Ellenbecker Investment Group, Inc. (“EIG”) is a Wisconsin corporation formed in 1996 offering
investment advisory services. EIG became an independent Registered Investment Adviser in 2014. EIG
makes financial planning and investment management services available to a wide variety of clients,
including individuals, entities, pension and profit-sharing plans, trusts, estates and charitable
organizations, corporations, and other business entities. EIG is majority owned by Karen Ellenbecker.
EIG does not control any other firm.
Investment Adviser Representatives (“IARs”) begin each advisory service by carefully examining the
client’s investment objectives and financial circumstances. Clients are informed about investment
alternatives and investment risks to make them aware that attempting to attain a higher rate of return
entails accepting higher levels of risk and the potential for loss. Once this initial evaluation is complete,
EIG IARs recommend one or more of the advisory services described below that will be provided in a
manner aimed at achieving the client’s investment objectives.
While providing its services, EIG can advise clients about a wide variety of securities, including exchange-
listed and over-the-counter stocks, warrants, corporate bonds, commercial paper, certificates of
deposit, municipal bonds, variable annuities and insurance, mutual funds, U.S. government securities,
securities and commodity options, interests in partnerships investing in real estate and oil and gas
interests, exchange-traded funds, limited liability companies and other entities. In addition, EIG may
select or recommend one or more third-party managers to manage all or a portion of the client’s
account. Such third-party managers will have discretion to determine the investments purchased and
sold for the portion of the client’s account managed by the third-party manager.
EIG IARs strive to provide investment advice that is in the client’s best interest, using their best
judgment. EIG and its IARs do not assure any client a profit will occur from EIG’s services or guarantee
against a loss. The advisory services of EIG are described in detail below.
Financial Planning Services
EIG stands ready to perform financial planning services which are designed to combine advice relating to
a range of financial subjects selected by the client. In formulating a comprehensive financial plan,
regardless of the complexity, EIG IARs will:
• Interview the client, analyze the client’s financial needs, and assist the client in
developing realistic goals and objectives based on information provided by the client.
The IAR may also clarify planning problems and outline strategies designed to meet the
client’s goals. A client typically retains EIG to perform a comprehensive plan covering
such topics as investments, taxes, insurance, retirement, and estate planning, among
other subjects.
• Prepare an initial written project or comprehensive financial plan in the scope requested
by a client based on the information gathered during the client interview and needs
evaluation. This plan may include establishing a clear set of objectives, an outline of
resources, a written investment policy statement (“IPS”), an asset allocation model,
strategy recommendations, retirement, estate, education, or insurance planning and
product recommendations. Reports usually include the steps to take for implementing
advice provided.
• Help the client implement the plan including, if needed, assistance in purchasing and/or
selling securities.
• Review the plan periodically in the scope and frequency agreed upon in advance with
the client.
Clients decide which investment recommendations to accept and implement. Clients are also free to
select any brokerage, insurance, or other product provider to purchase (or sell) the investments,
insurance, or other products discussed with EIG. Many clients choose to enter into a Discretionary
Management Services Agreement whereby EIG IARs manage the client portfolios on a discretionary
basis.
All planning is based on information provided by the client. It is the client’s responsibility to be certain
EIG has current and accurate information to enable EIG to prepare the initial and ongoing plan(s).
Retirement Plan Services
EIG can provide the following services to retirement plan accounts:
ERISA Section 3(21) Plan Investment Advisory Services: EIG can perform non-discretionary
investment advisory services at the retirement plan level as described below.
(a) EIG will review the plan's investment objectives and/or Investment Policy Statement
("IPS"), if requested or if applicable.
(b) EIG will advise the client of appropriate investment categories for each client’s
retirement plan consistent with client’s investment objective(s).
(c) EIG will advise clients of appropriate assets/investment instruments which are
consistent with the investment categories selected by the client.
(d) EIG will monitor performance of the investment choices of each client and provide
periodic advice regarding possible changes to the investment selections.
(e) Clients shall have ultimate authority for selecting the investments for the client's
retirement plan.
ERISA Section 3(38) Plan Investment Management Services: EIG can perform discretionary
investment management services at the plan level as described below. Note, this service is distinct from
the Section 3(21) services described above.
