Team Hewins, LLC (“Team Hewins,” “the Firm,” “we,” “our” or “us”) is a limited liability company formed
in 2017 in the state of Delaware. The SEC granted Team Hewins’ registration as an investment advisor
effective April 20, 2018. Team Hewins is owned by Roger Hewins (who has the largest interest), John
Bussel (who has the next largest interest), Mikhael Balachov (who has the next largest interest after John
Bussel) and several other members. Eight principals of Team Hewins were previously principals with
Hewins Financial Advisors, LLC (founded on October 1, 1999), which was affiliated with the CPA firm,
Wipfli LLP, and was wholly owned by Wipfli Financial, LLC (collectively, “Wipfli”). Effective May 31, 2018,
these Team Hewins principals redeemed their membership interests in Wipfli. Other personnel (non-
members) also joined the Team Hewins team, which launched on June 1, 2018 with four offices and $1.86B
in Assets Under Management.
Mr. Balachov manages day-to-day operations of the Firm with assistance from the Firm’s senior
management team, which meets weekly. The Firm’s principals meet periodically to decide on matters
that require members’ approval.
For additional information about Team Hewins’ ownership structure, please refer to Schedule A of our
Form ADV Part 1A, which is available at no cost either online at www.sec.gov or by contacting the Firm
itself.
As discussed below, Team Hewins offers investment advisory and financial planning services to our
clients (including individuals and couples, families, business entities, pension and profit-sharing plans,
trusts, estates, and charitable organizations). Clients are free to choose one service without any obligation
to engage us for any other. We reserve the right to refuse any engagement we deem as an improper fit for
our services.
A. INVESTMENT ADVISORY SERVICES
In addition to our financial planning and investment advisory services, we also provide Retirement Plan
Services and other consulting services. Each of our services is described below, and fees for each service
are discussed in Item 5.
1. Standard Investment Advisory Services
Our standard investment advisory services are available to individuals and families, trusts and estates,
pension and profit-sharing plans, business entities and charitable organizations. Clients can engage us to
provide ongoing investment advisory services on a discretionary or nondiscretionary basis in accordance
with the client’s investment objectives. Our services and all conditions to them are fully described in the
written Investment Advisory Agreement, provided to, and signed by each client. Our minimum account
size (i.e., a required minimum amount of assets under our management (“AUM”)) for standard investment
advisory services is $1,000,000. We may waive the minimum account size depending on client
circumstances.
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We provide investment advisory services specific to the needs of each client. These services are provided
to the client by a dedicated Team Hewins Investment Advisor Representative (“IAR”) or team of IARs. The
IAR ascertains, in consultation with the client, the client’s financial situation, risk tolerance and
investment objectives as well as other pertinent information. From this information, the IAR prepares a
written Investment Policy Statement (“IPS”) that is then reviewed and signed by the client. The IPS can be
modified at any time after a consultation between the client and the IAR. We generally recommend that
clients allocate their investment assets among various mutual funds and Exchange Traded Funds (ETFs);
however, depending on the client’s specific financial situation, objectives, and risk tolerances, we
sometimes recommend Independent Third-Party Asset Managers or Private Investment Funds where
appropriate and as described below. All recommendations are made in accordance with the investment
profile of the client and investment strategies set forth in the IPS. In certain circumstances, clients are
permitted to impose reasonable restrictions regarding their investments — for example, through “socially
responsible” investing.
As part of our investment advisory services, we make certain investment benefits available to our clients
that are not otherwise available to retail investors. Such benefits include:
• Access to professionally developed and monitored model portfolios suitable for investors with a
wide range of risk tolerances;
• Access to institutional share classes (i.e., lower-cost share classes) of certain mutual fund families,
by virtue of our business relationship with those fund families;
• Access to certain fund families whose substantial minimums would normally preclude retail
client investment. We are able to offer funds from these fund families due to the level of assets
that we invest on behalf of our clients; and
• Access to certain lower-cost mutual fund families made available only to a select group of
registered investment advisors.
Clients are strongly encouraged to communicate to us any changes to their financial circumstances or any
other material changes in their lives that could impact their investments.
As described in Item 8, portfolio rebalancing and tax-loss harvesting are part of the standard investment
advisory services we provide for clients.
Although clients can engage us for financial planning services alone (as discussed in greater detail below),
we generally provide financial planning services in conjunction with our standard investment advisory
services. We use an interactive planning tool to develop a thorough understanding of our clients and their
financial lives. The use of this tool provides clients with immediate visual feedback of the financial results
stemming from different assumptions and choices. This information is used to help clients establish
investment objectives and risk tolerances.
In general, our clients’ accounts are implemented via the custody platform at Schwab Advisor Services, a
division of Charles Schwab & Co., Inc. (hereinafter referred to as “Schwab”). To receive our services,
clients enter into written account agreements with the custodian. For fees associated with custodial
services, please refer to Item 5.
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a. Independent Managers
Team Hewins may allocate (and/or recommend that the client allocate) a portion of a client’s investment
assets to one or more unaffiliated independent investment managers in accordance with the client’s
designated investment objective(s). Factors that we consider before recommending an independent
manager include but are not limited to the client’s investment objectives, the overall size of the client’s
investment portfolio, and the independent manager’s management style, investment team, performance
history, reputation, financial strength, pricing, and investment process. Some of these independent
managers are not available to the general public.
