31, 2023, Golden Road Advisors manages approximately $143,203,000 in Client assets,
$122,880,000 of which are managed on a discretionary basis and $20,323,000 on a non-discretionary basis.
Clients may request more current information at any time by contacting the Advisor.