Wescott is registered with the U.S. Securities and Exchange Commission as an investment adviser. Brokerage and investment advisory services fees differ and it is important for you to understand the differences. Free and simple tools are available to research firms and financial professionals at http://investor.gov/crs, which also provides educational materials about broker-dealers, investment advisers and investing.
What investment services and advice can you provide me?
Our firm offers fiduciary investment advisory services, which are fully described in our Form ADV Part 2As (“Disclosure Brochures”). Our services include financial planning, business planning, tax planning, estate planning, financial consulting, pension consulting services, asset allocation services, family office solution services, trustee services and investment management services. Financial planning and investment management services can be provided under our combined wealth management program.
As part of our investment management services, we monitor accounts continually, while client accounts are reviewed at least quarterly. Pension consulting accounts are continually monitored and investment options of plans are reviewed at least quarterly. Financial planning reviews and updates occur at different intervals, depending on the needs of the client. There are no material limitations to our monitoring. We accept discretionary and/or non-discretionary authority to implement the recommended transactions in client accounts. The level of discretion is determined in our agreement and there are no material limitations on the authority. For non-discretionary services, you make the ultimate decision regarding the purchase or sale of investments. We do not offer advice with respect to proprietary products. Our services are subject to a minimum account value and/or minimum fee.
Additional information about our services and the types of products that we recommend can be found in Items 4, 5 and 7 of our Disclosure Brochures and available to all clients, or by visiting here: https://adviserinfo.sec.gov/firm/summary/105989
• 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 these qualifications mean?
What fees will I pay?
We offer our services on a fee-only basis. We charge a fixed or hourly fee for financial planning, business planning, tax planning, estate planning, financial consulting, and asset allocation services, and a fee based upon assets under management for investment management services, wealth management services, family office solution services, trustee services and pension consulting services.
In addition to the advisory fees paid to us, you are also responsible for other costs and expenses imposed by third-parties, including, without limitation, securities brokerage commissions and other transaction costs, custodial fees, fees attributable to alternative assets, reporting charges, margin costs, deferred sales charges, odd -lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions.
The more assets there are in your advisory accounts, the more you will pay in fees, so we may therefore have an incentive to encourage you to increase the assets in your account or manage them in a way where we charge higher fees. You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments over time. Please make sure you understand what fees and costs you are paying.
Additional information about our fees can be found in Item 5 of our Disclosure Brochures and available to all clients or by going here: https://adviserinfo.sec.gov/firm/summary/105989
Let’s discuss… Help me understand how these fees and costs might 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.
Support from Custodian: We receive administrative support, computer software, related systems support, as well as other third-party support from the custodians that we recommend. This results in an incentive to recommend those custodians because we do not have to produce or pay for the products or services provided.
Let’s discuss… How might your conflicts of interest affect me, and how will you address them?
Additional information about our conflicts of interest can be found throughout our Disclosure Brochures and available to all clients or by going here:
How do your financial professionals make money?
Our financial professionals are compensated based on the following factors. We do not believe this results in any conflicts of interest:
• Professionals are compensated based on their skills, credentials, years of experience, and work performance.
Additional information about our financial professionals can be found in our respective Form ADV Part 2 Brochure Supplements that you will be provided.
Do you or your financial professionals have legal or disciplinary history?
No, neither we, nor our financial professionals, have a legal or disciplinary history.
You can visit http://investor.gov/crs for a free and simple search tool to research us and our financial professionals.
Let’s discuss… As a financial professional, do you have any disciplinary history? For what type of conduct?
You can find additional information about our services on our website at https://wescott.com and in our Disclosure Brochure. To request a copy of this Relationship Summary and any of our other disclosure documents referred to in this document, please email us at firstname.lastname@example.org or call us at (215) 979-1600.
Let’s discuss… 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?
Wescott Financial Advisory Group LLC
January 1, 2023
Exhibit to Form CRS
Wescott Financial Advisory Group LLC is required to update its Form CRS when information in the Form CRS becomes materially inaccurate. This Exhibit summarizes the following material changes to the firm’s Form CRS, implemented on February 1, 2022:
- Form CRS was amended to reflect that Wescott Financial Advisory Group LLC will also offer tax planning, estate planning, financial consulting, asset allocation services, and family office solutions services to clients.
- We charge a fixed or hourly fee for tax planning, estate planning, financial consulting, and asset allocation services and a fee based upon assets under management for family office solution services.