Firm Description
Benchmark Wealth Management, LLC (the “Firm,” “we,” “us,” “our,” etc.) is an investment
adviser registered with the Securities and Exchange Commission under the Investment Advisers
Act of 1940. We provide wealth management services to our clients. The Firm was formed in
August 2007 and applied for registration in 2016. Thomas J. Britt and Richard W. Stout III are
100% owners of Benchmark Wealth Management, LLC.
Wealth Management Services
We provide wealth management services on a discretionary basis based on the individual needs
of our clients. Our wealth management services include financial planning.
Client accounts will be managed according to the client’s overall financial situation, future
financial objectives, risk tolerance, time horizons, and investment objectives. We also discuss
with our clients their financial needs in order for them to develop the appropriate guidelines
and restrictions on their account and for us to ensure the suitability of each client’s investments
in order to honor their investment needs. It is our practice to tailor our wealth management
services to the individual needs of our clients.
Our discretionary authority includes both asset allocation and security selection. In large
majority, client assets will be invested in readily marketable exchange-traded funds, exchange-
traded notes, mutual funds, stocks, bonds, and options. Client assets will be held by an
independent custodian, which employs controls to protect client assets.
We may provide clients with advice on taxes, insurance, and/or estate matters, but in such
matters, we require our clients to also consult with their accountants/tax professionals,
insurance professionals, estate attorneys, or other relevant experts.
Fiduciary Statement
We are fiduciaries under the Investment Advisers Act of 1940 and when we provide investment
advice to you regarding your retirement plan account or individual retirement account, we are
also fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act,
(“ERISA”) and/or the Internal Revenue Code, (“IRC”), as applicable, which are laws governing
retirement accounts.
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. We must take into
consideration each client’s objectives and act in the best interests of the client. We are
prohibited from engaging in any activity that is in conflict with the interests of the client. We
have the following responsibilities when working with a client:
• To render impartial advice;
• To make appropriate recommendations based on the client’s needs, financial
circumstances, and investment objectives;
• To exercise a high degree of care and diligence to ensure that information is presented
in an accurate manner and not in a way to mislead;
• To have a reasonable basis, information, and understanding of the facts in order to
provide appropriate recommendations and representations;
• Disclose any material conflict of interest in writing; and
• Treat clients fairly and equitably.
Regulations prohibit us from:
• Employing any device, scheme, or artifice to defraud a client;
• Making any untrue statement of a material fact to a client or omitting to state a material
fact when communicating with a client;
• Engaging in any act, practice, or course of business which operates or would operate as
fraud or deceit upon a client; or
• Engaging in any manipulative act or practice with a client.
We will act with competence, dignity, integrity, and in an ethical manner, when working with
clients. We will use reasonable care and exercise independent professional judgement when
conducting investment analysis, making investment recommendations, trading, promoting our
services, and engaging in other professional activities.
Benchmark Wealth Management Wrap Fee Program
The Firm is the sponsor and investment manager of the Benchmark Wealth Management Wrap
Fee Program (“Program”). A “wrap-fee” program is one that provides the client with advisory
and brokerage execution services for an all-inclusive fee. Clients are not charged separate fees
for the respective components of the total service. We actively solicit advisory clients for the
Program. We are also responsible for the marketing of the Program.
We provide investment management services through the Program, defined as giving
continuous advice to a client or making investments for a client based on the individual needs
of the client. Through our qualified Investment Advisor Representatives (“IARs”) will
continuously manage client portfolios based on the individual needs of the client. All IARs hold
all required licenses and/or qualifications. At the time of a client’s initial investment in the
program, an IAR will assist the client in determining the client's current financial
situation,
financial goals and objectives, and attitudes toward risk. This determination will allow the IAR
to review the client's situation and determine an appropriate asset allocation. Account
supervision is guided by the stated objectives of the client.
Our IARs are the sole portfolio managers in the Program.
Pursuant to contractual authority from the client, we will execute all securities transactions in
client accounts without commission costs. We do not have the discretionary authority to
determine the broker dealer to be used. We request that clients direct us to use Charles
Schwab & Co., Inc. (Schwab), member FINRA/SIPC/NFA, or a broker-dealer unaffiliated with the
Firm to implement transactions for their Program account. Therefore, we do not negotiate
commission rates with other broker dealers and best execution may not be achieved.
Transactions in the Program are effected "net," i.e., without commission, and a portion of the
wrap fee is generally considered to be in lieu of commission. Clients pay a single fee for
advisory and brokerage services. However, the client may incur additional costs for the fees and
expenses charged by mutual funds, exchange-traded funds (ETFs), and similar investments to
their shareholders, mark-ups, mark-downs, exchange fees, transfer taxes, and certain
administrative fees for wire transfers or certificate issues.
In evaluating the Program, clients should consider, depending upon the level of the wrap fee
charged, the amount of portfolio activity in the client’s account, the broker dealer's usual
commission rates and other factors, the wrap fee may be more or less than the aggregate cost
of such services if they were to be provided separately and if the Firm were to negotiate
commissions and seek best price and execution of transactions for the client's account.
We reserve the right to decline acceptance of any client account that directs the use of a broker
dealer other than Schwab. Our Program costs are based on an established relationship with
Schwab and the designation of a broker other than Schwab would not be consistent with our
wrap fee platform.
We will ensure that the client has reasonable access to our professional(s) managing the client’s
account.
We receive a portion of the total wrap fee for its investment management services. More detail
on the wrap program may be found in Form ADV Part 2A Appendix 1.
Financial Planning and Consulting Services
We offer financial planning services, which may include a review of all aspects of a client’s
current financial situation, including the following components: cash management, risk
management, insurance, education funding, goal setting, retirement planning, estate and
charitable giving planning, tax planning, and capital needs planning. Clients understand that
when we are engaged to address only certain components, the client’s overall financial and
investment issues may not be taken into consideration.
We meet with the client to review risk tolerance, financial goals and objectives, and time
horizons. Additional meetings may include a review of additional financial information; sources
of income, assets owned, existing insurance, liabilities, wills, trusts, business agreements, tax
returns, investments, and personal and family obligations.
The financial plan may include both long and short-term considerations, depending upon the
individual scenario. Upon completion, a plan is presented to the client. At this meeting, the
client is provided with recommendations that are deemed to be compatible with the client’s
stated goals and objectives. An implementation schedule is reviewed with the client to
determine which steps will be pursued, and with whom the steps may be accomplished. The
client is under no obligation to utilize additional services of our ongoing wealth management
services and is under no obligation to implement the advice or plan. Clients may choose all or
certain components of advice and recommendations and can implement the recommendations
through the service providers of their choice.
We also offer investment advice on a more limited basis. This may include advice on only an
isolated area(s) of concern such as estate planning, retirement planning, reviewing a client’s
existing portfolio, or any other specific topic. Additionally, we may provide advice on non-
securities matters; generally, in connection with the rendering of estate planning, insurance,
and/or annuity advice.
Tailored Services
Clients may impose reasonable restrictions on the types of investments for their account and
will maintain ownership of all securities in their account. In order to best serve our clients, we
advise clients to notify us of any changes in their financial situation that may require a change
to their investment objectives.
Assets Under Management
As of December 31, 2023, we manage $362,068,172 under management; $346,773,377 in
discretionary assets, and $15,294,795 in non-discretionary assets.