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A. Ownership/Advisory History
Sierra Summit Advisors LLC (the "Company," "we" and/or the "firm") is a Nevada
limited liability company founded in 2023 with its principal place of business in
Nevada. Joseph and Denise Seminetta are the owners of the Company.
B. Advisory Services Offered
The following paragraphs describe the services offered by the Company. Please
refer to the following paragraphs for more detail about the specific service, and
how we tailor our services to your individual needs. As used in this Brochure, the
words "our" and "us" also refer to the Company. The words "you," "your" or
"client" refer to our clients and prospective clients. Other terms may be defined
later in this Brochure as well.
Investment Advisory Services
The Company offers continuous and ongoing investment advice and portfolio
management services. Our advice and services are tailored to meet our client's
individual needs, life circumstances and investment goals. We have discussions
with the client at least annually to understand client goals, income, return
objectives, risk tolerance, time horizons and liquidity needs. We use the
information we gather to create an Investment Policy Statement (IPS) which
guides an individualized investment portfolio for the client and customized asset
allocation across the Company’s active strategies.
Account management and supervision is guided by the client's IPS, investment
portfolio, and market conditions. We manage clients' investment accounts on a
discretionary basis. Once we construct an investment portfolio for a client, we will
monitor the portfolio's performance on an ongoing and continuous basis, unless
otherwise agreed, and will adjust and reallocate as necessary due to changes in
market conditions and the client's circumstances as communicated to us. For our
discretionary asset management services, the Company will receive a limited power
of attorney to effect securities transactions on behalf of a client. Pursuant to an
agreement with a client, we may agree to limitations on our discretionary
authority. Such limitations would not, however, be typical.
We explore different types of investment options and strategies in the design of a
client's customized investment portfolio. Our investment recommendations are not
limited by any specific product or service offered by a broker-dealer or custodian.
These recommendations will generally include, but not necessarily be limited to,
security types from the following list:
▪ Mutual fund shares
▪ Exchange traded fund shares
▪ Public securities
▪ Separately managed accounts
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▪ Money market funds and other cash instruments
▪ Debt securities
Each type of security has its own unique set of risks associated with it, and it would
not be possible to list here all the specific risks of every type of investment. Even
within the same type of investment, risks can vary widely. However, in very
general terms, the higher the anticipated return of an investment, the higher the
risk of loss associated with it. Because some types of investments involve certain
additional degrees of risk, they will only
be recommended and implemented when
consistent with the client's investment portfolio. Although we may discuss private
equity securities with a client and review private placement memorandums at the
client's request, we will not make specific recommendations as to whether a client
should buy, sell or hold private equity securities.
Clients have the right to provide the firm with any reasonable investment
restrictions that should be imposed on the management of their portfolio (must be
in writing and sent to the firm), and should promptly notify the firm in writing of
any changes in such restrictions or in the client's personal financial circumstances,
investment objectives, goals and tolerance for risk. The Company will remind
clients of their obligation to inform the firm of any such changes or any
restrictions that should be imposed on the management of the client’s account. The
Company will also contact clients at least annually to determine whether there have
been any changes in a client's personal financial circumstances, investment
objectives and tolerance for risk.
Third-Party Money Managers
As part of our investment advisory services, we may recommend a third-party
money manager to manage a portion of the client's investment portfolio. Factors
we take into consideration when making our recommendation include, but are not
limited to, the money manager's performance, investment strategies, methods or
analysis, advisory fees and other fees, assets under management, and the client's
financial objectives and risk tolerance. We would generally retain authority to hire/
fire the third-party money manager, and we regularly monitor the performance of
the money manager to ensure its management and investment style remain
aligned with the client's objectives and risk tolerance. The Company continuously
manages any third-party money manager relationship and continuously monitors
the client's account(s) for performance metrics and adherence to the client's IPS.
Each third-party money manager maintains a separate disclosure document that
will be provided directly to the client from the third-party money manager. The
client should carefully review the third-party money manager's disclosure document
for information regarding fees, risks and investment strategies, and conflicts of
interest. The third-party money manager will charge fees to the client, which fees
will be in addition to the fees charged by the Company.
C. Client-Tailored Services and Client-Imposed Restrictions
Each client’s account will be managed on the basis of the client’s financial situation
and investment objectives and in accordance with any reasonable restrictions
imposed by the client on the management of the account—for example, restricting
the type or amount of security to be purchased in the portfolio.
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D. Wrap Fee Programs
The Company does not participate in wrap fee programs, where brokerage
commissions and transaction costs are included in the asset-based fee charged
to the client.
E. Client Assets Under Management
As of August 20, 2023, the firm does not have any assets under management.