Form CRS

Last Updated March 29, 2024

Item 1: Introduction

Summitry, LLC (“our firm,” “we,” “us”) is registered with the Securities and Exchange Commission as an Investment Advisor. Brokerage and investment advisory services and 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 Investor.gov/CRS, which also provides educational materials about broker-dealers, investment advisers, and investing.

Item 2: Relationships and Services – What investment services and advice can you provide me?

Summitry, LLC offers financial planning and portfolio management services to retail clients, by consulting with you to help you achieve your goals and objectives. Our portfolio management services are provided to you through a variety of equity, fixed income, and balanced strategies. We serve as the investment adviser to an equity mutual fund invested in the same manner as our all-equity strategy. Our accounts are managed on a discretionary basis, which means that we do not need to contact you when buying or selling in your account. Customizations are permitted in writing. We offer these standard services to you through individual accounts. We review your account on at least a quarterly basis to ensure an appropriate allocation based on our assessments of market conditions and your individual circumstances. The minimum amount for opening an account with us is $1 million for individuals or organizations. A minimum of $250,000 applies if the account is opened through a separately managed relationship with another Registered Investment Advisor firm.

FOR ADDITIONAL INFORM ATION REGARDING OUR SERV ICES, PLEASE SEE THE ADV ISORY BUSINESS TYPES OF CLIENTS AND REV IEW OF ACCOUNTS SECTION OF OUR FORM ADV PART 2A AND EQUITY MUTUA L FUN D PROSPECTUS.

Ask us the following questions:

• 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?

Item 3: Fees, Costs, Conflicts and Standard of Conduct

What fees will I pay?

For our financial planning and portfolio management services, you will pay a quarterly management fee that is based on a percentage of the assets under management that you have with us. The more money you invest with us, the lower the management fee percentage you will pay and yet the more dollars in fees you will pay; therefore, our incentive is to increase the value of your account over time, which will increase your fees over time. Your custodian may also assess custodial fees, transaction costs, fees for duplicate statements and transaction confirmations, brokerage commissions, mutual fund expenses and fees for electronic data feeds and reports, but Summitry receives none of these custodian-related fees. We do not charge you a management fee for amounts held in the mutual fund that we advise, as the expenses assessed by the mutual fund already include a fee for our management services. 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 ADDITIONAL INFORM ATION REGARDING OUR FEES, PLEASE SEE THE FEES AND COM PENSATION SECTION OF OUR FORM ADV PART 2A.

Ask us the following question:

• 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 A FIDUCIARY DUTY 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.

If you are leaving a current employer, we may suggest you roll over your employer retirement plan assets into an IRA managed by us. We have an economic incentive to encourage you to roll retirement plan assets which would earn us more compensation than if the IRA were not rolled over to us. However, as a fiduciary, we will make sure to evaluate your options to determine what is in your best interest before making any recommendation.

FOR ADDITIONAL INFORM ATION REGARDIN G OU R CONFLICTS, PLEASE SEE OUR FORM ADV PAR T 2A.    

Ask us the following question:

• 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 employees of the firm and are paid a fixed salary. They also receive bonuses based on the success of the firm and specifically upon the contributions of the employee. The specific bonus metrics may evolve over time, but the intent is to align incentives with client and/or firm success. For our investment team, the criteria at present include the performance of our mutual fund, the ranking of the fund compared to peers, the generation of new ideas and completion of earnings reports. The financial advisors’ current criteria include client retention, completion of communication and planning metrics, client referrals and additional assets. Neither Summitry, LLC nor any of its employees receive compensation for trading securities in our client accounts.

Item 4: Disciplinary History – Do you or your financial professionals have legal or disciplinary history?

No. Please visit Investor.gov/CRS, for a free and simple tool to research our firm and financial professionals.

Ask us the following question:

• As a financial professional, do you have any disciplinary history?
• For what type of conduct?

Item 5: Additional Information

For additional information regarding our fees, services, and conflicts, please see our Form ADV Part 2A, or visit our website at www.summitry.com. Please contact us at (650) 212-2240 or (866) 604-6582 for more up-to-date information or request a copy of this client relationship summary or a copy of our Form ADV, part 2A.

Ask us the following questions:

• 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?

 

CLIENT RELATIONSHIP SUMMARY | March 29, 2024