The Advisor began operations in April of 2014. The Advisor is a limited liability company
owned by David Marion, Kristina Alley, and David Kantor.
SFA provides the following advisory services:
SFA provides investment management and financial planning services for high net worth
individuals and families, institutions, charitable organizations and trusts. In order to
provide prudent financial planning and investment management services, we believe it is
important to understand a client’s complete financial profile. We work with clients
carefully outlining their goals as they relate to their assets/ liabilities, cash flow, cost of
living, risk tolerance and long term planning. In managing investment portfolios for our
clients, portfolios consist of multi-asset class investments, comprised of active and
passive investment vehicles selected and approved through our firm’s research process.
SFA provides advice with respect to limited types of investments as described in greater
detail below.
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Our Mission
SFA’s mission is to help clients achieve their financial goals by creating a long term
financial plan that incorporates the successful management of their investment
portfolios. We believe that we offer clients a combination of depth of experience, an open,
transparent approach and a culture focused on the best interests of our clients. Our
interests should always be aligned with, and subordinated to, those of our clients. SFA is
a fiduciary to each of our client relationships. To maintain a close alignment of interests
between ourselves and our clients, we personally invest in the same portfolios that we
recommend for our clients. Finally, we strive to maintain a high level of service for our
clients. Clients should expect a positive client service experience including frequent and
clear communications.
Financial Planning
Our clients receive financial planning advice as an important component of establishing
their investment objectives for the long term management of their investment portfolios.
The process starts with a detailed conversation with the client about their objectives, time
horizon and tolerance for risk. We then request information from each client in order to
prepare a summary balance sheet. We also request information about their family
situation, income sources, current and expected cost of living, insurance, retirement
plans, estate planning, etc. We request contact information for their other advisors such
as attorneys and tax advisors. Once the information is assembled, we will prepare an
overview and outline recommendations to assist the client with better aligning their
finances and other planning with their personal goals and financial situation. Except for
the investment portfolios that SFA directly oversees, the client is responsible for
implementation of any other financial planning recommendations. We help our clients
keep track of the recommendations and review implementation, as necessary. The client
retains absolute discretion over all such implementation decisions and is free to accept or
reject any recommendation from SFA. A client’s financial plan is reviewed and adjusted
on an ongoing basis, as needed.
Financial planning services are available to clients as part of investment management
engagements. Clients may utilize those services at their option. SFA also may be engaged
for financial planning services on a stand-alone basis.
Investment Philosophy
Our approach is focused on managing risk, which we believe is essential to achieving
investment objectives regardless of a client’s particular tolerance for risk. We believe that
active management of portfolio allocation is critical to risk mitigation and investment
success. Tactical portfolio changes
are only made based on high conviction ideas.
Portfolio changes are made if the change is viewed to be asymmetrically favorable for our
clients. We do not adhere to benchmark allocations and believe that strict adherence to
benchmarks yields mediocre results. Finally, an important aspect of a successful
investment process is the containment of costs. Hidden fees, excessive transaction costs
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and adverse tax consequences hinder investment performance and must be minimized to
the extent possible.
Client Experience
All client portfolios are governed by an investment policy statement which outlines,
among other things, risk tolerance, asset allocation parameters, time horizon,
distribution needs and specific restrictions. Restrictions in client portfolios are subject to
approval by SFA to determine whether our firm can add value to a client’s investment
portfolio within the restrictions imposed by the client.
Each client is advised that it is the client’s obligation to notify SFA of any change in
financial circumstances or investment objectives. SFA will then review with the client
whether a change in their investment portfolios is, in SFA’s opinion, recommended. SFA
shall not independently verify any information received from the client or from the client’s
other professionals and is authorized to rely on such information.
SFA does not provide tax or legal advice. Clients requiring assistance on issues outside of
financial and investment advisory topics should consult a tax advisor, legal counsel
and/or other professionals for expert opinions. Upon client request, SFA may
recommend the services of other professionals such as attorneys, accountants, insurance
agents, etc. The client is under no obligation to engage the services of any SFA-
recommended professional. SFA has no affiliation, financial or otherwise, with any such
professionals.
Our primary source of compensation is a fee based on a percentage of assets managed.
For financial planning-only engagements, we charge an hourly rate. In certain situations,
we will consider consulting engagements where a fixed fee is negotiated. We accept no
product-based fees nor any other form of compensation from outside sources. SFA does
not participate in any wrap fee programs.
As of December 31, 2023, SFA had $170,827,000 of assets under management.
$166,055,000 is managed on a discretionary basis and $4,772,000 is managed on a non-
discretionary basis. SFA had a further $40,746,000 of assets under advisement.
Miscellaneous
SFA may recommend that a client roll over employer sponsored retirement plan assets to
an Individual Retirement Account (IRA) managed by SFA. As a result, SFA may earn an
asset-based fee. In contrast, a recommendation that a client or prospective client leave
their plan assets with their former employer or roll the assets to a plan sponsored by a
new employer would likely result in little or no compensation for SFA. Thus, SFA has an
economic incentive to encourage an investor to roll plan assets into an IRA that it will
oversee. No client is under any obligation to roll over plan assets to an IRA managed by
SFA or to open an IRA with SFA. SFA’s Chief Compliance Officer remains available to
address any questions that a client or prospective client may have regarding its
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prospective engagement and the potential conflict of interest presented by such
engagement.
On an accommodation basis, SFA may agree to administer certain accounts on a non-
managed basis. In such cases, SFA will not be responsible for providing management on
either a discretionary or non-discretionary basis. The scope of services and fee will be
outlined in the relevant addendum to the investment management agreement.