A. Firm Information
Riverstone Advisors, LLC (“Riverstone” or the “Advisor”) is a registered investment advisor with the U.S.
Securities and Exchange Commission (“SEC”). The Advisor is organized as a Limited Liability Company
(“LLC”) under the laws of the State of Texas. Riverstone was founded in February 2004 as the next step to
provide advising and investing services to clients that Leslie Lammers had been advising since 1993. Riverstone
is owned by Leslie J. Lammers (President). Ms. Lammers and John A. Hanson make all investment and business
decisions for Riverstone. This Disclosure Brochure provides information regarding the qualifications, business
practices, and the advisory services provided by Riverstone.
B. Advisory Services Offered
Riverstone offers investment advisory services to individuals, high net worth individuals, trusts, estates,
charitable organizations and business entities (each referred to as a “Client”).
The Advisor serves as a fiduciary to Clients, as defined under the applicable laws and regulations. As a
fiduciary, the Advisor upholds a duty of loyalty, fairness and good faith towards each Client and seeks to
mitigate potential conflicts of interest. Riverstone’s fiduciary commitment is further described in the Advisor’s
Code of Ethics. For more information regarding the Code of Ethics, please see Item 11 – Code of Ethics,
Participation or Interest in Client Transactions and Personal Trading.
Wealth Management Services
Riverstone provides customized wealth management solutions for its Clients. At the beginning of a new Client
relationship, Riverstone has multiple in-depth discussions with the Client about their goals, objectives, financial
situation and risk tolerance in order to develop a strategy for their specific portfolio. Riverstone will then
construct a portfolio made up of various securities, including, but not limited to, stocks, bonds, mutual funds,
and/or exchange-traded funds (“ETFs”). Riverstone may also utilize private placements and other types of
investments to meet the needs of the Clients. The Advisor may retain certain legacy investments based on
portfolio fit and/or tax considerations. Riverstone periodically checks in with its Clients to evaluate if their
financial situation has changed and may adjust the Client’s portfolio accordingly.
Riverstone will construct, implement and monitor the portfolio to ensure it meets the goals, objectives,
circumstances, and risk tolerance of the Client. Each Client will have the opportunity to place reasonable
restrictions on the types of investments to be held in their respective portfolio, subject to acceptance by the
Advisor. Riverstone’s investment strategy is primarily long-term focused, but the Advisor may buy, sell or re-
allocate positions that have been held less than one year to meet the objectives of the Client or due to market
conditions.
Riverstone evaluates and selects investments for inclusion in Client portfolios only after applying its internal due
diligence process. Riverstone may recommend, on occasion, changing investment allocations to diversify the
portfolio. Riverstone may recommend specific positions to increase sector or asset class weightings. The Advisor
may recommend employing cash positions as a possible hedge against market movement. Riverstone may
recommend selling positions for reasons that include, but are not limited to, harvesting capital gains or losses,
business or sector risk exposure to a specific security or class of securities, overvaluation or overweighting of the
position[s] in the portfolio, change in risk tolerance of the Client, generating cash to meet the Client needs, or any
risk deemed unacceptable for the Client’s risk tolerance.
All Client assets will be managed within the designated account[s] at the Custodian, pursuant to the terms of the
advisory agreement, please see Item 12 – Brokerage Practices.
For Clients who prefer that Riverstone provide investment management services but do not need a thorough
review of their existing financial profile, Riverstone provides investment management services as described
Page 5
above without the initial financial profile review. Clients may already have an understanding of their own
financial needs, goals and risk tolerance and are seeking to have Riverstone manage their assets, and may not
need substantial review and analysis of their financial profile before applying a portfolio strategy.
Family Office Services
In addition to the Wealth Management services listed above, Riverstone offers a Family Office Service to Clients
with investable assets of $20,000,000 and above. Riverstone’s Family Office model includes additional services
such as: complex multi-generation estate and wealth planning, family governance and education, business
liquidity planning, philanthropic planning and execution, bill pay services, private rental real estate services, tax
payment, and will analyze and introduce you to private investment opportunities.
