A. Firm Information
The Pitti Group Wealth Management, LLC (“The Pitti Group” or the “Advisor”) is a registered investment advisor
with the U.S. Securities and Exchange Commission (“SEC”). The Advisor was organized as a Limited Liability
Company (“LLC”) under the laws of the State of New York in May 2018 and became a registered investment
advisor in June 2021. The Pitti Group is owned and operated by Salvatore J. Pitti CFP®, AIF®, CRPS® (President
and Chief Compliance Officer) and Matthew S. Pitti (Senior Vice President).
This Disclosure Brochure provides information regarding the qualifications, business practices, and the advisory
services provided by The Pitti Group. For information regarding this Disclosure Brochure, please contact Salvatore
Pitti at (585) 337-4000.
B. Advisory Services Offered
The Pitti Group offers investment advisory services to individuals, high net worth individuals, families, 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. The Pitti Group'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.
Investment Management Services
The Pitti Group provides customized investment advisory solutions for its Clients. This is achieved through
continuous personal Client contact and interaction while providing discretionary investment management and
related advisory services. The Pitti Group works closely with each Client to identify their investment goals and
objectives as well as risk tolerance and financial situation in order to design a portfolio strategy. The Pitti Group will
construct investment portfolios primarily utilizing individual stocks, exchange-traded funds (“ETFs”), mutual funds,
and/or individual bonds. The Advisor may also utilize certificates of deposit (“CDs”), covered options, and/or other
types of investments, as appropriate to meet the needs of the Client. The Advisor may retain certain types of
investments based on a Client’s legacy investments based on portfolio fit and/or tax considerations.
The Pitti Group’s 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. The Pitti Group 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.
The Pitti Group evaluates and selects investments for inclusion in Client portfolios only after applying its internal
due diligence process. The Pitti Group may recommend, on occasion, redistributing investment allocations to
diversify the portfolio. The Pitti Group 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.
The Pitti Group 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.
At no time will The Pitti Group 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.
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Retirement Plan Accounts – When deemed to be in the Client’s best interest, the Advisor will recommend that a
Client rollover its retirement plan account into an account managed by the Advisor. In such instances, the Advisor
will serve as an investment fiduciary as that term is defined under The Employee Retirement Income Security Act of
1974 (“ERISA”). 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 rollover. No client is under any obligation to roll over retirement plan assets
to an account managed by the Advisor.
Financial Planning Services
The Pitti Group will typically provide a variety of financial planning and consulting services to Clients, either as a
component of investment management services or pursuant to a written financial planning agreement. Services are
offered in several areas of a Client’s financial situation, depending on their goals and objectives. 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.
The Pitti Group 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.
Retirement Plan Advisory Services
The Pitti Group provides 3(21) 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:
• Vendor Analysis
• Plan Participant Enrollment and Education
• Investment Policy Statement (“IPS”) Design and Monitoring
• Performance Reporting
• Ongoing Investment Recommendation and Assistance
• ERISA 404(c) Assistance
• Benchmarking Service
These services are provided by The Pitti Group 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 Pitti Group’s fiduciary status, the specific services to be
rendered and all direct and indirect compensation the Advisor reasonably expects under the engagement.
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C. Client Account Management
Prior to engaging The Pitti Group 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 – The Pitti Group, in connection with the Client, will develop a strategy
that seeks to achieve the Client’s goals and objectives.
• Asset Allocation – The Pitti Group 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.
• Portfolio Construction – The Pitti Group will develop a portfolio for the Client that is intended to meet the
stated goals and objectives of the Client.
• Investment Management and Supervision – The Pitti Group will provide investment management and
ongoing oversight of the Client’s investment portfolio.
D. Wrap Fee Programs
The Pitti Group typically includes securities transaction fees together with its investment advisory fees. Including
these fees into a single asset-based fee is considered a “Wrap Fee Program”. The Advisor customizes its
investment management services for its Clients. The Advisor sponsors the The Pitti Group Wrap Fee Program
solely as a supplemental disclosure regarding the combination of fees. Depending on the level of trading required
for the Client’s account[s] in a particular year, the Client may pay more or less in total fees than if the Client paid its
own transaction fees. Please see Appendix 1 – Wrap Fee Program Brochure.
E. Assets Under Management
As of December 31, 2023, The Pitti Group manages approximately $288,801,599 in Client assets, $201,450,000 of
which is managed on a discretionary basis and $87,351,599 on a non-discretionary basis. Clients may request
more current information at any time by contacting the Advisor.