This Disclosure document is being offered to you by Wakefield Wealth Management, LLLP (“WWM”” or “Firm”)
about the investment advisory services we provide. It discloses information about our services and the way those
services are made available to you, the client.
WWM was founded in 2014 as the result of the restructuring of Wakefield Asset Management, LLLP, an affiliated
registered investment advisor, and is 100% employee owned. G. Todd Gervasini is the principal owner, Managing
Partner, and Chief Investment Officer of WWM.
We are committed to helping clients build, manage, and preserve their wealth. Our Firm provides services that
help clients to achieve their stated financial goals. We will offer an initial complimentary meeting upon our
discretion; however, investment advisory services are initiated only after you and WWM execute an Investment
Management Agreement.
INVESTMENT AND WEALTH MANAGEMENT AND SUPERVISION SERVICES
We manage advisory accounts on a discretionary and non-discretionary investment advisory services to individual
and institutional investors. WWM makes investment decisions for its clients based on a highly disciplined and
technologically advanced process for research, security selection, implementation, and monitoring. Investors are
permitted to impose restrictions on investing in certain securities or types of securities. For discretionary accounts,
once we have determined a profile and investment plan with a client, we will execute the day-to-day transactions
without seeking prior client consent but within the expected investment guidelines.
WWM also furnishes non-discretionary financial consulting services to individual and institutional investors. We
will evaluate each investor’s financial circumstances, investment objectives and investable assets and recommend
investment strategies for implementation. The investor determines whether to implement such recommendations
and, if implemented, which service providers will be used.
We primarily allocate client assets among cash, individual stocks, bonds, exchange traded funds (“ETFs”), options,
mutual funds and other public and private securities or investments. We generally invest Client’s cash balances in
money market funds and/or government backed debt instruments. Ultimately, we try to achieve the highest return
on our client’s cash balances through relatively low-risk and conservative investments. In most cases, at least a
partial cash balance will be maintained in a money market account so that our firm may debit advisory fees for
our services related to this service.
Portfolios will be designed to meet a particular investment goal, determined to be suitable to the client’s
circumstances. Once the appropriate portfolio has been determined, portfolios are continuously and regularly
monitored, and if necessary, rebalanced based upon the client’s individual needs, stated goals and objectives.
During personal discussions with clients, we determine the client’s objectives, time horizons, risk tolerance, and
liquidity needs. As appropriate, we also review a client’s prior investment history, as well as family composition
and background. Based on client needs, we develop a client’s personal profile and investment plan. We then
create and manage the client’s investments based on that policy and plan. It is the client’s obligation to notify us
immediately if circumstances have changed with respect to their goals.
Once we have determined the types of investments to be included in a client’s portfolio and have allocated the
assets, we provide ongoing investment review and management services.
With our discretionary relationship, we will make changes to the portfolio, as we deem appropriate, to meet client
financial objectives. We trade these portfolios based on the combination of our market views and client objectives,
using our investment process. We tailor our advisory services to meet the needs of our clients and seek to ensure
that your portfolio is managed in a manner consistent with those needs and objectives. Clients have the ability to
leave standing instructions with us to refrain from investing in particular industries or invest in limited amounts of
securities.
In all cases, clients have a direct and beneficial interest in their securities, rather than an undivided interest in a
pool of securities. We do have limited authority to direct the Custodian to deduct our investment advisory fees
from your accounts, but only with the appropriate written authorization from clients.
Where appropriate, we provide advice about any type of legacy position held in client portfolios. Typically, these
are assets that are ineligible to be custodied at our primary custodian. Clients will engage us to advise on certain
investment products that are not maintained at their primary custodian, such as variable life insurance, annuity
contracts, and assets held in employer sponsored retirement plans and qualified tuition plans (i.e., 529 plans).
To the extent requested by the client, WWM may recommend the services of other professionals for advice and
implementation of non-investment related matters such as estate planning, tax planning, banking matters,
insurance, etc. The client is under no obligation to engage the services of any recommended professional and
retains absolute discretion over the selection of professionals and the implementation of products they
recommend.
You are advised and are expected to understand that our past performance is not a guarantee of future results.
Certain market and economic risks exist that adversely affect an account’s performance. This could result in capital
losses in your account.
Disclosure Regarding Rollover Recommendations
We are fiduciaries under the Investment Advisers Act of 1940 and when we provide investment advice to you
regarding your retirement plan account or individual retirement account, we are also 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. We have to act in your best interest and not put our
interest ahead of yours. At the same time, the way we make money creates some conflicts with your interests.
