A Hamrick Investment Counsel, L.L.C. (as used throughout this brochure, “HIC,” “firm,” “we,”
“our,” and “us”) is a Washington limited liability company owned and managed by its principals,
Todd Wathey, CFA, CFP®, and Doug Haack, CFP®. The firm was originally founded as a sole
proprietorship by Roy Hamrick in 1988 and was reorganized as a limited liability company in
Washington in 2004. Mr. Wathey became an equity partner in January 2014 and became a majority
owner of our firm effective as of April 2021. Messrs. Wathey and Haack serve as the firm’s
investment advisor representatives and constitute the firm’s investment committee. As such, they
are responsible for management of all client accounts. Business background information regarding
our investment advisor representatives is disclosed in individual Form ADV Part 2B brochure
supplements, which are provided to clients at the commencement of an advisory engagement with
our firm.
We are an investment advisor registered with the SEC, and our sole office is located in Seattle,
Washington. We manage highly individualized investment portfolios for individuals, foundations
and nonprofit organizations, and other types of clients. The information contained in this brochure
describes our investment advisory services, practices, and fees. Please refer to the description of
each investment advisory service listed below for information on how we tailor our services to the
needs of our clients. The words “you,” “your,” and “client” are used throughout this brochure to
refer to you as either a client or prospective client of our firm.
Prior to forming an investment advisor-client relationship with you, we may offer a complimentary
general consultation to discuss the nature of our service offerings and to determine the possibility
of a potential advisory relationship. Investment advisory services begin only after you and HIC
formalize the relationship by the execution of a written advisory agreement.
B C We offer a variety of investment advisory services to clients. Our investment advice is custom-
tailored according to each client’s unique investor profile and financial circumstances.
When you engage us for portfolio management services, you will be required to deposit your assets
at an independent qualified custodian (“Custodian”), typically a licensed broker-dealer, banking,
or savings institution, and grant us limited authority to buy and sell securities within your account
on discretionary basis. When we are granted discretionary authority, you authorize us to implement
our investment recommendations directly within your account(s) held at the Custodian in your
name, without obtaining your specific consent prior to each transaction. You always have the
ability to impose reasonable restrictions on our management of your account(s), including the
ability to instruct us not to purchase certain specific securities, types of securities, industry sectors,
and/or asset classes.
We offer the following investment advisory services:
Investment Supervisory Services. We offer ongoing and continuous investment supervisory
services that are uniquely tailored to your financial circumstances and needs. We will consult with
you at the inception of our relationship (and periodically thereafter, as warranted) to gather
information regarding your investment objectives, financial circumstances, tolerance for
investment risk, and time horizon for investments. The information we typically request during
this data-gathering process will include, among other items, your current and expected income
level, tax information, investment experience, current and expected liquidity needs, and your
current portfolio construction. We will document your investment objectives, preferences, and
restrictions in a written investment policy statement, present the investment policy statement to you
for approval, and use it as the guide by which we will manage your account(s). We will then
recommend an initial investment strategy and portfolio design and direct its initial implementation
within your account(s) held at the Custodian.
We manage most of our client portfolios in a “balanced” style, which includes both stock (i.e.,
equity) and bond (i.e., fixed income) investments. For some clients, we also manage “growth
equity” portfolios, where the portfolio may
be more heavily weighted towards equity investments.
Still, these accounts also typically include some balance of fixed income securities. In building
and managing portfolios for our clients, we work only with publicly traded securities: stocks,
bonds, mutual funds, exchange traded funds (“ETFs”) and other securities that trade in the public
securities markets and that can be readily purchased and sold. Within that context, however, our
client portfolios in general are very broadly diversified over a wide variety of asset classes and
individual securities.
Following implementation of your investment portfolio, we will consult with you periodically, as
necessary and appropriate, regarding the status of your investments and monitor their performance
on an ongoing basis. We will directly implement changes within your investment account(s) when
we determine them to be in your best interests, in consideration of current economic conditions,
our market opinions and assumptions, and your individual financial circumstances and goals. It is
your ongoing responsibility to advise us in writing of any changes to your financial circumstances
that may have a material impact on the design of your portfolio. In addition to the monthly or
quarterly account statements you will receive from the Custodian, we will provide you with
additional reports and communications regarding the status of your investment at least quarterly
(or more frequently, when warranted or reasonably requested by you).
The focus of our firm is on managing investment portfolios for our clients. From time to time, and
primarily as a courtesy for our investment supervisory clients, we may provide portfolio and
financial scenarios and projections for retirement planning purposes.
Financial Consulting Services. We offer stand-alone financial consulting services on a limited
basis. These services are narrowly tailored and include financial advice designed to assist our
clients with respect to specific life events (retirement, child birth, marriage, death, divorce, etc.),
transactions (e.g., business transactions, real estate purchases, and other large capital expenditures)
or accounts (e.g., allocation of assets held within an employer sponsored retirement account or a
variable annuity held outside the accounts we manage directly for the client). These services do
not include comprehensive financial planning services.
When we provide these services, you may select a discrete number of financial topics, accounts, or
transactions upon which you would like to receive our financial advice on a consulting basis.
Engagements for these services conclude upon our delivery to you of a written summary of our
recommendations. You may accept or reject our recommendations, in whole in part, and are solely
responsible for their implementation, including the selection and retention of any service providers
to be utilized in connection with the same. Unless we otherwise agree to do so, we will not monitor
your investments made under this service; nor will we review or update our written investment
recommendations following their delivery to you.
As part of this service, we may recommend that you independently engage certain third-party
professionals (e.g., attorneys, tax advisors, accountants, insurance professionals) to assist you in
implementing the advice and recommendations we provide. We do not receive compensation or
referral fees of any kind in connection with these recommendations and you are never obligated to
engage any third parties we recommend as part of this service. You are also never obligated to
engage our firm for any implementation services of any kind. We do not provide legal or tax advice
to clients.
D Wrap Fee Programs. We do not recommend, sponsor, or serve as a portfolio manager to any wrap
fee program(s).
Types of Investments Recommended. The types of investments we typically recommend to clients
are described above in this Item 4. We may also advise clients on any assets held in their portfolio
at the time of our engagement and other investments not listed above at the client’s specific request.
Please see Item 8 of this brochure or a description of the investment strategies we typically
implement in client accounts.
E Assets Under Management. As of December 31, 2022, we managed approximately $262,241,463
in client assets on discretionary basis and $608,992 on a nondiscretionary basis.