Firm Description
Dorado Wealth Management LLC (Dorado, us, we, our, the Firm, and Adviser) is an SEC
Registered Investment Advisor. Dorado was formed on April 5, 2021. Dorado is 100% owned by
Avraham Ziv Mr. Ziv is also Registered Representatives of Western International Securities Inc.
(“Western”), a FINRA member firm and SEC registered broker-dealer. Western is not affiliated
with Dorado Wealth Management LLC.
Dorado as of December 31, 2023, had $22,743,457under management in discretionary and
$110,900,251 in non-discretionary accounts.
Dorado offers investment advisory services to individuals, corporations and 401’k plans and is
planning to add pension funds, financial institutions, charitable organizations. All Advisory
account assets will be held by Charles Schwab and Co., Inc. (“Schwab”), a qualified custodian.
(Advisory accounts are not held at Western and Western does not receive any compensation on
Dorado Advisory accounts.) All execution services will be effected through Schwab. As stated on
the cover page of this brochure, registration as an investment adviser does not imply a level of
skill or training.
Investment Advisor Representatives (IAR’s) can only provide services and charge fees based on
the descriptions detailed in this document. Clients are under no obligation to utilize the services
of IARs in their capacity as a Registered Representative (RR) or to use Western as a broker. If a
client wishes for the RR to execute securities transactions on their behalf, the client would need
to open an account at Western which are separate and apart from Dorado Advisory accounts.
Brokerage accounts at Western will be charged commissions and other fees. These assets held
at Western, if any, are not part of the advisory assets and are not included in the assets under
management for fee calculation purposes. Commissions charged by Western can be higher or
lower than those charged by other broker-dealers. In addition, the RR can receive commissions
for transactions in the brokerage accounts including, for example, ongoing 12b-1 fees from
mutual fund companies for as long as a mutual fund investment is maintained at the broker
dealer. Advisory accounts are not invested in load funds or funds with 12b-1 fees. IARs only
receive a fee on advisory accounts and do not receive any other type of compensation on
advisory accounts.
Advisory Services
Prior to providing advisory services, Dorado ascertains each client’s investment goals and
objectives in order to provide services tailored to the specific needs of each client. We do not
independently verify information received from the client or the client’s agents or other
professionals. The client is responsible for the accuracy of the information and for promptly
notifying the Firm of any changes in their financial status or investment objectives. Dorado does
provide advisory services to 401-k participants.
Financial Planning and Consulting
Dorado does not provide financial planning and/or consultation services at this time, but it is
something that the firm can do to meet clients’ financial objectives and needs. Financial
planning services would not involve the active management of client assets but are intended to
assist individuals in determining and establishing long-term financial goals through investments,
tax planning, asset allocation, risk management, retirement planning, et. al.
Dorado’s financial planning services would typically include, but are not limited to, analyses of
clients’ investment objectives, existing assets, insurance, investments, cash flow, risk
management, retirement projections, estate or business plans, savings plans or other special
objectives. The scope of a financial plan can be as broad or detailed as the client desires.
Investment Management
Dorado only offers both discretionary and non-discretionary portfolio management services as
determined by the client. An Investment Management Agreement (IMA) is executed with each
client and a client profile is created to determine appropriate portfolio characteristics in
accordance with the client’s investment objectives.
Dorado will direct, for discretionary accounts in its sole discretion and without prior
consultation with the client, the investment and reinvestment of assets in the client’s account
including securities, cash and/or cash equivalents. For non-discretionary accounts, Dorado will
discuss all transactions with the client prior to executing them.
The client’s financial circumstances, investment objectives and special instructions or
parameters provided will be described in the IMA. Clients agree to notify Dorado promptly of
any significant changes to the information provided by the client in the IMA or any other
significant changes to their financial circumstances or investment objectives that might affect
the way in which the client’s account should be managed. Clients should also provide Dorado
with any additional information as well as information requested by the IAR to effectively
manage the client’s account. The client
can, at any time, impose reasonable restrictions on our
discretion which will only be accepted in writing and signed by the client or appropriate agent.
