US Asset Management, LLC (“US ASSET”) currently operates as an institutional and high net
worth asset manager on a discretionary basis, based upon the client’s stated needs and
objectives. Most, if not all, accounts are currently managed on a discretionary basis.
Investment decisions at US ASSET are discussed among US ASSET’s Investment Committee
(“the Investment Committee’), which reviews all clients’ accounts. For purposes of this
supplement, “US ASSET” includes the decisions of its investment committee.
US ASSET gathers data about its clients to determine a particular client’s needs, investment
objectives, risk tolerance, and tax status. This process typically requires several meetings.
Recommendations resulting from this review can include stocks, bonds, mutual funds, and
other securities. The client and US ASSET review the recommendations and decide on their
implementation.
All accounts are subject to regular and ongoing review to ensure conformity with client
objectives and investment guidelines. Accounts are reviewed in light of emerging trends and
developments, market volatility, changes in the client's investment objectives and/or financial
situation.
The scope and nature of our services, as well as our fees, are detailed in writing with each of
our clients in an investment advisory agreement.
I. Investment Advisory Services:
Our investment advisory services include, but are not limited to, the following:
• Understanding a client’s objectives and risk tolerance
• Creating asset allocations
• Conducting manager research
• Recommending securities (e.g., mutual funds, etc.) or separate account
managers
• Developing an investment policy statement
• Implementing the investment strategy
• Periodically monitoring the portfolio
• Reporting to the client
Most of our investment advisory services are discretionary. This means that we
implement and/or will make necessary changes to a client’s investment portfolio in
accordance with the client’s written investment policy statement or similar directive
without the client’s consent. All suggested changes are approved by the Investment
Committee; however, it is generally the practice at US ASSET to disclose any proposed
changes in the account that would be material in nature. This would mean, for
example,
changing a manager for another. A client is always welcome to discuss these
material changes prior to implementation. We endeavor to explain any material
changes so that the client understands the reasoning and ensure that we maintain an
active role in identifying any changes in their portfolio’s needs and objectives.
Management of non-discretionary funds means that those accounts would require the
approval of the client before US ASSET is permitted to implement and/or execute any
activity for their respective accounts.
Each client’s portfolio strategy is designed to meet the client’s goals and objectives. As
a result, an investment policy statement or other directive regarding investment in
specific strategies is created for each client. These written documents outline the
client’s objectives, risk tolerances, liquidity needs, tax situation, asset allocation, and
service expectations, among other factors.
In some situations, clients could have these documents prepared by a third party. In
other instances, US ASSET assists clients in preparing its investment policy statement.
II. Business Services:
From time-to-time, we may be asked to provide advice to public pension funds, public
and private institutional accounts, corporate and government retirement plans and
high net worth individuals. Additionally, we have provided services to Taft-Hartley
plans and private businesses, or trust entities including, but not limited to, the
following:
• Review of trust companies, investment managers and custodians in connection
with the operation of an Employee Retirement Benefit Plans (e.g., 401(k) plan).
• Review of service providers for other types of plans (e.g., Employee Stock
Option/Purchase Plans).
• Review of general cash management services.
The scope of our services for clients is not limited to the those mentioned above but
will depend on the services sought by a particular client and set forth in a separate
mutually acceptable written agreement tailored to meet that client’s situation and
needs. The client will ultimately determine whether to engage any other professional
we recommend and at all times has absolute discretion to accept or not accept any of
our recommendations. Furthermore, a client will be directly responsible for paying all
professionals’ fees if a recommended professional is engaged.