INTRODUCTION
In this brochure, references to “we,” “us,” “our,” or “our firm” refer to Long Road
Investment Counsel, LLC. Our firm’s clients and prospective clients are referred to as
“you,” “your,” or “our clients.”
This brochure contains important information. We encourage you to read it
carefully and to ask questions if there is any information that you do not
understand. The format and content of this brochure have been prepared based on the
instructions to Form ADV, Part 2A, which is prescribed for use by registered investment
advisers under federal and state securities laws and related rules.
We are an investment advisor registered with the U.S. Securities and Exchange
Commission and were established in April of 2014 by Charles D. Wattles who is the sole
member and principal owner of our firm.
Mr. Wattles spent eighteen years at Arcadia Investment Management as an owner,
portfolio manager, and securities analyst. Before that he spent twelve years at Fiduciary
Counsel. He is a CFA. He earned his MBA and a BA from Grand Valley State
University and his BA from Ripon College. As described in the brochure supplement,
Mr. Wattles has substantial business experience involving financial and investment
matters, including managing investment portfolios.
INVESTMENT ADVISORY AND MANAGEMENT SERVICES
We provide discretionary investment management services to institutional and
individual clients, which means investment decisions are made by us for your account
without obtaining your prior permission for each investment. We do not manage assets
on a non-discretionary basis.
Though we have discretionary management authority over your account, our
investment management services are tailored to your specific needs, taking into
consideration your unique investment objectives, risk tolerances, time horizon, tax
considerations, liquidity needs, and other circumstances you describe to us. As a result,
we require your active participation while we develop your investment policy statement
or similar document. We do not verify the accuracy of the data you provide us. We
assume that the information you provide is reliable and current. We may also request the
names and relationships
of other advisors that are important to you (e.g., attorney,
accountant, banker, etc.).
After we evaluate your information, we generally prepare an investment policy
statement or other similar document. This investment policy statement may include a
Part 2A of Form ADV 2 Long Road Investment Counsel, LLC
target asset allocation (spreading investments between a mix of stock investments and
bond investments). We will consider various investment programs and strategies to assist
you to meet your stated investment objectives. Once we agree upon an investment
policy, we will prepare recommendations for investments or other segments of an
investment plan that you may need. We will tailor our services to your needs and the
Investment Management Agreement. We will accept and note investment restrictions in
your investment policy statement if they are reasonable and as long as they do not hinder
our ability to execute our investment strategies on your behalf. If you do impose such
restrictions, you should be aware that they may result in your account not being as
diversified as our other client accounts, which could cause your account to underperform
or perform differently than other client accounts that are managed without such
restrictions.
It is our intention to meet with you no less an annually. Each year, we will
request current financial status information from you to determine if there have been any
changes to your financial situation that you have not previously reported to us. If you
have a change in your financial situation, we urge you to contact us promptly as the new
information may warrant a review or change in the investment strategies.
Our investment recommendations fit within the context of your investment policy
and typical investments are focused on equity securities of domestic, international, and
global issuers, as well as corporate debt securities, certificates of deposit, municipal
securities, mutual fund shares, and U.S. government and agency securities.
ASSETS UNDER MANAGEMENT
We manage client assets on a discretionary basis. As of December 31, 2023, we
had $284,039,000 of client assets under our management.