Oak Street Investment Advisors, LLC is a Colorado-domiciled limited liability company formed in March of 2017 which
is registered with the SEC as an investment adviser.
Jacob I. Milder, CFP®,ChFC® is the firm’s Managing Member, Chief Compliance Officer (supervisor), and he maintains
controlling interest in the firm. Additional information about Jacob Milder and his professional experience may be
found toward the end of this document within his brochure supplement.
Oak Street renders financial planning and investment management services to individuals and entities under the
trade name “Oak Street Investments”. An affiliate under common control with Oak Street that is also wholly-owned
by Jacob Milder, Oak Street Capital, LLC (“Oak Street Capital”) manages certain special purpose vehicles and/or
private funds that are organized to facilitate investments in underlying portfolio companies.
Financial Planning and Investment Management Services
For clients seeking financial planning and/or investment management services, an initial interview is conducted
with the client to discuss their current situation, long-term goals, and the scope of services that may be provided.
If the client wishes to engage Oak Street Investments for advisory services, they must first execute our client
advisory agreement. Thereafter further discussion and analysis will be conducted to determine financial need,
goals, holdings, etc. Depending on the scope of the engagement, the client may be asked to provide copies of the
following documents early in the process:
• Wills, codicils and trusts • Insurance policies
• Mortgage information
• Tax returns
• Driver’s License
• Divorce decree or separation agreement
• Current financial specifics including paystubs, W-2s and 1099s
• Information on current retirement plans and benefits provided by an employer
• Statements reflecting current investments in retirement and non-retirement accounts
• Employment or other business agreements
• Completed risk profile questionnaires or other forms provided by the Firm
It is important that we are provided with accurate and complete information about a client’s financial objectives
and circumstances. We will rely on such information in rendering our services and any inaccurate or incomplete
information could lead to recommendations that are not appropriate for the client.
Also, in order to ensure that our recommendations continue to be appropriate for clients, clients are required to
promptly update us in the event that any of their financial objectives, risk tolerance, or financial circumstances
change.
Financial Planning Services
Our Financial Planning services are either Comprehensive or Limited in scope, as described under the Service
Options section below. On a limited basis, we provide financial planning services on the subjects listed below in
bold. Financial planning is an evaluation of a client’s current and future financial state by using currently known
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variables to project future cash flows, asset values and withdrawal plans. The key defining aspect of financial
planning is that through the financial planning process, all questions, information and analysis will be considered
as they affect and are affected by the entire financial and life situation of the client. Clients purchasing this
service will receive detailed information and recommendations designed to achieve his or her stated financial
goals and objectives. This information is generally provided in the form of a 1- or 2-page written report, which
may be provided or available upon request .
In general, the financial plan will address some or all of the following areas of concern. Oak Street Investments
and the client will work together to identify the relevant areas to include in the plan. These areas may include,
but are not limited to:
• Cash Flow and Debt Management: We will conduct a review of your income and expenses to determine your
current surplus or deficit along with advice on prioritizing how any surplus should be used or how to reduce
expenses if they exceed your income. Advice may also be provided on which debts to pay off first based on
factors such as the interest rate of the debt and any income tax ramifications. We may also recommend what
we believe to be an appropriate cash reserve that should be considered for emergencies and other financial
goals, along with a review of accounts (such as money market funds) for such reserves, plus strategies to
save desired amounts.
• College Savings: Includes projecting the amount that will be needed to achieve college or other
postsecondary education funding goals, along with advice on ways for you to save the desired amount.
Recommendations as to savings strategies are included, and, if needed, we will review your financial picture
as it relates to eligibility for financial aid or the best way to contribute to grandchildren (if appropriate).
• Employee Benefits Optimization: We will provide review and analysis as to whether you, as an employee,
are taking the maximum advantage possible of your employee benefits. If you are a business owner, we will
consider and/or recommend the various benefit programs that can be structured to meet both business and
personal retirement goals.
