Firm Description
EVANS INVESTMENT ADVISORS, LLC, (EIA or Advisor) was founded in 2008.
EIA provides personalized confidential financial planning and investment management
to individuals, pension and profit sharing plans, trusts, estates, charitable organizations
and small businesses. Advice is provided through consultation with the client and may
include: determination of financial objectives, identification of financial problems, cash
flow management, tax planning, insurance review, investment management, education
funding, retirement planning, and estate planning.
Investment advice is provided on a discretionary basis and on a nondiscretionary basis.
EIA does not act as a custodian of client assets. We recommend Charles Schwab &
Company, Inc. as custodial agent, however the client may choose other custodians
subject to EIA approval. The client always maintains asset control. EIA places trades
for clients under a limited power of attorney.
Other professionals (e.g., lawyers, accountants, insurance agents, etc.) are engaged
directly by the client on an as-needed basis. Conflicts of interest will be disclosed to the
client in the unlikely event they should occur.
The initial meeting, which may be by telephone or in person, is free of charge and is
considered an exploratory interview to determine the extent to which financial planning
and investment management may be beneficial to the client.
Principal Owners
Gregory Wade Evans is a 90% stockholder. Barton Thomas Evans is a 10%
stockholder.
Types of Advisory Services
Asset Management
EIA provides investment advisory services to individuals, corporations and other
business entities, and qualified retirement plans on a discretionary basis and on a non-
discretionary basis. EIA will gather information on a client’s financial history, goals,
objectives, and financial concerns and assist client in developing an asset allocation
strategy. Accounts will be managed based on the individual needs of the client. EIA
will form the basis of the asset allocation using one or more of five allocation models
depending on the client’s risk tolerance and income objectives. The model(s) will then
be adjusted to fit each client’s particular needs. Client portfolios are primarily
constructed with mutual funds. Clients are advised that their account may be similar to
multiple other clients selecting the same model portfolio. The advisory representative
will provide assistance in selecting a model(s) suitable to the client’s investment
strategy. Clients will grant discretionary authorization for EIA to buy and sell securities
as deemed appropriate by EIA. Clients may contact EIA at any time to discuss their
account and may set restrictions and limitations on their account.
EIA does not act as a custodian of client assets. The client always maintains asset
control. EIA places trades for clients under a limited power of attorney.
Third Party Asset Management
EIA may recommend that clients engage certain Third Party Asset Managers (“TPAM”)
to manage all or a portion of their assets. EIA’s advisory representatives will provide
individualized advisory services to their clients through the selection of a suitable TPAM.
Factors considered in the selection of a TPAM include but may not be limited to: i) the
management style, performance, reputation, pricing and reporting capabilities of the
TPAM; ii) the client’s risk tolerance, goals and objectives, as well as investment
experience; and, iii) the amount of client assets available for investment. In order to
assist clients in the selection of a TPAM, the advisory representative will typically gather
information from the client about the client’s financial situation, investment objectives,
and reasonable restrictions the client wants imposed on the management of the
account.
All securities transactions will be decided upon and executed by the TPAM. Typically,
the third party investment manager will exercise discretionary authority in the
management of client accounts. EIA and its advisory representatives will not manage,
or obtain discretionary authority over the assets in accounts participating in these
programs; however, clients may grant advisory representatives the discretionary
authority to hire and fire such third party managers.
EIA’s advisory representatives will review reports provided to the client on a monthly
basis. An advisory representative will contact the client at least annually, or more often
as agreed upon with each client, to review the client’s financial situation and objectives,
communicate information to the TPAM managing the account as warranted, and to
assist the client in understanding and evaluating the services provided by the TPAM.
Clients will be expected to notify their advisory representative of any changes in their
financial situation, investment objectives, or account restrictions.
A complete description of the programs and services provided, the amount of total fees,
the payment structure, termination provisions and other aspects of each program are
detailed and disclosed in: i) the TPAM’s Form ADV Part II; ii) the program wrap
brochure (if applicable) or other applicable disclosure documents; iii) the disclosure
documents of the portfolio manager or managers selected; or, iv) the TPAM’s account
opening documents. A copy of all relevant disclosure documents of the TPAM and of
the individual portfolio manager(s) will be provided to anyone interested in these
programs/managers.
Financial Planning and General Consulting
Advisor will provide financial planning and business consulting based upon an hourly
rate or a flat fee quoted in advance. Consultations may be general in nature or may
focus on particular areas of interest, at the request of the client. Where services are
limited in nature, the client should understand that Advisor will be working on a limited
scope and therefore may not be able to take all factors into consideration. During the
time of engagement, clients are obligated to notify Advisor promptly if the client
experiences a change in financial conditions in order to provide Advisor the opportunity
to make changes in advice or strategies and if changes are required, there may be
additional fees involved.
Since the planning services provided are limited to address only certain components of
the typical financial process, the services provided may not address all client
circumstances and undisclosed investments or liabilities. Clients should note that the
same or similar services to those described above may be available elsewhere at a
lower cost to the client.
Other professionals (e.g., lawyers, accountants, insurance agents, etc.) are engaged
directly by the client on an as-needed basis. Conflicts of interest will be disclosed to the
client in the unlikely event they should occur.
The initial meeting, which may be by telephone or face to face, is free of charge and is
considered an exploratory interview to determine the extent to which financial
planning
and investment management may be beneficial to the client.
