Schneider Downs Wealth Management Advisors, LP (“SD Wealth Management”) was established in
2000 and became a Registered Investment Advisor with the U.S. Securities & Exchange Commission
in October 2003. The principal owner is Schneider Downs Financial Advisors LP (“SDFA”), which
represents the interests of the shareholders of Schneider Downs & Company, Inc. (“SDCO”). The
General Partner is Schneider Downs Advisors II, LLC. Nancy Skeans is the Chief Compliance Officer
of SD Wealth Management. Along with Nancy Skeans, Derek Eichelberger (Chief Executive Officer),
Jason Lumpkin, Jason Staley, David Brinkman, and Michael Bucci are limited partners that work
directly in the practice. The practice has two groups servicing our clients; SDWMA Personal
Financial Services and SDWMA Retirement Solutions.
SDWMA Personal Financial Services offers fee-based investment management services, including
financial planning services. SDWMA Retirement Solutions offers (1) Discretionary Investment
Management Services, (2) Nondiscretionary Investment Advisory Services and/or (3) Retirement
Plan Consulting Services to employer-sponsored retirement plans and their participants.
You may opt to engage SD Wealth Management for any or all of the services offered. Fees are based
upon the nature of the services to be provided and are not derived from any investment product or
manager. Fees are described in further detail in Item 5: Fees and Compensation.
The assets under management for all services as of December 31, 2023 are:
Discretionary $1,729,324,274
Non Discretionary $885,458,826
Total $2,614,783,100
For discretionary accounts, SD Wealth Management will work with you to set the overall direction
and goals for the account. SD Wealth Management will then implement your strategy and purchase
the individual investments or appropriate model. SD Wealth Management will also have authority
to decide when to buy and sell securities within your account, without obtaining your pre-trade
approval.
For accounts in which SD Wealth Management does not have discretion, we will not have the ability
to buy or sell securities for your account without your prior approval. In this situation, you may
suffer or benefit from the trading restriction. For example, if SD Wealth Management liquidates ABC
mutual fund and cannot reach you to obtain approval for a week, the price of the security to be
liquidated may have fluctuated during this time.
SD Wealth Management also has client relationships in which we monitor and report on portfolios,
offer professional advice, and/or make investment recommendations on accounts for which we do
not have discretion. Any recommended purchases or sales will be communicated to you, and you
will be responsible for executing the respective trades should you decide to implement them.
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Services Overview:
Service *
Account
Minimum *
Description *
SDWMA Personal Financial Services
A. Investment Management $1,000,000 Intended to assist high net worth individuals or entities with the
management of their investment portfolios. Generally includes
portfolio construction, trade execution, monitoring, rebalancing,
risk tolerance review, and account maintenance / support.
B. Financial Planning $1,000,000 Various financial analyses performed specific to the client’s
needs. This may include retirement, cash flow, major goal
funding and insurance analysis / projections. This service is
provided to high-net-worth investment management clients
upon request and is also offered at the discretion of
management to non-investment management clients.
C. Voyage Program $250,000 Intended to assist individual clients who do not meet the
$1,000,000 investment minimum but are in an asset
accumulation mode. This service provides investment and
planning services to assist individuals to grow their financial
knowledge and actively save for retirement or other future cash
needs.
SDWMA Retirement Solutions
A. Investment Fiduciary and
Retirement Plan Consulting
Services
No Minimum Investment Fiduciary Services are designed to allow the plan
fiduciary to delegate some or all of the responsibility for
managing, acquiring and disposing of Plan assets that meet the
requirements of the Employee Retirement Income Security Act
of 1974 (“ERISA”). We will perform these services to the Plan as
a fiduciary defined under ERISA Section 3(38) or 3(21).
Retirement Plan Consulting Services are designed to allow our
IARs to assist the Sponsor in meeting his/her fiduciary duties to
administer the plan in the best interests of plan participants and
their beneficiaries.
