Greenspring Advisors is a SEC-registered investment adviser with its principal place of business located
in Maryland. Greenspring Advisors began conducting business in 2004.
Listed below are the firm's principal shareholders (i.e., those individuals and/or entities controlling 25%
or more of this company).
• Greenspring Advisors is owned by Greenspring Wealth Management, Inc, ISI Financial, Inc, Greg
Hobson, Greg Plechner, Jeff Bernfeld, Mary Goetz and Christian Stanley. The owners of Greenspring
Wealth Management, Inc are John Collins and Matt Cellini. ISI Financial Inc is owned by Timothy
Decker. John Patrick Collins Jr. Partner, Chief Executive Officer and Chief Compliance Officer
Greenspring Advisors offers the following advisory services to our clients:
PRIVATE MONEY MANAGEMENT SERVICES
Our firm provides continuous advice to a client (individuals and trusts, estates, non-profit organizations
and charitable organizations) regarding the investment of client funds based on the individual needs of
the client. Through personal discussions in which goals and objectives based on a client's particular
circumstances are established, we develop a client's personal investment policy and create and manage
a portfolio based on that policy. During our data-gathering process, we determine the client’s individual
objectives, time horizons, risk tolerance, and liquidity needs. As appropriate, we also review and discuss
a client's prior investment history, as well as family composition and background.
We manage these advisory accounts on a discretionary or non-discretionary basis. Account supervision
is guided by the client's stated objectives (e.g. conservative, moderate, balanced, growth, aggressive), as
well as tax considerations.
Clients may impose reasonable restrictions on investing in certain securities, types of securities, or
industry sectors.
Our investment recommendations are not limited to any specific product or service offered by a broker-
dealer or insurance company and will generally include advice regarding the following securities:
• Exchange-listed securities
• Securities traded over-the-counter
• Foreign issuers
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Certificates of deposit
• Municipal securities
• Variable life insurance
• Variable annuities
• Mutual fund shares
• United States governmental securities
• Options contracts on securities
• Interests in partnerships investing in real estate
Because some types of investments involve certain additional degrees of risk, they will only be
implemented/recommended when consistent with the client's stated investment objectives, tolerance for
risk, liquidity and suitability.
COMPREHENSIVE WEALTH MANAGEMENT SERVICES
Our firm also provides Comprehensive Wealth Management Services to clients which include all of the
services listed for Private Money Management clients plus certain financial planning services which may
involve tax planning, retirement planning, risk management analysis, estate planning, cash flow planning,
business planning and/or education planning.
RETIREMENT PLAN CONSULTING SERVICES
We also provide several advisory services separately or in combination. The primary clients for these
services will be the sponsors of pension, profit sharing and 401(k) plans.
Retirement Plan Consulting Services are generally comprised of fiduciary services and non-fiduciary
services at both the plan level and participant level. With regard to fiduciary services, we provide clients
(i.e. Plan Sponsors) with plan-level non-discretionary investment advice services, plan-level discretionary
investment management services under Section 3(38) of ERISA, participant-level discretionary
investment management services under Section 3(38) of ERISA, and participant-level non-discretionary
investment advice services.
With regard to non-fiduciary services, we provide plan-level services and participant-level services.
Clients (i.e. Plan Sponsors) may choose to use any or all of the services described below with the
exception of choosing to use either plan-level non-discretionary investment advice services or plan-level
discretionary investment management services under Section 3(38) of ERISA as determined by the scope
of the engagement.
FIDUCIARY SERVICES
I. PLAN-LEVEL NON-DISCRETIONARY INVESTMENT ADVICE SERVICES
A. Investment Policy Design - Greenspring will assist Client in the development of an
investment policy statement (IPS). The IPS establishes the investment policies and objectives for the Plan
and shall set forth the number of general investment options and asset class categories to be offered under
the Plan. Client shall have the ultimate responsibility and authority to establish such policies and
objectives and to adopt and amend the IPS.
B. Investment Selection - Greenspring will provide non-discretionary investment advice to
Client about asset classes and investment alternatives available for the Plan in accordance with the Plan’s
investment policies and objectives. Greenspring will utilize multiple analytic tools and databases at its
disposal. Client shall have the final decision-making authority regarding the initial selection, retention,
removal and addition of investment options.