Advisory account assets will be held at Charles Schwab & Co., Inc. (Schwab). Schwab will send
monthly account statements directly to Clients. Dorado Advisory accounts will not be held at
Western as this would be a conflict of interest.
Selection of other Advisers
Clients’ assets can be invested with unaffiliated third-party managers who offer specialized
asset management expertise or services that Dorado can utilize to manage all or a portion of
the client assets in appropriate cases. Dorado reviews the performance of third-party
investment firms, prior to investing client funds.
A conflict of interest would only be present if the Dorado offered only those third-party
investment firms that have agreed to pay a portion of their advisory fee to Dorado. However,
Dorado is not receiving any part of the TIM fee. There are other third-party programs that can
be suitable for the client that charge lower fees. TIM’s fees should not impact a customer since
it only reduces what Dorado charges. If the charge would be 1% and the TIM charges 28 Basis
points, the client would pay 1% less 28 basis points to Dorado and 28 Basis points to the TIM.
Third-Party Investment Manager
Dorado in some cases will determine that it is in the best interest of the client to have an
unaffiliated Third-Party Investment Manager (TIM) provide portfolio management services for
the client. Schwab offers Dorado access to TIMs through the Schwab platform. Clients will
complete the Schwab paperwork. Clients do not need to sign additional paperwork for the
TIM’s chosen for their portfolio. The TIM has access to the account and can trade in the account
but does not have custody of the assets. After reviewing the client’s profile Dorado will select a
TIM for the client. Dorado will supply the TIM, if required, with information regarding the
financial background and investment objectives of the client to the extent such information is
provided by the client. Dorado has a sub-advisor agreement with the TIM documenting what
fees are being charged to the client. TIM will charge the client investment advisory fees and, in
some cases, can also charge transactions costs. The TIM fees are separate and are subtracted
from the total fee charged by Dorado. The fees charged by Dorado and what portion is paid to
the TIM and will be detailed in the client’s Investment Management Agreement. Dorado does
not receive any type of payment from the TIM.
Dorado will provide periodic assistance in evaluating the manager(s) performance and, if
necessary, recommend replacing a manager selected. Dorado is available to discuss reports and
to assist the client with other matters associated with the third-party account.
Dorado provides asset allocation advice through programs of various outside TIM based on
individual, personal and financial goals, investment objectives, and risk tolerance. Depending on
the individual programs sponsored by the TIM, Dorado will assist a client in selecting a suitable
investment portfolio and asset allocation strategy that will be used by the program sponsor to
properly allocate client assets in the investment portfolio. The program sponsor periodically
reviews and changes the relative allocations in the portfolios. Dorado will provide initial and
ongoing advice concerning the asset allocation strategy selected by the client and explain the
rebalancing guidelines utilized with the investment allocation strategy selected. Clients will
enter into an agreement with Schwab. Through their Schwab account, TIM’s will be selected,
and clients will be provided information about the TIM.
Dorado will periodically speak with the client to discuss changes in their investment objectives,
risk tolerance and current asset allocations within each portfolio.
TIM’s will generally have discretionary authority to determine the securities to be purchased
and sold for you. Generally, Dorado and its associated persons do not have trading authority
with respect to a client’s managed account with the TIM. However, if your IAR is acting in a co-
advisor role, you can give them discretion on certain activities such as moving among strategies
and/or multiple managers. Dorado does not receive a portion of the third-party fees. The client
will pay both the third-party manager and Dorado. The TIM fee is deducted from the fee paid to
Dorado. The client does not pay additional fees for using a TIM.
TIM programs generally have account minimum requirements that vary from one Investment
Adviser to another. Account minimums are usually higher on fixed income accounts than
equity-based accounts. A complete description of the TIMs services, fee schedules, and account
minimums will be disclosed in the TIM’s Form ADV, Wrap Brochure or similar Disclosure
Brochure which will be provided to you at the time an agreement for services is executed and
the account is established. Client reports will depend upon the TIM.