B. SD Advantage IRA Platform $50,000 Intended for individual clients with a qualified account, such as
an IRA or Roth IRA. We will assist individuals in choosing one of
six asset allocation models or a cash option. Models are
monitored, rebalanced and when appropriate changes are made.
* Please see the appropriate service within this section for more complete details.
SDWMA Personal Financial Services:
A. Investment Management - SDWMA Personal Financial Services include the management of
investment portfolios on a discretionary basis for high-net-worth individuals, companies, trustees,
endowments, profit-sharing plans and defined benefit pension plans. A minimum dollar value of
$1,000,000 in investable assets has been implemented as a condition for managing client accounts.
This minimum can be waived at the sole discretion of SDWMA Personal Financial Services’
management.
Assets are maintained at custodial firms not affiliated with SDWMA Personal Financial Services.
For investment management accounts that SDWMA Personal Financial Services has trading
authority on, client assets are primarily held at Charles Schwab & Co., Inc. or Fidelity
Investments. Further details regarding these custodians can be found in Item 12: Brokerage
Practices. You may select other custodians for accounts in which SDWMA Personal Financial
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Services monitors a portion of, or your entire portfolio. SDWMA Personal Financial Services may
not have the ability to trade in these accounts.
You will sign an Investment Management Agreement which describes the engagement and the
services to be provided.
Investment Management services typically includes:
• Manager Research and Selection
• Risk Tolerance Review
• Individualized Portfolio Construction
• Quarterly Performance Reporting
• Trade Executions
• Rebalancing
• Assistance with Cashiering Services and Account Maintenance
• Income Tax Planning Support
o Tax Loss Harvesting
o Charitable Gift Planning with Appreciated Securities
o Calculating Required Minimum Distributions
o Tax Impact Analysis
o Use of Taxable vs Tax-Free Investments
• Additional Services as Stated in the Agreement
The first step in the investment management process is for SDWMA Personal Financial Services to
gather data about you to determine your needs, investment objectives, risk tolerance and tax
status. This may require more than one meeting. SDWMA Personal Financial Services will then
prepare a proposed allocation along with any additional recommendations. The portfolio
recommendations may involve asset allocation strategies including the sale of positions currently
held by you and the acquisition of individual bonds, mutual funds, and / or exchange traded funds.
Individual bonds will be purchased via Schwab, Fidelity or another third-party broker. Also, when
suitable, the use of a separate account manager (“SAM”) or limited partnership interests may also
be incorporated. SAMs chosen are unaffiliated independent registered investment advisors that
may manage a portion of your account. Clients may impose reasonable restrictions on investing in
certain securities or types of securities.
SDWMA Personal Financial Services does not purchase individual equity securities for your account
unless directed to do so by you. SDWMA Personal Financial Services will, from time to time, use
SAMs to invest in individual equity positions, based on that SAM’s specific style and investment
objective, i.e. large cap growth, large cap value, international. The use of a SAM is based upon the
aggregate size of the portfolio. SAMs are generally not used in portfolios that are less than $2
million. SDWMA Personal Financial Services will monitor the SAM, including but not limited to,
performance reviews. SDWMA Personal Financial Services will determine when a manager will be
added or removed from an account. Additional information regarding the unaffiliated SAM is
available from the SAM’s ADV Part 2A. Fees charged by the SAM are separate from those charged by
SDWMA Personal Financial Services. Please refer to Item 5: Fees and Compensation for more
details.
Accounts managed by SDWMA Personal Financial Services are subject to regular review to assure
conformity with your objectives and investment guidelines. Annual or more frequent meetings are
offered by SD Wealth Management to review market conditions, portfolio performance, portfolio
allocation and recommend changes to the portfolio. SDWMA will also review the client’s projected
cash flow needs for the coming twelve months to ensure sufficient liquidity.
