This section of the brochure tells you about our business, including ownership, and a description
of the services we offer.
Firm Description
Wellington Consulting Services, Inc. (“WCS”), a privately held Subchapter S Corporation, is an
investment adviser with primary offices in Virginia and was incorporated on April 8th, 1992.
WCS is registered with the Securities and Exchange Commission (“SEC”). Our firm provides
discretionary and non-discretionary money management services to individuals for their
personal investment accounts as well as for their company-sponsored retirement plan
accounts.
Principal Owners
The principal owners of Wellington Consulting Services, Inc. are Stephen Dix, Peter Jones, and
Stephen Lynch.
Types of Advisory Services
Investment Advice and Consulting
Our firm provides discretionary money management services to individuals for their personal
investment accounts as well as for their company-sponsored retirement plan accounts. In
providing our advisory services we utilize no-load mutual funds or electronically traded funds
(“ETF’s”) which fit well with our conservative long-term approach to investing. Our primary
focus is the management of IRA’s, 401(k)’s and other retirement-related accounts for
individuals. We also offer non-discretionary advice to individuals and retirement plan
participants.
ERISA Clients
WCS offers fiduciary services to company retirement plan sponsors. WCS acknowledges that we are a
fiduciary, and we discharge our duties for the exclusive benefit of plan participants. WCS discloses
information about the services we provide and the compensation we receive for such services in in this
ADV Part 2A. Notably, in conjunction with its advisory services for company-sponsored retirement plans,
WCS is typically acting in the capacity of an ERISA Section 3(38) “manager” (fiduciary).
Investment Management
Our firm provides discretionary money management services to individuals for their personal
investment accounts as well as for their company-sponsored retirement plan accounts. In
providing our advisory services, we utilize no-load mutual funds and/or ETF’s. One of our goals
is to minimize expenses, so consequently we often build portfolios with a concentration in
index funds. All accounts have the goal of maximizing risk-adjusted returns.
Our primary focus is the management of plan participant accounts within company-sponsored
401(k) plans. In doing so we utilize pooled mutual fund portfolios as well as managed or
participant directed separate accounts. We also offer non-discretionary advice to individuals
and retirement plan participants. Our discretionary advisory services are matched to specific
individuals’ needs by assisting them to determine which of our managed model portfolios best
aligns with their desired risk profile and timeframe to retirement (or expected drawdown of
the managed assets). This “Risk” vs. “Timeframe” matrix may be represented as follows:
Alternatively, the “Risk” vs. “Timeframe” matrix may be represented as follows:
Conservative Moderate Aggressive Aggressive
– Ultra Long-Term
Less than Five
Years Five to Ten Years Ten to Twenty Years More than Twenty Years
We work closely with two affiliated Third Party Administrators (“TPAs”) , Everington
Consulting, Inc. (“ECI”) and Wellington Retirement Solutions, Inc. (“WRS”) that provide
retirement plan recordkeeping services. It should be noted that the allocation of our managed
model portfolios may differ between each of the recordkeeping platforms based upon the
differences in funds that are available, due to the software requirements of the TPA, or for other
reasons. Such variation in managed portfolio composition also applies to individual accounts
where the allocations and fund choices of our managed model portfolios may differ
substantially.
WCS strives to keep clients apprised of its strategy and current market outlook. The firm fosters a
culture that focuses on maintaining transparency and openness for successful relationships and
stresses this approach as both a core company value and an expectation of all employees in their
dealings with clients and each other.
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 6 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.
Assets Under Management
WCS manages client assets on a discretionary and non-discretionary basis. As of December 31,
2023, WCS managed assets in the following categories:
Type Advisory Service Private Client Retirement Plans Total
Discretionary $188,464,682 $902,873,296
$1,091,337,978
Non-Discretionary $0 $88,480,629 $88,480,629
Total $188,464,653 $991,353,925 $1,179,818,607