C. ERISA 404(c) Investment Selection – Greenspring will assist Client with the selection of a
broad range of investment options consistent with ERISA Section 404(c) and the regulations thereunder.
Client shall have the final decision-making authority regarding the selection of investment options. Client
retains the sole responsibility to provide all notices to participants required under ERISA section 404(c).
D. Investment Monitoring - Greenspring will assist Client in monitoring investment options by
preparing periodic investment reports that document investment performance, consistency of fund
management and conformance to the guidelines set forth in the IPS and make recommendations to
maintain or remove and replace investment options. Greenspring will meet with the Client in-person,
telephonically, or by electronic means at least annually to discuss the reports and the investment
recommendations. Client has the authority and will be solely responsible for the actual selection or
replacement of investment options.
E. Selection of QDIA - Greenspring will provide non-discretionary investment advice to Client
with respect to the selection of a qualified default investment alternative (“QDIA”) for participants who are
automatically enrolled in the Plan or who otherwise fail to make an investment election. Client shall have
the final decision-making authority regarding the selection of the QDIA and Client retains the sole
responsibility to provide all notices to participants required under ERISA Section 404(c)(5).
II. PLAN-LEVEL DISCRETIONARY INVESTMENT MANAGEMENT SERVICES UNDER SECTION 3(38)
OF ERISA
A. Investment Policy Design - Greenspring will develop an investment policy statement (IPS)
for Client. The IPS establishes the investment policies and objectives for the Plan and shall set forth the
number of general investment options and asset class categories to be offered under the Plan.
Greenspring shall have the ultimate responsibility and authority to develop the IPS and shall have the sole
authority to amend it.
B. Investment Selection - Greenspring will provide discretionary investment advice to Client
about asset classes and investment alternatives available for the Plan in accordance with the Plan’s
investment policies and objectives. Greenspring will utilize multiple analytic tools and databases at its
disposal and will have decision-making authority regarding the initial selection, retention, removal and
addition of investment options.
C. ERISA 404(c) Investment Selection – Greenspring will select a broad range of investment
options consistent with ERISA Section 404(c) and the regulations thereunder. Client retains the sole
responsibility to provide all
notices to participants required under ERISA section 404(c).
D. Investment Monitoring - Greenspring will monitor investment options by preparing periodic
investment reports that document investment performance, consistency of fund management and
conformance to the guidelines set forth in the IPS and determine whether to maintain or remove and replace
investment options.
E. Selection of QDIA - Greenspring will consult with Client as to whether the Plan should have
a qualified default investment alternative (“QDIA”) for participants who are automatically enrolled in the
Plan or who otherwise fail to make an investment election and as to the type of investment to serve as a
QDIA (e.g., target date fund, balanced fund, or managed account). If Client decides to have a QDIA under
the plan and decides upon the type of investment that will serve as a QDIA, the Greenspring will select the
investment to serve as the QDIA. Client retains the sole responsibility to provide all notices to participants
required under ERISA Section 404(c)(5).
III. PARTICIPANT-LEVEL DISCRETIONARY INVESTMENT MANAGEMENT SERVICES UNDER
SECTION 3(38) OF ERISA
A. Discretionary Investment Management - Greenspring will provide ERISA section 3(38)
discretionary investment management services to Plan participants as a designated investment manager.
IV. PARTICIPANT-LEVEL NON-DISCRETIONARY INVESTMENT ADVICE SERVICES
A. Investment Selection - Greenspring will provide non-discretionary investment advice to
Plan participants about Plan investment alternatives. Greenspring will utilize multiple analytic tools and
databases at its disposal. Plan participants shall have the final decision-making authority regarding the
initial selection, retention, and changes in investment selections.
NON-FIDUCIARY SERVICES
I. PLAN-LEVEL SERVICES
A. Committee Formation, Education and Support - Greenspring will help the Client establish
or refine a Committee as needed. On a periodic basis, Greenspring will educate Plan fiduciaries on their
duties and responsibilities and how to manage them as well as providing legislative and regulatory updates
as necessary. Education will include general training regarding the fiduciary duty and prohibited
transaction provisions of ERISA as well as the importance of the documents and instruments governing
the Plan. Greenspring will periodically meet with the Client to review and discuss various aspects of the
Plan, which may include preparation of meeting deliverables for the Client.
