FORM CRS – CLIENT RELATIONSHIP SUMMARY
Item 1 – Introduction
Elevate Wealth Management is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser. One of the requirements of being a Registered Investment Adviser (“RIA”) is to produce this Client Relationship Summary.
As an RIA, we do not sell products or accept commissions. We have a fiduciary responsibility to our clients and are legally required to act in their best interests. This differentiates us from brokerage firms, which offer other types of services, fee structures, and working relationships. Brokerage and investment advisory services and fees differ, and it is important to understand these differences, which is why the SEC provides free and simple tools for researching financial professionals at www.investor.gov/CRS. This site also provides educational materials about investment advisors, broker-dealers, and investing.
Item 2 – Relationship & Services
What investment services and advice can you provide me?
Elevate Wealth Management offers investment advisory services to retail investors. Our firm manages accounts on a discretionary basis. In a discretionary account, you have granted written investment authority to your Financial Professional to execute purchase and sell orders in your advisory accounts without consulting with you first. You may limit our authority, such as by imposing reasonable restrictions on investing or trading in certain securities or groups of securities. Elevate reserves the right to decline such restrictions at its sole discretion.
As an investment adviser, we provide investment advice and monitoring to you through our Investment Adviser Representatives (“IARs”) for an ongoing fee. Our Firm requires a minimum portfolio value of $100,000 to provide advisory services to you. If deemed appropriate for you, our Firm will recommend utilizing a separate managed account, third-party money manager, or unified managed account program (“SMA” or “TPMM” or “UMA”) to aid in the implementation of investment strategies for your portfolio.
Our Firm also offers financial planning and consulting services for our clients. These services can be provided on a stand-alone basis or in conjunction with our investment management services. These services usually include preparing long-term financial projections for clients and may also include advising on insurance policies, education funding, real estate decisions, non-managed investments, financial options, and tax and estate planning matters.
For more information, please see Items 4, 7, 13, and 16 of our Form ADV 2A “Brochure.”
Item 3A – Fees, Costs, Conflicts & Standard of Conduct
What fees will I pay?
We generally offer our advisory services for an annual investment advisory fee calculated as a percentage of the value of the assets that we manage in your account. Our fees are assessed quarterly in advance or arrears as set forth in the fee schedule contained in your advisory agreement. Our maximum advisory fee is 2.00%. The exact advisory fee is outlined in your Client Services Agreement and is negotiable. You pay this fee even if you don’t buy or sell investments. We receive no trading commissions, and our fees are not related to the amount of trading activity in your account during any period. The more assets in your advisory account, the more you will pay in fees, and therefore, the Firm has an incentive to encourage you to increase the asset value in your account.
Occasionally, a client will hire us only for stand-alone financial planning and/or consulting services. Our fees for these limited services are typically a flat, agreed upon amount or an hourly charge. Fixed fees for stand-alone financial planning, without investment management services, typically range from $2,500 - $10,000 but may be negotiated at the discretion of the Firm. Our maximum hourly billing rate for financial planning is $500 per hour. Our hourly billing rate for consulting services is generally $250 per hour.
Separate Managed Account (“SMA”), Third-Party Money Manager (“TPMM”) or Unified Managed Account (“UMA”) program fees are charged independently by mutual funds, exchange traded funds, private investment funds, and separate account managers. The billing methods of these organizations are outlined in each firm’s brochure, prospectus, or contract. You pay ongoing fees directly to TPMMs based on the assets you have under management with respect to each TPMM.
Custodians (generally Fidelity, Schwab, or Altruist) for an investment account may charge transaction costs (also known as commissions) and custodial, redemption, administrative, and other fees. Most of our clients only pay transaction costs and occasional administrative fees. Fidelity, Schwab, and Altruist also earn fees in other ways, including, but not limited to, managing money market and proprietary mutual funds, margin loan interest, securities lending, and platform fees paid by fund managers. Our Firm does not share in the Custodian Fees charged to your account.
For all services, fees will be billed as services are rendered. The amount paid to our Firm and your financial professional generally does not vary based on the type of investments we select on your behalf. 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.
For more information, please see Item 5 of our Form ADV 2A “Brochure.”
Item 3B – Fees, Costs, & Standards of Conduct
What are your legal obligations to me when acting as my investment adviser? How else does your firm make money & 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 interests ahead of yours. At the same time, how we make money conflicts with your interests. You should understand and ask us about these conflicts because they can affect our investment advice. Here are some examples to help you understand what this means:
- When advising a rollover 401(k) balance, even when equivalent and less costly options are available, if funds are left with the employer’s fund manager.
- When advising not to pay off a mortgage (thus diminishing assets), even when the mortgage carries a high-interest rate.
- When advising against making a large charitable contribution to get a tax deduction (but decrease assets under management).
Our firm receives a fee as compensation for providing investment services on your account. We manage accounts for multiple clients and allocate our time based on each client’s needs. Our firm earns more as we expand our client base to grow our assets under management, and we seek to balance our staffing with each client’s individualized needs.
For more information, please see Items 5, 10, 11 and 14 of our Form ADV Part 2A “Brochure.”
Item 3C – Fees, Costs, & Standards of Conduct
How do your financial professionals make money?
Our Financial Professionals may be compensated through different structures, including salaries with discretionary bonuses or revenue-based incentives. Compensation is designed to attract and retain qualified professionals and may be based on factors such as the number, value, and complexity of accounts managed, time spent servicing clients, account performance, and overall client satisfaction and retention.
Some of our Financial Professionals are also engaged in outside business activities. When these activities are material or present potential conflicts of interest, they are disclosed. Our Firm supervises these activities through a comprehensive compliance program, and all Financial Professionals are required to follow a Code of Conduct to help mitigate any conflicts with clients.
For more information, please see Items 5, 10, 11, and 14 of our Form ADV Part 2A “Brochure” and refer to your financial professional’s ADV 2B brochure.
Item 4 – Disciplinary History
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 Elevate Wealth Management and our financial professionals.
For more information, please see Item 9 of our Form ADV Part 2A “Brochure” or refer to Item 11 of our Part 1.
Item 5 – Additional Information
For additional information about our investment advisory services, visit the SEC’s website at www.adviserinfo.sec/gov. Our firm’s IARD number is 336710. You may also contact us for up-to-date information and request a copy of the relationship summary by contacting us at 307-461-5550 or Elevateasset.com.
Summary of Material Changes
Elevate has no material changes to describe as this is our initial Form CRS.