• Estate Planning: This usually includes an analysis of your exposure to estate taxes and your current estate
plan, which may include whether you have a will, powers of attorney, trusts and other related documents.
Our advice also typically includes ways for you to minimize or avoid future estate taxes by implementing
appropriate estate planning strategies such as the use of applicable trusts. We recommend that you consult
with a qualified attorney when you initiate, update, or complete estate planning activities. We may provide
you with contact information for attorneys who specialize in estate planning when you wish to hire an
attorney for such purposes. From time-to-time, we will participate in meetings or phone calls between you
and your attorney with your approval and request.
• Financial Goals: We will help clients identify financial goals and develop a plan to reach them. We will
identify what you plan to accomplish, what resources you will need to make it happen, how much time you
will need to reach the goal, and how much you should budget for your goal.
• Insurance: Review of existing policies to ensure proper coverage for life, health, disability, long-term care,
liability, home and automobile.
• Investment Analysis: This may involve developing an asset allocation strategy to meet your financial goals
and risk tolerance, providing information on investment vehicles and strategies, reviewing employee stock
options, and assisting you in establishing your own investment account at a selected broker/dealer or
custodian. The strategies and types of investments we may recommend are further discussed in Item 8 of
this brochure.
• Retirement Planning: Our retirement planning services typically include projections of your likelihood of
achieving your financial goals, typically focusing on financial independence as the primary objective. For
situations where projections show less than the desired results, we may make recommendations, including
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those that may impact the original projections by adjusting certain variables (e.g., working longer, saving
more, spending less, and/or taking more or less risk with investments). If you are near retirement or already
retired, advice may be given on appropriate distribution strategies to minimize the likelihood of running out
of money or having to adversely alter spending during your retirement years.
• Risk Management: A risk management review includes an analysis of your exposure to major risks that could
have a significant adverse impact on your financial picture,
such as premature death, disability, property and
casualty losses, or the need for long-term care planning. Advice may be provided on ways to minimize such
risks and about weighing the costs of purchasing insurance versus the benefits of doing so and, likewise, the
potential cost of not purchasing insurance (“self-insuring”).
• Tax Planning Strategies: Advice may include ways to minimize current and future income taxes as a part of
your overall financial planning picture. For example, we may make recommendations on which type of
account(s) or specific investments should be owned based in part on their “tax efficiency,” with consideration
that there is always a possibility of future changes to federal, state or local tax laws and rates that may
impact your situation. We recommend that you consult with a qualified tax professional before initiating any
tax planning strategy, and we may provide you with contact information for accountants or attorneys who
specialize in this area if you wish to hire someone for such purposes. We will participate in meetings or
phone calls between you and your tax professional with your approval.
Investment Management Services
Clients may engage the Firm for investment management services. We will review the client’s objectives, time
horizon, tolerance for risk, as well as any reasonable restrictions required for the account (e.g., types of
securities, etc.) and will note these within written investment guidelines when appropriate, depending on client
needs and objectives. Depending on the client’s risk profile, goals, and needs, among other considerations, your
portfolio will be managed in accordance with the investment methodology and/or strategies described below in
Item 8, and our fees are described below.
We offer investment management for clients on a discretionary or non-discretionary basis, though generally
recommend and prefer a discretionary engagement. The Firm uses equity and fixed income ETFs and Mutual
Funds in our model portfolios. Other types of securities we may recommend or implement within a client
portfolio include treasuries, municipal bonds, agencies and other related fixed income products. In some
circumstances, we may leave existing ETFs, Mutual Funds, or individual stocks and bonds in an account if we
deem any such investments to be similar to an investment we would use and there is a significant tax
consequence as a result of selling the position. Additionally, on an account level basis, the Firm may use
structured products and/or buffered ETFs, and if holding a legacy position, may implement a covered call
strategy. We reserve the right to use protective puts or sell cash-covered puts to enter a position in rare
circumstances. Although a commodity or metals ETF may be used, we do not purchase or advise on commodities,
individual stocks or bonds, futures, unsecured call options or similar alternative investments.
