A. Firm Information
SilverLake Wealth Management, LLC (“SilverLake” or the “Advisor”) is a registered investment advisor with the
U.S. Securities and Exchange Commission (“SEC”). SilverLake was organized as a Limited Liability Company
(“LLC”) under the laws of the State of Vermont in March 2002. SilverLake became a registered investment
advisor in December 2012. SilverLake is owned and operated by Managing Partners Richard J. Briand, Robert
Eddy, Thomas Golonka, Theodore Riehle, and Jeffrey Steele. This Disclosure Brochure provides information
regarding the qualifications, business practices, and the advisory services provided by SilverLake.
B. Advisory Services Offered
SilverLake offers investment advisory services to individuals, high net worth individuals, trusts, estates,
retirement plans, charitable organizations, and corporations (each referred to as a “Client”), and unaffiliated
registered investment advisors.
The Advisor serves as a fiduciary to Clients, as defined under the applicable laws and regulations. As a
fiduciary, the Advisor upholds a duty of loyalty, fairness, and good faith towards each Client and seeks to
mitigate potential conflicts of interest. SilverLake’s fiduciary commitment is further described in the Advisor’s
Code of Ethics. For more information regarding the Code of Ethics, please see Item 11 – Code of Ethics,
Participation or Interest in Client Transactions and Personal Trading.
Investment Management Services
SilverLake’s investment philosophy is customized to the needs of each Client based on a deep understanding of
the Client’s long-term goals. SilverLake provides continuous personal Client contact and interaction while
providing investment management and consulting services. SilverLake primarily offers discretionary and non-
discretionary investment management services, but Clients may request such services to be provided on a non-
discretionary basis. SilverLake works with each Client to identify their investment goals and objectives as well as
risk tolerance and financial situation in order to create an investment strategy. The Advisor may retain certain
legacy investments based on portfolio fit and/or tax considerations.
SilverLake will then construct a portfolio consisting of individual equity securities, individual fixed income
securities, diversified mutual funds, exchange-traded funds (“ETFs”), and/or stocks to achieve the Client’s
investment goals. The Advisor may also utilize other investment types, as appropriate, to meet the needs of its
Clients. Diversification is sought to reduce overall portfolio risk, which can include using different asset classes
as well as different sectors/industries.
Depending on the needs of each Client, SilverLake may create a customized portfolio or invest all or a portion of
Client assets in its model portfolios. Each Client’s portfolio construction strategy is developed based on the
Client’s need, including such factors as other investments, tax sensitivity, and/or the alignment of a SilverLake
portfolio with a Client’s particular needs.
SilverLake will select, recommend and/or retain mutual funds on a fund by fund basis. Due to specific custodial
and/or mutual fund company constraints, material tax consideration, and/or systematic investment plans,
SilverLake will select, recommend, and/or retain a mutual fund share class that does not have trading costs but
do have higher internal expense ratios than institutional share classes. SilverLake will seek to select the lowest
cost share class available that is in the best interest of each Client and will ensure the selection aligns with the
Client’s financial objectives and stated investment guidelines.
SilverLake’s investment approach is primarily long-term focused, but the Advisor may buy, sell or re-allocate
positions that have been held for less than one year to meet the objectives of the Client or due to market
conditions. SilverLake will construct, implement, and monitor the portfolio to ensure it meets the goals,
objectives, circumstances, and risk tolerance agreed to by the Client. Each Client will have the opportunity to
place reasonable restrictions on the types of investments to be held in their respective portfolio, subject to the
acceptance by the Advisor.
SilverLake evaluates and selects investments for inclusion in Client portfolios only after applying their internal
due diligence process. SilverLake may recommend, on occasion, redistributing investment allocations to
diversify the portfolio. SilverLake may recommend specific positions to increase sector or asset class
weightings. The Advisor may recommend employing cash positions as a possible hedge against market
movement. SilverLake may recommend selling positions for reasons that include but are not limited to
harvesting capital gains or losses, business or sector risk exposure to a specific security or class of securities,
overvaluation or overweighting of the position[s] in the portfolio, changes in risk tolerance of the Client,
generating cash to meet Client needs, or any risk deemed unacceptable for the Client’s risk tolerance.
Non-Purpose Loans – The Advisor may introduce certain Clients to non-purpose loan programs made available
through certain Custodians’ banking partner affiliates (“Lending Program”). In such instances, the Client’s assets
in their account[s] at the Custodian will be utilized as collateral for a non-purpose loan. The recommendation of
a Lending Program presents a conflict of interest as the Advisor will continue to receive investment advisory
fees for managing the collateralized assets in the Client’s account[s]. Clients are not obligated to engage the
Advisor for the Lending Program. For additional information related to the risks involved in non-purpose loans
and lines of credit, please see Item 8 - Methods of Analysis, Investment Strategies and Risk of Loss.
Retirement Accounts – When the Advisor provides investment advice to Clients regarding ERISA retirement
accounts or individual retirement accounts (“IRAs”), the Advisor is a fiduciary within the meaning of Title I of the
Employee Retirement Income Security Act (“ERISA”) and/or the Internal Revenue Code (“IRC”), as applicable,
which are laws governing retirement accounts. When deemed to be in the Client’s best interest, the Advisor will
provide investment advice to a Client regarding a distribution from an ERISA retirement account or to roll over
the assets to an IRA or recommend a similar transaction including rollovers from one ERISA sponsored Plan to
another, one IRA to another IRA, or from one type of account to another account (e.g., commission-based
account to fee-based account). Such a recommendation creates a conflict of interest if the Advisor earns a new
(or increases its current) advisory fee as a result of the transaction. No client is under any obligation to roll over
a retirement account to an account managed by the Advisor.