(a) EIG will review the plan’s investment objectives and/or IPS, if requested and if
applicable;
(b) For
a participant-directed individual account plan, the investment objective(s) will set
forth the number of general investment options and asset class categories to be offered
to plan participants with a goal of providing a menu of investments that will allow for
the creation of well-diversified portfolios designed to provide for long-term appreciation
and capital preservation through a mix of equity and fixed income exposures.
(c) Once the client approves the investment objective(s), EIG will review the investment
options available through the plan and will notify the plan’s recordkeeper as to EIG’s
instructions to add, remove and/or replace specific “core” investment options to be
offered to plan participants that meet the criteria set forth in the investment
objective(s). EIG will monitor the core investment options and, on a regular basis,
provide reports to client and instructions to the plan’s recordkeeper to remove and/or
replace investments that no longer meet the IPS criteria.
(d) EIG will retain final decision-making authority with respect to removing and/or replacing
investments in the core lineup, and the client will not have any further responsibility to
communicate instructions to any third-party, including the plan’s recordkeeper,
custodian and/or third-party administrator.
(e) EIG will monitor investments in the plan’s accounts with the custodian and shall
implement changes to investment selections as EIG deems appropriate.
Non-Fiduciary Services: EIG can perform the non-fiduciary services as described below.
(a) EIG will meet with the client or representatives of the client, at intervals mutually
acceptable to the client and EIG, to discuss investment performance.
(b) EIG will provide client with a quarterly report regarding the performance of each
investment selected by the client for the client’s plan.
(c) EIG will assist client with selection of any plan service providers as requested, but client
shall be ultimately responsible for selecting other plan service providers.
(d) EIG will contact client at least annually to determine if there have been any changes in
client’s financial situation or investment objective(s), and will remind client at least
quarterly, in writing, that client should inform EIG if there have been (or are anticipated
to be) any such changes.
(e) As requested, EIG will conduct informational/educational group meetings with plan
participants at initial installation of the plan, and periodically thereafter in the scope and
frequency mutually agreed upon between client and EIG regarding:
(i) general investment concepts;
(ii) investment objectives and performance of selected investments; and
(iii) investment allocations and strategies available to meet various investment
objectives.
EIG's assistance in participant investment education shall be consistent with and within the scope of the
definition of investment education found in Department of Labor Interpretive Bulletin 96-1.
Discretionary Investment Management Services
EIG offers clients portfolio management and reporting services by means of its Discretionary Investment
Management Services program. Through the program, clients receive investment analysis, allocation
recommendations, monthly or quarterly statements reflecting holdings and transactions, and ongoing
account monitoring services for a portfolio. EIG will exercise discretionary trading authority while
providing services. This means that EIG IARs will have authority to purchase and sell securities of their
choice in the amounts and at the times they believe it is suitable for a client’s account to do so. EIG may
also recommend the use of a third-party manager to manage all, or a portion of the assets. Such third-
party managers will also have limited discretionary trading authority only over the accounts they are
selected to manage.
The initial asset allocation recommendations are based on the financial information gathered from each
client including net worth, risk tolerance, financial goals and objectives, investment restrictions and
overall financial conditions. Based on this information, the client is provided with investment
recommendations designed to provide an appropriate asset mix consistent with the client’s objectives.
The client’s portfolio and its performance are monitored by the client’s IAR considering the client’s
stated goals and objectives. The frequency of these reviews is determined by the IAR. EIG IARs meet
with the client on an as-needed basis to discuss the portfolio and other aspects of the service.
EIG does not hold client investments. Instead, all investments managed by EIG are held at the custodian
through which transactions are placed. Clients should be aware that fees may be assessed for
transactions and other services by the account’s custodian in addition to advisory fees charged by EIG.
EIG does not assure or guarantee the results of its Discretionary Investment Management Services; thus,
losses can occur from following EIG’s advice pertaining to any investment or investment approach,
including using conservative investment strategies.
As of December 31, 2023, EIG had assets of $1,490,843,696 under discretionary management and
$492,850 under non-discretionary management.
Educational Seminars and Workshops
EIG offers several educational seminars and workshops focusing on various investment and related
topics. These seminars are offered to clients and prospective clients, in some cases a fee for attendance
is charged. The fee varies on the topic of the seminar or workshop being presented.