Form CRS – Client Relationship Summary
Introduction
Securities and Exchange Commission. Our firm operates as a “Wealth Manager,” meaning that we offer an enhanced level of service and expertise beyond just investments (Wealth, Risk, Tax, Legacy, Estate, Philanthropy, Investments, etc.). MWM is not a broker or broker dealer, we are an advisory firm. Different business models exist in the industry and we pride ourselves on being a fiduciary and client centric. There are free and simple tools available to research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing. As a fiduciary, we put the interests of our clients ahead of our own.
What investment services and advice can you provide me?
We are an investment adviser that offers a broad range of related financial services. We meet with our clients to understand their current situation, financial resources, goals, tax situation and risk tolerance as applicable. Based on what we learn, we’ll recommend an investment portfolio that is monitored at least quarterly and if necessary, rebalanced to meet your changing needs, stated goals and objectives. We’ll offer you advice on a regular basis and contact you at least annually to discuss your portfolio.
Financial Planning & Consulting may also be offered on a standalone basis. We do not monitor your investments for the separate engagement.
You can select in our agreement whether we are allowed to buy and sell investments in your account without asking you in advance (“discretion”) or only buy and sell investments in your account after receiving your permission (“non- discretion”). If you select non-discretion, you make the ultimate decision regarding the purchase or sale of investments except for money market funds, which we manage on a discretionary basis. We will have discretion or non-discretion until the advisory agreement is terminated by you or our firm.
Our firm requires a minimum account balance of $1,000,000 to open and maintain an account and a $10,000 minimum annual fee for our Wealth Management service, which may be waived. We also offer a Mission Forward version of our Wealth Management service for children of current MWM clients or those who may not meet our firm’s minimums.
Additional information about our services is located in Item 4 of our Firm Brochure, which is available online at https://adviserinfo.sec.gov/firm/brochure/113057 or https://missionwealth.com/adv-2-privacy-policy/.
Questions to Ask Us:
- Given my financial situation, should I choose an investment advisory service? Why or why not?
- How will you choose investments to recommend to me?
- What is your relevant experience, including your licenses, education and other qualifications? What do those qualifications mean?
What fees will I pay?
You will be charged an ongoing quarterly fee based on the value of the investments in your account. Since our fees are based on a percentage of assets in your advisory account, we have an incentive for your accounts to grow as well as our relationship. We have four service model tiers with larger relationships eligible for enhanced offerings. Mission Forward clients will be charged a monthly fee until they exceed $500,000 in assets and switch to our standard fee schedule. Our fees and services vary and are negotiable. Certain clients may be charged a financial planning or tax preparation fee if agreed upon. Some clients may be charged according to a legacy fee schedule due to an acquisition by our firm of a previous advisor’s clients. Our firm’s fees will be automatically deducted from your advisory account. In rare cases, our firm will agree to send you invoices rather than an automatic deduction.
The third party custodian that holds your assets may charge transaction fees when we buy or sell an investment. The custodian’s costs are in addition to our fees and we do not participate in those charges. We have an incentive to reduce unnecessary fees, charges and expenses so that your account has the highest value possible. You may also pay fees imposed by an underlying investment such as a mutual fund, index fund, exchange traded fund (ETF), alternatives, etc. We generally never purchase annuity contracts but if we do, we review and discuss fees. We may charge a flat or hourly fee for standalone Financial Planning & Consulting services.
In rare instances, we select third party money managers to assist us with managing your account. If selected, they will charge you a fee, which will be described to you in our agreement and/or a separate document.
You will pay fees and costs whether you make or lose money, which reduce any amount of money you make on your investments over time. When accounts go down in value, we make less and earn more when you do better. Please make sure you understand what fees and costs you are paying.
Additional information about our fees is located in Item 5 of our Firm Brochure, which is available online.
Questions to Ask Us:
- Help me understand how these fees and costs may affect my investments. If I give you $10,000 to invest, how much will go to fees and costs and how much will be invested for me?
What are your legal obligations to me when acting as my investment adviser? How else does your firm make money and what conflicts of interest do you have?
When we act as your investment adviser, 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. You should understand and ask us about these conflicts because they can affect the investment advice, we provide you. Here are some examples to help you understand what this means:
We have an incentive to use a custodian that referred business to us.
Our firm is insurance licensed to assist clients with long term care, disability and life/annuity insurance needs. If clients choose this service, the firm may earn a commission over and above advisory fees.
No business model is conflict free but we try to limit them as much as possible. We do not have any proprietary products. We do NOT receive third party payments.
Additional information about our conflicts of interest is located in Item 10 of our Firm Brochure, which is available online.
Questions to Ask Us:
- How might your conflicts of interest affect me, and how will you address them?
How do your financial professionals make money?
Our financial professionals are compensated on a salary and bonus system. They do not earn commissions.
Do you or your financial professionals have legal or disciplinary history?
No. Visit Investor.gov/CRS for a free and simple search tool to research our firm and our financial professionals.
Questions to Ask Us:
- As a financial professional, do you have any disciplinary history? For what type of conduct?
Additional Information
You can find additional information about our firm’s investment advisory services on the SEC’s website at www.adviserinfo.sec.gov by searching CRD #113057 or clicking here. You may also contact our firm at (805) 882- 2360 to request a copy of this relationship summary and other up-to-date information. You can find answers to Frequently Asked Questions by clicking here and information about our team by clicking here.
Questions to Ask Us:
- Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I have concerns about how this person is treating me?