A. Description of Advisor Firm
Enclave Advisors, LLC ("Enclave" or "Advisor") is a registered investment adviser with the Securities and
Exchange Commission and is a Limited Liability Company organized in the State of Texas. Enclave offers
comprehensive wealth management and investment advisory services to a select group of individuals,
businesses and charitable organizations. The firm was formed in August of 2012. The principal owner is
Jonathan Craig Falls. The Chief Compliance Officer is Jennifer McCann.
B. Advisory Services Offered
Enclave offers comprehensive wealth management and investment advisory services to a select group of
individuals, businesses and charitable organizations. Provision of these services generally begins with an
initial prospective client consultation to determine client’s financial circumstances and goals, including
financial assets, liquidity, tax considerations, time horizon, philanthropic and estate planning goals and cash
flow needs. These meetings often include the client’s CPA and/or attorney(s). During this meeting Enclave
will discuss its investment philosophy and seek to ascertain the client's specific investment goals and risk
tolerance. There is no cost or commitment required for this meeting. This meeting is generally followed by
further discussions during which Enclave presents the prospective client with a proposed, customized
investment plan. Each client investment plan is customized and developed specifically for each client.
Implementation of the proposed plan begins once an Investment Advisory Agreement is executed.
Thereafter, Enclave and client meet on a regular basis to evaluate the progress of the client’s investment
plans and to determine whether any adjustments are in order. Clients are encouraged to contact Enclave
any time they have a question regarding their plan.
Enclave manages client accounts with discretionary authority and does not seek permission from clients
prior to selecting securities and executing transactions. Risk tolerance levels are determined based on
client consultation and documented in each client’s Investment Policy Statement. This Statement is drafted
based on client’s goals, circumstances, direction, risk tolerance and instructions. Clients receive a copy of
their Investment Policy Statement. In all cases, Enclave exercises investment discretion in a manner
consistent with the client’s Investment Policy Statement and any other written client directions.
Enclave often participates in its clients’ analysis of financial considerations beyond liquid investments, such
as trust and estate planning considerations, balance sheet management, philanthropic goals and business
decision making. This is often done in conjunction with clients’ other professionals such as CPAs and
attorneys. These services as part of Enclave’s overall service to clients and at no additional cost.
Services Limited to Specific Types of Investments – Enclave generally limits its
money management to
mutual funds, equities, bonds, fixed income, debt securities, ETFs, REITs, government securities, hedge
funds and limited partnerships. Enclave may use other securities as well to help diversify a portfolio when
applicable.
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.
When you leave an employer there are typically four options regarding an existing retirement plan account
and you may use a combination of these options: 1) if permitted, leave the funds in your former employer’s
plan; 2) if rollovers are permitted and you have a new employer with a plan available, roll over the funds to
your new employer’s plan; 3) roll over to an Individual Retirement Account (“IRA”); or 4) withdraw or cash
out your funds from the plan which may have adverse tax consequences depending on your age. When we
recommend that you roll over your retirement plan assets into an account to be managed by us, such a
recommendation creates a conflict (benefit to us) when we earn an advisory fee on your rolled over funds.
You are under no obligation to roll over retirement plan assets to an account managed by us. 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.
C. Client Tailored Services and Client Imposed Restrictions
Enclave offers the same suite of services to all of its clients. However, specific client investment plans and
their implementation are dependent upon the client’s Investment Policy Statement which outlines each
client’s specific circumstances and goals and is used to construct a client specific plan to aid in the
development of a portfolio that matches the client’s restrictions, needs, and goals. Clients may impose
written restrictions on investing in certain securities or types of securities in accordance with their values or
beliefs.
D. Wrap Fee Programs
Enclave does not manage or participate in any wrap fee programs.
E. Amounts Under Management
As of December 31, 2023, the most recent date for which such calculations are provided pursuant to
securities regulations, Enclave managed approximately $933,930,000 in assets.