A client or prospect leaving an employer typically has four options regarding an existing retirement plan (and may
engage in a combination of these options): (i) leave the money in the former employer’s plan, if permitted, (ii) roll
over the assets to the new employer’s plan, if one is available and rollovers are permitted, (iii) rollover to an
Individual Retirement Account (“IRA”), or (iv) cash out the account value (which could, depending upon the client’s
age, result in adverse tax consequences). Our Firm may recommend an investor roll over plan assets to an IRA for
which our Firm provides investment advisory services. As a result, our Firm and its representatives
may earn an
asset-based fee. In contrast, a recommendation that a client or prospective client leave their plan assets with their
previous employer or roll over the assets to a plan sponsored by a new employer will generally result in no
compensation to our Firm. Our Firm therefore has an economic incentive to encourage a client to roll plan assets
into an IRA that our Firm will manage, which presents a conflict of interest. To mitigate the conflict of interest,
there are various factors that our Firm will consider before recommending a rollover, including but not limited to:
(i) the investment options available in the plan versus the investment options available in an IRA, (ii) fees and
expenses in the plan versus the fees and expenses in an IRA, (iii) the services and responsiveness of the plan’s
investment professionals versus those of our Firm, (iv) protection of assets from creditors and legal judgments, (v)
required minimum distributions and age considerations, and (vi) employer stock tax consequences, if any. Our
Firm’s Chief Compliance Officer remains available to address any questions that a client or prospective client has
regarding the oversight.
CONSULTING SERVICES
We also provide clients investment advice on a more-limited basis on one or more isolated areas of concern such
as estate planning, real estate, retirement planning, or any other specific topic. Additionally, we provide advice on
non-securities matters about the rendering of estate planning, insurance, real estate, and/or annuity advice or any
other business advisory / consulting services for equity or debt investments in privately held businesses. In these
cases, clients will be required to select their own investment managers, custodian, and/or insurance companies
for the implementation of consulting recommendations. If client needs include brokerage and/or other financial
services, we will recommend the use of one of several investment managers, brokers, banks, custodians, insurance
companies, or other financial professionals ("Firms"). Consulting clients must independently evaluate these Firms
before opening an account or transacting business and have the right to effect business through any firm they
choose. Clients have the right to choose whether or not to follow the consulting advice provided.
RETIREMENT PLAN ADVISORY SERVICES
Retirement Plan Advisory Services consists of helping employer plan sponsors to establish, monitor and review
their company's retirement plan. As the needs of the plan sponsor dictate, areas of advising could include
investment selection and monitoring, plan structure, and participant education.
Pursuant to Section 402(c)(3) of ERISA, the client may appoint us as the Plan’s “investment manager” with respect
to the Plan’s portfolio of investment options. We acknowledge that we are registered as an investment adviser
under the SEC. Our firm acts as a “fiduciary” within the meaning of Section 3(21) of ERISA with respect to the
Plan. We offer advisory services to employer sponsored retirement plans such as 401(k), 457, & 403(b). On the
plan level, we manage the investment line-up making changes as necessary as well as providing risk-based
investment models for the participants. On the individual participant level, we manage risk-based models using
the current investment lineup based on risk tolerance of the individual investor. For employer-sponsored
retirement plans with participant-directed investments, our firm provides its advisory services as an investment
advisor as defined under Section 3(21) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”).
When serving as an ERISA 3(21) investment adviser, the Plan Sponsor and our Firm share fiduciary
responsibility. The Plan Sponsor retains ultimate decision-making authority for the investments and may accept
or reject the recommendations in accordance with the terms of a separate ERISA 3(21) Plan Sponsor Investment
Management Agreement between our Firm and the Plan Sponsor. Under the 3(21) agreements, our Firm can
provide the following services to the Plan Sponsor:
• Review or Development of an Investment Policy Statement
• Perform Due Diligence on Money Managers
• Provide Initial Investment and Management Selection - Our Firm typically uses mutual
funds/managed accounts/collective trusts/cash equivalents to structure portfolios designed to meet
client objectives and risk profiles.
• Provide ongoing Performance Evaluation and Monitoring of Money Mangers
• Make Investment Recommendations when necessary
• Retirement Plan Services Analysis - Our Firm will conduct an analysis of a client’s retirement plan to
evaluate the services currently provided to the client by third parties. The areas of analysis may
include asset management services, record keeping, administration, customer service, participant
education, etc. These services may also include a cost/benefit analysis, recommendation of
alternative vendors, facilitation of the RFP process for solicitation of a new vendor, and/or assistance
in fee negotiations with proposed vendors.
• Provide Employee Education Services - Our Firm will provide enrollment and educational services the
content of the program will be generic in nature.
WRAP FEE PROGRAMS
Our Firm does not sponsor a Wrap Fee Program.
ASSETS
As of December 31, 2023
Market Value
(U.S. Dollars)
Discretionary Assets $291,483,032
Non-Discretionary Assets $77,595,815
Total Regulatory Asset Under Management $369,078,847
Assets Under Advisement $30,808,564
Total Assets Managed 399,887,411
“Discretionary Assets” are those accounts where the client has granted WWM authority, without any further
approval except as otherwise required by law, (a) to make all investment decisions for the account; (b) to buy, sell
and otherwise deal with the assets of the account; and (c) in furtherance of the foregoing, to do anything which
WWM deems requisite, appropriate or advisable, including, without limitation, the submission of instructions to
the custodian, if any, of the account.
“Non-Discretionary Assets” are those accounts where the client retains authority for approving the final
investment decisions. WWM provides advice to clients regarding these accounts but does not make independent
investment decisions. WWM also provides continuous and regular advice to the trustees of qualified plans
(retirement plans) regarding the selection of their vendors including the selection of investment options available
under the plan.
“Assets Under Advisement” (AUA) include assets in qualified plans (retirement plans) where Wakefield provides
continuous and regular advice to the trustees of the plans regarding the selection of their vendors including the
selection of investment options available under the plan.