A. Firm Information
Hays Financial Group, LLC (“HFG” or the “Advisor”) is a registered investment advisor with the U.S. Securities
and Exchange Commission (“SEC”), which is organized as a Limited Liability Company (“LLC”) under the laws of
the State of Minnesota. HFG was founded in March 2020 and became a registered investment advisor in 2021,
HFG is owned by HG Group, Inc., Brian J. Whinnery (President), James P. Miley (Managing Director and Chief
Investment Officer), and Michael J. Egan (Director).
This Disclosure Brochure provides information regarding the qualifications, business practices, and the advisory
services provided by HFG. For information regarding this Disclosure Brochure, please contact James P. Miley
(Chief Compliance Officer) at (612) 373-9863.
B. Advisory Services Offered
HFG offers investment advisory services to individuals, high net worth individuals, trusts, estates, businesses,
and retirement plans (each referred to as a “Client”).
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. Our fiduciary commitment is further described in our Code of Ethics. For more information
regarding our Code of Ethics, please see Item 11 – Code of Ethics, Participation or Interest in Client
Transactions and Personal Trading.
Retirement Plan Advisory Services
Hays provides retirement plan advisory services on behalf of company 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
• Investment Policy Statement (“IPS”) Design and Monitoring
• Investment Oversight Services (ERISA 3(21))
• Investment Management Services (ERISA 3(38))
• Performance Reporting
• Ongoing Investment Recommendation and Assistance
• ERISA 404(c) Assistance
• Benchmarking Services
These services are provided by Hays 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 Hays’s fiduciary status, the specific services to be rendered and
all direct and indirect compensation the Advisor reasonably expects under the engagement.
Investment Management Services
HFG provides customized investment advisory solutions for its Clients. This is achieved through continuous
personal Client contact and interaction while providing discretionary investment management and related
advisory services. HFG works closely with each Client to identify their investment goals and objectives as well as
risk tolerance and financial situation in order to create a portfolio strategy. HFG will then construct an investment
portfolio, consisting of low-cost, diversified mutual funds and/or exchange-traded funds (“ETFs”) to achieve the
Client’s investment goals. The Advisor may also utilize individual stocks, bonds or options contracts to meet the
needs of its Clients. The Advisor may retain certain types of investments based on a Client’s legacy investments
based on portfolio fit and/or tax considerations.
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HFG’s investment strategies are primarily long-term focused, but the Advisor may buy, sell or re-allocate
positions that have been held less than one year to meet the objectives of the Client or due to market conditions.
HFG 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 acceptance by the Advisor.
HFG evaluates and selects investments for inclusion in Client portfolios only after applying its internal due
diligence process. HFG may recommend, on occasion, redistributing investment allocations to diversify the
portfolio. HFG 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. HFG 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, change in risk tolerance of the Client, generating cash to meet Client needs, or any risk deemed
unacceptable for the Client’s risk tolerance.
At no time will HFG 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 advisory agreement. Please see Item 12 – Brokerage Practices.
Financial Planning Services
HFG will typically provide a variety of financial planning and consulting services to Clients, 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 circumstance.
Generally, such financial planning services involve preparing a formal financial plan or rendering a specific
financial consultation 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.
HFG may also refer Clients to an accountant, attorney or other specialists, 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 consulting or ad-hoc engagements, the Advisor may
not provide a written summary. Plans or consultations are typically completed within six (6) months of contract
date, assuming all information and documents requested are provided promptly.
Financial planning and consulting recommendations may pose a conflict between the interests of the Advisor and
the interests of the Client. For example, a recommendation to engage the Advisor for investment management
services or to increase the level of investment assets with the Advisor would pose a conflict, as it would increase
the 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 the transaction through
the Advisor.
C. Client Account Management
Prior to engaging HFG to provide investment advisory services, each Client is required to enter into one or more
agreements with the Advisor that define the terms, conditions, authority and responsibilities of the Advisor and
the Client. These services may include:
• Establishing an Investment Strategy – HFG, in connection with the Client, will develop a strategy that
seeks to achieve the Client’s goals and objectives.
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• Asset Allocation – HFG will develop a strategic asset allocation that is targeted to meet the investment
objectives, time horizon, financial situation and tolerance of risk for each Client.
• Portfolio Construction – HFG will develop a portfolio for the Client that is intended to meet the stated
goals and objectives of the Client.
• Investment Management and Supervision – HFG will provide investment management and ongoing
oversight of the Client’s investment portfolio.
D. Wrap Fee Programs
For certain legacy Clients, HFG sponsors and manages the HFG Wrap Fee Program. In the HFG Wrap Fee
Program, HFG includes securities transaction fees, if applicable, as part of a single, bundled advisory fee.
Including these fees into a single asset-based fee is considered a “Wrap Fee Program”. The Advisor customizes
its investment management services for its Clients. The Advisor sponsors the HFG Wrap Fee Program solely as
a supplemental disclosure regarding this combination of fees. Please see Appendix 1 – Wrap Fee Program
Brochure, which is included as a supplement to this Disclosure Brochure.
E. Assets Under Management
As of December 31, 2023, HFG manages $297,550,659 in discretionary assets and $4,800,847,774 in non-
discretionary assets. Total assets under management are $5,098,398,433. Clients may request more current
information at any time by contacting the Advisor.