A. WNY Asset Management, LLC (the “Registrant”) is a limited liability company formed
on September 8, 2000 in the State of New York. The Registrant became registered as an
Investment Adviser Firm in July 2010. The Registrant is owned by John Anthony Pieroni,
Robert Anthony Castiglione, II and Ronald Marc Lojacono.
B. As discussed below, the Registrant offers to its clients (individuals, business entities,
pension and profit sharing plans, trusts, estates and charitable organizations, etc.)
investment advisory services, and, to the extent specifically requested by a client, financial
planning and related consulting services.
INVESTMENT ADVISORY SERVICES
The client can determine to engage the Registrant to provide discretionary investment
advisory services on a fee basis. The Registrant’s annual investment advisory fee is based
upon a percentage (%) of the market value of the assets placed under the Registrant’s
management. Before engaging the Registrant to provide investment advisory services,
clients are required to enter into an Investment Advisory Agreement with Registrant setting
forth the terms and conditions of the engagement (including termination), describing the
scope of the services to be provided and the fee that is due from the client.
Registrant’s annual investment advisory fee shall include investment advisory services and
to the extent specifically requested by a client, financial planning and consulting services.
In the event that the client requires extraordinary planning and/or consulting services (to
be determined in the Registrant’s sole discretion), the Registrant may determine to charge
for such additional services, the dollar amount of which shall be set forth in a separate
agreement.
Before providing investment advisory services, an investment adviser representative will
ascertain each client’s investment objectives. Thereafter, the Registrant will allocate and/or
recommend that the client allocate investment assets consistent with the designated
investment objectives. Once allocated, the Registrant provides ongoing monitoring and
review of account performance and asset allocation as compared to client investment
objectives.
FINANCIAL PLANNING AND CONSULTING SERVICES (STAND-ALONE)
To the extent requested by a client, the Registrant may determine to provide financial
planning and/or consulting services (including investment and non-investment related
matters, including estate planning, insurance planning, etc.) on a stand-alone separate fee
basis. Prior to engaging the Registrant to provide planning or consulting services, clients
are generally required to enter into a Financial Planning and Consulting Agreement with
Registrant setting forth the terms and conditions of the engagement (including
termination), describing the scope of the services to be provided, and the portion of the fee
that is due from the client prior to Registrant commencing services. If requested by the
client, Registrant may recommend the services of other professionals for implementation
purposes, including the certain of Registrant’s representatives in their individual capacities
as registered representatives of a broker-dealer and/or licensed insurance agents. (See
disclosure at Item 10C.) The client is under no obligation to engage the services of any
such recommended professional. The client retains absolute discretion over all such
implementation decisions and is free to accept or reject any recommendation from the
Registrant. Please Note: If the client engages any such recommended professional, and a
dispute arises thereafter relative to such engagement, the client agrees to seek recourse
exclusively from and against the engaged professional. At all times, the engaged licensed
professional[s] (i.e. attorney, accountant, insurance agent, etc.), and not the Registrant,
shall be responsible for the quality and competency of the services provided.
Please Also Note: It remains the client’s responsibility to promptly notify the Registrant if
there is ever any change in their financial situation or investment objectives for the purpose
of reviewing, evaluating or revising Registrant’s previous recommendations and/or
services.
EDUCATIONAL SEMINARS/WORKSHOPS
The Registrant provides periodic educational seminars and workshops to clients.
Educational seminars and workshops are offered free of charge.
MISCELLANEOUS
Limitations of Financial Planning and Non-Investment Consulting/Implementation
Services. To the extent requested by a client, Registrant may provide financial planning
and related consulting services regarding non-investment related matters, such as estate
planning, tax planning, insurance, etc. The Registrant does not serve as a law firm,
accounting firm, or insurance agency, and no portion of Registrant’s services should be
construed as legal, accounting, or insurance implementation services. Accordingly,
Registrant does not prepare estate planning documents, tax returns or sell insurance
products. To the extent requested by a client, Registrant may recommend the services of
other professionals for certain non-investment implementation purposes (i.e. attorneys,
accountants, insurance agents, etc.), including certain representatives of the Registrant in
their separate registered/licensed capacities as discussed below. The client is under no
obligation to engage the services of any such recommended professional. The client retains
absolute discretion over all such implementation decisions and is free to accept or reject
any recommendation from the Registrant. Please Note: If the client engages any such
recommended professional, and a dispute arises thereafter relative to such engagement, the
client agrees to seek recourse exclusively from and against the engaged professional. At all
times, the engaged licensed professional[s] (i.e. attorney, accountant, insurance agent, etc.),
and not the Registrant, shall be responsible for the quality and competency of the services
provided.
Please Also Note: It remains the client’s responsibility to promptly notify the Registrant if
there is ever any change in their financial situation or investment objectives for the purpose
of reviewing, evaluating or revising Registrant’s previous recommendations and/or
services.