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B. Financial Planning Services - SDWMA Personal Financial Services offers financial planning
services to its investment management clients upon request for such advice. Generally, there is no
additional cost for these services for our investment management clients unless the scope of the
requested service is considered by management as excessive or your total household assets are
below our stated investment management account minimum. If such determination is made, you
will be informed of the proposed fee prior to any work being accomplished and can decide to move
forward or change the scope of the project.
SDWMA Personal Financial Services, at the discretion of management, may on occasion offer
standalone planning to non-investment management clients. The Agreement between you and
SDWMA Personal Financial Services will specify the financial planning services to be provided and
the applicable fee to be charged for the services rendered. There are no
conditions, such as
minimum value of assets, in connection with the financial planning services. Fees are described in
further detail in Item 5: Fees and Compensation.
Financial planning services only apply to the financial planning process and not to any subsequent
execution or implementation of the recommendations, if any, that result from the planning process.
You are fully responsible for all decisions relating to any recommendations or any alternatives
presented and for implementation of the financial plan.
Financial Planning services typically include:
• Retirement Analysis / Projections
• Cash Flow Analysis / Projections
• College and Major Goal Funding Analysis / Projections
• Insurance Needs Analysis (Life or LTC) / Risk Analysis
• Stock Option Planning
• Estate Review
• Investment Related Tax Planning
As part of each project, you will furnish SDWMA Personal Financial Services with complete and up-
to- date information about your personal financial circumstances and investment objectives. It is
your responsibility to ensure that any material changes are disclosed on a timely basis. Once all
relevant information is collected, SDWMA Personal Financial Services will analyze the information
and produce a written or electronic report and recommended actions. You are responsible to
implement any recommended changes.
SDWMA Personal Financial Services is not authorized or qualified to give legal advice or prepare
legal documents, prepare or amend the filing of personal income, gift, or estate tax returns, or to
act as a trustee. You should consult your attorney, accountant and other personal advisers for
these services.
C. Voyage Program – The Voyage program provides investment management and financial
planning reviews and assistance to clients who maintain an account balance of $250,000 to
$1,000,000 and sign an investment advisory agreement specifying this program. The purpose of
the Voyage program is to assist individual clients who are accumulating assets for specific goals
such as retirement. This program is not intended for individuals who have entered retirement and
are in an asset distribution mode (spending savings to meet living or other retirement expenses).
Investment management services are provided on a discretionary basis only. Clients will be
provided assistance to determine an investment strategy consistent with their risk tolerance, cash
flow, savings goals and investment timeframe. For each account, clients must select one of the
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Voyage model investment portfolios that is designed by SDWMA using mainly exchange traded
funds (ETFs). These models are invested in diversified portfolios which provide equity exposure
from 20% up to 80%. Custom portfolios are not provided until such time that the client’s assets
under management (AUM) with SDWMA exceed $1,000,000.
The Voyage program will provide upon the request of the client financial planning assistance to
coach the client to build their financial planning and investment knowledge. Such assistance
includes, but may not be limited to, savings strategies, cash flow planning, retirement planning and
insurance and estate reviews.
SDWMA Retirement Solutions:
A. Investment Fiduciary Services - SDWMA Retirement Solutions offers fee based qualified
retirement plan services that provide non-discretionary and discretionary Investment Fiduciary
Services to Sponsors and Trustees of qualified retirement plans. SDWMA Retirement Solutions will
assist you in establishing a menu of mutual funds and / or models to offer to participating
employees of the qualified retirement plan. Employees will self-direct the investments of their
accounts within the plan.
As an ERISA 3(21) Investment Advisor, services are designed to allow the Sponsor to retain full
discretionary authority or control over assets of the Plan. We will solely be making
recommendations to the Sponsor. SDWMA Retirement Solutions will recommend investments to
the plan sponsor, monitor the plan’s investments, suggest replacements as appropriate, develop
and monitor risk-based models comprised solely from the plan’s investment menu, provide
investment advice with respect to the selection of a Qualified Default Investment Alternative
(“QDIA”), and provide participant education. SDWMA Retirement Solutions will provide guidance
to the plan sponsor in meeting its fiduciary responsibilities, including development of an
investment policy statement. The Sponsor retains decision making authority and may accept or
reject any recommendations.
