Firm Description
Lodestar Private Asset Management LLC, (“Lodestar” or “Advisor”) was formerly known as
Retirement Benefits Planning, LLC, which was founded in 1980. In 2006, the Firm adopted its
current name.
Lodestar provides personalized confidential financial planning and investment management to
individuals, trusts, estates, charitable organizations and small businesses. Lodestar also provides
investment management and consulting to pension and profit-sharing plans.
Financial and investment advice may include a wide range of services, including:
• obtaining background information about a client, including a client’s goals, risk tolerance,
and cash flow needs
• building and maintaining a set of computer models depicting client’s financial situation and
plan
• reviewing client's portfolio and making recommendations for buying, selling or holding assets
• regularly reviewing client’s asset allocation and making adjustments by trading securities on a
discretionary basis
• voting proxies for securities in client’s accounts (except accounts governed by ERISA)
• being authorized to aggregate securities trades for a group of clients and then allocating
those trades
• When appropriate, utilizing sub-advisors as portfolio managers who manage separate “sub-
accounts” for clients
Lodestar is a fee-only financial planning and investment management firm. The Firm does not sell
for commissions annuities, stocks, bonds, mutual funds, limited partnerships, or other commissioned
products. The Firm is not affiliated with entities that sell financial products or securities. No
commissions are accepted by the Firm. No finder’s fees are accepted.
Lodestar does not act as a custodian of client assets. The client always retains full title to his or her
assets and maintains control of the investment accounts. Lodestar does not withdraw funds from
client accounts without specific written permission. Trades are placed for clients under a limited
power of attorney. Securities transactions are executed without obtaining client approval
beforehand. This allows more timely and cost-effective purchases and sales of client securities.
Lodestar provides investment guidance, but does not maintain investment discretion for
institutional 401(k) plans.
Other professionals (e.g., lawyers, accountants, insurance agents, etc.) are engaged directly by
the client on an as-needed basis. Conflicts of interest will be disclosed to the client in the unlikely
event they should occur.
The initial meeting, which may be by telephone, is free of charge and is considered an exploratory
interview to determine the extent to which financial planning and investment management may
be beneficial to the client.
Assets Under Management
As of December 31, 2023, Lodestar managed approximately $979,734,948 in assets for
approximately 498 clients in about 1,686 accounts. Approximately $967,920,835 is managed on a
discretionary basis, and $11,814,113 involves investment supervisory services on a non-
discretionary basis.
Principal Owners
Kevin Gray, Anthony Jurado and Joseph Harrison are the principal beneficial equity owners of
Lodestar.
Fiduciary Status
Lodestar is a fiduciary under applicable federal regulations and as a fiduciary, the Firm is
obligated to provide services and advice that are in the best interest of each client and to at all
times place the best interests of each client ahead of the Firm’s own interests. For its pension
and retirement plan clients, Lodestar affirms that it acts as a fiduciary as that term is defined by
the Employee Retirement Investment Security Act (“ERISA”).
Types of Advisory Services
Lodestar provides investment supervisory services, also known as asset management services, and
furnishes investment advice through consultations. Lodestar also furnishes advice to clients on
matters not involving securities, such as financial planning matters covering cash flows, risk
tolerance, and various insurance issues. In addition, Lodestar helps clients with taxation issues and
trust services that often include estate planning; however, Lodestar does not provide legal advice.
Lodestar may be separately engaged to provide tax preparation and filing services in limited
circumstances pursuant to a separate written engagement letter.
Tailored Relationships
The goals and objectives
for each client are documented in a combination of the Advisor’s client
relationship management system and financial planning software. Clients may impose restrictions
on investing in certain securities or types of securities.
Our advisory agreements may not be assigned without client consent.
Types of Agreements
Lodestar provides Investment Management and Financial Planning services.
Investment Management Services
Lodestar provides financial advice and investment services for individuals and related trusts and
custodial accounts. Lodestar operates through its Investment Advisor Representatives, who are
Principals or employees of the Firm. The Investment Advisor Representative personally meets with
each client and determines and evaluates his or her financial circumstances and investment
objectives.
The Advisor creates an investment management program tailored to the client’s needs. The
program is usually implemented on a discretionary basis and may include investments in equities,
bonds, cash-equivalents, separate account managers, options, and other instruments, (including
pooled investment vehicles such as mutual funds that use a broad range of securities including
futures, options and derivatives) and alternative investments (such as structured notes, interval
funds, private funds and limited partnerships, among others). As part of the service, Lodestar
monitors performance and the investment markets, and reallocates clients’ assets among
investments so as to meet client's long-term objectives.
Quarterly reports are generated and delivered to clients electronically or through the U.S. mail.
Lodestar, through its Investment Advisor Representatives, meets with clients regularly or on an
exception basis at client's request.
Asset Management Using Separate Account Money Managers
As an independent registered advisory firm, Lodestar offers a managed account program under
which Lodestar can select and monitor institutional money managers that are recommended to
clients when appropriate. Lodestar identifies various categories of separate account money
manager (“SAM”) programs that are believed compatible with the client's investment objectives,
risk tolerance, and other criteria. Lodestar coordinates the implementation of the portfolio,
monitors the portfolio for performance, attempts to ensure compliance with the investment
guidelines, and assesses material changes relating to the money manager. In most cases, Lodestar
reserves the authority to hire or fire SAM managers on behalf of the client. The SAM money
managers recommended to clients have full investment discretion and trading authority, and
have sole responsibility for the implementation of their portion of the investment program.
Lodestar recommends a SAM program sponsored by and offered through Charles Schwab & Co.,
Inc.’s Managed Account Select (MAS) program and the Managed Account Marketplace (MAM)
program. Clients pay a single asset-based fee to Schwab for MAS, instead of commissions, to
participate in the program, while clients pay commissions for MAM. These commissions are in
addition to their investment advisory fee to Lodestar.
Financial Planning Services
Lodestar provides a wide array of general personal financial planning services in addition to
investment advisory services. Services available through Lodestar include, but are not limited to,
retirement planning, cash-flow analysis, estate planning, professional portfolio review, charitable
gift planning, college funding, stock option planning, insurance analysis, debt management, and
employer benefits review.
Lodestar collects pertinent data from the client through personal interviews and written
questionnaires. An interactive computer model is usually created and reviewed with the client. In
some cases, a written summary is provided to the client highlighting specific recommendations.
In most cases, these financial planning services are conducted as part of the investment advisory
engagement. However, from time to time, Lodestar may decide to provide solely financial
planning or financial consultation services apart from money management and in these cases,
the client must retain the Firm through a separate written financial planning or financial
consultation agreement.
The financial plan is normally completed within six months — often sooner — of the date of the
agreement.