The independent manager shall have day-to-day responsibility for the discretionary management of the
allocated assets, and we will continue to render investment advisory services regarding the assets placed
with the independent manager, including the ongoing monitoring and review of account performance
and compliance with the client’s investment objectives.
If a client chooses to invest with independent managers, he or she will incur a separate fee for the
independent manager for those services, and the value of the client’s assets invested with the manager
will be included in the calculation of our investment advisory fees. We do not receive any referral fees for
recommending any independent manager.
b. Private Investment Funds
We provide some of our high-net-worth clients with investment advice regarding private investment
funds. Our role relative to private investment funds shall be limited to initial and ongoing due diligence
and investment monitoring services. If a client chooses to become a private investment fund investor, the
client will enter into a separate agreement with the private investment fund(s) in question and will incur
separate fees that vary based upon the specifics of the fund(s). Assets invested in the private investment
fund(s) will be included in the calculation of our investment advisory fees. We do not receive any referral
fee for recommending any investment with a private investment fund. The Firm’s principals and
employees might invest in private investment funds that have been recommended to or are owned by
certain clients.
Our private fund investment program is recommended only to clients that meet certain investor
sophistication standards that are defined in the federal securities laws and regulations, i.e. accredited
investor standard or qualified purchaser standard. Each fund will have a sophistication standard that a
client must meet, as set forth in the fund’s governing documents. Given the illiquid and risky nature of
private equity investing, clients who decide to invest in these funds must be willing to commit to a long-
term investment and tolerate the high risk associated with investing in them. Additionally, many private
investment funds have high minimum investment amounts (typically between $250,000 and $500,000);
therefore, we recommend them to clients that have a level of assets that enables them to achieve
appropriate diversification (by investment type and vintage year) within this segment.
Risks that are specific to investing in private investment funds are discussed in detail, among all other
risks, in Item 8 of this Brochure.
Team Hewins, LLC – Part 2A of Form ADV Page 7
2. Retirement Plan Services – Investment Advisory Services for Employee Benefit Plans
We provide investment advisory services to employee benefit plans, including but not limited to 401(k)
plans, profit-sharing plans, and pension plans. Each employee benefit plan client (“Plan”) that engages us
for Retirement
Plan Services can generally do so either on an ERISA Section 3(38) fiduciary basis or an
ERISA Section 3(21) fiduciary basis. When a Plan engages us for either ERISA 3(21) basis or ERISA 3(38)
basis, we acknowledge our status as a fiduciary to the Plan, as defined in Sections 3(38) and 3(21) of ERISA,
and we assume the duties, responsibilities, and obligations of such a fiduciary.
Furthermore, Team Hewins acknowledges that it adheres to impartial conduct standards, whereby we
provide investment advice that is in the best interest of the Plan; we receive compensation that is not in
excess of reasonable compensation (within the meaning of ERISA); and we will not make any materially
misleading statements to the Plan regarding the advisor’s services and recommendations, fees and
compensations, material conflicts of interest and any other matters relevant to the Plan’s investment
decisions.
The exact scope of our services varies depending on whether we are engaged on an ERISA 3(38) fiduciary
basis or an ERISA 3(21) fiduciary basis. We reserve the right to refuse to be engaged on an ERISA 3(38)
basis or an ERISA 3(21) basis, or for any particular type of Retirement Plan Services, in any particular
engagement.
As part of our Retirement Plan Services, we provide the following services to the Plan:
• We review the Plan’s investment policies and guidelines with the Plan’s sponsor;
• We work with the Plan sponsor to develop an IPS for the Plan;
• In accordance with the investment strategies in the Plan’s IPS, we help design, implement, and
monitor investment options for the Plan’s participants;
• We report to and meet with the Plan’s sponsor(s) on a regular basis to review performance of the
Plan’s investment options and participant participation;
• Depending upon the scope of the arrangement with the Plan, we provide periodic on-site
enrollment meetings with the Plan’s participants; and
• We provide education to the Plan’s participants regarding the benefits of participating in the Plan
and answer participants’ questions regarding the Plan’s investment options, both remotely and
on-site periodically.
Typically, a Plan that engages us on an ERISA 3(38) basis for Retirement Plan Services does so on a
discretionary basis, while a Plan that engages us on an ERISA 3(21) basis does so on a nondiscretionary
basis. Our minimum account size (i.e., a required minimum amount of assets under our management
(“AUM”)) for Retirement Plan Services is $1,000,000. We may waive the minimum account size depending
on client circumstances.
Details regarding our fees for Retirement Plan Services are discussed in detail in Item 5 of this Brochure.
Team Hewins, LLC – Part 2A of Form ADV Page 8
B. OTHER SERVICES
1. Financial Planning and Consulting Services
Clients who do not have an investment advisory relationship with us can elect to receive financial planning
services pursuant to the terms of a written Financial Planning Agreement. The Financial Planning
Agreement describes the scope of the services to be provided and the fees to be charged.
