Our Owners and Principals
PYA Waltman Capital, LLC (“PYA Waltman”) was established in 2005 and the firm’s
principal owners are J. William Waltman, Jr. and Douglas Yoakley. For purposes of this section,
the persons owning twenty-five percent (25%) or more of our firm’s membership interests are
our principal owners.
Our Advisory Services
We offer a variety of services to both existing and prospective clients, including financial
planning, investment supervisory and management services, and retirement plan services. We
tailor our advice and services to the stated objectives of each of our clients.
Financial Planning Services
Our financial planning services typically involve reviewing the client’s overall financial
situation, personal and financial goals, risk tolerance and objectives. When we provide financial
planning services, we will rely on the information provided to us by the client. We will not verify
this information when preparing our recommendations. Our financial planning services may
include one or more of the following:
Portfolio Review and Evaluation Retirement Planning
Retirement Account Analysis Education Funding Planning
Insurance Review and Analysis Cash Flow and Net Worth Analysis
Consulting with Retirement Plan Sponsors Estate Analysis and Planning
Consulting on the Purchase of Substantial Assets Tax Planning
Developing a Comprehensive Written Financial Plan Financial Planning Education
As part of a client’s financial plan, we may recommend other services we offer or the
services of other professionals to implement our recommendations. While recommending our
own services may present a conflict of interest, clients are under no obligation to act upon any of
our recommendations and are not required to engage the services of any recommended
professional, including us as an investment manager. The client retains absolute discretion over
all financial planning implementation decisions and may accept or reject any of our
recommendations. It is the client’s responsibility to notify us promptly if there is any change in
their financial situation or investment objectives so that we may review, evaluate, or revise our
previous recommendations and services.
We provide financial planning services pursuant to a written agreement with the client.
This agreement may be terminated by the client or us at any time by giving five business days
prior written notice.
Part 2A of Form ADV 2 PYA Waltman Capital, LLC
Investment Supervisory Services and Investment Management Services
We offer investment management services in which we actively manage client assets
based upon the client’s individual financial and personal needs, investment objectives, time
horizon and risk tolerance. We employ a tactical style of investment management, which means
that we may overweight or underweight various asset classes (i.e. equities, bonds, cash, etc.)
depending upon market conditions. Each client’s account will be individually managed and, as
such, may contain different securities from clients with similar objectives. Additional
differences in holdings may stem from securities transferred into the account, cash available for
the purchase of securities and gradients of risk tolerance requested by clients within the same
investment objective. The unique nature of each client’s account may result in the client’s
investment returns being different from other clients with the same investment objective.
Our investment management services may include, without limitation, the use of no-load
mutual funds, load-waived mutual funds, individual securities (i.e. stocks and bonds), exchange
traded funds and separate accounts. We actively manage the client’s assets on a discretionary or
non-discretionary basis, as determined by the client and set forth in the written investment
management agreement signed by us and the client. When managing assets on a discretionary
basis, clients may provide us with written guidelines and restrictions with respect to
our authority
to invest in certain securities or types of securities. If we manage the client’s assets on a non-
discretionary basis, then the client ultimately has the authority to make the investment decisions.
Our investment management agreement may be terminated by us or the client at any time
by providing the other party with five business days written notice. If either party terminates the
agreement, we will prorate and, if greater than $5.00, refund our unearned advisory fees.
Also, if we give notice of any proposed “assignment” of the agreement, the client may
immediately give notice to terminate the investment management agreement. Termination of an
investment management agreement will not affect any liabilities or obligations we have incurred
or that have arisen from transactions initiated under the agreement prior to the termination date,
such as the purchase of investments by us for the client’s account. The client is responsible for
any cost incurred in transferring assets from his or her account to a different account.
Recommendations to Rollover or Transfer Retirement Assets
We act as an “investment advice fiduciary” under Employment Retirement Income
Security Act, as amended (“ERISA”) and the Internal Revenue Code of 1986, as amended (the
“Code”) when we provide fiduciary investment advice to retirement investors. Retirement
investors include ERISA plans, participants and IRA owners. When we provide non-
discretionary investment advice regarding a retirement investor’s retirement plan account or
individual retirement account including, Health Savings Accounts (“HSAs”), Medical Savings
Accounts (“MSAs”) and Coverdell Education Savings Accounts (“Educational IRAs”), we must
provide prudent investment advice designed to meet the investor’s investment goals. In addition
to other requirements, we must put the retirement investor’s financial interests ahead of ours
when making recommendations and avoid misleading statements about conflicts of interest, fees,
and investments.
Part 2A of Form ADV 3 PYA Waltman Capital, LLC
A retirement investor leaving an employer has four options regarding an existing
retirement plan (and under certain circumstances may engage in a combination of the following
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 we recommend a roll
over from a retirement plan account or a transfer of an IRA account into an account to be
managed by us, such a recommendation creates a conflict of interest if the retirement investor
accepts the recommendation because we earn a fee on the market value of the rollover or
transferred IRA which would not be earned if the money was not placed under our management.
No investor is under any obligation to roll over retirement plan assets or move an IRA account
into an account managed by us.
Retirement Plan Services
We offer retirement plan consulting services to plan sponsors. When we provide
consulting services to a plan sponsor, we may assess the existing plan, manage the request-for-
proposal process, provide advice on plan design, conduct due diligence on investment offerings
and provide participant education. Plan sponsors may also engage us to provide investment
advice to the participants of the qualified plan, which may include providing plan participants
with a presentation or informational flyer containing our investment recommendations within the
plan’s available funds based on the current market conditions.
Assets Under Management
We manage client assets on either a discretionary or nondiscretionary basis. As of
December 31, 2023, we had $502,391,124 in client assets managed on a discretionary basis and
$528,191,568 in client assets managed on a nondiscretionary basis.