Overview of Everest Financial Group, LLC:
Everest Financial Group, LLC (EFG, us, we, our) is a registered investment advisor with the Securities
and Exchange Commission (SEC). We are based in Minneapolis, Minnesota. We have been providing
the advisory services described below since 2005. The principal owners of EFG are John W.
MacKimm II, James J. Matejcek, Nikolas P. Wogstad, T. Stanley Diong, and Dennis Tiow Chan.
We offer personalized investment advisory services to clients. Our services and fee arrangements are
described in the following pages. Fees for all advisory services will be agreed upon and quoted to the
client before services are provided and will be disclosed in the client agreement. We will not require a
fee payment of more than $1,200 more than six months in advance. Nor will we receive fees based on
capital gains or capital appreciation in client accounts.
We are a limited liability company formed under the laws of the State of Minnesota. This Brochure will
provide clients with information regarding our qualifications, business practices and nature of advisory
services that should be considered before becoming an advisory client of EFG. The information in this
Brochure has not been approved or verified by the United States Securities and Exchange
Commission (SEC), the State of Minnesota or by any state securities authority.
Additional information about us is available on the Internet at www.advisorinfo.sec.gov. Clients can
search this site by a unique identifying number, known as a CRD number. Our CRD number is 137260.
Our investment advisor representatives (“advisory representatives” or “IARs”) are also registered
representatives of Securities America, Inc., (SAI), a registered broker/dealer, member of the Financial
Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). EFG
and SAI are independent companies. IAR will act in capacity of a financial advisor for EFG, and act in
the capacity of a registered representative for SAI.
IARs will provide our investment advisory services. These individuals are appropriately licensed,
qualified and authorized to provide advisory services on behalf of EFG.
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, we are providing the
following acknowledgment to you.
When we provide investment advice to you regarding your retirement plan account or individual
retirement account, we are fiduciaries within the 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.
We benefit financially from the rollover of your assets from a retirement account to an account that we
manage or provide investment advice, because the assets increase our assets under management
and, in turn, our advisory fees. As a fiduciary, we only recommend a rollover when we believe it is in
your best interest.
As of February 29, 2024, we provide continuous management services for approximately
$818,127,536 in client assets on a discretionary basis, and approximately $10,726,729 in client assets
on a non-discretionary basis.
Financial Planning Services
We provide financial planning services in the form of written modular and comprehensive plans, written
financial reviews and consultations. An IAR of EFG will have an initial meeting with the client to discuss
the client's situation and potential services. Written plans can include, but are not limited to the
following areas of concern; educational and college planning, retirement funding and distribution
planning, estate planning, business planning, individualized personal planning and insurance planning.
Investment Management Services
Charles Schwab & Company, Inc.
EFG and its IARs provide investment management services through accounts maintained at Charles
Schwab & Company, Inc. (Charles Schwab). Charles Schwab will maintain custody of all funds and
securities, and neither EFG nor its IARs will have direct access to client funds and securities.
Management services can be provided on a discretionary or non-discretionary basis.
Wrap Fee Programs
We do not currently offer wrap-fee programs to new clients, however, we continue to act as the
portfolio manager to Financial Advisors Program and Managed Opportunities Program sponsored by
Securities America Advisors, Inc. (SAA), an SEC registered investment adviser. Please refer to Item
13 Review of Accounts for additional information on how we review client accounts participating in
SAAs wrap fee program.