On a stand-alone, separate-fee basis, we can provide consulting services on various non-investment
financial issues. For these consulting services, the client will sign a separate agreement describing the
scope of the services and the fees to be charged. We can, in our sole discretion, waive any or all fees for
consulting services.
Neither we, nor any of our employees, serve our clients as an accountant or attorney, and no portion of
our services should be viewed as a substitute for such services.
C. ADDITIONAL OBLIGATIONS AND DISCLOSURES REGARDING OUR SERVICES
1. Client Obligations and Responsibilities
We offer our clients a selection of services; clients who engage us for one of the services we provide are
under no obligation to engage us for any of the other services.
We are not required to verify any information we receive from the client or from the client’s other
professionals, and the Investment Advisory Agreement expressly authorizes us to rely on information
provided to us.
It remains the client’s responsibility to promptly notify us if there is ever any change to his or her financial
situation or investment objectives so that our recommendations continue to be appropriate for their
needs.
2. Courtesy (Non-Managed) Accounts
As a matter of accommodation and convenience to existing Team Hewins clients who have other managed
assets with us, we allow clients to establish Courtesy Accounts (“Courtesy Accounts”) at Schwab wherein they
receive the benefit of Team Hewins’ negotiated pricing and share classes associated with non-retail accounts.
Such Courtesy Accounts can only be established after the client signs a Courtesy Account Agreement. Team
Hewins does not assume the responsibility to manage, monitor, or report on these accounts, or any securities
that they may hold. Clients are strongly encouraged to effectuate their own trading in these Courtesy
Accounts. Team Hewins makes the best effort to accommodate non-solicited trade requests from clients, but
only upon clients’ explicit written instructions, and only after review and approval by Team Hewins’ Director
of Operations or Operations Manager. Team Hewins cannot guarantee timely execution of any such trades
and reserves the right to reject any trade. Clients who wish to establish a Courtesy Account should review the
Courtesy Account Agreement carefully prior to signing it. Team Hewins will not charge any fees on Courtesy
Accounts.
Team Hewins, LLC – Part 2A of Form ADV Page 9
3. Wrap Fee Program
We do not participate in a wrap fee program.
4. Assets Under Management
As of December 31, 2022, Team Hewins had total regulatory assets under management (“RAUM”) of
$2,173,718,910 of which $1,184,188,471 was managed on a discretionary basis and $989,530,439 was
managed on a non-discretionary basis.
5. Retirement Rollovers-Potential for Conflict of Interest:
A client or prospective client leaving an employer typically has four options regarding an existing
retirement plan (and may engage in a combination of these options): (i) leave the money in the former
employer’s plan, if permitted, (ii) roll over the assets to the new employer’s plan, if one is available and
rollovers are permitted, (iii) roll over to an Individual Retirement Account (“IRA”), or (iv) cash out the
account value (which could, depending upon the client’s age, result in adverse tax consequences). If Team
Hewins recommends that a client roll over their retirement plan assets into an account to be managed by
Team Hewins, such a recommendation creates a conflict of interest if Team Hewins will earn new (or
increase its current) compensation as a result of the rollover. If Team Hewins provides a recommendation
as to whether a client should engage in a rollover or not, Team Hewins is acting as a fiduciary within the
meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as
applicable, which are laws governing retirement accounts. No client is under any obligation to roll over
retirement plan assets to an account managed by Team Hewins. Team Hewins’ Chief Compliance
Officer remains available to address any questions that a client or prospective client may have
regarding the potential for conflict of interest presented by such rollover recommendation.
Fiduciary Status: Per the Department of Labor (DOL), when we provide investment advice to you
regarding your retirement plan account or individual retirement account, we are fiduciaries within the
meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as
applicable, which are laws governing retirement accounts. The way we are compensated may create some
conflicts with your interests, so we operate under a special rule that requires us to act in your best interest
and not put our interest ahead of yours. Accordingly, relative to retirement accounts, we must:
• Meet a professional standard of care when making investment recommendations (give prudent
advice);
• Never put our financial interests ahead of yours when making recommendations (give loyal
advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest.
Team Hewins, LLC – Part 2A of Form ADV Page 10
6. Asset Management Services through Pontera
When appropriate, we use a third-party platform to facilitate management of held away assets, with
discretion, and may leverage an Order Management System to implement tax-efficient asset location and
opportunistic rebalancing strategies on behalf of the client. These are primarily defined contribution plan
participant accounts, 401(k) accounts, HSAs, and other assets. The platform allows us to avoid being
considered to have custody of Client funds since we do not have direct access to Client log-in credentials
to affect trades. We are not affiliated with the platform in any way and receive no compensation from
them for using their platform. A link will be provided to the Client allowing them to connect an account(s)
to the platform. Once Client account(s) is connected to the platform, Team Hewins will review the current
account allocations. When deemed necessary, Team Hewins will rebalance the account considering client
investment goals and risk tolerance. The securities utilized by Team Hewins for investment in these
particular client accounts are typically limited to the available account options, over which Team Hewins
has no control. Client account(s) will be reviewed at least quarterly, and allocation changes will be made
as deemed necessary.