Description of Services and Fees
Burgess Chambers & Associates, Inc. (BCA) is a registered investment adviser based in Orlando,
Florida. The firm is organized as a corporation under the laws of the State of Florida and has been
providing investment consulting services since 1988. Burgess B. Chambers is the principal owner.
•Consulting Services
•Recommendation of Portfolio Managers (PM)
•Discretionary Portfolio Management
The following paragraphs describe our services and fees. Please refer to the description of each
investment consulting service listed below for information on how we tailor our consulting services to
your individual needs. As used in this brochure, the words "we", "our" and "us" refer to Burgess
Chambers & Associates, Inc. (BCA) 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 throughout this
brochure. As used in this brochure, our Associated Persons are our firm's officers, employees, and all
individuals providing investment advice on behalf of our firm.
Consulting Services
We specialize in institutional investment consulting. We focus on directing risk controlled investment
programs for operating funds, pension assets, endowments and foundations, and individuals. Initially,
we identify your return and risk objectives. The appropriate asset classes are then determined to
achieve those objectives. The optimal asset allocation is developed utilizing mean variance models.
We incorporate tactical and strategic asset allocation models to determine relative valuations of asset
classes and make recommendations accordingly. We then prepare an Investment Policy Statement in
conjunction with you and based on any limitations you set or that are required by law.
We utilize both third party and internal databases to search for suitable portfolio managers. We
complete subjective due diligence on each manager and each manager's performance is evaluated
and often back-tested against various combinations of other managers that represent the total mix of
asset classes. The optimal correlation and manager combination is then created to provide the highest
amount of return with the lowest amount of risk and the appropriate portfolio manager is recommended
to the client.
Client portfolios are monitored and evaluated each quarter. In addition, portfolios are reviewed
quarterly for compliance with the appropriate statutes. Each manager is held accountable to the
investment policy statement. Portfolio characteristics are measured on a quarterly basis, as well as
peer group rankings and style drift. Any significant changes in the management team or structure are
reported to the client.
You may terminate BCA's consultant agreement upon 30-days written notice to our firm. You will incur
a pro rata charge for services rendered prior to the termination of the agreement, which means you will
incur consulting fees only in proportion to the number of days in the quarter for which you are a client.
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Recommendation of Portfolio Managers
As part of our investment consulting services, we recommend that you use the services of Portfolio
Manager(s) ("PM") to manage your investment portfolio. Factors that we take into consideration when
making our recommendation(s) include, but are not limited to, the following: the PM's performance,
methods of analysis, fees, your financial needs, investment goals, risk tolerance, and investment
objectives. We will periodically monitor the PM's performance to ensure its management and
investment style remains aligned with your investment goals and objectives.
Typically, portfolio manager recommendations and portfolio manager searches are included in our fee.
However, in certain situations additional fees may be charged as agreed upon. We will not share in the
advisory fee you pay directly to the PM. Advisory fees that you pay to the PM are established and
payable in accordance with the Form ADV Part 2A or other equivalent disclosure documents provided
by each PM who you retain. These fees may or may not be negotiable. You should review the
recommended PM's brochure or prospectus for information on its fees and services.
You may be required to sign an agreement directly with the recommended PM(s). You may terminate
your advisory relationship with the PM according to the terms of your agreement with the PM. You
should review each PM's brochure or prospectus for specific information on how you may terminate
your advisory relationship with the PM and how you may receive a refund, if applicable. You should
contact the PM directly for questions regarding your advisory agreement.
Advisory Services to Retirement Plans
As disclosed above, we offer various levels of advisory and consulting services to employee benefit
plans ("Plan") and to the participants of such plans ("Participants"). The services are designed to assist
plan sponsors in meeting their management and fiduciary obligations to Participants under the
Employee Retirement Income Securities Act ("ERISA"). Pursuant to adopted regulations of the U.S.
Department of Labor under ERISA Section 408(b)(2), we are required to provide the Plan's responsible
plan fiduciary (the person who has the authority to engage us as an investment adviser to
the Plan) with a written statement of the services we provide to the Plan, the compensation we receive
for providing those services,
and our status (which is described below).
The services we provide to your Plan are described above, and in the service agreement that you have
previously signed with our firm. Our compensation for these services is described below, at Item 5, and
also in the service agreement. We may, with consent of the Plan, and in accordance with Plan
documents, bill out-of pocket expenses (such as overnight mailings, messenger, translation fees, etc.)
at cost. We do not reasonably expect to receive any other compensation, direct or indirect, for the
services we provide to the Plan or Participants. If we were to receive any other compensation for such
services, we would (i) offset the compensation against our stated fees, and (ii) promptly disclose the
amount of such compensation, the services rendered for such compensation and the payer of such
compensation to you.
In providing services to the Plan and Participants, our status is that of an investment adviser registered
under the Investment Advisers Act of 1940 and we are not subject to any disqualifications under
Section 411 of ERISA. In performing fiduciary services, we are acting either as a non-discretionary
fiduciary of the Plan as defined in Section 3(21) under ERISA, and/or as a discretionary fiduciary of the
plan as defined in Section 3(38) under ERISA.
Discretionary Portfolio Management
As an alternative to recommending you to third party Portfolio Managers, we offer discretionary
portfolio management services. Upon creating the investment policy statements, you may authorize us
to take discretion to manage your account. Discretionary authorization will allow us to determine the
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specific securities, and the amount of securities, to be purchased or sold for your account without your
approval prior to each transaction. Discretionary authority is typically granted by the investment
advisory agreement you sign with our firm and the appropriate trading authorization forms. You may
limit our discretionary authority (for example, limiting the types of securities that can be purchased or
sold for your account) by providing our firm with your restrictions and guidelines in writing which will be
incorporated into the investment policy statement.
Types of Investments
We offer advice on asset allocation which may include information on equity securities, corporate debt
securities, commercial paper, certificates of deposit, municipal securities, investment company
securities, US Government securities, real estate, convertibles and other asset classes that may be
appropriate in meeting client objectives.
IRA Rollover Recommendations
Effective December 20, 2021 (or such later date as the US Department of Labor ("DOL") Field
Assistance Bulletin 2018-02 ceases to be in effect), 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.
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.
Managed and Advised Assets
As of December 31, 2023, our approximate assets consisted of the following:
Approximate Assets as of 12/31/2023
Discretionary1$ 151,702,176
Assets Under Advisement2 $6,422,046,662
Total$6,573,748,838
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[1] This is equivalent to the regulatory assets under management disclosed in Item 5.F of Adviser's
Form ADV Part 1A. Please note that Burgess Chambers and Associates, Inc. has no non-
discretionary regulatory assets under management. All its non-discretionary assets are assets under
advisement as further explained below.
[2] Assets Under Advisement represent our Pension Consulting assets, for which we have neither
discretionary authority nor responsibility for arranging or effecting the purchase or sale of
recommendations provided to and accepted by the ultimate client. We simply provide
recommendations. Inclusion of these assets causes the amount of our total assets to differ from our
Regulatory Assets Under Management (disclosed in Item 5.F of Adviser's Form ADV Part 1A) due to
the specific calculation instructions for Regulatory Assets Under Management.