Description of Advisory Firm
Mutual Advisors, LLC (“Mutual Advisors,” “we,” “our,” or “us”) is a privately owned limited liability
company headquartered in Omaha, Nebraska. Mutual Advisors is registered as an investment adviser
with the U.S. Securities and Exchange Commission. Mutual Advisors was formed in 2013 as a business
combination between Investment & Retirement Solutions LLC and Mutual Securities, Inc. The firm’s
principal owners are the Jasper Single Family Private Trust Company, LLC; Sabol Single Family Private
Trust Company, LLC; Voss Investments, LLC; and Mutual Group, Inc. The principal officers of the firm are
Ryan Sabol (Managing Principal), Aaron Jasper (CEO), Mitch Voss (Chairman), Nick Damiani (CAO), and
Dawn Claussen (COO).
Mutual Advisors, LLC, and its Investment Advisor Representatives, offers any combination of the
Advisory Services described below under the name Mutual Advisors, LLC or various trade names, which
are disclosed on the SEC’s website at
www.adviserinfo.sec.gov. Mutual Advisors, LLC is the registered
investment advisor and any individual providing advisory services under any of our registered trade
names does so as an Investment Advisor Representative of Mutual Advisors, LLC.
Advisory Services Offered
Our services may include any combination of the following: investment management, financial
consulting, advising or consulting for employer-sponsored plans, institutional advice or consulting, and
selection or recommendation of third-party money managers. A description of the types of advisory
services we offer is outlined below. Our Investment Adviser Representatives (“IARs”) offer our services
individually to our clients. Each client will work directly with one of our IARs. The IAR will assist the client
in selecting the service appropriate for the client’s personal situation.
Investment Management Services
Mutual Advisors offers continuous and regular investment supervisory services on both a discretionary
and non-discretionary basis. Our IAR’s work with clients and have the ongoing responsibility to select
and/or make recommendations based upon the objectives of the client, as to specific securities or other
investments that he/she recommends or purchases/sells in clients’ accounts. Our IAR’s utilize a variety
of investment types when making investment recommendations/purchases in client accounts which
include, but are not limited to: equity securities, fixed income securities and mutual funds. The
investments recommended/purchased are based off of the clients’ individual needs, goals and
objectives. Our IARs offer investment advice on any investment held by the client at the start of the
advisory relationship. We describe the material investment risks under
Item 8 – Methods of Analysis,
Investment Strategies, and Risk of Loss. Financial Planning may be provided to clients as a part of the
Investment Management Services. When being provided as a separate service it is described in this
section under
Financial Consulting Services below.
We discuss our discretionary authority below under
Item 16 – Investment Discretion. For more
information about the restrictions clients can put on their accounts, see
Tailored Services and Client
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Imposed Restrictions in this item below. We describe the fees charged for investment management
services below under
Item 5 – Fees and Compensation.
Third-Party Accounts
Our firm also offers account programs facilitated through third-party investment advisers. The third-
party investment adviser chosen by the client is responsible for all investment decisions made in the
client’s account(s).
In order to assist clients in the selection of a third-party money manager, we typically gather
information from the client about their financial situation, investment objectives, and reasonable
restrictions they can impose on the management of the account, which are often very limited. It is
important to note that we do not offer advice on any specific securities or other investments in
connection with this service. The third-party money managers implement and place trade orders for
clients. See also
Item 13 – Review of Accounts. We also describe fees charged for Third-party Accounts
below under
Item 5 - Fees and Compensation.
In certain instances, third-party managers provide Mutual Advisors with trading instructions (“signals”)
to their models and Mutual Advisors will trade the client’s account according to those signals. Mutual
Advisors does not make any discretionary changes the signals being provided. By utilizing signal
agreements, we are able to offer access to models with lower costs and investment minimums than
traditional sub-advisory agreements.
We provide clients with a list of investment advisory services of third-party professional portfolio
management firms for the individual management of client accounts and/or other managed vehicles. As
part of this process, we assist clients in identifying an appropriate third-party money manager, sub-account,
or strategy, as applicable. We provide initial due diligence on third-party money managers and sub-accounts
or strategies, if applicable, and ongoing reviews of their management of your account. We will make sure
that before selecting or recommending other advisers that the other advisers are properly licensed or
registered as an investment adviser. Below are descriptions of the various third-party investment adviser
relationships that we have established today.
Co-Advisors/Sub-Advisors
Mutual Advisors has established agreements to work with third-party investment advisers in co-advisory
or sub-advisory capacities. The co-advisor or 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 co/sub-
advisors may be limited to only manage assets through specific custodians. For more information about
what custodians a specific co/sub-advisor is authorized to offer services through, please refer to the
co/sub-advisors ADV. Mutual retains the authority to hire and fire sub-advisors at our discretion.