As an ERISA 3(38) Investment Manager, services are designed to allow the plan fiduciary to delegate
responsibility for managing, acquiring and disposing of Plan assets that meet the requirements of the
Employee Retirement Income Security Act of 1974 (“ERISA”). If appointed as an ERISA 3(38) Investment
Manager, SDWMA Retirement Solutions would have full discretionary authority to select, monitor, and
remove the investment options offered in a qualified retirement plan.
In either case, whether we are engaged as a 3(21) Investment Advisor or 3(38) Investment Manager, we
will perform investment services through our investment advisor representatives (“IARs”), and will
charge a fee for services rendered, as described in this Form ADV and the Agreement.
SDWMA Retirement Solutions may also provide Retirement Plan Consulting services that are designed to
allow our IARs to assist the Sponsor in meeting his/her fiduciary duties to administer the plan in the best
interests of plan participants and their beneficiaries.
SD Wealth Management does not custody plan assets as non-affiliated firms provide custodial
services to the accounts. Some clients may engage SDAdvantage Retirement Solutions, LP, an
affiliated firm to SD Wealth Management, as the plan’s third-party administrator and/or
recordkeeper. In this instance, shareholders common to both entities may indirectly derive a
benefit from the third party administrative and recordkeeping services provided. Please see Item
5: Fees and Compensation for more details.
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Prior to providing advisory services to an account, or to offering any recommendations,
SDWMA Retirement Solutions gathers data about the company and/or plan sponsor and
the employee/participants of the qualified retirement plan to determine the needs,
investment objective and range of risk tolerance to be offered on the investment menu of
the plan. Recommendations resulting from this review will include a plan menu consisting
of various mutual funds and/or Collective Investment Trusts (CITs) over a broad spectrum
of asset classes.
Mutual fund and Collective Investment Trust (CIT) investments are subject to periodic review to
assure conformity with the plan’s objectives and investment guidelines. Periodically, or upon
reasonable request, but no less than annually, SDWMA Retirement Solutions will attempt to
schedule meetings with each plan sponsor or investment committee to review market conditions,
portfolio performance, portfolio allocation and recommend changes to the plan menu.
The Investment Advisory Agreement between SDWMA Retirement Solutions and the plan
sponsor will further outline the services provided.
B. SD Advantage IRA Platform - SDWMA Retirement Solutions provides investment advisory
services to assist individuals in establishing a qualified account, such as an IRA or a Roth IRA.
Please see Item 12: Brokerage Practices for more details. Non-affiliated firms provide custodial
services to the accounts.
Prior to providing advisory services to an account or to offering any recommendations, SDWMA
Retirement Solutions gathers data to determine your time horizon, investment objectives and
tolerance for risk. Recommendations resulting from this review involve asset allocation strategies
utilizing a menu of six asset allocation models or a cash option.
SDWMA Retirement Solutions does not purchase individual equity or fixed income securities for
these accounts. The asset allocation models are diversified models comprised of various investment
options. Investments on the SD Advantage IRA platform are subject to periodic review to assure
conformity with models’ objectives and investment guidelines. SDWMA Retirement Solutions will
have discretion on these models and will have the ability to add or remove specific funds utilized in
the models when necessary.
SD Advantage IRA Platform services typically include:
• Establishing the appropriate IRA account
• Assisting in transferring the assets
• Assisting in choosing an appropriate investment model
• Monitoring the performance and allocation of the investments in the asset allocation models
• Reviewing market conditions
• Providing telephone support
The services to be provided will be described in the Investment Management Agreement between
SDWMA Retirement Solutions and the client.
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. When we provide investment advice to you
regarding your retirement plan account or individual retirement account, we are fiduciaries within the
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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 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.