For clients not utilizing our financial planning services, there is a minimum account size of $500,000. This number
may be lowered at the Firm’s discretion. Clients using our core financial planning services do not have a minimum
account size requirement.
There may be agreements with existing clients for services that differ from those financial planning and
investment management services described above.
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Service Options
Clients wishing to engage the Firm for financial planning or investment management services have the following
options:
A) Core Services – Comprehensive, Ongoing Financial Planning and Investment Management
Ongoing comprehensive financial planning services and support with plan implementation, combined with
investment management services. Core services include investment management services for up to
$2,000,000 of assets held with the Firm. Assets over $2,000,000 are charged a percentage of assets under
management.
B) Stand-Alone Financial Planning – Comprehensive or Limited
Financial planning engagements may be Comprehensive or Limited in scope. Comprehensive financial
planning, often referred to as a “one-time financial plan” typically involves two to four meetings to
determine client objectives, collect information and documentation, analyze, and evaluate the situation and
develop and present our recommendations, actionable steps to help you achieve your stated objectives. The
client will receive a final plan or strategy, printed or digital, based on client preference, with
recommendations to conclude the engagement. Ongoing maintenance, future meetings and support for
implementation is billed separately.
Financial planning with a limited scope is typically used for addressing a specific need or client concern, such
as 2 or 3 of the topics in bold listed above, or as a follow up to a previous limited comprehensive planning
engagement.
C) Investment management Services without Financial Planning
Clients wishing to have us manage their investments as described under the investment management
information section above may elect to do so without financial planning.
Existing clients may have arrangements different from the service offerings described above.
Management of Pooled Investment Vehicles
Oak Street Capital sponsors and advises certain special purpose vehicles and/or private funds that are organized
to facilitate investments in underlying portfolio companies (“Funds”).
Oak Street Capital, LLC renders discretionary investment management services to the Funds for compensation
payable to Oak Street Capital, LLC or its affiliates, which is described in more detail in Item 5 and Item 6 below. As
appropriate, Oak Street Capital delegates non-discretionary authority to an unaffiliated sub-adviser, which will
receive compensation from the Fund for rendering such investment advisory services to the Fund.
Securities of the Funds are privately offered in reliance on an exemption from securities registration found in
Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). The Funds also rely on an
exemption from registration as an investment company found in the Investment Company Act of 1940, as
amended (the “Investment Company Act”). As such, investors must meet certain eligibility requirements in order
to invest in any of the Funds, including the requirement to be an “accredited investor” as such term is defined in
Rule 501 under Regulation D. More information about the Funds including information pertaining to their
investments, compensation payable to Oak Street Capital and any sub-adviser, risk factors, and conflicts of
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interest can be found in the operating agreement, private placement memorandum or similar risk disclosure
document, and/or subscription documents for each Fund (the “Offering Documents”).
Oak Street Investments may, as appropriate, recommend an investment in one of the Funds to its clients. If
clients of Oak Street Investments make an investment in a Fund, they will be responsible for fees and expenses
(including those payable to Oak Street Capital) in connection with their investment in the Fund as well as any
advisory fees otherwise payable to Oak Street Investments for investment management services pertaining to
assets invested in the Funds. Because Oak Street Investments and Oak Street Capital collectively have the
potential to earn more compensation from a client when Oak Street Investments recommends an investment in
a Fund to such a client, a conflict of interest exists, as such compensation arrangements incentivize Oak Street
Investments to recommend the investment in a Fund to its clients. Nonetheless, Oak Street Investments takes
seriously its fiduciary obligation to ensure that any investment recommended is in the client’s best interest.
As of December 31st, 2023, Oak Street collectively managed $ 111,623,284 of assets, all of which were managed
on a discretionary basis.