A. Firm Information
FSA Wealth Management, LLC (“FSA Wealth Management” or the “Advisor”) is a registered investment advisor
with the SEC. FSA Wealth Management is organized as a Limited Liability Company (“LLC”) under the laws of
the Commonwealth of Massachusetts. FSA Wealth Management was founded in December 2006, and became a
registered investment advisor in August of 2017. FSA Wealth Management is owned and operated by Gavin M.
Morrissey (Managing Partner and Chief Compliance Officer) and Simon J. Heslop (Managing Partner and
President) (collectively the “Principal Owners”). This Disclosure Brochure provides information regarding the
qualifications, business practices, and the advisory services provided by FSA Wealth Management.
B. Advisory Services Offered
FSA Wealth Management offers investment advisory services to individuals, high net worth individuals, trusts,
estates, charitable organizations, corporations 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. FSA Wealth Management’s fiduciary commitment is further described in the Advisor’s Code
of Ethics. For more information regarding the Code of Ethics, please see Item 11 – Code of Ethics, Participation
or Interest in Client Transactions and Personal Trading.
Investment Management Services
FSA Wealth Management 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. FSA Wealth Management 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. The Advisor manages Client portfolios utilizing Modern Portfolio Theory predominantly in long-term
strategic portfolios. Each Client will be invested per their individual risk profile and managed to a target risk and
return level. Portfolios will be constructed using a mix of mutual funds and exchange-traded funds (“ETFs”)
depending upon the asset class or sub-asset class. Specific portfolios may include individual legacy stock
positions that will be managed on a hold and/or sell basis due to tax reasons and to allow for adequate
diversification. In certain rare instances, individual municipal bonds or Real Estate Investment Trusts (“REIT”)
might be utilized as part of a larger allocation. Private Equity and Private Credit Funds may also be utilized in
certain portfolios. Portfolios will be rebalanced based upon market conditions, drift ranges and/or operationally
oriented issues. Typically, portfolios will be rebalanced one to three times per year depending upon markets and
individual portfolios. In non-qualified accounts, tax implications will be incorporated into the rebalancing process.
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.
FSA Wealth Management will seek to select the lowest cost mutual fund share class that is in the best interest
of each Client so that the selection aligns with the Client’s financial objectives and stated investment guidelines.
Factors considered when selecting a share class may include custodial and/or mutual fund company
constraints, material tax considerations, and/or systematic investment plans. In certain cases, mutual funds
without transaction costs may be selected or retained and these mutual funds generally have higher expense
ratios than mutual fund institutional share classes that also have transaction costs. Transaction costs for mutual
fund purchases are paid by the client.
FSA Wealth Management evaluates and selects investments for inclusion in Client portfolios only after applying
its internal due diligence process. FSA Wealth Management may recommend, on occasion, redistributing
investment allocations to diversify the portfolio. FSA Wealth Management 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. FSA Wealth Management 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 Client, generating cash to meet Client needs, or any risk deemed unacceptable for the Client’s risk
tolerance.
At no time will FSA Wealth Management 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 their designated
account[s] at the Custodian, pursuant to the terms of the advisory agreement. Please see Item 12 – Brokerage
Practices.
Retirement Accounts – When the Advisor provides investment advice to Clients regarding ERISA retirement
accounts or individual retirement accounts (“IRAs”), the Advisor is a fiduciary 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. When deemed to be in the Client’s best interest, the Advisor will
provide investment advice to a Client regarding a distribution from an ERISA retirement account or to roll over
the assets to an IRA, or recommend a similar transaction including rollovers from one ERISA sponsored Plan to
another, one IRA to another IRA, or from one type of account to another account (e.g. commission-based
account to fee-based account). Such a recommendation creates a conflict of interest if the Advisor will earn a
new (or increase its current) advisory fee as a result of the transaction. No client is under any obligation to roll
over a retirement account to an account managed by the Advisor.
Retirement Plan Advisory Services
FSA Wealth Management provides retirement plan advisory services on behalf of the 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
• Ongoing Investment Recommendation and Assistance
• ERISA 3(21) Services
These services are provided by FSA Wealth Management 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 FSA Wealth Management’s fiduciary status,
the specific services to be rendered and all direct and indirect compensation the Advisor reasonably expects
under the engagement.
C. Client Account Management
Prior to engaging FSA Wealth Management to provide investment advisory services, each Client is required to
enter into one or more agreements with the Advisor that defines the terms, conditions, authority and
responsibilities of the Advisor and the Client. These services may include:
• Establishing an Investment Strategy – FSA Wealth Management, in connection with the Client, will
develop a strategy that seeks to achieve the Client’s goals and objectives.
• Asset Allocation – FSA Wealth Management will develop a strategic asset allocation that is targeted to
meet the investment objectives, time horizon, financial situation and tolerance for risk for each Client.
• Portfolio Construction – FSA Wealth Management will develop a portfolio for the Client that is intended to
meet the stated goals and objectives of the Client.
• Investment Management and Supervision – FSA Wealth Management will provide investment
management and ongoing oversight of the Client’s relationship’s investment portfolio.
D. Wrap Fee Programs
FSA Wealth Management does not manage or place Client assets into a wrap fee program. Investment
management services are provided directly by FSA Wealth Management.
E. Assets Under Management
As of December 31, 2023, FSA Wealth Management manages approximately $414,206,728 in Client assets, all of
which are managed on a discretionary basis. Clients may request more current information at any time by contacting
the Advisor.