Brent Forrest & Associates, LLC has chosen to add the DBA Wela Financial Advisory for business
purposes. This document, offered by Brent Forrest & Associates, LLC, DBA Wela Financial
Advisory hereafter known as Wela, discloses information about the investment advisory services
we provide and the manner in which we provide them to you, the client.
We are a fee-based investment management and financial planning firm located in San Antonio,
Texas, specializing in proactive investment advisory and planning services for investors. The firm
was established in 1995 by Brent Forrest. The firm’s owners are Priscilla A. McKinley, Esmond
M. Pabilona and Anders O. Storvik.
We are committed to helping, build, manage, and preserve wealth, and provide assistance to clients
to help achieve their stated financial goals. We may offer an initial complimentary meeting;
however, investment advisory services are initiated only after you execute an engagement letter or
client agreement with us.
Written Acknowledgement of Fiduciary Status
When we provide investment advice to you regarding your retirement plan account or individual
retirement account, we are fiduciaries within the meaning of Title 1 of the Employee Retirement
Income Act (ERISA) and 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 out 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 a level fee that is reasonable for our services; and
Give you basic information about conflicts of interest.
Investment Management and Supervision Services
We offer discretionary investment management and investment supervisory services for a fee,
based on a percentage of your assets under management. These services include investment
analysis, asset allocation, quarterly account statements and ongoing monitoring of your portfolio.
Wela will work with you to obtain necessary information regarding your financial condition,
investment objectives, liquidity requirements, risk tolerance, time horizons, and any restrictions
on investing. This will enable us to determine the portfolio composition best suited for you.
In performing our services, we shall not be required to verify any information received from you
or from other professionals. If you request, we may recommend and/or engage the services of other
professionals for implementation purposes. You are under no obligation to engage the services of
any such recommended professional.
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Once we have determined the types of investments to be included in your portfolio, and allocated
them, we will provide regular ongoing portfolio reviews and management services.
We will rebalance the portfolio, as we deem appropriate, to meet your financial objectives. We will
rebalance your portfolio on a discretionary basis.
While our advisory services are tailored to you as an individual, our multi-fund manager approach
makes it difficult for us to ensure that your portfolio will not invest in a particular industry or security.
However, we are happy to discuss your preferences regarding socially conscious investment concerns
and we’ll try
as much as possible to accommodate them.
In all cases, you have a direct and beneficial interest in your securities, rather than an undivided
interest in a pool of securities. We do not and will not have custody of your funds or securities, except
for the limited access to deduct our advisory fees via the qualified custodian and only with appropriate
authorization from you.
Financial Planning Services
Our financial planning services may include analysis of your situation and assistance in identifying and
implementing appropriate techniques to help you meet your specific financial objectives. Such services
may include a written financial analysis and specific or general investment and/or planning
recommendations.
In preparing your plan, we may address any or all of the six areas of financial planning established by
the National Endowment for Financial Education and endorsed by the Certified Financial Planner
Board of Standards. These include financial position, protection planning, investment planning,
income tax planning, retirement planning, and estate planning.
Other services in your plan may include:
• Appropriate income strategies for both pre- and post-retirement;
• Review of existing and proposed asset allocation in light of your objectives. This would
include a review of risk/return issues and a suggested plan of action consistent with the same;
• Calculation of your pre-retirement savings and investing needs;
• Assessment of your overall financial position including net worth, cash flow, and debt;
• Analysis of IRA-related issues including rollover, distribution, and inheritance planning
options;
• Evaluation of strategies designed to maximize the utilization and protection of your IRA
assets;
• Overview and recommendations regarding estate planning issues;
• Review and determination of your life insurance needs;
• Suggestions for minimizing your federal and state income tax obligations; and
• Development of investment strategies consistent with your business ownership succession
and transition planning, if applicable.
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Sub-Advisors
Wela has established agreements to work with third-party investment advisers in a sub-advisory
capacity. The sub-advisor is responsible for all investment-related decisions in the client accounts.
Pursuant to our agreement with the co/sub-advisor, they may additionally offer some limited
operational support in relation to our client accounts. The sub-advisors may be limited to only manage
assets through specific custodians. For more information about what custodians a specific sub-advisor
is authorized to offer services through, please refer to the sub-advisors ADV.
Investment Consulting Services
We may also provide portfolio review and advice for assets that are not part of our discretionary
investment advisory services. This service is limited to a periodic review based on information
provided to us by you, the client. We also provide limited advice on one or more isolated areas of
concern such as estate planning, real estate, retirement planning, insurance, annuities, non-securities
matters, or any other specific topic.
Wrap Fee Programs
A wrap fee program is an investment program wherein the investor pays one stated fee that includes
management fees, transaction costs, and certain other administrative fees. We do not participate in
any wrap fee programs.
Assets Under Management
As of December 31, 2022, we have $ 458,687,899.00 assets under discretionary management. We
do not have any non-discretionary assets under management.
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