General Information Wells Financial Management, LLC ("Wells Financial", or "we") was established in 2011 and is based in Asheville, North Carolina. Wells Financial is organized as a limited liability company ("LLC") under the laws of the State of North Carolina. David Wells is the sole owner of Wells Financial.
The following paragraphs describe our services and fees. 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 Wells Financial Management, LLC and the words "you," "your," and "client" refer to you as either a client or prospective client of our firm.
Investment Portfolio Management We construct investment portfolios using diversified asset allocation strategies. Asset allocation is the way in which assets will be divided between different investments (i.e., stocks, bonds, real estate, and cash). We will propose an appropriate strategy only after we fully understand the client's financial goals, risk tolerance, time horizon, income needs, and tax situation. We review the suitability of each client's portfolio periodically as needs and circumstances change. We will work with each client to develop a portfolio that reflects our understanding of the client's goals and risk tolerance and outlines the parameters for managing a client's investments. You may include restrictions on which securities we buy and sell.
We will manage the investment portfolio on a discretionary basis. As a discretionary investment adviser, we will have the authority to supervise and direct your portfolio without prior consultation.
Notwithstanding the foregoing, you may impose certain written restrictions on Wells Financial in the management of your investment portfolio, such as prohibiting the inclusion of certain types of investments in an investment portfolio or prohibiting the sale of certain investments held in the account at the commencement of the relationship. You should note, however, that restrictions imposed by a client may adversely affect the composition and performance of the client's investment portfolio. You should also note that your investment portfolio is treated individually by giving consideration to each purchase or sale for the account. For these and other reasons, performance of client investment portfolios within the same investment objectives, goals and/or risk tolerance may differ and may not necessarily be consistent with similar clients of Wells Financial.
Financial Planning Our financial planning services follow a process that helps us understand our client's entire financial picture so we can address each client's unique and personal needs.
We can assist clients with implementing their financial plan and we will work with their existing tax and legal advisors or refer clients to other professionals if necessary. Financial plans can be updated as needed in light of personal, legislative and economic changes.
Financial planning services may address one or more of the following areas of a client's financial situation:
•Net worth

evaluation
•Cash flow planning
•Debt restructuring
•Major purchase financing 4
•Cash reserves
•Risk management (death, disability, long-term care, etc.)
•Tax planning
•Education funding
•Retirement planning
•Estate planning
•Charitable planning Clients may choose to have Wells Financial implement the financial plan and manage the investment portfolio. However, the client is under no obligation to act upon any of the recommendations made by Wells Financial under a financial planning engagement and/or engage the services of any recommended professional.
Wrap Fee Programs We do not participate in any wrap fee program.
Types of Investments We primarily offer advice on Mutual Funds, ETF's and individual stocks and bonds. Refer to the Methods of Analysis, Investment Strategies and Risk of Loss below for additional disclosures on this topic.
Additionally, we may advise you on various types of investments based on your stated goals and objectives. We may also provide advice on any type of investment held in your portfolio at the inception of our advisory relationship.
Since our investment strategies and advice are based on each client's specific financial situation, the investment advice we provide to you may be different or conflicting with the advice we give to other clients regarding the same security or investment. IRA Rollover Recommendations For purposes of complying with the DOL's Prohibited Transaction Exemption 2020-02 ("PTE 2020-02") where applicable, we are providing the following acknowledgment to you. When we provide investment advice to you regarding your retirement plan account or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way we make money creates some conflicts with your interests, so we operate under a special rule that requires us to act in your best interest and not put our interest ahead of yours. Under this special rule's provisions, we must:
•Meet a professional standard of care when making investment recommendations (give prudent advice);
•Never put our financial interests ahead of yours when making recommendations (give loyal advice);
•Avoid misleading statements about conflicts of interest, fees, and investments;
•Follow policies and procedures designed to ensure that we give advice that is in your best interest;
•Charge no more than is reasonable for our services; and
•Give you basic information about conflicts of interest. 5 We benefit financially from the rollover of your assets from a retirement account to an account that we manage or provide investment advice, because the assets increase our assets under management and, in turn, our advisory fees. As a fiduciary, we only recommend a rollover when we believe it is in your best interest. Assets Under Management As of December 30, 2022, we provide continuous management services for $101,186,085 in client assets on a discretionary basis.