As of December 31, 2023, EIA manages approximately $289,717,637 in assets for
approximately 708 accounts. Approximately $279,505,545 is managed on a
discretionary basis, and $10,212,092 is managed on a non-discretionary basis.
Tailored Relationships
The goals and objectives for each client are documented during the initial interview and
follow up meetings. Investment policy statements are created that reflect the stated
goals and objective. Clients may impose restrictions on investing in certain securities or
types of securities.
Agreements may not be assigned without client consent.
Types of Agreements
The following agreements define the typical client relationships.
Financial Planning Agreement
A financial plan is designed to help the client with all aspects of financial planning
without ongoing investment management after the financial plan is completed.
The financial plan may include, but is not limited to: a net worth statement; a cash flow
statement; a review of investment accounts, including reviewing asset allocation and
providing repositioning recommendations; strategic tax planning; a review of retirement
accounts and plans including recommendations; a review of insurance policies and
recommendations for changes, if necessary; one or more retirement scenarios; estate
planning review and recommendations; and education planning with funding
recommendations.
Detailed investment advice and specific recommendations are provided as part of a
financial plan. Implementation of the recommendations is at the discretion of the client.
Fees for planning services are $250.00 per hour while fixed fees generally range
between $500 and $5,000. All fees are negotiable at the discretion of EIA management.
Clients are asked to deposit an initial retainer for future services to be rendered
regardless if services are to be rendered on an hourly or flat fee basis. In no case will
the retainage be held for more than six months before the services are rendered. If an
hourly rate is charged, services performed beyond the initial retainage will be billed
every 30 to 90 days. If a flat fee is quoted, services beyond the initial retainage amount
will be billed at the completion of the engagement. Retainage paid initially to the advisor
is refundable to the client based upon the client giving the advisor thirty days notice of
termination of the contract. Retainage will be refunded to the client based on the
advisor's time involvement through the termination date multiplied by the current hourly
rate. Advisor will also furnish advice to the clients on matters relating to employee
benefit plans and insurance needs. Neither Advisor nor its related persons practice law
or accounting. It is the client’s responsibility to understand the need to secure the
services of other professional advisors when necessary.
Advisory Service Agreement
Most clients choose to have EIA manage their assets in order to obtain ongoing in-
depth advice and life planning. All aspects of the client’s financial affairs are reviewed,
including those of their children. Realistic and measurable goals are set and objectives
to reach those goals are defined. As goals and objectives change over time,
suggestions are made and implemented on an ongoing basis.
The scope of work and fee for an Advisory Service Agreement is provided to the client
in writing prior to the start of the relationship. An Advisory Service Agreement includes:
cash flow management; insurance review; investment management (including
performance reporting); education planning; retirement planning; estate planning; and
tax planning, as well as the implementation of recommendations within each area.
All advisory services can be terminated within 5 days of signing the Agreement without
penalty (full refund or no fees due) when Advisor’s Form ADV Part II is not delivered at
least 48 hours prior to the time of engagement. Otherwise, services can be terminated
at any time with written notice. Clients are only billed for time incurred by Advisor until
receipt of the notice of termination.
The initial fee is pro-rated for the first partial quarter, if any. Advisor will not have the
authority to withdraw funds or take custody of client’s funds or securities other than
where the client has authorized the deduction of investment advisory fee via a qualified
custodian. Fees are never based upon the performance of the account.
Retainer Agreement
In some circumstances, a Retainer Agreement is executed in lieu of an Advisory
Service Agreement when it is more appropriate to work on a fixed-fee basis. The
annual fee for a Retainer Agreement is negotiable.
Investment Management Agreement
An Investment Management Agreement may be executed when financial planning is not
provided as part of the relationship. The annual fee for an Investment Management
Agreement is negotiable
Hourly Planning Engagements
EVANS INVESTMENT ADVISORS, LLC provides hourly planning services for clients
who need advice on a limited scope of work. The hourly rate for limited scope
engagements is $250.00
Asset Management
Assets are invested primarily in no-load or low-load mutual funds and exchange-traded
funds, usually through discount brokers or fund companies. Fund companies charge
each fund shareholder an investment management fee that is disclosed in the fund
prospectus. Discount brokerages may charge a transaction fee for the purchase of
some funds.
Stocks and bonds may be purchased or sold through a brokerage account when
appropriate. The brokerage firm charges a fee for stock and bond trades. EIA does not
receive any compensation, in any form, from fund companies.
Investments may also include: equities (stocks), warrants, corporate debt securities,
commercial paper, certificates of deposit, municipal securities, investment company
securities (variable life insurance, variable annuities, and mutual funds shares), U. S.
government securities, options contracts, futures contracts, and interests in
partnerships.
Initial public offerings (IPOs) are not available through EIA.
Termination of Agreement
A Client may terminate any of the aforementioned agreements at any time by notifying
EIA in writing and paying the rate for the time spent on the investment advisory
engagement prior to notification of termination. If the client made an advance payment,
EIA will refund any unearned portion of the advance payment.
A Client may also terminate any of the aforementioned agreements within 5 days of
signing the Agreement without penalty (full refund or no fees due) when Advisor’s Form
ADV Part II is not delivered at least 48 hours prior to the time of engagement.
EIA may terminate any of the aforementioned agreements at any time by notifying the
client in writing. If the client made an advance payment, EIA will refund any unearned
portion of the advance payment.