Wills Financial Group (WFG) is a SEC-registered investment advisor established in 1989 under the
Investors Advisors Act of 1940. The business was incorporated in 1999 with Janet Wills as the
principal owner.
Investment Advisory Services
WFG provides customized portfolio management for individuals, families, retirement plans, trusts,
estates and foundations. Our investment advice is tailored to meet the unique needs and investment
objectives of each client. To the extent specifically requested by a client, financial planning and
related consulting services may also be provided.
Subject to any written guidelines or restrictions, which the client may provide, the firm is granted
discretion and authority to manage and make trades in each client’s account under a limited power of
attorney signed at the onset of the relationship.
Through the initial and regular on-going contact we gain an understanding of each client’s:
• Investment objectives
• Financial status
• Goals
• Time horizon
• Risk tolerance
• Liquidity needs
• General tax considerations and
• Investment restrictions
With this understanding, we determine an appropriate investment allocation. Typically this
investment allocation consists of individual equities, bonds, exchange traded funds and mutual
funds. Occasionally and where appropriate, we may present to qualified clients the option of
investing in private placement opportunities.
Financial Planning and Consulting Services (Standalone)
In limited instances, WFG may also provide financial planning and/or consulting services
(including investment and non-investment related matters, including estate planning, insurance
planning, etc.) on a stand-alone separate fee basis.
Before engaging WFG to provide stand-alone planning or consulting services, clients are required
to enter into a Financial Planning and Consulting Agreement with WFG setting forth the terms
and conditions of the engagement (including termination), describing the scope of the services to
be provided, and the portion of the fee that is due from the client before WFG commences
services. If requested by the client, WFG may recommend the services of other professionals for
implementation purposes. The client is under no obligation to engage the services of any such
recommended professional. The client retains absolute discretion over all such implementation
decisions and is free to accept or reject any recommendation from WFG.
Wrap Fee Programs: WFG does not offer a wrap fee program.
Client Assets: As of December 31, 2023, WFG manages $333,295,200 on a discretionary basis,
which represents all assets we manage.
Miscellaneous:
Limitations of Financial Planning and Non-Investment Consulting/Implementation Services. To
the extent specifically requested by the client, WFG may provide financial planning and related
consulting services regarding non-investment related matters, such as estate planning, tax planning,
insurance, etc. WFG does not serve as an attorney, accountant or insurance agent, and no portion
of our services should be construed as legal, accounting or insurance services. Accordingly, WFG
does not prepare estate planning documents or tax returns, not does it sell insurance products. To
the extent requested by a client, we may recommend the services of other professionals for certain
non-investment implementation purpose. The client is under no obligation to engage the services
of any such recommended professional. The client retains absolute discretion over all such
implementation decisions and is free to accept or reject any recommendation from WFG and/or
its representatives.
If the client engages any professional (i.e., attorney, accountant, insurance agent, etc.),
recommended or otherwise, and a dispute arises thereafter relative to such engagement, the client
agrees to seek recourse exclusively from the engaged professional. At all times, the engaged
licensed professional(s), and not WFG, shall be responsible for the quality and competency of the
services provided.
Retirement Rollovers-Potential for Conflict of Interest. A client or prospective client leaving an
employer typically has four options regarding an existing retirement plan (and may engage in a
combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii)
roll over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii)
roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the account value (which
could, depending upon the client’s age, result in adverse tax consequences). If WFG recommends
that a client roll over their retirement plan assets into an account to be managed by WFG, such a
recommendation creates a conflict of interest if WFG will earn new (or increase its current)
compensation as a result of the rollover. If WFG provides a recommendation as to whether a client
should engage in a rollover or not (whether it is from an employer’s plan or an existing IRA), WFG
is acting as a fiduciary 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.
No client is under any obligation to roll over retirement plan assets to an account managed by
WFG, whether it is from an employer’s plan or an existing IRA.
Use of Mutual and Exchange Traded Funds. Most mutual and exchange funds are available directly
to the public. Thus, a prospective client can obtain many of the mutual and exchange traded funds
that may utilized by WFG independent of engaging WFG as an investment advisor. However, if a
prospective client determines to do so, he/she will not receive WFG’s initial and ongoing
investment advisory services.
Socially Responsible Investing Limitations. Socially Responsible Investing involves the
incorporation of Environmental, Social and Governance (“ESG”) considerations into the
investment due diligence process. ESG investing incorporates a set of criteria/factors used in
evaluating potential investments: Environmental (i.e., considers how a company safeguards the
environment); Social (i.e., the manner in which a company manages relationships with its employees,
customers, and the communities in which it operates); and Governance (i.e., company management
considerations). The number of companies that meet an acceptable ESG mandate can be limited
when compared to those that do not and could underperform broad market indices. Investors must
accept these limitations, including potential for underperformance. Correspondingly, the number of
ESG mutual funds and exchange-traded funds are limited when compared to those that do not
maintain such a mandate. As with any type of investment (including any investment and/or
investment strategies recommended and/or undertaken by WFG), there can be no assurance that
investment in ESG securities or funds will be profitable or prove successful. WFG does not
maintain or advocate an ESG investment strategy but will seek to employ
ESG if directed by a
client to do so. If implemented, WFG shall rely upon the assessments undertaken by the unaffiliated
mutual fund, exchange traded fund or separate account portfolio manager to determine that the
fund’s or portfolio’s underlying company securities meet a socially responsible mandate.
