West Chester Capital Advisors®, Inc. is a SEC-registered investment advisor with our
principal place of business located in Johnstown, PA. West Chester Capital Advisors®, Inc.
began conducting business in 1994. West Chester Capital Advisors®, Inc. is a wholly
owned subsidiary of AmeriServ Financial Bank®. AmeriServ Financial Bank® is a wholly
owned subsidiary of AmeriServ Financial®, Inc., a publicly held bank holding company.
West Chester Capital Advisors®, Inc. (“WCCA”) offers the following advisory services to our
clients:
INDIVIDUAL PORTFOLIO MANAGEMENT
Our Firm provides asset management of client funds based on the individual needs of the
client. Through personal discussions in which goals and objectives based on the client's
particular circumstances are established, we develop the client's personal investment policy.
We create and manage a portfolio based on that policy. During our data-gathering process,
we determine the client’s individual objectives, time horizons, risk tolerance, and liquidity
needs. As appropriate, we also review and discuss a client’s prior investment history, as
well as family composition and background.
We manage advisory accounts on a discretionary or non-discretionary basis. Account
supervision is guided by the client's stated objectives (i.e., maximum capital appreciation,
growth, income, or growth and income), as well as tax considerations. Clients have the
option to impose reasonable restrictions on investing in certain securities, types of
securities, or industry sectors.
Our investment recommendations are not limited to any specific product or service offered
by a broker-dealer or insurance company and will generally include advice regarding the
following securities:
Exchange-listed securities
Securities traded over-the-counter
Foreign issuers
Warrants
Corporate debt securities (other than commercial paper)
Certificates of deposit
Municipal securities
Exchange Traded Funds
Mutual fund shares
United States governmental securities
Interests in partnerships investing in oil and gas interests
Because some types of investments involve certain additional degrees of risk, they will only
be implemented when consistent with the client's stated investment objectives, tolerance for
risk, liquidity and suitability.
INVESTMENT MANAGEMENT & ADVISORY SERVICES
AmeriServ Trust and Financial Services Company® (“ATFSC”), an affiliate, provides
services which include trust and estate administration, agency, pension, profit-sharing,
401(k) and 403(b) plans as well as custom designed accounts and non-qualified plans for
special purposes. WCCA provides investment management services for all of ATFSC’s
discretionary investment assets and is compensated in accordance with the applicable
Investment Advisory Contract.
PATHROAD ACCOUNT® FAMILY OF FUNDS (COLLECTIVE TRUST FUNDS)
West Chester Capital Advisors®, Inc. provides investment advisory services under
agreement with ATFSC to the Pathroad Account® Family of Funds. The Pathroad Account®
Family of Funds are collective trust funds maintained by ATFSC, trustee of the Funds.
Collective trust funds are not registered under the Investment Company Act of 1940 and
investments can only be made through a qualified retirement plan.
IRA Rollover Recommendations
When we provide investment advice regarding
a 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
client interests, so we operate under a special rule that requires us to act in the best interest
of our clients and not put our interest ahead of theirs. 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 clients’ interests 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 the
best interest of our clients;
Charge no more than is reasonable for our services; and
Give basic information about conflicts of interest.
Investors considering rolling over assets from a qualified employer-sponsored retirement
plan (“Employer Plan”) to an Individual Retirement Account (“IRA”) should review and
consider the advantages and disadvantages of an IRA rollover from their Employer Plan. A
plan participant leaving an employer typically has four options (and may engage in a
combination of these options):
(1) Leave the money in the former employer’s plan, if permitted;
(2) Rollover the assets to a new employer’s plan (if available and rollovers are
permitted);
(3) Rollover Employer Plan assets to an IRA; or,
(4) Cash out the Employer Plan assets and pay the required taxes on the distribution.
At a minimum, investors should consider fees and expenses, investment options, services,
penalty-free withdrawals, protection from creditors and legal judgments, required minimum
distributions, and employer stock. WCCA encourages investors to discuss their options and
review the above listed considerations with an accountant, third-party administrator,
investment advisor to the Employer Plan (if available), or legal counsel, to the extent it is
considered necessary.
By recommending that an investor rollover Employer Plan assets to an IRA, WCCA and the
financial advisor earn fees based on the terms of the Investment Advisory Contract. In
contrast, leaving assets in an Employer Plan or rolling the assets to a plan sponsored by a
new employer likely results in little or no compensation to us. WCCA has an economic
incentive to encourage investors to rollover Employer Plan assets into an IRA managed by
us. Investors can face increased fees when they move retirement assets from an Employer
Plan to a Rollover IRA account. There will be costs associated with the investment
management of the IRA rollover. In addition to the fees charged by WCCA, the underlying
investment (mutual fund, ETF, annuity, or other investment) charges a management fee.
Custodial and trading fees also apply. Investing in an IRA with WCCA can be more
expensive than an Employer Plan.
Additional resources about IRA Rollovers are available to investors through FINRA’s web
site at www.finra.org.
AMOUNT OF MANAGED ASSETS
As of December 31, 2023, West Chester Capital Advisors®, Inc. manages $1,115,288,536
of regulatory assets under management on a discretionary basis.