Turn-key Asset Management Platforms (TAMPs)
Mutual Advisors has established agreements to work with certain TAMP platforms to provide access to
additional third-party money managers and operational/trading support. These TAMP platforms are
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responsible for all account opening, account maintenance and trade processing. The third-party money
managers provide the TAMP platform with all strategy related information, but the TAMP is responsible
for deploying those strategies directly in the client account. Our IARs are responsible for maintaining the
relationship with the client and selecting the appropriate strategy and third-party money manager for
the client based on their risk tolerance and objective. Some TAMPs have restrictions on what custodians
they work through. For more information about what custodian a specific TAMP is authorized to offer
services through, please refer to the TAMPs ADV. Mutual retains the authority to hire and fire third-
party investment managers used through TAMP platforms at our discretion.
Solicitor Accounts
Mutual Advisors has established agreements to work with third-party investment advisers as solicitors
for their firm. In this role, our IARs provide introductions of clients to third-party advisers for
management and maintenance of client accounts. The third-party adviser is responsible for all
investment-related decisions in the client accounts, and our IARs are responsible for maintaining the
relationship with the client and help provide information to the third-party adviser regarding changes in
a client’s financial situation or investment objectives. For more information about what custodians a
specific third-party manager is authorized to offer services through, please refer to the third-party
manager’s ADV.
ERISA Plan Advisory & Consulting Services
We also offer several ERISA Plan advisory & consulting services separately or in combination. The clients
who receive these services are, but are not limited to, pension, profit sharing, and 401(k) plans. Our
ERISA 3(21) Advisory & Consulting services provided are detailed in our agreement with each individual
plan. We acknowledge that we are considered a fiduciary within the meaning of Section 3(21) of the
Employee Retirement Income Security Act of 1974 (“ERISA”), when providing certain services to ERISA
qualified accounts. The plan agreement will indicate which services fall under the qualification of non-
discretionary 3(21) fiduciary services, and which services are non-fiduciary services. All services provided
for these plans shall be in compliance with all applicable laws regulating these types of services.
Communication
We review the plan investments and accounts with the Plan Administrator(s) on a regular basis, but no
less than annually. These reviews typically include, but may not be limited to, investment performance,
plan benchmarking and/or Investment Policy Statement (“IPS”) review.
Financial Consultation Services
Our Financial
Consultation Service offers clients the ability to have their investment portfolio allocated
among different financial institutions, reviewed by an Investment Adviser Representative for a
negotiated fee. This consultation offers the client a detailed look at their financial condition in relation
to their investment objectives, risk tolerance, time horizon, and any financial goals that they may be
seeking to achieve. This Financial Consultation Service offered by us may or may not be in conjunction
with one of our other fee-based programs.
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We provide a variety of financial consulting services to individuals, families and other clients regarding
the management of their financial resources based upon an analysis of client’s current situation, goals,
and objectives. Consulting encompasses one or more of the following areas: Investment Planning,
Retirement Planning, Estate Planning, Charitable Planning, Education Planning, Corporate and Personal
Tax Planning, Cost Segregation Study, Corporate Structure, Real Estate Analysis, Mortgage/Debt
Analysis, Insurance Analysis, Lines of Credit Evaluation, Business and Personal Financial Planning.
Our financial consultations rendered to clients usually include general recommendations for a course of
activity or specific actions to be taken by the clients. For example, recommendations may be made that
the clients begin or revise investment programs, create or revise wills or trusts, obtain or revise
insurance coverage, commence or alter retirement savings, or establish education or charitable giving
programs. It should also be noted that we refer clients to accountants, attorneys, or other specialists, as
necessary for non-advisory related services. For financial consulting engagements, we provide our
clients with a written summary of our observations and recommendations. One-time consultations are
typically completed within six (6) months of the client signing a contract with us, assuming that all the
information and documents we request from the client are provided to us promptly. Services provided
under an on-going consultation agreement are conducted on a regular basis, but no less than annually
with the client. The client is under no obligation to act upon the investment adviser’s recommendation.
If the client elects to act on our recommendations, the client is under no obligation to affect the
transaction through us.
We describe fees charged for Financial Consultation Services below under Item 5 - Fees and
Compensation.
Institutional Advisory & Consulting Services
Mutual Advisors provides investment advisory and consultation services to qualified institutional clients
and professional accredited investors. Investment advisory and consultation services offered through
Mutual Advisors will not include investment banking activity or the dispensing of investment advice
relating to the underwriting or issuing of new securities to a municipal entity. As an SEC registered
investment advisor, Mutual Advisors is not required to register as a Municipal Advisor with the
Municipal Securities Rulemaking Board (“MSRB”) for advisory services provided to municipal entities.