CPA Financial Network. Neither the Registrant nor any representative of the Registrant
renders accounting advice or tax preparation services to clients of the Registrant. Rather,
to the extent that a client requires accounting advice or tax preparation
services, Registrant,
if requested, may recommend the services of a member of the Registrant’s CPA Financial
Network. CPA Financial Network members are accountants, most of which are certified
public accountants. All services provided by the members of the CPA Financial Network
shall be rendered independent of the Registrant pursuant to a separate agreement between
the client and each Accountant. Registrant shall not receive any of the fees charged by any
recommended Accountant, referral or otherwise. However, members of the CPA Financial
Network shall from time to time, recommend the Registrant’s investment advisory services
to certain clients. If a client is introduced to the Registrant by a member of the CPA
Financial Network, that member may, at the election of the client, receive a referral fee
from the Registrant in accordance with the requirements of Rule 206 (4)-3 of the
Investment Advisors Act of 1940, and any corresponding state securities law requirement.
(See Item 14.B below).
Cash Positions. At any specific point in time, depending upon perceived or anticipated
market conditions/events (there being no guarantee that such anticipated market
conditions/events will occur) the Registrant may maintain cash positions for defensive
purposes. All cash positions (money markets, etc.) shall be included as part of assets under
management for purposes of calculating the Registrant’s advisory fee. The Registrant’s
Chief Compliance Officer, Zachary Shroyer, remains available to address any
questions that a client or prospective client may have regarding the above fee billing
practice.
Independent Managers. The Registrant may allocate (and/or recommend that the client
allocate) a portion of a client’s investment assets among unaffiliated independent
investment managers in accordance with the client’s designated investment objective(s).
In such situations, the Independent Manager(s) shall have day-to-day responsibility for the
active discretionary management of the allocated assets. The Registrant shall continue to
render investment advisory services to the client relative to the ongoing monitoring and
review of account performance, asset allocation and client investment objectives. Factors
which the Registrant shall consider in recommending Independent Manager(s) include the
client’s designated investment objective(s), management style, performance, reputation,
financial strength, reporting, pricing and research. The investment management fee
charged by the Independent Manager(s) is separate from, and in addition to, Registrant’s
advisory fee as set forth in Item 5.
Retirement Rollovers-Conflict of Interest: A client or prospective client leaving an
employer typically has four options regarding an existing retirement plan (and may engage
in a combination of these 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 the Registrant recommends that a client roll over their retirement plan
assets into an account to be managed by the Registrant, such a recommendation creates a
conflict of interest if the Registrant will earn an advisory fee on the rolled over assets. No
client is under any obligation to roll over retirement plan assets to an account managed by
Registrant.
Use of Mutual Funds: While the Registrant may recommend allocating investment assets
to mutual funds that are not available directly to the public, the Registrant may also
recommend that clients allocate investment assets to publicly available mutual funds that
the client could obtain without engaging Registrant as an investment adviser. However, if
a client or prospective client determines to allocate investment assets to publicly available
mutual funds without engaging Registrant as an investment adviser, the client or
prospective client would not receive the benefit of Registrant’s initial and ongoing
investment advisory services.
Use of DFA Mutual Funds. Registrant utilizes mutual funds issued by Dimensional Fund
Advisors (“DFA”). DFA funds are generally only available through registered investment
advisers approved by DFA. Therefore, if the client was to terminate Registrant’s services,
and transition to another adviser who has not been approved by DFA to utilize DFA funds,
restrictions regarding additional purchases of, or reallocation among other DFA funds, will
generally apply. In addition to Registrant’s investment advisory fee described below, and
transaction and/or custodial fees discussed below, clients will also incur, relative to all
mutual fund purchases, charges imposed at the fund level (e.g. management fees and other
fund expenses). Registrant’s Chief Compliance Officer, Zachary Shroyer, remains
available to address any questions that a client or prospective client may have
regarding the above.
Client Obligations. In performing its services, Registrant shall not be required to verify
any information received from the client or from the client’s other professionals and is
expressly authorized to rely thereon. Moreover, each client is advised that it remains their
responsibility to promptly notify the Registrant if there is ever any change in their financial
situation or investment objectives for the purpose of reviewing, evaluating or revising
Registrant’s previous recommendations and/or services.
Disclosure Statement. A copy of the Registrant’s written Brochure as set forth on Part 2A
of Form ADV shall be provided to each client prior to, or contemporaneously with, the
execution of the Investment Advisory Agreement or Financial Planning and Consulting
Agreement.
C. The Registrant shall provide investment advisory services specific to the needs of each
client. Prior to providing investment advisory services, an investment adviser
representative will ascertain each client’s investment objective(s). Thereafter, the
Registrant shall allocate and/or recommend that the client allocate investment assets
consistent with the designated investment objective(s). The client may, at any time, impose
reasonable restrictions, in writing, on the Registrant’s services.
D. The Registrant does not participate in a wrap fee program.
E. As of December 2023, the Registrant had $ 1,297,442,303 in assets under management
on a discretionary basis.