Each family’s situation is
unique so the level of service that Riverstone delivers in this model is tailored to what would add the most value
to the client.
Investment Consulting Services
Riverstone also offers consulting services to Clients seeking advisory services outside of a traditional ongoing
management relationship. Clients in this category may consider engaging Riverstone for investment consulting
services, pursuant to a written investment consulting agreement. Services are offered in several areas of a
Client’s financial situation, depending on their goals, objectives and financial situation. Generally, such
consulting services will involve preparing a financial plan or rendering a financial consultation based on the
Client’s financial goals and objectives. This planning or consulting may encompass one or more areas of need,
including, but not limited to:
Insurance Planning Retirement Planning
Income Forecasting Risk Management
Trust and Estate Planning Charitable Giving
Investment Consulting Distribution Planning
Manager Due Diligence Tax Planning
These services may be provided on a stand-alone basis or incorporated into a comprehensive wealth
management engagement.
An investment consultation rendered to the Client will usually include general recommendations for a course of
activity or specific actions to be taken by the Client. For example, recommendations may be made that the Client
start or revise their investment programs, commence or alter retirement savings, establish education savings
and/or charitable giving programs. Riverstone may also refer Clients to an accountant, attorney or other
specialist, as appropriate for their unique situation. For certain investment consulting engagements, the Advisor
may or may not provide a written summary of the Client’s financial situation, observations, and
recommendations. Plans or consultations are typically completed within six (6) months of contract date,
assuming all information and documents requested are provided promptly.
Investment consulting recommendations pose a conflict between the interests of the Advisor and the interests of
the Client. For example, a recommendation to engage the Advisor for wealth management services or to increase
the level of investment assets with the Advisor would pose a conflict, as it would increase the advisory fees paid
to the Advisor. Clients are not obligated to implement any recommendations made by the Advisor or maintain
an ongoing relationship with the Advisor.
Retirement Accounts – When the Advisor provides investment advice to Clients regarding ERISA retirement
accounts or individual retirement accounts (“IRAs”), the Advisor is a fiduciary within the meaning of Title I of
the Employee Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code (“IRC”), as
applicable, which are laws governing retirement accounts. When deemed to be in the Client’s best interest, the
Advisor will provide investment advice to a Client regarding a distribution from an ERISA retirement account or
to roll over the assets to an IRA, or recommend a similar transaction including rollovers from one ERISA
Page 6
sponsored Plan to another, one IRA to another IRA, or from one type of account to another account (e.g.
commission-based account to fee-based account). Such a recommendation creates a conflict of interest if the
Advisor will earn a new (or increase its current) advisory fee as a result of the transaction. No client is under any
obligation to roll over a retirement account to an account managed by the Advisor.
C. Client Account Management
Prior to engaging Riverstone to provide investment advisory services, each Client is required to enter into one or
more agreements with the Advisor that define the terms, conditions, authority and responsibilities of the
Advisor and the Client. These advisory services may include:
• Investment Strategy – Riverstone, in connection with the Client, will develop a strategy that incorporates
the Client’s investment goals and objectives.
• Asset Allocation – Riverstone will develop a strategic asset allocation that is targeted to meet the
investment objectives, time horizon, financial situation and tolerance for risk of each Client.
• Portfolio Construction – Riverstone will develop a portfolio for the Client that is intended to meet the
stated goals and objectives of the Client.
• Investment Management and Supervision – Riverstone will provide investment management and
ongoing oversight of the Client’s investment portfolio[s].
D. Wrap Fee Programs
Riverstone does not manage or place Client assets into a wrap fee program. Services are provided directly by
Riverstone.
E. Assets Under Management
As of March 6, 2024, Riverstone manages $328,733,386 in Client assets, all of which are managed on a
discretionary basis. Clients may request more current information at any time by contacting the Advisor.