In relation to Institutional Consulting Services, no Mutual Advisors client will be charged a consultation
service fee if such client has executed orders and paid a commission to Mutual Securities, Inc., Mutual
Advisors’ related broker/dealer. Mutual Advisors and its investment adviser representatives will not be
responsible for monitoring a client’s securities positions and transaction activity or assuming trading or
discretionary authority over such client’s brokerage accounts as part of this service.
When entering into an ongoing Institutional Advisory Services contract, Mutual Advisors and its IARs will
work with the institutional investor/entity to ensure a proper Investment Policy Statement is in place to
guide the services provided by the IAR. Mutual Advisors and its IARs will offer these services on a
discretionary or non-discretionary basis, determined by the agreement signed by the client.
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We discuss our discretionary authority below under Item 16 – Investment Discretion. We describe fees
charged for Institutional Advisory and Consultation Services below under Item 5 - Fees and
Compensation.
Sub-Advisory Services
Mutual Advisors has established agreements with various financial institutions to provide sub-advisory
services. Mutual is responsible for investment-related decisions in the client account. Per our
agreement, we may also provide some additional operational support to the financial institution in
relation to their client accounts. We describe the fees charged for Sub-Advisory Services below under
Item 5 – Fees and Compensation.
Variable Annuities
We may also recommend and provide ongoing advice on variable annuities. This service will be based
upon an agreement in place between Mutual Advisors, LLC and our client(s). When providing advice on
variable annuities, our advice is limited to those investment options made available by the insurance
company. Further, limitations on frequency of trading or rebalancing will vary according to each sub-
account’s restrictions. We describe the fees charged below under Item 5 - Fees and Compensation. We
describe the material investment risks for many of the securities that we utilize/recommend under Item
8 – Methods of Analysis, Investment Strategies, and Risk of Loss.
Other Annuities and Life Insurance
We may also recommend and provide ongoing advice on other types of annuities and life insurance
products. This service will be based on an agreement in place between Mutual Advisors, LLC and our
client(s). When providing advice on other annuities and life insurance, our advice may be limited to
those investment options, if any, made available by the insurance company as well as comprehensive
advice including but not limited to the types of insurance to consider, which insurers to work with,
answering questions, and providing consultations. Further, limitations on frequency of trading or
rebalancing will vary according to each insurer’s restrictions. We describe the fees charged below under
Item 5 - Fees and Compensation. We describe the material investment risks for many of the securities
that we utilize/recommend under Item 8 – Methods of Analysis, Investment Strategies, and Risk of Loss.
Limitations on Investments
Mutual Advisors’ IARs may be subject to a number of reasonable restrictions on investments offered to
be utilized in providing investment advisory services to clients based on the platform and/or custodian
selected. Mutual Advisors will always work within these limitations to meet the stated objectives and
financial situation of the client.
Tailored Services and Client Imposed Restrictions
Our IARs manage client accounts based on one or more of the investment strategies discussed below
under Item 8 – Methods of Analysis, Investment Strategies, and Risk of Loss. Services are tailored to
the specific needs of each client. We only allow clients to impose reasonable restrictions on investing in
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certain securities or types of securities based on the platform and/or custodian they select. We make
investment decisions for clients based on information the client supplies about their financial situation,
goals, and risk tolerance. Our recommendations/investment selections may not be suitable if the client
does not provide us with accurate and complete information. It is the client’s responsibility to keep
Mutual Advisors informed of any changes to their investment objectives or restrictions.
Wrap Fee Programs
Mutual Advisors sponsors wrap fee programs, which we describe further in our Wrap Fee Program
Brochure. Our wrap fee accounts are managed on an individualized basis according to the client’s
investment objectives, financial goals, and risk tolerance. Clients utilizing the Wrap Fee Program are
managed on either a discretionary or non-discretionary basis based on the Investment Advisory
Agreement signed by the client. As part of this program, the client pays a bundled fee to Mutual
Advisors, instead of paying separately for Mutual Advisors’ advisory services, transaction fees, and
custodian fees. Our firm does not manage wrap fee accounts in a different fashion than non-wrap fee
accounts. Mutual Advisors’ may retain a higher or lower portion of this fee based on the number of
trades conducted in the account during the billing period. Our discretionary authority, fees and potential
conflicts of interest are all described in our Wrap Fee Program Brochure, which is provided to all clients
participating in the program and the brochure is also available upon request.
Assets Under Management
Mutual Advisors manages client assets in both discretionary and non-discretionary accounts on a
continuous and regular basis. As of 12/31/2023, the total amount of assets under our management was:
Discretionary Assets $ 6,145,010,805
Non-Discretionary Assets $ 802,109,035
Total Assets $ 6,947,119,840
The total amount of Mutual Advisors’ discretionary and non-discretionary assets under management are
the combined assets managed by all investment adviser representatives affiliated with Mutual Advisors.