B. Fee Analysis, Benchmarking and Negotiation – Greenspring will periodically assist the
Client in evaluating the reasonableness of Plan fees. This may include documenting and benchmarking
both direct and indirect fees (e.g. revenue sharing payments) to help the Client understand what the Plan
is paying and how it compares to other plans and products. Greenspring may also recommend specific
steps that can be taken to reduce those fees, if applicable. When appropriate, Greenspring will assist the
Client in negotiating fee arrangements and cost structures.
C. Vendor Benchmarking, Search and Selection - Greenspring will periodically assist the
Client by providing an analysis and comparison of the Plan’s current vendor(s) products, services, and
pricing to other plans and service providers.
D. Plan Conversion Services - As needed, Greenspring will assist the Client with the
conversion to a new provider’s platform.
E. Operational Assistance and Issue Resolution - As needed, Greenspring will assist the Client
with resolving operational or administrative issues that may arise with the Plan. Greenspring may provide
these services or, alternatively, may arrange for the Plan’s other providers to provide these services, as
agreed upon between Greenspring and the Client.
II. PARTICIPANT-LEVEL SERVICES
A. Participant Education and Communication- Greenspring will periodically provide education,
presentations, webinars, or written investment materials. Information provided may include a description
of investment alternatives (along with the objectives and risk and return characteristics of the assets
comprising the investment portfolio), hypothetical asset allocation models, or other general financial and
investment concepts consistent with Department of Labor Interpretive Bulletin 96-1.
FINANCIAL PLANNING
We provide financial planning services. Financial planning is a comprehensive evaluation of a client’s
current and future financial state by using currently known variables to predict future cash flows, asset
values and withdrawal plans. Through the financial planning process, certain questions, information and
analysis are considered as they impact and are impacted by the entire financial and life situation of the
client. Clients purchasing this service receive a written report which provides the client with a detailed
financial plan designed to assist the client achieve his or her financial goals and objectives.
In general, the financial plan can address any or all of the following areas:
PERSONAL: We may review family records, budgeting, personal liability, estate information and financial
goals.
TAX & CASH FLOW: We may analyze the client’s income tax and spending and planning for past, current
and future years; then illustrate the impact of various investments on the client's current income tax and
future tax liability.
INVESTMENTS: We may analyze investment alternatives and their effect on the client's portfolio.
INSURANCE: We may review existing policies to ensure proper coverage for life, health, disability, long-
term care, liability, home and automobile.
RETIREMENT: We may analyze current strategies and investment plans to help the client achieve his or
her retirement goals.
DEATH & DISABILITY: We may review the client’s cash needs at death, income needs of surviving
dependents, estate planning and disability income.
ESTATE: We may assist the client in assessing and developing long-term strategies, including as
appropriate, living trusts, wills, review estate tax, powers of attorney, asset protection plans, nursing
homes, Medicaid and elder law.
We gather required information through in-depth personal interviews. Information gathered includes the
client's current financial status, tax status, future goals, returns objectives and attitudes towards risk. We
carefully review documents supplied by the client, including a questionnaire completed by the client, and
prepare a written report.
Should the client choose to implement the recommendations contained in the plan, we suggest the client
work closely with his/her attorney, accountant, insurance agent, and/or stockbroker. Implementation of
financial plan recommendations is entirely at the client's discretion.
We also provide general non-securities advice on topics that may include tax and budgetary planning,
estate planning and business planning.
Typically the financial plan is presented to the client within six months of the contract date, provided that
all information needed to prepare the financial plan has been promptly provided.
FINANCIAL CONSULTING SERVICES
Clients can also receive investment and financial consulting advice on a more focused basis.
This may include advice on only an isolated area(s) of concern such as estate planning, retirement
planning, or any other specific topic. We also provide specific consultation and administrative services
regarding investment and financial concerns of the client.
SELECTION OF OTHER ADVISORS
Greenspring may direct clients to third party money managers. Greenspring is not compensated from the
advisors to which it directs those clients although our advisory fees will be billed against these assets.
Before selecting other advisors for clients, Greenspring will always ensure those other advisors are properly
licensed or registered as an investment advisor.
AMOUNT OF MANAGED ASSETS
As of 12/31/2023, we were actively managing $2,914,748,218 of clients' assets on a discretionary basis
plus $3,981,619,681 of clients' assets on a non-discretionary basis.