At no time will SilverLake
accept or maintain custody of a Client’s funds or securities, except for the limited
authority as outlined in Item 15 – Custody. All Client assets will be managed within the designated account[s] at
the Custodian, pursuant to the terms of the agreement. Please see Item 12 – Brokerage Practices for additional
information.
Financial Planning Services
SilverLake will typically provide a variety of financial planning services to individuals and families pursuant to a
written financial planning agreement. Services are offered in several areas of a Client’s financial situation,
depending on their goals, objectives, and financial situation. Generally, such financial planning services will
involve preparing a financial plan or rendering a financial consultation for clients based on the Client’s financial
goals and objectives. This planning or consulting may encompass one or more areas of need, including but not
limited to investment planning, retirement planning, personal savings, education savings, insurance needs, and
other areas of a Client’s financial situation.
A financial plan developed for or financial consultation rendered to the Client will usually include general
recommendations for a course of activity or specific actions to be taken by the Client. For example,
recommendations may be made that the Client start or revise their investment programs, commence or alter
retirement savings, establish education savings and/or charitable giving programs.
SilverLake may also refer Clients to an accountant, attorney, or another specialist, as appropriate for their
unique situation. For certain financial planning engagements, the Advisor will provide a written summary of the
Client’s financial situation, observations, and recommendations. For planning engagements that encompass an
ad-hoc analysis, the Advisor may not provide a written summary. Plans or consultations are typically completed
within six months of the contract date, assuming all information and documents requested are provided
promptly.
Financial planning recommendations pose a conflict between the interests of the Advisor and the interests of the
Client. For example, the Advisor has an incentive to recommend that Clients engage the Advisor for investment
management services or to increase the level of investment assets with the Advisor, as it would increase the
amount of advisory fees paid to the Advisor. Clients are not obligated to implement any recommendations made
by the Advisor or maintain an ongoing relationship with the Advisor. If the Client elects to act on any of the
recommendations made by the Advisor, the Client is under no obligation to implement any transaction through
the Advisor.
Retirement Plan Advisory Services
SilverLake provides retirement plan advisory services on behalf of the retirement plans (each a “Plan”) and the
company (the “Plan Sponsor”). The Advisor’s retirement plan advisory services are designed to assist the Plan
Sponsor in meeting its fiduciary obligations to the Plan and its Plan Participants. Each engagement is
customized to the needs of the Plan and Plan Sponsor. Services generally include:
• Vendor Analysis
• Plan Participant Enrollment and Education Tracking
• Investment Policy Statement (“IPS”) Design and Monitoring
• Investment Oversight Services (ERISA 3(21))
• Performance Reporting
• Ongoing Investment Recommendation and Assistance
• ERISA 404(c) Assistance
SilverLake may also provide communication and education services to the Plan and its Participants, pursuant to
the terms of the Advisor’s agreement with each Plan Sponsor:
• Plan Participant contact by phone, email, or letter upon eligibility to promote enrollment
• Investment education
• Regular on-site advisor visits with staff for account updates and reviews
• Periodic company-wide employee survey of retirement plan understanding
• Periodic Plan Participant group education
These services are provided by SilverLake serving in the capacity as a fiduciary under the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”). In accordance with ERISA Section 408(b)(2), the Plan
Sponsor is provided with a written description of SilverLake’s fiduciary status, the specific services to be rendered,
and all direct and indirect compensation the Advisor reasonably expects under the engagement.
Use of Independent Managers
SilverLake will recommend that Clients utilize one or more unaffiliated investment managers or investment
platforms (collectively “Independent Managers”) for all or a portion of a Client’s investment portfolio, based on the
Client’s needs and objectives. In certain instances, the Client may be required to authorize and enter into an
investment management agreement with the Independent Manager[s] that defines the terms in which the
Independent Manager[s] will provide its services. The Advisor will perform initial and ongoing oversight and due
diligence over each Independent Manager to ensure the strategy remains aligned with the Client’s investment
objectives and overall best interests. The Advisor will also assist the Client in the development of the initial policy
recommendations and managing the ongoing Client relationship. Prior to entering an agreement with an
Independent Manager, the Client will be provided with the Independent Manager's Form ADV Part 2A - Disclosure
Brochure (or a brochure that makes the appropriate disclosures).
C. Client Account Management
Prior to engaging SilverLake to provide investment advisory services, each Client is required to enter into one or
more agreements with the Advisor that defines the terms, conditions, authority, and responsibilities of the
Advisor and the Client. These services may include:
• Establishing an Investment Strategy – SilverLake, in connection with the Client, will develop a strategy
that seeks to achieve the Client’s investment goals and objectives.
• Asset Allocation – SilverLake will develop a strategic asset allocation that is targeted to meet the
investment objectives, time horizon, financial situation, and tolerance for risk for each Client.
• Portfolio Construction – SilverLake will develop a portfolio for the Client that is intended to meet the
stated goals and objectives of the Client.
• Investment Management and Supervision – SilverLake will provide investment management and
ongoing oversight of the Client’s investment portfolio.
D. Wrap Fee Programs
SilverLake does not manage or place Client assets into a wrap fee program. Investment management services
are provided directly by SilverLake.
E. Assets Under Management
As of December 31, 2023, SilverLake manages $485,680,764 in Client assets, of which $433,741,922 are
managed on a discretionary basis and $51,938,842 on a non-discretionary basis. Clients may request more
current information at any time by contacting the Advisor.