Advisory Business
Fiduciary Services, LLC is an investment adviser with its principal place of business in Pocatello,
ID. The Adviser commenced operations in 2021 and is owned by Washington Financial, LLC,
Pintail Management LLC, and Centerpoint Capital Advisors LLC, which are owned by Brett
Robison, G. Clay Esplin, and Joel Phillips respectively.
We offer the following investment advisory services, which are personalized to each individual
client:
Independent Fiduciary Services and Pension Consulting
The following paragraphs describe our services and fees. Please refer to the description of each
investment advisory service listed below for information on how we tailor our advisory services
to your individual needs. As used in this brochure, the words “we”, “our” and “us” refer to
Fiduciary Services, LLC and the words “you”, “your” and “client” refer to you as either a client
or prospective client of our firm. Also, you may see the term Associated Person or Investment
Adviser Representative throughout this brochure. As used in this brochure, our Associated Persons
or Investment Adviser Representatives are our firm’s officers, employees, and all individuals
providing investment advice on behalf of our firm.
As of December 31, 2023, we had $1,087,310,961 of discretionary assets under management.
Independent Fiduciary Services and Pension Consulting
Our firm provides independent fiduciary services to Employee Stock Ownership and Trust Plans
“ESOP” and other qualified plans, where a conflict of interest exists for the plan’s usual fiduciaries.
In these cases, our firm will evaluate proposed investment buy/sell transactions by an
owner/officer of the Trust, and then will provide an opinion on whether the proposed transaction
is in the best interest of the plan participants. If we determine that the proposed transaction is not
in the best interest of the participants, we may make alternate recommendations.
The services provided may include a due diligence review where we gather and examine
documentation regarding the corporation and its ESOP or qualified plan. Additionally, we will
work closely with legal and valuation specialists to
express an opinion on the legality of the
proposed action and the valuation or fairness of a proposed transaction. Once we have completed
our due diligence review and have received all necessary third-party opinions, we will deliver our
conclusions as to whether the proposed action is appropriate or not, or we will negotiate with the
parties in interest to achieve a price that is within an acceptable range. This conclusion will take
the form of either a “direction” or an “opinion.” With a direction, our firm will have discretionary
authority to instruct the fiduciary or to take action on behalf of the company and the ESOP or
qualified plan. With an opinion, the company and its board of directors will determine the action
to be taken.
In our fiduciary role, we are responsible for the annual valuation of the ESOP shares or stock price.
For this purpose we retain the services of an independent appraiser who will arrive at a value. This
process involves an analysis of the business’ financial statements, consultation with accountants,
and working with the independent appraiser. This determined value affects how much employees
who seek a distribution will receive as well as how many share the company can afford to buy
back.
As the trustee of an ESOP trust, Mr. Phillips holds the responsibility of voting the ESOP Trust
Shares for the selection of the board of directors. There are other situations in which that
responsibility must be passed through to the employee participants, such as in cases of liquidation,
mergers, major asset sales or recapitalization.
Company stock is held in the ESOP trust for distribution in accordance with the plan document.
Any stock or assets that sit in the trust are managed by the ESOP Trustee or his designee, typically
an unaffiliated investment adviser. In his role as Trustee, Mr. Phillips will interact with any third
party with which Trust assets are invested, and holds the fiduciary responsibility for the oversight
of these investments.
We will also prepare additional reports as needed for use by your company’s board of directors.
If our final reports indicate that actions should be taken, our firm will typically participate in the
implementation process.