Cash Positions. WFG continues to treat cash as an asset class. As such, unless determined to the
contrary by WFG, all cash positions (money markets, etc.) shall continue to be included as part of
assets under management for purposes of calculating WFG advisory fee. At any specific point in
time, depending upon perceived or anticipated market conditions/events (there being no guarantee
that such anticipated market conditions/events will occur), WFG may maintain cash positions for
defensive purposes. In addition, while assets are maintained in cash, such amounts could miss
market advances. Depending upon current yields, at any point in time, WFG advisory fee could
exceed the interest paid by the client’s money market fund.
Cash Sweep Accounts. Certain account custodians can require that cash proceeds from account
transactions or new deposits, be swept to and/or initially maintained in a specific custodian
designated sweep account. The yield on the sweep account will generally be lower than
those available for other money market accounts. When this occurs, to help mitigate the
corresponding yield dispersion WFG shall (usually within 30 days thereafter) generally (with
exceptions) purchase a higher yielding money market fund (or other type security) available on the
custodian’s platform, unless WFG reasonably anticipates that it will utilize the cash proceeds during
the subsequent 30-day period to purchase additional investments for the client’s account.
Exceptions and/or modifications can and will occur with respect to all or a portion of the cash
balances for various reasons, including, but not limited to the amount of dispersion between the
sweep account and a money market fund, the size of the cash balance, an indication from the client
of an imminent need for such cash, or the client has a demonstrated history of writing checks from
the account.
The above does not apply to the cash component maintained within a WFG actively managed
investment strategy (the cash balances for which shall generally remain in the custodian designated
cash sweep account), an indication from the client of a need for access to such cash, assets allocated
to an unaffiliated investment manager and cash balances maintained for fee billing purposes. The
client shall remain exclusively responsible for yield dispersion/cash balance decisions and
corresponding transactions for cash balances maintained in any WFG unmanaged accounts.
ByAllAccounts. In conjunction with the services provided by ByAllAccounts, Inc, WFG may also
provide periodic comprehensive reporting services, which can incorporate all of the client’s
investment assets including those investment assets that are not part of the assets managed by WFG
(the “Excluded Assets”). WFG’s service relative to the Excluded Assets is limited to reporting
services only, which does not include investment implementation. Because WFG does not have
trading authority for the Excluded Assets, to the extent applicable to the nature of the Excluded
Assets (assets over which the client maintains trading authority vs. trading authority designated to
another investment professional), the client (and/or the other investment professional), and not
WFG, shall be exclusively responsible for directly implementing any recommendations relative to
the Excluded Assets. The client and/or their other advisors that maintain trading authority, and not
WFG, shall be exclusively responsible for the investment performance of the Excluded Assets.
Without limiting the above, WFG shall not be responsible for any implementation error (timing,
trading, etc.) relative to the Excluded Assets. In the event the client desires that WFG provide
investment management services with respect to the Excluded Assets, the client may engage WFG
to do so pursuant to the terms and conditions of the Investment Advisory Agreement between
WFG and the client.
Portfolio Activity. WFG has a fiduciary duty to provide services consistent with the client’s best
interest. As part of its investment advisory services, WFG will review client portfolios on an
ongoing basis to determine if any changes are necessary based upon various factors, including, but
not limited to, investment performance, fund manager tenure, style drift, and/or a change in the
client’s investment objective. Based upon these factors, there may be extended periods of time when
WFG determines that changes to a client’s portfolio are neither necessary nor prudent. Clients
nonetheless remain subject to the fees described in Item 5 below during periods of account
inactivity. Of course, as indicated below, there can be no assurance that investment decisions made
by WFG will be profitable or equal any specific performance level(s).
Investment Risk. Different types of investments involve varying degrees of risk, and it should not
be assumed that future performance of any specific investment or investment strategy (including the
investments and/or investment strategies recommended or undertaken by WFG) will be profitable
or equal any specific performance level(s).
Cybersecurity Risk. The information technology systems and networks that WFG and its third-party
service providers use to provide services to WFG’s clients employ various controls, which are
designed to prevent cybersecurity incidents stemming from intentional or unintentional actions that
could cause significant interruptions in WFG’s operations and result in the unauthorized acquisition
or use of clients’ confidential or non-public personal information. Clients and WFG are nonetheless
subject to the risk of cybersecurity incidents that could ultimately cause them to incur losses,
including for example: financial losses, cost and reputational damage to respond to regulatory
obligations, other costs associated with corrective measures, and loss from damage or interruption
to systems. Although WFG has established procedures to reduce the risk of cybersecurity incidents,
there is no guarantee that these efforts will always be successful, especially considering that WFG
does not directly control the cybersecurity measures and policies employed by third-party service
providers. Clients could incur similar adverse consequences resulting from cybersecurity incidents
that more directly affect issuers of securities in which those clients invest, broker-dealers, qualified
custodians, governmental and other regulatory authorities, exchange and other financial market
operators, or other financial institutions.
Disclosure Statement. A copy of WFG’s written disclosure statement and Client Relationship
Summary as set forth on Part 2 of Form ADV and Form CRS respectively, shall be provided to
each client before, or contemporaneously with, the execution of the Investment Advisory
Agreement and/or Financial Planning Agreement.